Business Network Magazine Canada | Nov -Dec 2014

businessnetworkmag.com | #22 | Nov - Dec 2014

European Election 2014: Same old Novelty

by Giorgio Buttironi

/ North America’s Rising Economic Star : Ontario / Business Opportunities Turkey & The Turkic World / Europe’s Debt Wish

By Kenneth Rogoff

Available free on iTunes

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Contents

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Editor's Letter

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By Giorgio Buttironi

Business

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Growing Green Cities

By Michael Heise

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Europe’s Debt Wish

By Kenneth Rogoff

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What Enabled Bretton Woods?

By Harold James and Domenico Lombardi

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Business Oppurtunities Turkey & the Turkic World

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North America’s Rising Economic Star: Ontrario

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How to manage your time to build a high performance business

By Rony Israel

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Taking Systemic Risk Seriously

By Simon Johnson

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Why Invest in Brampton A People-Powered Economy

By Sohail Saeed

Politics

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The Right to be Forgotten: Protecting Privacy or Infringing Freedom of Information

By Umit Utku

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European Elections 2014: Same Old Novelty

By Giorgio Buttironi

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Canada-Turkic World Relations Revitalizes Interview with Vusal Babashov

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The Dispute Over Bank Asya: What Lies Ahead in Erdogan’s Turkey?

By Giorgio Buttironi

Art & Lifestyle

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Open-top McLaren 650S Spider joins 650S Coupé in Geneva global debut

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Kyrgystan's most expensive film to premiere at Montreal festival

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The Power of Creative Illustration Russ Tudor Photographs

Business Network

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TCCC Hosted the Second Networking Dinner in Calgary

Multicultural Mega Networking Event

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Business Network

BN Back

54

Reflecting on the 2014 World Cup

By Ilayda Yelkin

BN Magazine bringing the most important perspectives on international Business and Politics to its readers in the Canada & U.S Awareness is Everything businessnetworkmag.com | #22 | Nov - Dec 2014

Editor in Chief Giorgio Buttironi

bnmagazine.co.uk | Issue #18 | Sept - Oct 2013 bnmagazine.co.uk | Issue #20 | Jan - Feb 2014

International Trade: From Start-up to Success

Publisher Mehmet Gul Managing Coordinator Mehmet N. Durmus

European Election 2014:

New York Marketing Manager Rahmi Yazar Graphic Design Alihan Kekeva

Same old Novelty

App Developer Muhammed Kilinc

by Giorgio Buttroni

Photographic Editor Ali Haydar Yeşilyurt Filming Editor Sevgin Alişoğlu European Desk Ayfer Mustafaoğlu Media Coordinator Gökhan Güneri

The China Plan

Ava ila ble f or f ree on iTu nes

E CO N O M I CS

/ North America’s Rising Economic Star : Ontario / Business Opportunities Turkey & The Turkic World ISSN 2048 - 478

Advisory Board Enes Kula • Selçuk Koç Semih Inceoz • İsmail Başman Celil Yaka

₤ 4.50

/ Europe’s Debt Wish

By Kenneth Rogoff

O F

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S U PE R POW E R

Women’s Role In MENA New revolutions, old inequalities

The History of Democratisation: An Economic Perspective

The Rupee Rout: Is India Still Shining or Has It Lost its Lustre?

Private Jets for all: Victor

Available free on iTunes

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Contributors Brock Curtis - Isa Topbas Selman Avci - Furkan Tuzun Sehnaz Gul - Sebnem Gul And a general big thank you to everyone who may have contributed and/or facilitated the publication of BN November - December 2014 TCCC Toronto Canada Published bimonthly by Turkish Canadian Chamber of Commerce (TCCC) 481 University Ave, Suite 711 TORONTO , ON M5G 2E9 Canada post Agreement # 42400540 www.tccommerce.org Tel: 416- 269 7670

Absolutely brilliant! An addition to the great work produced in London Boris Johnson, Mayor of London

Very successful, happy to be in it Nick Clegg MP, Deputy Prime Minister

iPhone & iPad App

Available for free on iTunes

Turkic American Chamber of Commerce 535 5th Ave. New York NY 10017

facebook.com/BNMagazine No part of this magazine may be reproduced,stored in a retrieval system or transmitted in any formor by any means without the permission of TCCC. All prices, figures and currencies correct at the time of going to press, but subject to change.

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Editor’s Letter The summer is usually a time of the year, often associated with rest and taking some ‘time off’ from everyday life. Some people go on a seaside holiday and tend to – perhaps on purpose – ignore the earthly affairs of this world, even just for a few weeks. And yet, this summer has insofar been rich with contentious discussions on economic and political issues, as well as important landmark events.

For instance, much controversy has arisen out of the latest ruling by the European Court of Justice on the so-called right to be forgotten, stating that search engines are required to remove search results concerning individual and companies if requested, upon the grounds of personal privacy infringement. Umit Utku explains the details of the ruling and argues whether this decision will help in protecting personal privacy or seriously impairs the freedom of information.

The interview with Vusal Babashov titled "Canada-Turkic World Relations Revitalizes" further supports and provides information on this topic.

Moreover, there was an interview with Hon. Brad Duguid, Minister of Economic Development, regarding investments in Ontario.

We also cast our eye on Brazil, the emerging economy of South America and recent host of the 2014 FIFA World Cup, and look at this country in a particular manner. While several writers have focused on Brazil during the famous sporting competition, Ilayda Yelkin briefly guides us through the numerous challenges that Brazil will face following the end of the World Cup, which saw Germany triumph and Brazil exit in a rather unpleasant fashion .

I sincerely hope you enjoy the issue.

The EU’s political make-up has been shaken quite substantially after the recent European Elections, with a new parliament beginning its term of office on 1st July and electing the new President of the European Commission on 15th July. In this context, a big argument between European member states has arisen on the candidacy of Jean-Claude Juncker for the top EU job, with the United Kingdom strongly opposing his candidacy.

Referring to a previous article on European Elections written in Issue 21, I personally look at the results of these elections and explain how there has not been a significant change in the dynamic of appointing the holder of the top EU office, despite an apparent variation in the process.

Kenneth Rogoff takes us through the intricate discourse of public debt across EU member states, explaining the deep conflict between rigorous economic policies of strict limits on government spending – as encouraged

by Germany – and the growing cry for relaxation on these rules in order to stimulate growth.

Giorgio Buttironi Editor-in-Chief

Most of you are very new to the term “TURKIC WORLD." Umit Bayulken from Texas explains why entrepreneurs must hurry–up and complete their due-diligence regarding their entrance into this lucrative market called “Turkic World.”

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Business

Growing Green Cities

By Michael Heise / Chief Economist at Allianz SE

The future of the world’s climate will be decided in our cities. Urban areas already account for up to 70% of global CO2 emissions, and that share is likely to increase in the coming decades, as more people – billions more – move to cities, and as urbanization drives global economic growth.

From the standpoint of both climate change and growth, the rise of cities represents a challenge and an opportunity.

The nexus between urban expansion and climate protection is infrastructure. Upgrading urban infrastructure can drive economic growth and reduce carbon emissions at the same time. But how will the world’s cities pay for new and greener infrastructure?

The good news is that mayors – in developed and developing countries alike – are no longer waiting for national governments to strike a global climate agreement. Not only Copenhagen, London, and Munich, but also Johannesburg, Rio de Janeiro, and Shanghai are drawing up their own environmental programs. Such plans are variously ambitious – ranging from wish lists to enforceable targets – but the trend toward sustainable urban living is clear.

If cities are to reduce their carbon footprint, they will need massive investments in their infrastructure. Three-quarters of rich countries’ CO2 emissions come from just four types of infrastructure:

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power generation, residential and commercial buildings, transport, and waste management.

Any urban sustainability program must therefore include a shift to renewable energy and combined heat and power stations, more public buses and trains, cleaner private vehicles, better insulation of offices, hospitals, apartment blocks, and other buildings, and smarter management of waste and water – along with much else.

to recover. Faced with a growing infrastructureinvestment gap, cities will need more private investment.

Banks have traditionally financed a large share of infrastructure outlays. But, six years after the start of the financial crisis, banks in many countries are still trying to repair their balance sheets, while new capital and liquidity requirements will make it more expensive for banks to finance long-term Infrastructure investments are also necessary lending in the future. to cope with continued urbanization: by 2050, there could be as many people living in urban ar- Meanwhile, pension funds, insurance companies, eas as are alive today. And new infrastructure will and other institutional investors are increasingly be needed to maintain cities’ role as the drivers of investing in infrastructure. Unlike banks, they economic growth: the world’s 600 major cities al- have long-dated liabilities, for which the longready generate more than half of global GDP, and term, predictable returns from infrastructure urban areas will contribute disproportionately to investments can be a good match. In an environment of extremely low interest rates and frothy future wealth creation. equity markets, infrastructure also looks like an In all, around $2 trillion a year will be needed for attractive and reasonably safe alternative to stocks the next 20 years to keep the world’s cities liveable and bonds, yielding returns that can ultimately and to reduce their carbon emissions. Where will finance the pensions of the West’s aging societies.

So far, however, institutional investors have inthis money come from? vested relatively little in infrastructure, partly Only a few cities are rich enough to upgrade their owing to shortcomings in the overall investment infrastructure on their own. Most cities – espe- environment. For example, some governments cially in developed countries – cannot rely on have retroactively changed their policies for remore transfers from national governments. Public newables, which has made investors more causpending on infrastructure has plummeted in Eu- tious. Moreover, new capital requirements can rope and the United States since the 1960s; and, make it very expensive for insurers to invest in with public budgets under strain, it is unlikely infrastructure.

businessnetworkmag.com Furthermore, many institutional investors do not yet have sufficient expertise to venture into infrastructure. And, because infrastructure is not yet a clearly defined asset class, investors often find it difficult to plan, assess, and manage their holdings in this area.

