Arbitrage Magazine 9 - The Social Media Phenomenon by Arbitrage Magazine

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“Privacy is dead, and social media hold the smoking gun.” – Pete Cashmore, Mashable CEO “New marketing is about the relationships, not the medium.” — Ben Grossman “What used to be cigarette breaks could turn into ‘social media breaks’ as long as there is a clear signal and IT isn’t looking.” — David Armano “A brand is no longer what we tell the consumer it is — it is what consumers tell each other it is.” — Scott Cook

Time sure flies. The early part of the twenty-first century was characterized by the explosion of the Internet, and its cementing itself as a fundamental necessity to society. But in the latter half of this past decade, we were witness to yet another phenomenon as social media gained prevalence around the world. And, if current social trends have proven anything, it’s that social media is not a fad. Instead, it’s a genuine way to facilitate a global community through the sharing of information. In the past, we delved into topics related to social media, but we felt it was time to dedicate an entire issue to the topic as indeed, social media is a true phenomenon. It’s almost impossible to think that not too long ago, there was no Face-

book to butter your social life, no blogging to share your opinions with a willing audience, or no Youtube to visually see the world through the eyes of others. As this issue will explore, social media is influencing all aspects of society, from the instantaneous dissemination of news, to the encouragement of free speech and revolt against tyranny, to the publication of one’s personal and professional life. I hope you enjoy the various pieces written inside, and from them gain a newfound understanding and appreciation of social media and the phenomenon that it has become.

CEO Board of Directors

David Alexander Samita Vasudeva Garin Kilpatrick Michael Manirakiza Rabeea Wajeeha

Magazine Production Team

Editor-in-Chef Managing Editor Co-Senior Online Editor Online Editors

Andi Kusuri Shindusan Parameswaran Teng (Tony) Ge Katherine Nader Elizabeth Varvaro Liana Crocco Kelly Townsend Chet F. Chung Exequiel Octavio Bertaina Sectior Editors Abinash Murali Narayanan Anna Marszalek Hailey Dale Natashalee Reid Staff Writers Jennifer Jang Adrienne Beason Prachi Kamble Arina Kharlamova Kenyo Smalling Khristopher Reardon Devin P.L. Edwards Siavosh Moshiri Samadrita Guin Herbert Lui Ellie Chan Amanda Justina Thomas Roxanne De Souza Amarpreet Atwal Megan Harris Eric Blix Meagan Yockey Monica Cheng Michael Miles William Arrington Kristy Palmer Christopher M. Robb Katherine Thorsteinson Sarah Taylor Tejas Shah Andrea Normandeau Hubert Ancelot Mason Jones Kirk A. Devezin II Aditi Sethi Shruti Desai

Staff Designers Jennifer Lee

Adrien Mendez Su Li Angela Song Christine Sherry Monserrat Rivera Joseph Kong Richard Pereira Richard Bramer Andrew West Tim Walker Corinne Chesher Nadine Kim Eman Faiz Laura Prosser Eleanor Ma Christopher Eric Olson Selina McGinnis In Young Lee Ryan James Terry Jae Lee (Keming) Christina Lee Azin Dilmaghani Julaluck Kit Powsong Ana-Maria Enescu Clairel Lvesque Adam Oliver Summer Zhang Atef Hossam Yiting Zhang Art Director Lily Li Assistant Art Directors Olga Dermendji Sophie Qi Minji Seo Staff Photographer Jelena Subotic

Arbitrage Support Staff Marketing Director Sales Manager Communications Director Communications Reps

Nicholas Anderson Jaspreet Singh Sarah M. Kim Catherine Chen Marcia Rivera Navarrete Alexandra Connerty Ryan Hamilton Monika Mistry HR Director Faran Padhani Assistant HR Director Asad Niyaz HR Coordinators Sonia Choi Mellisa Tan Filza Ali Karen Wong

FEATURES

THE CHANGING CONVERSATION Impact of Social Media on Journalism and News Distribution

SOCIAL MEDIA: AN ESSENTIAL INGREDIENT IN MODERN DEMOCRACY The Role of Social Media in Politics (Communicating Popular Sentiments)

THE POWER OF TWITTER Feature on Twitter (includes Stacy London interview)

STICK OUT LIKE A SORE THUMB Overview/Feature on Google+

The National Finance Students Association The National Finance Students Association is a non-profit, student-run initiative, is a non-profit, student-run initiative,which which aimsaims to increase thethe competitiveness to increase competitivenessofofour our members in theinjob We achieve this members themarket. job market.

goal by creating networking opportunities, offering support, and providing resources that be used to better oneself for a Wecan achieve this goal byequip creating transition from university to the workplace.

networking opportunities, offering support, and We providing resources can abe used to are committed to that creating nationwide network bringing professionals, better equip byoneself forfinance a transition from students, and educators together university to the workplace. through our seminars, conferences, and

competitions. We are focused on fostering

personal development and growth among We are creating a nationwide our committed members, to while accumulating tacit network by bringing finance professionals, knowledge and experience which can be leveraged to gain a real competitive students, and educators together through our advantage while seeking employment. seminars, conferences, and competitions. We invite you to explore your potential.

We are focused on fostering personal development and growth among our members, while accumulating tacit knowledge and experience which can be leveraged to gain a real competitive advantage while seeking employment. We invite you to explore your potential.

nfsa.ca nfsa.ca

CONTENTS

45 35 49 44 37 41

INFOGRAPHICS

07 09 11

THE RELATION BETWEEN SOCIAL MEDIA AND JOURNALISM RISE OF GOOGLE+

ON THE CUSP OF ADVANCEMENT OR AT THE PRECIPE OF DECLINE?

SCIENCE & TECHNOLOGY

EUROPE SHOULD STOP WAITING ON SUPERMAN

NO JOBS, LOTS OF DEBT

OBAMA CHOOSES FOR HIS COUNTRY

GOLIATH OF TWITTER

FINANCE & ECONOMICS

INTERNATIONL AFFAIRS

YOUNG DOGS CAN’T LEARN NEW TRICKS — STUDENT UNEMPLOYMENT AND SOCIAL MEDIA

FACEBOOK CONTINUES TO EVOLVE, WHETHER USERS LIKE IT OR NOT

TECH INNOVATIONS 101: CREATE YOUR OWN POSSE OF MINIONS

AUGMENTED REALITY

BIZ START UP

AGGREGATING SOCIAL MEDIA— CRISTIAN STRAT AND SUMMIFY

SOCIAL MEDIA NETWORKS: ARE THEY HELPING US OR HURTING US?

SPOTLIGHT: MARTIN-LUC ARCHAMBAULT

SHORT TERM EVOLUTION OF SOCIAL MEDIA

RISKS & REAPING 48 TAKING THE REWARDS

THE STORY OF THE ONE PERCENT

HAS POST-SECONDARY BECOME JUST ANOTHER INSTITUTION?

CREATING BRILLIANT FUTURES WITH PWC

CHARMED INTO BEING UNHUMAN

A GUIDE TO MAKING THE MOST OF YOUR CLUBS

CULTURE

STUDENT RESOURCES

IT’S HARD TO FIND SOFT SKILLS— WHAT SHOULD STUDENTS BE DOING TO IMPROVE EMPLOYABILITY?

Infographics

use soci networkin

use Twitt

read blog

view online video

listen to podcas

07 ArbitrageMagazine.ca

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Infographics

use social networking

70% 48%

use Twitter

66%

read blogs

48%

w online videos

en to podcasts

50% of links onTwitter go to mainstream media outlets

44% of Americans get their news from email or social media

25%

10% of links on Twitter go to other sources

40% of links on Twitter go to web-only news sources

69% of journalists are required to write for online new sections 39% of journalists are now required to blog 37% of journalists are are now required to have a Twitter account

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Infographics

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Spring 2012

Infographics

Spring 2012 ArbitrageMagazine.ca

Infographics

VIEW PROFILE

600 EADDAGF 200 EADDAGF 50 THOUSAND 750 SEARCHES ON TWITTER EVERYDAY

REGISTERED TWITTER USERS

3RD PARTY APPS

TWEETS PER SECOND

75%

40%

LJ9>>A; AK >JGE +J< PARTY APPLICATIONS (TWITTERIFIC, TWEETIE)

TWEETS RELATES TO

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TWEETS ARE IN ENGLISH

OUT OF FORTUNE 100 ;GEH9FA=K HGKL <9ADQ NEWS & UPDATES

EGF=Q FACTS x 80,000 LATEST VALUATION OF TWITTER: $8 BILLION

x 1.2 ;GKL =9;@ <9Q >GJ 9 ;GEH9FQ LG HJGEGLAF? THROUHG A TWEET: $120,000

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LOLLJ — inspired by the 5 character codes used in the U.S.

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-HE AK L@= :=KL LAE= TO BE ACTIVE ON TWITTER TO BE RETWEETED

Spring 2012

TWITTER STARTED AS A KAEHD= KEK%L=PL SERVICE

= $100,000 USD

SOURCES

http://www.tiptoptens.com http://www.mediabistro.com http://catalystsite.com

Infographics

EMPLOYMENT:

INTERVIEW:

SUBMISSIONS:

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AS SOON AS NEWSPAPERS WENT WIRELESS, the whole conversation around news-consumption changed. Where before we had Firewire pages and ICQ accounts, now we have Facebook, Twitter, and Reddit. While this may not seem like such a far jump, it is. The world of online news transmission has grown up to be its own creature, one that hasn’t necessarily turned out to be McLuhan’s worst nightmare. “The medium is the message” is what young journalists and writers hear in incubation. It is what dominates the headspace of theorists and English professors worldwide, and its what makes this conversation - the one I, the author, am having with you, the reader – so dynamic, because it is online as opposed to through a page of a newspaper or book. When The Sun, The Post, and The Times were still black and white and

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re(a)d all over, this transmission was a one-way street: writer writes, reader reads. But now, this is a back-and-forth conversation; it is a debate, a dialogue, an exchange of ideas. The path to such a democratic media was arduous, but it was also natural with the development of online communication tools (chat rooms, blogs, forums) that eventually led to the development of social networking sites. On the Internet, where one can watch millions of hours of fetish pornography and then learn how to knit a blanket for their pet bunny, everything is fair game. Morality is no longer a binary, but a sliding scale of strangeness on which you inevitably fall. It is a space that many people are surprised and disgusted by, but ultimately it is a tool for communication, whether that is to transmit sex positions or local news. When I think of people who have never used the computer, using the internet

MVY [OL ÄYZ[ [PTL 0 [OPUR VM VUL ^VYK! overexposure. Bombarded by information and colours and motion. Everything is “SPECIAL” or “FREE” or “VIAGRA,” and it is all very timely; it is all happening now, closing soon, and ending often. The “need” to choose mounts within milliseconds, and we start thinking about what we want, instead. Readers these days are becoming pickier about wants. And it is not because they are reading more – it is because they know how the Internet is designed to work, and they know that [OL` ULLK [V KPN KLLWLY [V ÄUK [OPUNZ they want. /V^L]LY W\ISPZOLYZ HYL ÄUHSS` JS\PUN in to the fact that people are bored of the FRONT PAGE NEWS in lieu of personalized interests like sports, recipes, or art critiques. When ad numbers are down and nobody is

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paying attention to your best-paid stories, the stories that do generate reader interest – through comments, hits, Likes or +1s – manage to perk up publishers’ eyebrows. It is what has been happening all through the websphere since comments became commonplace. People are forcing publishers to change the conversation, to focus not only on their own editorial ideas, but also on public opinion, and they are largely accomplishing this through social media – the great equalizer. In this way, readers are slowly reversing the journalistic process by telling writers what they want to read about. Readers are slowly democratizing the online media space. OLD SCHOOL Journalism schools like Ryerson still teach the basics, says David Silverberg, managing editor of DigitalJournal: how [V HZR [OL >»Z OV^ [V ÄUK WYVWLY sources and attribute them correctly, how to write eye-catching headlines, how to include appropriate and impactful photos. These are still important tenets of honest journalism, and the social media speedway is not changing that anytime soon, even if social media sometimes makes the message more garbled.

“I feel like I’ve been holding my breath. Every question I asked, every tweet I posted, and even what I said to other journalists and friends had to go [OYV\NO H ÄS[LY ^OLYL T` V^U VWPUPVUZ and values were carefully strained out.”

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The tenets of journalism, however, are also no longer only respected and applied by accredited journalists, adds Chantal Braganza, Toronto editor of OpenFile, “Even if this person doesn’t have the same level of experience, they can still potentially do as good of a job.” Increasingly, people are relying more on trusted personalities than trusted companies, because the idea of a “trusted company” has become a joke. Before the Internet (B.I.), readers relied on a certain company or news source to get their information, like the Star,

the Globe and Mail, or the National Post. In fact, these companies are still a main source for news for people all over the country, and it is because they are mature institutions with cultivated opinions. They give you what you expect – national coverage, heavily sedated opinions, and “insight”. They are accredited massive conglomerates that pump out news, even if it’s trite, spoon-fed uselessness. The bureaucracy involved in these media companies prevents reporters from having real opinions on important topics, which is a shame to our journalistic history and to journalistic integrity as a whole. Kai Nagata, a bureau chief for the CBC, quit in the summer, claiming on his blog that he did not feel like he had enough of a voice to be able to say anything in his reports. “I feel like I’ve been holding my breath. Every question I asked, every tweet I posted, and even what I said to other journalists and friends had to go [OYV\NO H ÄS[LY ^OLYL T` V^U VWPUPVUZ and values were carefully strained out,” Nagata wrote. He mentions that broadcasting companies assume that “the target viewer… is also supposed to like easy stories that reinforce beliefs they already hold.” This is not clear and explorative news. This is not open media. NEW SCHOOL The world was revolutionized several times over in the past few years when world events broke not through reporters, but through tweets. The Iranian Green Revolution, the Egyptian Uprising, the Libyan Rebellions, and the London Riots are all examples of the people taking phones in hand and showing the world what the reporters wouldn’t, or couldn’t, show. The result was extraordinary and so fast that some people were catching up weeks later. In order to be in the journalism business these days, you have to be as fast as Michael Phelps is in water. But what underfunded and understaffed news organization can afford to keep reporters everywhere while keeping content honest, credible, and meaningful?

DigitalJournal can. DJ is a new form of media slowly taking prominence in the information-delivery industry because it is citizen-based. You are the journalist, you are the writer. What began as a little idea in 2006 is now a world phenomenon. Journalists, or enthusiasts, write what they’re passionate about. If there is a writer in Egypt witnessing the revolution, that goes on DJ; if there is a rabid NASA fan, that goes on DJ; if someone is a die-hard Maro the Cat fan, that goes on DJ – after certain editorial factchecking procedures, of course. Citizen journalism is about usergenerated news and participatory media. It is also faster than traditional media, which has been struggling to keep up with projects such as DJ and OpenFile. Any user can go through the process of becoming a Digital Journalist, but not every Digital Journalist will be well-received or wellpaid. “We give a lot of power to our users, and we can only suggest assignments in our assignments tool. We can stress to certain writers that they should try Op-Eds because they have a good opinion on things, but we can’t really say, ‘You have to do this,’ or ‘You have to do that’. Part of DJ is that we’re democratizing news: we’re letting people decide what they want to read and what they want to write,” admits Silverberg, with an earnestness Spring 2012 ArbitrageMagazine.ca

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[OH[ ZVSPKPÄLZ OPZ VI]PV\Z ILSPLM PU [OL idea. Social media is a big part of their marketing strategy and overall process. In fact, DJ would not be possible without the community it has built up on the web through social media and social networking. “A lot of newspapers HYL TV]PUN VUSPUL HM[LY MHPSPUN [V KLÄUL a community in print,” says Silverberg, adding that their community comes from having a “clutch social media strategy”. This includes: posting at the best time for feedback on Facebook and Twitter (4 p.m. on weekdays, 111p.m. on weekends), posting questions instead of statements, and asking for responses to surprising or eye-catching stories. Ultimately though, the issue is not when you post, but what. Silverberg says, “the thing about journalism is that readers always know more than you as a reporter.” That is what makes citizen journalism so appealing, and useroriented news so engaging. The conversation around a news article, thanks to social media, jumps from paper-based to user-focused. “I think that’s an important thing for journalists to understand: they’re no longer in the hallowed halls position of power and exclusive knowledge,” admonishes Silverberg.

“The thing about journalism is that readers always know more than you as a reporter.” The new process of writing, Braganza notes, “doesn’t necessarily end the day the story is published. It remains a living thing.” OpenFile is another new company leading the charge in userdriven content. “We ask readers to open H ÄSL ^P[O \Z VY [V Z\NNLZ[ H Z[VY` [V us - things that matter to them locally, stories that they think larger news organizations aren’t necessarily paying H[[LU[PVU [V ¹ ZH`Z )YHNHUaH ;OPZ ÄSL is, like the name, “open” for as long as readers are interested and contributing: they can add photos, pose questions, and leave comments for the author, the

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editors, or others to reply to. The story really becomes a living thing – reactive, questioning, growing. With social media in the mix, it also becomes a tool for social change. In 2008, the Ontario government repealed their proposed restrictions on teenage drivers due to a Facebook campaign, HUK P[»Z UV[ [OL ÄYZ[ [PTL [OH[ -HJLIVVR campaigns have affected reality. Hell, Harper even went on Facebook to name his cat. THE DOWNFALL With so much information being produced daily, the input quickly becomes overwhelming. The challenge becomes news curation: how to separate the insight from the rest of the drivel being exposed on the internet SPRL HU \U^HU[LK ÅHZOLY 5V[ VUS` HYL we overwhelmed by the news, but we are underwhelmed by the quality of it, and frustrated at its accuracy (think celebrity gossip, or twitter-mergencies). “When we heard about the Arab uprising in Egypt, there was a lot of news coming out of Twitter really fast, and people writing furiously about what they were seeing on the ground, but no way to verify whether what that person said was true or not,” notes Silverberg. This means that reading, not only participating, “has to be a really active process for the reader.” While there is no excuse for shoddy reporting, when citizen journalists are involved, the question very quickly turns into, “Who do I trust to tell me the truth?” This forces people to put in their V^U ÄS[LYZ HUK VI[HPU H SP[[SL ZRLW[PJPZT where it matters. Some news outlets, like OpenFile, have hired News Curators to ease the mental burden on their readers. These are people who hold a myriad of responsibilities that differ from those of the journalist: “Are they NVPUN [V ÄUK V\[ HUK [LHZL V\[ [OL things that are truthful, add some context to it, give it some perspective, point out things that are ludicrous?” asks CEO of OpenFile Wilf Dinnick. That is what he’s hoping his new hires will do, even though his company deals mainly with recognized reporters who

know how to craft the right type of story. “People are hungry for the human curation as opposed to machine J\YH[PVU [V ÄS[LY V\[ ^OH[»Z PTWVY[HU[ to them, what’s repetitive, and what’s irrelevant,” adds Silverberg.

