Business Arena Magazine Nr. 88 - december 2019

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No.88/2019 23 lei

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years

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X CELLENCE

AWARDS for2019 SPOTLIGHT ON EXCELLENCE

TOP BRAND

Celebrating its 10th anniversary, Business Arena ends its 2019 events calendar with a bang.

Successful companies, banks, entrepreneurs and artists saw their efforts recognized at the 2019 Business Arena Awards for Excellence, held in the presence of more than 100 guests.

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special section inside

LUXURY & LIFESTYLE

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Inheriting a long tradition in the area of business events, Business Arena Magazine continues to diversify and expand its programs, covering a wider range of subjects, investors, cities and business sectors.

Business Arena is constantly adjusting its business event portfolio to meet market demand, while its long-established award galas and business roundtables continue to represent the highlights of the business year.

serving leading businesses and business leaders in Romania

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

EDITORIAL

by

Cristian Cojanu

SITUATION REPORT With the new year just weeks away, it's time for a brief situation report.

Facing two crucial sets of elections next year and a shaky support in Parliament, analysts claim the new Liberal government has limited room for maneuver in key areas. Under the circumstances, the World Bank believes "fiscal policy will likely continue to be pro-cyclical, fueled by the recently adopted pension law and the wage increases planned or expected in the context of a series of elections." In addition, "economic growth is expected to moderate over the medium term as the available fiscal space shrinks, the labor market increasingly tightens, and global economic conditions worsen."

Moreover, the World Bank points out that "eradicating poverty remains a key developmental challenge for Romania. The quality of institutions and governance is the most important long term constraint to sustainable growth and shared prosperity."

But, there is good news too. A PwC HR Barometer has shown recently that more than half of companies (54%) in Romania are planning to hire more people in 2020.

The PwC barometer notes that the IT&C sector has the highest demand for new employees, followed by industry, automotive and retail.

"Our estimates show that Romania needs another one million employees in the next five years to achieve an average economic growth of 3.5% annually. As we know, in recent years, the workforce has become more difficult to find, which risks limiting the potential for economic development. For this reason, the government and companies should be

involved in education programs to develop the employee skills, especially digital ones, increasingly demanded by employers as new technologies become widely adopted," said Ionu] Simion, Country Managing Partner PwC Romania.

On a similarly positive note, the PwC Paying Taxes 2020 global rankings has revealed that Romania has climbed to 32nd from 49th in last year's study, which is part of the World Bank's annual Doing Business report.

According to PwC's study, "Romania's improved position is due to an average company's total tax and contribution rate reducing from 40% to 20%. According to the methodology used in the report, the total tax and contribution rate considers only the tax obligations of an average company/employer as a percentage of profit."

The study also points out that "Romania is ahead of other countries in Central and Eastern Europe, including the Czech Republic (53rd), Slovakia (55th), Hungary (56th), Poland (76th) and Bulgaria (97th).

The region's best performers were again the Baltic States of Estonia (12th), Latvia (16th) and Lithuania (18th)."

With its ups and downs, 2019 is coming to an end. Hoping for positive developments in the new year, Business Arena will continue to keep an eye on all the issues affecting the business community, reflecting its views, hopes and challenges.

For now, we would like to thank our readers and business partners for their valuable support, and wish everyone a Happy Holiday season and a healthy and prosperous new year.

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

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OPINION

A VERY FRAGILE GOVERNMENT BOAT ON A VERY STORMY FINANCIAL YEAR

BY OVIDIU CONSTANTINESCU, FACE PR AND NEWS

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If we are to read between the lines of what the new Finance Minister, Mr. Florin Citu, has been saying over the last month, the state coffers are all but empty. The government’s Pantagruelesque appetite for borrowing is a sign that the effects of the wage-led growth policies have been working. Or not. The fact that the Romanian economy recorded a 5% growth is the half full side of the glass. However, when you see that the year ends in a 4.3% budget deficit you realize that the glass actually contains poison. The unjustifiable salary rise in the public sector, with no connection whatsoever to a comparable increase in productivity, the unjustifiable rise in pensions (and “special pensions” in particular) have brought public spending to breaking point. It is still a mystery how ex-Finance Minister Orlando Teodorovici was able to close the budget for 2019.

Experts say that if he had been able to put it in writing and with matching numbers, it would OVIDIU CONSTANTINESCU have been just short of an accountancy miracle.

Leaving the past behind and looking into the future, the fact that the Finance Ministry plans to borrow two billion euro in December alone just to be able to pay salaries and pensions in a year with a supposedly 5% economic growth is frightening. All of a sudden, people have openly and calmly accepted that a five lei per Euro is not utterly unthinkable and such an exchange rate is not a matter of “if” but rather of “when”.

And the ”when” may come sooner than one had even dreamt of. In November, the Romanian National Bank spent more than 1.1 billion euro apparently on defending the national currency against a brief speculative attack coming from foreign traders. The “Night Raid” occurred during the night of 28th of November and sources say that half a billion euros was spent to fend-off the attack that saw the LEU jumping over the psy2

chological 4.80 lei/euro threshold.

Having said that, it is a bit of an irony of life that this time Mr. Citu is fighting such a battle on the other side of the fence. It was funny, to say the least, to hear Mr. Citu reassuring the markets that the national currency would hold firm against any speculative attack and that BNR had enough resources to fight it back.

However, at this point it is unclear whether this was just a one-off attempt by traders, or they were merely testing the BNR’s steadfastness as well as the depths of Mr. Isarescu’s pockets in case of an all-out assault against the national currency.

But what is really worrying is whether the current government will be able to foot the increased pensions bill that the previous government has left behind. The fact that BNR’s chief economist, Valentin Lazea, was dispatched to a public event to make a clear statement that there was no way the government could pay a 40% rise in pensions in 2020 is the kind of wake-up call the institution had to convey before saying that it was the “private opinion of the speaker.”

At this particular moment, it is still a mystery how the current government will be able to balance the 2020 budget even within the 3.6% deficit apparently agreed with the EU. Government officials stated that the rise in minimum wage and pensions will go ahead in 2020 as promised by the previous government, which is an enormous financial undertaking, which will be hardly offset by the planned discontinuation of special pensions - with the exception of the military and magistrate schemes. Moreover, the announced cancelling the extra-excise on fuel will further diminish the government’s income, not to mention the less-than-acceptable performance of the tax office (ANAF).

There is a huge difference between the 20152016 government led by Dacian Ciolos and the current one: Mr. Orban’s government is a political government, not a “technocrat” one, in a very special year 2020, with both local and general elections, a year when no one wants to rock the boat. Taking into account that the boat has more financial holes than a Swiss cheese wheel, it would be a great feat of captaincy, if the current government could still be safely in the same Victoria Palace harbor, come next December.

LAURA CODRUŢA KÖVESI'S EFFORTS RECOGNIZED AT WOMEN OF EUROPE AWARDS Newly appointed Chief EU Public Prosecutor, Laura Codru]a Kövesi was the proud winner of the Woman in Power Award at the fourth annual edition of the Women of Europe Awards, hosted by the European Movement International and the European Women’s Lobby at the BELvue in Brussels on 4 December 2019.

“Today, we have had the honour of celebrating Upon receiving the Woman in Power Award, the achievements of some truly inspirational and Laura Codru a Kövesi said, “I am very honoured visionary women at the Women of Europe Awards to receive the “Woman in Power” award and I see 2019. All the winners and nominees have had it as a recognition of my efforts and as an encoursuch far-reaching positive impacts both locally agement to not give up on my work. In my view, and globally. While it is important to acknowledge to be powerful means to gain the trust of the that our work to enhance the recognition of people, and importantly, to succeed in keeping it. women in our societies is far from done, the conIn my line of work, you can do so only by working tribution of the winners professionally, being tonight demonstrate the consequent and by power and influence that respecting the law at women can have in bringing all times. This award about positive change,” said belongs equally to all Eva Maydell MEP, President of the people that have of the European Movement supported me in the International and chair of fight against corruption, the jury. and in upholding the “The Women of Europe rule of law and Euroawards are a great opportupean values. I would nity to honour, thank and especially like to thank amplify the voices of fantasall my supporters over tic women coming from all the years. Moving foracross Europe who are ward, we need to work shaping our future. The to promote equality, Awards happen at a particujustice and the rule of larly important moment, with law, as the European the new European instituMovement has done for tions taking office, as they the last 70 years.” The give visibility to women and Women of Europe girls’ diverse identities and Awards 2019 are LAURA experiences in Europe, awarded in four cateCODRU}A KÖVESI which have to be acknowlgories, and the other edged and addressed by EU winners were: Milena policies,” said Gwendoline Lefevre, President of Kadieva, Human Rights Lawyer, winner of the the European Women’s Lobby and member of the Woman in Action Award, Eleonora Azzaoui and jury.

Vera Günther, Founders of Mimycri, winners of According to the hosts of the event, Kövesi the Woman in Business Award, and Johanna received the award "for showing extraordinary Nejedlová, Co-Founder of Konsent, winner of the political leadership in Europe through her notable Woman in Youth Activism Award. work against high-level corruption in Romania.

The Women of Europe Awards are handed out She recently became the first Chief EU Public annually to honour and celebrate women striving Prosecutor at the newly established European to advance the European project in their profesPublic Prosecutors Office (EPPO)." sional or private capacity.

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AWARD

2019 BUSINESS ARENA AWARDS FOR EXCELLENCE GALA

Winners 2019 ROMANIAN BRAND OF THE YEAR

AUGUSTIN WATCHES

For craftsmanship, strategic thinking and innovation in building a strong and successful luxury timepiece brand, with a high degree of awareness both at home and abroad.

MOST INNOVATIVE USED CAR MARKET PRODUCT PACKAGE

SIXT SH

Award for the Peace of Mind Packege, a unique service in the Romanian used cars market.

MOST ADMIRED ORGANIC GROWTH PROGRAM

IDEA::BANK

Recognizing the bank’s efforts to identify new financing sources and support its organic development strategy reflected in its successful listing of euro denominated bonds on the Bucharest Stock Exchange’s alternative trading system (ATS).