These obstacles apply to all infrastructure investments. But urban infrastructure is at a particular disadvantage. For starters, many city officials have limited experience dealing with private investors, which can make it difficult to get fruitful partnerships off the ground. More important, urban infrastructure projects tend to be small, dispersed, and diverse. For most private investors, the effort required to find, evaluate, and manage such projects is far greater than the return that they can expect, which is why institutional investors often prefer large, more easily assessed projects such as wind parks, pipelines, or motorways.

If more private money is to flow into urban infrastructure, the institutional setup must change.

Very large cities can establish their own institutions to match infrastructure projects and investors, as Chicago has already done through its Infrastructure Trust. For the rest, governments should create national institutions to support sustainable urban infrastructure investments.

Such “Green Cities Platforms� could start by providing consultancy services, matching investors to projects, and serving as forums for knowledge sharing. They would then be well positioned to act as aggregators – packaging, standardizing, and marketing sustainable urban infrastructure projects. At a later point, they could move on to raise money in the capital market and fund sustainable infrastructure alongside other investors.

If the barriers to private investment in urban infrastructure could be overcome, the world would benefit from lower CO2 emissions, faster economic growth, and sounder retirement savings.

This is a dialogue worth having.

Formerly published on project-syndicate.org

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Business

Europe’s Debt Wish

By Kenneth Rogoff / Professor of Economics and Public Policy at Harvard University

Eurozone leaders continue to debate how best to reinvigorate economic growth, with French and Italian leaders now arguing that the eurozone’s rigid “fiscal compact” should be loosened.

Meanwhile, the leaders of the eurozone’s northern member countries continue to push for more serious implementation of structural reform.

Ideally, both sides will get their way, but it is difficult to see an endgame that does not involve significant debt restructuring or rescheduling. The inability of Europe’s politicians to contemplate this scenario is placing a huge burden on the European Central Bank.

Overhang Debt

industries. But just as the pre-crisis credit boom masked underlying structural problems, postcrisis credit constraints have greatly amplified the downturn.

True, German growth owes much to the country’s willingness a decade ago to engage in painful economic reforms, especially of labor-market rules.

Today, Germany appears to have full employment and above-trend growth. German leaders believe, with some justification, that if France and Italy were to adopt similar reforms, the changes would work wonders for their economies’ long-term growth.

Yet what of Portugal, Ireland, and (especially) Spain, all of which have taken significant steps toward reform since the crisis? All are still experiencing double-digit unemployment rates amid moribund growth, and, as the last International Monetary Fund Fiscal Monitor made abundantly clear, all still suffer from significant debt problems.

Although there are many explanations for the eurozone’s lagging recovery, it is clear that the overhang of both public and private debt looms large. The gross debts of households and financial institutions are higher today as a share of national income than they were before the financial crisis. Nonfinancial corporate debt has fallen only slightly. And government debt, of course, has The Vicious Circle risen sharply, owing to bank bailouts and a sharp, Debt overhang traps countries in a vicious circle. recession-fueled decline in tax revenues.

Exceptionally high public and private debts conYes, Europe is also wrestling with an aging popu- strain a country’s options and are indisputably aslation. Southern eurozone countries such as Italy sociated with slower growth, which in turn makes and Spain have suffered from rising competition it difficult to escape a debt trap. Last spring’s with China in textiles and light manufacturing campaign against anyone who dared to worry

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about the long-run effects of high debt largely ignored the substantial academic literature, just as a remarkably similar recent challenge to Thomas Piketty’s research on inequality took no account of a larger body of evidence.

It is true that not all debt is created equal, and there is a strong case for adding more of it if the purpose is to finance highly productive infrastructure investments. Europe greatly lags many Asian countries in its efforts to expand the reach of broadband. Outside the Nordic countries, electricity networks are thoroughly Balkanized, and major efforts are needed to integrate them.

Raising debt for the purposes of significantly increasing or ensuring long-run growth makes sense, especially in an environment of low real interest rates. A similar argument can be made for expenditures aimed at improving education, for example to improve Europe’s underfunded universities.

Beyond growth-enhancing investment, however, the case for greater stimulus becomes more nuanced. Brad Delong and Larry Summers have argued that in a repressed economy, short-term increases in borrowing can pay for themselves, even if the expenditures do not directly increase long-run potential. By contrast, Alberto Alesina and Silvia Ardagna argue that in an economy with a large and inefficient government, debt-

businessnetworkmag.com stabilization measures directed at reducing the size of government can actually be expansionary.

I admit to being an outsider to this debate. (The word “austerity” does not appear once in my 2009 book with Carmen Reinhart on the history of financial crises.) My general sense, however, is that both views are extreme. In general, neither pure austerity nor crude Keynesian stimulus can help countries escape high-debt traps. Throughout history, other measures, including debt rescheduling, inflation, and various forms of wealth taxation (such as financial repression), have typically played a significant role.

The Role of the European Central Bank It is hard to see how European countries can indefinitely avoid recourse to the full debt toolkit, especially to repair the fragile economies of the eurozone’s periphery. The ECB’s expansive “whatever it takes” guarantee may indeed be enough to help finance greater short-term stimulus than is currently being allowed; but the ECB’s guarantee will not solve long-run sustainability problems.

Indeed, the ECB will soon have to confront the fact that structural reforms and fiscal austerity fall far short of being a complete solution to Europe’s debt problems. In October and November, the ECB will announce the results of its bank stress tests. Because many banks hold a large volume of eurozone government debt, the results will depend very much on how the ECB assesses sovereign risk.

If the ECB grossly understates the risks, its credibility as a regulator will be badly tarnished. If it is more forthright about the risks, there is a chance that some periphery countries might have difficulty plugging the holes, and will require help from the north. One hopes that the ECB will be forthright. It is high time for a conversation on debt relief for the entire eurozone periphery.

Formerly published on project-syndicate.org

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Business

What Enabled Bretton Woods?

By Harold James / Professor of History and International Affairs at Princeton University Domenico Lombardi / Director of the Global Economy Program at the CIGI

The proximity of the 70th anniversary of the Bretton Woods conference, which established the World Bank and the International Monetary Fund, to historical anniversaries like the Allied landings in Normandy highlights just how ambitious its organizers were. Indeed, amid considerable tumult, the conference aimed to create a stable international monetary framework that could serve as a cornerstone of a peaceful global order.

And it succeeded – at least for a while.

Bretton Woods retains a powerful fascination, with at least three recent books on the subject having achieved considerable commercial success.

What makes an event in which a group of mostly men talk about money so intriguing?

permanently on the IMF Executive Board were the United States, the United Kingdom, the Soviet Union, China, and France – the same countries with permanent seats on the United Nations Security Council.

Even within this framework, the negotiations were challenging. So how did 44 disparate powers, each seeking to protect its own national interests, manage to agree on a new global monetary system?

According to Keynes, the key was a process of international deliberation and planning, led by “a single power or like-minded group of powers.” By contrast, a 66-country “pow-wow” like the abortive World Economic Conference, held in London in 1933, could never be expected to produce an agreement. Keynes’s rival, Friedrich Hayek, went further, asserting that a successful, enduring order could not be negotiated at all; it had to be spontaneous.

Of course, there are some juicy incidentals, such as the dance of John Maynard Keynes’s wife, a Russian ballerina, that kept the US Treasury Secretary awake, and charges of espionage for the Soviet Union against the main American negotiator, Harry Dexter White. But the real drama of the conference lay in the systematic evolution of an The experience at Bretton Woods lends signifiinstitutional structure that underpinned global cant credence to Keynes’s assessment. While 44 stability and prosperity for at least three decades. countries were formally represented at Bretton Woods, the UK and especially the US were the dominant players.

Bretton Woods

The institutional vision was linked to a global se- The Success of Bilateral Initiatives curity system. Indeed, in the original agreement, the five large powers that would be represented In fact, bilateral negotiations have enabled every

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In order to achieve an agreement of similar scale and influence, world leaders - especially in the us and china - would need to be under similarly high pressure.

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major success of large-scale financial diplomacy.

In the early 1970s, when the fixed exchange-rate regime established at Bretton Woods collapsed, the IMF seemed to have outlived its function.

But, by renegotiating the Fund’s Articles of Agreement, the US, seeking greater flexibility, and France, which sought the kind of predictability that the gold standard had provided, were able to revive it.

Later that decade, efforts by France, Germany, and the UK to confer on monetary policy failed miserably. But discussions between France and Germany – which remain the leading voices in debates on European monetary issues – were far more effective. Likewise, in the mid-1980s, when exchange-rate volatility gave rise to calls for protectionist trade measures, the US and Japan found a solution involving exchange-rate stabilization.

Bretton Woods II? Nowadays, international economic diplomacy is centered on the US and China. In recent years, an emerging debate has focused on whether the global economic system of the 2000s – in which export-oriented emerging economies essentially pegged their currencies to the dollar to obtain faster growth and accumulate foreign-exchange reserves at spectacular rates – effectively created a

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sort of “Bretton Woods II.” Could China and the the world, good for the nation, and good for the US formalize such a system, with the renminbi Democratic Party, for us to move.” playing a greater role?