“People are hungry for the human curation as opposed to THJOPUL J\YH[PVU [V ÄS[LY V\[ what’s important to them, what’s repetitive, and what’s irrelevant.” IF THE MEDIUM IS THE MESSAGE What does social media say about the message news organizations send out? Dinnick thinks that, “the crux of the entire premise is that news is no longer a product. It’s not the 6 o’clock news, or a morning newspaper: it’s a service.” If news is a service, then, how do the responsibilities of our new servicers change? “It says that the power of news is being wrested out of the control of corporations, and given to people who are experiencing the news themselves, and want their voices to be heard in am meaningful way,” says Silverberg, “So T\JO ZV [OH[ JVYWVYH[PVUZ ^PSS ÅV\UKLY and die if they ignore these changing Y\SLZ HUK ÅV\YPZO PM [OL` IYPUN [OVZL kind of people into the news conversation”

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f the founding fathers of the United States were told that a little bird could start an upheaval and democratize a country, they would never give the idea a thumbs up. Yet, social media is about more than untagging yourself from photos or following Justin Bieber; it is a revolutionary way to connect and communicate, enabling oppressed voices to be heard. It was true during the Arab uprising, and it is increasingly true for Western governments. Social networks are slowly becoming a building block in the modern face of democracy. W i t h o u t d o u bt, t h e s e s o c i a l platforms do not have any legal power to oust dictators, but they can certainly shake things up by uniting the population together at the speed of a click. In the beginning of 2011, a Tunisian shopkeeper set himself on fire; then, an entire nation rose up because it shared his frustrations and fatigue with authoritarian rule. After Tunisia successfully toppled its

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dictatorial government, people across North Africa and the Middle East put aside their fears, risked everything, and protested against their own regime. At the height of the Egyptian movement, pictures and videos of the collective power located at Tahrir Square spread like wildfire on the Internet, and quickly gained international awareness and support. When Hosni Mubarak, the Egyptian leader, lost his throne, hope was extended to Algeria, Bahrain, Iraq, Jordan, Libya, Morocco, Oman, Syria, and Yemen, sparking a civil war and major demonstrations. What occurred is written down in history. It is a historical fact that Facebook, Twitter, and Youtube have successfully mobilized people to take action for democracy. These social platforms are not merely tools for communication; they are a multiplier of sentiment, accomplishing goals at a faster rate and on a larger scale. It was social media that enabled

people to i) synchronize their views, ii) coordinate action in a split second, and iii) document and publicize activities. In the light of groups of d i s c o n n e c te d a n d d i s a f fe c te d individuals who seek change but lack the power, social networks are neutral, cheap, and easily accessible spaces where groups with similar opinions can come together. When a solitary person realizes that there are tens, no, hundreds, no, thousands, no, millions of individuals who share the same beliefs, an empowering force is born, one that is feared by governments. After all, politicians are not afraid of opinionated people; they are afraid of a collective group with synchronized views. Muammar Gaddafi, the former autocrat of Libya, banned soccer as the revolution swept into his country. He liked the spor t, but feared a stadium gathering. He would use every measure possible to avoid public gatherings where people could synchronize their beliefs and

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coordinate their action. By the time Arab leaders recognized social media as the virtual stadium, it was too late. I n 2 0 11 , t h e J a n u a r y 2 5 demonstration in Cairo was initially coordinated by youth on Facebook. It ILNHU ^P[O H JV\YHNLV\Z NYV\W VM ÄM[` marching from a mosque in the Mohandiseen neighbourhood. They were outnumbered by the police force. Tweet by tweet, the group grew from 5 0 to 2, 5 0 0 to 10,0 0 0 s t r o n g , WYV[LZ[PUN H[ ;HOYPY :X\HYL LUN\SÄUN the police. The march did not start as a political movement; many of those ^OV ÄYZ[ WHY[PJPWH[LK [OV\NO[ P[ ^V\SK be another small demonstration. However, what began as a small gathering slowly evolved into a revolution that overthrew a 30-year rule. Today, anyone can coordinate actions within a moment, like the youths in the London riots and the 7OPSHKLSWOPH ÅHZO TVI -VY NVVK VY for bad, social media made this possible. Many academics are presently d e b a t i n g w h e t h e r a «Tw i t t e r Revolution», a social network for social change, actually exists; however, whatever the outcome of the debate may be, the exciting thought of Twitter tumbling an entire political regime instils new hope in many nations, including the U.S. When Barack Obama was battling the deadlock in the U.S. Congress to raise the debt ceiling before a historic sovereign default, the president started a Twitter campaign to rally his country. One week before the August 2 deadline, Obama, with 9.4 million followers on Twitter, tried to pressure the Republicans to a compromise. The president, himself, tweeted: «The time MVY W\[[PUN WHY[` ÄYZ[ PZ V]LY 0M `V\ want to see a bipartisan #compromise, let Congress know. Call. Email. Tweet. - BO». T h e A m e r i c a n s c a l l e d. T h ey bombarded the Capitol switchboard and it operated at near capacity. The Americans tweeted. They spammed their representatives with the hashtag to #compromise. Obama spammed too. Over the period of one day, Obama posted more than 100 tweets, giving out more than 230 Twitter

handles (or usernames) of Republican lawmakers. Some liked the campaign, but the overall failure was too apparent. Obama lost an estimated 40,000 followers whose Twitter feeds were ÅVVKLK I` OPZ ZWHT [^LL[Z @ M a t t 9 3 8 3: I d o n' t t h i n k @ BarackObama understands that sending out massive amounts of tweets in a short period of time is really annoying. @the_real_cwurst: I just have to feel that @BarackObama's 9.3M followers are pretty pissed right now that he's demolishing their feed. Inconsiderate. @lukeneff: I did the math. It's going to take @BarackObama six and half hours to get through all the states at this rate. Success belonged to another Twitter hashtag during the U.S. debt crisis. Jef f Jar vis, a journalism professor at the City University of New York, started the #F***YouWashington trend that has won him a hoard of new followers. Initially wanting to vent some anger, he tweeted: «Hey, Washington a s s hole s, it's our countr y, our economy, our money. Stop f***ing with it.» After discovering it was a common feeling, he followed by saying, «People, it's time to get f***ing pissed off.» And then,

«Can we start a Twitter chant: F*** YOU, WASHINGTON! Pass it on.» The hashtag blew up to 20,000 tweets in an hour and more than 36,000 in a day. The network site tried to block the hashtag from trending due to profanity, and it kicked Jarvis off for tweeting too much. But Jarvis' absence did not matter, because society adopted the trend and continued the conversation. A big speech bubble was created, containing the true voices of disappointed Americans, and if democracy means what it initially promised, these people need to be heard. Social media, once again, made it easier for the government to do just that. The question is whether politicians have the will to listen.

A NEW DEMOCRACY IS CHIRPING Social media has unequivocally become an essential ingredient in modern democracy. It is indisputable that these media platforms have a strong hold on our daily lives, and they are tightening their grip. The rawness and immediacy of available information encourages more transparency, and we see from the Arab Spring that absolute monarchy struggles to cope with 21st century technology. Now, a larger network of citizens possess a voice that is louder than before, and it is increasingly harder to effectively ignore and oppress them. It will become more difficult for dictating elites to remain elite, to pass power to family members, and suspend democratic constitutions. We may not realize it in the Western world, but this is a significant step towards democracy. «[C]losing options for authoritarian rule has been an important part of democratization. Giving a dictator less room to manoeuvre is as much a part of KLTVJYH[PaH[PVU HZ PZ Y\UUPUN [OL ÄYZ[ successful election.», wrote Philip N. Howard, author of The Digital Origins of Dictatorship and Democracy: Information Technology and Political Islam. It is a long race. There are still many hurdles ahead before these countries can ensure a lasting change. Social media cannot lay down the foundations for political, social or economic reforms, but it has provided us a virtual salon (like those in Europe between the 16th-18th centurie s) whe re conversations and sharing of ideas can be translated into action that leads to H ZPNUPÄJHU[ JOHUNL In the case of the U.S. debt crisis, although Obama and his staff reaped minimal benefits from the Twitter campaign, it opened the world to the possibility of a new model of leadership. Social media possess the power to drive public mobilization and citizen engagement. The nation can be heard in a new way, and we are encouraged to question the traditional method of linking the government with its people and vice versa. This is the future of democracy

Spring 2012 ArbitrageMagazine.ca

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140 characters can be pretty powerful

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tâ&#x20AC;&#x2122;s not a great amount of words - but a Tweet this length can do a lot. It can connect you to people all over the world, help you network, bring you closer to your favourite celebrity, help you advertise your business, or even give you life-changing experiences. Twitter, having been around since its launch in the summer of 2006, is one of the most popular social networking sites out there; and itâ&#x20AC;&#x2122;s growing fast, with over 200 million users today. As of March 2011, 460 000 new Twitter accounts were opened daily. If youâ&#x20AC;&#x2122;ve spent any time online lately, youâ&#x20AC;&#x2122;ve likely encountered Twitter more than once. Read an interesting news story? Click that â&#x20AC;&#x2DC;Tweetâ&#x20AC;&#x2122; button at the bottom of the page on the news site, and now all your Twitter followers can enjoy the post too. If enough people post about a topic, it appears in Twitterâ&#x20AC;&#x2122;s â&#x20AC;&#x2DC;Trending Topicsâ&#x20AC;&#x2122; sidebar, for people all over the world to see and react to. If you enjoy something a friend tweeted, you can re-tweet it for your own followers to see. Of course, Twitter doesnâ&#x20AC;&#x2122;t always have to reach a worldwide audience. Many small businesses run Twitter pages to inform their followers of their latest activities or advertise new deals. Unlike other social networking sites like Facebook, Twitter bases itself on max 140-character updates. Tweeters must get creative in order to get their thoughts across in a few words, and only say whatâ&#x20AC;&#x2122;s most important. Twit ter is also a ver y mobile platform, and is easily accessible on iPhones, Blackberries, or other devices. Itâ&#x20AC;&#x2122;s for people on the go, who can update their status instantly about whatâ&#x20AC;&#x2122;s going on around them. Twitter is also known for its ability to connect celebrities or well-known personalities with â&#x20AC;&#x153;regularâ&#x20AC;? people. Many celebrities have their own Twitter page that they personally and regularly WVZ[ VU [OLPY PKLU[P[PLZ ]LYPĂ&#x201E;LK I` H IS\L ;^P[[LY JLY[PĂ&#x201E;LK JOLJRTHYR VU [OLPY WYVĂ&#x201E;SL

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Celebritiesâ&#x20AC;&#x2122; posts appear alongside others on a homepage, and fans can see and reply to them. It allows fans to feel more connected to a celebrity they like - even receiving a response from them if theyâ&#x20AC;&#x2122;re lucky. Celebrities can also gain publicity by tweeting about their latest projects or ventures. Stacy London, American fashion consultant (known well for her role as co-host on the reality program What 5V[ ;V >LHY WVZ[Z YLN\SHYS` VU OLY Twitter account, @StacyLondonSays, everything from updates on her current projects to giving fashion advice to fans. While Londonâ&#x20AC;&#x2122;s busy schedule doesnâ&#x20AC;&#x2122;t allow her time to reply to every tweet, she says she enjoys interacting with fans via social media. It also allows her to connect with fans all over the world, and make the philosophy of What Not To Wear available to more than just the lucky few participants on the show.

â&#x20AC;&#x153;Thereâ&#x20AC;&#x2122;s something about the immediacy of Twitter that really appeals to me,â&#x20AC;? says London. â&#x20AC;&#x153;My viewers can ask me questions and I can consult with them in a way that is just impossible to do with Facebook or anything else.â&#x20AC;? London mentions that she also likes the succinct-ness of Twitter, and how you have to know the single thought you want to get across. â&#x20AC;&#x153;Thereâ&#x20AC;&#x2122;s only 140 characters and thereâ&#x20AC;&#x2122;s only so much you can say,â&#x20AC;? said London. â&#x20AC;&#x153;You can always link to a longer article that youâ&#x20AC;&#x2122;ve written or thatâ&#x20AC;&#x2122;s about you. You can point to another site or something else that you want to show in longer form.â&#x20AC;? London says that people will often send her photos of their outfits for critique - and that she hears from a diverse group of people, ranging from 12-year-old girls to 60 -year-old women, and even men. Not everything is fashion related,

though. â&#x20AC;&#x153;Iâ&#x20AC;&#x2122;ve gotten a few marriage proposals, which I have to say is kind of an ego boost,â&#x20AC;? London says. â&#x20AC;&#x153;I also get guys who ask me to help them with gifts for their girlfriends - Iâ&#x20AC;&#x2122;ve helped pick a couple of engagement rings for N\`Z MVY [OLPY Ă&#x201E;HUJtZ Âš London says that in the past sheâ&#x20AC;&#x2122;s also gotten more serious messages, and for a while had to step back and change her approach to Twitter. â&#x20AC;&#x153;I used to find myself getting involved with young women who I think were looking up to me,â&#x20AC;? says London. â&#x20AC;&#x153;I got very anxious, because I felt like they were looking up to me for the wrong reasons, and sort of beating themselves up, thinking that Iâ&#x20AC;&#x2122;m so JVUĂ&#x201E;KLU[ VY [OH[ 0 OH]L [OL ILZ[ QVI in the world. And [some of these girls] were hurting themselves, whether it was eating disorders, or cutting themselves, and I got very involved to make sure that they got professional help. It started to be kind of allconsuming.â&#x20AC;? â&#x20AC;&#x153;Now, I try to have a more positive, suppor tive at titude but not too involved,â&#x20AC;? London said. 5H[HSPL 3tNLY H Z[\KLU[ H[ ;VYVU[VÂťZ Ryerson University, is no stranger to tweeting celebrities. She says she doesnâ&#x20AC;&#x2122;t do it obsessively, but has been fairly successful at getting replies from people. â&#x20AC;&#x153;You have to know what to ask [OLT HUK ^OLU Âš 3tNLY ZH`Z Â¸0 [OPUR they appreciate unique questions and thoughts.â&#x20AC;? Celebritiesâ&#x20AC;&#x2122; Twitter followings often range in the thousands or even millions. Two of the biggest followings among celebrities include Lady Gaga and Justin Bieber, whose follower counts have each exceeded the 15-million mark, and are still growing. Given these numbers, itâ&#x20AC;&#x2122;s not always easy for fans to have their voices heard - and replied to - among the crowds. )\[ 3tNLY ZH`Z ZOLÂťZ ILLU MHPYS` successful in getting responses. Her biggest success story happened last

Spring 2012 ArbitrageMagazine.ca

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Léger didn’t expect any a c k n o w l e d g e m e n t f ro m Stamos, but minutes later, he replied: “«BE MY GUEST-2tix at will call.” 3tNLY SH[LY YLJLP]LK H KPYLJ[ TLZZHNL MYVT :[HTVZ JVUÄYTPUN [OL offer and also inviting her to meet him backstage before the concert. Leger attended the concer t - with her grandma, a Beach Boys fan, and as promised, the two got to meet Stamos and the band backstage before the show. “One of their band members also asked me if I’d like to go up on stage with them and sing one of their biggest hits, “Barbara Ann,” and of course, I jumped at the chance. I don’t think I had ever experienced so much L_JP[LTLU[ HSS H[ VUJL ¹ 3tNLY ZH`Z 0U (WYPS 3tNLY ^HZ PU[LY]PL^LK I` several media outlets about her experience, and even featured on ET Canada. The event built up buzz and publicity around Stamos, even if he was just genuinely being nice to a fan. -VY 3tNLY ZOL»Z Q\Z[ OHWW` [V OH]L OHK the experience of a lifetime. “I had been a Twitter addict for a while, and I was always told that it was a waste of time, and that I should pay more attention to my schoolwork,”

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ZH`Z 3tNLY ¸/V^L]LY ILPUN NS\LK [V Twitter at just the right time - it was during a class! - brought me one of the most memorable experiences I have ever had. I’m happy to say that this girl NV[ OLY ÄM[LLU TPU\[LZ VM MHTL [OH[ ZOL has always dreamed about.” While part of the excitement of Twitter is the ability for fans and celebrities to interact in the same space, the site is also widely used by people to get the word across about any projects they’re working on. This can include small businesses running campaigns or contests for publicity, radio stations adver tising their programs, larger businesses adver tising, or even celebrities themselves writing about their latest endeavours. London is currently working on her ZLJVUK Z[`SL IVVR ;OL ÄYZ[ +YLZZ Your Best: The Complete Guide to Finding the Style That’s Right for Your Body, was written in 2005 with her What Not To Wear co-host, Clinton Kelly. The second book is set to be published in September 2012. London advertised via both Twitter and Facebook for submissions, asking for models that are “real women of all ages and sizes” to tell their stories who they are and why they want style h e l p. L o n d o n s ay s t h e r e we r e thousands of submissions for the book, and though only a handful could be picked, she personally read every application. London’s book is only part of her packed schedule - she’s also working on a jewelry collection called Assembly with the company Sorelli, which will debut in the upcoming spring. Additionally, London is working towards the national launch of her company Style For Hire in March – not

[V TLU[PVU ÄSTPUN UL^ LWPZVKLZ MVY What Not To Wear’s ninth season. +LZWP[L HSS [OH[ 3VUKVU Z[PSS ÄUKZ time for social media when she can, and says she’s curious to see what will come next and what the “next big thing” will be. “I think it’s only going to get bigger and more interesting from here,” says London. “A friend once said to me about social media platforms and tech in general, ‘the tsunami’s coming. Keep your eye on the horizon because it’s going to be here before you know it’”

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April. Unable to get tickets for a concert with John Stamos and the )LHJO )V`Z 3tNLY [^LL[LK [V :[HTVZ former Full House actor, about her situation: “Freaking out because @JohnStamos comes to Niagara Falls on Thursday and I still don't have tickets for The Beach Boys!!!! HELP!”

competitions. We are focused on fostering

personal development and growth among We are creating a nationwide our committed members, to while accumulating tacit network by bringing finance professionals, knowledge and experience which can be leveraged to gain a realthrough competitive students, and educators together our advantage while seeking employment. seminars, conferences, and competitions. We invite you to explore your potential.