ENTREPRENEUR OF THE YEAR

MIHAIL FLORESCU

LEONARD CAFFE For 30 years of dedication, hard work, inspiration and innovation in building a successful business in artisan coffee production.

HOTEL OF THE YEAR

CAPITAL PLAZA HOTEL

For achieving a high level of recognition in the hospitality industry for 10 years of outstanding success reflected in strong development of operations.

AWARD FOR EXCELLENCE IN PRIVATE BANKING SERVICES

RAIFFEISEN BANK ROMANIA Recognizing its outstanding growth in administered assets using portfolio solutions developed locally by Raiffeisen Asset Management.

HEALTH & FITNESS BUSINESS OF THE YEAR

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WORLD CLASS ROMANIA

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BeHealthy Movement – creating a large movement for a healthy lifestyle, educating Romanians to be more active more often.

AWARD FOR EXCELLENCE IN BANKING

ALPHA BANK ROMANIA

Celebrating its 25th anniversary on the local market, Alpha Bank Romania looks back with pride on its achievements, based on a sustainable business model that has helped it grow to become one of the leading banks in Romania.

AWARD FOR EXCELLENCE IN WINEMAKING

VIA VITICOLA

For achieving the most dynamic growth in the industry since its change of ownership in 2015 and for its commitment to quality and excellence in winemaking.

BEST BANKING STRATEGY

EXIMBANK

Recognizing its efforts to pursue a strong expansion strategy reflected in its advanced preparations to take over Banca Romaneasca.

AWARD FOR EXCELLENCE IN PERFORMING ARTS

LAMIA BELIGAN

For achieving a high level of recognition and admiration for her outstanding performance in biographical play “Vivien Leigh: The Last Press Conference.”

LIFETIME ACHIEVEMENT IN BANKING

MIHAELA POPA

PRIM VICEPRESEDINTE – CEC BANK For achieving a high level of recognition and admiration from the general business community for outstanding career, results and qualities of creative leadership in banking.

MOST DYNAMIC EXPANSION IN NON-FOOD RETAIL

MELI MELO PARIS

Recognizing outstanding strategy and strong business acumen reflected in successful expansion of the company’s lifestyle accessory and interior decoration retail networks in Romania and abroad.

BANKER OF THE YEAR

UFUK TANDOGAN

CEO – GARANTI BBVA ROMANIA For achieving a high level of recognition and admiration from the general business community for innovation, outstanding results and qualities of creative leadership, reflected in Garanti BBVA’s achievements on the Romanian market.

CEO OF THE YEAR

UGUR YESIL

CEO & EXECUTIVE BOARD MEMBER - KANAL D

Kanal D’s unquestionable success in terms of revenue, audience and public perception is based on its leader’s efficient management and vision, as he has succeeded in motivating and guiding his team to achieve ambitious objectives in an extremely competitive market.

ANNIVERSARY OF THE YEAR IN BANKING

CEC BANK

For achieving a high level of recognition and admiration for outstanding results and innovation in the banking industry, as it proudly celebrates its 155th anniversary.

CELEBRATING BUSINESS EXCELLENCE

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2019 BUSINESS ARENA AWARDS FOR EXCELLENCE GALA

SPOTLIGHT ON EXCELLENCE

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Celebrating its 10th anniversary, Business Arena ends its 2019 events calendar with a bang. Successful companies, banks, entrepreneurs and artists saw their efforts recognized at the 2019 Business Arena Awards for Excellence, held in the presence of more than 100 guests.

Even though 2019 has been dominated by political instability and legislative inconsistencies, many local businesses can look proudly on their accomplishments.

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The night kicked off with a short speech by Mihaela Popa, First Vice President, CEC Bank, who emphasized that Business Arena's Awards for Excellence gala represented the crowning of a successful year. The CEC Bank official remained on the podium to present the award for 'Romanian Brand of the Year' to Augustin Matei, the owner of Augustin Watches. In his acceptance speech, Augustin Matei said: "I am a watch designer, but as you can see I am not wearing one, because I haven't found my story

yet. That's what my watches are about: they allow their wearer to relive an emotion or a story. In fact, you make the watches with my hands."

Next on podium arrived Kanal D TV presenter Ilinca Vandici to hand out the award for 'Most Innovative Used Car Market Product Package.' Sixt SH was the winner and manager Eugen Maciuca accepted the award on behalf of the company. "The concept is called 'Peace of Mind,' and we set out from the idea that we could offer all the advantages of a new car for every used car we sell, namely peace of mind."

The third award of the night was 'Most

Admired Organic Growth Program' and it went to Idea Bank. Andreea Radu, the owner of Happy Forever by Andreea, presented the award to Idea Bank's Senior Financial Analyst Eliza Coras, who said: "This award represents a recognition of our efforts to increase financial intermediation in the market and to be even closer to our customers' needs."

'Entrepreneur of the Year' was Mihail Florescu, the owner of Leonard Caffe. Silvia Balan, PR Manager Ramada Plaza & Parc Hotel, presented the award. In his speech, Mihail Florescu said: "I have been producing coffee in Romania for 30 years, but I've

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2019 BUSINESS ARENA AWARDS FOR EXCELLENCE GALA

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never received any awards. So, you realize my surprise when I heard that I won an award for excellence. What comes to mind now is a story from my student years, when I was reading the works of a great Japanese author, Yasunari Kawabata. Well, at some point this gentleman was unexpectedly awarded no less than the Nobel prize. Two years later, he committed suicide. Rest assured, I'm not going to do that, because I have a duty to torment you with my good coffee for at least 20 more years."

The next award was for 'Hotel of the Year' and the winner was the Capital Plaza Hotel.

General Manager Catalin Stefan received the award from Alina Mitrica, E-commerce & Corporate Manager with Meli Melo Paris, and said: "We could say that Business Arena and our hotel set out together ten years ago, and they have been growing together ever since.

These achievements oblige us to continue our efforts for another 10 beautiful years, full of success and happy occasions."

Business Arena's General Manager Cosmin Stangaciu arrived on the podium to present the sixth award of the night, the 'Award for Excellence in Private Banking Services.'

Raiffeisen Bank Romania was the winner, and Adrian Negru, Director of Private Banking, collected the award. He said: "While 10 years ago the crisis was at its height, fortunately the last few years have been very good for the financial markets. I believe that we are living in historical times, and I am very glad that our cus-

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tomers have been able to take advantage of these positive developments in the financial markets. Unfortunately, not many people in Romania have used these opportunities, but I hope more and more will be able to do so."

Cosmin Stangaciu also announced the next award, 'Health & Fitness Business of the Year.'

The winner was World Class Romania and CEO Kent Orrgren was invited to receive the award.

He said: "On behalf of the entire World Class team I would like to say that we are very honored to be here today and to receive this recognition for our services. Our mission is to convince people to lead a healthy lifestyle. It's not as easy as it sounds, but we are trying to do it every day, and put this topic on everyone's agenda."

While banking is a major cog in any country's economic system, more awards went in that direction this year. The 'Award for Excellence in Banking' was won by Alpha Bank Romania for its 25 years of continued success in this market. Ion Stan, First Executive Vice President, Alpha Bank Romania, said: "In 1994, there were no ATMs, no bank cards, and salaries were paid in cash. Today, we have digital services, we cannot imagine e-commerce without bank cards, we are also talking about open banking, which started this year in Romania, and we expect to see further developments in the areas of robots and artificial intelligence in the future. Alpha Bank Romania has made a significant contribution to the

development of the banking system in Romania. Being a pioneer in a market is a major responsibility. Eighteen years ago, we launched the first mortgage loan in Romania.

We have financed the acquisition of 37,000 housing units ever since. This year, we launched the first mortgage bond issue, which means that we have created a new system for raising money, so we can finance new projects in the coming years. All of these could not have been possible without our customers and their loyalty, and without the professionalism of my colleagues to whom I dedicate this award."

The next award was presented by Silvia Ionita, news anchor at Kanal D. The 'Award for Excellence in Winemaking' went to Via Viticola for its dynamic growth in the industry. General Manager Alin Lazarescu made a tempting invitation: "Wine brings pleasure and joy on every occasion. So, I invite you to enjoy and taste the wines produced by Sarica Niculitel Winery."

Adina Buzatu, the owner of Trends by Adina Buzatu, presented the award for 'Best Banking Strategy' to EximBank for its efforts to prepare for the acquisition of Banca Romaneasca.

Nicolae Albu, Counsellor to the President, said: "This award comes to recognize the solidity of our business principles and of our strategic thinking."

The winner of the next category came from a different background, as a reminder that the gala in not exclusively dedicated to the busi-

ness world. Anca Bidian, CEO, Kiwi Finance, presented the 'Award for Excellence in Performing Arts' to Lamia Beligan for her performance in the biographical play 'Vivien Leigh: The Last Press Conference'. Lamia Beligan said: "I am very honored to receive this award.

It is the result of a huge work. In 2010, I was looking for a play that would motivate me, seduce me, cause me to go beyond my limits and show the world the lesser-known facets of my histrionic personality. And because nothing is accidental, my father, a tireless searcher of good and interesting plays, discovered a text, came to me and said: "Look, you have to play this role. It's a role for you." Yes, it was a role for me, it was worth the bet with myself, it deserved my effort to gather all the courage and all the soul power to give life to a complicated character, an amazing actress, a strong personality, with a destiny to match. Her name is Vivien Leigh. (...) I invite you to see this show. Beyond evoking a 20th century stage and screen diva, it is a hymn dedicated to the acting profession and the sacrifices that profession implies when it is done with grace and passion. And it is a wonderful love story, a great love story. A tumultuous, fascinating and tragic love story. Now I will end with her favorite quote: "And the artists shall inherit the earth and the world will be as a garden."

