MONEY NOVEMBER 2015 ISSUE 33 by BE.COMMUNICATIONS

BUSINESS | LIFESTYLE | DESIGN

CREATIVITY AND DESIGN ISSUE 33

DESIGNER

NADINE NOKO DIGITAL DESIGN

MALTA’S FILM INDUSTRY THE VALUE OF CRAFTSMANSHIP

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CONTENTS

WELCOME As George Orwell famously wrote, “All animals are equal, but some animals are more equal than others.” Transcribed to our world, that means that we enjoy working on all issues of Money. But for the creativity and design issue, we take it personally and push that little bit more, simply because we form part of the creative industry. In recent years, activities which generate knowledge, information and creativity have increasingly become an essential part of the economy. From marketing and design to architecture and the arts, there is an increasing appreciation not only of the proverbial form, but also of their economic function. Take film, for instance. Recently, the first behind-the-scenes footage to promote By the Sea, starring Angelina Jolie and Brad Pitt, was released. Mainly filmed around the spectacularly beautiful Mgarr ix-Xini, By the Sea will be released shortly. In the same week that this footage was released, we had Christian Bale in Malta filming The Promise. This year, Malta hosted 10 major film productions which, according to Malta Film Commissioner Engelbert Grech, will contribute some €100m to the Maltese economy. The local film industry’s growth can be especially appreciated, considering that just two years ago, the direct contribution was only €5m. Apart from the direct contribution, Grech says the film industry also generates plenty of spin-off activity while enhancing Malta’s profile and visibility. In this issue of Money, we also meet local designers who are making a name for themselves. A few years go, Michael Azzopardi moved to London, where he co-founded digital product company Sebazzo with Sebastian Hefel. The company has enjoyed significant growth and today, clients include global brands like HP, Carlsberg and Accor Group. Art director and illustrator Nadine Noko has also caught the eye of big players such as Perugina and Edwards Lowell. Noko’s creations are wonderfully quirky, humorous and refreshing – surprisingly, Noko is completely self-taught.

THE ISSUE

NOVEMBER 2015

11 PLENTY OF FILM ACTION

The film industry has a strong creative and economic effect, Malta Film Commissioner Engelbert Grech says.

16 IN HANDS WE TRUST

37 THE CALM BEFORE THE STORM?

Volatile markets can still present opportunities, says Alexander Mangion.

42 IS ROME TAKING A HOLIDAY?

Time and passion make handmade products unique, Jon Calleja from The Lonely Gent says.

For centuries, Italy has defined culture, art and fashion. So why is il bel paese nowadays not considered creative enough?

20 HUMANS OF NOKO

44 FURNISH FANTASTIC

Art director and illustrator Nadine Noko finds humans interesting and odd. She tells Veronica Stivala how she captures the quirky wonder of everyday life.

24 DISRUPT OR DESTRUCT?

Disruptive marketing changes people’s ideas of what to expect, George Larry Zammit says.

26 A LEARNING CURVE

Having an insight into our clients’ hopes and dreams makes all the difference, Michael Azzopardi from Sebazzo says.

Money adds style and substance to your home.

54 LINES OF BEAUTY

Cutting-edge design, advanced technology and beautiful objects. Money helps you invest in creativity.

56 TINKER WITH THE TAILOR

Hoi An is like a beautiful dress. Mona Farrugia finds that it fits her perfectly.

58 THIS FALL IS NO LEGEND

Banks are growing larger. And that means that the next fall will be harder, the Bluesman says.

In this issue of Money, we also explore the value of craftsmanship, travel to Vietnam and look at how the economy is performing in neighbouring Italy. Read on and enjoy.

Editor Anthony P. Bernard anthony@moneymag.me Consulting Editor Stanley Borg stanley@moneymag.me Design Roderick Peresso Design Studio m. 99258825 Printing Print It Distribution Mailbox Direct Marketing Group

Hand delivered to businesses in Malta, all 5 Star Hotels including their business centres, executive lounges and rooms (where allowed), Maltese Embassies abroad (UK, Rome, Brussels, Moscow and Libya), some Government institutions and all ministries For information regarding promotion and advertising call Tel: 00 356 2134 2155, 2131 4719 Email: hello@moneymag.me

Cover: Illustration by Rebecca Bonaci for The Lonely Gent

Money is published by BE Communications Ltd, No. 81, Howard Street, Sliema, Malta SLM 1754 All rights reserved. Reproduction in whole or in part is strictly prohibited without written permission. Opinions expressed in Money are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or illustrations. Unsolicited manuscripts are welcome but cannot be returned without a stamped, self-addressed envelope. The editor is not responsible for material submitted for consideration.

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Interview FILM

PLENTY OF

FILM ACTION The film industry has a strong creative and economic effect, Malta Film Commissioner Engelbert Grech says.

Engelbert Grech

What growth has the local film industry achieved in recent years? The film industry has developed substantially over the past two years and is now an important contributor to economic growth and job creation in Malta. In 2015, Malta hosted 10 major film productions that will contribute some €100m to the Maltese economy,

creating a great number of job opportunities in the process. Until two years ago, the direct contribution was only €5 million. What is the film industry’s direct and indirect economic contribution? The film industry has a strong multiplier effect on the local economy through spin-off activity, not

to mention the enhancement of the country’s profile and visibility internationally. A study carried out by the Creative Economy Working Group showed that the economic impact of such an investment has a multiplier effect of three. This confirms the importance of this industry for the Maltese economy and the opportunities entailed for further economic growth.

Money / Issue 33 - 11

Interview FILM

You market Malta as a unique film destination in the Mediterranean. What makes Malta unique? Malta is an attractive destination to filmmakers. The competitive incentives, authentic architecture, water-based filming facilities and long hours of daylight are part of the appeal to international producers. Without a doubt, the upgrade in the cash rebates has also boosted Malta’s credentials as a competitive country in the hub of the Mediterranean. Can the local film industry operate all year round? Government envisages a sustainable film industry that generates greater, all year-round economic activity through the creation of new jobs that, in turn, fosters new creative talent and skills. Our vision is that Malta develops into a leader within the Mediterranean region, making its mark as a reputable film location and consistently attracting international films and television series, while simultaneously nurturing a growing indigenous film industry based on quality and professionalism.

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“THE COMPETITIVE INCENTIVES, AUTHENTIC ARCHITECTURE, WATER-BASED FILMING FACILITIES AND LONG HOURS OF DAYLIGHT ARE PART OF THE APPEAL TO INTERNATIONAL PRODUCERS.” The recently launched Film Policy will serve as a good platform to address very important issues with the overall aim of achieving a long-term sustainable film industry. Apart from locations, what other factors support the local film industry? The Malta Film Commission aims to work side-by-side with production companies, for instance by reducing red tape when it comes to obtaining location permits and

when applying for a VAT refund. A permit for a film has to be fast tracked so the Commission is determined to provide the best service possible by going into the finer details to ensure that the system is efficient, straightforward and tailored to the production’s specific needs. Every day on set is worth a lot of money so we need to process everything as fast as we can. I’m pleased to see that every public and

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Interview FILM

Various renowned actors, directors and producers have used Malta as a filming location in recent years. What other significant projects has Malta recently attracted? This year, a significant project has been our exciting partnership with Film London, a collaboration to boost skills within the local film industry. For the first time our homegrown filmmakers had the opportunity to train, develop and ultimately engage vital industry skills for the development of their film.

private entity has always extended the best of support towards this industry. Does Malta offer the right human resources to support the film industry? The Maltese film crews have been privileged by the huge amount of high caliber productions shooting in Malta. With each production, the Maltese crews have been learning on the job under some of the most influential filmmakers in recent history.

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Malta now boasts a diverse, skilled and professional film crew, specialising in many areas of production. The more productions we have shooting concurrently, the more crews are required. It is for this reason that over the past two years, the Malta Film Commission has accessed â&#x201A;Ź1m in European funds under ESF to train further crews in the various skills required by the film industry.

Do such projects also serve as encouragement to local actors, filmmakers and producers? Maltese actors and filmmakers do get engaged on foreign film productions to varying degrees. We have had productions, which had a sizeable Maltese cast, while others used Maltese as extras. This depends very much on the exigencies of the specific productions but nonetheless it does encourage local talent to think big. One must mention local productions like Simshar and the upcoming Limestone Cowboy, which have definitely benefitted not only from the Malta Film Fund but also from the vast experience of both Maltese crews and talent on foreign film productions.

Interview CRAFT

In Hands

WE TRUST

The Lonely Gent team. From left: Jeff Portelli, Rebecca Bonaci, James Farrugia and Jon Calleja.

Time and passion make handmade products unique, Jon Calleja from The Lonely Gent says.

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How was The Lonely Gent formed and what brought you together? It all started when Jeff Portelli and I were discussing how cool it would be to customise a couple of bikes we had. Iâ&#x20AC;&#x2122;ve known Jeff for some years now. We met when I had a small label called Fat Gold and Jeff had a clothing shop. We had launched our first collection

and he immediately sent me an e-mail asking if we would like to carry Fat Gold in his shop. Weâ&#x20AC;&#x2122;ve remained friends ever since. Jeff, Rebecca Bonaci and James Farrugia were also customising motorcycle helmets under the name Custom Lids. The Lonely Gent evolved from there.

The Perfectly Imperfect event. Photo: Tonio Lombardi

“Anything made by loving, skilled HANDS takes time and preparation.” Rebecca Bonaci

Handcrafted objects take more time to make. Does this necessarily give them more value? Like everything else, making handmade items has its advantages and disadvantages. Handmade items take much more time to make and we take a lot of pride in what we do and put out there. For instance, our t-shirt designs are all hand drawn by Rebecca. Rebecca’s style is pretty detailed and there are some things that you just can’t get on a computer.

Handmade oak cruiser decks by The Lonely Gent.