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STICK OUT LIKE A SORE THUMB GOOGLE+ PAGES CAN GET YOU THE LIGHT YOU DESERVE

You might have thought of quitting Facebook, and maybe you tried. But I am willing to bet that you are one of Facebookâ&#x20AC;&#x2122;s 800 million members, constantly asking â&#x20AC;&#x153;whatâ&#x20AC;&#x2122;s up?â&#x20AC;? to your buddies, creeping, and making sure you upload the right photo so that your boss doesnâ&#x20AC;&#x2122;t see you wearing grandmaâ&#x20AC;&#x2122;s sweater and getting wasted. This is where Google+ comes in. But why would you want another social networking account? Well, because you simply need to be on Google+ pages. Get this:

Donâ&#x20AC;&#x2122;t let your clients check out photos of your grandparentsâ&#x20AC;&#x2122; anniversary party. Google+ works with a concept of circles. Yes, just like your circles of friends. You have to categorize people into a circle in order to add them, i.e. co-workers, family, or tennis friends. To add a person to any circle you have created, simply drag their name into one. You can control how much of your SURĂ&#x20AC;OH LV YLVLEOH WR HDFK FLUFOH 7\SH D SHUVRQŇ&#x2039;V QDPH LQWR D ER[ DQG VHH ZKDW \RXU SURILOH ORRNV OLNH WKURXJK WKHLU H\HV &DWHU WR FHUWDLQ GHPRJUDSKLFV WKH ,QWHUQDWLRQDO %XVLQHVV 7LPHV VXJJHVWV <RX FDQ RUJDQL]H FXVWRPHUV E\ DGGLQJ WKHP WR FLUFOHV 6HQG FRQWHQW IRU GLIIHUHQW DJH JURXSV RU VHQG VSHFLDO RIIHUV WR FXVWRPHUV LQ \RXU Â´:RPHQ &LUFOH Âľ

3. Team work %UDLQVWRUP LGHDV XVLQJ *RRJOH 'RFV LQ FRPELQDWLRQ ZLWK +DQJRXWV <RX FDQ XVH LW DV D YLUWXDO ZKLWHERDUG VXJJHVWV 5HXWHUV

2. Stick out like a sore thumb

4. Ripples

Google is everybodyâ&#x20AC;&#x2122;s new parent. You need to know something? Ask Google. More than a billion people search content on Google every month. In fact, businesses know the importance of Google and have embraced Google+ to improve their exposure to customers. When your business is on

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5. Social analytics +RZ GR Ň&#x2039;V DIIHFW XVHU EHKDYLRXU" *RRJOH $QDO\WLFV VXLWH RI VRFLDO UHSRUWV PDNH LW HDV\ WR ILQG RXW $QDO\WLFV PHDVXUHV Ň&#x2039;V DQG KRZ HQJDJHPHQW R Q \ R X U V L W H F K D Q J H V Z K H Q SHUVRQDOL]HG UHFRPPHQGDWLRQV KHOS \RXU FRQWHQW VWDQG RXW

6. Whoâ&#x20AC;&#x2122;s checking you out? *RRJOH ZLOO ODXQFK WRROV WR JLYH \RX DFFHVV WR DV PXFK GDWD DV SRVVLEOH DERXW \RXU *RRJOH 3DJH DQG DFWLYLW\ ZKRŇ&#x2039;V LQWHUDFWLQJ ZLWK \RXU S D J H D Q G K R Z \ R X U X V H U V Ň&#x2039; GHPRJUDSKLFV DQG LQIR DERXW WKHLU VRFLDO DFWLYLWLHV OLNH Ň&#x2039;V VKDUHV DQG FRPPHQWV

7. Connect your +1â&#x20AC;&#x2122;s Help people see their friendsâ&#x20AC;&#x2122; YLJVTTLUKH[PVUZ ^OLYL]LY [OL` Ă&#x201E;UK you on the web by connecting +1s for your website, with +1s on your Google+ page and ads. Once youâ&#x20AC;&#x2122;ve created your page, put a snippet of code on your site, and advertisers just need to enable Social Extensions in AdWords.

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1. Take the bull by the horns

Google+ Pages, it ranks higher in search results. $Q\RQH ZLWK D *RRJOH SURĂ&#x20AC;OH FDQ DGG \RXU EXVLQHVV WR WKHLU Â´&LUFOHV Âľ VR WKH\ FDQ VHH \RXU SRVWV ,WŇ&#x2039;V OLNH 7ZLWWHU ZLWKRXW WKH IDLO ZKDOH HUURU PHVVDJH DQG WKH F\EHU SURVWLWXWHV ZLWK WKHLU Â´, ORYH VH[ 3OHDVH IROORZ PHÂľ PHVVDJH *RRJOH DOVR FDPH XS ZLWK D QHZ IHDWXUH FDOOHG Â´'LUHFW &RQQHFW Âľ 7KLV PHDQV WKDW ZKHQ VRPHRQH ORRNV XS \RXU FRPSDQ\ RQ *RRJOH DQG DGGV D Â´ Âľ EHIRUH \RXU QDPH WKH\ ZLOO EH DXWRPDWLFDOO\ GLUHFWHG WR \RXU *RRJOH 3DJH )RUJRW \RXU 6N\SH SDVVZRUG" 5HOD[ *RRJOH Ň&#x2039;V Â´+DQJRXWVÂľ DOORZV \RX WR YLGHR FKDW ZLWK D QXPEHU RI \RXU IULHQGV DQG HPSOR\HHV VLPXOWDQHRXVO\

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All in all, the question must be made: Is Google going to replace existing prominent social media channels, i.e. Facebook?

Look Facebook, Iâ&#x20AC;&#x2122;d relax if I had 800 million members and 700 billion minutes spent on my site per month. What about Twitter? Donâ&#x20AC;&#x2122;t think so. Taking on Twitter is like taking onâ&#x20AC;¦ CNN + Steven Harper + Hollywood + Justin Bieber + 10 million zombies + 250 million tweets a day. &KDUOHQH /L )RXQGHU RI $OWLPHWHU *URXS D VRFLDO PHGLD DGYLVRU\ Ã&#x20AC;UP WROG $%& QHZV RQ -XQH WKDW *RRJOH Ò&#x2039;V JRDO LV QRW WR UHSODFH )DFHERRN Â´.H\ WKLQJ KHUH LV WKDW JRLQJ DJDLQVW )DFHERRN GLUHFWO\ LV VXLFLGDO Âµ VDLG /L Â´*RRJOH KDV IRXQG D VHDPOHVV IRUPXOD ZLWK PRUH VWUXFWXUH ,W UHDOO\ LV WKH SOXV S D U W , W L V H[ W H Q G L Q J * R R J O HÒ&#x2039;V FRPPXQLFDWLRQ SODWIRUPV LQWR D XQLÃ&#x20AC;HG VKDULQJ SODWIRUP Âµ $QG WKLV VWUDWHJ\ PDNHV VHQVH 7KH V R F LDO PH GLD ILHO G ZLOO E H F RPH LQFUHDVLQJO\ KDUG WR EUHDN LQWR ZLWKRXW VWURQJ VWUXFWXUDO DQG WHFKQRORJLFDO IRXQGDWLRQV 8QOHVV D QHZ EXVLQHVV VRFLDO PHGLD EXVLQHVV PRGHO LV FRQFHLYHG WKDW HQWLUHO\ UHGHÃ&#x20AC;QHV WKH PDUNHWSODFH LW ZLOO EH KDUG IRU QHZ PDUNHW SOD\HUV WR SXOO XVHUV DZD\ IURP WKHLU HVWDEOLVKHG QHWZRUNV RQ H[LVWLQJ PHGLDV VXFK DV )DFHERRN *RRJOH RQ

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Spring 2012 ArbitrageMagazine.ca

Finance & Economics "#$%&&'($)*+,-$./+00$12'/(2

OL L\YV aVUL JYPZPZ PZ [OL ÄYZ[ golden opportunity since World Wa r I I f o r t h e E u r o p e a n governments to come together and advance their ambitious union project. They need to realize the crisis is in their hands, and their hands alone, so they can stop waiting for a superhero to come to their rescue. After months of delay, the euro zone SLHKLYZ ÄUHSS` YLHJOLK H SVUN H^HP[LK agreement on October 27 to lessen Greece’s debt burden by seeing private investors take a 50 per cent loss on Greek bonds. Nicolas Sarkozy, the French president, and Angela Merkel, German Chancellor, want to see the plan implemented immediately to boost investor confidence and stabilize world markets. However, George Papandreou, .YLLJL»Z L_ SLHKLY Z\YWYPZLK OPZ ,< counterparts and the world this week with the sudden withdrawal of a public vote on Greece’s euro membership. Market confidence has once again diminished due to Papandreou’s mismanagement of the crisis. He crumpled under pressure and resigned as prime minister on Sunday. The euro zone crisis spirals further downward in light of political uncertainty. The problem started before Greece QVPULK [OL ,< ([OLUZ LTILSSPZOLK P[Z balance sheets in order to meet the

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union’s adhesion requirements, and late r announce d the state was bankrupt. Public expenditure exceeded tax revenues, and the Greek NV]LYUTLU[ ^HZ \UHISL [V ÄUHUJL [OL gap in the markets. Germany and France, the two main WPSSHYZ Z\Z[HPUPUN [OL ,< WYVQLJ[ [VKH` are heavily investing their capital into the European Financial Stability Facility (EFSF) to rescue Europe. It is in their own interest that these two countries avoid, at all costs, a Greek exit from the union. But in order for Greece to remain economically sound and sustain its position within the euro zone, Germany and France have to boldly and decisively inject more ÄUHUJPHS HPK PU[V [OL JV\U[Y` [OH[ OHZ yet to happen. Germany, the wealthiest nation in [OL \UPVU OHZ [OL ÄUHUJPHS WV^LY [V stabilize the crisis, but it won’t. It is afraid the troubled economies will slack away from reforms, so Merkel is leveraging market pressure to ensure these countries keep their promises. Domestically, German taxpayers are M\YPV\Z [OH[ [OLPY OHYK LHYULK TVUL` is going towards the feckless Greeks. Merkel’s reluctance to act is apparent: German guarantees for the EFSF will not increase beyond the !211 billion ($292 billion) approved in September, though it is obvious the rescue fund and troubled Europe need more. Without firm German support, it is almost impossible to gain global THYRL[ JVUÄKLUJL And France? The second largest LJVUVT` PU [OL ,< PZ J\YYLU[S` [LL[LYPUN VU [OL IYPUR VM H ÄUHUJPHS breakdown. French public debt reached 82.4 per cent of GDP last year, and its money reserves are running out. Increasing its contribution to the European rescue fund could threaten a downgrade of the country’s triple A credit rating – and the timing couldn’t be worse. If France loses

PU]LZ[VY JVUÄKLUJL HUK ILJVTLZ ZO\[ off from market borrowing, it could tumble, and Germany cannot uphold the union alone. <UHISL [V YLHJO H KLJPZPVU [OL union is now reaching out for external help, namely from China. With $3.2 trillion in its reserves, China has LUV\NO ÄUHUJPHS WV^LY [V Z[LW PU HUK end the crisis. It has the will to do so [VV ZPUJL [OL ,< PZ P[Z SHYNLZ[ [YHKPUN partner. However, we should not expect too much. The constant squabbling I L [ ^ L L U [ O L , < S L H K L Y Z O H Z systematically destroyed investor JVUÄKLUJL ^VYZLULK [OL KLI[ JYPZPZ and fully displayed the absence of political cooperation within the region. Papandreou’s departure will certainly have lasting effects on world markets. Germany and the European Central Bank (ECB) both refuse to provide \USPTP[LK ÄUHUJPHS Z\WWVY[ [V JV\U[YPLZ in case of sovereign default, and yet, are hoping China will answer the call. The Chinese, in their best interest, will not and cannot invest in a Europe [OH[ PZ \U^PSSPUN [V OLSW P[ZLSM <U[PS [OL leaders can put forth a rescue plan [OH[ PZ KL[HPSLK ÄYT HUK HTIP[PV\Z China can only stand by and watch

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EUROPE SHOULD STOP WAITING ON SUPERMAN 34$%5267($8(9/$)2'4'4$:(+24$)6,/',5($/6$;65,/-$%5267($<54/$&66=$/6$'/4(&0$062$/*($+,4>(2?

Finance & Economics "#$%&'($")'*+$,-.//$!&'-0&

NO JOBS, LOTS OF DEBT: A GENERATION LOST IN A DOWN ECONOMY. 123.#45$627$8.&90-$:2)35$;0<.-'=0$>&25>0(-5$/2&$30<&00$:2)30&5

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ith the recent possibility of a government shutdown n a r ro w l y a v e r t e d , t h e gridlock in Washington makes the job outlook for new college graduates seem grim. Despite president Obama’s recentlyproposed jobs program, which TH` IL WYLUH[HSS` UP_LK I` H\Z[LYP[` MVJ\ZLK 9LW\ISPJHUZ HUK YPNO[ SLHUPUN Democrats in both houses of congress, the general feeling is bleak. 5L^ ÄN\YLZ MYVT [OL +LWHY[TLU[ of Education show that the number of students who have defaulted on their federal loans increased dramatically over the last two years. As the 4PUULHWVSPZ :[HY ;YPI\UL YLWVY[Z [OL number of students who had entered repayment and were at least 270 days behind on their payments rose from 11.2 percent to 15 percent by the time the financial markets crashed in O c to b e r 20 0 8 , a n i n c r e a s e o f approximately 38,000 borrowers. The Department of Education cites WYP]H[L MVY WYVÄ[ JVSSLNLZ HZ [OL THPU source of this trend, though the default rates of those who graduated from W\ISPJ HZ ^LSS HZ WYP]H[L UV[ MVY WYVÄ[ institutions have also gone up. Additionally, the Depar tment of Ed u c a t i o n c a l c u l a te d t h a t t h e percentage of students who defaulted after two years rose to 12 percent in Fiscal Year 2009. That is a lot of unpaid debt, and it raises the question: do we have a lost g e ne r ati o n o n ou r hands?

Even with actions taken by the Obama administration to provide more ÅL_PIPSP[` PU YLWH`TLU[ VW[PVUZ [OLYL are numerous factors that should cause concern. The most pressing of these is the stagnation of job creation. In essence, graduates are unable to pay their loans because they don’t have jobs. What’s more, the consensus among politicians and the beltway punditry is [OH[ SVUN [LYT KLÄJP[ YLK\J[PVU PZ [OL only solution to a shor t term unemployment crisis. This translates into an outright refusal to address the problem of unemployment as well as P[Z JH\ZLZ ^OPJO TLHUZ [OH[ KLÄJP[ centered power holders run the risk of turning what should be a temporary unemployment problem into an established norm. This is especially troubling to those with a bachelor’s degree or higher who a r e f i n d i n g i t d i f f i c u l t to g a i n professional experience. The New York Times reports a study conducted by 9\[NLYZ <UP]LYZP[` ^OPJO Z[H[LK [OH[ by last spring, a mere 56 percent of the class of 2010 had held at least one job since graduating. Only half of these jobs required a college degree. Of these jobs, the median salary has decreased by 10 percent since 2006, f r o m $ 3 0 , 0 0 0 t o $ 2 7, 0 0 0 . With mounting debt and a widespread lack of professional experience, the question is raised whether this group of workers will

be desirable when the job market improves. With the current batch of new graduates removed from their educational training by several years or more by the time the job market recovers, as well as an increasingly rapid need for technical knowledge to [ O Y P ]L P U [ O L < : S H I V Y MV Y J L employers may be more apt to hire fresher graduates who are better trained and may demand smaller salaries. This scenario would leave tens of thousands of educated workers V\[ VM [OLPY YLZWLJ[P]L ÄLSKZ ^VYRPUN in jobs that don’t utilize their skills and knowledge. What this means for the nation as a whole is troubling. As it stands, the need for new degree holders to work SV^ WH`PUN VY TLUPHS QVIZ PZ KPZWSHJPUN [OL WLVWSL ^OV OH]L [YHKP[PVUHSS` ÄSSLK these roles, thus driving them out of the job market entirely. The possibility VM HU LU[PYL NLULYH[PVU VM V]LYX\HSPÄLK people performing low level work also creates a scenario of pandemic unemployment for people without college degrees. Consequently, the populations most affected by such a labor shortage would be the ones that are most economically vulnerable— immigrants, minorities, and the elderly. This situation would also signal M\Y[OLY KLWSL[PVU VM [OL < : TPKKSL class. The high levels of unpaid student debt would require larger portions of shrinking salaries to pay back, thus diminishing expendable income, as well as money allocated for basic living expenses. This would all accelerate upward wealth redistribution, widening the gap between rich and poor, and ultimately hurting the economic health of the nation at large. And while this is all hypothetical, it’s a realistic outcome of a trend that is currently in full force

Spring 2012 ArbitrageMagazine.ca

Finance & Economics !"#$%%&'#()*+,#-.*//#01&.'1

2'3&4+'5#6"#751&*+#8'+5'9

OBAMA CHOOSES FOR HIS COUNTRY Combating $14.8 trillion in debt and a sluggish economy, Obama is learning he cannot afford everything.