In order to achieve an agreement of similar scale The bilateral nature of the negotiations certainly and influence, world leaders – especially in the implies that they have a chance. But there was US and China – would need to be under simianother critical factor underpinning the success larly high pressure. A global pact would have to of the Bretton Woods conference: the global po- be an urgent necessity, rather than an attractive possibility. litical and security environment.

For starters, the conference occurred the month after the D-Day landings in Normandy, when the end of World War II seemed far closer than it turned out to be. There were also domestic considerations at work. As US Treasury Secretary Henry Morgenthau, Jr. stated in advance of the conference, “We felt that it was good for

The Importance of the “Crisis Factor”

banking system. A contest for global leadership might serve that purpose as well. Or perhaps the stimulus will be fear that the world is sliding toward protectionism, with bilateral and regional trade agreements like the Transatlantic Trade and Investment Partnership deepening divisions between their participants and the rest of the world.

Bretton Woods demonstrated that it takes a major crisis to produce a political dynamic of reform. Today’s world, for all of its troubles, is simply not dangerous enough – at least not yet – for the countries at the helm of the global economy.

What would convince Chinese leaders that they must rapidly reinforce the open global economy Formerly published on project-syndicate.org that enabled China’s export-driven economic rise? One such catalyst might be a financial crisis emanating from the country’s risk-laden shadow-

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Business Umit Bayulken Sr.Vice President IB Global Resources Inc. Texas

Business Opportunities

Turkey & the Turkic World For many years now, Turkey is very well known as an open market with huge potential for investments and production. Turkey has one of the fastest growing economies in the world and the bridge between the East and the West. Turkey is the next transportation hub for transiting energy, industrial manufacturing, auto industry, and acts as a physical distribution center to and from Europe and the world.

gyzstan, Turkmenistan, Turkey and Uzbekistan.

The Turkic world also encompasses other nations who are part of the Russian Federation as "autonomous" states. In short, we can comfortably state that when we talk about Turkic markets, we are talking about 250-280 million consumers and six major SOVEREIGN nations and many other nations within central Asia and Eastern Europe.

A market which is huge, with fantastic opportuTurkey is the Gateway to Caucasus, Central Asia nities and Far Eastern Asia While I was in the area, I was always wonderTurkey with financially sound and excellent ing where major US corporations (except few oil banking system (praised by IMF, WB) provides companies) were. Why they were not in the regreat financial services to every business in every gion? Then, I realized that other than major oil companies, the US business, in general, did not nation. have enough knowledge of the market place. DeEvery major corporation that has a manufactur- spite the fact The BISNIS Department of U.S. ing or distribution facility in Turkey states that Department of Commerce were trying very hard they are “happy as a clam." Some of the big to promote business relations with this region, names are: GE, TOYOTA, GOOD YEAR, AL- some think tanks were channeling business peoSTOM, SHELL, MERCEDES-BENZ, FORD, ple according to their own beliefs, which proved and hundreds more. Therefore, I will not get in to be completely wrong. On the other hand, to the details of investing or establishing business companies that had detailed knowledge were doing brisk business through their distributors such in Turkey. as, Poultry Farms, Kraft foods, Coca Cola, Pepsi, Now, I feel most of you are very new to the term the tobacco industry, John DEER, International “TURKIC WORLD." I will try to make it easy Harvester, ADM, Monsanto, HP Computers, for you to understand the term and the sovereign Dell Computers, XEROX & IBM machines nations who are part of this world. Present sover- just to name few, yet major service companies eign Turkic nations (Turkish or TURKIC speak- in the oil & gas sector, pipe manufacturers, drilling countries) are Azerbaijan, Kazakhstan, Kyr- ing equipment manufacturers, offshore platform

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Business potential in Turkic world and Turkey is very attractive and profitable.

businessnetworkmag.com builders, heavy construction & industrial construction companies were not there with them full force.

Time is of the essence. In a few years (the latest by 2020) markets within Turkic countries will be saturated and filled by British, German, Chinese, Korean, Malaysian, Russian, Indian, Pakistani, as well as Turkish manufactured goods, services and construction companies. Despite the fact that most of these nations' businesses represent U.S. business interests by “agency or licensed manufacturing in technology," as the locals in those countries say, “It is not the real thing.” Therefore, I would urge entrepreneurs to hurry and complete their due-diligence regarding their entrance into this lucrative market called “Turkic World."

Present needs in these focus market countries can be classified in five major sectors: - Energy (oil & gas upstream, downstream) & Distribution - Power Gen & Power Transmission - Food industry (manufacturing & all subsectors) - Service Industry (all subsectors) - Industrial Infrastructure & Mining (pulp & paper, various textile mills, food packaging, equipment, etc.)

The importance of these nations for the world is paramount. Except for Turkey, these nations were part of the former Soviet Union and were the major suppliers of raw materials for the Soviet Union. Now they are free and independent, and they are developing fast and looking for reliable markets for their natural resources as well as looking to procure western technology and consumer goods.

Kazakhstan

Natural resources of Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan (natural gas and Shale oil) are globally known. Today, some of the natural gas sold to Europe by Gazprom (a Russian Company) is procured from Turkmenistan and Kazakhstan. For many decades, Kazakh agriculture products combined with Ukrainian agriculture products fed the Soviet Union. Gold mining in Kazakhstan and Uzbekistan are legendary. There are many opportunities available in mining, energy services, manufacturing, and consumer goods for business leaders who are looking

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businessnetworkmag.com

to expand their markets globally and enjoy the fruits of it. In early 2015 a new era will begin in transportation of goods from Europe to central Asia and on to Peoples Republic of China.

Imagine for a moment that you will be able to place your 40 or 45 foot containers on a rail wagon in the heart of Europe and ship it to your clients without changing a rail wagon or transferring your containers to another carrier and avoiding multi-handling costs and without politically motivated, customs delays or artificially created documentation problems and most of all the congestion of the northern route. The SILK ROAD rail system will commence service as of 2015.

Routing will be Europe to Istanbul (trains will go through “MARMARA-RAY” Rail Tunnel underneath the Istanbul straits connecting European and Asian surfaces on the Asian side and continuing on to Georgia- Azerbaijan –Turkmenistan (passing Caspian Sea via rail car ferry) –Uzbekistan- Kazakhstan- Kyrgyzstan- Mongolia- China.

This huge initiative and completion of the project by Turkish authorities in tandem with Georgian- Azeri- Turkmen governments and with other inner central Asian governments involvement will make global trade a lot easier, a lot faster and much more economical for all the nations and the world. In addition to SILK ROAD, this rail connection will serve key Middle Eastern nations such as Iraq, Syria, Kuwait, and so on.

Baku, Azerbaijan

Another upcoming business opportunity is DutyFree-Zone & distribution facilities that are in the official programs of the Turkic world’s governments. Turkey already has 21 operational DFZ's.

Azerbaijan and Turkmenistan are contemplating to establish the similar DFZ zones to enhance business opportunities.

In summary, business potential in Turkic world and Turkey is very attractive and profitable. All it takes is an educated first step. Present business opportunities in the Turkic world are just the tip of the iceberg. American business with a vision should make a move now to answer the needs of this rapidly growing region and to actively promote future opportunities.

Istanbul, Turkey

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Business

North America’s Rising Economic Star:

Ontario

Ontario has been successfully forging strategic partnerships with businesses, both local and foreign, thus making the province more globally competitive.

BN Magazine interviewed Brad Duguid, Minister of Economic Development, Employment and Infrastructure on the economy of Ontario.

Can you g i ve u s a n o u tlo o k o f e c o n o my he re i n Ont a r i o in p e r sp e c tive o f Inves t me nt Env i ro n m e n t?

Our government is proud of our track record of attracting foreign direct investment. We are the number one jurisdiction in North America for foreign direct investment capital. The province attracted US $7.2 billion dollars in foreign capital investment that’s more than any other jurisdiction in North America.

Ontario is fourth in North America for number of FDI projects attracted, with 95 projects in 2013. Only California, New York and Texas placed ahead of Ontario. Considering that these states have much larger populations than Ontario, our performance is impressive. As part of our Going Global Trade Strategy, we are actively working on diversifying our exports to key markets worldwide, including Turkey.

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Wh a t are t he s ig n if ican t in dus t rial se c to r s in On t ario?

In the last ten years, software and IT services was the leading sector for FDI projects into Ontario, but the automotive original equipment manufacturing (OEM) sector accounted for the largest number of FDI jobs created in Ontario.

In terms of business activity, manufacturing production accounted for the largest number of FDI jobs in Ontario (42,722) followed by research and development (11,433). The top three sectors for FDI projects into Ontario in 2013 were software and IT services (20%), business services (11%) and communications (11%).

Wh a t i n ce n t ive s an d oppor t un it ie s On ta r io provide s t o t he in t e rn at ion al in ve s to rs ?

Global companies continue to choose Ontario as the platform for their North American growth plans because Ontario has been fostering a climate that is conducive to business, even as the global economy remains unstable. We are working with companies and communities to create conditions

One of the reasons Ontario has been so successful is that we understand that forging strategic partnerships with businesses, both local and foreign, makes us more globally competitive.

businessnetworkmag.com so that our key industries can continue to succeed and thrive. We also continue building on our fundamentals: A skilled workforce, Cost competitiveness, Modern, efficient infrastructure, A culture of innovation and Cutting Red Tape.

Q. How i mp or t a n t d o yo u th in k th e coo p er a t i on of Tu rkey a n d On ta r io in term s of b u s i nes s a n d in ve stm e n t?

Ontario is working to increase our trade relationship with Turkey. In terms of specific numbers, in 2013, Ontario exported over $113 million in goods to Turkey. Top exports include machinery, soybeans and aircraft and auto parts.