Also, being a hand letterer and designer myself, the typography we use is all hand drawn and we never use a typeface or specific font that you would find on a computer. We only use the computer to send the artwork to print, which then gets silkscreened by hand on a t-shirt. We adopt the same approach with our leather wallets and key chains. Everything is handcrafted and hand stitched to get that slight imperfection that gives the product life and makes it TLG. I think this process and the fact that we are doing it for the love of handmade adds value.

Uniqueness is also an important value as no handcrafted item is exactly the same. How important is this element in a world of 1,000-piece minimum orders? We always strive to be a bit different and unique when we launch a product. Although we just started we know exactly what we want to achieve and we would like to forge our own style in whatever we do. Being four unique individuals pulling the same rope makes it a lot easier to stand out. People want things that are handmade and hard to get and they wouldn’t mind spending a little bit extra for a product. Also in this day and age, you must stand out. We firmly believe that quality is better than quantity – we would rather produce 50 handmade leather wallets that are well made, than 1,000 wallets that are made in some factory in China. How does the TLG label bring together your individual and group creativity? James builds things, I am a designer, Jeff is a carpenter and all round DIY guru, Rebecca is

Money / Issue 33 - 17

Interview CRAFT

The ugly duckling C70 built by The Lonely Gent.

Handmade wallet by The Lonely Gent.

a great illustrator and tattoo artist. Between us four we can do more than just design t-shirts. In fact we just bought a couple of motorcycles to give them the TLG touch and we’ll see if we can find them a loving home.

takes time and preparation. Time needs to somehow be converted into a price. These guys are masters at what they do. People who appreciate that would spend $750 on a limited edition book because they appreciate the level of detail and expertise.

In a recent episode of Raw Craft, Anthony Bourdain visited the Arion Press in San Francisco, which publishes handmade books. Why would anyone buy an Arion Press edition of Giuseppe di Lampedusa’s The Leopard, which costs $750, when a normal paperback copy costs €10? Arion Press has a long history of making great quality books by hand. As we know, anything made by loving, skilled hands

One of your recent events, Perfectly Imperfect, celebrated the art of handmade bike modifications. What was the response? The response was fantastic. We didn’t expect to have such a great turnout. We opened the doors at 9.45am and had a constant flow of people turning up till 7.30pm. We also had a great mix of individuals, from the bike builder to

Custom helmet by Rebecca Bonaci.

families with kids. There was a great vibe, we had a lot of good feedback and also scored a couple of great interviews too, which will help us promote Perfectly Imperfect 2016 and the custom bike scene. The show also inspired some individuals to finish off their old bike for the next edition of Perfectly Imperfect.

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Interview DESIGN

HUMANS OF

NOKO

Art director and illustrator Nadine Noko finds humans interesting and odd. She tells Veronica Stivala how she captures the quirky wonder of everyday life.

hether it’s portraits of slightly overweight, balding, hairy men with bathing trunks that reveal too much and images of politicians in awkward positions, or clean drawings of Valletta and neat, geometric prints in bright and bold colours, Nadine Noko’s style has become instantly recognisable. Combining illustration, typography and animation, her art takes a quirky, humorous and refreshing look on life. Noko is an art director and illustrator and has produced work for a wide range of clients in fashion, art, culture, publishing and advertising. Her wonderful creations have made it to chocolate wrappers, art hanging on the walls in people’s homes, and advertising. In her words, she enjoys “Working on projects inspired by all things charming and strange”.

What is most interesting about Noko is that she is self-taught and has never studied art for a day in her life. “My mother wanted me to work in a bank, which she thought was a safe and steady job,” she recalls. This did not interest her and she remembers thinking about the artist who lived opposite them. For Noko, of all the people in their street, he seemed to be the most interesting and happiest person. Some of Noko’s favourite childhood memories are of watching Lupin cartoons, spending all her pocket money on the Beano and Dandy comics, and reading

20 - Money / Issue 33

Roald Dahl and Maurice Sendak books. She was also obsessed with Quentin Blake’s illustrations. She started working in graphic and web design and then eventually did more and more illustrations, which is what she enjoys and loves to do most of all.

A lot of Noko’s art features local characters. Think local policemen surrounded by doughnuts, the archbishop of Malta (with Madonna), and a recognisable Valletta character adorned in gold, tattoos and plenty of hair. Noko always carries a

“YOU’RE AT THE BEACH AND ON YOUR RIGHT YOU HAVE A WOMAN WEARING A BURKINI AND ON YOUR LEFT SOMEONE WITH A G-STRING. I FIND SUCH CONTRASTS FASCINATING.” sketchbook with her and whenever she sees something that strikes her, she makes a note or sketches it.

advertising scene from Perugina chocolate to retailers Edwards Lowell. How does balance being given a brief and adhering to her style?

“I find humans interesting and odd. I love to people watch. I try to capture that grey area that very often most people are too busy to notice,” she says. “You’re at the beach and on your right you have a woman wearing a burkini and on your left someone with a G-string. I find such contrasts fascinating,” she says.

“I think a lot of my clients come to me when they see my personal work and exhibitions. That makes it easier for me to retain my style, since this is what attracted them in the first place,” she explains.

From the eco-friendly millennial who still goes boating every weekend to the family that goes for a picnic in a car park when a perfectly beautiful green patch is available a couple of metres away, Noko’s work is mostly a commentary of what she see around her. As testament to her talent, Noko’s art has caught the eye of some bigwigs on the

A lot also depends on how much the client trusts her and allows her to express herself. “The more experience you get, the more freedom you are given,” she rightly says. The commercial work also helps her keep her personal work simple. “It’s very easy to get isolated in the studio so clients can help you to attain another

Money / Issue 33 - 21

Interview DESIGN

perspective,” Noko observes. She also points out that the fact that she didn’t go to art school means she is not so constrained in what she creates as she has no rules and is not afraid of how her work is perceived. This can definitely be seen in a lot of her art. Noko does not shy away from using swear words or depicting obscenely dressed people. In fact, she admits that she does not draw the line with her art. “I believe you have good jokes and bad jokes, good art and bad art. There is no subject or person you shouldn’t be able to make fun of whether red, blue, gay, black, disabled, white or rich.” The problem in Malta, she believes, is that we try to shock and then it comes across as just terrible. We are still stuck in the Benny Hill type of humour. Noko’s refreshingly unrestrained approach has received mostly positive reactions. Yet whenever she creates a political cartoon, she

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still finds herself very much surrounded by a polarised nation. “I do get the odd comment from party diehards who still can’t seem to laugh at themselves,” she concedes. One of the oddest things that happened was when she did a mural near Valletta’s entrance. Someone actually got a cutter and ruler and removed part of the mural. To this day she is not sure whether the person really liked it or wanted it gone. The most difficult part of being an artist, says Noko, is managing her time. She admits she spends too many hours at her desk.

phone with a client. Bonnie is Noko’s next biggest critic, although her views can easily be influenced depending on the amount of ham on offer.

“My next resolution is to take it easier and to be gentler with myself. I’m my biggest critic.”

Noko is mum about her next project though she hints at another solo exhibition where no lines will be drawn at the end of November.

Speaking of critics, we cannot but mention Bonnie, Noko’s beloved canine sidekick and studio assistant who is always by her side and stars in so many of her artworks. Bonnie is evidently well aware of self-advertising and always makes it a point to squeak her toy when Noko is on the

For more of Nadine Noko’s art visit www. nadinenoko.com and www.iheartmalta.com.

Interview MARKETING

DISRUPT OR DESTRUCT?

Disruptive marketing changes people’s ideas of what to expect, George Larry Zammit says.

t’s common business adage that innovation and creativity are the ultimate drivers of growth. Ironically there is quite a gap from theory to practice. Notwithstanding the good intentions, the status quo persists as the common safe option. While we huff and puff to make incremental wins in our traditional markets, quite a few businesses do minimal progress in discovering new markets or creating new product and service categories. At the end of the day who doesn’t fear failure? The safer route sort of seems safe but nothing more than that. But should safety or survival purely be the measure of your success? Have you ever considered what might be your legacy after reaping the fruit of your endeavours? Do you want to make a difference or just be another operator? Time and again, history has taught us that those who dared to think different modernised and conquered. From the first light bulb to automobiles and smartphones, many inventors were successful modernisers in making a difference in our day-to-day lives. Make a difference and set your mark on the global community. Instigate that unique nudge of a behavioural shift. This is your opportunity to redefine your role in the bigger scheme of things and leave an everlasting legacy. Every manager has to think about competitors. But truly who is your competitor? Is it really your competition or is it the status quo? Is it really the competition that holds you back from coming up with better ways to satisfy customer needs? Or is it the status quo that truly holds back any business from going that extra mile in achieving excellence and leading the way? From a marketing point of view, connecting with customers has become an increasingly difficult task. Marketing effectiveness is decreasing and it’s no longer possible to get away with producing below par content with the expectation of tapping into the wallets of consumers. Either you succeed in engaging and inspiring your audience or you’re ignored and flushed down in irrelevancy. Disruptive marketing is becoming an increasing popular tactic in attempting

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Disruptive tactics: Tesla.

to achieve the desired results. Disruptive marketing elicits a desired break in existing patterns of behaviour of the target consumer. Disruptive marketing is about relevance, engagement and reputation. Taking cue from George Orwell’s Animal Farm, it’s necessary not so much to work harder, but actually to work smarter. Businesses need to be disruptive to challenge the status quo. Successful businesses are those which are constantly in competition with themselves and not with their competitors. They are those which dare to challenge themselves to be different, to go that extra mile, to shatter the glass ceiling. At the end of the day, with so many product and service options out there, how do you expect to be noticed? How do you expect potential customers to bother about what you have to say or offer? Do you really think that offering the best value for money will fasttrack your success? We are living in uncertain times. But then, it has always been that way. The only difference is that we are now operating in a global market which is digitally connected and has limited trade barriers. Consumers are more knowledgeable of what is available on the market. Access to information has never been more convenient. Products and services are more accessible nowadays, hence making it swift and agile to tap into new and emerging markets. Therefore if you do not disrupt the market somebody else will. A disruptive business has one of two goals: either design its product or service to match the demand of an emerging market, or reshape an existing product or

Taking cue from George Orwell’s Animal Farm: work smarter not harder.

service to meet the demand of customers unsatisfied by the current offering. Steve Jobs perfected disruptive tactics. He would brag in the few interviews he would accept that he never depended on market research or focus groups to create innovation. He was a firm believer that consumers did not know what they needed until they saw it. While market research can tell us what exists and how it can be possibly better, it does not tell us what can be invented.

