portfolio | december 2010

8/8/2019 Portfolio | December 2010

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emirates.com

SOUTH AFRICA

Making Innovation Pay

WHITE JADE

Chinas New Bonanza

HI-TECH CARSNo Driver Required

Ian SchragerPartnering withBill Marriott

Issue 60 December 2010

PortfolioExclusive to Emirates First Class and Business Class


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47 Local Government EvolutionThe UKs financial cuts are forcing city and town halls

across the country to radically rethink their currentbusiness plan. One municipal authority has even gone

so far as to outsource all of its services.

Cover Story

This issueDecember 2010

COVER

PHOTO:ALBERTO

GUGLIELMI

40

Features

40 An Innovative ApproachThe South African government is throwing its weight behind

entrepreneurs and innovators hoping for more job creation

and further diversification of its economy.

52 Opening Up Closed ProfessionsGreece is full of closed professions, which means entry to

around 70 jobs is bound up in a tangle of regulations and

licensing requirements. This system costs Greece billions of

dollars annually and the government is now taking steps to

dismantle it.

58 Jade BonanzaAs the Chinese become more affluent they can indulge their

love affair with jade. As a result the finest jade is now more

expensive than gold, which has created a boom in the town

of Khotan.

58

32 Strange Bedfellows


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11 NotebookWorld business in a nutshell.

19 ObserverSpotting and analysing business trends.

28 Column: Frank BuresLiving Abroad


8

Departments

Essentials

65 A Hot TraditionSouth Koreans have rediscovered the tradition of

baking inside charcoal-making kilns at a temperature

of around 138C. They believe it is therapeutic and

has health benefits.

72 Sticks and Stones and ArtPatrick Dougherty has made a name for himself by

sculpting tree saplings into anything his imagination comes

up with. But his first and only lasting project is his home.

76 Pop-up CuisineLondons pop-up restaurants give rising chefs the

opportunity to star without a major financial layout,

while diners get a culinary adventure.

80 Intelligent CarsGoogle has been

testing cars that drive

autonomously using

artificial-intelligence

software. Although the

vehicles have shown

huge promise, their

deployment is still years away.

84 Use It or Lose It?Could it be that early retirement is linked to memory

decline? A recent study suggests there is a relationship.

86 100% PorscheForget the previous generation, the new Cayenne S delivers

on everything the Porsche badge stands for and more.

88 Other BusinessPortfolio takes a light-hearted look at the latest

business news.

Portfolio

INTERNATIONAL MEDIA REPRESENTATIVES

AUSTRALIA Okeeffe Media; Tel +61 89 381 7425, Fax +61 89 382 4850, [email protected] CHINA/HONG KONG Emphasis Media Limited;

Tel +85 22 516 1048, Fax +85 22 561 3349, [email protected] CYPRUS Epistle Communications & Media; Tel +35 72 246 6555, Fax +35 72 276 9999,

[email protected] FRANCE/SWITZERLAND Intermedia Europe Ltd; Tel +33 15 534 9550, Fax +33 15 534 9549, [email protected]

GERMANY IMV Internationale Medien Vermarktung GmbH, Phone: 0049 8151 550 8959, Fax: 0049 8151 550 9180 [email protected] INDIA Media Star;

Tel +91 22 281 5538/39/40, Fax +91 22 283 9619, [email protected] ITALY IMM Italia; Tel +39 023 653 4433, Fax +39 029 998 1376, [email protected]

JAPAN Skynet Media Inc.; Tel/Fax +81 43 278 6977, [email protected] TURKEY Media Ltd; Tel +90 212 275 8433, Fax +90 212 275 9228,

[email protected]; UK Spafax Inflight Media; Tel +44 207 906 2001, Fax +44 207 906 2022, [email protected] USA Redwood Custom

Communications Inc.; Tel 212-473-5679 x 313 , Fax 212-260-3509, [email protected]

Published for Emirates by

PO Box 2331, Dubai, UAE.