During that same period, Ontario imports from Turkey exceeded $717 million in goods. Top imports included gold and monument stone. Over the last few years, Ontario has organized a number of trade missions to Turkey in sectors such as clean tech, ICT and mining.

In November 2013, the Ontario Ministry of Research and Innovation signed the MOU with the Ministry of Science, Industry and Technology of Turkey to support and expand bilateral cooperation in the areas of research and development and science and technology. We are committed to building a stronger trade relationship with Turkey.

In a d d i t i on t o i n ve s tm e n t, On ta r io is k nown for i t s na tu r a l re so u rc e s a n d mi ne r a l s h ow c a n yo u d e s c r ibe th is?

Brad Duguid, Minister of Economic Development

Palladium’s Lac des Iles Mine. Our government is committed to smart and sustainable resource development.

Ha v in g s e r ve d as a Min is t e r in On t ario w h a t w ould be your advice f or t he in c o min g t rade mis s ion f rom Turkey a n d K azakhs t an in Nove mbe r?

Events such as the Connect-Canada 2014 Business and Investment Forum which is organized by the Turkish Chamber of Commerce is taking place in Ottawa and Toronto allows businesses to explore business and investment opportunities.

And we actively support Ontario companies to become successful exporters.

Ontario remains a leading jurisdiction for the mineral exploration and production o in North America and the top jurisdiction in Canada to demonstrate the growth in our mining sector, the value of mineral production in 2003 was $5.7 billion; 2013 saw the value reach $9.8 billion. There are 26,000 direct jobs because of the mining sec- Our Going Global Trade Strategy is helping more tor.. There are an additional 50,000 jobs associ- companies -- especially small- and medium-sized business -- export to more global markets, helpated with the manufacturing and processing. ing to create jobs in Ontario.

There are over 35 advanced mineral projects in Ontario and mine construction is under way at about 6 of these. New mine construction is underway at the Hollinger Mine in Timmins; at the Cochenour project in Red Lake; and a mine expansion project is underway at North American

emerging markets, incoming buyer programs, inmarket support through In-market Trade Development Representatives in key emerging markets, and financial support through the Global Growth Fund program administered by the Ontario Chamber of Commerce.

My ministry takes the lead in branding the province internationally and developing customized business programs to help generate impressive results.

Can you describe the role of international chambers especially Turkish Canadian Chamber of Commerce for the economical developments of Ontario.

International Chambers of Commerce help build awareness and partnership between jurisdictions.

As Minister, I look forward to working with the Turkish Canadian Chamber of Commerce.

Our programs and services support new and experienced exporters. They include one-on-one market consulting, exporter education seminars and workshops, outbound missions including participation in exhibitions in developed and

23

The Title Politics

The Right to Be Forgotten: Protecting Privacy or Infringing Freedom of Information?

By Umit Utku

Mario Costeja González filed a complaint in 2010 with the Spanish Data Protection Agency (AEPD) against three principal parties: La Vanguardia Ediciones SL (a Spanish Daily Newspaper), Google Spain and Google Inc. When his name was researched on the popular search engine, two specific items contained an attachment redirecting to a newspaper’s feature – dated back to 1998 – advertising a real-estate auction for his house, which had been repossessed due to impending debts.

The Case Mr González argued that the attachment in question mentioning his debts was no longer relevant because they had been fully settled. According to him, the presence of this out-dated attachment was infringing his privacy rights and consequently requested the removal or alteration of this item.

The AEPD rejected the complaint against La Vanguardia stating that the publication in question was lawful, but upheld the complaint against Google Spain and Google Inc. In an attempt to challenge the AEPD’s decision, Google Spain and Google Inc. brought the case to the National High Court of Spain, which then referred it to the Court of Justice of the EU (ECJ). These questions concerned whether the 1995 Data Protection Directive also applied to search engines. Another issue regarded whether this directive applied to

24

Google Spain because the company’s data processing servers are actually situated in the United States, outside EU jurisdiction. And finally, it was also asked whether an individual person can plea for the removal of his or her personal data from public access via a search engine – a request promptly identified as ‘the right to be forgotten’.

circumstances – to request the removal of a link concerning private data information. This right only applies if such data appears to be inadequate, irrelevant, inaccurate or excessive. The ECJ explicitly remarked that the right to be forgotten is not unconditional, but must be balanced vis-à-vis other fundamental rights such as the freedom of expression and the media.

The ECJ Ruling Protecting Individual Privacy On 13th of May 2014, the ECJ presented its deAlthough social media made it look like an enliberations on the matter: tirely new principle, the ‘right to be forgotten’ First, concerning the jurisdiction of EU legisla- has been legally binding for the past two decades tion, the ECJ stated that if a branch or a subsidi- since the enactment of the Data Protection Diary of a search engine is located in any member rective. The ruling confirmed the applicability of state, EU laws will apply for that company within this directive to search engines such as Google the borders of the Union regardless of the loca- and – considering the fame of this firm – the ruling received such extensive coverage. It could be tion of the servers. argued that this ruling is just an update to the Second, regarding the applicability of Data Pro- directive resulting from the technological adtection Directive to search engines, the ECJ stat- vancements witnessed over the last two decades ed that search engines are controllers of personal such as the appearance of search engines. After data and therefore compelled to follow European all, Google was founded only in 1997. Several exlaw, when handling such information. Since the perts argue that individuals should be entitled to directive applies also to search engines, the ‘right ‘the right to be forgotten’ and monitor carefully to be forgotten’ becomes automatically valid in the information concerning themselves on the Internet, especially if out-dated and inaccurate. this case.

In the case of Mr González, and many others that Third, and most crucially, the ECJ ruled that an have already advanced complaints to Google, the individual has the right – under certain specific information was either not relevant anymore or

businessnetworkmag.com out-dated. In some cases, such obsolete informa- moval of the link, the renowned BBC columnist tion could influence key aspects of personal lives claimed that – by taking this course of action – Google “kills journalism”. The Times also reacted such as an individual’s employability. with outrage writing that the ECJ ruling will help the rich and powerful to censor embarrassing but Infringing the Freedom of Information truthful information about them. Mr O’Neal On the other hand, there are concerns that this claimed that he had no knowledge of the request ruling could provide justification for certain in- to remove this specific link from search results. dividuals or companies to remove negative information about them, regardless of whether such Google has revealed that requests for removal of information is perfectly accurate or legally rel- links are: a politician seeking re-election, a convicted child pornographer, and a doctor who reevant.

Recently, the link to an article concerning the ceived negative reviews from patients. Professor resignation of an investment banker during the Adam Thierrer – a media expert at George Mason salient moments of the financial crisis has been University – stated that the ‘right to be forgotten’ removed from the list of search results on Google, should be relabelled as the ‘right to censor and after a successful petition had been filed with re-write history’. the firm. Robert Peston wrote this article, which the BBC published in October 2007, analysing Challenges the problems faced by Bank of America – Merrill Lynch and mentioning the resignation of its If you wanted to remove a link to an article about CEO, Stanley O’Neal. Protesting against the re- yourself, what steps do you need to take? You

would have to contact Google and ask for the removal of this personal data. Google would then have to decide whether your request is in line with the ruling and decide whether to remove the link. If the company refuses such request, then it is possible to go to court over the matter. This ruling is likely to impose a considerable burden on how search engines operate in Europe. Journalists may also be indirectly affected, since most requests have hitherto led to the removal of links to articles and blogs.

Simon Hughes MP recently stated at a parliamentary committee hearing that he was against restricting access to information. “I don't think we want the law to develop in the way that is implied by the ECJ judgment, which is that you close down access to information in the EU which is open in the rest of the world. We do not agree with the present text”, he remarked during the hearing. Ever since the ruling, 70,000 requests to take down circa 250,000 links from

25

businessnetworkmag.com Google’s European search engine subsidiary have been recorded. The company is currently receiving 1,000 requests each day that have to be scrutinised by its lawyers.

Daring the Internet’s Quicksand?

Privacy is a topic acquiring more importance each day, due to our ever-increasing amount of time spent on the Internet. We shop, store our credit card numbers, communicate, and keep other sensitive information online. It is therefore almost inevitable that legislation safeguarding personal privacy needs to expand its scope alongside any new technological development. However, the reaffirmation of ‘the right to be forgotten’ brought with itself more questions than answers. Why should search engines be responsible for articles published by third parties? How are they supposed to establish whether something is out-dated? After all, something that is irrelevant today may well become the opposite tomorrow. The reason why a lot of people, as well as firms, are still confused about this ruling lies in its ambiguities. Although likely to work in favour of individuals and companies, it will prove extremely burdensome to search engines and journalists.

The ruling does attempt to acknowledge freedom of speech, but does so in a rather unusual way.

It is like allowing a library to keep determinate books while – at the same time – deleting their respective entries from the catalogue, thereby making it nearly impossible to find what you are looking for.

27

The Title Politics

European Elections 2014: Same Old Novelty

By Giorgio Buttroni

Just before the polls, I took the liberty of analysing the upcoming elections for the European Parliament in this magazine. Besides sharing some common facts, I also illustrated the novelties in the upcoming election following the ratification of the Lisbon Treaty in 2009. New provisions for the election of the President of the European Commission, and the consequent choice of spitzenkandidaten by various party groups, figured chiefly among them. An important question was left open before the polls opened, would these elections be the ‘same old story’ or would they represent a ‘significant novelty’ in the history of the European Union. It is time to find out.

