Business Arena Magazine nr. 90 - Banking in times of health crisis

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ARENA

No.90/2020

STEVEN van GRONINGEN

PRESIDENT & CEO, RAIFFEISEN BANK ROMANIA

w w w. b u s i n e s s - a re n a . ro special section inside

LUXURY & LIFESTYLE

TOP BRAND pages 38 - 69

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We continue to be in competition business-wise, but from a professional and human point of view I feel the need to congratulate all banks for their extraordinary effort and quick reaction. pages 4- 6

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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.

EDITORIAL

by

Cristian Cojanu

CORONAVIRUS INFECTS ECONOMY Experts and business analysts seem to agree that the world is facing truly extraordinary times with uncharted circumstances, and what started as a human health threat of global proportions is rapidly developing into an economic crisis.

In Romania, the Foreign Investors Council (FIC) has warned that the business community needs "urgent measures" to help the economy stay functional. In a recent release, The Concordia Employers' Confederation and the FIC propose a set of over 100 "urgent measures" that should "help the business environment overcome this critical moment" and "protect the consumers from the indirect effects of the coronavirus epidemic."

The two business associations suggest, among other things, that "state support measures are needed to prevent blockages or bankruptcies of otherwise healthy sectors or companies." Also "fast loan schemes guaranteed by the state" should provide support to SMEs "for which deferral of payment of taxes is not enough."

The document also stipulates that the government "must quickly access the financing lines opened by the World Bank and the International Monetary Fund," as well as implement "specific measures for both the retail and transport sectors to ensure the continuous supply of food and medicines to citizens."

The Concordia Employers' Confederation and FIC point out that the labor code should facilitate work from

home or from a distance. Moreover, the two associations support an "extension or adaptation of state-guaranteed programs so that banks can provide working capital loans to clients who are usually financially stable but are temporarily affected by the implications of the emergence of the new coronavirus."

Also a rapid intervention is needed in the tourism sector that is "highly exposed to the risk of bankruptcy."

Even so, the prospects for the local economy are not too bright. According to forecasts released by major lenders operating in Romania, recession is coming in 2020. Thus, an Erste Bank report indicated that Romania's economy is expected to contract by 4.7% in 2020, while the consolidated budget gap is forecast to reach 7.3% of the gross domestic product. In turn, BRD predicts a 3.9% contraction, while a pessimistic scenario could lead to a 7.2% drop.

Similarly, ING sees a potential 6.6% GDP contraction in 2020.

Meanwhile, the central bank (BNR) decided to cut its monetary policy rate to 2.0% from 2.5%. A BNR statement noted that the decision was part of a package of measures aimed at reducing the impact of the coronavirus crisis on households and companies.

While the full impact of the coronavirus pandemic may still be hard to predict, Business Arena will continue to keep an eye on all the issues affecting the business community, reflecting its views, hopes and challenges.

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OPINION

THE TIME OF THE DOOMSDAY PREACHERS AND HOPE Yet, as pathetic as may it seem. in terms of the number of deaths, the Covid-19 pandemic has managed to literally shut down the world and bring the economy to a standstill in less This is the time of the doomsday preachers, than two months. No war ever has managed to the moment when all those who predicted and do this. The THING has turned the economic preached the end of the world (as we know it) world upside down and inside out: we are could stand proud in the middle of any empty encouraged to stay at home, to work from home square in any empty city and shout to the empty and away from the traditional world “I’ve told you so!” “working place”, to keep “social This is the time when The Evil distance” against our natural One sacrificed the lust for instinct and so on. Some are even grandeur at the altar of efficienpaid to stay at home and not turn cy, opting – in his battle with the up to work.