Telephone: (+971 4) 2824060,fax:(+971 4) 2824436,

e-mail: [email protected] by Emirates Printing Press, Dubai, UAE

Editor-in-Chief Obaid Humaid Al Tayer Group Editor & Managing Partner Ian Fairservice Group Senior Editor Gina

Johnson Senior Editor Guido Duken Deputy Editor Nick Rice Editorial Assistant Hilda DSouzaArt Director Tarak

Parekh Junior Designer Roui Francisco General Manager Production & Circulation S Sasidharan Production

Manager C Sudhakar General Manager - Group Sales Anthony Milne Email: [email protected] Business

Development Manager Nicola Hudson Advertisement ManagerRameshwar Nepali

Emirates takes care to ensure that all facts published

herein are correct. In the event of any inaccuracy,

please contact The Editor. Any opinion expressed is

the honest belief of the author based on all available

facts. Comments and facts should not be relied upon

by the reader in taking commercial, legal, financial or

other decisions. Articles are by their nature general,

and specialist advice should always be consulted

before any actions are taken.

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13/92December 2010

NotebookBUSINESS NEWS IN BRIEF

A Hard Act to Follow

Dilma Rousseff has been

elected Brazils president.


14/92Portfolio

2 Notebook

N u m b e r s G a m e

$10 billion worth of commercial deals are to be unveiledin the coming months while bilateral trade couldtop $50 billion by 2012 thanks to US President Barack Obamas

business centred visit to India.

77-year-old Spanish grannyhas become the worldsoldest professional freestyleparachute jumper. Montse,

from Catalonia, competed in

her first world championship

in 1993 and has done 903

jumps to date.

$1,400per

ounce is the

record price that gold achieved

before Novembers G20 summit.

AU$1a week is the

cheap rent being

offered for farm houses by

an Australian Outback town.

Trundle, with a population of

around 380, is seeking families

to fill six homes that are lying

banking, internet shopping

and paying bills electronically

according to a survey by the

Payment Council in Britain.

$1.93billion is the costof billionaireindustrialist Mukesh Ambanis

glass tower, making it the most

expensive residential property in

the world.

IndiasDiabetesQuandary

In Figures

The World

vacant due to long spells of

drought in the region.

10 minutes

and 42 seconds is the longest

the average British adult is

prepared to stand in line patiently

before tempers start to fray. Brits,

renowned for the art of queuing,

now increasingly prefer online

CORBIS

CORBIS


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per cent identical. Thats because this timepiece owes its superior

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of-a-kind masterpiece available only from the worlds finest retailers.

There, you can also hear the story of F. A. Lange who, 165 years

ago, moved to Glashtte. With the objective of crafting the worlds

finest timepieces, he actively contributed to the evolution of themechanical watch. We take our in-

spiration from his spirit of ingenuity.

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16/92Portfolio

4 Notebook

Property Investmenton the Rise

More Costs for BP

BP Incident Commander for Louisiana Brian Bauer (L) talks

with NOAA scientist John Tarpley (R) as they examine recently

washed tar balls during a survey tour near Venice, Louisiana.

GETTYIMAGES


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6 Notebook

R e s u m s R e w r i t t e n TEXT: HEBA HASHEM

Madonna

WITH HER BANGLES, LACE GLOVES,bikers jacket and black ankle boots,

there will only ever be one pop queen.

Music icon Madonna has been setting

trends for more than two decades,

reinventing her appearance for every new

album. And it has paid off, with Madonna

earning around $58 million in 2009-10.

Her tour last year was the fourth-highest-

grossing, bringing in $6 million a night

and $138 million overall. And at 52,

shes not slowing down

as this year saw the

launch of the Material

Girl clothing line with

daughter Lourdes, 13,

and the power mom is

directing her second film,

W.E., for release next

year. Just how much

Madonna is worth is

hard to determine. Based

on her 200 million plus

record sales and her

profitable tours a best

estimate is between

$380 and $500 million.

However, when you add

her endorsements, musicroyalties (she writes

most of her own songs),

fashion line, childrens

books and various other

projects the figure is

much higher.

Thats not bad going

for Madonna (its her

real name) Louise

Veronica Ciccone who

was better known in the Eighties for herbold, sometimes outrageous, outfits.

Most critics wrote her off as a short-

lived phenomenon but Madonna proved

them wrong by continuously adapting to

trends and ensnaring new generations

of music fans. Theres no questioning

her star power and reports have recently

surfaced in the media that Las Vegas

is offering her $1 billion for a five-year

performing residency. The megabucks

payment would totally eclipse her

previous earnings; in 2007, she signed

a 10-year contract worth a mere $125

million with promoter Live Nation.

