Business Arena Magazine nr. 85

ARENA

No.85/2019 23lei

E n j o y t h e Q u a l i t y ***** A d m i r e t h e V a l u e *****

magazine

AUGUSTIN MATEI

special section inside

LUXURY & LIFESTYLE

TOP BRAND pages 32 - 62

“My watches are specially customized for each customer. The most important stage in the creative process is discovering the idea and the concept behind each watch.

They are inspired by the customers’ passions, life stories or their most meaningful values.” pages 6 - 7

w w w. b u s i n e s s - a r e n a . r o

in partnership with

Business Arena Magazine is proud to announce the 19th edition of its annual event dedicated to the leaders in the financial market:

FINANCIAL LEADERS’ HALL OF FAME 2019

Some 200 persons from the financial and baking sectors, directors of investment funds and representatives of some of the largest companies in Romania, together with representatives of the local authorities, high government officials and diplomats will take part in this exclusive event.

Invited to give the opening remarks at last year's edition, Raiffeisen Bank Romania’s CEO Steven van Groningen emphasized that making predictions in the banking and financial industry was somewhat risky, but overall the trend was positive. “The banking system is profitable and we have seen a process of consolidation, which is good news for the system’s long-term sustainability and strength,” he said. He also indicated that investments in technology were important, as they allowed banks to spend more time analyzing customers’ needs.

However, the Government's move to approve Emergency Ordinance 114 late last year, introducing, among others, a new tax on bank assets, may change the outlook for the entire industry.

In this context, Business Arena Magazine is proud to recognize the achievements and successes of banks, financial institutions and business leaders that find the winning strategies in spite of the challenging economic background.

For more information please contact Cosmin Stangaciu at cosmin.stangaciu@business-arena.ro or phone 0755.274.125

EDITORIAL

by

Cristian Cojanu

CHANGE ISN’T ALWAYS A GOOD IDEA Generally regarded by experts as one of the few sound decisions of the current ruling coalition, Mugur Isarescu was given a new five-year term at the helm of the central bank (BNR) after winning the support of the parliament. However, the 69-year-old will have his work cut out to achieve his targets. During parliament hearings, the world’s longest-serving central bank governor emphasized that the future board faced major challenges because of rising imbalances in the economy, and pointed out that and efficient cooperation with the government was needed.

Speaking of imbalances, the European Commission’s Spring 2019 Economic forecast for Romania indicates that internal and external uncertainties could take a toll on economic growth. “Externally, uncertainties surrounding global demand and the EU economy could have a negative impact on Romania’s exports. Internally, a sustained increase in unit labor costs due to wage growth outpacing productivity growth could also curtail exports.

The uncertainty and unpredictability of public policies may also have a negative effect on consumption and investment, hampering growth. Finally, high increases in inflation in the first quarter of 2019 might be pointing to higher price levels than originally expected throughout the year,” the report notes.

Moreover, the general government deficit is forecast to reach 4.7 percent of GDP in 2020.

“The main driver of this projected deterioration is expenditure on old-age pensions, driven by the full-year effect of the 15 percent increase in the pension point of September 2019 and a further increase of 40 percent in September 2020.”

As for inflation, the report points out that it is set to fall to 3.6 percent in 2019, from 4.1 last year, “despite food and energy price rises at the beginning of the year,” and to three percent in 2020.

In the meantime, AmCham Romania released the results of a survey on the quality of the investment climate in Romania.

AmCham noted in a press release that “the responses to questions mainly addressing the appreciation level of Romania’s competitive advantages, of the main market conditions and of the measures with an economic impact in the past year, confirm the increasing concern regarding the sustainability of the economic growth in the absence of public investments, especially investments in transport infrastructure projects.” According to the survey, most of the responding companies express their concern regarding aspects that affect the investment climate. “The leading measures that respondents view as necessary for significantly improving Romania’s investment climate and economic competitiveness include the revision of the quality of public spending and their channeling towards investments (64percent), the increase of the EU Funds absorption (55percent) and investments in infrastructure (51percent).”

“It is obvious, based on these responses, that the business community is very concerned with the public policies that focus too much on increasing consumption, by raising the current public expenses, and which have neglected investments despite the poor quality of the physical infrastructure. The lack of public investments is slowing down a healthy economic growth and furthermore, creates vulnerabilities due to deficits and increasing public debt that reduce the possibilities for financing investments and generate risks in case of the economic recession” said Ionu] Simion, President of the American Chamber of Commerce in Romania.

Business Arena will continue to keep an eye on all the issues affecting the business community, reflecting its views, hopes and challenges.

FROM ALL OF US HERE AT BUSINESS ARENA, ENJOY THE QUALITY, ADMIRE THE VALUE!

OPINION

“FUTURE” AND “PLANNING” SOME NON-EXISTENT WORDS IN THE ROMANIAN LANGUAGE There is no secret, Romanians’ ability to plan forward is limited.

Jokingly, it is said that it doesn’t exceed three days because this is what the Turkish army needed to reach the capital. Planning means measuring three times and cutting once, so one may safely say that Ordinance No 114 (OUG 114, for short) is yet another example of an ill-conceived, ill-promoted and ill-implemented piece of legislation, incapable of seeing and planning wisely for the future.

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BY OVIDIU CONSTANTINESCU, FACE PR AND NEWS

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During the first three months of 2019, Romania imported 1,125.5 million kWh. Exports counted for 62.6 million kWh. If one looks at the dynamics of the market, one To the government’s utter surprise (or not) could grasp the magnitude of the problem: the effects of the dreaded act have now begun exports were down by -52.9 percent, imports to bear (poisonous) fruits: Romania has up by 78.5 percent. Hidroelectrica and become a net electricity importer, more gas Nucleaelectrica, the two state-owned compaimports for the industry and household connies that produce the cheapest electricity, sumption; less money for maintenance and have been heavily hit by OUG 114’s two-perfurther growth, uncertainty over the developcent tax on ment of the turnover and the Black Sea gas five percent cap deposits. All Usually, the bad news travel in two on profit margins these – and othand here we have no exception. on energy supers more - give plied to houseThe other bad news is that come the impression hold consumers. that Romania is the end of the year, the current Who cares that living for the day contract between Gazprom and both need billions and that there is of euros for mainno “tomorrow”.

Ukraine over the transit of the tenance and furThe data Russian gas will cease. And there ther development show that are not many reasons for optimism to keep pumping Romania’s elecenergy in the long tricity and gas that another one will be concluded run? imports have without a hitch.

Some are still both grew in the day-dreaming past six months. about the elusive Chinese Prince Charming Romania has huge electricity production facilithat will bring in the money for reactors 3 and ties: hydro, wind, solar, nuclear, coal and gas 4 at Cernavoda and for the Tarnita-Lapusesti plants. Due to a surge in the Danube’s water hydropower plant, asking for nothing in return. flow, on May 23, Hidroelectrica produced an There is no surprise that gas imports have all-time-high 87 GWh, covering more than half grown over the winter. The surprise is that the of the country’s electricity needs. But hydro, process has continued well into spring and nuclear and wind power are not enough, espenow in mid-summer. Well, the surprise brings cially during troubled times. And troubled in good news and bad news. The good news is times are, ironically, due to the OUG114.

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OVIDIU CONSTANTINESCU

that the gas price on the international market is 2.31 $/MMBtu (US dollars per million BTU) which makes it sound to import.

The bad news of the surprise is that despite the high imports, the levels in the gas deposits plummeted to 3.6 TWh, roughly 11 percent of the total national gas storage capacity. OUG 114 stimulated consumption for the regulated market while the same OUG 114 discouraged investments due to lack of funding and legislative unpredictability.

Usually, bad news travels in pairs, and here we have no exception. The other bad news is that come the end of the year, the current contract between Gazprom and Ukraine over the transit of Russian gas will cease. And there are not many reasons for optimism that another one will be concluded without a hitch. Let’s face it, in 20182019 we had a joke of a winter and there is no certainty that the one to come will be just as mild.

Alarm bells should start ringing. But not in the Ministry of Energy, where Mr. Anton Anton still believes that his idea of

storing electricity in empty gas deposits is a good and feasible one. And the same goes for the Energy ombudsman – the Romanian Energy Regulatory Authority, the ANRE, where a person with no energy expertise whatsoever has been appointed as Vice President. The governing alliance was so confident in Marian Neacsu’s abilities and knowledge about the energy field that it didn’t even bother to let him be questioned by the members of the relevant parliamentary commissions, as required by the law. The last time they did, the candidates put stand-up comedians to shame, so no one was willing to take any risks this time.

So, there you have it: an ill-conceived piece of legislation that turned upsidedown one of the most important and strategic industries; a party crony appointed in a key position without having the faintest idea about the matter, and an industry in stringent need of investments, hoping that things will not, literally, blow up. As if the word “future” is non-existent in the Romanian language.

INTERVIEW

WATCHMAKING AS AN ART Wasted time is lost forever, but nothing is a waste of time if you use your experience wisely. And Augustin Matei is one of those Romanians who have done just that. Having graduated from two universities, with degrees in sacred art, and architecture and design, respectively, and having tried his hand at a wide range of jobs in interior, furniture and even garden design, Augustin Matei realized that his experience allows him to make the transition from landscaping to watchmaking. And so, he is now the only artist in Romania who makes personalized watches for each customer, based on their own story and personal experiences.

Who is Augustin Matei?

I am a watch designer and, so far, I am the only one in Romania to make personalized, luxury watches. Other sources claim that I may be the only such craftsman in Europe.

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What was life like before you entered the world of watchmaking?

I was a landscaping designer, building roof-top gardens. I had a team and I used to be a very dynamic person on site. Now, that dynamism has migrated into the daring concepts of my watches. So, my life was never dull or unengaging.

Business or passion?

Passion! It’s a passion with a secondary emphasis on business. Of course, I never neglect the business side, I deal with both at the same time, without letting one have a negative influence on the other. The interesting fact is that what is happening now is a consequence of what I do.

Both business and passion.

What watch brand inspires you?

I am not inspired by brands or watch models.

I just like them. However, I do get inspired by nature, history, philosophy, etc.. But the ideas for various themes mostly come from my customers. Of course, I run those ideas through my own filter. Most importantly, the final product

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should be an act of artistic creation, its concept and execution should result in a work of high artistic quality.

If you had an unlimited budget, which watch would you buy?

I would build it, rather than buy it. How do you think I got into watchmaking? I saw their beauty and I wanted to try to create such beauty myself. It’s like listening someone playing the piano. You like it so much that you suddenly feel a strong desire to learn how to play. It starts to make a difference when you begin taking piano lessons and you really see your dream come true. That is it, nothing more!

What watch do you wear?