The Electoral Surge in Euroscepticism

ues. The three oldest party groups – including the European People’s Party, the Alliance of Socialists and Democrats, and the Alliance of Liberals and Democrats – alone account for 479 out of 751 seats in the EP, roughly equivalent to 63%. On the other hand, Eurosceptic MEPs have increased significantly after the last election in comparison to the previous parliament. The most prominent anti-federalist party groups are the European Conservatives and Reformists, the European United Left, and the Europe of Freedom and Direct Democracy. The ECR opposes a federalist EU and advocates the repatriation of certain key powers back to the member states, while the EUL opposes the current framework of neo liberal monetarist policies in the EU. The EFDD is by far the most Eurosceptic group because, contrarily to the former two, it opposes outright any further move towards deeper EU integration.

While only 148 MEPs could be regarded as Eurosceptic before this election, the number increased to 222 MEPs (almost 20% of the entire assembly). Moreover the ECR has become the third largest group in Strasbourg with 70 MEPs, which is not too bad counting that the group itself is only five years old.

This parliamentary election will be remembered for the strong surge in support for Eurosceptic parties across member states. Besides the victory of the United Kingdom Independence Party in Britain – having topped the ballot with 27.5% of the vote – other member states have witnessed upsetting events as well. The victory of the anti-immigration National Front in France with 24.8% of the vote came as a terrible blow to both the incumbent Socialist government and the The Spitzenkandidaten Process main centre-right opposition.

Despite the magnitude of these results, the Eu- Article 17.7 of the Treaty on European Union, ropean Parliament (EP) still counts a significant after the modifications applied by the Lisbon majority of MEPs favouring pro-European val- Treaty, explains how “Taking into account the

28

The ritual might be different in appearance, but the substance of the process remains unchanged

businessnetworkmag.com elections to the European Parliament and having held the appropriate consultations, the European Council, acting by a qualified majority, shall propose to the European Parliament a candidate for President of the Commission”.

This means that – for the first time since 1979 – the political makeup of the European Parliament is determinant in electing the holder of the highest office in the EU. Prior to the elections, each EP party group formally designated a spitzenkandidat (top candidate) for President of the Commission in an effort to create a more direct link between the popular vote and the future makeup of the Commission. Since the European People’s Party secured the highest number of seats in the EP, many argued that its top candidate – JeanClaude Juncker – has a legitimate mandate to be the next Commission President, in accordance with Article 17.7 of the TEU. The Election of Jean-Claude Juncker On 15th July 2014, a large majority in the EP elected Jean-Claude Juncker as President of the European Commission. The former Prime Minister of Luxembourg, who was supported by 422

out of 751 MEPs, will formally succeed the in- plainly, Jean-Claude Juncker represents an idea cumbent president José Manuel Barroso in No- of Europe that a majority of the British people and several other individuals across the continent vember 2014. have firmly rejected.

Nevertheless, Juncker’s bid for the commission’s presidency has not been devoid of controversies The other controversy surrounds the ‘narrow’ inand opposition by more Eurosceptic leaders. His terpretation of Article 17.7 of the TEU, which candidacy was most notably opposed by David does not literally state that the top candidate of Cameron (British Prime Minister) and Viktor the largest EP party group must become ComOrban (Prime Minister of Hungary). The prin- mission President. On the contrary, the treaty cipal reasons for this opposition lie in Juncker’s affirms that the electoral results must be taken political credentials, as well as the belief that the into account before putting forward a candidate. wording of the TEU has been interpreted in a The spitzenkandidaten process is the result of a manner that increases the power of the European parliamentary initiative by a majority of party Parliament, thus taking it away from the member groups and does not have a firm legal basis in the treaties, besides the requirement of parliamentary states. approval for the selected presidential candidate.

Having served as President of the Eurogroup (Council of Finance Ministers of the Eurozone) Same Old Novelty throughout the recession, Juncker has acquired a reputation as an insider to European institutions; Thinking carefully about the whole matter, very moreover he has never made a secret of his fed- little has changed in the dynamics of the seleceralist credentials. With Juncker as Commission tion process for the top EU post. Certainly, there President, a successful renegotiation in the rela- have been efforts to make the process look more tionship between the EU and the UK – involving in line with the relative majority of votes across the repatriation of certain policy areas to West- Europe, but the mechanism remains awfully faminster – might very well be in jeopardy. Quite miliar. Rather than having heads of state and gov-

29

businessnetworkmag.com

ernment selecting an unelected bureaucrat, we find ourselves with a bunch of party officials selecting another unelected figure for Commission President. The ritual might be different in appearance, but the substance of the process remains unchanged from previous examples. Instead of elected heads of state and government hammering out a compromise candidate, we now have often unelected party officials selecting a partisan figure with a well-defined agenda.

EFDD (48)

N-A (52)

EUL (52) GREENS (52)

ECR (70)

Looking at the spitzenkandidaten process, it is worth posing once again the question: is it the same old story or are we dealing with a significant novelty? My reply would quite frankly be: “it’s the same old novelty”. Although several observers have hailed the advent of spitzenkandidaten as a democratic turn in EU’s institutions, it seems fair to say that little has actually changed in substance. The democratic deficit of the European Union is still wide open.

S&D (191)

EPP (221) ALDE (67)

European Parliament (2014 - 2019) PARTY GROUP

MEPS

EUROPEAN PEOPLE'S PARTY

221

PROGRESSIVE ALLIANCE OF SOCIALISTS AND DEMOCRATS

191

EUROPEAN CONSERVATIVES AND REFORMISTS

70

ALLIANCE OF LIBERALS AND DEMOCRATS FOR EUROPE

87

EUROPEAN UNITED LEFT - NORDIC GREEN LEFT

52

GREENS - EUROPEAN FREE ALLIANCE

50

EUROPE OF FREEDOM AND DIRECT DEMOCRACY

48

NON-ATTACHED MEPs

52

31

Business

businessnetworkmag.com

How to manage your time to build a high performance business Time is an entrepreneur’s most precious resource, learn how to make the most of it

By Rony Israel / Business Consultant - Toronto, Business Development Bank of Canada The great management theorist Peter Drucker to drop everything to deal with emergencies and once said, “Time is the scarcest resource and un- wait until the time you set aside to attack them. less it is managed nothing else can be managed.”

BLOCK OUT TIME FOR STRATEGY It is critical for entrepreneurs to organize their days to make sure they’re doing the right things At the beginning of the year, you should reserve at the right time. That takes discipline—but the time in your calendar for weekly, monthly, quarpayoff will be less stress and a better managed, terly, semi-annual, and annual planning sessions. more successful company.

• Friday afternoon is a good time to look at what As an entrepreneur, time is the one element you you’ve accomplished during the week and look can’t buy or borrow - it’s a resource you have to ahead to next week’s activities. manage very carefully.

• Monthly and quarterly sessions are for digging I was an entrepreneur myself for many years, and progressively deeper into the company’s finances, here is some food for thought for business owners looking to understand the reasons for variances from budget and planning how to adjust. You to organize their days more effectively: should also be reviewing operations, product development, customer feedback, employee perforPLAN YOUR DAYS AHEAD mance, and competitor activities.

Before leaving the office in the evening, take the time to create a detailed to-do list for the next • Semi-annual sessions are for updating the straday. You should assign blocks of time for working tegic plan, and once a year it’s budget time. on specific tasks and activities on your list. The next morning, you’ll be ready to hit the ground It’s important to block those times off - if you don’t, when the time comes for that activity, there running. will be an emergency and you will postpone it and procrastinate.

EXPECT THE UNEXPECTED You know they’re coming: those unforeseen events that eat up your time. I strongly recommend reserving one hour in the morning and one hour in the afternoon for putting out fires. But to make this work, you have to resist the temptation

guised as work. These activities break your concentration, interfering with the important work you have to do. I recommend you reserve 10 to 15 minutes an hour for email and phone calls.

PROFIT FROM LUNCH TIME Many entrepreneurs, especially those with an introverted nature, prefer to eat their lunch at their desk or slip away for a solitary bite. For me, this is a mistake. Lunch is a time when you can learn and deepen relationships with people who are important to your business. As an entrepreneur, you should make the effort to break bread each day with a varying cast of people including employees, customers, suppliers, competitors, and potential partners.

The bottom line is that to be successful, entrepreneurs have to become good managers and that starts with managing one’s self.

Don’t forget! The business becomes successful when you transform yourself into a professional manager, and that means you have to change your attitude and focus on what you need to do, not what you like to do.

GET TOUGH WITH DISTRACTIONS Email and phones are a constant source of distraction and temptation. Checking your inbox or calling an associate are often procrastination dis-

33

Business

Taking Systemic Risk Seriously

By Simon Johnson / Former Chief Economist of the International Monetary Fund

There are two leading views about the world’s financial system. The first, heard mostly from executives at leading global banks and their allies, is that the system is safer than it has ever been. According to this view, the events that led up to the global financial crisis that erupted in 2008 cannot happen again; the reform process has succeeded.

By contrast, a growing group of current and former officials continues to express concern about current and potential future risks in the United States, Europe, and globally. US Treasury Secretary Jack Lew made such an argument in a recent congressional testimony, in the context of explaining why the Financial Stability Oversight Council (FSOC) should be allowed to consider whether any kind of firm or activity could pose a risk to the broader system.

And a striking new voice has joined the fray – Kara Stein, a commissioner at the Securities and Exchange Commission (SEC). Stein delivered a far-reaching speech in June, in which she argued that systemic risk must become a more central responsibility for financial-market regulators.

Systemic risk refers to problems that spill across different kinds of firms and markets, often in unexpected ways and sometimes very quickly. Perhaps the most prominent example from 2008 is the way that the failure of the investment bank Lehman Brothers risked brining about the imminent collapse of the insurer AIG, while also lead-

34

ing to intense pressure on money-market mutual cial transactions creates a potential systemic risk.