Madonna has always had an iron will

to succeed. Numerous record labels

were unimpressed with her voice but

she kept battling away until she got her

big break. Today, she still displays that

same grit and determination. Her toned

muscles, versatility and dazzling dance

moves testify to the minimum three

hours she spends in the gym daily.

So it is no surprise that Madonnas

latest venture is aimed at the lucrative

fitness industry. From yoga and Pilates

to the Power Plate and Gyrotonic

Expansion System, Madonna has donethem all. The Material Girl joined forces

with 24 Hour Fitness founder Mark

Mastrov and her manager Guy Oseary

to launch the health-club project. The

global chain of fitness clubs has been

named Hard Candy after her latest

album and the first gym opened in

November in Mexico City. Madonna,

Mastrov and Oseary plan to expand

to Russia, Brazil, Argentina, as well as

other locations in Europe and Asia.Arnold Schwarzenegger went from

bodybuilder to Hollywood action star

and governor of California. Madonna

is going from queen of pop to fitness

guru. But few would doubt that even if

she had started in the fitness world she

probably would still have made it to the

top. Singer, songwriter, director, actress,

author, fashion designer, fitness guru

This lady has one fantastic resum.

GETTYIMAGES


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December 2010

BUSINESS NEWS IN BRIEF

Observer

Helping the Poor

Billionaire Vinod Khosla believes that commercialentities can do more to help the worlds needythan most non-profit charitable organisations.Hes willing to invest his own money to prove it,reports Vikas Bajaj.20

10NEWY

ORKTIMESNEWSSERVICE


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0 Observer

Microfinance has enabled thousands of poor Indians to get the necessary loans to start

their own small businesses.

Vinod Khosla believes that moneymaking

ventures grow faster and are more

effective in reducing poverty than non-

profit approaches.

GETTYIMAGES


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24/92Portfolio

2 Observer

CORBIS

AMERICAS SAFEST CITIES

City State

1 Plano Texas

2 Portland Oregon

3 Honolulu Hawaii

4 San Jose California

5 Omaha Nebraska

6 New York New York

7 Santa Ana California

8 Anaheim California

9 San Diego California

10 Glendale Arizona

THE WORLDS LEADING COMPANIES 2010

Company Country Sector

1 JPMorgan Chase United States Banking

2 General Electric United States Conglomerates

3 Bank of America United States Banking

4 ExxonMobil United States Oil & Gas Operations

5 ICBC China Banking

6 Banco Santander Spain Banking

7 Wells Fargo United States Banking

8 HSBC Holdings United Kingdom Banking

9 Royal Dutch Shell The Netherlands Oil & Gas Operations

10 BP United Kingdom Oil & Gas Operations

TOP EARNING MODELS 2010

Name Income Country

1 Gisele Bndchen $25 million Brazil

2 Heidi Klum $16 million Germany

3 Kate Moss $9 million UK

4 Adrian Lima $7.5 million Brazil

5 Doutzen Kroes $6 million The Netherlands

6 Alessandra Ambrosio $5.5 million Brazil

7 Natalia Vodianova $5.4 million Russia

8 Daria Werbowy $4.5 million Canada/Ukraine

9 Miranda Kerr $4 million Australia

10 Carolyn Murphy $3.5 million USA

The World

Top 10

Leo, the MGM lion, is filmed in 1929 when the studio was in its

golden age.

Will the Lion Roar Again?

SOURCE: FORBES.COM

SOURCE: RANKING WAS CALCULATED BY FORBES.COM ACCORDING TO SALES, PROFITS, ASSETS

AND MARKET VALUE IN DOLLARS OF PUBLIC COMPANIES.

SOURCE: RANKED BY FORBES.COM ON NUMBER OF TRAFFIC ACCIDENTS, VIOLENT CRIMES AND EMPLOYMENT PER

100,000 PEOPLE.


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December 2010

Positive

Economic Data

The pressure on unemployment benefits is easing as moreAmericans are reabsorbed into the work force.

CORBIS


26/92Portfolio

4 Observer

Rare Earth Debate

No Laughing

Matter

Microsoft Stays the CourseAvanir Pharmaceuticals has won U.S.

approval for a drug that curbs bouts

of uncontrolled laughing or crying in

patients with neurological disorders.

The medicine, Nuedexta, is the

first approved to treat patients with

multiple sclerosis or Lou Gehrigs

disease who develop symptoms

known as the pseudobulbar affect

that causes loss of emotional control.