George Larry Zammit is a chartered marketer who invigorates businesses through his consultancy Tiki-Taka Marketing (www.tiki-taka.com.mt).

“SUCCESSFUL BUSINESSES ARE THOSE WHICH ARE CONSTANTLY IN COMPETITION WITH THEMSELVES AND NOT WITH THEIR COMPETITORS.” Another great example of disruptive tactics is Tesla Motors. After making a fortune creating Paypal, which was another disruptive innovation in online payments, Elon Musk got involved in creating Tesla Motors. Going against the established automobile manufacturers is no simple task but Tesla Motors is determined to take on the status quo and become the leader in electric cars. Not only that, but the company has recently repositioned itself as a leader of energy storage solutions. Disruptive businesses are successful at creating new markets, firstly by having the vision to see new market opportunities, and secondly and most importantly to have the determination to engage and act to fulfil their vision. Tesla for instance is taking on the automobile manufacturers and energy providers in harnessing natural energy like sun, wind, and sea and storing it in battery packs for consumption by vehicles and homes. If they succeed it will certainly be one of the biggest energy advances since Thomas Edison invented the light bulb. Today consumers drive a market, not just the business. Therefore companies must tap into the mood of the market and deliver what consumers want. This is where disruptive marketing takes its cue. From a marketing point of view advertising campaigns with disruptive messages either challenge the conventional thinking in an existing market or speak to a new one. The two main reasons for using disruptive marketing are to attract attention to a cause, a product or service and change people’s ideas of what to expect from a brand or product. Everybody loves an underdog. The only problem is too many pretend to be one. Therefore you need to ensure that your cause is authentic and you are committed to deliver the desired solution. Blow it once and welcome to the road to irrelevancy. The marketing function is experiencing quite a transformation. Organisations need to be marketing-oriented by placing the marketing function central to the decision-making process. Marketing will have to forge the assertiveness of market intelligence and combat the discomfort and uncertainty of the market environment. There is no escape from this. Keeping customer needs is essential in being possible to swiftly adapt by competing through disrupting. Applying orthodox, incrementally focused marketing techniques will only ensure classic see-act-launch failures. The challenge for marketing is to go from description and analysis of end-user requirements, to developing market insights concerning expectations. Anticipation rather than reaction. Prevention rather than cure. Marketing must get involved in the creation of new concepts and radical innovations. Remember that marketing is much more than promotion and communication. It’s a primary function that should create and win new markets.

Interview DIGITAL

A LEARNING

CURVE

Having an insight into our clientsâ&#x20AC;&#x2122; hopes and dreams makes all the difference, Michael Azzopardi from Sebazzo says.

Michael Azzopardi

Michael Azzopardi during a workshop, 2015.

Three years ago you co-founded Sebazzo with Sebastian Hefel. What inspired you to set up a digital design studio together? It was a chance encounter. I met Seb, who is Austrian, at my first design job in London back in 2010. By then the design scene had broken away from the media and advertising hubs in places like Soho and had settled in less expensive East London, namely in Shoreditch where we now operate.

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Then the mobile revolution happened. Consumers started to experience brands and services through their mobile devices and digital design companies became not only a requirement but crucial for the mobile sector to grow. We saw a gap in the market and went for it. A combination of good timing and skill sets led us to what we do best: crossplatform digital solutions for enterprises.

Why did you decide to set up base in London? I grew up following British graphic designers, subconsciously emulating them and their work ethic. To be honest, I never considered other cities. London was seductive and I wanted to figure it out, explore it for myself, find out what the secret sauce is. I moved to London in early 2010 with a plan: I was very driven and motivated to become

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a good designer. At the time I had friends who had moved to London and were doing very well. I had the luxury of observing others going after it and succeeding. Over time the fear wears off and makes way for objectives: How can I improve this piece of work? Can I get that job which I couldn’t have done four months ago? How can I meet that person? And you go about doing it, at your own pace. Possibilities start to present themselves – that’s the magic of London. In these three years, what growth have you achieved? Sebazzo started with one client, no employees and completely self-funded. We won our first major client, Ibis Hotels, in late 2012 and delivered the project by hiring friends and freelancers along the way. Within a year we set up a presence in Austria and Malta and started hiring full-time designers in London. Our clients now include seven global brands like HP, Carlsberg and Accor Group. We work with clients in Germany, Sweden, France, Malta, London, Denmark and Switzerland. Most of our solutions are distributed globally. We just recently rolled out an e-learning product for Novotel which will train 40,000 staff members. You have worked with leading brands such as Carlsberg, HP and Ibis Hotels. How do you earn the trust of these leading brands?

E-learning tool designed by Sebazzo.

“THE SUCCESS OF A PRODUCT DEPENDS ON HOW WELL IT FITS USER BEHAVIOURS AND DAILY ROUTINES.” Sebazzo is a user-centric design practice – in other words, we build with the end-user in mind. The job is to take clients from doubt to certainty, in terms of what their product should do, how it is built and what it will look like by first understanding their user’s needs. Our design process is reassuring. We try to establish a partnership geared towards brands

finding clever solutions that satisfy customers without locking down too much valuable resource. Something we always do is spend time with clients as people, before work even starts. We want to get to know the person behind the business and what their hopes and dreams are. That sort of insight makes all the difference. Potential customers are mobile, have a short attention span and want an enriching experience. How do you help businesses deliver these qualities through digital design? We do that by learning about them. The success of a product depends on how well it fits user behaviours and daily routines. After we draw out the business requirements, we set out to test assumptions in the market using prototypes. These are low fidelity versions of the product which are built cheaply and quickly. The learning starts when a user interacts with the product for the first time. The digital design mantra is that what can be measured can be managed. When the fundamental aspects of the design is tested and refined, we’ll start adding priority features. An enriching experience is the result of a useful experience. We design for optimum outcomes – we don’t concentrate on what we build, but what the outcome should be. Let’s take an e-learning tool for a hotel as an

Money / Issue 33 - 27

Interview DIGITAL

“IDEAS ARE ONLY POWERFUL WHEN PAIRED WITH A BRILLIANT VISION AND A FEW YEARS OF TRIAL AND ERROR.” Michael Azzopardi (left) with business partner Sebastian Hefel.

example. The outcome can be a motivated workforce skilled in the hotel’s procedures and a subsequent increase in overall sales. Once that is established, we are completely open to ideas. If the outcome is reached, then the experience was enriching as a result. Short attention spans only become an issue when products are bloated with features or try to communicate too many things at once. It is a contextual problem and is often resolved by taking away unnecessary design elements. It all goes back to knowing your customer. Are clients involved in the design process? Clients are involved throughout the whole process and work closely with the design team. We try to give clients good visibility into the evolution of their product and up-to-date insights which help them in decision making. Part of our responsibility is to familiarise clients with the process and make the whole journey an enjoyable one. At Sebazzo, how do you allow creative freedom while still working within a collaborative and team context? This depends on what you understand by creativity. Digital design is meant to achieve measurable business results on time and budget. So we’re parametric in our approach and don’t leave much to ‘creativity’ or ‘inspiration’ in the classic sense of the words. I am terrified of designers who tackle a project on the back of inspiration. The better the research, the better the outcome, which is where you want to be as a user-experience practitioner. Having said that, creative freedom in a general sense is a huge part of what we’re about as people. We never work late, we leave on time to enjoy other activities and pursue other goals. We’re very rarely stressed out, we allow our team to work remotely, from home or anywhere

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Hey Disco, 2015

in the world. This kind of freedom lends itself to a great studio culture. Innovation is key in the digital world. How do you keep ahead of competition? We’re out and about a lot, going to talks, networking, reading. We make that part of our system. We’re surrounded by some of the best studios in London most of which are our competitors, and that leaves us with no option but to up our game. Also, I think it’s important to question every bit of output, making sure the work is the best the studio could have produced. Then find ways to improve on it. You have also set up Hey Disco as a platform for exchanging ideas. Are people scared to share ideas? Perhaps, but things are changing. People can’t afford to be scared of expressing their original

thoughts. It’s true that some people prefer to recycle other’s accomplishments, but these are rarely noteworthy products or services. So I think we can put those concerns behind us. Experience teaches you that ideas aren’t worth much. Ideas are only powerful when paired with a brilliant vision and a few years of trial and error. I don’t think an idea can be separated from the individual’s unique vision, which is why truly innovative thoughts are impossible to emulate. Hey Disco shines a light on those who choose to share, and tries to increase the likelihood of creative partnerships taking root on the island. There’s a lot of beer too.