Good - for a minuscule yet deadThe tiny THING that has killed ly virus rather than a magnificent over 30,000 people has shown and brilliant war. So far, the how much we depend on each THING is doing its job with an other as individuals and as infectious competence: almost nations. We are in it together, we two billion people around the live on the same planet, no matter world confined at home, in selfwhat country or town we come imposed house arrest, a quarter from. The traditional borders are of a million people infected (as no longer there even if politicians we write), 5% in serious condiare clinging on them in a despertion, and 30,000 killed during ate attempt to hold on a certainty the first three months of the confrontation. But what makes OVIDIU CONSTANTINESCU that in reality does not exist. The true meaning of the sentence that the fight against Covid-19 different when we wake up from this nightmare “the from similar situations in history is that DEATH world will no longer be the same” is this: we are on medical grounds has become somehow one.

We may not have the faintest idea of what unacceptable, and we are valuing LIFE of the the world will look like at the end of the Covidindividual more than ever before.

19 pandemic, but for certain we will prevail.

Until now the Covid-19 pandemic looks There will be losses, there will costs and it will be pathetic in comparison with previous ones: (165 hard, but we will prevail.

AD) the Plague of Galen – five million people The bad news is that economy will take some dead; (541-542 AD) Plague of Justinian – 25 miltime to get started and we are not talking lion people dead; (1346-1353 AD) the Black months, but years. Many years. There are entire Death – anything from 75 to 200 million people; business sectors that have been affected: trans(1889-1890 AD) the “Russian” Flu – one million portation (the aviation industry is all but flatdead; (1918 – 1920) the Spanish Influenza – tened, with 70% fewer flights than in December 500 million people infected, up to 50 million 2019, ground operation providers have followed dead, (1956-1958) the Asian Flu – two million suit); the hospitality industry (hotels converted people dead; the HIV/AIDS pandemic - 25 milinto quarantine centers and food outlets that lion people dead (and still counting, with no vaccater for them do not really count); retail is gone; cine in sight).

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BY OVIDIU CONSTANTINESCU, FACE PR AND NEWS

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leisure, entertainment and sports have disappeared literally overnight together with restaurants, pubs and clubs; the automotive industry has closed down, with millions of workers around the world sent home; agriculture is hit by a lack of workforce (and drought in Romania, in particular); the energy sector is hit by a 70% drop in demand (no more production, no more electricity needed); the oil industry is in disarray, due to a nose-dive in demand, while the oversupply resulting from the confrontation between the Saudis and Russia has pushed the oil price down to the $20-a-barrel threshold (and some insiders even contemplate a doom scenario of an unthinkable $5-a-barrel, as dosens of large tankers, filled with no-more-needed A1 jet fuel, are sailing the high seas as floating storage reservoirs). Given its current state this huge machine will not start at first turn of the key, but it will need the help of the hand crank and a lot of effort. There is, however, some good news

too. First, the younger generation has no problem working together, regardless of the physical distance that separates individuals. After frequent run-ins with their parents about spending long hours playing games online, they now seem at ease with e–classes all around the globe (“I’ve told you, dad, that one day it may be useful”). Elearning is not just a fancy word and the ability to find educational resources may be the hottest thing in the CV of a person that is looking for a bright career in education. Second, employers around the world have started to realize the value of “working from home”, which until now was another word for calling in a sickie. By a twist of fate, the massive contamination and subsequent death of first-line doctors will push hard towards research on digital healthcare and the deployment of robots and AI during the next pandemic.

To end on a positive note, there is hope at the end of the tunnel, no matter how long that is.

INTERVIEW

BANKING IN TIMES OF HEALTH CRISIS

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A robust banking system can provide the economy with the strength needed for a quick recovery from crisis. At the same time, crisis situations create unexpected opportunities and Steven van Groningen, President and CEO, Raiffeisen Bank, hopes the banking community can exploit those favorable circumstances to its advantage. In an interview with Business Arena, the Raiffeisen Bank official looks at the challenges and prospects in the context of the coronavirus epidemic.

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How is Raiffeisen Bank going to affected by the recession expected to hit Romania, the EU and other countries?