For example, short-term funding markets infunds. volve the supposedly safe business of borrowing Jeremy Stein (no relation to Kara Stein), until re- against the collateral of tradable securities, which cently a governor of the US Federal Reserve Sys- is a mainstay of how broker-dealers finance themtem, has suggested that forced “fire sales” of assets selves. Unfortunately, as we discovered during the are one important way that risks are transmitted. financial crisis, such markets can become less liqWhen asset prices fall as a result of such selling, uid or even dry up completely when lenders start the solvency of other firms can be affected – even to fear unforeseen problems, either with borrowif the creditworthiness of the underlying asset has ers or with the assets that they pledge as collateral.

The systemic risks in this case do not necessarily not really changed. lie with an individual firm; rather, the issue is the Bank regulators are starting to take these issues way in which a particular market has come to opmore seriously – an encouraging change from the erate. Stein has some detailed and credible ideas 1990s and early 2000s, when the Fed was among about how to make such operations less risky for the cheerleaders for unfettered financial innova- the system as a whole. tion, without adequate consideration for systemic More broadly, however, her point is that we need risk. the FSOC to be able to do its job – to look for But securities regulators also need to start think- and assess all kinds of potential systemic risks. ing along the same lines – and this is where Kara This needs to be done as a technical matter, not Stein wants them to go. For example, the SEC as part of the political process. has traditionally thought about adequate equity capital in a regulated business, primarily as the Not everyone at the SEC is as sensible as Stein. amount needed to help compensate customers in There is also some friction among the various the event that individual firms fail. But it would regulators in the US, and we surely need more be much better, as Stein suggests, to think about coordination across national borders – including equity capital from a systemic perspective – that with Europe. But the real danger is that powerful is, how much loss-absorption is needed to pre- lobbies, working through members of Congress, vent some form of a cascading confidence crisis. are pushing back hard against the FSOC and its Similarly, regulators should start to think about mandate. how and when the structure of particular finan-

businessnetworkmag.com

No one likes scrutiny, of course. And everyone in the asset-management industry seems to fear being put under the Fed’s microscope, which is what happens if the FSOC determines that a business is systemically important.

No one likes scrutiny, of course.

The nature of externalities means that financial firms do not care about the costs that they may create for others. Big and small firms can create a wide variety of externalities, and these have to be examined carefully and dispassionately – exactly as Stein is recommending.

And yet, though assessing systemic risk is a technical matter, there is ultimately and inevitably a political question. The FSOC can figure out where the risks are lurking, but will it be allowed to do its job? If not, when the next crisis comes, those who opposed the FSOC’s proper functioning will bear the lion’s share of the responsibility.

Formerly published on project-syndicate.org

35

Politics

Canada-Turkic World Relations Revitalizes Bridging Ottawa to Astana, Toronto to Istanbul, Montreal to Bishkek and Vancouver to Baku.

BN Magazine Interviewed Vusal Babashov, Vice President of the Anatolian Heritage Federation

than 25 MPs, four ambassadors and well over 200 prominent guests from Canada and abroad. Also, chair and four members of the Turkey-Canada Friendship Group at the Grand National Assembly of Turkey honoured us with their attendance.

Moreover, Hon. Andrew Scheer, Speaker of the Until last year, we, on annual basis were organ- House of Commons was keynote speaker of the izing, Annual Friendship Receptions at the Par- 2013 Convention Gala Reception. liament Hill. If I am not mistaken we held about six Hill receptions in the past. As of last year, we Q: What are the objectives of these convenexpanded scope and scale of the Hill gatherings tions? to a full-day convention, which comprises panel sessions, luncheon and gala reception. Turkic Ca- Canada and Turkic countries are unknown to nadian Convention is intended to be an eminent each other and current relations between Canada gathering that brings together a wide range of and Turkic nations are well under its true potenstakeholders from Canada and Turkic nations- tial. Just to give you an example, Canada has per-Turkey, Azerbaijan, Kazakhstan, Kyrgyzstan, manent diplomatic mission in two out of the six Uzbekistan, Turkmenistan¬—including minis- Turkic countries. Similarly, three out of six Turkic ters, parliamentary members, senior government countries have permanent diplomatic representaofficials, senators, emissaries, leading policy mak- tion in Canada. These quick facts can give you ers, academics, leaders of Turkic diaspora, busi- some idea on current level of the bilateral diplonesspersons, experts, private sector stakeholders, matic relations. In this sense, Turkic conventions representatives of multinational corporations and create an important platform whereby both sides etc. Last year’s convention was a great success with get an opportunity to know each other more. We the participation of two federal ministers, more believe there is a big room for the cooperation Q: Anatolian Heritage Federation held the first Turkic Canadian Convention last year.

Next convention is around the corner. What would like to say in general about Turkic conventions?

36

in international politics, energy, construction, trade, technology transfer and transportation sectors and this convention is important avenue to explore the potential partnership areas and positively contribute to the current bilateral relations and political, social and economic ties between Turkic countries and Canada.

Q: What is the focus of the convention?

Main theme of the convention is Strategic Partnership, Trade and Development. Energy could be another aspect that we can look into in the future as Canada and Turkic Countries have rich hydrocarbon reserves and export oil and gas to the world market. We invite nationally and internationally renowned experts to convention to share their vision with key stakeholders from Canada and abroad. This year’s convention program will feature the following: Luncheon with keynotes, Networking Breaks, three Panel Sessions concerning Canada's Economic Diversification and Trade with Eurasia, Canada Strategic Partnership and Cooperation in Central Asia and the Caucasus and Silk Road Initiatives and

businessnetworkmag.com

We can observe solid improvements if all actors are involved in process and strive to make a positive change.

a Gala Reception which will bring together dignitaries, prominent guests from Canadian society, delegations from Turkic countries attending the convention and many more. On additional note, following this convention, Connect Canada business forum will be held in Toronto, which is an excellent complement to the convention and great opportunity for the businessmen from US, Turkey, Azerbaijan, Kazakhstan and Canada to explore and possibly sign trade deals.

Q: Do you partner with other parties in organization of the convention?

We work very closely with Embassies of Turkey, Azerbaijan and Kazakhstan in Canada. In addition, we cooperate with business chambers such as Turkish Canadian Chamber of Commerce (TCCC), Turkish Confederation of Businessmen and Industrialists (TUSKON) and Silk Road Business Association of Azerbaijan. Media sponsors for the convention are Turkish Review and Business Networking (BN) magazine and Today’s Zaman daily. Finally, we work together with The NATO Council of Canada to promote this event.

Q: Are you optimistic about future of the Canada and Turkic World relations?

Vusal Babashov, Vice President of the Anatolian Heritage Federation

First of all, it is a big mission for all of us as a Turkic Canadian. Civil society can play a facilitator and catalyst role and make contributions to the current relations to certain extent. We cannot witness ultimate success without support and engagement of the political, diplomatic and business stakeholders. As a civil society organization, we will continue to do our part despite several difficulties. In the near future, we would like to organize country-specific conventions such as Azerbaijan-Canada Convention in Baku. Country-specific conventions will stimulate mutually beneficial and strategic cooperation and further strengthen the bonds established at the Turkic Canadian Conventions in Ottawa. In sum, there is a long way to go, however in my humble opinion, we can observe solid improvements if all actors are involved in process and strive to make a positive change.

37

CORRUPTION PERCEPTIONS INDEX 2013 The perceived levels of public sector corruption in 177 countries/territories around the world.

SCORE Highly Corrupt

Very Clean 0-9

10-19

20-29 30-39 40-49

RANK COUNTRY/TERRITORY SCORE

50-59

60-69

70-79

80-89

90-100

No data

RANK COUNTRY/TERRITORY SCORE

21

Ireland

72

22

Bahamas

71

41

Cape Verde

58

22

Chile

71

41

Dominica

58 57

RANK COUNTRY/TERRITORY

61

Oman

47

61

Slovakia

47

80

Greece

63

Cuba

46

82

Swaziland

63

Ghana

46

83

Burkina Faso

1

Denmark

91

1

New Zealand

91

3

Finland

89

22

France

71

43

Lithuania

3

Sweden

89

22

Saint Lucia

71

43

Slovenia

57

63

Saudi Arabia

46

83

El Salvador

5

Norway

86

26

Austria

69

45

Malta

56

66

Jordan

45

83

Jamaica

5

Singapore

86

46

Korea (South)

55

67

Macedonia (FYR)

44

83

Liberia

7

Switzerland

85

47

Hungary

54

67

Montenegro

44

83

Mongolia

8

Netherlands

83

47

Seychelles

54

69

Italy

43

83

Peru

9

Australia

81

49

Costa Rica

53

69

Kuwait

43

83

9

Canada

81

49

Latvia

53

69

Romania

43

11

Luxembourg

80

49

Rwanda

53

72

42

83

12

Germany

78

52

Mauritius

52

91

Malawi

12

Iceland

78

53

Malaysia

50

72

Bosnia and Herzegovina Brazil

Trinidad and Tobago Zambia

42

91

Morocco

14

United Kingdom

76

53

Turkey

50

72

42

91

Sri Lanka

15

Barbados

55

Georgia

49

94

Algeria

72

Sao Tome and Principe Serbia

15

94

Armenia

94

Benin

94

Colombia

94

Djibouti

94

India

94

Philippines

69

28

United Arab Emirates Estonia

28

Qatar

68

30

Botswana

64

31

Bhutan

63

31

Cyprus

63

33

Portugal

62

33

Puerto Rico

62

75

33

62

Belgium

75

36

Saint Vincent and the Grenadines Israel

61

55

Lesotho

49

72

South Africa

42

15

Hong Kong

75

36

Taiwan

61

57

Bahrain

48

77

Bulgaria

41

18

Japan

74

38

Brunei

60

57

Croatia

48

77

Senegal

41

19

United States

73

38

Poland

60

57

Czech Republic

48

77

Tunisia

41

19

Uruguay

73

40

Spain

59

57

Namibia

48

80

China

40

26

Š 2013 Transparency International. All rights reserved.