Business success was back in the spotlight with the next category, as Kanal D TV presenter Cosmin Cernat handed 'Lifetime

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Achievement in Banking' to CEC Bank's First Vice President Mihaela Popa. "Looking back on the achievements of my 40 years in banking, I would say that the teams we build and the people with whom we share our experience are the most important. In the last 12 years, I have worked on building a CEC Bank team that can really become one of the elite teams in the banking system."

For the next category, Karmen Herscovici presented the 'Most Dynamic Expansion in Non-Food Retail' award to Meli Melo Paris.

Company owner Stephane Dumas said: "I came here 25 years ago for a year and I'm still here. I was fortunate to discover a wonderful country with very special people. I fell in love with the country, I stayed, and that was the best decision of my life. (...) This award is dedicated to all my colleagues, because they are a special team, and we have a duty to prove to all Romanian entrepreneurs that a Romanian brand can be developed internationally."

The next category was 'Banker of the Year'.

The winner was Ufuk Tandogan, CEO, Garanti BBVA, for his outstanding results and qualities of creative leadership. Cosmin Stangaciu of Business Arena returned to the podium to present the award and Garanti BBVA's Vice President Virginia Otel accepted the award on behalf of the winner. She said: "Thank you Business Arena for the dedication with which you organize these enjoyable galas. Mr. Ufuk

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Tandogan is honored by this award, and would like to thank you very much. He couldn't be here tonight and asked me to convey his best wishes to all of you. I am proud to accept this award on his behalf."

'CEO of the Year' followed and the winner was Ugur Yesil, CEO of Kanal D. In his acceptance speech he said: "Thank you, I am deeply honored. I accept this award on behalf of my entire Kanal D team. We are continuously growing year after year and such results cannot be achieved without an excellent team.

That is why this special award belongs to the entire Kanal D team. And I would also like to thank you Business Arena for recognizing our success, and I would like to thank all our viewers. Now we are number two at national level in prime time, and I think that soon we're going to be number one."

The last category of the night was 'Anniversary of the Year in Banking' and the winner was CEC Bank for its 155th anniversary.

This special event was moderated by Andy Alexandru Antemia and was organized in partnership with CEC Bank, Idea Bank, Apulum Porcelain Factory, Meli Melo Paris, World Class Romania, Via Viticola, Kanal D, Casa Anke, Happy Forever by Andreea, Trends By Adina Buzatu, and Ramada Bucharest Parc Hotel.

The gala also featured a fashion presentation by Trends by Adina Buzatu and live music

by Gra]iela Marinea]\ and Anca Mocanu.

10 years

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BUSINESS ARENA TURNS TEN

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Business Arena Magazine recently celebrated its tenth anniversary, a happy occasion for a publication launched in the middle of a severe economic slowdown, in October 2009. In spite of a difficult start, this experienced team has showed tremendous dedication, creativity, and passion to produce a top-quality product for readers and business partners alike. Moreover, the same team used its expertise in business event planning and organization to create new platforms for the local business community to get together, exchange views, and voice its hopes and concerns. From roundtable conferences focusing on foreign investment to major awards galas, Business Arena’s events have become unmissable dates in the business event calendar. So, with hundreds of published interviews and feature stories, and more than 50 conferences and awards galas under its belt, Business Arena looks confidently into the future. But none of these could have been achieved without its readers and business partners, who deserve a very big thank you.

Now a team of dedicated journalists, graphic design artists, sales and marketing professionals count on innovation, responsibility and product quality as long-term strategies for development.

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 readers’ and clients’ needs.

Speaking at the recent Financial Leaders’ Hall of Fame awards gala, Radu Gratian Ghetea, Chairman of the Board, Libra Internet Bank and Honorary President of the Romanian Association of Banks, took the opportunity congratulate the entire Business Arena team and identify what

stands behind the success of the publication, its business conferences and awards galas. He said: “I will start with the magazine. I believe there are few magazines in Romania these days that maintain such quality standards. Congratulations!

It is difficult to produce a magazine nowadays, and many in this business are going online, while the classic magazines are increasingly difficult to promote. Once again, I wish the entire team every success in its effort to keep this very beautiful magazine going.” As for Business Arena’s business events, Mr. Ghetea emphasized their uniqueness: “I believe that Business Arena has created something new that makes for a very pleasant mix. Apart from the actors in the banking and financial system, the list of participants also includes companies from other business sectors and people of art and culture. There are also cultural surprises, helping participants to unwind, making these events one of a kind. I believe that you will all agree with me when I thank everyone at Business Arena and wish them to continue to pamper us with such events.”

While high production costs and dwindling advertising revenues have forced many newspapers and magazines to migrate online and end their printed versions to save money, Business Arena is committed to preserving its tradition, offering a diverse and generous content in a high-quality, glossy magazine.

We provide our readers with a fresh take on the domestic business environment in our 64-80-page magazine, which has a wide circulation and is distributed in Bucharest and 15 major cities in Romania.

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ECONOMY

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CHRISTINE LAGARDE: EUROZONE GROWTH IS WEAK, STIMULUS WORKING

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New European Central Bank President Christine Lagarde said Monday that economic growth “remains weak” in the 19 countries that use the euro but gave no indication she is contemplating adding to the stimulus enacted by her predecessor, Mario Draghi.

Lagarde said in her first regular appearance before the European Parliament that manufacturing companies were hardest hit by a “sluggish and uncertain” global economy that lowers demand for goods from eurozone companies. But she added that services companies were Lagarde helping support growth and employment.

She took over from Mario Draghi on November 1, after the bank decided in September to cut its main interest rate and restart a bondbuying stimulus program. The eurozone economy grew only 0.2% in the third quarter. Lagarde said that the ECB has “the tools to respond in case the situation does not improve” but largely confined her remarks on the monetary stance to describing existing measures. The bank committed to purchasing 20 billion euros ($22 billion) in government and corporate bonds each month, a measure that pumps newly printed money into the economy in hopes of easing longer-term credit to companies. The ECB also cut the rate on deposits from commercial banks to minus 0.5% from minus 0.4%, aiming to push them to lend excess cash.

Analysts say Draghi’s package of stimulus measures may have given Lagarde a period of respite in her first months in office. The Sept. 12 decision was marked by disagreements over the bond purchases among an unusually vocal minority of officials on the 25-member governing council — a difference in policy views that Lagarde will have to manage as president. She presides over her first policy meeting on December 12.

SIKA ACQUIRES ROMANIAN CONSTRUCTION MATERIAL MANUFACTURER Sika has agreed to acquire Adeplast, a major manufacturer of mortars and thermal insulation solutions in Romania. In a press release, the buyer notes that the acquisition will significantly strengthen its position in the local construction chemicals market and extend its manufacturing footprint.

Adeplast generates sales of 120 million CHF with a workforce of 460 employees. The transaction is subject to clearance by antitrust authorities. Adeplast is headquartered in Ploie[ti and produces a wide range of building mortars as well as thermal insulation (EPS) for building envelope solutions. It operates four state-of-the-art production plants which provide a nationwide coverage of Romania and offers also the potential to serve neighboring countries. The strategically located facilities will enable Sika to realize efficiency gains in logistics and warehousing as well as to further enhance its ability to serve customers with fast supply and excellent product availability. With the acquisition, Sika Romania will strengthen its product portfolio for the Target Market Building Finishing and gain access to Adeplast’s large, well-established network of distributors.

Ivo Schädler, Regional Manager EMEA, said: “Adeplast is a proven industry leader and will considerably strengthen the presence of our Target Market Building Finishing in the growing Romanian market. The improved access to the distribution channel will offer exciting crossselling opportunities, increase our market penetration, and drive the continued growth of both companies. We warmly welcome the Adeplast employees to the Sika team and look forward to a successful joint future”.

In turn, Alexander B\rbu], Representative of the owners of Adeplast, said: “Adeplast was the life’s work of our father, Marcel B\rbu], and is a Romanian success story.

We are convinced that Sika will continue this story and take the company even further, as part of one of the leading groups in Europe in our industry.”

BUSINESS NEWS

Enel S.p.A. (“Enel”) has received for its first time an “AAA” rating, up from “AA” in 2018, by MSCI ESG Research Ltd. (“MSCI”), a leading research and data provider measuring companies’ performance on the grounds of Environmental, Social and Governance (ESG) factors. Specifically, Enel is among the top ten companies out of the

FRANCESCO STARACE utilities included.

Enel CEO and General Manager Francesco Starace, said: “Enel’s rating upgrade by MSCI is the most important 2019 milestone in terms of our relentless work on ESG ratings.

This represents the culmination of a rewarding year for our commitment to sustainability, which is testament to the validity of our strategy that sees sustainability as a key driver of value creation for the Group. Specifically, in 2019 we launched the world’s first general purpose SDG-linked bonds, directly linking sustainability targets to financial returns, and we were once again confirmed in the main global sustainability

indices. Again in 2019, we were the only global utility and only Italian company to join the United Nations Global Investors for Sustainable Development (GISD) Alliance, following a call from UN Secretary-General António Guterres to 30 influential corporate leaders with the aim to cooperate over the next two years in the area of Sustainable Development Goals (SDG) financing.”

Enel’s top MSCI rating is mainly attributable to its major growth in the renewable sector, which has led the Group to become the world’s largest private renewable player with around 46 GW of managed capacity globally, and to the company’s recent pledge to reduce its direct greenhouse gas emissions by 70% by 2030 vs. 2017 levels, reaching around 125 g/kWh, as certified by the Science Based Targets initiative (SBTi). The rating of the other Enel Group companies is as follows: • Endesa: “AA”, which remains the same from 2018; • Enel Américas: “A”, up from its “BBB” rating in 2018; • Enel Chile: “A”, up from “BBB” in 2018.

Enel’s global sustainability leadership is acknowledged through its presence in several other renowned sustainability indices, such as the Dow Jones Sustainability Indices, the FTSE4Good Index, the Euronext VIGEO-EIRIS indices, the STOXX Global ESG Leaders indices, the OEKOM “Prime” rating, the ECPI indices, and the Thomson Reuters/S-Network ESG Best Practices Indices.