Avanir, which has no other products

on the market, plans to begin sellingthe drug in the first three months

of 2011.

The announcement saw Avanir

immediately gain $2.75, or more

than 113 per cent, to $5.17 on the

Nasdaq Stock Market. The medicine

may have sales of $275 million

by 2013, and analysts are rating

the shares a buy with an average

12-month target price of $9.23.

Stickers promoting launch of Windows Azure at

Microsoft Professional Developers Conference.

PHOTOS:REUTERS


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December 2010

Telecom Mergers

GETTYIMAGES


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6 Observer

O N E 2 W A T C H

After a long hunt Mozilla

finally found a new CEO after

appointing Gary Kovacs who

took over on November 8.

He is responsible for leading

the overall direction of the

organisation and its products,

including the Firefox web

browser.

It will be Kovacs job to

maintain Firefoxs position

as it gets squeezed by

heavyweight competitors.

Microsofts Internet Explorer

is still commanding the

browser space with 59.7 per cent market share, according to

Net Applications. And the latest version, IE9, is seen as givingMicrosoft a fighting chance to make up for missteps. Meanwhile,

Google Chrome, which currently controls eight per cent of the

browser market, is quickly gaining ground on Firefox, which has

23 per cent.

Fortunately, Kovacs has all the relevant experience. Prior to

joining Mozilla, Kovacs held senior leadership roles as senior vice

president of Markets, Solutions & Products at Sybase (through

its acquisition by SAP earlier this year), as general manager

and vice president of Mobile & Devices at Adobe, and as vice

president of product marketing at Macromedia (through its

acquisition by Adobe).Previously, he led the successful creation and growth of Zi

Corporation, a company specialising in embedded software

and services for mobile and consumer devices. Prior to Zi

Corporation, Kovacs spent 10 years at IBM in leadership

positions in product management, sales, marketing and

operations within the global software division.

He holds a bachelors degree in commerce and a masters

degree with distinction from the University of Calgary.

Kovacs has a deep background in the battlefields that will

define the future open web: mobile and rich media, was the

opinion of Mozillas outgoing chief executive, John Lilly.

Gary Kovacs

TEXT: HILDA DSOUZA

Pontiac is no more after 84 years. The General Motors brand was

known for muscle cars that drag-raced down boulevards, parked

at drive-ins and roared across movie screens.

The brand has been moribund since GM decided to kill it last

year as it collapsed into bankruptcy and was in decline for years

before that. On October 31 GMs dealer agreements ended,

which made Pontiacs

demise official.

The former

maker of

automotive

classics such

as Bonnevilles,

Firebird Trans

Ams and GTOs

was undone by a

combination of poor

corporate strategy and

changing driver tastes.

Pontiacs sales peaked

at about one million in 1968,

when the brands speedier models were prized for their powerful

engines and scowling grills. Buick is now filling the Pontiac nichewith GM putting its resources behind the brand.

iPhone 4LeapfrogsBlackBerry

Goodbye Pontiac


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December 2010

Rich Should Pay More

HPs CEO Outlines Future

CORBIS


30/92Portfolio

8

Commentary

Living Abroad

TEXTBYFEATUREWELL

FRANK BURES

Ernest Hemingway was greatly influenced

by travel and living abroad. His first book,

The Sun Also Rises, was based on his

experiences in Spain.

GETTYIMAGES


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Portfolio

2

Profile

Portfolio

BEDFELLOWS

STRANGE

Hip boutiquehotelier, IanSchrager, is takingthe biggest gambleof his career by

jumping into bedwith the worldsbiggest chainoperator Marriott.He tells JamesRichardson why.


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December 2010December 2010

PH

OTO:ALBERTO

GUGLIELMI


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Portfolio

4

Profile

Dressed top to toe in navy

blue Prada, Ian Schragerlooks about as out of placeas its possible to look in the30C heat of Waikiki Beach.


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December 2010

Bill Marriott, Ian Schrager and Marriott executive Arne Sorenson announced their partnership at Schrager's Gramercy Park Hotel in 2007.

Many critics believed the relationship wouldn't work.

Schrager pioneered the design/boutique

hotel concept. For example, New Yorks

Gramercy Park Hotels interiors were

designed by artist Julian Schnabel.