For more of Sebazzo’s portfolio visit www.sebazzo.com

Money / Issue 33 - 29

Interview PROMO

FORGING A NEW GENERATION OF

REAL ESTATE PROFESSIONALS

Sandra Aquilina joined the world of real estate 35 years ago and has been the human resources manager for Frank Salt Real Estate for seven years. She tells Money about the importance of the HR department at Frank Salt and what it takes to make property negotiating a fruitful career.

ince it was set up in 1969, Frank Salt Real Estate has firmly established itself as one of Malta’s leading real estate agencies, priding itself in offering the ideal property for all clients looking for anything from a one-bedroom apartment to an exclusive block of luxury offices. A company is only as good as its employees. This is especially true in property negotiating. Frank Salt Real Estate, which employs over 150 professional property sales and letting consultants, recognises that its staff are the backbone of the company. So what does it take to be a really successful property consultant with Frank Salt Real Estate? According to Sandra Aquilina, there are a number of personal skills which are very valuable to ensure a rewarding and profitable career in this field. “To be successful while working with us, prospective negotiators need, first and foremost, to be a people person,” Sandra explains. “They need to be dynamic, charismatic and positive thinkers. A good let’s-do-it attitude is also helpful. They should love a challenge and set targets for themselves. Most importantly, they should want to be winners.” According to Sandra, there are plenty of advantages in working in real estate, in particular at Frank Salt Real Estate. “Not many jobs allow you to be in total control of what you earn, while still protecting you from the risks that come with the territory of being self-employed. You have no overheads, no paying rent for offices and no extra expenses – instead, you have a support system made up of experienced colleagues who are ready to help you and push you to succeed.

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Sandra Aquilina

“I still remember walking into an estate agent for the first time and I knew that this was the job that I wanted and never looked back,” Sandra says. “If I had to choose what I enjoy most, that would be the recruiting element. It’s always a boost seeing people succeed and grow, both on a personal level and within the company. “Their first sale is a milestone for all of us and we make sure to celebrate in style,” Sandra adds. “I also like to assist our staff when they need any help or advice, or just someone to listen to them. To me, they’re not just colleagues, but really and truly a second family.”

Sandra explains that when new staff members start working at Frank Salt Real Estate, they undergo a full month of training which includes intensive induction sessions, hands-on training in the field, guidance on the professional code of ethics, training on company operation procedures, the art of selling and closing, in-depth analyses of the property market, and other job-related aspects. “It’s our responsibility to ensure that new recruits are all trained to the high standards that the company expects and that when they are out with our clients, they are well prepared.

The Frank Salt HR team

“YOU HAVE A SUPPORT SYSTEM MADE UP OF EXPERIENCED COLLEAGUES WHO ARE READY TO HELP YOU AND PUSH YOU TO SUCCEED.” We have been in the business for more than 40 years and enjoy a very good reputation. We have a large database of properties. Moreover, we believe that the client comes first,” she says. “We would not be where we are without our people,” Sandra continues. “Ultimately, they are the true face of Frank Salt, and this is why we invest so much in making them excel in what they do.

people the chance to bond and get to know each other better, and thus form better relationships and a stronger kinship with the company.” According to Sandra, the work culture at Frank Salt is geared towards the motivation of all property consultants.

“The importance of positivity and a good attitude is everything, especially in sales. This career requires a happy attitude. It’s for people who are doers, ambitious, want to earn good money and above all, are persistent.

“Having been a negotiator myself, I know what being in sales is like and I can relate to it: big highs when you are doing well and big lows when you’re not. My job is to oversee where the consultants are making mistakes and help them to work through them. When they start to achieve good results, I’m as proud and happy as they are,” she says.

“Our role as HR does not stop at training and recruiting. Together with our marketing team we are constantly coming up with fun get togethers and team-building activities. These give our

“At Frank Salt, we offer our property negotiators the exceptional opportunity to be part of a business that has achieved so much and is set to achieve much more.”

Maria Falzon, who together with Sandra Jaccarini complement the HR division, fully agrees with Sandra Aquilina that Frank Salt Real Estate is a growing family and a growing team. The company is at an all-time high, both in terms of reputation and business growth. Expansion is the daily norm and the company will shortly be opening a new number of branches. In fact, the company is on the lookout for more consultants to the team. Previous experience is a big plus, but not a must, as Frank Salt Real Estate offers full training.

JOIN THE TEAM To find out more about this exciting career and what Frank Salt Real Estate has to offer, contact the HR division on careers@franksalt. com.mt or on 2277 0000. The Frank Salt Real Estate team complement is very varied with people from all over the island and from many different fields opting to take up this new challenge. Consultants hail from backgrounds in hospitality, the arts, and even legal professions and engineering. It’s this great mix of characters, experiences and backgrounds that make the Frank Salt Real Estate team of property consultants the best on the islands and the company’s foremost asset.

Money / Issue 33 - 31

Interview PROMO

A Unique

CLIENT EXPERIENCE

Calamatta Cuschieri and Pippa Toledo Design Studio work together to create space specifically designed around the client. Office photos: Rene Rossignaud

Alan Cuschieri

ollowing the launch of the new Calamatta Cuschieri branches in Fgura and Sliema, Money spoke to Alan Cuschieri, Co-CEO at Calamatta Cuschieri and interior designer Pippa Toledo, to understand the objectives behind this project and the importance of engaging professionals to ensure your goals are achieved. What were the main requirements for the office design at Calamatta Cuschieri? Alan Cuschieri: Our goal was to provide the best client experience possible and to create a unique ambiance that is both welcoming and comfortable for clients. Most importantly, we wanted to create a positive environment that enhances the communication between the client and the investment advisor and allows us to be

32 - Money / Issue 33

attentive towards our clientâ&#x20AC;&#x2122;s needs and goals. Pippa Toledo: The whole idea was to give the place a comfortable, relaxed ambiance and at the same time come up with a cutting edge design showing the innovative drive of the company. In your opinion what added value did Calamatta Cuschieri receive in commissioning a professional designer for this job? AC: Pippa Toledo is known to be one of the leading designers on the island for a number of reasons. However for Calamatta Cuschieri, the key added value was the attention to detail that was given by Pippa and her team. At the outset, they took the time to understand Calamatta Cuschieriâ&#x20AC;&#x2122;s core values as well as our clients. We believe that this added value helped to create

an experience that is second to none in the financial services industry. PT: When bringing a designer on board, life is certainly made much easier for the client, as the project is taken on from concept to finish. To get the most out of the property, professional planning is a must. In my case, years of experience play an important part in my ability to combine aesthetics with practical functionality. Trust is a key element for a financial services company. How was this translated into the design? AC: When it came to the design of our investment advisory meeting rooms, we challenged the status quo. Where traditionally an investment advisor would sit behind a desk and the client is on the

“PIPPA AND HER TEAM HAVE HELPED US CREATE AN EXPERIENCE WHICH IS SECOND TO NONE IN THE FINANCIAL SERVICES INDUSTRY.” - ALAN CUSCHIERI other side, in our new branches the clients and the investment advisor sit around a table. They are also able to view their investment portfolios or presentations on a flat screen in full privacy should they wish to. We feel that this approach promotes transparency and trust. PT: Different spaces were created to make a financial services client feel more comfortable and at ease. For instance, no typical desks were used which more often than not, give that office feel that may be intimidating. Instead, square meeting tables were custom made to create a less formal atmosphere where clients can interact directly with their consultant around a table. Established in 1972, Calamatta Cuschieri has a strong tradition. Yet it is also a firm believer in innovation. How does the new office design you came up with reflect both tradition and innovation? AC: The selection of photography we have used on our wallpaper says it all. While finance is the underlying theme such as the various stock exchanges and business districts, we also feature a photo of the New York Stock exchange before it was electronic back in 1963. Coincidentally the founder of Calamatta Cuschieri, Alfred

Calamatta started out as a blue button on the London Stock Exchange floor back in 1967. PT: We tried to give the Calamatta Cuschieri brand an even stronger identity through a design that is bold and definitely avantgarde, in keeping with the company’s forward thinking approach. No short cuts were taken and the place was professionally designed from start to finish. I believe this shows the company wanted to portray a serious image and commitment of excellence towards their clients and entrusted us with the job to deliver that. An office has both a front-facing element as well as a back-office function. How did the design requirements for both differ?    PT: The back office was given the same importance as the front office. Moving from kitchen to rest rooms, the continuity is evident. Which design elements add to staff motivation and well-being? PT: The large blown-up images on the walls give a sense of movement to the place and clients too can identify with the familiar images straight away. I believe that working in a beautiful environment always motivates anybody working there and does indeed contribute to their well-being.

Pippa Toledo

“THE NEW CALAMATTA CUSCHIERI OFFICES ARE A COMMITMENT TO EXCELLENCE.” – PIPPA TOLEDO Money / Issue 33 - 33

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Interview PROMO

IN GOOD TASTE Fair trade labels ensure safe working conditions, fair wages and lack of discrimination, Dr John Axiak says. What does Koperattiva Kummerċ Ġust want to achieve through its efforts and its fair trade shop, Il-Ħanut l-Arka? The aims of Koperattiva Kummerċ Ġust are twofold: that of raising awareness about development issues that give rise to the need for fair trade and secondly to promote fair trade goods in Malta. In doing so we work with other local organisations such as Say It and Core Green. How does fair trade help workers? Fair trade labels give a guarantee to consumers that a product was not produced through the worst form of human and labour right abuses. Around the globe, millions of people and children work in inhumane, dangerous and illegal conditions and some are even trafficked to serve as slaves in fields and factories. Fair trade labels have monitoring systems in place to ensure that human rights abuses do not occur. Some fair trade labels, such as those promoted by Koperattiva Kummerċ Ġust, go beyond to guarantee fair wages and bonuses for good work and ensure lack of discrimination at the workplace and safe working conditions. Do you consider education as an important tool? Education is instrumental in raising awareness about the production cycle of the products which consumers purchase and to highlight the exploitative conditions that people in certain countries work in. Do you think that the European Year for Development 2015 achieves its goal in raising awareness? Initiatives such as the EYD15 are instrumental for raising awareness about development issues in the developing south. These issues are often of a complicated legal, economic and political nature and are not easy to publicly debate. Through these initiatives, experts are engaged to discuss with the public in detail about these

Launching a campaign to raise awareness on workers’ rights in the global south.