I wear different watches. I don’t have one favorite. One of them is dedicated to Jules Verne (Twenty Thousand Leagues Under the Sea), another has a Greek theme. Even so, I would like to build myself a new one, but I can’t decide what to choose. I like stone-dial watches, I also like those inspired by astronomy and space.

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Difficult decision! You might say that I could build anything and more than just one, right? But it’s not quite like that, because I would like to have a favorite. Perhaps one inspired by Augustin Matei mythology or ancient history would work for now, while a totally different myself, thinking that “if the watches are beautiful, theme would be fitting in five years’ time. they’ll sell themselves, without specialized advertisWhat is the single most important ing.” And I was right, because media now talks development since watch about the artist, rather than his art. mechanisms were invented?

What is the intended customer target?

I believe it should be the dial, the watch face.

It’s just like having a car engine fitted inside a Educated, refined, intelligent! The customers’ body. That’s when it becomes a car, and the refinement and intelligence make me create and same is valid for a watch. Before that, we can produce works of art. I achieve that by resonating only talk about engineering, nuts and bolts. with them.

What makes your watches different?

What personalities have This is a question for my customers, and I believe you had the pleasure to their answers would be different. What would be collaborate with so far?

Augustin Matei common ground, though, is the emotional and perstudied sacred art at There are several outstandsonal touch that each customer can experience.

Faculty of Orthodox ing individuals and organizaThe story behind every model is different, emotionTheology in tions, and I would mention al and complex. Each watch carries both a story Bucharest and he is Pope Francis, Sylvester a graduate of the and its customer’s emption, being a new experiStallone, the Romanian Tonitza High School. ence for me too. I was not expecting that and it President, the Royal House, He lives in Pucioasa, wasn’t planned. I just remember that in the early as well as the Patriarch of where he decorates days I used to encourage myself, thinking that “if Jerusalem in the near watches, using the watches are beautiful, they’ll sell themselves, future, etc.. techniques such as without specialized advertising.” And I was right, How far do you engraving, painting because media now talks about the artist, rather plan to go? and sculpture, than his art.

Very far. And it’s very mirroring their What is the target customer interesting that I don’t have a owners’ personality. for your products?

When we spoke with five- or seven-year business The stories behind each watch model are atypihim, he said he plan. I am more attracted to cal, complex and loaded with emption. Each watch aimed to capture the the idea of innovating in carries both a story and customers’ emotion, which emotion the future terms of design and finding wearer of the watch is also a new experience for myself. I wasn’t new methods of using materiwould like to expecting this and I never planned it. I just rememals. Daring ideas are like a preserve over time. ber that in the early days I used to encourage magnet to me.

FINANCIAL

ALPHA BANK ROMANIA ISSUES THE FIRST COVERED BONDS TO FLOAT ON BVB

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Alpha Bank’s first covered bonds issue started trading on the Main Market of the Bucharest Stock Exchange (BVB). The value of the covered bond issue is worth 200 million euro and the issue includes 2,000 bonds worth 100,000 euro each, at a floating rate of EURIBOR 6M + 1.5 percent per annum. The transaction was intermediated by the investment bank Barclays Bank PLC as Lead Manager and by Alpha Finance Romania as Co-Manager.

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The covered bond issue floats on the Luxembourg Stock Exchange and, as of June 26, also on the Bucharest Stock Exchange.

“Today we are opening a new chapter in the history of the local banking and financial system, bringing the first mortgage bond issue to the Bucharest Stock Exchange. It is an important event, as Romania is joining the list of countries with an active mortgage bond market, modern financing instruments that will contribute to the development of the financial institutions and the capital market," said Sergiu Oprescu, Executive President, Alpha Bank Romania.

In turn, BVB CEO Adrian Tanase said: “The bond segment enters an unprecedented diversification stage for the local capital market.

Investors who have so far had access to corporate, municipal and government bonds can

now trade their first BVB mortgage bonds.

Mortgage bonds are a financing solution often found on international financial markets, and now they are also available in Romania, following Alpha Bank’s issue.”

According to media reports, in May, the European Bank for Reconstruction and Development said it had invested 40 million euro in the Alpha Bank Romania covered bond. Alpha Bank’s bonds, which have a five-year maturity and pay a floating rate coupon, are backed by prime Romanian residential mortgages and are expected to be rated Baa2 by Moody’s, the EBRD said at the time. In April, Alpha Bank Romania announced it plans to launch a onebillion-euro mortgage bond program in Romania on the Luxembourg and Bucharest stock exchanges.

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LIBERTY COMPLETES LANDMARK ACQUISITION OF EUROPEAN ARCELORMITTAL STEEL ASSETS

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Liberty Steel, part of Sanjeev Gupta’s global GFG Alliance, completed the acquisition of seven major steelworks and five service centers across seven European countries from ArcelorMittal.

The 740-million-euro deal makes Liberty Steel one of the top ten producers globally, excluding China, with a total rolling capacity in excess of 18 million tonnes covering a wide range of finished products.

This is the largest single transaction As part of a global coalition of industrial undertaken by GFG and brings the Alliance’s enterprises, these sites will join Liberty Steel and worldwide workforce to nearly 30,000 across 30 GFG’s GREENSTEEL drive to create an counties. economically and environmentally sustainable The seven sites, which today became part of business, based on low-carbon production Liberty, employ over 14,000 people and include methods. the major integrated steel works at Ostrava in Sanjeev Gupta, GFG executive chairman, said: the Czech Republic and Galaţi in Romania as “This in an exciting and important milestone in well as rolling mills at Skopje (North Macedonia), GFG’s journey. We are extremely proud to Piombino (Italy), Dudelange (Luxembourg) and welcome thousands of skilled and committed two plants near Liege in Belgium. The service staff into the GFG family. We look forward to centers are based in France and Italy. working together to create a bright and These operations, with a combined rolling sustainable future for our group and our capacity of over ten million tonnes pa, supply industry. These businesses will form a key part steel to multiple sectors across Europe’s of our global steel strategy, of building a industrial heartlands, including: construction and sustainable steel business, with a fully infrastructure products, automotive, aerospace, integrated value chain, from raw materials to energy, industrial equipment, consumer products high-value finished products that are and yellow goods. Liberty Steel aims to boost distributed in high quality markets.” Jon Bolton, sales from these sites by around 50 percent Liberty Steel’s Global Business Development over the next three years.

Director added: “These sites are wellToday’s announcement triggers the start of a positioned, efficient operations with 100-day review during which Liberty Steel, competitive cost structures and we intend to working with local management, trade unions, build upon these strong foundations through a customers and suppliers, will complete a combination of judicious investments, changes comprehensive analysis of the businesses to to the production profile and synergies with explore investment opportunities and develop our wider group.” detailed plans to boost competitiveness, extend Liberty Steel was advised by Wyelands product range and support sales growth. In the Capital, the financial services arm of the GFG medium-term Liberty will explore opportunities to Alliance, on the transaction with corporate produce higher-quality steels with a more flexible finance advice provided by Jefferies production profile.

International Ltd.

WORLD BANK CHIEF EXECUTIVE OFFICER ENDORSES INVESTMENTS IN HUMAN CAPITAL DURING ROMANIA VISIT Kristalina Georgieva, World Bank Chief Executive Officer (CEO), emphasized the importance of investing in human capital for economic success in an era of technological transformation. Her remarks came during her two-day visit to Romania in a speech at National University for Political Studies and Public Administration (SNSPA) where Ms. Georgieva was awarded a Doctor Honoris Causa for lifetime achievements by the Rector of the University, Mr. Remus Pricopie.

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KRISTALINA GEORGIEVA

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The World Bank CEO also underlined the importance of Romania’s strong commitment to gender equality. Romania scored over 90 points in the recent World Bank ‘Women, Business and the Law’ report looking at a decade of reforms across the world.

Ms. Georgieva also noted that women in Romania lead in the EU in terms of being actively involved in the traditionally male-dominated fields of science, math, and computing. They are more likely than women from other EU countries to graduate with degrees in engineering and manufacturing. And at 5.2 percent, Romania boasts the lowest wage disparity between men and women in the EU, well below the Union’s 16 percent average.

“It is wonderful to see Romanian women excel in traditionally maledominated fields like science, math, and computing. This is a great example that other EU countries should follow,” said Kristalina Georgieva. “For countries to succeed in the fast-paced digital economy, both women and men need equal opportunities to succeed in business and the workplace across all sectors and regions.”

Evidence shows that technology is transforming the world of work by changing the nature of firms, creating new business models and expanding job opportunities. Technology brings opportunity if people are prepared with skills to participate in the new global digital economy that is emerging. The most significant step countries can take to prepare for the jobs of the future is to invest in people to build human capital.

The World Bank is already assisting Romania

to invest more and invest smarter in quality educational programs. The Romania Secondary Education Project (‘ROSE’) provides grants of around €100,000 per initiative to underperforming schools in struggling areas to facilitate investments in remedial classes, tutoring, counselling, coaching, and extracurricular activities. These grants have helped more than 250 under-performing schools decrease drop-out rates – from 6.5 percent in 2014 to 3 percent in 2018 - and increase graduation rates – from 86.9 percent in 2014 to 94.6 percent in 2018.

The World Bank is also committed to supporting better health outcomes for people in Romania. A €250m project that supports medical infrastructure is being implemented, and a new project is being prepared to expand primary health care coverage for underserved populations. The new results-based operation would help close service delivery gaps by increasing access to family doctors, preventive care, and universal insurance coverage.

“Education and health have improved in Romania over the past two decades, but more needs to be done to reach levels seen in other EU countries”, said Kristalina Georgieva. “A more balanced and integrated health system will improve people’s lives through interventions that address illness at an earlier stage, and in turn this can increase productivity. Combined with investments in education, this would develop human capital and increase competitiveness and growth in Romania.”

During her visit to Romania Kristalina Georgieva also delivered a keynote speech at the High-Level International Conference on ‘The Role and Status of Women in Modern Society - Between Empowerment, Leadership and Gender Discrimination’, organized by the Romanian Presidency of the Council of the European Union.

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RAMONA JURUBI}| IS THE NEW PRESIDENT OF FIC The Foreign Investors Council (FIC) has a new executive team, having elected a new Board of Directors at the end of May. Ramona Jurubi]\, Country Managing Partner KPMG Romania is the new FIC president and she will be supported by Eric Stab, Chairman & CEO of Engie Romania and Georgios Stassis, CEO & Country Manager, Enel Romania as vice-presidents. Daniel Anghel, PwC Board member and Tax and Legal Services Leader, has been appointed as treasurer.