I’m glad you asked this question. I am not worried, and I believe we are going to overcome whatever is coming our way. I never look at short-term factors, when I talk about our bank’s business performance. However, I think I should focus a little bit on the 2019 results we announced on March 18, in line with our financial calendar. Of course, today, when COVID-19 has erased growth forecasts, ushering in the prospects of economic downturn, those figures seem somehow unnaturally positive or already outdated. But it’s not like that! Our solid financial condition and very good capital position have allowed us to enjoy a favorable start to the year, despite the prospects for a severe recession. With the necessary support from the authorities in such circumstances, and with the combined effort of our colleagues, we are in a position to support our customers and suppliers, who, in turn, must support their own suppliers, customers and employees. That’s what we all need to do now.

I would like to speak a little more about what happened this March. We decided to help as much as we can, wherever we can. The bank sped up all payments to its partners, suppliers and the state budget.

On March 25, 2020, we transferred over 27 million lei to the state budget, representing taxes and contributions, even though the government allowed a payment deferral of up to

30 days after the state of emergency is lifted.

We are aware that the population is making efforts to comply with the rules to prevent the spread of the virus and the activity of some companies has been severely affected by those measures. From that perspective, the Government’s decision to extend the tax payment deadline was justified and welcome.

On the other hand, I think that all the companies that can pay their taxes and contributions on time must do so. In March, we also made payments of around 85 million lei to all our suppliers and partners. Of the total, nearly 40% represent payments before scheduled due dates.

Now it is very important for us to support our customers, partners, suppliers, so they can, in turn, support those who depend on them, and preserve as many jobs as possible.

We have made many payments before scheduled due dates in order to support the business environment. We know for sure that if we all work together responsibly, we will easily overcome this difficult health crisis, and the economy can recover faster. Last but not least, we decided not to distribute dividends this year and keep a solid capital position.

What measures have been implemented to since the beginning of the crisis?

What is the best approach in such circumstances?

The situation created by the public health crisis has major implications in society at all levels, but two of them are now essential for

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everyone: the public health and the economy. From the very start our main concern was to protect our employees and customers from the spread of the virus as best we could.

I believe there is no one, individual or company, who hasn’t radically changed their daily life, in this common and unprecedented effort to limit the spread of the epidemic. In the short term, this has been our main concern and priority. In other words, protecting employees and customers, and maintaining continuity, STEVEN VAN both in terms of GRONINGEN, infrastructure and PRESIDENT AND CEO, systems, as well as RAIFFEISEN BANK people. For this, we have prepared business continuity plans and we have implemented them.

We’ve closed down some small agencies in very busy locations and reduced the opening hours of others, so that we can keep a number of units open, providing a reasonable level of services and products to our customers, while maintaining additional staff in reserve at all times. Technology is helping us a lot, especially at our headquarters, where the majority of our colleagues can work from home. We have also relocated a number of teams to other offices. We are adapting to the present conditions every day, complying with

the regulations and the measures taken by the authorities, protecting the employees and the customers, continuing to offer our services and products.

As I have already mentioned, another important concern for the bank is to support customers, partners, suppliers and the state budget during this difficult period. We are making daily adjustments so that we can adapt as best we can to the situation and

INTERVIEW

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overcome the difficulties. I have confidence in the huge effort made by scientists worldwide to find the right vaccines and treatments. I know the Romanian business environment well, and I can say that, compared to the previous crisis, in 2008-2009, we are better organized, better prepared and more aware that a joint effort is needed. I think it is clear for everyone that the number one objective must be the preservation of the created economic value and of jobs, by allocating resources where they can generate the greatest positive effects. From that point of view, I am optimistic.

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What actions have been taken to support borrowers, individuals and companies?

Most of our customers, individuals and companies, already have the option to ask for a one- to three-month moratorium on loan repayment. We included this stipulation in our contracts after the 2008-2009 financial crisis.