GETTYIMAGES


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Portfolio

6

Profile

Sorenson and Schrager pose at the Sun Suite

during the opening of the Waikiki Edition on

October 15.

Schrager with Elizabeth Hurley. The

hotel magnate is well-known for his VIP

friends, a trend which started at the

iconic Studio 54.

The Waikiki Edition is the first fruit of the Schrager/Marriott partnership. Schrager supplies

the style and Marriott the know how of running large chains.

What I am doingfor Marriott is notdumbing down,nor sell out. It is

just designed fora bigger marketand catching thecurve, the zeitgeist.

GETTY

IMAGES

REX

FEATURES

GETTYIMAGES


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Portfolio

8

Profile

Whether its Waikikior Istanbul what Imcreating is right forme now. I always

make things forme. Its my instinct,my personal taste.Luckily, my taste hasso far happenedto resonate witha large group ofpeople. I thinkEdition will, too.


41/92mes and/or references to third parties in this print advertisement are used with permission. UBS 2010. All rights reserved.

ubs.com/we-will-not-rest-uae

We will not rest

Until Neil Armstrong walked on the moon, he would not rest. Nor would his crew. (Sea of Tranquillity, 1969.)

Untilyou get to where you want to be.

You only need to know one thing.

It isnt that our global reach is extensive.

Although thats comforting to hear.

It isnt that we win awards for our services.

Although we do. Oen.

It isnt that we have access to resources, giving us

strength and depth across equities, xed income,

structured products and currencies.

Although that too is nice to know.

It isnt that.

In fact, its none of the above.

Its one, simple thing.

Until you achieve your goal


42/92

0

South

Africa

An Innovative

Approach

2010NEWY

ORKTIMESNEWSSERVICE

The South African government is throwing its weightbehind entrepreneurs and innovators hoping formore job creation and further diversification of itseconomy, reportsMatthew Saltmarsh.

Hazel Jenkins (L), premiere of the

Northern Cape Province and Naledi

Pandor, South African minister of

science and technology stand in front

of an antenna on the Karoo Array

Telescope construction site. South

Africa is optimistic it can win a bid for

the giant radio telescope project.

Portfolio


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GETTYIMAGES

December 2010


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Portfolio

2

South

Africa

We are a producerand exporter, saidNaledi Pandor, theminister of scienceand technology.Now were saying:Lets becomean innovator.

Sasol has grown from its South African roots into an international

player in the chemical and fuel industry.

GETTYIMAGES


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Portfolio

4

South

Africa

South Africa is competing against Australia for the Square Kilometre Array,

which will be the most powerful radio telescope ever built.

A car powered by Zebra batteries,

which were invented in South Africa but

are now manufactured in Switzerland.The Joule is an electric car that is

totally produced in South Africa


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Portfolio

6

Economics

20

10GUARDIANNEWS&MEDIA2010

Leeds Town Hall, designed by the local architect

Cuthbert Brodrick, Leeds, West Yorkshire, England.


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December 2010

Local Government

EvolutionCity and town halls and county councils acrossEngland are radically changing. As one municipalauthority opts to outsource all of its services, whatother inconceivable ideas are the UKs financial cutsforcing through? Anna Bawdeninvestigates.

Statue representing progress on the exterior

of Shoreditch Town Hall, Hackney, London.


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Portfolio

8

Economics

London Borough of Barnet council offices main entrance, Hendon, England.

Some councils arenow coming to theconclusion that theirrole is a democratic,strategic one.

Lambeth Town Hall, Brixton, London.


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Portfolio

0

Economics

Liverpool Town Hall, United Kingdom.

Suffolk County Council headquarters, Ipswich, Suffolk.

Councils will haveto become micro-regulators of thoseproviders to ensure itfunctions properly.


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Portfolio

2

Opening Up Closed ProfessionsGreece is full of closed professions, which means entry to around 70 jobs such aspharmacist, lawyer or even newsstand operator are bound up in a tangle of regulationsand licensing requirements. This system costs Greece billions of dollars annually and the

government is now taking steps to dismantle it, reports Suzanne Daley.

2010NEWY

ORKTIMESNEWSSERVICE

Greek truckers blockaded the borders for

weeks when the government tried to issue

new trucking licenses in an attempt to

open up the profession.