Enel is increasingly attracting the attention of Socially Responsible Investors (SRI), whose stake in the company is steadily growing, representing about 10.5% of the Group’s share capital in 2019, up 78% compared to 2014. This increase reflects the growing importance the financial market gives to nonfinancial elements in the creation of longterm sustainable value.

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 45 years of expertise in research, data and technology, MSCI powers better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios.

MSCI creates industry-leading researchenhanced solutions that clients use to gain insight into and improve transparency across the investment process.

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ENEL RECEIVES ITS FIRST "AAA" RATING

BY LEADING SUSTAINABILITY INDEX PROVIDER MSCI ESG RESEARCH

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BUSINESS NEWS

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EBRD SUPPORTS MORE WATER AND WASTEWATER SERVICE UPGRADE PROJECTS

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Over 220,000 residents of Arges county and 400,000 citizens living in Dolj and Gorj counties will benefit from a new EBRD investment in the improvement of water and wastewater services.

The bank is providing 12.5 million euro, in two tranches, to co-finance Apa Canal’s 161.8 million euro EU Large Infrastructure Operational Programme.

The investment program aims to upgrade and expand water supply and wastewater treatment services, with a focus on small communities of fewer than 10,000 inhabitants. More than 2,000 residents will get access to a water supply network for the first time. The water company also aims to cut its annual water losses by 5.2 million m3 and to treat an additional 1.0 million m3 of wastewater per year. In addition, the loan will help develop an asset management system, including a software application to increase Apa Canal’s operational efficiency.

In Dolj and Gorj, the bank is providing a Romanian lei equivalent of 25 million euro loan to the regional operator of water and wastewater utility Compania de Apa Oltenia.

The loan agreement was signed in London by Susan Goeransson and the Director General of the water operator Adriana Cimpeanu, in the presence of Mayor of Craiova Mihail Genoiu and Chairman of the Dolj County Council Ion Prioteasa. The EBRD contribution is co-financing, together with EU Cohesion Funds, the water operator’s 374.62 million euro regional investment programme.

The Bank’s loan will fund an extension and rehabilitation of the company’s water and wastewater services and will benefit a total of 400,000 people. More than 100,000 people will be connected to the wastewater network for the first time. The financing will also enable a water efficiency programme which aims to reduce water losses by more than 3.2 million m3 per year. In addition to EU Cohesion Funds, the EU is providing technical assistance worth 50,000 euro to help the water operator ensure continued efficiency, sustainability and good management of assets.

WORLD CLASS ACQUIRES PLANET SWIM&GYM World Class Romania continues to expand its health & fitness network, and has opened its 38th club in Romania and 29th in Bucharest, following the acquisition of Planet Swim & Gym club. The #BeHealthy Movement for More Movement initiated by World Class in 2018 has been growing stronger with each new member, each new participant to the World Class public health and fitness event and each new club opening in strategic locations, with large residential and corporate communities.

“The acquisition of Planet Swim&Gym is a strategic step that takes us further into our mission. It has a very good location and the members will benefit from the support of a strong team of health and fitness experts. The club offers indoor and outdoor pools with a great relaxation area, making it ideal for families and also for after work wellness. We are strengthening our network and give more to our members by adding all the health & fitness services of Planet Swim&Gym. The club did a very good work building a health & fitness community, being highly successful in its swimming offer for kids and attracting families to be active together.

This club is an excellent match to our network and it will be our 38th health & fitness club. The new acquisition brings our services even closer to the homes and workplaces of more Romanians. In the near future we have new plans for extending our networks in strategic locations,” said Kent Orrgren, CEO, World Class.

In turn, Alexander Fagiolo, owner Planet Swim & Gym, said: “Planet Swim & Gym is a club with a long history in Romania of over 15 years and a strong health & fitness community. I am glad that following this acquisition, the club’s existing members will have access to even more benefits, more health & fitness clubs and an extended network of health & fitness specialists.

I am confident that what we have built so far with Planet Swim & Gym will continue to grow and the result will be even more happy members who will choose a healthy lifestyle.”

Located in Voluntari-Pipera, the club is another step for World Class towards achieving its objective, making health and fitness services more accessible to more Romanians in order to help them be more active more often and enjoy better lives.

SODEXO ENABLES APPLE PAY TRANSACTIONS Benefits and rewards provider Sodexo brings Apple Pay to its customers, which is transforming mobile payments with an easy, secure and private way to pay fast and convenient using Sodexo cards – Gusto, Turist, Cultura, Cadou.

Thus, Sodexo users will be able to pay directly using their Apple smartphones, tablets, watches after downloading the application. The application integrates all Sodexo cards and enables payments with all of them.

Security and privacy is at the core of Apple Pay. When you use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers.

Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code.

Apple Pay is easy to set up and users will continue to receive all of the rewards and benefits offered by credit and debit cards. In stores, Apple Pay works with iPhone SE, iPhone 6 and later, and Apple Watch.

BREWERS OF ROMANIA ASSOCIATION ANNOUNCES POSITIVE TRENDS FOR THE INDUSTRY Currently, in the European Union there are more than 10,000 breweries according to the latest figures released by Brewers of Europe, while both production and consumption of beer have increased steadily from year to year over the last five years.

The figures - released as part of the 2019 edition of the Annual Report on European Beer Trends - show continued growth in several key areas. The volume of beer production in the EU has exceeded 400 million hectoliters for the

first time in the last ten years.

In 2018, consumption increased in each country, consumers being able to choose from a more varied and specialized range of beer. As some consumers turn to products with a lower alcohol concentration, such as beer and, on certain occasions, non-alcoholic or low-alcohol products in the beer category, this increase in beer consumption coincides with a decrease in both total alcohol volume and harmful alcohol consumption in Europe.

Pierre Olivier Bergeron, General Secretary of Brewers of Europe, said: "It is fantastic to be able to announce the 10,000th brewery in the European Union. Brewers of Europe welcomes all new brewers, many of whom are SMEs and microbreweries, and we are very encouraged by their role in diversifying and strengthening the sector at European level."

"More than ever, beer producers are responding to consumer expectations regarding product innovation, sustainable production, and the variety offered, including low-alcohol beers and specialties," he added.

For over half a decade, statistics have shown steady and sustained progress in the beer industry, further strengthening the contribution of beer to the European economy as a major consumer good and export commodity.

In the 2019 edition of the report, many national stories are highlighted. Poland is now the second largest beer producer - changing positions with the UK. In France, the number of breweries increased by 45%, from 1,100 to 1,600. Slovenia and Ireland increased the number of beers by 50% and 25% respectively.

Exports increased again, with Belgium remaining the largest beer exporter in the EU, slightly surpassing Germany, while the Netherlands continues to export about 40% of its beer production to other parts of the globe.

"We are pleased that Romania remains in the top 10 beer markets in Europe, along with Germany, Poland, the United Kingdom, Spain, the Netherlands, France, the Czech Republic, Italy and Turkey, ranking seventh in 2018 in terms of market volume. The Romanian beer industry is also one of the largest employers in Europe, an engine of economic growth for the local economy, Romania occupying the fifth place, behind Belgium, Great Britain, Austria and France, with 5,973 direct jobs generated by the industry and over 85,000 jobs created in related sectors," said Julia Leferman, General Manager of the Brewers Association of Romania.

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EURO

THE SINGLE CURRENCY NEEDS A ROBUST EURO AREA

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The Governor of the National Bank of Hungary, Gyorgy Matolcsy, wrote a piece recently that has, quite likely, raised many eyebrows in the EU (“It is time to recognize that the euro was a mistake” , Financial Times, 4 November).

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For it is a sort of a diatribe against the euro, which, allegedly, was a French ploy to keep Germany well anchored in the EU. In a way, it sounds like Lord Ismay’s famous saying that NATO is needed to keep Russians out, Germans down, and Americans in. The text contains a range of grievances, some of which have been in public debate, under various shapes, over the years. As a matter of fact, many economists decried the introduction of the common currency without proper fiscal underpinnings. Otmar Issing himself, the ECB’s first chief economist, talked about it too. And let us remember that the McDougall Report of 1977 concluded that an economic and monetary union needs a significant common budget to make it viable. An economic divergence between the North and the South of the euro area is also evident and it cannot be ascribed to extra-euro area phenomena only.

One can hardly refute what is commonsensical and, more or less, part and parcel of a collective wisdom regarding what the euro area needs to become a robust construction: risk-sharing instruments (including a “fiscal capacity”’) which should not be “junior” to risk-reduction measures, a solid Resolution Fund, a collective deposit insurance scheme (EDIS), “smart” fiscal rules (which should not amplify pro-cyclicality in times of badly needed correction of imbalances), a collective macroeconomic policy stance and, not least, a joint safe asset that should also help the euro be a more competitive global currency. A problem, that is alluded to by Governor Matolcsy, is that political hindrances have stalemated advance.

And I would add that, ironically, Germany, which is, arguably, the biggest economic winner of the creation of the single currency, seems to underplay this reality; for the euro has operated as an undervalued Deutsche

Mark, which explains its formidable current account surpluses, year after year, to a large extent. The Netherlands is in the same category.

But it is one thing to notice major flaws in the euro area design and functioning, and another thing to state that the euro introduction was a strategic error. If one accepts that the euro is a strategic and political construct to help the European Union in global competition and maintain peace in Europe, its creation was inevitable. Whether its creation was premature is irrelevant now. What are relevant instead are the weaknesses of its design, which could not have been inconsequential; some of these weaknesses were dismissed by politicians, and others were poorly understood by not a few economists at the time as well.

But let us judge the history and the fate of single currency with the benefit of hindsight and in a forward perspective. In 1999, China was not the seemingly unstoppable economic (and not only) juggernaut it is today. And the US were not, at the time, a bitter economic rival of the EU, which they seem to become in a world of proliferating “first would be nations” and when NATO and the transatlantic relationship are, unfortunately, weakened.