resident Barack Obama is in a tough position. He has b e e n tr y i n g to f i n d th e perfect balance between SV^LYPUN [OL JV\U[Y`ÂťZ I\KNL[ KLĂ&#x201E;JP[ (now running at $1.3 trillion annually), and stimulating the faltering economy with more public spending. Obamaâ&#x20AC;&#x2122;s recently proposed $447 billion jobs plan is targeted to grow the economy by as much as 2 percentage points and create 1.9 million jobs, without adding more public debt. It would impose a payroll tax cut for workers and employers, infrastructure i m p r ove m e nt p r oj e c t s, b e n ef i t extension for the long-term unemployed, and aids to safeguard QVIZ MVY [LHJOLYZ WVSPJL VMĂ&#x201E;JLYZ HUK Ă&#x201E;YLĂ&#x201E;NO[LYZ ZLL JOHY[ The US unemployment rate is still hovering at 9.1 percent, and shows no signs of decline despite actions taken by the government and the central bank over the past two years. The problem stems from a lack of growth and investment from small companies, which account for 99 percent of all American businesses and two-thirds of private-sector employment. The American Jobs Act, if passed, ^PSS ILULĂ&#x201E;[ WLYJLU[ VM I\ZPULZZLZ by slashing payroll taxes in half starting in 2012, and completely LSPTPUH[L [H_LZ MVY Ă&#x201E;YTZ [OH[ PUJYLHZL employee salaries or hire new workrs. The pre sident is also active in lessening business regulations and red tape that is hindering capital access for small-sized firms and entrepreneurs. As loans become less restricted, these companies would have more breathing room to expand and create new jobs. The second largest portion of the

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Spring 2012

jobs plan goes to infrastructure investments, including public school upgrades in both rural and urban areas. At least 35,000 schools will get a total funding of $30 billion for the latest computer technology, science labs, and building renovations. The ZJOVVS YLWHPYZ ^PSS HSZV ZH]L teaching jobs and increase teacher rehires. Another $65 billion will go into improving transport infrastructure and rehabilitating vacant property while creating jobs for hundreds of thousands of workers. Other reforms plan to help longterm unemployed workers in their transition between jobs and guide them back into the workforce. This consists of giving the states greater flexibility to use Unemployment Insurance (UI) funds to support jobseekers. For example, workers whose company chooses work-sharing over SH`VMMZ HYL LU[P[SLK [V ILULĂ&#x201E;[ MYVT <0 Other initiatives include a new ÂŤBridge to WorkÂť program that provides temporary, voluntary work or on-thejob training for the unemployed. O b a m a p l a n s to f i n a n c e t h e prop ose d jobs pla n by closing corporate loopholes and increasing taxes on wealthier Americans with incomes of $1 million or more. The last thing the president wants to do is deepen the budget deficit that is nearing 100 percent of GDP. He is JHSSPUN VU [OL 1VPU[ *VTTP[[LL [V Ă&#x201E;UK HKKP[PVUHS KLĂ&#x201E;JP[ YLK\J[PVU [V Ă&#x201E;UHUJL his plan while meeting his budget target. Sadly, as the government tightens its wallet, public access to justice is threatened. Since 2009, the state governments have continually cut funds to their local cour t system, and the grave

consequences are slowly surfacing. California, for example, has cut court funding by $350 million. A report by the American Bar Association stated that most states have cut court funding by 10 to 15 percent in the past three years. This translated into wage freeze, worker layoffs, and resignations of judges. Services slowed down, waiting times grew, and the backlog of cases continue to pile up at an incredulous pace. A simple divorce now takes about half a year in California, and a typical lawsuit takes around two years before it goes to trial, and that may ZVVU IL Z[YL[JOLK [V Ă&#x201E;]L `LHYZ The situation is so desperate that one municipal court in Ohio has refused to accept new cases because it could not afford to buy paper while courts in 14 states have decreased their hours of operation. To counter the funding shortfall, some courts have YHPZLK Ă&#x201E;SPUN MLLZ HUK THU` TVYL ^PSS follow or risk closing down. As the court system becomes increasingly inaccessible and expensive, it jeopardizes peopleâ&#x20AC;&#x2122;s LX\HS YPNO[ [V Q\Z[PJL I\[ ^P[O [YPSSPVU in the red, Obama and his HKTPUPZ[YH[PVU HYL Ă&#x201E;UKPUN SLZZ HUK SLZZ room to manoeuvre. It is exceedingly d i f f i c u l t to c h o o s e b e t we e n a countr yâ&#x20AC;&#x2122;s economic health and peopleâ&#x20AC;&#x2122;s justice, but it is just one of the many similar choices facing the president now. He needs to make sure what is being proposed is a good [YHKL VMM MVY ^OH[ PZ ILPUN ZHJYPĂ&#x201E;JLK

Finance & Economics !"#$%&'(&#)*+#,-&..#/01-20

YOUNG DOGS CANâ&#x20AC;&#x2122;T LEARN NEW TRICKS: STUDENT UNEMPLOYMENT AND SOCIAL MEDIA +RZ \RXU GUXQNHQ SURĂ°OH SKRWRV FDQ FRVW \RX PRUH WKDQ MXVW \RXU GLJQLW\

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Status Party girl looking to meet a fun outgoing guy. I love to go out with friends, dance, do shots, and sleep all day. I spend all my money on shoes.

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veryone loves the money, but not everyone loves the work required to get it. In the last decade the way in which people have gone about searching for employment has changed dramatically. In the Internet age, the value of faceto-face interaction has arguably decreased. Previous generations secured employment by pounding the WH]LTLU[" UL^ NLULYH[PVUZ Ă&#x201E;UK QVIZ online. Therein lies the great divide. Getting a job is a job itself. Want to

workshops. Want to land that corner VMĂ&#x201E;JL& )L HU LU[YLWYLUL\Y ^OPJO JHU ZVTL[PTLZ TLHU ZHJYPĂ&#x201E;JPUN `V\Y own paycheque to cover costs) and attend every networking event in the city. The effort required to secure employment often surpasses the effort needed to perform the job. According to the Toronto Star, student employment currently sits at 15% in part because most students choose not to work. Those who juggle a job and an academic course load are the minority. Most students prefer to work during school breaks and during the summer. Because of ex te r n a l o b l i g a ti o n s (s c h o o l / volunteering/sports/clubs), it is not unheard of for employers to refuse to hire students as â&#x20AC;&#x2DC;full timeâ&#x20AC;&#x2122; workers. If students work during the school year, they need jobs that can accommodate essays and exams. Older employees typically have fewer demands on their time, and are thus in a position to commit to full-time employment It is ironic that while many job opportunities may be found online or networked to through social media site s like Linke dIn - which are specifically geared for younger audiences - the very individuals facing the highest rate of unemployment. In contrast, mature job seekers often fail to grasp all the nuances of social media sites, but overwhelmingly they are the ones hired. While social media sites ar e extremely valuable when seeking out employment opportunities, remember

that social media sites can be a double-edged sword. While they provide students with access to a huge amount of information regarding employment opportunities, those same social media sites are used by e m p l oye r s to â&#x20AC;&#x2DC;c h e c k o u t â&#x20AC;&#x2122; j o b candidates online.

Many students donâ&#x20AC;&#x2122;t realize that potential employers can see their Friday night pictures. So can their â&#x20AC;&#x153;likes,â&#x20AC;? â&#x20AC;?activitiesâ&#x20AC;? and â&#x20AC;&#x153;eventsâ&#x20AC;?. Potential employers also read all the whiny, passive aggressive tweets and statuses posted. Even if the student presents a professional imag e o n a re sume, the ir own Facebook page can betray them. Students of ten view the â&#x20AC;&#x2DC;online communityâ&#x20AC;&#x2122; an extension of their private lives, and can forget that it may be available for the viewing pleasure of potential employers. Itâ&#x20AC;&#x2122;s easy to say that student unemployment isnâ&#x20AC;&#x2122;t fair and leave it at that. Much of it isnâ&#x20AC;&#x2122;t the fault of the student. Jobs vary with location, and most students move two or three times a year from home to school. Students need experience, but arenâ&#x20AC;&#x2122;t hired because they have no experience. The edge that students have is their ability to use media to their advantage, instead of letting the media use them

Spring 2012 ArbitrageMagazine.ca

Culture 9+)25-'(-):715-$;)<6-==)>/%6#/

SOCIAL MEDIA NETWORKS, ARE THEY HELPING OR HURTING US? 2)$13%-4)5#(%-)/#-4%6+)37#38

29 ArbitrageMagazine.ca

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classroom occupied by one or the otherโ -HJLIVVR VY JLSLIYP[` NVZZPW ^LIZP[LZ >P[O )PSSPVU TPU\[LZ H TVU[O ZWLU[ VU -HJLIVVR P[ ZLLTZ [OH[ ZVJPHS TLKPH PZ [HRPUN V]LY V\Y ZVJPHS SP]LZ SLH]PUN SLZZ [PTL MVY Z[\KLU[Z [V focus on studies or physically interact with others. :VJPHS TLKPH UL[^VYRZ IYLHR KV^U [OL UVYTHS IHYYPLYZ VM JVUULJ[PUN ^P[O WLVWSL THRPUN P[ LHZPLY [V Z[HY[ MYPLUKZOPWZ VUSPUL HZ VWWVZLK [V PU YLHS SPML (S[OV\NO Z[YPRPUN \W H JVU]LYZH[PVU ^P[O someone on the street about the economy in Greece may seem socially H^R^HYK VU -HJLIVVR VY ;^P[[LY P[ PZ YLSH[P]LS` LHZ` [V MPUK H SV[ VM SPRL TPUKLK WLVWSL" `V\ JHU QVPU NYV\WZ ยบSPRLยป [OL ZHTL [OPUNZ VY MVSSV^ [OLT 0[ PZ L]LU HJJLW[HISL [V ยบMYPLUKยป ZVTLVUL `V\ Q\Z[ TL[ ^P[OV\[ P[ ILPUN construed as creepy. A major concern for users of social TLKPH UL[^VYRZ PZ WYP]HJ` 0U -HJLIVVR YL]PZLK P[Z WYP]HJ` ZL[[PUNZ PU YLZWVUZL [V [OL 7YP]HJ` *VTTPZZPVULYยปZ PU]LZ[PNH[PVU PU[V H JVTWSHPU[ I` [OL *HUHKPHU 0U[LYUL[ 7VSPJ` HUK 7\ISPJ 0U[LYLZ[ *SPUPJ 4VYL YLJLU[S` ZVJPHS

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esterday I found out that a Tim Hortons franchise recently opened up in Dubai. How did I ร UK [OPZ V\[& ;OYV\NO -HJLIVVR (S[OV\NO 0 KVUยป[ \Z\HSS` YLS` VU -HJLIVVR [V [LSS TL TVYL [OHU ÔH[ my friends and acquaintances are up [V Z[H[PZ[PJZ ZOV^ [OH[ H ÔVWWPUN VM `V\[O NL[ [OLPY UL^Z MYVT -HJLIVVR 6[OLY ZVJPHS TLKPH ZP[LZ such as Twitter and YouTube are also PUJYLHZPUNS` ILJVTPUN KPZZLTPUH[VYZ of news stories, with media tycoons such as CNN, BBC and ABC News \ZPUN Z\JO WSH[MVYTZ [V IYVHKJHZ[ from. ;OPZ VUS` ZWLHRZ [V [OL PKLH [OH[ [OL ยบ:VJPHS 4LKPH 7OLUVTLUVUยป PZ OLYL [V stay. In fact, approximately 300,000 UL^ \ZLYZ ZPNU \W VU ;^P[[LY WLY KH` HUK -HJLIVVR OHZ HU LZ[PTH[LK billion users with about half of them SVNNLK PU VU HU` NP]LU KH` Social media websites allow rapid ร V^ VM PUMVYTH[PVU [V H SHYNL NYV\W VM WLVWSL ÔPJO PU [OL JHZL VM ZOHYPUN PUMVYTH[PVU HUK JVVYKPUH[PUN HU L]LU[ (social or political) may be practical but VUL X\LZ[PVU ^L ZOV\SK HZR V\YZLS]LZ PZ [OPZ H[ ÔH[ JVZ[ HYL ^L ZPTWSPM`PUN V\Y SP]LZ I` \ZPUN ZVJPHS TLKPH [V JVTT\UPJH[L& 9LZLHYJO ZOV^Z [OH[ VM WLVWSL [HSR [V TVYL WLVWSL VUSPUL [OHU PU YLHS life. The same study says 48% of 18 `LHY VSKZ JOLJR -HJLIVVR ÔLU [OL` ^HRL \W ^P[O KVPUN ZV ILMVYL L]LU NL[[PUN V\[ VM ILK @V\ RUV^ ÔV `V\ HYL >P[O JOH[ HUK TLZZHNPUN MLH[\YLZ VU [OLZL ZP[LZ people can communicate with friends all around the world in real time, LUJV\YHNPUN [OLT [V ZWLUK TVYL [PTL online. Social media websites are a major KPZ[YHJ[PVU PU \UP]LYZP[` JSHZZYVVTZ 0U an article published in The Sputnik, >PSMYPK 3H\YPLYยปZ Z[\KLU[ WHWLY VUL Z[\KLU[ ^YV[L [OH[ OL OHZ ยธVU ZL]LYHS VJJHZPVUZ ZLLU L]LY` JVTW\[LY PU H

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SHORT-TERM EVOLUTION OF SOCIAL MEDIA

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How Will Brand Advertisers Adjust?

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p r e fe r e n c e s a n d c o l l e c te d d a t a . 0[ ^V\SK UV[ IL Z\YWYPZPUN PM VUSPUL ZOVWWPUN HUK WH`TLU[Z JV\SK IL THKL KPYLJ[S` MYVT `V\Y -HJLIVVR VY .VVNSL accounts. You could shop for an item HUK P[ ^V\SK IL SPURLK [V `V\Y WHNL ^P[O the description of the product. Good L_HTWSLZ HYL L)H` HUK -HJLIVVR QVPUPUN MVYJLZ [V SL[ [OLPY \ZLYZ IL HISL [V \ZL -HJLIVVR *YLKP[Z VU L)H` VY 7H`7HS VU -HJLIVVR 3PRL^PZL IYHUKZ ^PSS \ZL ZVJPHS media to reach their audience, with their MVJ\Z ZOPM[PUN MYVT H^HYLULZZ I\PSKPUN [V KYP]PUN ZHSLZ HUK YL]LU\L MYVT [OLZL platforms. In the last two years, we OH]L ZLLU IYHUK THYRL[LYZ SL]LYHNL social media as a platform to build awareness for their brands. T h e y I L N H U \ Z P U N T V Y L [ H Y N L [ L K HK]LY[PZPUN VU ZVJPHS ^LIZP[LZ IHZLK VU \ZLY WYLMLYLUJLZ [V KYP]L [OLT [V [OLPY ZVJPHS IYHUK WHNL 4V]PUN MVY^HYK 0 ILSPL]L IYHUKZ ^PSS MVJ\Z TVYL VU SL]LYHNPUN ZVJPHS TLKPH [V PUJYLHZL [YHUZHJ[PVUHS ILOH]PV\Y MYVT [OLPY [HYNL[ H\KPLUJL ;OL` ^PSS PTWSLTLU[ TVYL PU[LYHJ[P]L Z[YH[LNPLZ HUK KPYLJ[ LUNHNLTLU[ Z[YH[LNPLZ [OH[ ^PSS \ZOLY PU H UL^ NLULYH[PVU VM THYRL[PUN VU H T\JO TVYL WLYZVUHS SL]LS Z\JO HZ ILOH]PV\YHS [HYNL[PUN ZVJPHS NHTPUN [YLUKZ YL^HYKZ MVY recommendations and much more. The fact of the matter is that Social 4LKPH PZ Z[PSS PU P[Z `V\[O >L HYL Z[PSS SLHYUPUN OV^ [V TLHZ\YL P[Z PUÃ&#x2026;\LUJL HUK PTWHJ[ /V^L]LY [OL YVSL VM :VJPHS 4LKPH ^PSS JSLHYS` KYP]L IYHUK awareness in the future Spring 2012 ArbitrageMagazine.ca

!"#$"%& !"#$%&'()#*+,&-.#/0)11#23'0,3

THE STORY OF THE 1 PERCENT

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What do the 1 percent actually think about the Occupy Wall Street?