issues. Engaging the public is also crucial to seek the institutional reform and demand the change needed for these countries to develop. In this regard, what projects has the Koperattiva Kummerċ Ġust recently undertaken? Our latest campaign, which is called ‘Make Fruit Fair!’, brings together over 25 organisations from all over the EU and Latin America to make the fruit industry fairer for producers and workers in the developing south. People in this industry are often vulnerable to extreme poverty, particularly because they are not given a decent wage for their hard work.

our world our dignity our future Food security is an important theme within development. How would you describe what it is and its relevance within your work? Food security is a complex sustainable development issue. There’s an abundance of food produced globally and some even goes to waste – however, many people are starving due to an imbalance in the system. Poor distribution and protectionism on national agricultural sectors are a few issues. Workers in the developing south generally produce most of this food, yet do not have access to this food since it’s generally exported. Good nutrition is just the basis for existence and people need far more than just a basic diet to be competitive and survive in today’s world. Those producers and companies that use fair trade

Core Green, a local initiative to promote fair trade in Malta.

practices are ensuring that their employees are able to buy food and are not subjected to unfair treatment. Also, through the fair trade labelling process, consumers are aware of the food production cycle, which may lead to less waste and responsible consumption. What is your way forward when applying sustainable development in Malta? Koperattiva Kummerċ Ġust plays a small role in this effort. With the recent presentation of the UN Sustainable Development Goals, governments and NGOs have a new agenda in which to ensure the development of all countries. As an NGO, we must continue to work with other organizations, the government and multinational agencies to promote these goals and thus ensure sustainable development. What do you think are the most effective methods which can be applied in Malta so that sustainable development can be mainstreamed? Any actions taken in this regard must follow a plan, where everyone has their role defined, thus ensuring efficacy. The government, private sector and NGOs must enshrine sustainable development principles in policies and legislation. This interview was conducted as part of MEUSAC’s EYD2015 media campaign. Co-funded by the European Union

Money / Issue 33 - 35

the ncPe directory of Professional women has registrants from various sectors:

LaWs & JUDiCiarY

mEDiCinE & sUrgErY

EDUCation

EConomY

soCiaL WELLBEing

tECHnoLogY

HUmanitiEs

EnginEEring EnvironmEnt HEaLtH sCiEnCEs

arts & CULtUrE

toUrism & EntErprisE sports & LEisUrE

poLitiCs

BUiLt EnvironmEnt

mEDia, tECHnoLogY anD KnoWLEDgE sCiEnCEs

sCiEnCEs

visit the directory on www.equality.gov.mt Queries are to be sent to NCPE on directory.ncpe@gov.mt or call on 2590 3862 what is the directory of Professional women? It is an online database with profiles of professional women from various fields and backgrounds that focuses on their skills and expertise.

The aim of the Directory is to empower and give more opportunities to women to be appointed to senior positions in the public and private sectors or to assume decision-making positions in the labour market. Moreover, the Directory aims to highlight the women’s achievements in the various fields of specialisation and occupations.

Operational Programme II – Cohesion Policy 2007-2013 Empowering People for More Jobs and a Better Quality of Life Project part-financed by the European Union European Social Fund (ESF) Co-financing rate: 85% EU Funds; 15% National Funds Investing in your future

36 - Money / Issue 33

who can join the directory of Professional women? Women who :

- Have five (5) years experience in a decision-making/management position AND/OR - Have ten (10) years specialised expertise in a particular field/s.

MARKET Interview REPORT

Licensed stockbroker Alexander Mangion is Managing Director at MPM Capital Investments since 2009. The company is authorised by the Malta Financial Services Authority (MFSA) to provide financial services in Malta and holds a Category 2 licence. Mr Mangion holds a Bachelor of Commerce (Hons) degree in Banking & Finance (University of Malta) and a Master of Finance & Investments (University of Nottingham.)

THE CALM BEFORE

THE STORM?

Volatile markets can still present opportunities, says Alexander Mangion.

he Chicago Board Options Exchange’s Volatility Index, the VIX, briefly jumped to a level not seen since the depths of the financial crisis. For years, the VIX has been Wall Street’s go-to measure for expected stock market volatility. Derived from the price of options on the S&P 500-stock index, the volatility index has evolved into an asset class of its own and now acts as a benchmark for a host of futures, derivatives, and exchange-traded products to be enjoyed by both big, professional fund managers and retail investors. The dramatic events of last month underscore the degree to which the explosion in the popularity of volatility trading is now feeding on itself, creating booms and busts in implied volatility. There’s no question that the current bull market is getting a little long in the tooth. Since 1948, bull markets have lasted an average of five years and the current run has already entered its seventh. Some investors argue that there must be a bear lurking around. There really had been an unusually long period of calm in the US stock market. Until fears about the Chinese economy sent volatility soaring and triggered a worldwide equities selloff in late August, the S&P 500 hadn’t endured a single significant volatility spike in 2015, whereas at least three such spikes have occurred every year since 2009. It seems quite clear why there wasn’t volatility to the upside: after four years without a 10 per cent correction, many US stocks were richly valued and investors were wary of buying at the peak. Many believe the volatility that reappeared in August will stick around for some time. However, most of the reputable banks do not believe its re-emergence signals a bear market. Despite protracted negotiations between Greece and its creditors that almost broke up the European Union and a Chinese stock market crash, equity market volatility remained remarkably subdued for most of the year. But the relative tranquillity shattered on August 24, when disappointing manufacturing data out of China sparked a selloff in the Chinese stock market that

“WHILE THE IDEA OF VOLATILITY MAKES MANY INVESTORS NERVOUS, THE BEST INVESTORS POSITION THEMSELVES TO PROFIT FROM BIG MARKET SWINGS.” spread to financial markets all over the world. Volatility jumped to a high of 53 during the trading day and has remained above 25, a key psychological threshold, until early September. Just like fashion, volatility has its seasons, and the recent panic began just before the three most volatile months of the year: September, October, and November. European manufacturing and services activity expanded in August to a level that indicates the eurozone is on track to record its best performance in more than four years, driven by the combination of an ongoing consumerled economic recovery as well as continued growth in bank lending. The European Central Bank and Bank of Japan also show no signs of abandoning monetary stimulus, which should support stocks. Meanwhile, job growth continues at a solid pace in the US. The economy added 173,000 jobs in August. The unemployment rate dropped to 5.1 per cent in August, the lowest level in

more than seven years, and 16 per cent of US firms say they plan to hire more workers. The tightening labour market is pushing wages higher even as oil prices remain low and credit expands, creating a positive feedback loop for consumer spending. Once again, history suggests higher rates don’t have to be a menace: the US economy has taken an average of 28 months following previous rate increases to enter a recession. Recent corporate results suggest stocks in the developed world might have further to run. Seventy-four percent of US companies beat earnings expectations in the second quarter, and consensus expectations for 12-month forward earnings growth have risen from 5.2 per cent at the beginning of the year to 7.2 per cent as of September. Corporate earnings growth has also improved in Europe and Japan. Geopolitical events could also cause turbulence in the markets. Signs of renewed tension from Russia, a further devolution of the situation in the Middle East, or complications stemming from the recent nuclear deal with Iran could throw markets into disarray. While the idea of volatility makes many investors nervous, the best investors position themselves to profit from big market swings. Top bankers suggest that investors use available cash to buy on significant dips during any coming volatility spikes and consider options overlay strategies and certain structured products that perform best when markets are gyrating. Such markets may make opportunities harder to find, but they do exist.

Money / Issue 33 - 37

Interview PROMO

SKILLS Adrian Buhagiar

At Barnuz Barber, it’s more than just getting a haircut, Adrian Buhagiar says. Photos: Andre Micallef

When did you decide to pursue a career in hairdressing? I have been working as a hairdresser for over 12 years now and always had an interest in hair. I had worked for many years in Sydney and also at top salons in Malta such as Pierre Camille and Alexander’s Hairdressing.

38 - Money / Issue 33

Why did you decide to focus on men’s barbering? While travelling, I had realised that barbering was becoming cool again and abroad many new barbershops were opening up. Gone were the 1980s and 90s when unisex hairdressing were all

the fashion – men now wanted their own grooming space once again. It became a passion of mine when travelling to places like New York, Istanbul or London to always visit and experience a barber. I became fascinated with how service was paramount and decided that it was definitely time to open a barbershop offering excellent skill and service. What was the objective behind Barnuz? Barnuz is all about service and giving the client a great haircut. Moreover, a visit to the barber should be like a social occasion.

“WE SPEND AN AVERAGE OF 30 MINUTES ON A HAIRCUT AND PRECISION IS OF THE UTMOST IMPORTANCE.” We wanted to turn getting your haircut into an experience: clients can sit back and be pampered a bit, enjoy a great espresso, beer or whisky and most importantly leave feeling good and looking great. Did you do specific training to evolve as a barber? Despite cutting hair for over a decade I decided to do a full-time barbering course in the UK at the London School of Barbering to hone my techniques and bring myself up to date on current trends and techniques. The school was an incredible experience and the three months I spent in London taught me a lot of skills on top of all my previous experience. I was trained in all facets of the art of barbering, including the classic cutthroat razor shave. Apart from skill, what qualities does a good barber need? Skill and attention to detail are very important skills to do good work. You also need excellent conversation skills. Barbering has become a social event. It’s not just about getting a haircut. I have many clients who come to Barnuz to

relax for those 40 minutes or so. In a way it is a gentleman’s club, a space to groom, socialise, converse and be taken care of in style. You talked about learning new techniques. What are the current trends in barbering? Barbering has gone a little bit retro. For instance, 1950s styles are back in force – the skin fade cut and the pompadour style are especially popular. We spend an average of 30 minutes on a haircut and precision is of the utmost importance. Blending with perfection is so often not done and can really define some of the current cuts and styles. After people experience a haircut at Barnuz, they can see the difference. What does a good haircut or hairstyle give to a man? It gives you confidence. So often we receive feedback from clients saying that they left feeling great and thanking us. A good haircut is an instant confidence booster and can make you look and feel great, ready to take on and conquer the world. This is evident with our clients that come back frequently to stay looking their best, for looking good and feeling confident can surely be addictive.