Franz Weiler, CEO of UNIQA Asigur\ri, ended his second mandate as FIC president on 13 June but remains on the FIC Board. According to an FIC release, he reflected on his stint at the helm of FIC: “It was a challenging time to be the President of one of the most important business organizations representing foreign investors in Romania. These have not been the easiest years if I am to judge from political context and legislative perspective. Our community was faced with several emergency ordinances which have shaken the trust of investors, starting with the famous transfer of contributions from employers to employees and ending with OUG 114/2018.

This is probably the reason why FDI flows in Romania have been rather flat in spite of high economic growth and considering the investments needs of the country. The growth was good for business and we do not shy away from saying that. What we have argued with public authorities was the need of a long-term and sustainable view of development and a gradual departure from short-term measures. As the social and economic environment is changing, FIC is changing as well and the most important transformation is that we have become more engaged in the public sphere and in explaining what foreign investment is and its contribution to the economy. The negative discourse against foreign companies took us a little bit by surprise. Of course, companies are made of people and people make mistakes.

There is nothing wrong in a public debate on a specific case, on the contrary this is how it should be. What we disagreed with is a line of discourse with no fact evidences which says that foreigners have come here to take advantage of Romania. This is plainly wrong as foreign investors have contributed significantly to the country’s development in the past 20 years. We take it as a mission of our community to explain

RAMONA JURUBI}| this.” Ramona Jurubi]\ has been serving in the FIC Board since 2017 and between January and July this year she also holds the position of coordinator of Coalitia pentru Dezvoltarea Romaniei, on behalf of FIC. The FIC release quoted her as saying: “It’s a great honor and a challenge to take up this position, and I would like to thank the Board members for investing me with their confidence.

Romania should be aiming for full economic convergence with Western European economies.

This is perfectly achievable, but to do it we have to tackle our huge investment needs, particularly in infrastructure. While effective use of Romanian government financing and EU funds is vitally important for development, the private sector must also play a critical role. So, I would like to see the government work to rebuild the confidence of the private sector in the authorities and recognize the important impact which private companies have on promoting economic growth and prosperity for all. The recent measures to mitigate the worst effects of OUG 114/2018 are a step in the right direction, and I hope we can continue to make progress in strengthening the relationship between the state and the private sector. If we develop a positive partnership, this works in everybody’s interests and we can create an economy with a flourishing private sector and strong public services. We need to encourage both FDI and domestic investment many of the top companies operating in Romania today are a mixture of local and foreign capital and talent. Within the FIC Board we have representatives from a wide range of industries, so we are well placed to support the authorities with expertise and knowhow on how to encourage broad ranging, sustainable economic growth. FIC will also continue to work together with our colleagues from Coalitia pentru Dezvoltarea Romaniei in order to have a common voice on major issues of concern for the economy. I am looking forward to working with my colleagues from the executive team, Eric, Georgios and Daniel and with the entire FIC Board to deal with the exciting challenges we have ahead of us.”

WORLD CLASS STUDY:

ROMANIA IS THE FASTEST-GROWING HEALTH & FITNESS MARKETS IN EUROPE (+45% OVER THE NEXT 5 YEARS)

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According to the European Health & Fitness Market Report published by Deloitte and EuropeActive, the European Health & Fitness Market (EU28 countries plus Norway and Switzerland) reached 55.3 million memberships in 2018 compared to 44.7 million in 2014—an annual growth rate of 5.5 percent. On average, 1 in 10 Europeans had a fitness membership in 2018.

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Together with Daedalus Online, A.T. Kearney conducted an online market survey for World Class to understand the profile of the Romanian health & fitness customer. The sample included respondents (fitness-goers and non-goers) from key cities, aged 18–60 years old.

In terms of development perspectives for the Romanian health & fitness market, there is an increased demand for premium health & fitness clubs, accompanied by higher willingness to pay.

By 2023 it is expected that an additional 250,000–300,000 new members will join the fitness market (a 30–35 percent increase versus 2018). The market value in 2023 is projected at EUR 360–380 million (a 45–55 percent increase versus 2018).

On the Romanian health & fitness market there is only one dominant player, with 35 clubs, three more to be opened in 2019 and presence in more than one city—World Class. With over 60,000 members (about 7 percent market share in terms of members), World Class is active in the premium segment and market leader in terms of network, membership, and revenues.

“The last trends show that Romania and Health and Fitness Industry have the fastest speed in terms of growth. This is an opportunity for us and we will continue to invest in. It is part of World Class core strategy to continue expanding in order to make health & fitness services more accessible to Romanians, close to where they live and work. Our network expansion is strictly focussed on strategic urban locations, and our sales and marketing approaches are closely interconnected with our mission: to inspire more Romanians to be more active more often to live a healthy lifestyle.

Our unique market position in terms of physical network, programs and services,

combined with our digital tools and presence creates strong member stickiness and satisfaction, and consequently also high retention rates. Our current plan foresees growing our network to more than 90 premium health and fitness centers by the end of 2023.

Our main focus will continue to be Bucharest, followed by Cluj, Timisoara, Iasi, Constanta and Brasov”, said Kent Orrgren, CEO World Class.

The study shows that the healthy lifestyle trend is an increasingly influential factor when it comes to personal time and leisure activities. 8 out of 10 people practicing sports mentioned that they exercised at least 2–3 times per week during the previous year. The main reasons Romanians practice sports are to preserve their health and prevent the occurrence of medical conditions (31 percent), and a desire to improve physical appearance (28 percent).

Of the respondents who practice sports in a fitness center, almost 60 percent do so 2–3 times a week. The most frequent types of activities performed at the fitness center are group fitness classes (53 percent of respondents go to at least one type of class, with the percentage increasing to 65 percent if we refer to women respondents only)

and exercising alone using equipment (35 percent). Around 8 percent go swimming.

The most important factor for customers when deciding which health & fitness club to attend is proximity to home or workplace (22 percent of respondents), followed by membership price and location look and feel.

Among the respondents who do not have a fitness membership, three major reasons account for their decision: lack of time (more than 40 percent), lack of financial resources (around 20 percent), and lack of access (no fitness club in their proximity—15 percent). Still, the Romanian fitness market remains an aspirational one with 85 percent of respondents that don’t currently go to fitness centers declaring the willingness to buy a membership in the next 6 months.

There is also growing involvement of the corporate sector in employees’ well-being.

Corporate wellness policies could further open the fitness market: 8 in 10 respondents who do not go to the gym declared that they would attend a fitness club if their employer would pay for the membership.

With 35 health & fitness clubs located in strategic location throughout 6 of the most important Romanian metropolitan areas, World Class remains the largest health & fitness network, continuously expanding to reach with the strongest team of health & fitness professionals (over 400) and the most consistent corporate wellness program offer at national level. The World Class mature clubs which have been operating for more than 3 years, boast LfL average annual revenue growth of around [10 %] per year on average. This growth comes not only from membership fees, but also from other products and services showing solid reception from our clients: personal training services, food, beverage and sports nutrition sales, and in some locations also sportswear sales.

World Class development plans for the next 5 years include reaching over 140.000 World Class members and over 90 clubs in

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KENT ORRGREN, CEO WORLD CLASS ROMANIA strategic and premium locations across Romania that have suitable catchment areas to ensure healthy performance of the clubs.

World Class Romania is a market leader in the local wellness industry with a total number of 38 (35 active clubs and 3 to be opened during this year) health & fitness clubs throughout the country and over 62.000 members. World Class clubs provide services at the highest standards, cutting-edge facilities and diversified classes.

World Class is long-term partner for LES MILLS™ the biggest fitness concept provider in the world.

World Class Romania also provides a premium fitness and lifestyle club concept, named W, in which members can train and relax in an intimate and exclusive set up.

World Class Romania is owned by Resource Partners, CEE private equity fund, supported by several institutional investors. The fund focuses on investments projects in Romania, Poland and other EU countries in Eastern Europe. Resource Partners focuses primarily on identifying fast growing companies with strong management teams to supplement with our experience of managing fast organic and acquisition-driven growth.

INFORMATION &TECHNOLOGY

ESPIONAGE AND LINKEDIN: HOW NOT TO BE RECRUITED AS A SPY

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The risk that hostile intelligence services will use LinkedIn as a recruitment tool has been widely reported. One such report, by Mika Aaltola at the Finnish Institute of International Affairs published in June 2019, focused on Chinese activity on LinkedIn. The phenomenon, however, is neither confined to Chinese intelligence operations nor limited to that particular social media platform.

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All intelligence agencies use similar exploits, as illustrated by the Iranian-linked hack of Deloitte in which a LinkedIn connection was used to gain an employee’s trust. Even so, the number of reported cases attributed to the Chinese — including those of former intelligence officers such as Kevin Mallory and corporate espionage cases such as one involving an engineer at GE Aviation — suggest their intelligence services are among the most active and aggressive users of LinkedIn as a recruitment tool.

And this makes mitigating the threat critical, whether on LinkedIn or any other social media platform.

HOW HOSTILE INTELLIGENCE AGENCIES USE LINKEDIN Countering the threat coming through LinkedIn requires an understanding of how intelligence services use it in recruitment operations. This is best achieved by viewing the platform through the lens of the human intelligence recruitment cycle.

The recruitment process consists of three basic phases: spotting, developing and pitching. Each can be broken down into smaller steps, and there can be a great deal of variation in the process depending on the target and circumstances. But for our purposes, focusing on these three will suffice.

In the spotting phase, intelligence officers list people with access to the desired information and rank them according to the odds of extracting it.

Before the internet, intelligence officers who wanted to target someone, say, on team X at a given company working on technology Y or with access to program Z, might have to do some serious legwork. The steps might have included obtaining a company roster or using some other means to acquire the names of people working on a given project at a given company. In some cases, they might even have had to recruit an access agent inside the company to help. All this could take quite a bit of time and effort, and if not accomplished deftly, could trigger suspicions at

the targeted company.

But in a world of social media, intelligence officers can use LinkedIn to acquire a list of employees at a particular company or agency with specific job titles in a matter of seconds. In many cases, employees list the specific projects or technologies they are working on, with some even helpfully providing their security clearance levels.

While social media tools are not a guaranteed method for intelligence officers to build a comprehensive list of everyone with access to a program or technology, they can easily jump-start that process. By looking for co-workers of the people identified in the initial search, intelligence officers may then be able to add people who were not as explicit in their LinkedIn profiles to the potential target list.

Once an intelligence officer has compiled a list of potential targets, the next step would be to identify the best prospects for recruitment, and what approach would work best to win them over.

Here, too, LinkedIn can be useful. Although the service is geared toward professionals — and is, in fact, more buttoned-down and formal than social media platforms such as Facebook or Instagram — its members typically share enough information to offer clues as to which recruitment pitch might work. For instance, those who constantly complement attractive people might be ripe for an approach involving seduction. In a similar fashion, those complaining about being unemployed or underemployed could be open to financial enticement; ones appearing unhappy at work could be open to recruitment out of malice; and those making posts looking for affirmation might respond well to a little ego-stroking.