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December 2010

CORBIS

Regulations and licensing

requirements govern more

than 70 professions. In Greece,

newsstand operator licenses

are reserved for war veterans,

the disabled and those with

large families to support.

Each profession is protected from competitionby a byzantine tangle of regulations and licensingrequirements that results in high prices forconsumers and a reliable living for insiders.


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Portfolio

4

Greece

Greek Prime Minister George Papandreou

faces the huge task of cutting the

countrys deficit.

Greek pharmacists make 35 per cent on every medicine they sell. That's good news for pharmacists who get a license, but bad news

for the consumer.

Businessmen say it ischeaper to ship goodsfrom China to Greecethan it is to move themfrom Athens to theisland of Rhodes, 459kilometres away.

CORBIS


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Portfolio

6

Greece

Containers in the Greek port of Piraeus were left stranded when the truckers went onstrike. Trucking licenses can sell for up to $500,000, but if the government issues newones this value would plummet.

Taxi drivers are also part of a closed profession. The result is uniform fares and ashortage of taxis due to licensing requirements.

Many of theseregulations violateEuropean Union rules onthe free movement ofgoods and services. AndGreeces creditors havedemanded an overhaulof the countrys closedprofessions as part of itsrescue plan.

CORBIS


59/92

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Portfolio

8

2010NEWY

ORKTIMESNEWSSERVICE

The aptly named White Jade River is

the source of Khotans jade boom.


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December 2010

Jade BonanzaAs the Chinese become more affluent theycan indulge their love affair with jade. As aresult the finest jade is now more expensivethan gold, which has created a boom in thetown of Khotan, reports Andrew Jacobs.


62/92

Portfolio

0

The Khotan jade market trades seven days a week. Prospectors sell their goods to

Chinese middlemen who monopolise the carving of jade.

Khotans native Uighurs have made afortune harvesting and selling white jade.

KAZAKHSTAN

KYRGYZ.

Urumqi

Khotan

TIBET

XINJIANG

CHINA

JAMMU

AND

KASHMIR

White Jade River

Khotan River

Tarim

River

Miles 200

CHINA

INDIA

RUSSIA

BeijingArea ofdetail

The New York Times

The Uighurs have largely made their fortuneharvesting jade from the river and selling it toChinese middlemen.


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Portfolio

2

Resources

Some of the beliefs are bolstered by jadestendency to change colour when worn on thebody. As jade rubs against the skin it becomessmoother and softer, and the wearer becomeshappier, which probably improves their immunity.

A pile of jade at the Khotan market. Some prime jade pieces have commanded a price of $3,000 an ounce, a 10-fold increase from adecade ago.


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porsche design

www.porsche-design.com

Dubai Mall +971 4 4341415 | Mall of the Emirates +971 4 3410899

Deira City Centre +971 4 2957652 | Mirdif City Centre +971 4 2843640 | Atlantis Hotel +971 4 4220311

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66/92

CEO, Gulf Finance

Steve joined GulfFinance in 2008 with a

mandate to transform

the 10-year-old firm

into a boutique finance

company focused on

small and medium sized

enterprises.

With more than

two decades of

leadership and hands-on

experience in business

banking, branch banking,

customer segmentation,product development

and customer treatment

strategies, Steve knows

his industry and his

clients.

Active in the Dubai

based British Business

Group, Steve is a former

Director of Business

Development for the

association. He also is

a Director for a Dubai-

based venture capitalfirm and recently studied

finance and accounting at

the Executive Education

department of the

Stanford Graduate School

of Business in California.

SME ADVICEConsider it done

Welcome to our latest advice column for small and medium sized businesses, brought toyou by Steve Williams, CEO at Gulf Finance. Throughout his columns, Steve talks aboutthe challenges faced by many SMEs and shares his thoughts and advice on how to deal withthese challenges and come out stronger on the other side. Gulf Finance is an ambitious, progressive finance

company operating in the commercial and consumer markets. Gulf Finance offers a variety of straightforwardlending and deposit based products and believe in providing their clients with exceptional execution service

delivered through a team of highly experienced, deeply motivated financial professionals.

STEVE WILLIAMS

ADVERTISEMENT FEATURE

GULF FINANCEwww.gulf-finance.ae | +971 4 405 0000 | [email protected]

Consider it done.