Basically, our customers have had the possibility to call our call center or send us an email, asking to defer payments on their loans for one to three months, when they encounter financial difficulties. We have already approved such requests from 15,000 customers. The important thing is that the procedure does not involve additional operations, such as signing of documents, contract addendums, visits to our agencies or extra costs. Customer calls to our call center and emails are recorded, and they are legally valid. We have extended access to these services to other categories of customers, who previously did not have this option in their contracts. People need to be confident that we have solutions for any customer who needs them. At the same time, only customers who really need a moratorium on loan repayment should use that option.

For SMEs, we have created tailored and quick solutions, and so have our colleagues at Raiffeisen Leasing. SMEs can benefit from a three-month deferral of capital installments or three- to 12-month extension on credit lines that are due to expire.

My colleagues keep in touch our corporate customers in order to understand what we can do to help them. Here things are quite complex, there is no one good solution for everyone, and the priority now lies with the sectors that suffer the most. What should

corporate customers do? They should contact the bank as soon as possible, so that we can have a clear picture of their situation, using the usual channels. I am certain that companies have learned their lesson after 2008, and they are aware of their responsibilities towards their own employees, suppliers, customers and creditors. One important issue raised by the banking community with the regulatory bodies is the need for a change in prudential requirements, so that we can support customers quickly.

From that point of view, the signals we received from the regulatory bodies are very good.

I would also like to say a few words about the Romanian banking community. I am glad to see that everyone’s efforts are pulling in the same direction: to protect employees, to help customers, to find quick solutions, to maintain the level of services, to work with the authorities. We continue to be in competition business-wise, but from a professional and human point of view I feel the need to congratulate all banks for their extraordinary effort and quick reaction.

What happens with the customers who do not have access to digital services?

Do you have a digitization strategy for those customers?

We still have agencies that can serve our customers throughout the country. We have temporarily closed down some agencies where either the customer service area was insufficient to allow social distancing or several agencies operated in close proximity to each other.

In the meantime, we are accelerating the changes to all operational flows that involve direct customer interaction. We hope the authorities will support these efforts too, because the physical presence of customers is required under the current legislation for a number of operations. The business and banking communities have already made proposals in this regard to the authorities, so we can accelerate the digitization process, which is an opportunity for the economy and the society as a whole. Clearly the world is not going to be the same after this crisis, but that doesn’t have to be a bad thing. We will all make a progress, even if we don’t have an easy road ahead of us.

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MOST ADMIRED BUSINESS

AW ARDS Gala2020 WOMEN

Enjoy the Quality

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The World Bank’s Women, Business and the Law index reveals wide variations in women’s rights at work. Overall, it says women have only threequarters of the employment rights that men enjoy.

The nations with a perfect score in the Index are Belgium, Denmark, France, Iceland, Latvia, Luxembourg, Sweden and, joining the list this year, Canada, which recently improved parental leave rights. In these countries, the index shows, women who work are on an equal legal standing with men, measured on indicators including access to jobs and protections on gender discrimination and sexual harassment in the workplace.

Although there have been improvements in many areas, with 40 nations enacting reforms to improve gender equality in the past three years, in the Middle East and North Africa, women workers still have just half the legal rights of their male colleagues.

An increasing number of women manage industrial facilities, major companies and build their own successful businesses in Romania nowadays.

They have achieved a high level of recognition.

Therefore Business Arena Magazine proudly announces the upcoming special awards gala dedicated to the ladies that make a difference in business.

Experts agree that Romania has seen some improvement in gender equality in recent years, but efforts must still be made to ensure equal opportunities for men and women in the workplace.

In this context, Business Arena continues its tradition, celebrating women’s achievements and their vital contribution to the success of business and banking activities throughout Romania. On this note, our publication proudly announces the upcoming special awards gala dedicated to the ladies that make a difference in business.

The Most Admired Business Women Awards Gala 2020 will bring together entrepreneurs, investors, business leaders, diplomats, and professionals from a wide range of sectors to celebrate the successes of women in business.