This information facilitates reaching out and establishing contact with potential targets. And I do mean targets here, because conducting these operations electronically allows even a single officer to develop contacts with multiple targets before focusing more intently on the few that appear most receptive and promising — thus

upping the odds of success.

The development stage of the recruitment process can progress quite differently depending on the ultimate objective. A spear phishing-type of operation like the one used in the Deloitte case would be developed differently than an operation that involved a bid to meet and recruit the source in person. But in either case, the ultimate objective of the development phase is to establish a relationship and build a degree of trust so the intelligence objective can be reached.

With regard to LinkedIn, we have noted numerous cases in which hostile intelligence agencies such as China’s develop a relationship with a target by posing as a think tank or university. Using that guise, the agency offers to pay the target to write a paper on a fairly innocuous topic, then invites her or him on an expense-paid trip to China to present it (This is a form of what is known as the “little hook” approach.) Once in China, the targets will be assessed more, and the relationship developed further with the intention of making a final recruitment pitch. In some cases, the intelligence agency will use documentation (such as videos) of past transactions between the intelligence officer and the target as a form of coercion, if needed. Once the target is officially recruited, he or she can be pressured to provide even more sensitive information.

Although I specifically cite China here, all intelligence agencies use this same basic recruitment cycle, as do corporate intelligence actors.

DEALING WITH THE THREAT There are two basic approaches to dealing with a threat. One is risk avoidance and the other is risk mitigation. While risk avoidance is generally the safer course, in this case, it would mean simply not using LinkedIn or other social media. This is not always the most desirable outcome for businesses that encourage their employees to use their social media presence to promote the company and its work.

As with any threat, the first step to reducing the possibility of being recruited via LinkedIn is simply to recognize that the possibility exists. This awareness should help users realize that discretion is important when considering the information they post on LinkedIn — or any other social media platform, for that matter. Users should consider how what they are posting might appear to an adversarial intelligence officer, and how it could be used against them.

A little restraint can go a long way toward reducing one’s attractiveness as a target.

If a person is working on a sensitive project or a technology likely of interest to a hostile actor,

prudence dictates refraining from posting that information in a public forum. Posting details of sensitive projects for all the world to see is simply unwise, given the risk of drawing the attention of hostile intelligence officers.

The second step is remaining skeptical of strangers who reach out on LinkedIn to ask to become a connection. Even greater skepticism is in order if the person reaching out has an attractive profile image or makes romantic overtures. It is also advisable to carefully review profiles of friends or co-workers who request to become connections to ensure that they are the real person, not an impostor. If a person who you accept as a connection begins messaging you in a way that seems too chatty or too flirty, or seems to be stroking your ego, your skepticism should increase even more. You should watch carefully for signs that may indicate that your connection is trying to build trust and develop a relationship with you as a potential recruit.

Other signs of a potential recruitment attempt could include offers to write a paper or for free travel to attend or present at a conference.

Skeptically view offers from supposed employment recruiters who approach you about a job you have not applied for, a tactic frequently used by intelligence officers and common criminals alike. LinkedIn users should also recall that instead of a recruitment attempt, an intelligence officer may simply be trying to trick a user into opening malware. Because of the spear-phishing threat, users should exercise extreme caution when people they don’t know well send email attachments or links. Even if the attachment is from a trusted source, be cautious if either you had not been expecting it or if something about it doesn’t look quite right. Before opening or clicking, it’s a good idea to call the sender to confirm they sent it. Unfortunately, of course, hackers have been known to assume control of LinkedIn accounts protected by weak passwords, using them to send attacks targeting the hacking victim’s unsuspecting contacts.

If you do suspect that someone is attempting to recruit you, I’d advise suspending all contact with the person — risk avoidance — and then reporting the suspected approach to the appropriate corporate or government security contact.

Even though you spotted the recruitment attempt, you may not be the only target — and your coworkers may not be as savvy as you. Reporting such attempts can make others in your organization aware of the ongoing risk.

BY SCOTT STEWART VP OF TACTICAL ANALYSIS, STRATFOR

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INFORMATION & TECHNOLOGY

HOW CRYPTOCURRENCY PROJECTS ARE TACKLING TRANSPARENCY AND SECURITY PROBLEMS

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Blockchain is here to stay, but what are some ways to make it more stable?

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I invested in BTC in 2010 (and sold shortly after, but have bought and sold all along since then), and have experienced a wild crypto ride.

I've also advised and been working on a project that has developed the first application to bridge cryptocurrency with augmented reality.

I've seen the crypto market on both sides and witnessed the persistent problems of cryptocurrency exchanges, from hacks to insolvency.

Institutions and mainstream investors are rightfully hesitant to engage with many exchanges, drawing from mainstream headlines such as the recent Binance hack to the tune of $40 million, as reported by CNBC. The security woes of centralized exchanges are not the only prominent issue that makes investors and regulators uneasy. Bitfinex’s recent misleading of investors about $850 million locked up, as reported by Coin Desk, with a shady capital firm and the bizarre and ongoing debacle of QuadrigaCX are only a recent spate in a long history of cryptocurrency exchanges mired in dilemmas.

Fortunately, the problems of exchanges are well-known, and many projects, even some exchanges themselves, are working toward providing better trust, transparency and security.

IMPROVING TRANSPARENCY One of the core problems with cryptocurrency exchanges, aptly demonstrated by both QuadrigaCX and Bitfinex, is transparency.

QuadrigaCX was not solvent, and the exchange's owner was actively siphoning his

own funds into customer withdrawals to appear solvent to the customers before his untimely death. Bitfinex, who dipped into its closely-related firm Tether’s reserves to cover an inaccessible $850 million of its funds, failed to disclose this information to customers -- and subsequently led to the New York Attorney General filing an injunction against it.

Add in the notion that the vast majority of cryptocurrency exchange actively engage in wash trading and report fake volumes, and transparency clearly is a cardinal issue in the exchange ecosystem.

Transparency primarily involves two areas: proof of solvency and proof of legitimate trading volumes. Proof of solvency is critical because investors need to know the risk of engaging with a financial entity that holds their funds. However, the issue that exchanges take with this is that they do not want to publicly disclose the financial details of their internal operations.

While various degrees of "proof of solvency" has been speculated as a potential scaling advantage for Bitcoin as well, some intriguing technical advances have produced promising glimpses of provable exchange reserves that remain private.

For example, Blockstream -- a leading Bitcoin development company -- announced its standardized tool for ensuring exchange solvency called "proof of reserves" earlier this year. Essentially, an exchange can prove their reserves of BTC without publicly moving or spending the reserves through generating an extra valid input with a transaction of their total reserves.

7 STEPS TO QUALIFY POTENTIAL BUYERS FOR YOUR BUSINESS As a business owner it can be very exciting when you are contacted by a potential buyer for your business. Sometimes this can happen when your business isn’t even on the market. It is essential to be careful when you are dealing with a potential buyer for a number of reasons. You don’t want to give away valuable information which could potentially devalue your business, for example trade secrets and, very importantly, you don't want to waste your time.

There are many aspiring business owners in the community, but many of them will never be business owners. They either don’t have the skills, expertise, or courage to own a business. It is these people that will steal your time.

Many potential business owners have heard or read about people being able to buy businesses with little or no money down, with the seller providing all the finance. Well let's be honest, unless you are a desperate seller and you have complete confidence in the person buying your business, it is not going to happen. And even if this is the case, it is highly likely that the buyer has some skin in the game, generally in the form of money. This is why it is important that you are able to qualify a potential buyer for your business.

Remember you are going to be investing your time in sharing information about your business, and much of this information would not normally be available to people you don’t know and trust. Here are seven questions you can ask to help you ascertain whether or not the person you are speaking to is a potential buyer for your business: 1. WHAT KIND? HOW BIG? A serious buyer would have done some critical thinking about the type of business they want and why they want it, as well as the size of the business.

The size of business may be in terms of turnover, profits, number of staff or selling price. If they say they are looking at all types of businesses or if your business falls outside of their range, then this is a potential warning sign that they may not be serious.

2. HOW SOON? If they do not have a time frame, then there will be no urgency. They will rush you for information and then you will be left waiting. If this is the case, it would be a good idea to set some very clear expectations. For example, you may say, “If I give you this information by this date, then would you commit to coming back to me by a certain date?"

3. HOW LONG HAVE YOU BEEN LOOKING? There are professional "want-trepreneurs." In other words, they want to be an entrepreneur but never get round to pulling the trigger and doing the deal. These people can be massive time wasters.

Initially they seem like good candidates asking all the right questions however in reality that's all they have got good at doing ... asking questions!

4. WHAT DID YOU DO BEFORE? Depending on your business, this question will have different levels of relevance. As a seller it’s ideal to be realistic about the level of experience required to successfully run your business. If you don’t, you will find the deal falling over in the final stages when the buyer has the sudden realization that they do not have the necessary skills. Knowing what skills a person needs upfront will help you negotiate a better deal. You may for example include additional training when negotiating the deal or even invest in additional systems making your business less dependent on these specific skill sets.

5. HOW IS THAT GOING TO HELP YOU RUN THIS ONE? Being in your industry, you may take having the right qualifications for granted or assume that the buyer knows what qualifications are required. If a potential buyer does not have the necessary qualifications, you may be able to solve this by making sure you have staff that have the relevant qualifications and have an incentive to stay on.

6. HOW DEEP ARE YOUR POCKETS? Yes, this is the prickly question but at the end of the day, an important one. If they do not have the means to buy your business you are not going to have a deal, unless you want to finance the deal and take in all the inherit risks.

7. CAN YOU SHOW ME? This is the ultimate pre-qualifying question. It is amazing at how many potential buyers have no idea about how much money they can borrow or actually have access to. A serious buyer will be able to show you that they have access to the required funds. A relatively easy way to do this, is for the buyer is to provide a letter from their financial institution or accountant that shows they have the funds required to purchase your business. If they refuse to forward you a letter of ability to pay or do not have the funds, you may quickly delete them from your list of potentials and move on.

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BANKING

EMEA FINANCE: RAIFFEISEN BANK INTERNATIONAL IS “BEST BANK IN CEE & CIS“ - Altogether 26 awards for the RBI Group in EMEA Finance’s “Europe Banking Awards” - All of RBI’s subsidiary banks in Central and Eastern Europe (CEE) decorated - “Best bank”, “Best foreign bank”, ”Best investment bank” and “Best private bank” in 14 countries

JOHANN STROBL, CEO RBI, AND CHRIS MOORE, PUBLISHER EMEA FINANCE

Furthermore, EMEA Finance selected RBI and its subsidiary banks as “Best bank” in Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Hungary, Kosovo, Romania, Serbia, Slovakia and Ukraine, and as “Best foreign bank” in Albania, Belarus and Russia. The bank’s investment banking activities were recognized as well with the “Best investment bank” awarded in Austria, Belarus, Croatia, Czech Republic and Romania.