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!"#$"%& !"#$%&'()#*+,&-.#/0)11#23'0,3

O$(#-%N.*/",#&/-:+,#1.#)."#&((-#".# 0%*(@#!)#+/>$"#.;#"$(#*(0()"#&".02#-%*2("# B.+%"/+/",=#-%),#'%)2(*&#&%,#"$(,#$%B(# '/>>(*#"$/)>&#".#3.**,#%'.8"@# ?#;(3#$%B(#'(()#.:()+,#0*/"/0%+=#+/2(# ;%-(1# $(1>(# ;8)1# -%)%>(*=# _.$)# 9%8+&.)=#3$.&(#;/*-#*(+(%&(1#%#&"%"(-()"# &%,/)>=#C9%8+&.)#`#I.@#%)1#/"&#(-:+.,((&# $%B(#:%/1#$8)1*(1&#.;#-/++/.)&#/)#Y(3# a.*2#I/",#%)1#Y(3#a.*2#F"%"(#"%S(&#/)# *(0()"#,(%*&#%)1#$%B(#0*(%"(1#.B(*#KMM# $/>$#:%,/)>#N.'&#/)#Y(3#a.*2#I/",#&/)0(# /"&#;.*-%"/.)@@@#!)&"(%1#.;#B/+/;,/)>#.8*#-.&"# &800(&&;8+# '8&/)(&&(&=# 3(# &$.8+1# '(# &8::.*"/)>#"$(-#%)1#()0.8*%>/)>#"$(-# ".#*(-%/)#/)#Y(3#a.*2#I/",#%)1#0.)"/)8(#".# >*.3@G#F$.*"+,#%;"(*=#:*."(&"(*&#*(&:.)1(1# ',#-%*0$/)>#".#9%8+&.)6&#".3)$.8&(#/)# Y(3#a.*2#I/",6&#H::(*#R%&"#F/1(=#+(%B/)># %"#$/&#;*.)"#1..*#%#).B(+",#"%S#*(;8)1#0$(02# ;.*#bc#'/++/.)@# !"# 3.8+1# '(# -/&+(%1/)># ".# &%,# "$%"# D008:,#E%++#F"*(("#/&#&/-:+,#%#-.B(-()"# %>%/)&"#"$(#*/0$@#!)#"$(#B/(3#.;#"$(#JJ# :(*0()"=#"$(*(#/&#%#)(0(&&%*,#1/;;(*()0(# '("3(()# "$(# [1(&(*B/)>6# */0$# %)1# "$(# [8)1(&(*B/)>6#*/0$@# O$(#1(&(*B/)>#*/0$#%*(#&,-:%"$("/0#".# "$(#:+/>$"&#.;#4%/)#F"*(("#?-(*/0%d#"$(,# :/.)((*(1#"$(#"(0$).+.>/(&#"$%"#-%1(#"$/&# -.B(-()"#:.&&/'+(@#O$(#8)1(&(*B/)>#*/0$# >%B(#8&#"$(#;/)%)0/%+#0*/&/&e%#0*/&/&#"$%"# -%1(#%#-.02(*,#.;#"$(#?-(*/0%)#A*(%-=# 3$/0$#(-'.1/(1#"$(#'(+/(;#"$%"#/;#"$(#JJ# :(*0()"#&.-($.3#3.*2(1#$%*1#().8>$=# "$(,#"..#0%)#'(0.-(#"$(#K#:(*0()"@# ?&# D008:,# E%++# F"*(("# 0.)"/)8(&=# :*."(&"(*&#*(-%/)#1/B/1(1#.)#3$%"#"$(,# $.:(#".#%0$/(B(@#E/"$.8"#%#0+(%*#&("#.;# 1(-%)1&=#"$(#-.B(-()"#3/++#1*%>#.)=# '8"# ".# +/""+(#(;;(0"@#A(&:/"(# .00%&/.)%+# -.-()"&#.;#"()&/.)=#;(3#&/>)&#&8>>(&"# "$(# 1(-.)&"*%"/.)# 3/++# (&0%+%"(# /)".# B/.+()0(#

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Culture !"#$%&'('))*#$*+&,-#.*&//#0'1*)'

HAS POST-SECONDARY BECOME JUST ANOTHER INSTITUTION? $#'13145#(63*73)8649&'"#(6(:,&*164#%&"#46*#;)#*<)#')3:,*#6/#3%&'*)'#&((,18&4*3

33 ArbitrageMagazine.ca

Spring 2012

money can be made. As students are becoming more aware of this issue, many have begun to have their voices heard. Various protests have occurred in which this very issue was the centerfold. With more students becoming aware of the facts, more anger and frustration has begun to build. Post-secondary education is something that should be looked at as an opportunity one should be grateful to receive. That gratefulness is starting to be taken over by the very anger the top is putting onto their students. The idea of education being a â&#x20AC;&#x153;sentenceâ&#x20AC;? is

something that Canadian youth should never have to feel. Ontario universities have, in the 2011-2012 academic year, accepted an additional two thousand more students than average. That number is expected to grow more as times goes on. How big the classes will become and how the university heads expect to handle this growth is still unknown. But the one IDFW UHPDLQV WKH VXUSOXV RI SURĂ&#x20AC;W SRVW secondary institutions are receiving through this method doesn!t seem to be decreasing anytime soon

n preparation for the new school year, the Hamilton based post secondary institution McMaster University exceeded their base acceptance rate by 400 students. Although that number may not seem like a lot (average undergraduate population runs about 5300 students), the difference can be felt throughout the campus, particularly within the undergraduate student population. The question must be asked then; what do WVZ[ ZLJVUKHY` PUZ[P[\[PVUZ W\[ Ă&#x201E;YZ[ the students or the money? Not to mention the fact that tuition is continuing to rise while job security and SHUVRQDO Ă&#x20AC;QDQFLDO VWDELOLW\ LV EHFRPLQJ obsolete, the experience of university these days feels like anything but DFDGHPLF :DONLQJ LQWR D W\SLFDO Ă&#x20AC;UVW year lecture can feel like walking into a convention center. It is becoming extremely challenging for students to receive the education they are promised on the beautifully detailed pamphlets. The more money that is poured into the institutions, the less academic post-secondary begins to feel. As the job market is beginning to shrink, post-secondary degrees seem to be the lifeline that many people are forced to take in order to receive jobs. With that in mind, over capacity should be expected and taken into account. It should not be the paying students that are coerced into over crowdedness and harder access to assistance on academic matters. More time should be spent trying to give the student a better education instead of lowering acceptance requirements so more

Culture !"#$%&'()#*+,-).#$(-//#0&)(+&

CHARMED INTO BEING

'!"# $!%&" The Prominence Of The Sci-Fi and Fantasy Genres In Media And Culture

breeding like rabbits. For many of us, shows like “Supernatural”, “Game of ;OYVULZ¹ ¸.YPTT¹ ¸)LPUN /\THU¹ HUK ¸;LLU >VSM¹ ¶ HSS WYLKPJH[LK [V some extent on the suspension of disbelief – are welcomed complements to the sitcoms, reality shows, sports broadcasts, and newscasts that once KVTPUH[LK ;= ]PL^LYZOPW

With post-graduate job-searching proving to be a full-time and often fruitless ordeal, I rather enjoy this ondemand flexibility and guaranteed exemption from meticulously drycleaned, starched, and ironed prerequisites. All I need is a novel, a ÄST H ;= ZLYPHS VY H ]PKLVNHTL [V pass hours in what literary theorists call ‘the subjunctive mood’ – that is, what could be. And if the last several years’ surge in sci-fi and fantasy programming is indicative, I’m not alone – nor does it appear I will be for some time.

Yet, if you can believe it, global fantasy MHUKVT OHZ ILULÄ[[LK MYVT TVYL [OHU ;= ZSV[Z [OH[ TH_PTPZL IYVHKJHZ[ YH[PUNZ HUK HK ZHSLZ YL]LU\L 0U P[Z ÄYZ[ two weeks at the box office, the ]HTWPYL YVTHUJL ;^PSPNO[! )YLHRPUN Dawn – Part 1 reigned, generating $489.3 million in global ticket sales. ;OL SH[LZ[ ZLX\LS HKHW[LK MYVT Stephenie Meyer’s four-part story about werewolves and vampires also snagged the record for all-time 2nd best midnight debut and 5th all-time largest movie opening in the U.S. ;HRLU ^P[O P[Z [OYLL JVTWHUPVU instalments, the phenom’s amassed just shy of $700 million worldwide

Steal even a half-hearted glance (if you are, as I shamelessly am, detained by laziness) at the weekly television lineup, and you’ll notice signs that the scifi and fantasy genres seem to be

@H^U ;OPZ YLSLHZL PZ TLYLS` [OL SH[LZ[ in a fast-growing lineage of fantasy and ZJP Ä ISVJRI\Z[LYZ (JJVYKPUN [V ;OL ;LSLNYHWO NSVIHS THYRL[ YLZLHYJO ÄYT 4PU[LS YLWVY[LK [OH[ ZHSLZ VM ZJP Ä HUK

35 ArbitrageMagazine.ca

Spring 2012

fantasy books rose roughly 20% from [V ;OPUR HIV\[ OV^ THU` IV_ VMÄJL RPUNZ ¶ *OYVUPJSLZ VM 5HYUPH Lord of the Rings, War of the Worlds, *VYHSPUL ;^PSPNO[ HUK /HYY` 7V[[LY [V name a few – owe their inception to a single novelist animating pages and screens. And diehard fantasy fans would swiftly remind us here that, while most of us moviegoers were stunned by just how long (amazing, really) our bladders safeguarded the large Sprite we KV^ULK K\YPUN [OL [OYLL OV\Y ;OL 3VYK of the Rings movies, author J.R.R. ;VSRPLU W\ISPZOLK [OL [YPSVN` ULHYS` H

*+,)12+3#4"#523&+6#0+,(

ickin’ it in our imagination h a s h a rd l y b e e n m o re possible. Nor has it felt more real, accepted, and quite possibly, fundamental to daily life. In the thump of a heartbeat, you can be a vegetarian vampire, a pure-blood wizard, a hopelessly shirtless werewolf, a curly-haired hobbit, a meddlesome elf, or even – though consider it carefully – a human.

Culture !"#$%&'()#*+,-).#$(-//#0&)(+&

becoming more mainstream, how have we in turn revised ourselves or conversely, the stories we tell?

(that the Weasleys endearingly and symbolically transcend). Even Smeagol and the Malfoys toe likeability.

*VUZPKLY OV^ WVY[YH`HSZ VM V[OLY worldly endeavours, realms, and creatures have changed since the would-be ancient, though no less JLSLIYH[LK Y\UZ VM )HJR [V [OL -\[\YL :[HY ;YLR ¸2UPNO[ 9PKLY¹ HUK ¸+HYR Shadows”.

)` THRPUN [OL Z[VYPLZ TVYL HIV\[ virtues like friendship, bravery, trust, and perseverance and less about the supernatural and magic that surround it – though these are central and KLÄUPUN MLH[\YLZ [OL WVW\SHYPZH[PVU VM these genres across media outlets has become as ‘human’ as it is ‘fantastic’.

Stereotypical appearances, for one, seem to be dashing for media exits. From style-challenged, absent-minded ZJPLU[PZ[ +Y ,TTL[[ )YV^U ^L SLHWLK – in a cinematic blink – to Professor Albus Dumbledore, a poised wizard, even if eccentric in his phrasings and habits, who eventually graduated to elegant, flowing robes and John Frieda-infused frizz-free silk for hair. >OV RUL^& ;\YUZ V\[ [OH[ NLLRZ dorks, and nerds, once members of fashion’s lowest class, are redeemable.

half-century – in the mid-1950s – before we invited it to our cinemas, / H W W ` 4 L H S [ V ` Z / H S S V ^ L L U costumes, and print-screened birthday cakes. What happened? Maybe we aspire to escape or spice up our own realities. With economic turmoil nesting worldwide, that one JV\SK Å` OLJR L]LU ZVHY ¶ MVY H^OPSL [VV )\[ Z\YLS` ^L HYL JHWHISL VM personalising the hope for magical powers and alternate worlds for other reasons as well. If ‘cult’ audiences themselves are

Sci-fi and fantasy, to be sure, have always invented realities different from V\Y V^U )\[ UV^ [OL` HYL ILNPUUPUN to sound, look, feel, and read as if they are more our own than they could ever be another’s

;OL WSPNO[ VM UVU O\THU ILPUNZ [VV has become less alien. We can empathise, for example, with Edward *\SSLU»Z PUHIPSP[` [V JVU[YVS ILJVTPUN a vampire, to choose his lot in life. Perhaps this is the reason we deem his triumphs – his unwavering commitment [V )LSSH OPZ [L_[IVVR TVYHSP[` OPZ uncompromising resolve to suppress his animalistic instincts – as more so noble, extraordinary, rare. And feverishly human in their intensity and sentiment. We appreciate such character that trumps evil with not so evil. Dobby, a well-meaning but accident-prone elf, \UJVUKP[PVUHSS` ZH]LZ /HYY` [PTL HUK again. Samwise Gamgee wields mere simplicity and loyalty to ward off lust for the ring and, more touching still, mortal dangers to Frodo. We expand, just as well, to trace the contours of more shifty individuals. As much as we may loathe (or not) Lord =VSKLTVY[ ^L YLJVNUPZL [OL WV[LU[PHS scars of childhood neglect, and equally, the whip of just making do Spring 2012 ArbitrageMagazine.ca

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eru was a country that many economists often saw as a classic example of the PULMĂ&#x201E;JPLUJ` [OH[ KVNNLK [OL JVU[PULU[ VM :V\[O (TLYPJH ;OV\NO ISLZZLK ^P[O H ]HYPL[` VM ]HS\HISL UH[\YHS YLZV\YJLZ [OL JV\U[Y` SPRL THU` ULPNOIV\YZ UL]LY THUHNLK [V \ZL [OLT [V P[Z HK]HU[HNL (SS [OL ^OPSL JVYY\W[PVU HUK ZVJPHS KPZJVU[LU[ RLW[ KL]LSVWTLU[ MYVT NHPUPUN HU` SL]LS VM TVTLU[\T However, in the past decade the country has witnessed a rise in both its GDP per capita and Human Development index. Concurrently, the newly elected president Ollanta Humala has stated his intentions into resolving the problems that the country still faces such as poverty and discrimination. Many question his credentials however, and expect this recent rise to come to nothing. So the question one must ask, is this the beginning of a new age for a long suffering country or simply a brief Ă DVK RI IDOVH SURPLVH"

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In the past decade, the country of Peru has seen a large increase in GHYHORSPHQW LQ ERWK Ă&#x20AC;QDQFLDO DQG VRFLDO terms. GDP per capita, which for many years prior hovered around 4000 dollars, shot up â&#x20AC;&#x201C; going from 4.4 thousand to around 9750. The human development index also saw a similar increase. Prior to the year 2000, the index for Peru was below many neighbours such as Colombia and Venezuela. Since then the level of social development of the Peruvian people has surpassed the aforementioned along with other countries as well. In 2010, Peru jumped ahead of Colombia, Brazil and Ecuador and is currently ranked 63rd overall in the world. Most economists attribute this success to former president Alan Garcia!s free market based macroeconomic policy that has made Peru an attractive trading partner around the world. The increased privatisation and lowering of tariffs piqued the interest of important buyers from USA and

China. Both countries have an ever increasing demand for natural goods due to their large populations; there is a constant need for the development of houses and the materials that feed such an industry. With Peru having large amounts of wood, copper and other goods, they were and continue to be well positioned to satiate such needs. Consequently, (due to these new economic alliances) the economy boomed from 2002 to 2009. The GDP growth rate steadily rose from 5 percent to 9 percent. Even during the recent ZRUOG Ă&#x20AC;QDQFLDO FULVLV WKH UDWH UHPDLQHG north of 0 at around 0.86 (no small feat considering many other economies failed so badly during the same period). The economy has since recovered and now boasts of better rates in the region (8.2 percent). <UMVY[\UH[LS` [OLYL HYL Z[PSS THU` WYVISLTZ MHJPUN 7LY\ [OH[ THRL HUHS`Z[Z HUK WVSPJ` L_WLY[Z ^VYY` -PYZ[S` PUJVTL PULX\HSP[` PZ Z[PSS HU PZZ\L HJYVZZ [OL UH[PVU ;OL NYV^[O PU .+7 OHZ JSLHYS` ILULĂ&#x201E;[LK [OL \WWLY JSHZZ VM ZVJPL[` I\[ ]LY` SP[[SL OHZ [YPJRSLK KV^U [V [OL SV^LY PUKPNLUV\Z JSHZZLZ ;OPZ WYVISLT PZ L]PKLU[ PU [OL JV\U[Y`ÂťZ .PUP PUKL_

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effort and a lot of time [communicating] slowly with indigenous communities. It may take a generation before a stable UHODWLRQVKLS FDQ EH IRUPHG Âľ He noted, presently, only two groups, the AIDESEP (the National Organization of the Amazon Indigenous people of Peru) or the National Confederation of Communities Affected by Mining. These DUH LQĂ XHQWLDO DQG VL]HDEOH JURXSV EXW there are still many people who are not a part of them. â&#x20AC;&#x153;Impetus has to come from ZLWKLQ WKH FRPPXQLWLHV Âľ 7DUUDVHQNR explains, â&#x20AC;&#x153;their leaders [have] to try and learn about the law and organise themselves with others and local people who are trustworthy to examine it in GHWDLO Âľ +H H[SHFWV WKDW WKH LPSRUWDQFH of this law to be communicated effectively will take a â&#x20AC;&#x153;long long time if LW LV WR EH GRQH SURSHUO\ Âľ Critics argue that this ruling will be at best ineffective and at worst economically dangerous. They point out the fact that most members of Peruvian tribes are more comfortable in the language of Quecha (which has been spoken since the days of the Incan empire) and would not understand the entire minutia of the law. Secondly, such laws would make the country less attractive for investors. Most corporations push for as little regulation as possible and such rules go very much against this preference and in a country where the state of the economy is so intertwined with foreign investment, many argue that the rules should be made to be as relaxed as possible. Already there are talks of how the current administration has scared off potential investors. Patricia Teullet, an HFRQRPLVW DW 8QYHUVLGDG GHO 3DFĂ&#x20AC;FR was quoted by Bloomberg news as saying that Humala!s recent political moves should be of far greater concern than the global economic slowdown. â&#x20AC;&#x153;Companies have also expressed concern that the government may take away mining concessions to appease ORFDO FRPPXQLWLHVÂľ VKH VDLG Â´7KH\Ň&#x2039;UH sending mixed messages and it!s not clear what the state!s role in the HFRQRP\ ZLOO EH Âľ Such trepidations only increased when in September 28, Humala enacted three new mining laws. In essence, the

new laws amount to a tax hike aimed at raising $5.5 billion, money which will be XVHG WR IXOĂ&#x20AC;OO D FDPSDLJQ SURPLVH DERXW more spending on public infrastructure. The new administration has made it clear that they will do their best to increase the poor!s share in the recent economic boom. Valdiviesio is supportive of such an attitude but is weary due to past failures. â&#x20AC;&#x153;The government developed this "Transferencias Monetarias Condicionadas! (Conditioned Money transfer) by which they transferred WD[ UHYHQXH WR SRRU Âľ %XW GXH WR EDGO\ thought out regulations, â&#x20AC;&#x153;women started to get pregnant just to receive money [since] if a woman has a child it would EH HDVLHU WR UHFHLYH SD\PHQW Âľ 6XFK mistakes need to become a thing of the past if the country is to rise above its FXUUHQW GLIĂ&#x20AC;FXOWLHV