There are also European value chains in the euro area, in the EU, which reflect pretty deep economic integration and which may dent the potency of independent monetary policies as adjustment tools –though I would refrain from saying that independent monetary policies are devoid of any usefulness for larger New Member States (such as the Czech Republic, Hungary, Poland and Romania) as against currency board regimes. There are also all kind of new major threats that demand a collective EU response, a cohesive union.

A belief that a partial, or complete, dissolution of the euro area would make the

EUROPEAN CENTRAL BANK CONFIRMS EXPLORING DIGITAL EURO AS RETAIL, WHOLESALE CBDC DANIEL DAIANU EU stronger is not convincing at all.

A dynamic of events along such lines would probably cripple the European project fatally. And such a denoument would be bad for everybody, for the transatlantic relationship as well. NATO would be much damaged as well.

The euro area needs profound reforms to become robust and, thereby, strengthen the single currency and the EU as a whole.

German minister Olof Scholz’s proposal about EDIS, though not ambitious enough, goes in the right direction. And, hopefully, key proposals one finds in the EC reflection reports of 2017 and in other analytical documents will turn into reality; the sooner the better.

One should not wait for another deep recession to turn bold and do “whatever it takes to save the euro”, to repeat Mario Draghi’s famous statement of July 2012.

Reforms in and of the euro area, to make it robust, would be more than welcome in accession candidate countries. As for its part, the Romanian economy needs to achieve a critical mass of real convergence and control its imbalances on a sustainable basis in order to enter The Exchange Rate Mechanism2 and, after that, join the euro area under auspicious terms.

BY ACAD. DANIEL DAIANU, ADVISOR TO THE BNR GOVERNOR

The ‘Global Blockchain Congress’: Convergence took place in Malaga, Spain where a European Central Bank (ECB) official confirmed its work on a digital Euro. The bank has explored it as both a retail and wholesale central bank digital currency (CBDC), and noted it has experimented with blockchain.

“We have a dedicated team looking at this in the ECB. Even if we’re not particularly vocal on this compared to other central banks, we’ve been doing a lot in the past,” said the bank’s Innovation team leader, Dirk Bullman, who spoke at the event last Tuesday. This was a few days after, according to Reuters, an ECB official claimed digital Euro work was underway and “several options” were being considered.

Organized by the European Commission (EC), the INATBA, and Alastria, Convergence saw enterprises and regulators come together to discuss distributed ledger technology (DLT) and stablecoins.

A DIGITAL EURO? Two weeks ago, the Association of German Banks released a detailed plan for a ‘crypto-based digital Euro’, saying it should be launched by regulators. The group are likely to be pleased with Dirk Bullman’s comments on the panel entitled ‘Is the world ready for global digital currency?’.

When asked about a digital Euro, he said: “The ECB is exploring the matter. I think that should be made clear. We are doing theoretical research, but we are also doing practical experimentation. And we look at, what we call, a wholesale [institutional] CBDC and we also look at retail, general-purpose CBDC.” WHOLESALE CBDC The former begs the question: “Can we move our own payment systems to DLT? So, this is actually what it comes down to when you speak about wholesale CBDC, and we are exploring this, we’ve

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ARTIFICIAL INTELLIGENCE

ARTIFICIAL INTELLIGENCE WILL BE THE GREATEST JOBS ENGINE THE WORLD HAS EVER SEEN

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Fears that AI will make many types of workers unemployable are unfounded.

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In the past few years, artificial intelligence has advanced so quickly that it now seems that hardly a month goes by without a newsworthy AI breakthrough. In areas as wide-ranging as speech translation, medical diagnosis and game play, we have seen computers outperform humans in startling ways. This has sparked a discussion about what impact AI will have on employment.

Some fear that as AI improves, it will supplant workers in the job force, creating an ever-growing pool of unemployable humans who cannot economically compete with machines in any meaningful way. This

concern, while understandable, is unfounded.

AI will be the greatest job engine the world has ever seen.

Technology has progressed nonstop for 250 years, and in the U.S. unemployment

has stayed within a narrow band of 5 to 10 percent for almost all that time, even when radical new technologies such as steam power and electricity came on the scene.

AI is the most empowering of all technologies because it effectively makes anyone who uses it smarter. It increases the productivity of anyone who can apply it to their job. Once again, you hear the same refrain: "It will destroy jobs." And sure, you can look around and find jobs that it might well eliminate, such as order taker at a fast-food restaurant. But, that is not in any way the entire story.

No, the whole story involves the other part of the equation. What will this technology enable?

Consider the ATM. If you had to point to a technology that looked as though it would replace people, the ATM might look like a good bet. It is, after all, an automated teller machine. And yet, there are more tellers now than when ATMs were widely released. How can this be?

Simple: ATMs lowered the cost of opening bank branches, and banks responded by opening more, which required hiring more tellers.

This is one of the fundamental dynamics of technology and employment. As technology lowers costs, people respond by one of two things: They either buy more of the item (as banks did with branches) or they spend their saved money elsewhere, creating new jobs in those areas.

In this manner, AI is going to create many millions of jobs that are far beyond my meager ability to imagine. But, examples already abound. For instance, AI is getting really good at language translation. What do you expect that to do to the demand for human translators?

According to the U.S. Bureau of Labor Statistics, it is skyrocketing. Why? If you lower the cost of basic translation to nearly zero, the cost of doing business with those who speak other languages falls. Thus, it emboldens companies to do more business overseas, creating more work for human translators. AI may do the "simple" translations, but humans are needed for the nuanced kind.

In fact, the BLS forecasts faster-than-

average job growth in many occupations that AI is going to have a large impact on: accountants, forensic scientists, geological technicians, technical writers, MRI operators, dietitians, financial specialists, web developers, loan officers, medical secretaries and customer service representatives, to name a very few. These fields will not experience job growth in spite of AI, but through it. These are all areas in which AI can aid humans and increase their productivity and wages.

But, just as with the internet, the real gains in jobs will come from places where our imaginations cannot yet take us.

But, what of the skills gap? Will AI eliminate low-skill jobs and create only high-skill ones? This is far from certain, but let's entertain the idea. If this happens, are all those low-skill workers unemployable? Far from it.

The relevant question is whether most people can do a job that's just a little more complicated than the one they currently have. If you agree with me that the answer is yes, then no worries. The whole workforce just shifts up a notch.

Everyone, from entry level to PhD, just moves up the job ladder a bit. This is exactly what happened with the industrial revolution: Farmers became factory workers, factory workers became factory managers, and so on.

New jobs created at the top are opportunities for everyone to get a promotion.

A January 2018 Accenture report "Reworking the Revolution" estimates that new applications of AI combined with human collaboration can boost employment worldwide 10 percent by 2020.

Electricity changed the world, as did mechanical power, as did the assembly line. No one can reasonably claim that we would be better off without those technologies. Each of them bettered our lives, created jobs and boosted wages.

AI will be bigger than electricity, bigger than mechanization, bigger than anything that has come before it. It, too, will make the world a better place and, yes, create jobs.

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special section

L

U X U R Y

&

LIFESTYLE

TOP BRAND

pages 38 - 63

COMPLICATED LADY: RICHARD MILLE UNVEILS ITS FIRST SELF-WINDING TOURBILLON CALIBER IN RM 71-01 TALISMAN With the recent introduction of the new RM 71-01 Automatic Tourbillon Talisman — his brand’s first watch with a self-winding tourbillon movement, and one definitively designed for the fairer sex — Mille proves to the watch world that he’s serious.

The RM 71-01 Automatic Tourbillon Talisman — the brainchild of Cécile Guernat, a seasoned veteran of the fine jewelry design world brought on board to be Richard Mille’s Ladies Collection Director — is offered in 10 variations of its slim, curvilinear tonneau case and openworked dial, all equipped with the in-housemade automatic tourbillon and luxuriously glazed with an array of diamonds, mother-ofpearl, onyx, and black sapphires. The model derives the name “Talisman” from the African sculptures and tribal art masks that served, along with Art Deco influences, as Guernat’s primary influences on its case and dial designs.

Fashioning the three-part cases, which measure 52.2 mm by 34.4 mm in diameter and 12.5 mm thick, required 44 different stamping operations, RICHARD MILLE RM 71-01 255 tooling operations, two days of adjustment AUTOMATIC TOURBILLON for each component (bezel, caseband, and TALISMAN - ANGLE caseback) and more than five hours for the final glazing and polishing processes. The result is a very versatile case THE SKELETONIZED MOVEMENT IS THE aesthetic, allowing for FIRST FROM RICHARD MILLE WITH BOTH different textures, AUTOMATIC WINDING AND A TOURBILLON. settings, and faceting on each.

Such a revolutionary case design called for a truly noteworthy movement, and Richard Mille delivers that with the new Caliber CRMT1, its eight in-house movement and, as mentioned, its first equipped with both a

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EACH CASE, BEZEL, AND DIAL FEATURES DIFFERENT PERMUTATIONS OF DIAMONDS, ONYX, MOTHER-OF-PEARL, AND BLACK SAPPHIRES. tourbillon and automatic winding. Skeletonized like all of the watchmaker’s in-house movements, it has an openworked baseplate, made of microblasted, PVDtreated grade 5 titanium, protecting the rotating tourbillon cage, and a gem-set rotor combining 5N rose gold with heavy metal and set on ceramic ball bearings.

The bridges, also in microblasted titanium and skeletonized down to their most essential parts, help the movement maintain its impressive thinness (just 6.2 mm) and low weight (8 grams), making for a lighter, more elegant watch despite its large case size and copious amounts of set stones. Elements found traditionally in Richard Mille movements are also present here, including a free-sprung balance with variable inertia, a fast-rotating bezel for enhanced mainspring performance, and spline screws in grade 5 titanium — which are also used in the case assembly — for better torque control. The frequency is 28,800 vph and the power reserve is 50 hours.