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

BANKING

EBRD UNVEILS ONE-BILLION-EURO EMERGENCY CORONAVIRUS FINANCING PACKAGE

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The EBRD has unveiled an emergency one-billion-euro “Solidarity Package” of measures to help companies across its regions deal with the impact of the coronavirus pandemic. According to EBRD, this is an initial response to the crisis and the bank stands ready to do more if and when needed.

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The proposals were approved by shareholders of the bank which invests to support the development especially of the private sector across 38 emerging economies.

Under the emergency programme, the EBRD will set up a “resilience framework” to provide financing for existing EBRD clients with strong business fundamentals experiencing temporary credit difficulties.

Commenting on the EBRD’s response to the global health crisis, EBRD President Sir Suma Chakrabarti said, “The COVID 19 pandemic and its economic consequences present an unprecedented challenge to the EBRD and its countries of operations.”

He added, “To respond in solidarity with its shareholders, countries of operations, partners and clients, the Bank has today established a resilience framework comprising one billion euro of new and additional funding for existing clients, comprising emergency liquidity, working capital and trade finance. This is a first step. The bank stands ready to further scale up its response, and is taking active and urgent steps to review, adjust and expand its financing instruments, in partnership with its countries of operations, partner IFIs and the international community.”

The planned measures will include an expansion of trade finance and the provision of short-term finance of up to two years through financial institutions, specifically in support of small and medium sized enterprises.

The bank will seek to provide short-term working capital facilities of up to two years for other corporates and energy developers and balance sheet restructuring and short term liquidity support for municipal, energy and infrastructure clients.

It will assess the need to restructure existing loans, including the possibility of extending maturities and changing other conditions and use its ability to disburse in local currency, including the possible conversion of existing facilities into local currency.

The response will put a premium on providing a rapid response to the needs of companies that are suffering from the effects of the Coronavirus and the global economic turmoil that has ensued.

In formulating its own response, the EBRD is closely following the statements of its major shareholders and coordinating with other multilateral development banks in order to exchange ideas and learn from previous experiences.

This EBRD’s package of emergency measures comes as the bank is already pledging strong support generally for its existing countries of operations and follows a record level of investment of 10.1 billion euro in 2019.

The EBRD’s economists are expecting economic output to be affected right across its regions of operations, with growth seen slowing especially in Central Asia and also in Eastern Europe and the Caucasus, Russia and south eastern Europe.

Countries that are highly integrated into global supply chains, and in particular have direct dependencies on China and Europe, are likely to suffer most from the virus. The tourism industry is likely to be affected in many of the EBRD’s countries.

The recent slump in oil prices will have also an impact on oil producing countries in the EBRD regions and the flow of remittances from workers back to their home countries is also expected to slow.

DELOITTE AND FINTECHOS PROVIDE SOLUTION FOR CEC BANK’S DIGITAL TRANSFORMATION Deloitte Romania and FintechOS have created and implemented the technical solution for the “Welcome” package, which CEC Bank has integrated with its legacy systems, allowing it to launch, in March, a complex project aimed at digitalizing the products and services provided by the bank to customers in Romania and abroad. The package can be accessed 100% online and includes a current account, a debit card and access to the Mobile Banking service.

Deloitte Romania and FintechOS have created and implemented the technical solution for the “Welcome” package, which CEC Bank has integrated with its legacy systems, allowing it to launch, in March, a complex project aimed at digitalizing the products and services provided by the bank to customers in Romania and abroad. The package can be accessed 100% online and includes a current account, a debit card and access to the Mobile Banking service.

A Deloitte statement noted that this was among the first projects finalized within the strategic partnership between Deloitte Romania and FintechOS for providing solutions for digital transformation and business process automation to financial institutions.

“Access to banking services is essential for people and for the economy. Remote account opening, with no visits to the bank and no paperwork is a very important project for CEC Bank, and it can contribute to increasing financial inclusion, considering over 90% of Romanians have access to mobile internet. We are glad that, besides the remote banking services we already had in our portfolio - Internet Banking, Mobile Banking, phone services – now, we can give Romanians located in the country and abroad the possibility to become CEC Bank customers, 100% online,” said Bogdan Neacsu, CEO and President of CEC Bank.