Barnuz Barber is open from Tuesday to Saturday from 10am till 7pm. For appointments call on 9940 1980. barnuzbarber

Money / Issue 33 - 39

Interview PROMO

SETTING NEW BENCHMARKS

The new Mercedes-Benz GLC packs more space, more fun and more comfort.

he new Mercedes-Benz GLC is in top form. Under all operating conditions the new mid-size SUV excels with the outstanding safety that is a hallmark of the brand, the latest assistance systems and energy efficiency. “Our new GLC represents a further, systematic step in the implementation of our successful SUV philosophy,” Thomas Weber, member of the Management Board of Daimler AG and responsible for Group Research and Mercedes-Benz Cars Development, said. “It combines the ultimate in driving comfort with a sporty touch, impresses on the road and – more than ever – off it as well, and appeals to the eye with the new design and equipment line.” The design philosophy behind the new GLC essentially favours sensual purity and

40 - Money / Issue 33

modern aesthetics over the classic off-road look. The dynamic design exudes emotional appeal while also employing purist forms. Surfaces embodying a degree of tension and precise lines cite the clear design line followed by all state-of-the-art SUVs from Mercedes-Benz. The GLC only represents a departure from its progenitor – the G-Class – in terms of appearance, however. On a technical level, the new GLC sets new benchmarks in all disciplines and the midsize SUV’s off-road capabilities remain as outstanding as ever. It also clearly makes its mark with the excellent standard of safety that is a brand hallmark, featuring state-ofthe-art assistance systems and outstanding energy efficiency. Moreover, fuel consumption has been cut by up to 19 per cent compared with the previous model.

At the same time, the Air Body Control multi-chamber air suspension that is without parallel in this segment, the extended range of Dynamic Select dynamic transmission modes and the 4Matic permanent all-wheel drive increase not only the ride comfort, but also the vehicle’s sporty agility, whatever surface it is driving on. The model change also signals a marked upgrade for the interior. A modern setting prevails which is quite in keeping with the standard set by its bigger brother, the GLE. The GLC’s interior conjures up the feel-good atmosphere which is a brand hallmark courtesy of high-class materials featuring a hand-crafted character, such as nappa leather or open-pore wood trim, meticulously finished details and an appealing overall touch and feel. A key focus of the totally new interior design is the dashboard

and the centre console with its flowing lines, with a large, one-piece console panel performing an elegant sweep from the centre air vents to the armrest. The newly developed, innovative touchpad in the handrest over the rotary pushbutton nestles ergonomically in the centre console. As on a smartphone, this provides for very simple yet intuitive operation of all the head-unit functions using finger gestures. The touchpad also permits letters, numbers and special characters to be entered in handwriting in any language supported by the Audio 20 or Comand Online. A centrally positioned media display is partially integrated above the centre console. Compared with its predecessor, the new model is substantially more spacious for front and rear occupants alike. The increase in the GLC’s length compared with the previous model has been translated effectively into useful interior space. Almost all key comfort factors have been improved, above all the space on the rear bench. Through the effective use of space, the engineers have also managed to increase the size of the luggage compartment substantially. For more information and/or test drive please call Autosales Ltd on 2331 1138 or 2331 1142.

MODEL BEHAVIOUR

Doutzen Kroes and the new Mercedes-Benz GLC come together in glamour and style. The new GLC has also boosted its fashion credentials. For the MercedesBenz Fashion Campaign Spring/Summer 2016, “Hybrid by Nature”, fashion editor and stylist Carlyne Cerf de Dudzeele created a digitally-idealised version of ecological perfection that culminates in a playful encounter between natural beauty and top model Doutzen Kroes and the pure perfection of the Mercedes-Benz GLC Plug-In Hybrid.

The Mercedes-Benz GLC boasts an electric and entirely emission-free reach of 34 kilometres thanks to the plug-in hybrid engine, coupled with excellent driving dynamics and a ravishing design.

“Eco-friendly doesn’t always have to be boring – it can be luxurious,” Cerf de Dudzeele said while on set. Responsible for styling Anna Wintour’s first ever Vogue cover in 1988, Cerf de Dudzeele has always championed a nonchalant mix of down-to-earth luxury.

The resulting idealised blend of graphical elements and bold colours, as seen in the Mercedes-Benz fashion film, propels Doutzen Kroes all the way up in the air, fitting and dancing around the MercedesBenz GLC 350 e 4Matic like a gloriously exultant pop-art fairy.

Dutch model Doutzen Kroes exudes a similar natural glamour. Whenever the mother of two steps in front of the camera, she brightens the room with her laid-back, lively and joyful vibes.

Money / Issue 33 - 41

COUNTRY Interview PROFILE

IS ROME TAKING A HOLIDAY? For centuries, Italy has defined culture, art and fashion. So why is il bel paese nowadays not considered creative enough?

ublished by the Martin Prosperity Institute, Canada, the Global Creativity Index is a measure for advanced economic growth and sustainable prosperity based on talent, technology and tolerance. According to the institute, the higher the GCI score, the more productive a country is. The GCI rates 139 nations worldwide on these three Ts of economic development and on the institute’s overall measure of creativity and prosperity: the sum of these factors constitutes the GCI index. Talent is measured according to the average level of educational attainment and the percentage of people working in the creative economy. The second factor, technology, is considered key to economic progress and evaluates a country’s capabilities in inventions, manufacturing improvement, technology-based economies, development spending, research and development, and patents. The tolerance factor represents how talent and technology reflect on the openness to new ideas and people. 42 - Money / Issue 33

Let’s take a look at this year’s index. In the overall ranking, Australia is ranked in top position, followed by the US, New Zealand and Canada. Denmark and Finland are tied in fifth position, followed by Sweden, Iceland, Singapore and the Netherlands. In terms of creativity, Luxembourg has the largest share of the creative class, with 54 per cent, followed by Bermuda and Singapore. South Korea leads in technology, followed by Japan, Israel, the US and Finland. For talent, Australia is ranked first, followed by Iceland. The US and Finland are tied for third, followed by Singapore. But take a closer look and you’ll realise that one important guest is missing: Italy. Well, it’s not exactly missing: rather, it’s way down in 21st place. For centuries, Italy has been at the forefront of any artistic, technological and cultural revolution or movement. Florence was the birthplace of the Renaissance while the old

masters – from Cimabue and Pisanello to Leonardo da Vinci, Michelangelo, Giorgione and Titian – still define great art. Galileo’s experiment at the tower of Pisa changed science while sailors from Venice and Genoa discovered strange lands and mapped the world. And Italy played an important role in the invention of the telephone and television. Food, fashion, architecture and design – you name it and there’s a made-in-Italy label dangling from it. So, given such a rich and creative tradition, why is Italy ranked so low in the GCI? According to Symbola, which is the Foundation for the Italian Qualities, and the Unioncamere, Italy’s cultural production system amounted to 460,000 enterprises, which is equivalent to 7.5 per cent of national economic activities. This is translated to a value of €75.5bn, which increases to €80.8bn when public administration and nonprofit organisations are added.

Together these cultural enterprises employ 1.5m people, which is 5.7 per cent of the country’s national workforce. In 2012, cultural exports were worth €39bn, with a surplus of €22.7bn. Apart from these values, we also need to take into consideration a multiplier of one is to seven. So in terms of figures, Italy is doing fairly well. Let’s focus on one particular sector: fashion. Italy is the birthplace of fashion icons such as Dolce & Gabbana, Missoni and Giorgio Armani. However, in recent years, it slipped into a slump. After two years in decline, the fashion industry recorded an element of growth in 2014. In fact, according to the national chamber of fashion, the Camera Nazionale della Moda Italiana, 2014 figures were back to 2011 levels, when growth in the luxury industry was fuelled by growth in China. Exports in 2014 were particularly healthy, rising to 76 per cent of total Italian fashion sales. In 2014, the domestic market was still slow, but sales rose slightly.

Again, there’s a conundrum here. While Italy (together with France) is the recognised birthplace of fashion and a leader in the industry, this status is not reflected in the turnover figures. Maybe the key word here is nostalgia. Italy’s creative future is dictated, and possibly kept back, by a past which is heavy and rich. The reasoning could be that, if we have been doing this successfully for centuries, why should we change? But change Italy must. In fact, in the fashion industry, there is an increasing recognition that if Italy is to return to the front row, then it must focus on quality. Because that is what the main markets – the US, China, Russia, Korea and the Middle East – want. Beyond the brand and the history, they want quality. The same applies to other creative sectors. It’s not enough that Italy has a strong reputation and history – creativity

“SO, GIVEN SUCH A RICH AND CREATIVE TRADITION, WHY IS ITALY RANKED SO LOW IN THE GCI?” US

is a quality which needs to regenerate constantly and consistently. Moreover, no sector operates on its own. Every sector spills over and depends on other sectors. Within this context, Italy’s economy is still in recovery mode. And it’s a slow recovery. The unemployment rate grew steadily from 8.4 per cent in 2011 to 10.6 per cent in 2012, 12.2 per cent in 2013 and 12.7 per cent in 2014. In August of this year, the unemployment rate stood at 11.9 per cent. Again, this is an important indicator because unemployment limits creativity. If the younger generations, which traditionally fuel the creative economy, are unemployed, they will seek work in other countries, thus generating a brain drain. The budget for 2016 shows a slow pace of deficit reduction. As a counter, the Renzi administration’s draft budget for 2016 includes plans to inject €27bn into the economy through a combination of spending cuts and tax reductions. The goal is to register a GDP deficit of 2.2 per cent for 2016 and 1.1 per cent for 2017. It’s only when the Italian economy achieves a strong recovery that the individual sectors – including the creative one – can perform well.