Each of the 10 dials on the Richard Mille RM 71-01 is hand-set, designed to optimally frame the large tourbillon aperture, and measures just .9 mm thick, making the sandlblasting, polishing, and other operations extremely challenging. The different permutations of the jewel-set bezels vary in the number, shape and size of stones used depending on the variation, while the contrasting matte bands used for the casebacks are consistent throughout the models. The watches are offered in both rose gold and white gold cases, and delivered on white or black leather straps. Each of the 10 versions is limited to only five pieces worldwide, all priced at $425,000 and available exclusively at Richard Mille boutiques.

10 VARIATIONS OF THE RM 71-01 AUTOMATIC TOURBILLON TALISMAN ARE AVAILABLE

LUXURY & LIFESTYLE - TOP BRAND

THE F.P. JOURNE TOURBILLON SOUVERAINE VERTICAL

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To celebrate the 20th anniversary of their tourbillon, the brand decides to turn things on their head – literally.

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To celebrate the 20th anniversary of the Tourbillon Souverain, F.P. Journe has one-upped himself, launching a new tourbillon model that turns the regulator 90 degrees and doubles the rotating speed of the tourbillon for greater performance and visual effect. The aptly-named Tourbillon Souverain Vertical is a seriously complicated watch, so I figure we'll just walk through it bit by bit.

First off, the watch starts with a 42mm case in platinum or red gold. From there, you'll notice that there's not a real "dial" so to speak. Instead, the red gold mainplate serves as the bulk of the dial, with a white enamel sub-dial set into the mainplate for the hours, minutes, and seconds. Above that is

Then there's the tourbillon itself. It rotates once every 30 seconds and sits perpendicular to the shape of the case. To get even more visual depth out of it, there are mirrored rings flanking the aperture on both front and back, funneling more light toward the tourbillon cage itself. The cherry on top? The watch has a natural deadbeat seconds mechanism too, meaning you get a deadbeat seconds complication without compromising on precision (this was first introduced to the Tourbillon Souverain in 2003).

a power reserve indicator to count down the approximately 80 hours you'll get. To the left of the time is an aperture that lets you peek at the remontoire d'egalitĂŠ mechanism in action, a testament to the watch's chronometric purposes.

If you want to learn more about the history of F.P. Journe tourbillons and how we got to the Tourbillon Souverain Vertical, this Reference Points story and video we did back in 2016 with Mr. Journe himself is a pretty great place to start.

ANDERSEN GENÈVE MONTRE À TACT FOR ONLY WATCH 2019 Friends, craftsmen, and a good cause.

INITIAL THOUGHTS I'm not usually a tourbillon guy (I've gone on the record about it multiple times), but damn does this look awesome.

I think Journe probably could have gotten away with a simple dial or case update to celebrate the Tourbillon Souverain's 20th anniversary and collectors would still have gone crazy for whatever limited edition was the result. However, it's not that kind of thinking or watchmaking that's made F.P. Journe the cult favorite that it is, and the Tourbillon Souveraine Vertical is the sort of unexpected, outside-the-box thinking that we've come to expect from one of today's greatest living watchmakers.

In addition to my usual aversion to tourbillons, my first response to hearing about this vertical tourbillon was a simple "Why?" Would this really make any sort of meaningful difference or is it merely an aesthetic exercise? The explanation is shockingly obvious once you hear it: Some people wear their watches with deployant buckles and others prefer prong buckles. Depending on which you chose, your watch is oriented differently when you set it down. The position of the tourbillon in this watch ensures that you'll get the performance benefits either way.

Consider me impressed.

My one complaint? Do we really need "Tourbillon Remontoir d'Egalité Seconde Morte" spelled out at the bottom of the dial? I want to wear a watch on my wrist, not a short story. But I digress...

Price: CHF 244,500 (red gold); CHF 248,400 (platinum).

Only Watch founder Luc Pettavino is a very persuasive man.

Every two years, he manages to convince small watchmakers to risk neglecting paying customers, and instead to spend a lot of time and effort to exercise their creativity in building a one-off timepiece – and then give the resulting watch to the Only Watch charity auction.

Most watchmakers regard it as an honour to be asked for a contribution, after all, the list of participants include boldface establishment names like Patek Philippe and Audemars Piguet.

While Luc also receives many offers from brands, he wants to curate an interesting mix of watches for each Only Watch auction, capped at a maximum of 50 watches or so each time – he alone decides what’s in and what’s out.

A few brands have been dedicated supporters of the charity since the very beginning, and they are usually invited to return year after year. In the inaugural Only Watch auction in 2005, lot 1 was the unique Eros “Navigation Pleasure” wristwatch.

It was the work of Andersen Genève, the brand founded by Svend Andersen, a 77-year old veteran independent watchmaker best known for co-founding the Académie Horlogère des Créateurs Indépendants (AHCI).

When Luc visited Svend at Baselworld earlier this year to solicit a contribution for Only Watch 2019, he received a swift “yes”. With the watch required to be finished for a world tour starting just three months after Baselworld, quick decisions were necessary at Andersen Genève to create an attractive watch.

TACTILE AND TACTFUL Svend Andersen and Andersen Genève owner Pierre-Alexandre Aeschlimann – who acquired the company in 2015 while keeping Svend on board – wanted to highlight horological craftsmanship in the brand’s Only Watch creation. So they decided the watch best suited for that was the Montre à Tact, inspired by Abraham-Louis Breguet’s 19th century watch of the same name.

Montre à tact translates as “tactile watch”, getting its name from the wearer being able to tell the time by touch. By feeling the position of a pointer fixed on the lid of the watch, the wearer could deduce the time from the pointer’s position in relation to studs set onto the rim of the case representing the hours. It was developed as a matter of manners, for visibly consulting a watch while in polite company was judged rude by the Parisian society of the late 18th century.

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LUXURY & LIFESTYLE - TOP BRAND

THESE 4 WOMEN’S WATCHES WILL HELP YOU CONQUER THE BOARDROOM

Arm yourself for success.

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CARTIER BAIGNOIRE Cartier has never had a problem appealing to women, but this year the French luxury-goods house was one of the few watchmakers that introduced a slew of new feminine models—and it paid off.

Among the best are the edgy, elongated Baignoire models, such as this Allongée version that takes Cartier’s exaggerated Roman numerals and encapsulates them in a “Clou Carré motif” rosegold case. First created

by Louis Cartier in 1958, the watch takes its name from the French word for bathtub in a nod to its unusual oval shape, but this graphic watch was made for a modern woman—the kind who’s busy plotting her rise rather than soaking up leisure time. ($24,700)

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A. LANGE & SOHNE LITTLE LANGE 1 MOONPHASE A. Lange & Söhne is the watchmaker for connoisseurs, and this timepiece has as much prestige as the legendary brand itself.

Revived in the early ’90s by the founder’s greatgrandson—145 years after the company was founded—this model celebrates the Lange 1’s 25th anniversary with exceptional guilloche details on a solid-gold dial. It’s a prime example of what Lange does best: over-the-top finishing and supreme watchmaking housed in an understated, elegant design. ($51,900)

PATEK PHILIPPE NAUTILUS REF. 7118 If you’re looking to get noticed in power circles, this is the timepiece to put on your wrist. The rare Nautilus is one of the most hard-won acquisitions in watch collecting today, reserved only for Patek Philippe’s most serious clients.

Its simple, retro, ’70s design is all the rage among those who know, and secondhand prices have skyrocketed accordingly. It’s the kind of watch that suggests you’ve struck gold— without having to dig for it. ($47,629) AUDEMARS PIGUET MILLENARY You don’t need a watch to tell time anymore, but you may want a watch to remind you to slow down.

The latest version of Audemars Piguet’s Millenary watch—an oblong-shaped version of the timepiece you may have spotted court-side on Serena Williams—shows only the hour with a single hand and no index markers. It’s a nod to 17th-century single-hand timepieces, which were more costefficient to produce. Here, however, the bare-bones representation of time is pure luxury. The watch features a new selfwinding movement, the caliber 3140, with a patented mechanism that moves the hand in an elliptical path around the color-plated dial. ($29,500)

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CINEMAGIA HIGH JEWELLERY NECKLACE. PH. MICHELE GASTL A pendant brooch in quartz, onyx and diamonds by Bvlgari worn by Silvana Mangano as she moves through the rooms in a palazzo in Rome in the film by Luchino Visconti, Conversation Piece.

From the terrace of the apartment belonging to the professor played by Burt Lancaster, you can see cupolas and bell towers. Architectural elements and outof-scale sculpted busts top the balustrade around the parapet. The beauty of Rome and its treasures. In 2019, Bvlgari presents its new High Jewellery collection inspired by the world of films: Cinemagia.

“This is a land of dreams and imagination, the celebration of the link between this Roman High Jewellery and the seventh art. The magic lies in Bvlgari’s ability to dialogue with all artistic disciplines when it produces its jewels. Italian knowhow results in a piece of sculpted metal jewellery set with gems, in a symphony of colour; the transposition of a dream into a feat of architecture and reality,” explains Carolyne Coquet, High Jewellery & Haute Horlogerie Managing Director for the brand. You immediately imagine the days when Hollywood walked along the banks of the Tiber. The golden times of “La Dolce Vita, a rarefied world, all about glamour, folly, extravagance, selfcelebration, and savoir vivre when Bvlgari became what it still is today, the jeweller to the stars. That was when the spirit of ‘Larger than Life’ was born.” Bvlgari dreams in colours and brings them to life in this collection with its strong hues, on statement necklaces that are a declaration of power and splendour. If films are ‘life with the dull bits cut out’, as the quote from Hitchcock suggests, Bvlgari jewels are the elixir of joy bringing the magic of the silver screen to daily life. They glitter on red carpets around the world and remain forever imprinted in the minds of those who lay eyes on them. “Elizabeth Taylor, Anna Magnani, Sophia Loren—the stars from that period understood the significance of jewels.

They flocked to the boutique in Via dei Condotti, purchasing them for themselves and wore them on set and to parade before the photographers. They understood that jewels are, like eyes, a window onto the soul, a declaration of personal identity. Followers of this philosophy are our clients today.