The technical solution used allows customers to complete online all the steps for getting access to the ”Welcome” package, which includes a current account, a debit card and Mobile Banking service.

The process features multiple levels of security, including verification of the applicant, running artificial intelligence algorithms for data and facial recognition, as well as a video call with the bank’s staff.

The contract is signed by both the bank and

the customer using qualified digital certificate (eIDAS compliant), then sent by the bank to the customer via email. The “Welcome" package account is opened immediately after the online registration process is completed, and the customer can access Mobile Banking straight away.

The card is issued and sent by mail to the address indicated by the customer.

“In the current context, in which people’s mobility is limited because of the COVID-19 pandemic, the need for technical solutions to provide remote digital access to financial services is greater than ever. Banks and insurance companies in Romania have made significant progress in this respect, but more than half of the players in the system still don’t offer their customers the ability to open a package of financial services remotely, including current account, debit card and mobile banking,” said Vladimir Aninoiu, Technology Director within Deloitte Romania’s Consulting practice.

In turn, Teodor Blidarus, CEO FintechOS, said: “Ensuring business continuity is a priority now for all companies. We remain close to our clients, 24/7, in order to quickly find the best solutions, adjusted to the current situation and with long-term impact.

We are glad to develop the technology of the future and bring it to the present.”

Within the Deloitte-FintechOS strategic partnership, the technology team in Deloitte Romania’s Consulting practice manages the customization and the implementation of the digital transformation solutions based on FintechOS’s technology. The technology created by FintechOS allows banks and insurance companies to improve customer experience by providing a fully digital interaction through the intelligent automation of processes, as well as by creating hyperpersonalized products and services.

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REAL ESTATE

CTP ACQUIRES EQUEST LOGISTIC PARK FOR AROUND 30 MILLION EURO CTP, the industrial park developer and long-term manager in Romania and Central and Eastern Europe, expands its portfolio in the vicinity of Bucharest, on the A1, at Km 13, the ground zero of the industrial logistic market in Romania, buying Equest Logistic Park for around 30 million euro from Forum Serdika.

Equest Logistic Park is an A class logistics property with a strong and consistent performance history, a multi-tenant warehouse complex located in the largest industrial submarket in Romania: Km 13 of the A1 highway.

The property fits well in CTP’s larger portfolio, with its three buildings that can accommodate flexible occupier needs in a single building. The property has had a stable portfolio of tenants throughout recent economic cycles, including

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important national and international online retailers, logistics and light-production companies, such as Garrett, Elmec Group, Hilti, BDG Group & Telekom. The Cushman & Wakefield Echinox team that managed the sale process and assisted the seller was led by Tim Wilkinson, Partner Capital Markets, Dana Sava, Senior Consultant Capital Markets and Dan Spiru, Senior Analyst. The team further consolidated their position as the most successful industrial & logistics investment transactional team over the past 15 years, with the sale of Equest Logistic Park.

Tim Wilkinson, Partner Capital Markets Cushman & Wakefield Echinox, said: “This transaction reflects the continuing consolidation that we are seeing on the highly active industrial market. Leading investors are seeking to acquire assets that fit strategically well with their portfolio, reducing the fragmented ownership

nature of the market. We are delighted to have advised the owner of Equest Logistics Park on this transaction. It was closed during a very challenging period in terms of unprecedented disruption to normal work and social routines. It shows that the market is still active and that it will navigate difficult obstacles, as it has shown to have done so in the past. It is a much more mature market than the last time we faced significant challenges.” In turn, Dana Sava,

TIM WILKINSON Senior Consultant, Capital Markets Cushman & Wakefield Echinox, said: “The transaction is proof that the logistics & industrial market has reached a level of liquidity that when an A class property is brought to market, the level of interest is strong from investors both active locally and looking to enter Romania. We expect the industrial investment market to strengthen even further and rapidly, as we move beyond the current challenges that we are facing.”