Wrapping up this impressive award tally, the firm’s capabilities in wealth management were recognized for the whole region (“Best private bank in CEE & CIS”) and for three countries with the “Best private bank” award in Bulgaria, Hungary and Slovakia, as well as the “Best asset

manager” in Bulgaria and Slovakia.

“RBI is EMEA Finance’s Best Bank in the CEE and CIS region. The bank exuberantly delivered the best results in its history in 2018”, said Christopher Moore, publisher and CEO, EMEA Finance magazine.

“What’s particularly impressive is the manner in which the bank is operating, where the individual subsidiaries are innovating according to their own local environment, formulating and implementing specific local market strategies, while at the same time leveraging what can be termed the ‘best of best’ from across the network. It seems that the bank can apply uniform practice in key areas without stymieing creativity and innovation at country level.”

humor puns and to sometimes chime in on current news or pop culture.

Charmin’s feed aspires to a simple motto: “We believe that life is full of little pleasures.” It works because they keep a playful “mischief-maker” tone to break through all the noise on social media and they often say something unexpected, relevant and funny. The company’s Twitter minders know they aren’t going to please everyone, but those who do “get” the company’s humor love it.

5. MOOSEJAW Outdoor retailer Moosejaw has truly nailed its brand voice and mastered the art of using Twitter by letting its personality shine through. The outdoor retailer makes a point of not taking itself too seriously, and even calls itself “the most fun outdoor retailer on the planet.” @MoosejawMadness is all about being original and finding the humor in life’s absurd details.

They’re also careful to stay completely nongimmicky.

Take, for example, this random Moosejaw tweet: “My will contains only one request: I want a motion detector on my tombstone with a speaker that plays Thriller whenever anybody is around.”

That’s the kind of thing that would make you chuckle no matter who it came from.

The takeaway from their success is that always being professional will only put you in the category of “boring.”

You have to give your audience something unexpected that will stick with them. Food humor is often thought-provoking and tongue-in-cheek. You also need to nurture your brand’s unique personality and come up with what works for you and what doesn’t.

6. CASPER In the battle to decide how America sleeps, Casper is aiming to be the Goldilocks of mattress brands -- the one everyone likes and wants to own. It’s also become the internet’s favorite mattress store because of its humorous oneliners and the riddles it asks Twitterdom to solve.

The “Tweeting Mattress” won the Shorty Award for Best Overall Twitter Presence thanks to its laugh-out-loud tweets and culturally on-point humor. Its main objective is to raise awareness of the brand, and Casper does this by focusing on its personality. Whether it’s something as simple as “Today’s forecast: cloudy with a chance of naps” or “Go big or go to bed” meme, @Casper has perfected its cute and appropriate humor and tone, resulting in widespread marketing success.

In short, the mattress company uses social fodder to help it gain comic notoriety, not to mention a sizeable following on Twitter.

7. DENNY’S Denny's is like that funny friend you like to have around because you know they’ll always say something to make you laugh. And on Twitter, their 140-characters-or-less wisecracks seem to tap into that surreal and sometimes nonsensical atmosphere its restaurants have around 4 a.m. on a Saturday night.

Usually bizarre, and always funny, @DennysDiner is an irreverent page devoted to

pancakes, syrup and amusing (and strangely thought-provoking) memes. In true Denny’s fashion, it serves a dollop of humor with whatever current melee is taking place on Twitter.

The chain’s Twitter presence has also helped establish the brand with Millennials and Generation Z. Denny’s understands the importance of staying culturally relevant and continuing to feed its audience something other than (boring) business as usual.

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10 TIPS FOR MASSIVELY INCREASING YOUR PRODUCTIVITY FROM A CEO WITH ADHD So many successful people have ADHD that you have to wonder why they call it a disorder.

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I have massive ADHD, and it has made me the most productive entrepreneur you’ll ever meet. It's been responsible for my starting and selling three companies in under 20 years. This "faster brain" is seen in countless other successful people. I've interviewed over 150 ADHD CEOs, celebrities and sports figures for my ADHD podcast, Faster Than Normal, and the themes are always the same.

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We either have to be super-productive, or we won’t get anything done at all. So if you’re looking for ways to up your productivity game, read on.

Here’s how I've done it: 1. BANISH DESK CHAOS. On your desk: Your computer, your water bottle and your phone (face down and on silent so you don’t get tempted every time you get an alert). A clean environment keeps the mind clean and sharp.

2. BE READY BEFORE YOUR FALL ASLEEP. Work backward to map out how you’ll prepare for an event or meeting the next day. That must include getting enough sleep the night before and choosing an outfit. Make sure you include enough time in your morning plan for exercise, which will start your day off with a boost of dopamine, adrenaline and serotonin, otherwise known as “the focus chemicals.”

3. DEMAND DEADLINES. No deadlines equals no reason to get it done. If your boss or client doesn’t give you a hard and fast deadline, you’ll never finish your project, because you’ll be too distracted by the next thing that comes in. (Priorities without due dates only exist until the next priority shows up.) Pick dates for everything you want to accomplish and set them in stone. Once you do this, you can plot on a calendar where each project needs to be at any given time, and it takes the stress out of the process.

4. DELEGATE AS MUCH AS YOU CAN. If you can outsource it, do it. This means everything from laundry to travel arrangements.

The less minutia you have to worry about, the more you can focus on what matters. And if you can’t afford to hire a personal assistant, check out free or low cost services like Calendly or Getleverage. They’re all available to help you do the things that would otherwise hamper your productivity.

5. TACKLE YOUR TASKS ONE AT A TIME. When you hear the word “multitask,”

understand it as “doing multiple things poorly at the same time.” Humans. Can't. Multitask.

Successfully. End of story. Focus on one task or project. Get it done, move on to something else.

6. Rituals fail, resolutions succeed.

When you have ADHD, rituals are the end all, be all of your life. Constantly be focused on both how you feel when you do the thing and how you feel when you don’t. If you want to wake up earlier, zero in on the feeling of having a more productive day, and remember the feeling you’ll get that night when you haven’t accomplished your goals because you slept in.

7. EMBRACE "SHORT BURST DOWNTIME.” When you get into the “zone of focus” doing something you love, you’re the most productive you can be. But, it’s the 15 minutes between meetings, or while waiting for a delayed subway or before boarding a flight, that wind up being vastly unused productivity time. Use that time to check in with friends, catch up on the news or your favorite blog, or even drop for 20 push-ups or squats.

8. KNOW YOUR ROUTINE. Make calls at only one point your day. Check emails only a few specific times per day. Stay consistent with those times Change is awesome when you’re trying to be creative, but not so much when you need to focus on the mundane.

9. KNOW YOUR TRIBE. You need accountability, and that only comes from people who understand you -- who you are, and how you work. Find them anyway you want; a mastermind, a weekly colleague call, it doesn’t matter. But you need accountability in your life.

Without it, your productivity will suffer.

10. ALWAYS SEE THE ENDGAME. Every time you start a new project, break it down into steps. Then break those steps down into small action items you can easily get done in a finite amount of time. Remember the adage: “How do you eat an elephant?

One bite at a time.”

WHY YOUNG EUROPEANS SEE ONLINE TRADING AS AN ALTERNATIVE TO ENTREPRENEURSHIP

Sixty-two percent of millennials like the idea of entrepreneurship, but only 2 percent run their own business.

We are living in a quite paradox world at the moment. The European continent has been experiencing an extremely flourishing economy for the past seven decades, which brought incredible wealth to the industrial nations of Europe. However, with rising economic instability, a rapidly widening gap between the rich and the poor and a potential financial meltdown around the corner, things are taking a turn for the worse.

With the internet being a daily companion for almost every single young European, looking for an additional, independent income source that profits from the world wide web seems like a reasonable answer to recent global developments. The only question is: what is actually a valid opportunity?

WHO WANTS TO BE AN ENTREPRENEUR? According to a survey conducted by NPR, about 62 percent of millenials like the idea of entrepreneurship and already considered launching their own business. While this desire clearly shows that younger generations are strongly interested in creating their own source of income, it does, unfortunately, not match reality at all. In fact, as of 2014, only 2 percent of millennials actually run their own business, in contrast to the 8.2 percent of baby boomers who do. The reasons for this situation might not be entirely transparent, but, especially in the EU, the immense bureaucratic hurdles, strict regulations and high-tax systems of many nations are undoubtedly factors that younger generations are taking into account. For instance, the EU’s GDPR is often seen as a major stumbling block for many small online businesses, while upcoming regulations in the hemp industry could significantly impair the aspiring European cannabis sector.

LOOKING FOR ALTERNATIVES With all these obstacles that modern entrepreneurs need to circumnavigate, younger generations are currently looking for lucrative alternatives. According to Manuel Heyden, who is the CEO of a popular European online trading platform called nextmarkets, online trading is currently gaining popularity among young adults across Europe. “In the past three years, the share of our users below the age of 30 increased by more than 25 percent,” Heyden said in a recent interview with me. When asked about possible causes for this dramatic surge, Heyden explained that “the entry barrier for trading is significantly lower than it was 30 years ago. Nowadays, everyone with a decent internet connection is able to learn the basic economic principles of trading and, therefore, earn a decent side income with only a few hundred euros.”

It is true that the internet offers an unbelievable amount of learning material and data that aspiring traders can make use of. Publications such as Investopedia give access to thousands of excellent articles, written by actual trading experts, that will teach you everything from basic trading rules to complex technical analysis skills. The same could be achieved by taking online courses on learning platforms like Udemy.

Moreover, online trading comes with numerous technical benefits that traditional businesses lack, as it is usually less affected by regulations, bureaucracy and the current economic situation. Aside from that, beginners can easily improve their skills without risking a single penny by using the demo programs that many trading platforms are offering.

THE EUROPEAN MARKET REACTS As interest in online trading is undoubtedly rising, the financial space of Europe is taking steps in order to satisfy the demand as swiftly as possible. In January 2019, Boerse Stuttgart, Germany's second largest stock exchange, officially launched a novel cryptocurrency trading app called Bison. This falls in line with a recent endeavor of Nasdaq, which recently launched its Estonia-based and EU-focused crypto trading platform DX.Exchange. Many financial service firms in Europe are currently working on providing a better user experience for their European customers. As stated in a recent report of Finance Magnates, zero-fee stock trading, like it is available on the popular U.S. exchange Robinhood, should soon come to Europe as well.

WHAT’S NEXT? In times where professional traders, such as Nassim Nicholas Taleb, have a social media following of several hundreds of thousands of people, trading could develop into a serious trend among people between the ages of 18 and 35 years.