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he key moment in election JHTL ^OLU 4HYPV =HYNHZ 3SVZH [OL MHTLK 7LY\]PHU 5VILS 3H\YH[L LUKVYZLK /\THSH JP[PUN ^OH[ OL WLYJLP]LK [V IL 2LPRVÂťZ H\[OVYP[H[P]L [LUKLUJPLZ HZ [OL THPU YLHZVU >OPSL /\THSH LUQV`LK [OL Z\WWVY[ VM [OL Y\YHS WVW\SH[PVU OL Z[PSS SHJRLK HU` ZVY[ VM W\SS ^P[O \YIHU KLTVNYHWOPJZ ;OPZ LUKVYZLTLU[ OLSWLK NP]L HU PU[LSSLJ[\HS YLZWLJ[HIPSP[` [V H JHTWHPNU [OH[ ^HZ WYL]PV\ZS` JYP[PJPaLK HZ ZPTWSPZ[PJ HUK YVV[LK PU [OL UHP]L[t VM [OL Y\YHS WVW\SH[PVU ;OPZ WYVWLSSLK /\THSH [V H WLYJLU[ ]PJ[VY` Since taking over, Humala has been faced with many major problems but one needs his immediate attention: the growing tensions between the investing multinational corporations and the rural people of Peru. As previously mentioned, the country!s land is laden with valuable resources. However, the areas where goods like gold and copper are available are often inhabited by indigenous tribes. These people place tremendous importance on the environment and ZLOGOLIH IRU ERWK VSLULWXDO DQG Ă&#x20AC;QDQFLDO reasons. They argue multinationals are guilty of polluting in important streams and cutting down trees with no real strategy for sustainability. To help alleviate such concerns, the Peruvian government passed a bill that required the prior consultation with indigenous peoples about legislation or infrastructure projects that would affect them or their territories. Proponents see this as a landmark PRPHQW DV LW ZLOO Ă&#x20AC;QDOO\ JLYH D YRLFH to people who for many decades were unable to make themselves heard during negotiations between executives and politicians. According to the law they now have control over their own development. Valdiviesio, a supporter of this law, still believes that for it to be effective the proper GHĂ&#x20AC;QLWLRQ RI DQ LQGLJHQRXV JURXS PXVW be created: â&#x20AC;&#x153;lawyers can easily use ... WKLV ODFN RI FODULĂ&#x20AC;FDWLRQ WR XVH LQ WKHLU RZQ EHQHĂ&#x20AC;W Âľ 7DUUDVHQNR HFKRHG VXFK thoughts. He also emphasised the importance of communication: â&#x20AC;&#x153;[For this to be successful] this will require a real

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ZH`PUN [OH[ Â¸HSS [OL JOHUNL PZ H UL^ ^H` [V L_WYLZZ ÔV `V\ HYL Â® >L HZ O\THU ILPUNZ HYL WYVNYLZZP]L HUK V\Y ZVJPHS UL[^VYRPUN ZOV\SK IL HZ ^LSS I\[ P[ ZLLTZ [OH[ ^P[O -HJLIVVR ^LÂ»SS HS^H`Z IL Z[HYPUN H[ V\Y 7YVÃ&#x201E;SL 7HNLZ ^VUKLYPUN PM [OL WYVNYLZZ JHTL [VV MHZ[ VY PM P[ ^HZ ÔH[ ^L ^HU[LK (Z T` MYPLUKZ -HJLIVVR Z[H[\ZLZ Z[YLHT PU [OPZ ^LLR 0Â»]L JVTL HJYVZZ TVYL ULNH[P]L MLLKIHJR [OHU WVZP[P]L 6UL MYPLUK ^HZ ZV HNP[H[LK H[ OPZ UL^ ]PL^PUNZ [OH[ OL WVZ[LK H X\LZ[PVU HZ [V Ô` ^L JHUÂ»[ IL TLZZHNLK HIV\[ [OL \WKH[LZ VY L]LU NP]LU [OL VW[PVU VM H [\[VYPHS 6[OLYZ OH]L Y\TVYLK [OH[ [OL ZP[L ^PSS ZVVU YLX\PYL H MLL [V IL HJJLZZLK -HJLIVVR X\PJRS` W\[ [OH[ ]PYHS Y\TVY [V YLZ[ ÔLU H ZWVRLZTHU MVY [OL ZP[L JVTTLU[LK Â>L OH]L UV WSHUZ [V JOHYNL \ZLYZ MVY -HJLIVVRÂ»Z IHZPJ ZLY]PJLZ -HJLIVVR PZ H MYLL ZLY]PJL MVY P[Z TPSSPVU \ZLYZ Â® ,]LY`VUL [HRL H TVTLU[ [V ZPNO ^P[O YLSPLM )\[ [OL JOHUNL ^VUÂ»[ Z[VW OLYL HZ PM ^L [OV\NO[ P[ ^V\SK -HJLIVVR \ZLYZ ^PSS HS^H`Z SVVR MVY^HYK [V [OL UL_[ [PTL ^L SVN PU [V Ã&#x201E;UK [OL WYVÃ&#x201E;SL VU ÔPJO ^L ^VYRLK ZV OHYK VU OHZ JOHUNLK \UKLY V\Y UVZLZ HNHPU ;OL L]LY X\LZ[PUN TPUK VM 4HYR A\JRLYILYN HUK OPZ WYVNYHTTLYZ ^PSS JVU[PU\L [V L]VS]L [OLPY ZVJPHS TLKPH WSH[MVYT 0U MHJ[ P[Â»Z HSYLHK` ILLU HUUV\UJLK [OH[ PU [OL ULHY M\[\YL -HJLIVVR WSHUZ [V \U]LPS [OL ;PTLSPUL [OL YLKLZPNU VM [OL -HJLIVVR 7YVÃ&#x201E;SL 0[Â»Z `V\Y WHZ[ WYLZLU[ HUK M\[\YL HZ H ]PZ\HS OPZ[VY`" H ]PZ\HS KVJ\TLU[H[PVU VM HSS [OL [OPUNZ `V\Â»]L HJJVTWSPZOLK NVPUN IHJR HZ MHY HZ `V\Y IPY[O *OLJR V\[ -HJLIVVRÂ»Z )SVN O[[W! ISVN MHJLIVVR JVT HUK NL[ HOLHK VU ÔH[Â»Z [V JVTL ZV `V\ KVUÂ»[ ^HRL \W PU [OL TVYUPUN HUK ^VUKLY Ô` `V\ JHUÂ»[ Ã&#x201E;UK `V\Y 4LZZHNL 0UIV_

Spring 2012 ArbitrageMagazine.ca

Science & Technology !"#$%&%'()*%#+,)-.#$*%//#0()*1(#

TECH INNOVATION 101 3(1%*1#"4,(#45-#64771#4/#&)-)4-7

43 ArbitrageMagazine.ca

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was launched in March 2011 and had actor Ashton Kutcher as one of the investors. To use Zaarly, clients post their locations, proposed tasks, and the amount they’re willing to pay. These tasks appear on a map accessible by participants in the neighbourhood and those willing to respond to the ad set up a face-to-face meeting with the client. Zaarly charges a transaction fee of 9.9% for facilitating the trade. It connects individual buyers and sellers of services over the phone as a third party. Its current usage is concentrated around Boston, Chicago, Los Angles, New York, San Francisco, Seattle and Washington DC. By taking advantage of the rise of mobile apps, GPS technology and social networking, Zaarly has become one the most ondemand errand services. A similar service, Agent Anything, enlists students at Columbia University and New York University to perform tasks for New-Yorkers. Another service, AirRun, is a smartphone app that connects fetchers and seekers across the country. Israeli start-up, Fiverr.com, allows users to post what they will do

for $50, whether it is prank-calling your colleague or to yell at your friends.

The safety of such peer-to-peer networks is in question, with critics pointing to pattern of crimes bolstered by Craigslist. One of the main concerns from JYP[PJZ HUK JP[` VMÄJPHSZ PZ [OL HIPSP[` VM these start-ups to pave way for crimes. The safety of such peer-to-peer networks is in question, with critics pointing to pattern of crimes bolstered by Craigslist. Start-up executives, on the other hand, see the biggest challenge as being getting a balance of users on both sides of the equation - the pool of seekers and fetchers—to make their services attractive. (S[OV\NO UV ÄN\YLZ OH]L ILLU obtained about the revenue streams of these start-ups, they seem to be Y\UUPUN WYVÄ[HISL VWLYH[PVUZ LP[OLY making money through the peerto-peer transaction fees or through embedded advertisements. However, with competition rising, the market only allows for three to turn out successful, as mentioned by Jake Wengroff, Social Media Research Director at Frost & Sullivan. Moreover, if users create personal connections and work together after their initial meetings, the revenue stream might diminish. The growing numbers of these ZLY]PJLZ YLÅLJ[Z [OL MHJ[ [OH[ THU` people like to pay for convenience. And although this idea has been around for years, it is the accessibility of it, bolstered by technology and social media that make it feasible

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oo lazy to walk your dog? Too busy to visit your grandma in the hospital? Want to experience Blair Waldorf’s life for a day? Well there’s an app for that! A growing number of start-up companies have come up with customized apps that can help you get your daily chores done, if you are willing to pay for them. Some of these start-ups, including TaskRabbit, Agent Anything and AHHYS` OLSW `V\ ÄUK `V\Y V^U [LHT VM personal assistants, by spontaneously tapping people in your neighbourhood to perform errands. Past taskmasters, using these services, have paid socalled “gofers” (or the people who volunteer to be your minions) $200 to wait in line for the latest iPhone release and up to $60 to set up their home furniture. A man in Texas paid someone $100 to have a cheeseburger delivered to his house in the middle of the night. Co-founder of Zaarly.com, Bo Fishback, explains the rationale behind such a service, “It’s regular people helping regular people.” This start-up company of 10 employees

Science & Technology 78(9&$:&$1(;#*<(!1-==(,$*1&$

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he Nintendo Wii, Microsoft Kinect, and the Apple iPhone are clear indications that people love working differently with electronics. Instead of being stuck to a controller, joystick, or a keyboard and mouse, people are now free to move around and use their physical selves to navigate around cyber worlds and other frontiers. These different methods of detecting motion have all contributed to the change in the way we think about video games and consumer electronics, often making the virtual feel more intuitive and natural. Arguably, the next step is augmented reality: Modifying the physical world with technology. An example of augmented reality would be Le Bar Guide, an iPhone app that uses the phone’s camera and GPS to determine your location and the bar that you are aiming your camera at. Then, it overlays the image with descriptions of the bar and customer reviews if they’re available. Similarly, there’s an iPhone App called Car Finder, which allows you [V ÄUK `V\Y JHY ^P[OPU O\NL WHYRPUN SV[Z Is augmented reality only feasible on the iPhone? Not exactly, but it’s simple. No one purposely leaves their phone at home or is separated from it for long, unless they are trying to go on a media fast or a self-imposed exile. These apps aim to enhance the physical realm and experience. They hope to change the world by introducing virtual tour guides Apps, games played in the real world environment, or even an overlay showing how your room can be redecorated and a general idea of how it would look. Sure, some may say that it takes away from the thrill of entering a new city or if you’re ever in a situation where you want to explore without guidance, you might not welcome the information that these augmented-reality apps have to offer. However, information is just one

facet and feature that augmented reality has to offer—there are also games, interactions, and social networks.

If this trend takes off, you might never have to step in a retail store again!

will be exciting to see what this kind of technology will have to offer for the future. Even Maclean’s embraces augmented reality and uses it in their latest Rethink issue. Keep your eyes peeled, I’m predicting that augmented reality is an up-and-coming, quickly developing trend!

I’d like to leave you with two augmented reality applications that you can try for yourself. I used these applications on my Windows 7 PC. You’ll need a computer with a webcam for these experiments. First, here’s the Virtual Mirror application by Ray-Ban that allows you to try on sunglasses virtually (not available on a Mac yet). If this trend takes off, you might never have to step in a retail store again! Simply try items on in the comfort of your own home. The second app is a game, found on Newgrounds, called Target. This game allows you to use your webcam and move your body to hit targets that appear on the screen. These two applications are just the beginning of augmented reality, and it

Spring 2012 ArbitrageMagazine.ca

Biz Start Up !"#$%&'()*+(#,-))&+."/#0.(11#2+3.&+

olving real problems for real people is how Cristian Strat, co-founder of Summify, describes his drive to create new products. Here, the 25-year old software engineer from Romania and co-founder of Summify recounts his journey to becoming one of Canadaâ&#x20AC;&#x2122;s newest technological entrepreneurs initiating from the Vancouver-based Incubator Bootup Labs. A software engineer graduate and previous Google intern, Mr. Strat began

45 ArbitrageMagazine.ca

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his entrepreneurial path in Romania by collaborating on the creation of a job search engine. After realizing that entering the international market would provide him with a greater scope of opportunity, Mr. Strat and co-founder of Summify, Mircea Pasoi, left this venture in Romania and moved to Vancouver to participate in the Bootup Labs Incubator. With the supportive atmosphere of the Incubator, the two friends were reassured that failure for most start-ups is normal and that it is crucial to persevere after any initial

disappointment. After extensive reevaluation and reassessment, the idea for Summify began to take shape. Summify creates a periodic summary of the most relevant news stories from your social networks and delivers it by email, web, or to your iPhone. The relevance of an item is determined by which of your friend shared the story, your reading history, as well as popular trends across the web.

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Mr. Strat envisions Summify as an essential part of how people consume information. “The amount of information [OH[ ÅV^Z [OYV\NO [OL ZVJPHS UL[^VYRZ we’re part of increases exponentially. We will need tools that are better suited [V KLHS ^P[O [OPZ PUMVYTH[PVU V]LYÅV^ ¹ explains Mr. Strat. Summify sets out to solve this problem by making sure one is able to stay on top of the more important stuff, “since the problem is VUS` NVPUN [V NL[ ^VYZL¹ An interesting quirk of Summify is that as you follow more people, the results you receive get better and better. Instead of getting bogged with too much data to analyze, the recommendation system thrives in the surplus and yields superior results. This gives Summify the ability to adapt to the inevitable future online JVUKP[PVUZ VM \ZLYZ ILJVTPUN ÅVVKLK with information. Mr. Strat lists the opportunity to push limits across multiple domains and the ability to make a product that

people want as the top highlights of being an entrepreneur. This venture has allowed him to explore what he is passionate about and exploit it by building things people want and value. He suggests entrepreneurs looking into the technology industry take advantage of all the available information. In recent years, the amount of transparency and knowledge sharing within the industry has increased from almost nothing. Cristian also suggests that aspiring entrepreneurs become involved in online communities and peruse quality ISVNZ ^YP[[LU I` PUÅ\LU[PHS WLVWSL ^OV are willing to help. Both co-founders of Summify will be attending the Grow Conference, taking place between August 17th and 19th, because they like and respect the people behind the conference, are fans of the conference founder Debbie Landa, and believe it is one of the most important technology conferences in Canada. They will be participating in the Day 1 closed-door talks between

Canadian entrepreneurs and Silicon Valley investors, as well as attending the Day 2 conference. They will also be showcased in the Launch@Grow event taking place on the evening of August 17th, with the chance to pitch onstage at the Conference in the 18th. As a previous attendee of the Grow Conference, Mr. Strat believes it to be of utmost importance in terms of networking with other technological entrepreneurs in Canada and the Valley. Over the course of the year, the co-founders of Summify have met with important contacts in the Valley, and further developed their relationships. “We even hired someone we met at the .YV^ *VUMLYLUJL SHZ[ `LHY ¹ *YPZ[PHU says. All in all, the Grow Conference for Summify was important in creating meaningful connections with the right people, and they can’t help but “expect [OPZ `LHY [V IL L]LU IL[[LY¹

Spring 2012 ArbitrageMagazine.ca

Biz Start Up !"#$%&'()*+(#,-))&+."/#0.(11#2+3.&+

SPOTLIGHT:

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ar tin- Luc A rchambault begrudgingly refers to himself as a serial entrepreneur. However, his extensive involvement in multiple Canadian start-up companies makes the self description of this 30 year old Angel Investor and founder of Wajam seem true. His current involvement with two prominent Canadian Accelerators, FounderFuel and GrowL abs, diminishes any negative connotations “serial entrepreneur” may carry, and highlights the demand that exists for such an intuitive and dedicated investor and entrepreneur in Canada. The idea for Wajam, a social search plug in, began with a need [V Ä_ HU PU VMÄJL WYVISLT >OPSL OPZ team researched start-up companies at Bolidea, everyone ultimately accumulated the exact same information. It occurred to Archambault: if the team had access to what others members were searching, the research ^V\SK IL JVTWSL[LK TVYL LMÄJPLU[S` and effectively; enter Wajam! Wajam allows you to take your friends’ knowledge with you while ZLHYJOPUN [OL ^LI HSSV^PUN `V\ [V ÄUK more relevant results when searching. This social search technology makes your friends’ knowledge searchable and accessible by collecting what they tweet, post on Facebook or on their Delicious feed, and displaying this information on top of your search results from Google and the like. One of the challenges Wajam is currently facing is the transition from an early-adopter audience to mainstream audience. Early adopters try Wajam, love it and tend to stay with the app, resulting in a low turnover rate. Archambault worries how the transition from the early-adopters to the average Facebook user will be achieved. The Wajam team is currently working on ways to make the social search appealing to this powerful audience by highlighting its importance as an emerging technology.