GULF FINANCE

Any SME owner knows that as far as theconsumer is concerned, the final product is

what really counts. Besides this, if you can

keep a healthy margin and offer something that is

superior to your competition, then you are in pretty

good shape. Going that extra mile and adding that

extra detail will make all the difference and the

longer you can maintain that detail, the longer you

can stay ahead of the game.

Assuming you want to grow as a business, at what

point do you have to sacrifice some of that detail

in order to cater to a larger clientele? I will always

remember a small delicatessen in a village that

specialized in Italian-style produce, this place wasthe talk of the town and every product sold was

perfect in every way imaginable. It was a shame

when the owner decided to move on to bigger,

and perhaps not better things not long after he

moved to a city and began selling his products in

high volumes the quality went downhill, along with

his reputation.

When a business expands, the quality can

sometimes contract, but it doesnt have to be

inevitable. As SME owners start to move away

from the S and towards the M, it is only natural

to focus more on the companys direction and

strategy rather than the specific products. In order

to gain one without losing the other, you need to

either start networking with genetic scientists who

can start cloning asap or hire someone with the

knowledge and acumen to concentrate on the day

to day detail.

It can be extremely difficult for some owners to let

go of their first-born businesses, but there comes atime when you need a babysitter. Initially there will

be the five calls a night to make sure everythings

alright, but after a while you know you can leave

your precious bundle in safe hands. Although that

sounds fine in principle, its a difficult line to draw

between being a good delegator and a meddling

boss.

While I dont suppose Donald Trump is reading

this column, he is a rare example of a hands-on

/ gloves off boss. He may not have the depth of

detail that some possess, but he has an equal, if

not greater involvement with his generals. The

Trump organisation is a great example of how apower pyramid should look, and the top block

knows that if his base isnt stable, the whole thing

may not necessarily come crumbling down, but it

will certainly put extra pressure on the rest. In his

own words, Its always interesting to watch people

who have been incredibly successful in their own

businesses work in a group made up of equally

strong personalities. It takes a special kind of leader

who can effectively manage a team of veritable

strangers and find the best way to get strong,

winning performances from them.

As most of us operate in a smaller circle, it is much

easier to be involved with both the larger and thesmaller picture. We can ensure that the service we

provide is the standard we expect and if it isnt, we

can soon identify and address those issues that are

letting us down. In our own way, we have a much

greater opportunity than Trump for quality control

and business development.


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December 2010

EssentialsCulture

A Hot TraditionSouth Koreans have rediscovered the tradition ofbaking inside charcoal-making kilns at a temperatureof around 138C. They believe it is therapeutic andhas health benefits, reports Choe Sang-hun.

EssentialsTHE BEST OF LEISURE AND LIFESTYLE

Roasting inside a charcoal kiln has

become a craze in South Korea,

but it has its roots in local tradition,

much like the sauna in Finland.


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December 2010

EssentialsCulture

The Gangwon Oak Charcoal facility is situated close to the town of Hoengseong,

90 kilometres east of Seoul.

Relaxing in a hot charcoal kiln has become the latest craze in South Korea. Urban spas,

called Jjimjilbang, revived the memories of traditional kiln heat baths.

The charcoal kilns reach temperatures

of 1,400C. By the time people use

them as a sauna temperatures still

hover around 138C.


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A worker fills a kiln with oak timber at Gangwon Oak Charcoal. The company makes a tenth of its revenue from people paying$9 for a kiln heat bath.

There are now about 150 charcoal kiln complexesaround South Korea, many of which have alsomade their kilns available for heat baths. Thereare another 150 complexes whose kilns are used

exclusively for heat baths.

The demand for charcoal has risen in the last decade as eating food cooked over coalshas become trendy again.

CORBIS


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Today, housewives often keep pieces of charcoalin their living rooms to absorb smells and purify theair. In Seos complex, some tourists come to gaze atthe charcoal glowing in kilns at night, believing thiscleanses their minds.

Oak logs stay in the kiln for a week to create charcoal. Then the kilns are allowed to

cool for two days before the cycle starts again.

A family rests after a session in a kiln. Koreans have a strong belief in the therapeutic

powers of charcoal and clay.


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2EssentialsArt

2010NEWY

ORKTIMESNEWSSERVICE

Sticks and Stones and ArtPatrick Dougherty has made a name for himself by sculpting tree saplings intoanything his imagination comes up with. But his first and only lasting project ishis home, reports Penelope Green.