Additionally, as many trading applications are now actually providing high-quality educational opportunities, such as nextmarket’s online-coach concept, it is almost certain that even more young adults will ditch entrepreneurship and instead learn the profession of a trader.

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special section

L

U X U R Y

&

LIFESTYLE

TOP BRAND

pages 32 - 63

AMADEĚ O FLEURIER – CHINESE DRAGON BOVET 1822 honors Chinese history with a collection of miniature painted dragons on its dials Bovet 1822 presents a collection of unique timepieces that highlights the history of Chinese dragons, a composition of creatures with features of no less than nine animals that symbolizes the power or the emperor, while embodying the forces of nature.

Approximately one hundred hours are required to produce each dial, with details so fine that the work demands the use of a binocular microscope and a brush that consists of a single marten hair.

This is a major challenge for the artist who paints each of them by hand on the small surface of the mother-of-pearl dial.

Presented on the Amadeo Fleurier 43mm timepiece, these dials are highlighted by the iconic convertible case, which enables collectors to admire their work of art as a wristwatch or pocket watch or to display it as a table clock. he history of Maison BOVET began in China in 1818, where

the Bovet brothers’ excellence in the decorative arts and technical ingenuity captivated Emperor Jiaqing, his successor Emperor Daoguang and their dignitaries, resulting in a passion and recognition among art collectors.

Two centuries later, the special bonds between BOVET 1822 and Chinese history remain intact, an inspiration for Mr. Raffy, owner of BOVET 1822, and his artisans to honor the wishes of collectors by offering them unique timepieces whose decorative arts reflect their passion for ancient history and art.

With this exclusive offer, the virtuosity of the miniaturist painters is once again combined with the creative ingenuity of the House’s technicians to amaze the most demanding collectors and their successors. It perpetuates the values and symbols of an ageold culture and an incomparable time-honored expertise that has now united the Maison BOVET and the Middle Kingdom for 197 years.

Type - Amadéo® convertible system 43 mm Diameter - 18K red gold or white gold Material - 18K red gold or white gold Strap - Full-skin alligator Buckle - 18K red gold or white gold ardillon Chain - Gold-plated silver or rhodium-plated silver Water resistance - 30 m DIAL - Mother-of-pearl dial with a miniature painting Caliber - 11BA12 Type Diameter Frequency Power reserve Functions Frequency - 28’000 v/h Power reserve - 72 hours Hours and minutes Amadéo® convertible case PRICE CHF 70’000.-

RÉCITAL 27 Three time zones, moon phase, 7 days' power reserve In 2016, BOVET 1822 unveiled the Shooting Star tourbillon, the first timepiece in an exclusive collection dedicated to astronomy.

The Astérium and Grand Récital tourbillons then followed in 2017 and 2018 respectively. Each of the three timepieces boasted groundbreaking technical specificities and explored new ways of measuring time, and each was also housed in a characteristic inclined case, inspired by and shaped like a sloped writing desk.

Designed by BOVET 1822 Owner, Mr. Raffy, the “writing slope” case features a bezel inclined at 6 o’clock. This ingenious idea makes it possible to diversify and organize the types of displays by using domes, rollers, discs, and three-dimensional hands to enhance intuitiveness, ergonomics, and elegance. The threedimensional design prioritizes information for improved readability and brings the collector’s eye to the heart of the movement to discover the excellence found in each detail.

As seen by the numerous awards bestowed on the trilogy’s timepieces, notably including the Aiguille d’Or Grand Prix which honored Grand Récital at the Grand Prix d’Horlogerie de Genève in 2018, collectors and experts commend the stylistic revolution of the “writing slope” case.

Mr. Raffy’s inspired “writing slope” case design meets and once again exceeds collectors’ expectations in the Maison’s latest timepiece, the Récital 27, by simultaneously introducing four complications developed specifically to be housed within the “writing slope” case.

A dome moon phase indicator completes the information appearing on the timepiece's dial. Its sur-

face is engraved to evoke the lunar surface and for heightened realism, the lower sections handfilled with Superluminova®. The precision mechanism used to drive the moon phase requires correction only once every 122 years.

The movement's three-dimensional display reinforces the "writing slope" case's characteristic profile and the artisans' talent is here harmoniously combined with the creative genius expressed in the timepiece's genuinely innovative architecture.

LIMITED EDITION 60 movements PRICE CHF.66’000.-

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LUXURY & LIFESTYLE - TOP BRAND

BOVET 1822 - RÉCITAL 21 Perpetual Calendar with Retrograde Date

The three-dimensional design prioritizes information for better readability and brings the collector’s eye to the heart of the movement to discover the excellence found in each detail.

As seen by the numerous awards bestowed on the trilogy’s timepieces and the recent awarding of the Aiguille d’Or Grand Prix to the Grand Récital by the Grand Prix d’Horlogerie de Genève, collectors and experts commend the stylistic revolution led by the “writing slope” case. Mr. Raffy thus logically meets collectors’ expectations by simultaneously introducing four complications developed specifically to be housed within the “writing slope” case. Among them, the Retrograde Perpetual Calendar Récital 21.

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Aside from the perpetual calendar in the remarkable Grand Récital tourbillon, this function had yet to be introduced in the Dimier Collection. The Récital 21 thus carves out a

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place of honor in the collection.

Each BOVET timepiece is designed to display useful readable information and to be able to adjust this information intuitively in daily wear, and the Récital 21 is no exception. The minute and hour hands are located in the center of the timepiece, providing more space in the periphery for perpetual calendar information. With the exception of the calendar, shown by a retrograde index that rotates around the hours and minutes, the discs display the days and months in vertical apertures at 12 o’clock and 6 o’clock

respectively, while the leap year cycle is displayed in a circular aperture at 3 o’clock. The seconds hand, offset at 9 o’clock, brings harmony to the entire design by completing the indications visible to the wearer. For improved reliability and longevity, the BOVET 1822 watchmakers developed a mechanism that slows down the indicator during its retrograde jump, a dramatic visual effect that can best be appreciated on the first day of the month.

Turning the timepiece over to the movement side, the collector will notice the patented double coaxial seconds mechanism, as well as the power reserve indicator, which, when fully wound, displays a five-day power supply. This guaranteed performance comes from a unique barrel, which is optimized by the balance spring, entirely designed and manufactured in the BOVET 1822 workshops.

The frequency with which the different indications will need to be adjusted has also been drastically reduced.

Just like the hand-decorated movement, which has been executed to the most exacting standards, the dial showcases the range of the BOVET 1822 artisanal virtuosity.

Type Dimier «writing desk» case Diameter 44.40 mm Thickness 15.50 mm Material 18K red gold or Titanium Bracelet Full skin alligator Buckle 18K red or white gold ardillon Water resistance 30m R210001, 18K red gold, dial with circular « Côtes de Genève” motif R210002, Titanium, dial with circular «Côtes de Genève” motif R210003, 18K red gold, dial with «Fleurisanne» motif R210004, Titanium, dial with «Fleurisanne» motif

LUXURY & LIFESTYLE - TOP BRAND

HARRY WINSTON’S NEW LIMITED-EDITION WATCH IS AN ODE TO THE SAMURAI With a traditional Shuriken on the dial and the strap, this watch looks and feels sharp.

When Harry Winston‘s R&D department embarked on what it calls Project Z in 2004, there were only a handful of brands investing in and experimenting with new case materials. The result of the company’s quest for a something less prone to scratching than gold and steel was Zalium, a zirconium-aluminum alloy similar to a zirconium-based material used in aeronautical engineering. The material is hypo-allergenic, corrosion-resistant and extremely hard—but it’s also remarkably lightweight when compared to steel and gold.

The first Project Z watch was also innovative in terms of design, turning heads at a time when off-center dials and unconventional methods of telling time were only just emerging as an alternative to traditional design codes. Now, with Project Z13 (the 13th model in the series), the timepieces in this line remain steadfastly unconventional at a time when vintage minimalism dominates watch design.

The architectural, openworked dial is dominated by gray and blue bridges that support the hour and minute subdial at 12 o’clock and the moon phase display at 6 o’clock. The four bridges that hold the moon phase cover are made of carbon, as is the blue ring around the outer dial that functions on the lower half as a retrograde date scale. The moon phase, the first in the Project Z series, is designed as a stylized Shuriken symbol, a signature motif of the series. The Shuriken is a circular knifelike Japanese weapon that literally translates to “hidden hand blade” and was traditionally part of a samurai’s arsenal. The retrograde display and its particular shade of blue, are signatures of the Z series models. The Project Z13 contains the automatic caliber HW3202, with a silicon balance spring and a 68-hour power reserve. The rubber strap is rubber and calfskin with an embossed Shuriken, blue stitching to match the accents on the dial and a buckle made of Zalium. It is a limited series of 300 pieces, priced at $23,400.

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HARRY WINSTON LAUNCHES CREATIVE NEW TIMEPIECE FOR PROJECT Z

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The model contains a new movement and is limited to 300 pieces.

Project Z was one of the more creative collections to come out at the time, with its signature asymmetrical dial design and offcentered indications. And of course there’s the case material, from which the collection takes its name. Zalium is a zirconium-aluminum alloy proprietary to Harry Winston. The material is similar to the zirconium-based alloy used in the engineering of turbine blades, largely because of its hardness. Combined with aluminum, zirconium is hypo-allergenic and corrosion-resistant, making Zalium highly durable. It is also lightweight and has a lustrous gunmetal finish.

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HARRY WINSTON’S HISTOIRE DE TOURBILLON 9 SCORES BIG WITH A NEW REFINED DESIGN This watch is both more wearable and attractive than previous models.

Harry Winston’s 9th edition of its Histoire de Tourbillon, released this year, is not only the most wearable watch in the series, but it also captures the Harry Winston brand identity much more clearly than previous editions. Built in cooperation with CompliTime S.A.—the complication specialty shop run by the founders of Greubel Forsey—the annual editions of the series have always featured exotic presentations of the tourbillon. In recent years, they have featured extra-large, sometimes asymmetric cases and multiple regulators averaged through a differential—all hallmarks of CompliTime’s work.

The Histoire de Tourbillon’s wearability has been upgraded through the extensive use of titanium and open space in the movement. This results in a lighter timepiece, but it’s also more compact (at 46.5 mm in diameter and a little under 21 mm thick). Some that thickness can be accounted for by the use of box crystals to increase light and visibility of the movement—a key focus of the design.

The triple axis tourbillon at 6 o’clock is positioned in a large-scale aperture that goes all the way through the watch. A minimally built outer carriage, slowly rotating on a horizontal axis every five minutes also increases the view, while internal cages rotating at higher speed every 75 and 45 seconds are meant to capture the eye.