In 2014, Italy was the

3rd

market for luxury goods, with

JAPAN ITALY

€16.1bn

. The US and Japan ranked second and third, with €64.9bn and €18bn respectively

Between 2008 and 2011, the European creative industries lost value worth

€20bn Italy is the manufacturing hub for luxury goods. It is calculated that around

90%

of brand products are manufactured in Italy

Italy’s cultural production system amounts to

460,000 enterprises

Italy’s unemployment rate currently stands at

11.9%

Following the economic downturn, between 2008 and 2011, the European creative industries were stagnated. Around

400,000

full-time jobs in the sector over this period were lost

Money / Issue 33 - 43

Interview DESIGN

FURNISH

FAN TAS TIC

BEACH BEAUTY

Money adds style and substance to your home.

An homage to the 1950s beach resort, the Acapulco chair by OK Design is a beautiful interplay of geometric lines. Suited for both indoor and outdoor use.

THE WRITE STUFF Inspired by an elegant, bygone age, this leather stationery box by Life of Riley includes six compartments and three drawers. Can be carried as a box with two brass handles.

SO NATURAL Part of the Earth to Earth collection, this console table by Ginger & Jagger is shaped like a fig tree.

FABRIC FURNITURE The Firmdale cabinet by Julian Chichester is made of oak with push-open doors that are fronted with black vellum.

44 - Money / Issue 33

Z MARKS THE SPOT The Cassina 280 Zig Zag chair is made of solid wood and comes in a variety of colours.

A FAN OF SITTING The sculptural Le Fan Plisse chair by Christopher Guy is inspired by an open fan.

TREE AND THREE Made of three different types of Brazilian hardwood, this tree-legged chair is designed by Joaquim Tenreiro.

HAMMER TIME Designed in 1975 by Philippe Hiquily and produced as a limited edition of 40, the Coque armchair is shaped by hammering aluminium into form. Highly collectable.

SEE THE LIGHT Made of glossy Lucite panels encased in brass frames, the Barcelona table lamp by Jonathan Adler adds swanky detail to any living space.

Câ&#x20AC;&#x2122;EST CHAISE This rolled-back boudoir style chaise longue by Ralph Lauren Home is distinctive in style and luxurious in finish. Available in both leather and fabric and finished in distressed mahogany.

Money / Issue 33 - 45

Interview SPOTS

NEW HORIZONS FOR AUTOMOTIVE LUXURY DRIVE SAFER

Carl Zeiss Vision has created DriveSafe lenses to deliver on drivers’ needs following studies with consumers to identify the most visual challenges experienced by drivers. DriveSafe lenses enhance vision in low light driving conditions based on the new Luminance Design Technology. With the addition of the Zeiss DuraVision DriveSafe anti-reflective coating, glare from oncoming cars or street lights can be reduced by up to 64 per cent. DriveSafe Lens Design makes it easier for progressive lens wearers to quickly refocus between the roads ahead, dashboard and mirrors. Zeiss DriveSafe as well as the entire range of high end Zeiss optical lenses are available from selected leading shops in Malta. For more details visit the Zeiss Optical Malta Facebook page, e-mail info@classoptical. com or call 2381 1000.

The new BMW 7 Series has a clear claim to luxury segment leadership when it comes to driving dynamics, long-distance comfort, efficiency, driver assistance and exclusive options designed to optimise occupants’ personal sense of well-being. The new 7 Series is available in two body variants with standard and long wheelbase. The design has BMW’s characteristic balance of exclusivity and dynamic flair, impressive precision, high-quality materials and exclusive workmanship. Outstanding commitment to the application of BMW EfficientDynamics technology is translated into a unique package, including the latest generation of engines, anticipatory operating strategy and segmentleading aerodynamics. Vehicle weight has been reduced by up to 130kg compared to predecessor models. The extensive use of carbon-fibre-reinforced plastic in the passenger cell is based on the transfer of technology from BMW i. The luxurious onboard experience has been redefined, with generous space, exclusive aura,

exquisite materials, precision workmanship, and newly designed centre console extending into the rear as an option. The electrically adjustable comfort seats and executive lounge provide unbeatable long-distance comfort while active seat ventilation and massage function for driver and front passenger with Vitality Programme has been included for rear seat passengers. The heat comfort package includes heated seats, steering wheel, armrests in the doors, centre console and rear centre armrest. Exclusive high-end music enjoyment comes courtesy of the Bowers & Wilkins Diamond surround sound system. Telephony with wireless charging enables inductive charging of mobile phones in the car while the iDrive operating system gains a touch display for intuitive operation of numerous functions. The new BMW 7 Series also presents the world premiere for BMW gesture control. The Driving Assistant provides a complete comfort- and safety-enhancing package thanks to additional functions, including rear collision prevention, lane change warning, speed limit info and rear crossing traffic warning functions.

REFINED AND WELCOMING

planning and execution of every single detail of the new bistro, bringing it to completion within a six-week timeframe. Vivendo’s Hospitality Division team handled all the design requirements and custom joinery required to give the new Charles Grech bistro a unique look that also met the highest technical specifications. All joinery works followed a traditional design, serving functional and decorative purposes. A new Charles Grech high-end bistro, part of their larger outlet in Sliema, was inaugurated following the completion of a bespoke outfitting project executed by Vivendo’s new Hospitality Division. This was the third successful collaboration between Vivendo and Charles Grech. Similar projects were carried out on the Charles Grech outlets in Valletta and Ta’ Xbiex. In their latest project, Vivendo oversaw the

46 - Money / Issue 33

A stylish white gloss and wooden floor, complete with a long sofa bench, were installed to lend the place warmth and elegance. Walls panelled with wood and meticulously chosen paintings blend seamlessly with the surroundings, giving patrons the impression that they are sitting inside a luxurious yacht. Vivendo’s Hospitality Division met client

expectations on time, ensuring that the final result evoked the refined and welcoming ambience associated with all Charles Grech outlets. Architects Marco Fumagalli and Ivan Pace worked closely with Vivendo’s project manager to guarantee the coordination and precision planning needed for a project that demanded extraordinary attention to detail in order to deliver the premium aesthetic desired. Vivendo’s experience and versatility in this sector is evidenced by the diversity of projects it has delivered, including the outfitting for Charles Grech’s bistro in Sliema and the recently completed upgrade of the Suncrest hotel in Qawra. The three main pillars of the new Hospitality Division will be: custommade projects, complete hotel outfitting targeting four- and five-star properties, and provision of Technogym exercise equipment for hotel gyms.

// Nudie jeans at IQ, €129.00 // Scotch & Soda jacket at IQ, €94.45 // Tom Tailor t-shirt, €19.99 // // Tommy Hilfiger sunglasses, €135.00 // Ecco shoes, €144.90 //

Hit the roof

PHOTOGRAPHY

NICKY SCICLUNA STYLING

CARINA CAMILLERI HAIR

ADRIAN BUHAGIAR AT BARNUZ BARBER [M 9940 1980] MODEL

ANDREI AT MODELS M

// Nudie Black jeans at IQ, €105.00 // Scotch & Soda striped sweatshirt at IQ, €119.95 //

// Tom Tailor pants, €59.99 // Tom Tailor bag, €29.99 // Armani Jeans t-shirt, €130.00 // // Esprit knit, €79.99 // Tom Tailor duffle bag, €20.99 //

// Tommy Hilfiger trackpants, €129.00 // Armani Jeans jacket, €300.00 // // Armani Jeans high tops, €162.50 //

// Armani Jeans trackpants, €115.00 // Esprit white hoodie, €35.99 // // Esprit grey sweater, €49.99 //

// Esprit denim flare, €49.99 // Esprit sweater, €59.99 // Esprit brown bomber, €79.99 // // Tom Tailor t-shirt, €19.99 // Emporio Armani sunglasses, €140.00 //

Interview GIFTS

LINES OF

BEAUTY

Cutting-edge design, advanced technology and beautiful objects. Money helps you invest in creativity.

HEY LISTEN The Audeze EL-8 headphones feature advanced technology packed in a beautiful aluminium, leather and wood veneer design.

SEND ME A MESSAGE This leather messenger bag by Mulberry is made of full-grain leather and converts from a messenger to a backpack by a simple strap adjustment.

READY FOR ACTION

COOL VIBES

The Avenger Blackbird 44 embodies a concentrated blend of the Breitling spirit. High-performance, accurate and functional by nature, the Avenger Blackbird features a titanium case with a highly resistant black carbon-based coating. The military type anthracite strap is made of ultrasturdy high-tech fabric. A companion on any adventure.

The GPO Attache Retro is a portable record player that comes in a leather-bound briefcase design. Behind the vintage look are two built-in speakers and a USB port.

54 - Money / Issue 33

SINGING IN THE RAIN HAVE A SEAT London-based Danish designer Nina Tolstrup combines Scandinavian minimalism with the playfulness of London design to create the bold but playful 19 Greek Street chair.

Itâ&#x20AC;&#x2122;s good news when it rains because that gives you the opportunity to flaunt your Contour Map umbrella by London Undercover. Finished with a traditional maple wood handle.

THE BEAUTIFUL GAME Lâ&#x20AC;&#x2122;Eclaireur by Geoffrey Parker is a backgammon set that is made in Swarovski crystal and snakeskin. A winner.

JAWBONE UP3 This wearable device by Jawbone is a fitness monitor that also features advanced sleep tracking. It integrates your heart rate and other data such as skin and ambient temperature sensors, detects any sleep problems and helps you correct them.

CAR-FREE DAY Designed as an all-terrain bike, the Stanforth Kibo+ is lightweight yet rugged, ideal for long-distance cycling.