Patrick Dougherty taught himself the necessary

skills to build his own home in Chapel Hill, North

Carolina. The experience motivated him to study

art and start his career as a sculptor.


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December 2010

EssentialsArt

Patrick Dougherty with his wife Linda, who is the chief curator at the North Carolina

Museum of Art. They met when Linda asked him to participate in a show.

Doughertys first sculpture classassignment has pride of place at his

home. Since then he has made more than

200 pieces for sites all around the world.


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6EssentialsCuisine

2010NEWY

ORKTIMESNEWSSERVICE

Pop-up CuisineLondons pop-up restaurants give rising chefsthe opportunity to star, while diners get aculinary adventure, reports Oliver Strand.

The Loft Project, a pop-up restaurant in East London, is a showcase for

a new generation of chefs such as Rob Martin (left) and Ivo Galvaoin.


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December 2010

EssentialsCuisine

WhizzBangPop presents four course dinners for 45. Emily O'Hare, one of its three founders, believes that the emotional connection

with the patrons is all important in a pop-up restaurant.


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8EssentialsCuisine

The Dock Kitchen started as a pop-up restaurant in the Ladbroke Grove studio of furniture designer Tom Dixon. Today, it is a fully

operational restaurant.


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0EssentialsTechnology

2010NEWY

ORKTIMESNEWSSERVICE

IntelligentCarsGoogle has been testing cars

intelligence software. Althoughtheir deployment is still years


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December 2010

that drive autonomously using artificial-

the vehicles have shown huge promise,away, reports John Markoff.

Googles Prius can drive itself thanks to an array of sensors

that are linked to artificial-intelligence software.


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2EssentialsTechnology

The Lidar on the cars roof scans more than 70 metres in all directions and generates a

three-dimensional map. This 360-degree vision is far superior to human abilities.

The computer in the back analyses all the data received from the sensors. It also uses

GPS and Google maps to plot routes. The driver is alerted if there is a software or

hardware problem.


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4EssentialsHealth

2010NEWY

ORKTIMESNEWSSERVICE

PHOTOS:GETTYIMAGES

USE IT OR LOSE IT?Could it be that early retirement is linked to memory decline? A

recent study suggests there is a relationship, reports Gina Kolata.

Retired people as a group tend to do less well on cognitive tests than their peers who

are still working. But the exact reason for that difference is still unclear.


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December 2010

EssentialsHealth

Research has failed to prove that mastering things such as crossword puzzles or games

like Sudoku have an effect on real life cognitive ability.


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6EssentialsTest Drive

100% Porsche

Forget the previous generation, the new Cayenne S delivers on everything the Porsche badgestands for and more, reports Guido Duken.

The second-generation

Cayenne keeps the classic

Porsche front, but the rear

is completely new.


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December 2010

The rear of the Cayenne S takes design cues from the Panamera with its wider, curving

tail lights. Although larger, the new Cayenne S actually looks sportier and sleeker than

its predecessor.

Gone is the old interior. The new dashboard layout is inspired by the Panamera, adding

a real touch of functional class.


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8EssentialsOther Business

A new study has concluded that

ideology is not just a social thing; its

built into the DNA, borne along by a

gene called DRD4. Tagged the

liberal gene, DRD4 is the first

specific bit of human DNA that

predisposes people to certain

political views.

And the key to it all: Liberals are

more open, said lead researcher

James Fowler, a professor of both

medical genetics and political

science at the

University of

California,

San Diego.

The study, which appears in the latest

edition of The Journal of Politics,

focused on 2,000 subjects from The

National Longitudinal Study of

Adolescent Health. By matching

genetic information with maps of

each individuals social network, the

researchers were able to show that

people with a specific variant of the

DRD4 gene were more likely to be

liberal as adults though only if they

had an active adolescent social life.

Ideology is about 40 per cent

heritable. Its almost half genes and

half environment, according to

Fowler. Whats more, he said, any

trait that can be inherited has

potentially been with the human

race for a long time, meaning

political ideology has been

a part of us for tens of

millions of years.

LIBERAL GENE

Vending Machine Art

Top-earningDeceasedCelebrity


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W W W. U LY S S E - N A R D I N . C O M

e ecutive dual timeSelf-winding. Patented time zone quick setting.

Black ceramic bezel and 18 ct rose gold case.

Water-resistant to 100 m. Rubber band.

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