CTP has a GLA of over 1.2 million sq m of Class A warehouses spread in 10 cities: Arad, Bucure!ti, Cluj-Napoca, Deva, Pite!ti, Sibiu, Timi!oara, Turda, Ineu and Salonta. Cushman & Wakefield Echinox operates in all real estate market segments, and, in 2019, its Capital Markets department was involved in the processes of selling prime real estate assets in Romania with a market value of over 250 million euro.

OPINION

PUNISHED OR REDEEMED? I recently posted an unorthodox talk with the chief-economist of the Romanian National Bank, Valentin Lazea, when we agreed that the world’s economic development model was no longer sustainable. As a result, economic theories need to radically change and focus on GDP per capita growth and not just GDP growth. Neither does human civilization stand a chance to save the planet as long as the rise of population is not quickly brought to a halt and our consumption behavior does not make a U-turn.

BY RADU CRACIUN I was skeptically noting that history showed that behavior changes occurred only when economics encouraged them based on free market mechanism or intentional economic policies. Here we are, a few weeks later, and I have to admit that I had left out an extremely important behavior change trigger: a pandemic.

We see now the implications of the current pandemic act with mathematical precision in the very direction that humankind should go in order to save the planet, by changing our behavior. A change on such a scale and on such short notice would have been impossible to contemplate.

We did talk about RADU CRACIUN cutting emissions by giving up most flight travel and engaging in virtual trips. This is exactly what happened. There is no travelling now, just “visiting” Earth from home.

We did talk about reducing polluting power plants. Satellite pictures are showing now a dramatic decrease in pollution generated by Chinese coal- fired CHP plants.

We did talk about lower consumption appetite. Here we are forced into prioritizing the services and items that are really important to our life.

And tragically, yes, the global rise in population will be impacted as lives are lost to the pandemic.

What happens after the pandemic is gone will show whether we learned anything from what we just went through, or we will return to our self- destructive and completely unsustainable habits.

Will we give up the “mountain air” in Bucharest?

Will we give up the clear water and the swans in the Venetian canals?

Will we give up the over 200 million tons of CO2 that China did not emit during this time?

This is the amount generated by the UK in half a year ...

Will we give up working from home to go back to being stuck in our cars in traffic for hours?

The pandemic is an amazing chance to reboot our behavior. The mindboggling amounts to revive the economy should be invested based on different growth principles: sustainable and environmentallyfriendly.

Someone, for some the Father, for others Gaea or Man may have created this virus to push us to rethink our priorities and how we grow as civilization.

We should use this opportunity to reinvent ourselves. The second opportunity might just prove to be too devastating.

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OPINION

DMITRY PANKIN, BSTDB:

COVID-19 PANDEMIC WILL CAUSE THE LARGEST ECONOMIC CONTRACTION AFTER THE GREAT DEPRESSION OF 1929 Black Sea Trade & Development send Business Review the position it has reagrding the effects of the pandemic on international cooperation and economic prospects in the region. BSTDB is an international financial institution established by 11 states from the Black Sea area: Romania, Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Russia, Turkey and Ukraine.

Based in Thessaloniki (Greece), the bank supports economic development and regional cooperation by providing loans, lines of credit, capital and project guarantees and through commercial financing in the public and private sectors of the member countries.

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The opinion is stated bu Dmitry Pankin, president of the BSTDB, in an interview. He believes that the Covid-19 pandemic will cause an economic contraction (probably the largest after the Great Depression – 1929) and that the recovery will be decided by the duration of this deadlock.

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The Covid-19 pandemic is changing the international cooperation.

Protectionism is gaining ground across the globe.

How you as head of IFI (International Finance Institutions) access this moving away from globalization?

The pandemic by itself is not changing the nature or the scope of international cooperation.