MITSUBISHI EX CONCEPT EVOLUTION IN EV TECHNOLOGY + HEART-THUMPING SUV ALLURE NEXT-GENERATION COMPACT SUV

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The MITSUBISHI eX Concept is a vision for a compact SUV powered by a next- generation EV system. In terms of design, overall it evokes the image of a sports crossover zipping nimbly around town as it merges the elegance and stylishness of a “shooting brake” (a term for a coupé with flowing styling fused with a hatchback car, the term originates from British huntinguse horse carriages) with compact SUV lines. The front end expresses a new interpretation of MMC’s Dynamic Shield front design concept. In both its exterior and interior, the MITSUBISHI eX Concept indicates the direction MMC Design is taking.

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The next-generation EV system employs a highcapacity and high-performance battery together with compact high-output electric motors making it lighter and more efficient. With further weight reductions in the vehicle itself, it can provide a cruising range of 400 km.

Installing the drive battery beneath the body has lowered the center of gravity and together with its Twin Motor 4WD and S-AWC integrated vehicle dynamics control systems helps it provide handling control which faithfully reflects driver inputs as well as outstanding vehicle stability. The MITSUBISHI eX Concept is a next-generation SUV a step ahead of EVs to date.

Other features include the application of automated driving technology which combines connected car technology, utilizing next-generation information systems, and advanced active safety technology. When it detects danger it quickly and precisely utilizes its safety features and is also equipped with functions which detect malfunctions or abnormalities early and advises the driver to take the vehicle in for repair or servicing. The MIT-

SUBISHI eX Concept’s active, pulsating design uses a very dense, solid form that gives it a strong presence, looking as if it has been carved from a single block, as well as marrying the elegance and stylishness of a “shooting brake” car with the lines of a compact SUV. While luggage compartment provides ample space for outdoor pursuit gear, the MITSUBISHI eX Concept establishes styling which evokes an image of a sports crossover zipping nimbly around town. The front is a new interpretation of the MMC Dynamic Shield design concept. For the MITSUBISHI eX Concept, the design takes a slightly more functional direction. In addition to the visual expression of the "shield" shape to protect people and the car alike, its daytime running lamps and the turning signal in the top make them more visible to pedestrians while the headlights are located under the ends of the bumper to prevent blinding oncoming vehicles and pedestrians. Another element that serves to enhance a feeling of reassurance is the use of rubber coating on the underside and the sides of the fascia where contact is possible with people or obstacles.

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AR WINDSHIELD MINIMIZES DRIVER EYE MOVEMENT Employing augmented reality technology, information acquired through linking with connected car technology is displayed on the AR windshield. Displaying such information within their forward field of view allows drivers to view changes in road conditions without having to make major movements of their line of sight. The kind of information that can be displayed includes: Route guidance from the car navigation system; Vehicle-to-vehicle distance alerts; Lane departure warnings; and information on fixed or movable traffic signs acquired by the camera-based road sign recognition system.

In addition, the AR windshield is fitted with the Caution Tracking which employs driver assistance technology using vehicle-to-vehicle, vehicle-to-road and vehicle-to-pedestrian communications to display guidance and warnings on information outside the driver’s field of view, such as vehicles or pedestrians approaching intersections but hidden from the driver. Urging the driver to make split-second decisions and vehicle operations, the AR windshield supports safer driving.

INTELLIGENT DISPLAY Located in the upper part of the instrument housing, the Intelligent Display provides a portal to a whole range of driving information. Linked to the navigation app on a smartphone, it can display route guidance. Search information through a smartphone or PC is shared with AI via the Cloud and the car will display the driver’s requested internet search information via the Cloud. The AI function of the Intelligent Display will make recommendations based on understanding of the driver’s interests and hobbies.

SIDE VIEW MONITORS Side View Monitors are located on either side of the main instrument housing. Replacing traditional door mirrors, they use high-definition cameras fitted to the car body to display the rearward field of view and so reduce the amount of eye movement the driver has to make.

REAR VIEW MONITOR Replacing a rear view mirror, a rear view monitor mounted in the overhead console uses a high-definition camera fitted to the rear of the car to display the view behind the car. It provides a wider and clearer image of the view behind the car than a conventional rearview mirror.

BIKES

MOST EXCITING BIKES OF THE LAST 10 YEARS!

This list isn’t about your stock or standard production models, it’s focusing on the weird and wonderful; those machines that have been too over engineered for public consumption, too unusual to go in to regular production, and far too expensive for the likes of us mere mortals. Sure, if you’ve got deep pockets, you too could own one of these incredibly beautiful motorcycles, but for most of us, they’re nothing more than desktop wallpapers… Here’s a list of our favorite unusual motorcycles, and incredible design feats from the last few years:

THE CONFEDERATE G2 P51 COMBAT FIGHTER Possibly one of the most easily recognizable motorcycles of recent years, the Confederate G2 P51 Combat Fighter never fails to amaze us. Designed by Jon Kaase, this next generation of Combat Fighter is so much more than its predecessor: it comes with 25% more power than the last iteration, and weighs 12.5% less too. These new figures are down to the Combat Fighter’s monocoque design, which has been lovingly crafted from aerospace grade 6061 billet aluminum. With such a lightweight body, it’s no surprise that the Combat Fighter’s huge 200 hp V-twin engine is capable of some staggering performance figures. If you want one, you’ll have to work hard to get it. Confederate build each motorcycle one at a time, and they only plan to build 61 of them. Only 17 are still up for grabs, but they come with a hefty price tag of $125,000 for one in raw aluminum, or $130,000 for the anodized black finish…

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THE DUCATI DRAXTER

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While this one is nearly as outlandish as the rest on the list, it’s still one of our favorites. Earlier on this year, Ducati released the DraXter concept: an incredible drag racer inspired motorcycle built on top of Ducati’s already successful XDiavel model. Unlike the XDiavel though, Ducati have borrowed a few key ingredients from its iconic Panigale line, turning the otherwise cruiser-esque Diavel into a real sports machine.

The suspension might be straight from the Panigale superbike, but the engine is the very same Testastretta DVT 1262 lump found in the stock and standard XDiavel. All in all, it was an awesome sight to behold. Even though you could easily build your own, it won’t come with the official Ducati seal of approval. The Ducati DraXter was a one-off, and if you want in on the action, you’ll have to build your own homemade version instead…

Any fans of F. Scott Fitzgerald‘s The Great Gatsby will definitely see the inspiration behind this stunning build from Paul Yang and Larry Nagel, of Dreamcraft Motorcycles.

Let’s see how Fitzgerald describes Gatsby’s car in the book: “It was a rich cream color, bright with nickel, swollen here and there in its monstrous length.” This creation certainly mimics a few of those awesome qualities often associated with ostentatious displays of wealth in the ‘20s, and that was exactly the inspiration behind this build. Powered by a Rotec 7 cylinder radial engine, this veritable beast has the power of 110 horses at its disposal. It certainly is one of the stranger motorcycles in the list, but we’ve THE QUANTUM LEAP

BY EDDIE MEEKS Front wheel drive and steered by the rear wheel – “Why does this bike make the list?” you might ask, and the answer is: “With controls like that, that’s why!” Yes, this is the unbelievably bizarre “Quantum Leap” motorcycle built by Eddie Meeks is one of our weird favorites. And we’re not alone in that line of thinking: it came seventh at a bike build off at Sturgis, and won Best In Show at the Easyriders Bike Show in Atlanta.

Almost every single aspect of this bike is handmade, TURBOCHARGED ROADSTER – CARL BROUHARD DESIGNS Carl Brouhard’s awesome roadster was all over the motorcycling press: featuring a blisteringly powerful four cylinder, dual turbocharged Harley Davidson engine with an output of 230 hp, it’s no surprise that it won awards left, right and center. Most notably, it won America’s Most Beautiful Motorcycle at the LA Roadsters Show. The huge rear tire and extra long rake and trail at the front aren’t everyone’s cup of tea, but when you look at the performance figures, you can’t deny that this hulk hasn’t got spunk. According to Brouhard, his goal was to build an insane motorcycle to win the coveted “America’s Most Beautiful” honors, and he did so with flying colors.

It took a staggering 18 months to build, and sold for an incredible $175,000…

included it because of its over the top design process.

Here’s what Paul Yang had to say about this unique machine: “Gatsby represents the roaring twenties. I’m very fond of this era in U.S. history. This is the time when everyone was eccentric, and the machines they built and drove represented their optimism and creativity.” The Gatsby was commissioned by a private owner in California, but if you want one of your own, you might have to give Dreamcraft Motorcycles a call…

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THE “GATSBY” – DREAMCRAFT MOTORCYCLES

including the bodywork, fuel and oil tank, the pipes, the bars, the grips, pegs, etc. The list is endless, and according to Meeks, the build took over 2100 man hours to complete. However, one thing not made by hand is the Patrick Racing V-twin engine that powers it.

Here’s a quote from Meeks talking about the build: “Bike is Front Wheel Drive and rear steer, both front and rear are suspended by air shocks from Custom Cycle Controls and the rear steers and moves with suspension together. Bike is shaft driven and steering is by custom made hydraulic pumps and works by movement of hydraulic fluids. Wheelbase 75″.”With a price tag of around $250k, it’s a little too rich for our tastes…

THE LOTUS C-01

It wouldn’t be a list about ultimate motorcycles without a mention of the legendary Lotus C-01. Designed by Daniel Simon, the same designer who penned the Tron: Legacy light cycles, and realized by Kodewa Performance Motorcycles, the Lotus C-01 went into a limited edition run of only 100 units. The bike is powered a KTM RC8 1195cc V-twin engine and boasts a power figure around the 200 hp margin. On top of that, the bodywork has been crafted from titanium, carbon fiber, and aerospace grade steel. Only one has ever reached US soil, and when that went to auction at Mecum, the estimate was set at between $370k – $540k. However, we have seen them sell for a more modest $140,000 but that’s still a little steep for us normal riders…

FUTURISTIC LUXURY

PHANTOM OF THE MARINA – ROLLS-ROYCE INSPIRED YACHT Rolls-Royce and Yachts. That is how high rollers roll on both Terra firma and Aqua fluida. So why not blend em both into a single entity to make a splash (quite literally) in the luxury scene?