68

42

C

Y SCORE 40 39

RANK COUNTRY/TERRITORY SCORE

94

Suriname

36

102

Ecuador

35

119

Timor-Leste

30

102

Moldova

35

123

Belarus

29

123

29

144

Cameroon

123

Dominican Republic Guatemala

29

144

123

Togo

29

127

Azerbaijan

127

38

102

Panama

35

38

102

Thailand

35

38

106

Argentina

34

38

106

Bolivia

34

38

106

Gabon

34

38

106

Mexico

34

38

106

Niger

34

38

111

Ethiopia

33

37

111

Kosovo

33

37

111

Tanzania

33

37

114

Egypt

32

36

114

Indonesia

32

36

116

Albania

31

36

116

Nepal

31

36

116

Vietnam

31

36

119

Mauritania

30

36

119

Mozambique

30

36

119

Sierra Leone

30

RANK COUNTRY/TERRITORY SCORE

140

Kazakhstan

26

140

Laos

26

160

Cambodia

20

140

Uganda

26

160

Eritrea

20

25

160

Venezuela

20

25

163

Chad

19

144

Central African Republic Iran

163

Equatorial Guinea

19

28

144

Nigeria

25

163

Guinea-Bissau

19

Comoros

28

144

Papua New Guinea 25

163

Haiti

19

127

Gambia

28

144

Ukraine

25

167

Yemen

18

127

Lebanon

28

150

Guinea

24

168

Syria

17

127

Madagascar

28

150

Kyrgyzstan

24

168

Turkmenistan

17

127

Mali

28

150

Paraguay

24

168

Uzbekistan

17

127

Nicaragua

28

153

Angola

23

171

Iraq

16

127

Pakistan

28

154

Congo Republic

22

172

Libya

15

127

Russia

28

154

22

173

South Sudan

14

136

Bangladesh

27

174

Sudan

11

136

C么te d麓Ivoire

27

175

Afghanistan

8

154

Democratic Republic of the Congo Tajikistan

136

Guyana

27

Burundi

21

175

Korea (North)

8

157

136

Kenya

27

Myanmar

21

175

8

157

Somalia

140

Honduras

26

157

Zimbabwe

21

25

22

#stopthecorrupt www.transparency.org/cpi

H Co

Sohail Saeed, Director of Economic Development & Tourism / City of Brampton Sohail.saeed@brampton.ca TF: 1.888.381.BRAM E: edo@brampton.ca Twitter: Brampton EcoDev

Why Invest in Brampton A People-Powered Economy

Impressive business growth rates, combined with low average annual operating costs, living costs make Brampton a choice location to live and do business.

With a population of 595,000, Brampton is the ninth largest city in Canada and the third largest in the Greater Toronto Area (GTA). It is also the second fastest growing city in Canada, averaging growth of 4.2 per cent per year (or 18,000 new residents per year). Adjacent to Canada’s largest airport, Toronto Pearson International, Brampton is home to the largest intermodal railway terminal in Canada and has immediate access to an extensive network of trans-continental highways.

Brampton also has a successful, diversified economy and is home to more than 8,600 businesses.

Seventy two per cent of Brampton’s economic base is comprised of service-producing companies and 28 per cent is comprised of goods-producing companies.

Awards/Designations • A $650 million (CDN) municipal organization.

Achieved an “AAA” credit rating designated by Standard & Poor’s, seven consecutive years.

• Voted Top 10 American Cities of the Future - Best Business Friendliness and Best Infrastruc-

ture. Mid-sized City 2013/14. FDI Magazine (Fi- drive. Many of the country’s most innovative and intelligent individuals are located in and around nancial Times London).

Brampton. Sheridan Institute of Technology and • First City in the GTA and one of only 10 in Advanced Learning and Algoma University’s satNorth America to be designated an International ellite campus are located in Brampton. The GTA Safe Community by the World Health Organiza- has the highest concentration of post-secondary institutions in Canada. tion (WHO).

Proximity to Market

A Vibrant Community

Brampton is a prime location that offers a multitude of real-estate options for companies looking to locate in the GTA. Brampton is at the hub of North America’s transportation network. Talent and Education

Brampton is a well planned city with a rich history and cultural heritage. It offers an unparalleled quality of life with access to excellent health care, education, transit, recreation, and arts and culture opportunities.

At 34.7 years, Brampton has the lowest median Experience Brampton’s fast-growing, peopleage among Canada’s largest cities. Brampton resi- powered city economy and what it can do for dents represent more than 209 different cultures you at peoplepoweredeconomy.ca and speak more than 89 languages. This young, educated, and multicultural work force of over 190,000 strong continues to grow at a rate of 4 per cent annually. Brampton is home to 25 private career colleges and schools, with 19 post secondary educational institutions within an hour’s

41

Politics

The Dispute Over Bank Asya: What Lies Ahead in Erdogan’s Turkey?

The dispute between Erdogan’s government and Bank Asya has reignited in September following the lifting of a five-week trading ban imposed by Borsa Istanbul – Turkey’s stock exchange authority. The ever-growing interference of the executive into the market regulatory system raises a number of questions on the country’s future.

By Giorgio Buttironi

After being suspended for five weeks, Bank Asya resumed trading on 15th September 2014.

Opening at 1.10 TRY (Turkish Liras), shares plummeted to a minimum of 0.64 TRY within three days. Between 15th and 17th September, Bank Asya shares lost 40% of their initial value hitting an all-time low and causing uncertainty for investors. A week later, the market’s verdict was more benign; after opening at 0.69 TRY, shares increased by 28% to a maximum of 0.96 TRY on 26th September.

Corruption Scandals The dispute between President Erdogan and Bank Asya started when the police arrested approximately a number of government officials on allegations of corruption and bribery. The inquest led to the confiscation of 40 million Liras (£10 million) and the implication of Baris Guler and Kaan Caglayan – sons of government ministers holding key policy portfolios (interior affairs and the economy).

Gulen – the self-exiled scholar who leads the Hizmet movement – wasted no time in labelling these measures as a judicial power grab to bury the investigations.

of its cash deposits because several state-owned and pro-government firms have withdrawn more than 4 billion TRY (£1 billion) from the lender.

The government revoked Bank Asya’s license to collect taxes on behalf of the state in August 2014. Additionally, talks over a possible takeover bid between Bank Asya and Qatar Islamic Bank failed and Borsa Istanbul added to the lender’s troubles by imposing a five-week trading ban on its shares.

Erdogan hit back saying that Hizmet sympathisers unleashed the investigation into officials of the AKP (the ruling Justice and Development Party) seeking to topple the democratically elected government of Turkey. From this moment on, the government – helped by sympathetic media outlets – embarked upon a crusade against com- Erdogan vs. Bank Asya panies founded by Hizmet members or sympaAhmet Beyaz (CEO of Bank Asya) has dismissed thisers. the smear campaign by stating that the lender is in overall healthy status. Beyaz underlined how Bank Asya’s Story Bank Asya’s capital adequacy ratio is around Bank Asya is Turkey’s largest Islamic lender and 20%, while the average value for other banks rests was founded in 1996 by Hizmet followers. The at 14-15% and the minimum legal threshold in movement advocates a different vision of Islam Turkey is set at 12%. with a sympathetic eye for the role of science and interfaith dialogue, spreading its message through President Erdogan has repeatedly stated that the networks of schools and businesses. The move- bank has already failed and threatened the Bankment possesses schools in over 140 countries and ing Regulation and Supervision Agency (BDDK) counts millions of members worldwide, involved for not taking appropriate action against Bank in different sectors such as education and finance. Asya.

Erdogan, who was Prime Minister at the time, replaced almost half his ministers in a government reshuffle over Christmas. But the most surprising reaction came shortly after when a governmen- The government’s attacks have affected the bank’s Erdogan’s behaviour is cause for concern, not tal decree removed 350 police officers, targeting reputation over the last ten months. Throughout least because Turkish Banking Law affirms the particularly the financial crimes unit. Fethullah the second quarter of 2014, Bank Asya lost 25% independency of the BDDK and forbids any-

42

businessnetworkmag.com

political official from exerting influence over its decisions. Furthermore, it envisages harsh penalties for anyone who intentionally damages the prestige of a bank.

By interfering vehemently with the BDDK and approving a negative campaign against the Islamic lender, which led to the withdrawal of capital support by state-owned companies and the failure of two takeover bids, Erdogan has de facto violated each of the abovementioned provisions and opened the government up to legal action.

Cause for Reflection

Recep Tayyip Erdogan, President of Turkey

There are of course greater considerations to be drawn from this dispute on different aspects. Politically speaking, the disregard for the rule of law by the President of Turkey casts a shadow over the worsening condition of Turkey’s democratic system. With an opposition Republican People’s Party (CHP) unable to tackle Erdogan’s populist message and appeal with the majority of voters, the government’s current behaviour does not provide for positive prospects in the nearby future.