The time display in this edition is also pure Harry Winston. The watch employs the signature bi-retrograde display used in so many of the brand’s models in the past.

Originally developed for the brand by Agenhor, the system has since been reengineered by Swatch Group, which has featured it in models such as the Ocean 20th Anniversary. In Histoire de Tourbillon, the hours display has been given a jumping hand, which moves precisely on the hour.

These extra touches bring the Histoire de Tourbillon ever so slightly into more conventional territory, which ought to increase the demand for the ultra-limited run of 10 watches that will be made.

BUCKLE Pin Buckle Pink Gold STRAP Alligator Black

Round Pink Gold Brushed & Polished 20.84mm 46.50mm GLASS Sapphire WATER RESISTANCE 3.00atm / 30.00m / 100.00ft

LUXURY & LIFESTYLE - TOP BRAND

SERPENTI WATCH Serpenti two-headed watch with 18 kt white gold heads set with brilliant cut and marquise cut diamonds, marquise cut and one round cut emeralds, 18 kt white gold case, dial and bracelet, all set with brilliant cut diamonds.

In a tribute to its spirit animal, Bulgari captures the power of seduction in the Serpenti jewellery watch, camouflaging sensuality and temptation with a hypnotic design. Intensifying its attractive charisma with a dangerous twoheaded body crowned with regal emeralds, the Serpenti diamond jewellery watch turns the marking of time into a secret desire that only the snake can reveal. Sophisticated and glamorous, the timepiece coils around the wrist striking with the precious beauty of the scales and with the distinctive sinuosity of its movements. Serpenti watch with quartz movement, 40 mm 18 kt white gold curved case set with brilliant cut diamonds, 18 kt white gold dial set with brilliant cut diamonds, 18 kt white gold head set with brilliant cut and marquise-cut diamonds, marquise-cut and one round-cut emeralds, 18 kt white gold bracelet set with brilliant cut diamonds. Eyes in emerald.

Size 150mm.

Serpenti two-headed watch with 18 kt white gold heads set with brilliant, marquise cut and one round cut diamonds, 18 kt white gold case, 18 kt white gold dial set with brilliant cut diamonds, 18 kt white gold bracelet set with brilliant cut and marquise cut diamonds.

In a tribute to its spirit animal, Bulgari captures the power of seduction in the Serpenti jewellery watch, camouflaging sensuality and temptation with a hypnotic design. Intensifying its attractive charisma with a dangerous two-headed body, the Serpenti diamond jewellery watch turns the marking of time into a secret desire that only the snake can reveal. Sophisticated and glamorous, the timepiece coils around the wrist striking with the precious beauty of the scales and with the distinctive sinuosity of its movements. Serpenti watch with quartz movement, 40 mm 18 kt white gold curved case, 18 kt white gold dial set with brilliant cut diamonds, 18 kt white gold head set with brilliant cut, marquise-cut and one round-cut diamonds, 18 kt white gold bracelet set with diamonds. Eyes in diamond. Size 145mm.

Cartier‘s Love Bracelet is just one of the many iconic pieces by the French jeweller. The maison not only celebrates the various angles of femininity but also its opposite traits; ambitious, bold and daring. Clash de Cartier, a two-sided jewel, is one of the finest examples of Cartier‘s dive into duality. The collection celebrates harmony in contrasts — and now once again, Cartier has brought together bold, creative materials that are complete opposites.

Introducing Cartier Magnitude — where materials collide in a marriage of precious stones and ornamental hard stones. It’s a sight that’s rarely seen in high jewellery, but the maison has once again shake up its convention by releasing this collection. Bold, creative materials that were never meant to meet are used, a rare encounter that balances technique with creative flair.

Diamond complements rutilated quartz and allows it to sparkle; sapphire shines the brightest alongside matrix opal; emerald gleams that are usually on its own are paired with rock crystal; while pink diamond is coupled with morganite and coral. Side by side, these elements create light structures that caress the skin when worn. The gems are in a union — hovering between opacity and transparency, the mineral and the precious, pure colours and shimmering nuances, earth and light. Again, each piece seeks harmony in duality.

CARTIER PRESENTS ITS NEWEST HIGH JEWELLERY COLLECTION, MAGNITUDE

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MONTEGRAPPA’S LATEST ‘GAME OF THRONES’ LIMITED EDITION PENS PROVE THAT WINTER IS NOT JUST COMING, IT’S ALREADY HERE As humanity barrels toward the premier of the final season of HBO’s Game of Thrones saga and the highly-anticipated showdown with the Night King, various companies begin to roll out associated items to profit from the show’s massive fan base.

But I have yet to see any creation that equals the chilling look and high quality of Montegrappa’s latest limited edition pen set recreating some of Game of Thrones most gothic-looking characters.

WHITE WALKERS AND THE NIGHT KING Following Montegrappa’s four-line collection of writing instruments, each representing one of the four key families in the Game of Thrones saga, the Italian writing instrument icon introduces a deluxe limited edition that is definitely on the side of the bad guys. You can read more about the first GoT pens in Where The Pen Is Mightier Than A Valyrian Steel Sword: Montegrappa’s ‘Game Of Thrones’ Set. Impervious to everything except Valyrian steel and dragonglass (the two heroic materials found in author George R.R. Martin’s dark and icy world) this objet d’art carved from a choice of sterling silver or 18-karat gold includes three distinct figures formed by the ancient art of wax casting, which sees an elaborate metal superstructure surrounding a core of hand-turned organic celluloid.

The intricately detailed figures include the Night King and a White Walker on the barrel. The Night King, who leads the Army of the Dead, only premiered in season four of the saga, but his minions, the White Walkers – a sort of medieval fantasy version of zombies – have been around since the very first scene in both book and show. These form the eternal bad guys that the saga’s kingdoms fight against.

The ice-cold Night King surprisingly killed the dragon Viserion in season seven using a lance made of ice accurately thrown to pierce the heart of the creature.

Quick Facts Montegrappa Winter is Here Fountain Pen Barrel: celluloid and 925 sterling silver or 18-karat gold with silver or gold trim Length: 157 mm Diameter: 20 mm Cap: shaped like Viserion in 925 sterling silver or 18-karat gold Filling system: piston Nib: 18-karat gold Limitation: 300 pieces (sterling silver), 7 pieces (18-karat gold) Price: €4,500 (sterling silver), €48,000 (18-karat gold) Quick Facts Montegrappa Winter is Here Rollerball Barrel: celluloid and 925 sterling silver or 18-karat gold with silver or gold trim Length: 157 mm Diameter: 20 mm Cap: shaped like Viserion in 925 sterling silver or 18-karat gold Limitation: 300 pieces (sterling silver), 7 pieces (18-karat gold) Price: €4,050 (sterling silver), €51,000 (18-karat gold)

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BEST OFFICE WEAR FORMULAS AND STYLE EQUATIONS

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Going to the office is like going back to highschool in modern times...at least in terms of clothing options and style. The approach on the “office uniform” should be appropriate, responsive, formal enough, yet touched by the waves of the latest trends. You need to find the right work wear formulas for your business environment.

Here are a few classic suggestions which will never fail.

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THE FORMAL OFFICE LOOK A high level business environment requires formal attire. That’s why a perfect fitted suit made of good quality fabric is essential for your office wardrobe. There are three different ways to create a formal office look based on three levels of formality. As a regular employee you can keep your style simple, on a moderate formality, by mixing and matching pants and jacket. Khakis or grey pants are perfect choices for office and jackets in solid colors like black, charcoal or navy will work well with them. Add a button-up shirt in a simple and refined print to add a touch of personality to your look. For the middle management members, a single-breasted suit is the ideal classic option for business attire.

And finally, if you got on top of this pyramid, the most formal office wear

would be a three-piece suit which shows respect and influence...definitely with a formal shirt! Accessories are essential for the final touch.

Make sure to use a silk tie, which doesn’t wrinkle easily, but use a printed one only if your suit is in a solid color. As a general rule of style, don’t mix prints and patterns at this level of formality! A tie clip and a pocket square can accentuate your polished look.

In this case, Oxford shoes are the best you can walk in. Use black shoes for black and charcoal suits and brown leather Oxfords with navy, light gray and blue suits. You can visit TRENDS by Adina Buzatu store, in Baneasa Shopping City, and find all the right pieces for your office style, on different levels of formality.

THE OFFICE CASUAL FORMULA One of the most popular styles for office wear is the office casual approach. This means you can use formality in a relaxed way. Usually, the bottom gives you comfort while the top stays formal and provide you a polished look.

Use a pair of khakis or chinos instead of your regular suit trousers and combine with a collared shirt. Since it’s summer, you can opt for a sleek button-up, unbuttoned at the top, and forget about the tie. You can go either with the simple chinos - shirt combination, or with a complete look by adding a blazer. Use one in a different color than your pants in order to create that office casual contrast.

Regarding the footwear, in this equation, Oxfords, Derbies, loafers and even Chelsea or Chukka boots all are allowed. It’s up to your style and your ability to put these staples together in an appropriate way for office.

THE SMART CREATIVE TYPE The new wave of corporate young people and the startup culture have created new, more relaxed, working rules and clothing styles for office. You are free to mix and

match formal and casual staples in different ways in order to create a unique style and identity. The sky is the limit, but with some limitations. You can play as much as you want with patterned and printed shirts, dark-wash denim, chinos, T-shirts and blazers but don’t use electric hues, shorts or flip-flops. You’re still at work! Try to stand out in a subtle way.

For example, casual button-ups and plain tees, fitted jeans with straight or tapered leg, sneakers or old-school trainers are all perfect pieces to create an interesting and smart outfit for office. Keep in mind that simplicity is the key even for a creative type. Usually, the shoes you wear add the final touch to the entire outfit. I recommend you to stay true to leather shoes or boots because they will provide an elevated vibe to your look. You can find inspiration and buy good quality items for your smart creative outfits on www.adinabuzatu.ro

Enjoy your shopping, my dears!

We are waiting for you in the TRENDS shop by Adina Buzatu in Baneasa Shopping City, Road Bucharest-Ploiesti no.

42 D, ground floor and on www.adinabuzatu.ro

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AUTO

FORD TO KEEP MAKING MUSTANG BULLITT INTO 2020 At the beginning of 2018, Ford managed to somehow dig up the long lost 1968 Ford Mustang that inspired generations by starring in Steve McQueen’s Bullitt movie. At the time, the Blue Oval announced the car as limited edition that was supposed to be made for about a year or so. That apparently is no longer the case.

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said in a statement. "Deliveries of the latest run of Ford Mustang Bullitt for customers in UK will being early next year."