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Being at the forefront of new technology is not new to Mr. Archambault. Prior to the establishment of the internet, he created a small, internet-like community called BBS, Bulletin Board System, a computer system that allowed users to log in, search for and share information with one another. Following the advent of the internet, Archambault hacked into the primary search engines, Yahoo, Altavista, and Webcrawler, and implemented SEO [HJ[PJZ [V WYVTV[L ZWLJPÄJ ^LIZP[LZ on top of the search engines. After obtaining a degree in Business Administration from HEC-Universite de Montreal, he created a browser toolbar that was downloaded 50 million times. In 2005, this technology, along with its parent company, CDT, was acquired by Zango, an online advertising business able to target ads to individuals based on their searches. In 2008, Archambault, along with Oliver Cabanes and Magali Janviers, co-founded Bolidea, VUL VM *HUHKH»Z ÄYZ[ WYVTPULU[ incubators. It was here that Wajam and other start-ups such as Planbox, Artfox and Acadam, were born. Bolidea also invested in Modasuite, Anomalous Networks, Real Ventures and Montreal Startup. Archambault also takes pride in being an Angel Investor; for him, however, this concept amounts to more than just investing money in an idea that seemingly has potential. Rather, it is about investing in a team and becoming a mentor that can help that team play the game. Archambault uses the analogy of a board game to better explain the role of an Angel 0U]LZ[VY! ¸0M P[ PZ `V\Y ÄYZ[ [PTL WSH`PUN a board game, you don’t know all of the strategies. If you have a teacher, it helps you,” he explains. Mr. Archambault believes Canada is very adept at starting new technologies; however, he thinks we are lacking in

commercialization. As a result, large companies in the US acquire Canadian start-ups. In Archambault’s opinion, the potential exists for Canadians to take new technologies to market, due to their high degree of innovation; these technologies just need to get to market before the competition does in order [V OH]L H ÄNO[PUN JOHUJL Archambault advises aspiring entrepreneurs in the online industry to “try lots of stuff, fail fast, and regroup... look at what you have, and be inspired by it”. He believes failure is necessary because it results in an important learning and growth experience. In his view, there is usually a lot of potential even in ideas that have ultimately failed and this potential is worth examining. Archambault also suggests that startups talk to their customers. He explains that investors will always be there, but without customers, there can be no product or service

Biz Start Up !"#$%&'()*+(#,-))&+."/#0.(11#2+3.&+

Taking Risks & Reaping the Rewards The Next Generation of Young Professionals: Nneka Elliott !

source: http://nicpic.com

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Risk-taking can sometimes be challenging and scary. However, Nneka Elliott, previous weather anchor, reporter, and traffic specialist for CP24, proves that taking risks while \RXŇ&#x2039;UH \RXQJ FDQ OHDG WR PRUH IXOĂ&#x20AC;OOLQJ opportunities in the future. â&#x20AC;&#x153;I don!t want to be somebody who looks back on their life and thinks about all the things they could have doneâ&#x20AC;?. Her current entrepreneurial project, The Media Huddle, launched May 2011, penetrates the structurally unchanging, broadcasting industry by â&#x20AC;&#x153;working smartâ&#x20AC;?- facilitating lasting relationships with the right people. Fearless in the face of change, Ms. Elliott strives on challenging herself; â&#x20AC;&#x153;It lets me know that I!m still there, you gotta shake things up every now and againâ&#x20AC;?. An entertainer at heart, Ms. Elliott has been involved in the broadcasting industry since high school in St. Vincent and the Grenadines. Co-hosting a Saturday morning radio show, she was writing and hosting on-air before enrolling in the Radio and Television Arts program at Ryerson University. Being a black woman from the Caribbean, the Montreal native felt at a disadvantage when entering University, but was determined to work hard and volunteer to gain more Canadian broadcasting experience. During her third year of the RTA program, Ms. Elliott received an internship with CFRB Radio and began anchoring. Before CFRB became The Weather Network, Nneka was audio

editing during the week and anchoring on weekends, while still attending Ryerson University. When the CFRB became CP24, she worked full-time as a weather specialist, reporter and anchor for CP24. Knowing who to speak to in the industry really helped Ms. Elliott reach her professional position in such a short time. â&#x20AC;&#x153;It was not just the action part ofâ&#x20AC;Śvolunteering, but reaching out to the people who I knew could offer me advice,â&#x20AC;? she says. This mentality has been ingrained in The Media Huddle- a skills development and consulting company that supports media professionals. An offshoot of working in the traditional broadcasting industry, The Media Huddle is Ms. Elliott!s way of giving back to the community by helping and inspiring young people, as well as misguided professionals- those who may not be approaching the industry in the right way. â&#x20AC;&#x153;It is a platform for people to learn about their industry,â&#x20AC;? says Ms. Elliott. Through many forms of media including industry focused events, online engagement and training, budding broadcasters and seasoned professionals can connect with each other. â&#x20AC;&#x153;I feel that those two groups can learn a lot from each other,â&#x20AC;? she says. Exploring everything the world has to offer, continuing to grow, and being challenged are three characteristics that are admired in her by family, friends, and co-workers. â&#x20AC;&#x153;She is such a wonderful, warm, engaging person and so great on the air,â&#x20AC;? said Joanne Macdonald, Vice President of CTV, and Executive Producer at CP24, and one of the panellists at â&#x20AC;&#x153;You!re Onâ&#x20AC;?, an industry focused event held on October 13, 2011 in Toronto put on by The Media Huddle. Bringing t o g et h e r media professionals who are willing to give up their time and energy to help budding broadcasters is fundamental to Ms. Elliott. â&#x20AC;&#x153;I never say no,â&#x20AC;? says Nelson

Millman, Executive Producer at Rogers Sportnet, and panellist at â&#x20AC;&#x153;You!re Onâ&#x20AC;?. â&#x20AC;&#x153;I got an e-mail and that!s how you make progress these days. You reach out and hope someone reaches back.â&#x20AC;? Characterized by her performing talent, Ms. Elliott is surrounded by people who are willing to support her in any situation. â&#x20AC;&#x153;We would do anything for Nneka, anything,â&#x20AC;? says Amber Payie, 7UDIĂ&#x20AC;F VSHFLDOLVW IRU &3 &KXP)0 TSN Radio and Flow93.5. â&#x20AC;&#x153;She actually inspired me to [start my own company]â&#x20AC;Ś Now there!s somebody who!s being a leading lady in her own life.â&#x20AC;? Having the drive and determination to achieve her goals, Ms. Elliott inspires individuals around her. â&#x20AC;&#x153;She is a leader, a go-getterâ&#x20AC;? says Fitzroy Gordon, Founder, President and Station Manager for G98.7FM. â&#x20AC;&#x153;We have a gem hereâ&#x20AC;ŚI call her my little diamond in the roughâ&#x20AC;?. A woman with many varied skills, she is motivated by her need to give back to the community. â&#x20AC;&#x153;I think it!s important for us to contribute to something that is bigger than us,â&#x20AC;? Ms. Elliott says. A talented and creative individual, she is a young professional to watch for in the future

Spring 2012 ArbitrageMagazine.ca

Student Trends Resources Co. 89,-*.(,:#$#&(;,<.(%)&=(*=>4(0?

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An Exclusive Interview with Silvia Gomes, GTA Campus Recruitment Manager for PwC Canada

49 ArbitrageMagazine.ca

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s the clock struck 10AM, I found myself VU [OL [O Ă&#x2026;VVY SVII` of Royal Trust Tower at the Toronto-Dominion Centre, on 77 King West Street. This ZL[[PUN PZ WLYOHWZ IL[[LY RUVÛ HZ [OL YLJLW[PVU Ă&#x2026;VVY MVY [OL 7^* .;( VMĂ&#x201E;JL In front of me lay the visual plans of [OL UL^ 7^* 6MĂ&#x201E;JL ;V^LY VU @VYR :[YLL[ [OL Ă&#x201E;YZ[ VM [OYLL I\PSKPUNZ [OH[ will form the Southcore Financial Centre complex. (Z 0 HKTPYLK [OL VMĂ&#x201E;JL JVUJLW[Z HUK Ă&#x2026;VVY WSHUZ 0 ^HZ NYLL[LK I` :PS]PH .VTLZ [OL .;( *HTW\Z 9LJY\P[TLU[ 4HUHNLY MVY 7^* :PS]PH .VTLZ ILNHU OLY JHYLLY ^P[O 7^* PU as a summer student, joining full time PU 0U 4H` :PS]PH [VVR VU [OL YVSL VM .;( *HTW\Z 9LJY\P[TLU[ Manager for the Audit & Assurance .YV\W ÔPSL JVU[PU\PUN OLY ^VYR ^P[O ZL]LYHS VM OLY (\KP[ (ZZ\YHUJL .YV\W clients. (M[LY ZVTL IYPLM NYLL[PUNZ ZOL SLK TL [V OLY VMĂ&#x201E;JL ÔLYL ^L MV\UK ourselves immersed in a conversation YLNHYKPUN L]LY`[OPUN 7^* HUK recruitment related:

into third year, he started coaching me HIV\[ NVPUN [V [OLZL YLJY\P[PUN L]LU[Z and meeting people. And so I did. ;V IL OVULZ[ 0 LUQV`LK HSS VM [OL sessions I attended and the individuals MYVT HSS [OL Ă&#x201E;YTZ 7^* ^HZ [OL Ă&#x201E;YZ[ information session I went to, and [OL` RPUK VM ISL^ TL H^H` MYVT [OL ILNPUUPUN 0[ ^HZ H ]LY` KPMMLYLU[ ZLZZPVU MYVT [OL V[OLY Ă&#x201E;YTZ! SPNO[ hearted and social, where you were SLHYUPUN HIV\[ [OL Ă&#x201E;YT I\[ P[ ^HZ directly through genuine conversations. @V\ ^LYL JVTMVY[HISL PU ZWLHRPUN [V every one of them. That kind of stood V\[ HZ T` Ă&#x201E;YZ[ PTWYLZZPVU 0M HU`VUL HZRZ H Ă&#x201E;YT YLWYLZLU[H[P]L ^O` [OL` JOVZL H WHY[PJ\SHY Ă&#x201E;YT [OL typical clichĂŠ answer is: the people. I SPRL [OL WLVWSL H[ HSS [OL Ă&#x201E;YTZ 0[ ^HZ H TH[[LY VM ^OLYL 0 MLS[ JVTMVY[HISL ILPUN T`ZLSM -PUKPUN [OPZ Ă&#x201E;[ PZ SPRL HU PU[HUNPISL ;OLYL ^LYL [HUNPISLZ HZ ^LSS 0ÂťT H huge proponent of non-specialization, where one gets to interact with a variety VM JSPLU[Z HUK I\PSK L_WLYPLUJLZ 7^* ^HZ [OL VUS` Ă&#x201E;YT [OH[ YLHSS` WYVTV[LK non-specialization at the time, which I really appreciated.â&#x20AC;?

Silvia, how did you join PwC? What made you join the firm? What attracted you to the profession?

With an understanding of her past, I fast-forwarded to the present: Can you take me through a typical day in the life of Silvia Gomes?

â&#x20AC;&#x153;I was a student at the Schulich :JOVVS VM )\ZPULZZ H[ @VYR <UP]LYZP[` HUK YLHSS` LUQV`LK ILPUN WHY[ VM [OL program. I knew early on that I wanted to get into Accounting. I wasnâ&#x20AC;&#x2122;t really familiar with networking, recruitment, and the PTWVY[HUJL VM I\PSKPUN `V\Y UL[^VYRZ LHYS` VU K\YPUN [OL Ă&#x201E;YZ[ ML^ `LHYZ H[ ZJOVVS I\[ 0 ^HZ MVY[\UH[L [V OH]L a really important mentor throughout my time at Schulich. As I was going

Â¸;V IL OVULZ[ 0 KVUÂť[ YLHSS` OH]L a typical day. I think itâ&#x20AC;&#x2122;s a function of T` \UPX\L YVSL ILJH\ZL 0 KV IHSHUJL JSPLU[ ^VYR HUK YLJY\P[PUN 6U HU` NP]LU KH` 0 JV\SK IL KVPUN VUL VM IV[O VM H SP[[SL IP[ VM LHJO TVYL VM VUL VY SLZZ of the other. What is a guarantee each day is interaction with people, coaching â&#x20AC;&#x201C; IV[O YLJLP]PUN P[ HUK NP]PUN P[ Âś HK]PZPUN students and clients, and lots of great JVMMLL IYLHRZ ^P[O Z[\KLU[Z HUK JSPLU[Z +\YPUN I\Z` YLJY\P[TLU[ ZLHZVU [OLYL PZ WSLU[` VM HUZ^LYPUN VM LTHPSZ I\[ thatâ&#x20AC;&#x2122;s true for clients as well. I am a IPN ILSPL]LY [OH[ ^OLU 0 NL[ HU LTHPS LZWLJPHSS` VUL [OH[ YLX\PYLZ H IPN response, I would rather talk to the individual one-on-one.â&#x20AC;? Many students, myself included, are interested in learning about work-

life balance. As we settle into our careers, weâ&#x20AC;&#x2122;ll need to start thinking long-term: whether we want to start a family, travel and explore the world, or invest time in causes that are important to us. So I asked Silvia, herself in this particular stage of life, what she thought of work-life balance in her position at PwC: â&#x20AC;&#x153;I donâ&#x20AC;&#x2122;t think that in this day and HNL [OLYL PZ Z\JO H [OPUN HZ IHSHUJL in a professional career. But there PZ Ă&#x2026;L_PIPSP[` 0U H I\ZPULZZ SPRL V\YZ where we are catering to our clients, ^OL[OLY [OVZL IL L_[LYUHS JSPLU[Z [OH[ WH` [OL IPSSZ VY V[OLY PUKP]PK\HSZ Z\JO as students, we do work on cycles. We need to meet deadlines and we ULLK [V THRL V\YZLS]LZ H]HPSHISL >OH[ 0 HWWYLJPH[L PZ [OL Ă&#x2026;L_PIPSP[` HUK PUKLWLUKLUJL [OH[ 7^* HSSV^Z Time for a shift in gears. We put recruitment centre stage. With the recruiting season in full throttle, we could all use some advice from a recruiterâ&#x20AC;&#x2122;s perspective. Silvia answered on the following: (1) What is PwC looking for when hiring students? â&#x20AC;&#x153;I think there is no magic formula. 6M JV\YZL 0 ^PSS NP]L `V\ [OL HYN\HIS` clichĂŠ answer: a well-rounded individual. Academic performance is very important. There is a strong correlation IL[^LLU `V\Y HJHKLTPJ YLJVYK HUK `V\Y HIPSP[` [V NL[ [OYV\NO [OL <-, HUK IL HISL [V WLYMVYT ^LSS PU H [LJOUPJHS environment which we operate in. Apart from that, the soft skills are important as well. We want individuals who have ZOV^U SLHKLYZOPW ZRPSSZ HU HIPSP[` [V ^VYR PU [LHTZ HU HIPSP[` [V JVTT\UPJH[L ^LSS HUK TVZ[ PTWVY[HU[S` [OL HIPSP[` [V YLHSS` I\PSK HUK Z\Z[HPU YLSH[PVUZOPWZ ([ the end of the day, we want to trust that we can put them in front of our clients HUK [OL` JHU I\PSK [OVZL YLSH[PVUZOPWZ Âš (2) What advice do you have for students when writing their resumes? â&#x20AC;&#x153;I think the resume is a fairly cold document. Thereâ&#x20AC;&#x2122;s not much creativity Spring 2012 ArbitrageMagazine.ca

Student Trends Resources Co.

that can go into that. I think my piece VM HK]PJL PZ [V YLHSS` [OPUR HIV\[ [OL question: So what? This is the piece of advice I was given when I went through the process, and something I really value. For everything you write on your YLZ\TL `V\ ZOV\SK IL HKKYLZZPUN Ô` P[ PZ PTWVY[HU[ (S^H`Z [HSR HIV\[ the results. What did you learn? What PTWHJ[ KPK `V\ OH]L& (S^H`Z IL HISL to say why it matters. Where you can, KLĂ&#x201E;UP[LS` [Y` [V X\HU[PM` YLZ\S[Z Âš (3) How important are marks when considering if a candidate should be offered a position? â&#x20AC;&#x153;We take a look at the holistic HWWSPJH[PVU @V\ ZOV\SK IL HISL [V account for your time and what you were achieving through the usage of your time. There are always different cases we look at.â&#x20AC;? (ZZ\TPUN VUL PZ X\HSPĂ&#x201E;LK LUV\NO to make it this far, what tips do you have for students when preparing for an interview? During the interview? â&#x20AC;&#x153;Be yourself. Never try to give the response that you think the interviewer ^HU[Z ;OL PU[LY]PL^LYZ OH]L ILLU doing this for a while and they can tell ÔLU H JHUKPKH[L PZ ILPUN NLU\PUL HUK ÔLU OL VY ZOL PZ UV[ @V\ ZOV\SK WVY[YH` ÔV `V\ HYL HUK IL JVUĂ&#x201E;KLU[ in doing so. 9LTLTILY [OH[ [OL PU[LY]PL^LYZ want to see you do well. They want

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`V\ [V W\[ `V\Y ILZ[ MVV[ MVY^HYK HUK theyâ&#x20AC;&#x2122;ll guide the conversation to make it natural. Maintain good eye contact and WVZ[\YL ;Y` UV[ [V Ă&#x201E;[ L_HTWSLZ PU[V H X\LZ[PVU >L Ă&#x201E;UK [OH[ JHUKPKH[LZ OH]L a few good examples, and they try to mold it into a response. Listen to the X\LZ[PVU ILPUN HZRLK Âš (5) Networking. It can be a great way for students to learn more about the firms, as well as for the firms to get to know potential future employees. Can you educate our readers on the Doâ&#x20AC;&#x2122;s and Donâ&#x20AC;&#x2122;ts at networking events? >OH[ ZOV\SK VUL [HSR HIV\[ ^OLU networking at an information session? Â¸+VUÂť[ IL ULY]V\Z I\[ [OH[ÂťZ PUL]P[HISL )L `V\Y [Y\L ZLSM 9LTLTILY that these individuals are people [VV ;OL` TH` IL *(Z UV^ I\[ [OL` YLTLTILY ^OH[ P[ÂťZ SPRL [V IL PU `V\Y shoes. Ask things you are interested in. I really encourage you to get to know [OL PUKP]PK\HS VU H WLYZVUHS IHZPZ [V see if this is a type of organization you ^V\SK Ă&#x201E;[ PU[V To stand out, it just always comes IHJR [V ILPUN `V\YZLSM HUK NLU\PUL ^P[O [OL Ă&#x201E;YTZ >L ^HU[ PUKP]PK\HSZ [OH[ want us as much as we want them. If youâ&#x20AC;&#x2122;re taking the time to show that organization youâ&#x20AC;&#x2122;re generally interested in them, you will stand out. Another key trait is empathy: one way a student will Z[HUK V\[ [V TL PZ I` PU]VS]PUN V[OLYZ PU

the conversation, and allowing others to have a chance to speak. It speaks H SV[ HIV\[ [OH[ WLYZVUÂťZ JOHYHJ[LY Âš This past summer, PwC launched their new campaign: Brilliant Futures. Brilliant Futures focuses on how a career with PwC can be as customized and individual as you are. When asked about the new campaign and the strategic change from their former campaign â&#x20AC;&#x153;Take the Lead,â&#x20AC;? Silvia remarked: Â¸>L HYL YLHSS` L_JP[LK HIV\[ V\Y new campaign. Brilliant Futures was really meant to align with our whole UL^ IYHUK 0[ PZ T\JO TVYL [OHU UL^ Ă&#x2026;HZO` JVSV\YZ HUK H JYPZW SVNV 0[ ZWLHRZ ^OV ^L HYL HZ H Ă&#x201E;YT -VY \Z P[ÂťZ HSS HIV\[ YLSH[PVUZOPWZ HUK ]HS\LZ whether it is with our people or our clients. The realignment takes a step IHJR PU [Y`PUN [V \UKLYZ[HUK ^OH[ [OPZ ZWLJPĂ&#x201E;J PUKP]PK\HS YLX\PYLZ HUK OV^ we can help them and try to add value to them.â&#x20AC;? 7HY[PJ\SHYS` MVY [OL UL^ YLJY\P[PUN campaign, Silvia noted: â&#x20AC;&#x153;It is a new generation of youth JVTPUN PU[V [OL Ă&#x201E;YT [OHU PU [OL WHZ[ and you will hear partners echo this as well. The point is that irrespective of who you are, irrespective of what you ]HS\L PYYLZWLJ[P]L VM OV^ `V\ KLĂ&#x201E;UL success as an individual, we think and ^L WYVTPZL [OH[ `V\ ^PSS IL HISL [V HJOPL]L Z\JJLZZ H[ 7^*

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89,-*.(,:#$#&(;,<.(%)&=(*=>4(0?