From an economic standpoint, Erdogan’s actions vis-à-vis the BDDK are not likely to be greeted with warmth by foreign investors. In such an unhealthy environment, foreign investment may well decline and it will be more difficult to make the case for attracting other businessmen and firms to invest in Turkey.

43

Art & Lifestyle

McLaren Automotive has now released images and full information for the convertible version of its latest model, the McLaren 650S, unveiled at the 84th International Geneva Motor Show. The McLaren 650S Spider is a no compromise open-top high performance sports car offering the same performance, handling and driver enjoyment, with the addition of a two-piece retractable hard top. The latest model is shown in Tarocco Orange, a new addition to the McLaren colour collection, developed with technology partner AkzoNobel.

The McLaren 650S Spider is mechanically identical to the 650S Coupé and is fitted with the unique McLaren M838T twin turbo V8 engine, producing 650PS (641 bhp) and 678 Nm (500 lb ft). This means a 0-100 km/h (62 mph) sprint of 3.0 seconds, identical to the Coupé, and 200 km/h (124 mph) is reached in 8.6 seconds, only 0.2 seconds shy of the fixed-head model. Maximum speed is 329 km/h mph (204 mph). Fuel consumption and emissions remain the same for the 650S Spider, returning 24.2 mpg (11.7 l/100km) on the EU combined cycle and 275 g/km.

Most competitors do not offer high performance iterations as convertibles due to the compromises that invariably plague open-roof cars. These models will be heavier and have substantially less torsional rigidity, to the detriment of handling and ride.

The carbon fibre MonoCell chassis at the heart of the McLaren 650S requires no additional strengthening or reinforcing in open-top guise, and gives the 650S Spider identical handling and ride, and virtually identical straight-line performance figures. The overall weight of the 650S Spider is 1,370 kg (dry), an increase of only 40 kg over the Coupé, with this additional mass coming from the Retractable Hard Top and roof mechanism, and is less than any other car in its class.

The two-piece Retractable Hard Top can be automatically raised or lower in less than 17 seconds, and can be activated while stationary or at any speed up to 30km/h (19mph).

As with the 12C Spider, the 650S Spider uses a heated glass rear window, operating independently of the roof. With the roof down, the rear window acts as a wind deflector, reducing cabin buffeting. Roof up, the rear screen can be lowered to allow more engine noise – and driving drama – into the cabin, and for a semi-open top driving experience even when it is raining. When down, the roof is stowed beneath a body-coloured hard tonneau cover incorporated in the twin rear buttresses. With the roof raised, the area beneath the tonneau cover can be used as additional luggage space.

Rather than being a stripped out road racer, the 650S Coupé and 650 Spider models are fitted with a high level of luxury equipment as standard. Carbon ceramic brakes sit behind unique ‘650’ lightweight alloy wheels shod with Pirelli P Zero™ Corsa tyres, IRIS satellite navigation with Bluetooth telephony, DAB digital radio in Europe (SIRIUS satellite radio in North America), wireless tethering, audio streaming and voice control are all fitted as standard, and the cabin is fully trimmed in Alcantara.

44

Open-top McLaren 650S Spider joins 650S CoupĂŠ in Geneva global debut

Art & Lifestyle

Kyrgystan's most expensive film to premiere at Montreal festival The World Premiere of the Kyrgyz film Kurmanjan Datka Queen of the Mountains took place at the Montreal World Film Festival in the section Focus on World Cinema.

The film, written, directed and co-produced by Sadyk Sher-Niyaz, is a historical, epic drama, set in 19th century Central Asia, telling the true story of Kurmanjan Datka, a strong willed woman, who becomes the ruler of her country and saves the nation from total destruction.

Speaking to the Hollywood Reporter, Sher-Niyaz said “It’s the story of a young woman who is forced into an arranged marriage but escapes, flees to the mountains and falls in love with the local chief Alymbek, whom she marries. When he is killed by political rivals, she becomes the “queen of the mountains” and a key figure in the national struggle, when the Russians invade.”

Produced by production companies, Kyrgyz Film and Aitysh Film on digital Red Epic film, the film was shot on location in various parts of Kyrgyzstan and also in St. Petersburg, Russia.

The Producer and MP Zhyldyzkan Dzholdoshova from Kyrgyzstan came to see the screening of his film Queen of the Mountains starring Kyrgyz actor Elina Abai Kyzy at the Montreal Film Festival. While they were in the country the delegates were welcomed by Anatolian Heritage Federation. Later during their trip the delegates also had a meeting at Nile Academy with the Canadian-Kyrgyz citizens and talked about the Turkish schools in their own country.

46

Elina Abai Kyzy, Queen of the Mountains starring Kyrgyz actor

Art & Lifestyle

The Power of Creative Illustration For some people art is a more than a discipline, it is a life mission. In these times, art comes in different and sometimes quite peculiar forms. Russ Tudor, renowned cartoon artist, confessed how he had an obsession with art during his childhood. “I was like a sponge, I soaked up every artist I could, from Picasso and Mondrian to Steadman and Scarfe”, Tudor admitted.

Constantly engaged in painting and drawing, Tudor explains how he began to appreciate the immense power of creative illustration, which can be everywhere and able to reach large audiences. “For me photography captures the truth, while creative illustration manages to seize the untrue aspects of life and show the world in a different light”. “Whether it is a caricature of a politician or a critique on the art world, illustration is the perfect medium to make a courageous statement”, Mr Tudor added.

Russ Tudor’s works has been published in several renowned publications throughout the world, ranging from the Wall Street Journal and the Telegraph to Vanity Fair and the Tattler. He stated that, through his works, he strives to be humorous and entertain people while simultaneously encouraging them to pose important questions.

Russ Tudor summarises best the power of creative illustration in one short yet effective statement: “Life is rarely what we perceive it as”.

Visit Russ Tudor’s website to learn more about his artworks at http://www.russtudor.com/

48

Network

TCCC Hosted the Second Networking Dinner in Calgary Turkish Canadian Chamber of Commerce (TCCC) Calgary branch has organized its second networking dinner. Members of the Turkish Community living in Calgary and people who are interested in trade opportunities with Turkey have gathered at the Anatolian Cultural Centre. Mehmet Durmus, executive director of TCCC Headquarters, presented the new trade possibilities.

He introduced the trade missions coming from Turkey to attend the trade forum in Toronto, right after the Second Annual Turkic Canadian Convention held in Ottawa. In addition, he invited attendees to the largest business matchmaking organization of the world, which is TUSCON’s annual Business Forum held in Istanbul.

Multicultural Mega Networking Event Turkish Canadian Chamber of Commerce ( TCCC) participated in Mega Networking Event organized by Toronto Board of Trade. The event took place in Royal Ontario Museum.

TCCC members had an opportunity to connect entrepreneurs from diverse and vibrant business communities. Through this event TCCC members gained an advantage of meeting with various collaborators through an evening of casual networking and business development.

Canada Pakistan business council, Belgian Canadian Business Chamber, Toronto Hispanic Chamber of Commerce, Indo-Canada Chamber of Commerce and Association of Chinese Canadian Entrepreneurs were among the other participant of Chamber of Commerce’s.

50

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Back

REFLECTING ON THE

2014 WORLD CUP

By Ilayda N. Yelkin

The 2014 FIFA World Cup in Brazil turned out to be an extremely exciting and peculiar sporting event. We have witnessed a series of unexpected events: the early exit of high calibre teams (e.g.

Spain, England, Italy, and Portugal); the surprising performance of Costa Rica; and most notably, Brazil’s crushing defeat in the semi-finals to Germany. However, this competition has been associated with more than just football and was a contentious discussion topic before it even started. Excessive spending for world cup infrastructure by the government caused a lot of resentment, since such money could have been directed towards more meaningful purposes.

Violent protests taking place during the 2013 Confederations Cup, which usually serves to test the infrastructures ahead of the major competition, brought these problems to light last year.

Following the end of the World Cup, which saw Germany deservedly earning its fourth title, the country is going to face several challenges. Let us take a closer look to these problems.

erable amount of public finances was disbursed for the World Cup, when the country faces more pressing humanitarian and social needs. This is a considerable problem for the government, especially with the presidential elections approaching in October 2014. For instance, according to the Brazilian Newspaper O Globo, the equivalent of US$270 million has been spent for the construction of the Arena da Amazonia in Manaus. This is quite a considerable amount of money, especially considering that this stadium – built on purpose for the World Cup – only hosted four official games in the group stage. Additionally, the remote location of Manaus – almost impossible to reach by road – makes it difficult to properly use the stadium at the height of its full capacity after the World Cup. This is just an example of how hard it might be for President Rousseff to justify, from a political viewpoint, such excessive spending for sporting infrastructure instead of concentrating on sector with greater need for investment.

It is going to be challenging for Dilma Rousseff This competition was supposed to be Brazil’s (President of Brazil) to justify why such a consid- victorious march through the World Cup in

54

their own country. Instead, it turned out to be one of the most dramatic events of this country’s football history. While Brazil’s upsetting departure shocked many observers both at home and abroad, it is worth wondering whether this defeat will affect the country’s struggle with some of its key socio-economic problems. It is common knowledge that Brazil has undertaken significant improvements over the last ten years, the country still has a very high level of inequality between its richest and poorest inhabitants and counts an ethnically diverse population. Personally speaking, I still believe that a Brazilian world cup victory would have allowed the country to find the necessary sense of hope and courage to tackle its socio-economic challenges more effectively.

Overall, this edition of the World Cup gave us incredible memories and a truly exceptional display of football. Thirty-two nations coming from every corner of the globe to represent their respective countries for the joy of millions of supporters. I already look forward to Russia in 2018.