That is what Stefan Munro has attempted with his Rolls Royce 450EX yacht concept. With a 14.5m length, the 450EX is intended as a daytime luxury cruiser with the prestige of the luxury marque.

His internship at Rolls Royce seems to have helped Stefan to seamlessly embed the design DNA and principles of the RR styling on to a different platform. The subtle exteriors that reflect the sober English etiquette blends smoothly with the aggressive looking exposed parts. o well that it feels like a cup of earl grey

spiked with Red Bull.

The Phantomish nose, the stance, the body lines all speaks the RR connect. Ofcourse, in a controlled voice, like gentlemen do. As expected, the interiors are elegantly luxurious.

The design also proposes features like monocoque chasis and suspended interiors for added comfort.

Pampered with the stylish aesthetics and luxurious features of 450EX, the only thing left to do would be uncorking that champagne bottle and letting the spirit of ecstasy flow overboard.

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TRAVEL AND TOURISMAUTO - PARIS 2018

6 LUXURIOUS LIVING ROOM DESIGNS AND IDEAS The living room is the heart of every home, the place where family and friends unite and where the decor makes you forget about your every day worries, tasks or whatever annoyances you might have had during the day.

While most of us can only dream about a magnificent living room, with cozy sofas and welcoming fireplaces, high ceilings, luxurious furniture and amazing interior design, there are some whose dreams have come true and their living room designs and ideas are an example to follow. Or one to be amazed of and to keep on dreaming about.

Often overlooked by many individuals, home design is an important part of our lives. Or at least it should be. The way our homes are decorated and look like has a tremendous

impact on our mind, relaxing it or encumbering it even more. Sure, not many people can afford it, but luxury interior design can indeed make a difference on our well-being.

Even if that’s the case, taking a look on the following list of 6 Luxurious Living Room Designs and Ideas should at least inspire us to make some changes in our own living spaces. Classic or modern, ostentatious or minimalist, the next interior design ideas will surely make a good impression and leave you either penniless or dreaming with open eyes.

FLOYD MAYWEATHER’S EPIC SOLARIUM-STYLE LIVING ROOM The world renowned boxer Floyd Mayweather owns a great solarium styled living room. The dark wood floor and the white walls make for an amazing color combination and the floor to ceiling french style doors leading to the green courtyard outside offer a beautiful contrast to the overall design while letting light flood the living room.

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BESPOKE LUXURY ALL AROUND

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ntriguing and modern at the same time, this luxurious living room catches the eye with a lot of interesting, one-of-a-kind details.

The marble floor shines a light on the entire space and the custom furniture gives a very modern aspect to the room. With a futuristic touch but nonetheless opulent custom design, this a living room to envy.

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59 CONTEMPORARY OPEN FLOOR LIVING ROOM When a traditional living room is not enough, an open floor living room will surely impress anyone. Large and spacious, comfortable and luxurious, this living room boasts with both beauty and functionality. The high ceilings, plenty of windows and a spectacular decor make for a very bright space. The sitting area looks very cozy and the open floor plan connects the living room with the arts and crafts area and the kitchen, giving the impression of grandeur.

RITZ CARLTON PENTHOUSE LIVING ROOM Part of a breathtaking penthouse designed by Britto Charette for the Ritz-Carlton Residences in Sunny Isles Beach, this glamorous living room creates a warm atmosphere through the chandelier lighting and the cozyness of the two curved sofas. The dark brown furniture and central rug perfectly contrast the white walls, floor, ceiling and sofas.

GORGEOUS SEASIDE LIVING ROOM Very modern, airy and bright, this living room belongs to a beach-side mansion designed by Hughes Umbanhowar Architects. The minimalist space has floor to ceiling windows which offer spectacular views of the ocean. The living room, together with the kitchen and dining area are actually an open space, leaving the impression of grandness.

INDOOR / OOTDOOR LIVING ROOM It’s time to move on from celebrities to a couple of stunning living room designs from architecture studios. The first one is this spectacular example of indooroutdoor living, designed by Ezequiel Farca + Cristina Grappin. With hidden doors, walls of frameless glass and movable screens, this living room has both an indoor and an outdoor space that’s simply mesmerizing, creating a seamless relationship between the living area and the garden.

OCEA REVEALS NEW NEMO 50 ICE ADVENTURE YACHT

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BUILT TO ICE-CLASS RULES, 164-FOOT NEMO ICE IS THE LATEST EXPLORER YACHT IN BUILD AT FRENCH SHIPYARD OCEA.

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French shipyard Ocea announced this week that it is partnering with Aldo Manna, head of the Ocea Mediterranean office in Italy, and designer Fulvio de Simoni on new project Nemo Ice. Manna tells us the “concept was born when a French owner visited the shipyard last year and saw the construction underway of a 70-meter Offshore Patrol Vessel, which got him thinking about how similar construction could be used in a pleasure craft.”

With boundary-pushing destinations in mind, the Nemo 50 Ice will be built to comply with ice-class rules and weigh in at 499 gross tons.

The yacht’s tenders will be rigid-hulled inflatable boats or landing craft that can be launched and recovered using dedicated handling equipment. Integrated shafts with dedicated structural skegs will protect them along with the propellers and rudders to ensure no damage should there be any icebergs or partially submerged objects in the ocean. Such design considerations have ensured Nemo Ice can travel without limitations.

Moving inside, the guest accommodations

will accentuate comfort for longer days spent cruising. The owner’s apartment is a full-width design that covers the fore portion of the main deck, and houses a private lounge to be used as an office or relaxation area. A large bathroom has the possibility to include a sauna should the owner so wish. Further spacious living areas abound throughout the saloon and open-space main deck to maximize the comfort of guests on board.

A large engine room and 65-square-foot fully equipped workshop and control room fitted with the remote-control systems will be included to make sure every technical aspect is catered for the crew. This will be located near the generous crew accommodations to maximize efficiency while not encroaching on guest comfort and privacy.

Already an owner of a 131-foot yacht, Nemo Ice’s future owner is keen to explore further afield with the first adventure being a world cruise in the Antarctic region.

Along with Nemo Ice, the Ocea team is building several military ships, including its largest entirely aluminum vessel yet, measuring in at 279 feet.

FORGET 8K, SONY’S NEW 19.2-METER 16K CRYSTAL LED TV IS NOW AVAILABLE The ballpark figure is $5 million When a new gogglebox drops, it’s always the same drill: The screen gets bigger, the resolution gets better and the design gets bolder. Indeed, it’s difficult for a brand to stand out. Unless you’re Sony and the new TV your peddling is the size of a New York City public bus and also happens to boasts an unheard-of 16K screen.

Earlier this year when Sony unveiled the colossal 63-foot TV—the biggest 16K screen of its kind—it had commercial cinemas in its sights. But, hey, why should theaters have all the fun?

Yesterday, the Japanese tech titan announced the Crystal LED display system will be available for home installation.

The best part? The system utilizes modular technology which means it can accommodate virtually any desired size and resolution—from a

projection systems and large-screen TVs,” said Mike Fasulo, president and chief operating officer at Sony North America.

The micro-LED technology works like OLED, but the modules—which each measure 16×18 inches in size at 360 x 360 resolution with three tiny LEDs per pixel—are much brighter, producing 1,000 nit of brightness even though they are half the width of a human hair. The screen also boasts a 99 percent black surface area to ensure high

16-foot 4K to an epic 63-foot 16K. Of course, we opt for the latter which features four times as many horizontal pixels as a 4K television and eight times that of a high-def 1080p TV. Translation: It delivers a stunning picture to a gigantic space.

“Crystal LED delivers over a million-to-one contrast ratio, the most accurate light levels, low heat emission and a picture quality that is absolutely breathtaking. By offering the display in modular configurations, consumers now have an exciting new option for the transition from home

contrast and high resolution; blur-free images with high frame rates of up to 120p; and a nearly 180-degree viewing angle.

As you might expect, the setup is not cheap.

Although Sony has not yet released pricing, each module reportedly costs approximately $10,000.

That means the 4K unit (which has 72 modules) would sit at around $720,000, while the 16K screen (with 576 modules) might cost up to $5 million, according to Engadget. But think of the movie tickets you’ll save on having a cinema in your own home.

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LUXURY & LIFESTYLE - TOP BRAND

AMELS ELIXIR YACHT:

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BOOK YOUR NEXT CRUISE ABOARD THIS NEW 55-METER LUXURY YACHT

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So Amels ELIXIR yacht is 55-m long and incredibly luxurious, both with its exterior and interior spaces. It can accommodate up to 12 guests in 5 modern cabins, fully equipped and comfortable.

Perfectly stable, safe and spacious, Amels ELIXIR yacht can navigate on any sea or ocean. There its masculine lines serve functionality and performance, but above all space.

Indeed, Amels ELIXIR yacht has one of the most spacious deck ever built on a 55m yacht, with a Jacuzzi and a backlit onyx bar.

Inside, everything is rich, comfortable, and spacious of course, but also carefully decorated by Laura Sessa. The owner’s cabin also has a grand balcony and even a steamroom just for himself while his guests can enjoy the sauna on the lower deck. Then, height of luxury, Amels ELIXIR yacht has a cinema room with 82“ flat screen and oversized sofas.

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A DREAM COME TRUE If Amels ELIXIR yacht is unique it is because it has been entirely built depending on the actual owner’s desires. And it has even been delivered faster than full custom build yachts!

Amels ELIXIR yacht has already navigate all summer on Mediterranean sea and all its passenger have had the chance to appreciate this stunning contrast of light and obscurity, masculinity and feminine lines, comfort and resolutely contemporary style.

If you wish to savour all this luxury too, you should know that Amels ELIXIR yacht is available for charters.

It costs 275,000â‚Ź/week during summer in the Mediterranean Sea or 275,000$/week during winter in the Caribbean Sea and Bahamas! So do not hesitate too much longer to be the first to christen this new dreamed yacht!