The Bullitt version of the Mustang was shown for the first time in January 2019 as a nod to the original movie car. Aside from visual upgrades – the most striking of which is the use of Dark Highland Green exterior paint - the car has also been tweaked in such a way as to be niftier than the Mustang GT. Under the car’s hood sits the usual 5.0-liter V8 engine, only tuned into developing 475 horsepower and 420 lb.-ft. of torque. That amounts to a top speed of 163 mph (262 km/h), 8 mph (13 km/h) more than the GT. In the U.S., the

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Ford says the entire 2018 quota was quickly sold, and the popularity of the model – read the flood of money coming into Ford’s bank accounts – prompted the carmaker to extend production well into next year.

As per Ford Europe, the new production run of the car is already on sale, but deliveries of this fresh batch will not begin before the turn of the year, at least for the British market.

“Following a popular first run of production, in which the full 2018 quota was sold shortly after announcement, production into 2020 has now been confirmed and gone on sale,” the carmaker

car retails starting from $46,595, in the UK, the price is £48,210, while in mainland Europe the tag reads €53.000.

The full details on the Mustang Bullitt can be found in the document attached below.

FORD TO EXPAND SEAT BELT MONITOR SYSTEM TO ITS ENTIRE LINEUP IN THE U.S If you thought the nagging driver was giving you a hard time about the use of seat belts before, wait until Ford rolls out its new belt monitor system to all of its vehicles.

Most of the current seat belt safety system are reminders limited to audible chimes and a visual cue that kick in when a car reaches a certain speed and the belt is not buckled. But that’s mostly for the front seats.

In some parts of the world, like say Europe, seatbelt reminders for both front and rear seats will be mandatory as of September 2019. Thinking ahead, Ford has already fitted an even more advanced system on some of its SUVs like the Ranger, Explorer and Expedition.

And now it has decided to include it on all the cars it sells on the American market. The system is called just that, Seat Belt Monitor. It is used to detect when a seat belt is unbuckled in the rear seats where usually kids sit. Not only does the car tell on the kid doing this, but it also shows, on the instrument cluster, which of the seat belts was removed. As opposed to conventional systems that only kick in when the car starts moving, Ford’s technology works even when the car is on the move.

“Whether you’re on the freeway or the trail, we want to make sure everyone who puts a seat belt on keeps it on,” said in a

statement Paul Kula, Ford electrical systems engineer.

“We hope that making Belt Monitor a standard feature in every Ford Ranger will provide extra peace of mind for the driver.”

Ford’s announcement comes just a few weeks after the Insurance Institute for Highway Safety released the results of a study which showed the current state of rear seat restraint systems poses a great risk for passengers.

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AUTO

2020 BENTLEY CONTINENTAL GT V8 REMAINS MORE ATHLETIC THAN THE W12, IF ONLY JUST The Continental GT's huge dynamic improvements have closed the gap between the lightest and heaviest models.

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Levi’s is a name that’s synonymous with denim jeans and casual clothing lines, but did you know that there’s also a company from the UK called Levis motorcycles, that has been producing twostrokes bikes from 1911?

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Bentley's Continental GT is all new for 2020, and in addition to getting prettier and even more luxurious, it once again offers two engine choices. The bigger, 12-cylinder option costs $16,100 more than the entry-level eight-cylinder and makes 84 more horsepower. In the luxury space, where customers love more car, more engine, and—likely above all else—think a bigger price tag means it is better, it would seem that the Continental GT's optional engine is the only one worth considering. Forget the weaker, smaller, and—whisper it, people—cheaper V-8.

If cars existed only on paper, we suppose. In reality, the two engines bifurcate the Continental GT lineup into two distinct experiences: There is the prestigious, effortlessly powerful, and heavier W-12 engine and the sportier, almost scrappy entry-level V-8. Sure, the price difference between them is equal to the cost of a brandnew Hyundai Accent, but does that really matter when it separates identical-looking ultraluxury two-doors that start at $201,225 (Continental GT V-8) and $217,325 (Continental GT W-12)?

GO FOR EIGHT, SAVE SOME WEIGHT Bentley's Continental GT remains a chubby piece, but every 2020 model's husky-size clothing is now entirely aluminum versus the old version's predominantly steel skin. That saves about 170 pounds regardless of engine choice.

Bentley also extended the two-door's wheelbase

4.1 inches while holding the overall length the same, a move that allowed it to relocate the engine lower and farther back in the chassis. As before, the eight-cylinder models remain the lightest; skipping the big, complex W-12 engine and other standard equipment that comes with it saves 175 pounds, according to Bentley.

That mass reduction helps the twinturbocharged 4.0-liter V-8 engine's 542 horsepower and 568 lb-ft of torque feel closer to the more burdened W-12's 626 ponies and 664 lb-ft of torque than the numbers might suggest.

The V-8's peak torque arrives only a few hundred rpm higher in the rev range than does the W-12's at a still commendable 1960 rpm, giving it plenty of off-the-line punch. Bentley claims that the V-8's zero-to-60-mph acceleration lags behind the W-12's by 0.3 second, which should put it at a still very quick 3.6 seconds if our test of a W-12 coupe is any indication. Pairing that with the ability to drop the top, which also adds more than 350 pounds, should increase the 60-mph dash by about 0.2 second. Just as important is how the two engines move the Continental GT around. While the V-8's throttle responds deliberately, with a whiff of delay, to demands kicked through the gas pedal, it reacts like a startled cat compared to the W-12's locomotive-like behavior.

Experiencing the engines back to back is like being tackled by a linebacker wearing beer

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goggles, and then just being tackled by a linebacker: the W-12 lopes, sustaining its inexorable thrust over a longer stretch, while the V8 delivers its power sharply, with a crack.

The V-8 certainly sounds faster thanks to its more bellicose exhaust note. It also dances better with the new eight-speed dual-clutch automatic transmission that replaces the old model's eightspeed automatic across the lineup. The prompt shifts are in sync with the engine's quick-to-windup character. We wish the shift paddles mounted to the steering wheel weren't located as far inboard of the wheel's rim. They're difficult to reach comfortably while keeping one's hands firmly on the wheel, yet when reached initiate satisfyingly immediate gearchanges—and you'll want to hold gears now and again just to wind out the highestrevving V-8 that Bentley has ever produced.

LIKE STABBING AN ELEPHANT WITH AN ADRENALINE SHOT The handling gap between the eight- and 12cylinder models has narrowed, thanks to Bentley's generational improvements. Moving the engine rearward has reduced the effect of the Continental GT's cantilevered engine; thus the lighter V-8 no longer has as much positive effect on steering response. Every Continental GT, regardless of engine or roof configuration, now enjoys the same weight distribution: 55 percent on the front axle, 45 percent on the rear.

That improved balance is backed up by air springs with three chambers that allow finer ride control, plus adaptive dampers. Optional active anti-roll bars, which use electronic actuators to engage the roll bars to more or less effect, were installed on every GT V-8 we drove (it's standard on the W-12). At lower speeds and when moving in a straight line, the bars are disconnected for a more comfortable ride; at higher speeds and when cornering, the bars stiffen up to resist body roll and unwanted ride motions. They worked as advertised, doing an excellent job of preventing the still rather nose-heavy Bentleys from heaving over onto their outside front tires when hustled down a curvy road.

A console-mounted driving-mode selector is new. The old Continental V8's Sport mode was activated by moving the shift lever from Drive to S.

Now there is the choice of Comfort, Sport, inbetween B (for Bentley), and a driver-configurable Custom mode that can change the suspension, driveline, and exhaust parameters, although the influence on the suspension is not really noticeable.

In Sport, up to 83 percent of torque can be directed to the rear tires, helpful for kicking the tail of this big Bentley out midcorner (a 40/60 front/rear split is the default), while the engine is allowed to bellow gloriously.

In most ways, however, the new Continental GT has stayed the course, an unsurprising move given that the last one generated a record (for Bentley) 70,000 global sales. The car's looks and interior have the same old-world charm and beautiful

materials and craftsmanship, blended with new electronics that afford it a better touchscreen (which can be folded into the dashboard for a more classic appearance) and the latest active-safety technologies. Other small improvements include the convertible's stiffer body shell, which no longer suffers cowl shake over rough pavement, and the usefully shaped trunk that in both the coupe and convertible swallowed two carry-on bags and briefcases without issues. The V-8 model remains more athletic, if only because its engine beckons you to drive harder and exploit the improved handling more than the lazier W-12 does. But if your wallet allows what your ego demands, we won't judge you for upgrading to the 12.

Enjoy the Quality ***** A d m i r e t h e V a l u e *****

B

USINESS ARENA m a g a z i n e

Business Arena Magazine is a monthly English-language business magazine published

by Business Arena Publishing Group SRL. The magazine was launched in October 2009, and, since then, it has gained reputation as a valuable source of information and analyses for business people and professionals, offering a wide range of exclusive interviews, feature stories and reports, market analyses and special columns.

With over 20 years of experience in the business media segment, Business Arena Magazine’s team of dedicated journalists, graphic design artists, sales and marketing professionals count on innovation, responsibility and product quality as long-term strategies for development.

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BUSINESS ARENA AT A GLANCE Business Arena operates with a combination of permanent and freelance staff and has a wide network of writers, salespeople, conference moderators and digital experts with experience in many different markets which it calls upon when required. This allows Business Arena to respond quickly and appropriately to clients’ needs.

serving leading businesses and business leaders in Romania

business & luxury

BUSINESS Arena

ISSN 2069 - 1807 COSMIN STÂNGACIU, GENERAL MANAGER

tel: 0755.274.125 - cosmin.stangaciu@business-arena.ro.

PUBLISHER: MADRIO PAUL }IC| & CONSTANTIN STÂNGACIU

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ECHIP| DE CONDUCERE {I COORDONATORI DEPARTAMENTE:

Reproducerea sau folosirea, f\r\ permisiune, a con]inutului grafic [i editorial sunt interzise.

Not\: Prestige Page = Advertorial / “Editorul Revistei BAM [i Colectivul redac]ional al acesteia, nu sunt r\spunz\tori pentru con]inutul articolelor redactate de catre jurnalisti independen]i CIRCULATION (free-lanceri) [i publicate `n spa]iul pus la dispozi]ie `n paginile revistei, `n aceste cazuri 10,000 r\spunderea revenind `n exclusivitate autorului articolului.” http://www.business-arena.ro

Cristian Cojanu, Copy-Editor, cristian.cojanu@business-arena.ro Claudia Ariton, News Director, claudia.ariton@business-arena.ro Simion Buia, photographer, buia@gmx.de news@business-arena.ro

BE SURE TO CHECK OUT OUR 64-PAGE, FULL-COLOR PRINT EDITION FOR MORE BUSINESS NEWS COVERAGE, COMMENTARIES, INTERVIEWS, AND A DEDICATED LUXURY SECTION. http://www.businessarena.ro http://www.business-arena.ro