Money / Issue 33 - 55

TRAVEL

TINKER

WITH THE

TAILOR

Hoi An is like a beautiful dress. Mona Farrugia finds that it fits her perfectly.

utside Da Nang train station, James is waiting. His black BMW X5 is gleaming in the sun. He’s waiting for me. I know he’s my ride not because he’s holding some A4 sheet with my misspelt name scribbled on it, but because I’ve been told so. And he knows who I am not because I’m wearing some name-tag. This, apparently, is what it means to have your own driver: he recognises you before you’ve even seen him. The drivers of the Nam Hai are as much a part of this Hoi An beach resort as the 24hour butlers, outstanding customer relations staff, chefs and gardeners. They are as recognisable around Hoi An as the doorman at the Raffles in Singapore, to the point that whenever one of them picks me up from the old town at night, people actually tell me where the driver is waiting. I’m dropped off right at reception. Well, reception is a small word for the tent-like

56 - Money / Issue 33

structure. Then I hop on a golf buggy and the driver takes me to where I will be staying for the next 10 days. So, Asian and private island feeling in one. The driver of the buggy is my butler. She tells me she’ll be there, whenever I call. She will also wash any laundry, clean shoes, book restaurants, whatever I would like her to. So I start collecting used items from my previous jaunts in Hanoi and Halong Bay: swimwear, crumpled linen shirts, floorsweeping dresses, jeans which suddenly look disgustingly dirty. The very process of having someone take care of me in such detail has brought out the lady of the manor in me. The design of the Nam Hai is such that you want to object to it because it is too modern. Then once you’ve settled in, you realise that what Paris-based architect Reda Amalou of AW2 and interior designer Jaya Ibrahim have managed to do is blend

modern with the essence of Vietnam itself in a way that any contemporary jet-setter will adore and feel right at home in. The villas at the Nam Hai are outrageously vast, created for honeymooners chasing each other and testing every single area for a whole week without having to repeat themselves once. The beach villas are bigger than most people’s regular living quarters, certainly if they live in New York but even if they live in a house in Malta. There are some slight niggles. The furniture is a little over the top – does anybody need a 12-seater dining table when on holiday unless they are a Middle Eastern sheikh? And bizarrely enough, there are no bedside lights, which means that if you want to read before sleeping, you have to switch on the huge overhead light. The entertainment system was on the blink a couple of times – I only called the butler once at 11pm and she had to call the technician. After that, I stuck to books – so much more reliable.

Food and travel writer Mona Farrugia runs Angelica in Valletta. www.angelicamalta.com

“DURING THE DAY, I FIND MY LEGS TAKING ME, REPEATEDLY, TO THE BOUTIQUE.” The villas come into their own in their outdoor areas, with stretches of lawn, garden and huge personal pools. The beach, stunning and one of the longest in Vietnam, is perfect for hours of walking, which make you wish you had brought your dog with you on holiday. Then back to the villa for afternoon tea. Breakfast at the Nam Hai is a lavish affair: every single dish is of outstanding quality, every day there is a different breakfast cocktail (just in case you need an excuse to start drinking early on holiday), the staff are outstandingly trained and somehow, because it’s all so utterly civilised, the guests behave appropriately too. During the day, I find my legs taking me, repeatedly, to the boutique, buying stunning costume jewellery and designer clothing, all made by local and Asian designers and all reasonably priced. The whole point of being at the Nam Hai, though, was that I wanted to see and be in Hoi An, possibly one of the prettiest Asian

little towns I’ve ever seen. It’s picture perfect – like a Vietnamese version of Valletta but with added streams, bridges, rice paddies and girls on bicycles wearing their stunning ao dai. Hoi An is known for its tailors. I had arrived with a plan that sadly, even with the help of the customer assistance girl from the Hoi An (she made sure to only take me where I wanted to go, rather than the usual guide-for-commission situation) did not come to fruition. First up: I wanted to get suede sofa covers and had come armed with measurements and patterns. Sadly, the leather lady did not have enough skins in one colour. Then I wanted shoes made. My simple ballerina shoes turned out to be too tight (after four fittings) and they could not make my thigh high boots in stretch leather. I was much luckier on two other fronts: with the food and with the tailor. Having visited many tailoring shops I finally decided to go with the one that actually has a chain of outlets around the World Heritage town. Sometimes small is not so beautiful. They had an outstanding selection of fabrics including cashmere and stretch jersey and having given up on getting them to copy some Victoria Beckham dresses from her website (cheat!) I walked out, five days after my first visit, with six different coloured Melissa Odabash-inspired kaftans and Anthropologie-like palazzo pants.

In the evening, I tried to experiment with restaurants which are always cheap but not always fantastic. Vietnamese food is amazing in its simplicity, cleanliness of flavours and the subtle spicing and herbing of cao lao, chiar su pork and deeply flavoured soups. You finish it all off with the ridiculously good, sweet and drenched in condensed milk Vietnamese coffee. I discovered Ms Vy’s Morning Glory restaurant on my first night. Ms Vy is a food book writer and cooking doyenne who also owns four restaurants and two hotels. Once my addiction to possibly the best-tasting soup I have ever had in a life of food travel – clam and lemongrass – was established, I simply could not bring myself to go elsewhere. A word of warning: restaurants in Hoi An close ridiculously early and by 10.30pm you will find yourself being shuttled out to the nearest cocktail bar. Which will close at midnight. My original plan for Vietnam included a quick detour to Cambodia. However, at some point I realised the trip would be too complicated, so I chucked a country out. That gave me more time to cruise around Halong Bay, get slightly bored in Hanoi and not be terribly impressed by Ho Chi Minh. Next time around, I will fly down direct to Da Nang and spend my entire holiday in Hoi An: such a fabulous combination of accommodation, relaxation, food and shopping is nothing short of a winning one. James will be waiting.

Money / Issue 33 - 57

The Bluesman is a Maltese sound engineer working in New York.

Interview NEW YORK

This

Fall Legend is no

Banks are growing larger. And that means that the next fall will be harder, the Bluesman says.

trange days indeed. I’m writing this while the lunar eclipse is happening. I’m sure wolves and coyotes were howling out where wolves and coyotes roam. With Donald Trump spouting his Trumpisms – to a waning audience but still to the great annoyance of his fellow party members – and two other Republican contenders dropping out, Speaker of the House John Boehner called it quits and announced that he was outta there by end October. His deputy Kevin McCarthy, pretty much expected to be his successor, has already incurred the wrath of his party when he was caught telling the truth to Fox’s Sean Hannity. In answer to a what-are-you-going-to-do-for-us question, McCarthy was happy to confide that he/they have already been useful as the Select Committee investigating the Benghazi attack on the Embassy has been successful in bringing down Hillary Clinton’s numbers. He must have forgotten he was on television. He exposed this investigation, running longer than the Watergate or the 9-11 investigations, as a Republican scheme to trip Clinton up in her run for the nomination. The backtracking and repudiating by the GOP left skid marks all over the ether. The Republicans are skittering around through their own fault. They thought it would be amusing to encourage those members to the right of right, gathering as the Tea Party, to become more vociferous in criticising government and strutting around sporting their firearms. The result is that no Republican politician will now say anything that would annoy these Tea Partiers. These are the people who now are supporting Trump and it’s proving to be less than amusing to the candidates vying for the nomination. So it means placating this core at every turn: cue denying climate change, making it harder for the poor minorities to exercise their voting rights, slamming the gay community, turning back the clock on women’s issues, adopting a hard line on immigration, and don’t even hint at looking at gun control. This timidity is what had Jeb Bush mumbling “Stuff happens” as a reaction to the latest mass shooting at Umpqua Community College. Ten dead and he waffled about stuff happening

58 - Money / Issue 33

rather than pledge how to get a grip of this, now bi-monthly, American tragedy. And so say all of us said Trump, Carson, Rubio, Huckabee and the rest, in more or less words. The juggernaut that is the banking industry trundles on. If the banks were too big to fail back when Bear Stearns stumbled and precipitated a domino effect of useless overleveraged paper, one wonders what havoc a repeat would cause as banks have grown in size. A couple of years ago the general feeling was that the banks had achieved the right size. The right would like unfettered growth while people like senators Sanders and Warren would like to re-establish the loosened Dodd-Frank precautionary provisions brought in by this administration after the fall but which the Republican Congress started dismantling about six months ago. As the banks increasingly ventured into market-based activities, the risk to investors has grown. The provision that was repealed required a firewall for taxpayers but, once again, the unprotected taxpayer will bear any burden. More rollbacks are planned as provisions that are not essential to avoid another crisis will be nullified and brick by brick this defensive wall will be dismantled. The pain of 2008 has been forgotten, the economy is on track, let’s live dangerously large. In fact, some feel that the US economy is good enough for the Fed to raise rates.

Speaking of the Fed, in a recent interview, former Federal Reserve chairman Ben Bernanke said that individual Wall Street executives should have been prosecuted for their actions leading up to the 2008 financial crisis but that the US Justice Department and other law-enforcement agencies focused instead on investigating or indicting entire firms. “You can’t put a financial firm in jail,” he said. And now, writes former US Secretary of Labor Robert Reich, “The big banks are far bigger than they were then, it’s likely we’ll have another near meltdown because no one was held responsible for the last one.” Back to the Democratic race. Bernie Sanders is nipping at Clinton’s heels in the polls and has virtually matched her in contributions received. There are four other candidates running that nobody is really that familiar with but who, one presumes, are laying some groundwork for the future. The one person many hope will jump in is Elizabeth Warren but she’s still not running. On the other hand Vice President Joe Biden has made some noises indicating that he’s exploring the possibility. The affable but normally gaffeprone Biden is well liked and the sad passing of his son from cancer has drawn sympathy I suppose. But if he does enter the race, off come the gloves and his voting track record does tend to be away from the Democratic core. It’s possible that he has been prepped to step in if Clinton falters but thanks to hopeful Speaker McCarthy’s misspeaking about the GOP’s plan to stymie her, that might not be necessary.

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