StudentStudent Resources Trends Co. 89,-*.(,:#$#&(;,<.(%)&=(*=>4(0?

The new campaign features individuals from across the country—whom we call our ‘superstars’ internally—who all had different experiences, taken KPMMLYLU[ WH[OZ HUK HYL ]LY` ZH[PZÄLK with the learning, the development, and the opportunities they have had H[ [OL ÄYT ,HJO VM [OLPY Z[VYPLZ PZ ]LY` different. The campaign acknowledges [OL ÄYT»Z YLJVNUP[PVU [OH[ L]LY`VUL is unique, and that you might have a different idea for what your career path ZOV\SK IL JVTWHYLK [V [OL WLYZVU ILZPKL `V\ ¹

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With a broad overview of the new PwC recruitment campaign, I narrowed the focus on internships and full-time opportunities at the ÄYT :PS]PH ^HZ TVYL [OHU ^PSSPUN to comment: “The summer opportunities I am HS^H`Z ]LY` MVUK VM [OL` HYL KLÄUP[LS` MHU[HZ[PJ I\[ ILJH\ZL 0 ^HZ H Z\TTLY Z[\KLU[ 0 HT H IP[ IPHZLK ;OL` NP]L a great sneak peek into the culture H[ 7^* HUK [OL RPUK VM ^VYR `V\»K IL L_WVZLK [V K\YPUN [OL ÄYZ[ JV\WSL VM `LHYZ H[ [OL ÄYT ,]LY`VUL HS^H`Z QVRLZ [OH[ [OL OPLYHYJO` H[ 7^*·^OPJO I don’t think there really is one —is said [V IL! Z\TTLY Z[\KLU[Z WHY[ULYZ [OLU everyone else. The summer students have an amazing experience. As part of this summer program, we are really committed to allowing the Z\TTLY Z[\KLU[Z [V I\PSK HZ THU` relationships and as many points of JVU[HJ[ HZ WVZZPISL H[ [OL ÄYT ,]LY` second Friday, we host what we call our ‘Summer Friday’ sessions. These are sessions dedicated to promoting professional and personal growth. We OH]L JV\YZLZ SPRL I\ZPULZZ L[PX\L[[L classes, professional or speaking classes, healthy eating and lifestyle classes. We’ll have partners come in HUK [HSR [V [OL NYV\W HIV\[ [OLPY JHYLLY paths. We also have many panels. For VUL VM [OL ZLZZPVUZ ^L IYV\NO[ PU H 7^* HS\TUP WHULS ^P[O PUKP]PK\HSZ who had gone on to do very different HUK \UPX\L [OPUNZ I\[ ^OV HSS RPJR Z[HY[LK [OLPY JHYLLYZ H[ 7^* 6UL VM them is in equity research, another is a director at Sony Canada, and yet HUV[OLY PZ UV^ [OL *-6 VM [OL ;VYVU[V

Argonauts. After all of these sessions, we have socials that are very fun as well—karaoke, salsa dancing, comedy JS\IZ HUK )S\L 1H`Z NHTLZ 6\Y M\SS [PTL HUK JV VW VWWVY[\UP[PLZ HYL MHU[HZ[PJ HZ ^LSS @V\ HYL HS^H`Z given the training that you need, with lots of support and development. At [OL M\SS [PTL Z[HNL [OL <-, WYVNYHT PZ very strong to allow you to get through

[OL IPNNLZ[ TPSLZ[VUL PU [OH[ ÄYZ[ `LHY ¹ I really wanted Silvia to share her OVSPZ[PJ WLYZWLJ[P]L VM [OL ÄYT HZ well. While ultimately the decision HZ [V ^OPJO ÄYT [V QVPU ^PSS KLWLUK heavily on its people, having a broad \UKLYZ[HUKPUN VM [OL ÄYT HUK ^OLYL it’s headed is also important.

Spring 2012 ArbitrageMagazine.ca

Student Trends Resources Co. 89,-*.(,:#$#&(;,<.(%)&=(*=>4(0?

With that, Silvia answered the following: What do you think sets PwC apart MYVT [OL V[OLY HJJV\U[PUN Ă&#x201E;YTZ& Whatâ&#x20AC;&#x2122;s your competitive advantage? â&#x20AC;&#x153;I think what it really comes down to is our focus on relationships and value. ;OH[ÂťZ RL` (SS [OL Ă&#x201E;YTZ HYL [LJOUPJHSS` Z[YVUN I\[ [OH[ÂťZ Q\Z[ H NP]LU ;OL marketplace expects that. Itâ&#x20AC;&#x2122;s not a differentiator. The market knows they JHU NV NL[ HU H\KP[ MYVT +LSVP[[L ,@ VY 274. HUK [OLPY ZOHYLOVSKLYZ ^PSS value it equally. Itâ&#x20AC;&#x2122;s our commitment to our stakeholders: (1) our commitment to the JVTT\UP[` [OYV\NO V\Y MV\UKH[PVUZ" our commitment to our people, allowing them to have different experiences and opportunities across a line of services with the national organization and

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internationally; and (3) having that LTWH[O` MVY V\Y JSPLU[Z HZ ^LSS I` working around their schedules.â&#x20AC;? Where do you see PwC Canada in the near and distant future? Â¸7^* *HUHKH PZ NYV^PUN 0[ÂťZ VU H mission to grow, and weâ&#x20AC;&#x2122;re very excited HIV\[ [OH[ Meeting our goal is going to come out of some organic growth and some acquisitions in our C&D, Audit and Tax practices. What this really means is THU` VWWVY[\UP[PLZ MVY IYPNO[ `V\UN minds to capitalize from that growth. >LÂť]L HSZV Q\Z[ OHK V\Y UL^ *,6 Z[LW into his term. With that comes fresh L_JP[LTLU[ ^P[O ^OLYL ^LÂťSS IL OLHKLK ;OLYL PZ WSLU[` VM ÂşUL^Âť MVY 7^* *HUHKH! UL^ IYHUK UL^ YLJY\P[PUN JHTWHPNU UL^ I\PSKPUN UL^ *,6 Weâ&#x20AC;&#x2122;re going to continue focusing on doing what we do wellâ&#x20AC;&#x201D;treating V\Y JSPLU[Z HUK WLVWSL ^LSSÂˇI\[ NYV^PUN V\Y I\ZPULZZ [V HSSV^ MVY UL^ opportunities.â&#x20AC;? Whatâ&#x20AC;&#x2122;s a typical career path like within PwC? â&#x20AC;&#x153;That comes down to the individual. 6WWVY[\UP[PLZ HYL LUKSLZZ H[ [OL Ă&#x201E;YT The idea is that, at each step of the way, `V\ÂťSS IL HISL [V ZLL ^OH[ THRLZ ZLUZL

for you given at what stage in life you TH` IL PU >OH[ `V\ÂťSS ]HS\L PU H JHYLLY ^PSS KLWLUK ^OLYL `V\ Ă&#x201E;UK `V\YZLSM PU life. The skyâ&#x20AC;&#x2122;s the limit.â&#x20AC;? As closing remarks, it doesnâ&#x20AC;&#x2122;t hurt to get some valuable advice from a head recruiter at one of Canadaâ&#x20AC;&#x2122;s WYLTPLY HJJV\U[PUN Ă&#x201E;YTZ :PS]PH ended our conversation with the following advice for accounting students hoping for a career at PwC: Â¸7LYZL]LYL WLYZL]LYL WLYZL]LYL 0M P[ PZ `V\Y NVHS [V ILJVTL H *(Âˇ which is an amazing goalâ&#x20AC;&#x201D;donâ&#x20AC;&#x2122;t give \W >VYR YLHSS` OHYK +VUÂť[ IL HMYHPK of hard work. It will serve you well in [OL LUK 7LVWSL HYL HS^H`Z ^PSSPUN to help and support those that work OHYK 7LVWSL ^PSS Z\WWVY[ [OVZL [OH[ are goodhearted and empathetic to [OLPY ULPNOIVYZ :[HY[ KL]LSVWPUN [OH[ HIPSP[` [V ^VYR OHYK HUK IL WHZZPVUH[L HIV\[ ^OH[ `V\ KV LHYS` VU Z\JO [OH[ you can carry that forward into your JHYLLY [V IL Z\JJLZZM\S PU OV^L]LY `V\ KLĂ&#x201E;UL Z\JJLZZ Âš ;V SLHYU TVYL HIV\[ 7^* *HUHKH and their new campaign, Brilliant -\[\YLZ ]PZP[ [OLPY ^LIZP[L ^^^ W^JIYPSSPHU[ M\[\YLZ JH MVY TVYL information, personal stories, and SPURZ [V [OLPY ISVNZ HUK ]HYPV\Z ZVJPHS media channels

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PwC Canada has been the recipient of a number of prestigious awards, such as being named one of Canadaâ&#x20AC;&#x2122;s Top 100 Employers, GTAâ&#x20AC;&#x2122;s Top Employers, as well as praised for their Diversity Outreach Strategy. Globally, PwC has been named one of Fortuneâ&#x20AC;&#x2122;s â&#x20AC;&#x153;100 Best Companies to Work Forâ&#x20AC;? in 2005-2011, and ranked #2 on BusinessWeekâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Best Places to Intern â&#x20AC;? list in 2008.

StudentStudent Resources Trends Co. 89,-*.(,:#$#&(;,<.(%)&=(*=>4(0?

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Student Co. !"#$%&'%&(#)*+,#-(.//#0&*(%&

A Guide to Making The Most of Your Clubs Connect with like minds, gain valuable experience and have a blast!

lubs week is awesome. Anyone that knows me knows that one of my favourite times of year is clubs week. (Not an exaggeration.) It’s a great way to re-connect with old friends and learn more about their interests and passions. At the same time, it’s also a wonderful time to meet new friends and learn more about what they do. For all of you unfamiliar with clubs week: universities and colleges typically hold an event where students can a taste of each and every club in one convenient location. This week-

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long event has club executives and leaders connecting with all sorts of students interested in their club. Like minds connect with like minds, and sometimes lifetime friendships are kindled at clubs week. Depending on how clubs at your school work, you either pay to register H[ [OL LUK VM JS\IZ ^LLR VY H[ [OL ÄYZ[ general meeting of each club. Either way, most schools require that you pay a small fee to join the club, to carry on club operations. As a student, I was interested in getting the most bang for

my buck, and I’m interested in helping you do the same: 1. Interview for an Executive Position The best way to get the most thorough club experience is to be on the other side of the club – the side that organizes and runs events. This means applying for an executive position, so that you can: Meet the rest of the executive team, ^OV HYL Z[\KLU[ SLHKLYZ PU `V\Y ÄLSK of interest. Not only do they make for great friends, they also offer advice and

Student Co.

Illustration: Summer Zhang

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encouragement that you might not get otherwise. Plus, you might run PU[V [OLT PU `V\Y ÄLSK ^OLU `V\»]L graduated. Connect with club members, and gain valuable experience in organizing events and expertise in whatever your club does. For example, with social clubs, you might have to hustle and sell tickets to club events. With academic clubs, you might have to lead seminars or get in touch with industry professionals. The possibilities are endless! Gain relevant experience to show future employers. A lot of organizations look at extracurricular experience. Here’s your chance to demonstrate to these recruiters what you’re capable of doing! I know that not all of you think you’re the most gung-ho leader or the most JVUÄKLU[ PU[LY]PL^LL I\[ UV[ HSS JS\IZ are necessarily looking for that type of person. You might think you’re a bit inexperienced, but maybe the club is looking for a blank slate to teach and pass their experience on to. (Not to call you a blank slate…) Besides, interviewing itself can be a great experience as well. You won’t leave empty-handed: worst-case scenario, you’ll end up with an idea of ^OH[ RPUK VM X\LZ[PVUZ [OH[ ZWLJPÄJ club asks, what kind of person they’re looking for, and you’ll have made an impression on each of the interviewers. If they don’t remember you the next time you bump into them, it’ll be more

likely that they’ll remember you after you re-introduce yourself. 2. Attend all club events One of the most crucial aspects to being an executive member is the fact that they are forced to attend all events. This is how they naturally bond. Luckily for you, this essential trait can be replicated whether you are executive or not if you go to every event and connect with the club. Events are great ways to connect and reconnect with your fellow club members and the executive team. The only asterisk is this: you have to make your presence known. It won’t really do you much good if you just go to the meeting and sit in a corner in your own bubble. Go ask a question, or meet someone new. Find out something interesting about them – what they do for the club, what they study, or what [OL` ÄUK TVZ[ PU[LYLZ[PUN HIV\[ [OL JS\I VY [OLPY ÄLSK VM Z[\K` 3. Audit Other Clubs As students, we’re on a very limited budget. Understandably, you can’t sign up for all the clubs you really wanted to join. You pick a few that are at the top of your list or priorities – but what do you do with the rest? Here’s an idea: connect with an executive member from the other clubs you were interested in, and ask if you can sit in on a members meeting, a seminar, or an event. Tell them that you wanted to test the waters before joining

their club – they’ll understand, because they’re students too! They’ll provide you ^P[O PUMVYTH[PVU `V\»SS OH]L \UVMÄJPHSS` connected with them (and so it’ll be easier to start a conversation as well as ask for more information), and you now know where and when they’re holding the meeting. Of course, only do this if you actually intend to join. I don’t advocate mooching (or trying to mooch) a free membership off the club. They need the money to survive! If you’re already an executive of another club, this is a great way to get in touch with clubs and make connections that weren’t there before. Cross promotion is a wonderful thing in university, and everyone could use a little more love and support at their events. Maybe the Economics Students Association will give your club members discounted rates if they sign up for their exam bank through your club, or maybe the social club on campus will send members to your lectures if you can get them more attendees to their events. You’re going to be adding value for both parties, which is a beautiful thing for members and executives alike. Gear it up! You might learn something new about university, the world, or yourself. Clubs week is over at UWO, so I’ll have to party away the blues on the weekend, but the school year is just beginning! The possibilities are endless. Grab your [Y\Z[` PUR` WLU HUK Z[HY[ ÄSSPUN V\[ those executive application forms that you just printed out. Cheers! Spring 2012 ArbitrageMagazine.ca

Student Co. By Cassandra Ruggiero, AIESEC Canada Inc.

IT’S HARD TO FIND SOFT SKILLS: et’s face it. It’s a tough time to be a recent university graduate. For years we have worked extremely hard to pass every class, and hold parttime jobs to pay our way through school. We have been brought up to believe that with a university education, we will land our dream job immediately and start living the good life. Unfortunately for many recent graduates, this dream has not become a reality. With youth unemployment twice the national rate at 14%, what is the issue and what can graduates do to increase their chances of being hired? AIESEC has been asking exactly this question to the corporate organizations that they work with on a day-to-day basis. The Canadian headquarters of the world’s largest student-run organization hosted a “Youth to Business Panel” on Friday July 29th, along with the Toronto Financial Services Alliance (TFSA), that brought together top student leaders HSVUN ^P[O ÄUHUJPHS HUK 0; ZLJ[VYZ executives in Toronto. The main topic on everyone’s mind: talent acquisition in Canadian industries. It was an opportunity for students to understand why young graduates are not being hired, and analyze how they could avoid becoming part of the steadily growing “Boomerang Generation”. For TFSA, and other organizations present, it was a chance to message exactly what young job seekers are missing right now. Their clear and resounding answer? Soft Skills. As opposed to hard skills that are LHZPS` X\HU[PÄLK I` VUL»Z SL]LS VM education, soft skills cannot simply be learned through books; they have to be acquired through experience. Dr. Catherine Chandler-Crichlow of the Centre for Excellence at TFSA expressed that, “the hardest soft skill to ÄUK PZ V\[ VM [OL IV_ Z[YH[LNPJ [OPURPUN 0 ÄUK [OH[ THU` 0 `V\UN QVI ZLLRLYZ are missing the ability to communicate messages clearly, and missing the ability to connect them to different stakeholders.”

57 ArbitrageMagazine.ca

Spring 2012

“Being genuine is one of the most important [soft skills] you can have,” indicated Joe Mazzei from the City of Toronto. He continued that,

“The world has changed around us. It is no longer advantageous to simply have an undergraduate degree,” stated Margaret Parent, a Director for the Insurance Institute of Canada,

“If an employer can connect your personality with the brand “Young graduates also need of the organization, you have a to draw on, or cultivate, the soft skills necessary in the foot in the door.” workplace through their group If there is a lack of these skills in work, part-time jobs, volunteer graduates, it is clear that our university work, sports teams and other system is not supplying us with the out-of-class activities.” opportunities to acquire them. So if we cannot learn these skills in the classroom, perhaps its time to start thinking outside of it. Getting involved in extra-curricular activities that offer the platform to develop soft skills is key. Organizations, such as AIESEC, provide students with real world opportunities to develop and perfect these sought after skills. Operating and managing the aspects of a small business, networking with business executives, and team management are some examples of soft skills that AIESEC members develop through their involvement during their university years.

The good news is that students have resources on campus in the forms of faculty clubs or student organizations, some with a global reach like AIESEC. They simply have to look outside the JSHZZYVVT [V ÄUK [OLT For over 50 years, AIESEC Canada has been facilitating their Global Internship Program in Canada and abroad for companies, students and recent grads. AIESEC Canada is one part of the world’s largest studentrun organization and is based out of Toronto. For more information please visit www.aiesec.ca or email info@ aiesec.ca

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