It affects temporarily and negatively international economic relations and trade and investment flows, but enhances cooperation and coordination on health and safety issues. It is a global problem that necessitates a combination of regional, national and international measures taken in coordination. In a certain way a pandemic crisis isolates us and in a different way brings us all closer together.

I would not call it protectionism. There are safeguarding measures necessary to contain the spread of the disease. We also witness a breakdown in the supply chains due to limited economic activity in the countries severely affected by the coronavirus.

Production declines both as a consequence of government imposed restrictions to enforce “social distancing” and also as a result of a collapse in demand, for consumer durables, for industrial goods, for investment and also for nonessential services.

Protectionism, and here we have a lot of pro and contra arguments, is a characteristic of the most recent past years, and there may be anoth-

er discussion on how things may go on from here, but we must distinguish between measures of a political nature and measures of a health or medical nature.

The response to pandemic crisis, and one so severe like the new coronavirus, with its very high rate of contagion and high mortality rates, should not be regarded in connection with a debate on protectionism vs. globalization. All countries take protective measures to first protect the health and ultimately lives of their citizens. In such a situation economic considerations take a back seat.

IFIs, if their mandate permits and to the extent of their own capability attempt to first continue to serve their clients and second to adopt exceptionally measures aimed at supporting SMEs, health authorities, manufacturers of medical equipment and of medicine, utility companies, and the like, with a view to support governments’ efforts to protect the most vulnerable. But we need to acknowledge that such a sudden and intense shock affects everybody, including IFIs whom also have to put first the health and safety of their own staff, safeguard the interests of shareholders, and under globally stressed financial conditions to ensure business continuity. We are not from another planet, immune and full of resources that may easily save the world. This is a crisis that affects us all.

Hopefully, the spread of the virus outbreak would be taken under control soon. But the pandemic has already weakened the global economy and Q1 is lost.

Do you believe it might be the beginning of the global recession?

What kind of crisis shall we expect?

I would like to believe that the coronavirus will be taken under control pretty soon. To be honest

I think that nobody really knows when and how this pandemic crisis will end. We all hope that the very severe containment measures adopted on such a broad scale will be effective to stop the spread of the virus. Whether or not this will make it disappear before a vaccine is found and made available on a global scale is something I would prefer not to speculate about. What we all hope is that the number of infections will be kept within the capacity of national health systems to treat those who are infected and to isolate them from the population at large, until either a vaccine is used effectively or the coronavirus disappears.

We are at the beginning of a global recession.

It is clear that a decline in economic activity, closure of shops and factories, the almost complete shut-down of tourism, hospitality, transportation services will have a strong impact on economic activity, and will deteriorate both public finances and corporate financial condition. Finally, we may have to deal in the second half of this year or next year with a financial crisis. Economic activity is easier to stop than to reboot and restart. It will take time.

In the US Deutsche Bank expects in Q2 a decline of GDP of about 13% and the Treasury Secretary, Mr. Mnuchin, is looking at a potential jump in unemployment to 20%. In the EU it is even steeper the contraction with Fiat and Volkswagen already announcing closure of factories that affect thousands of suppliers. These closures add to an already closed service economy.

This is likely to be the sharpest economic contraction in history since the Great Depression. Recovery depends upon how long the lock-down will last and what damages will be made to supply chains and public finances, and whether consumer demand will have short or long term effects. If the pandemic recedes by end of June, there are good chances to see a rapid and steep recovery with economic and financial activity returning to normal within the following 12 months.

All major Central Banks have already brought the basic rates to the floor.

So, very few instruments are left at their disposal to tackle the crisis.

How dangerous is this situation with the low rates globally? What are the key challenges we face?

Rates are low for a long time. Yield curves have inverted several times. The rush for yield has depressed the spread between risk free and

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risky instruments in favour of riskier instruments and with the expected return likely below the risk assumed when investing in such instruments. This is a dangerous situation in itself.

If the coronavirus health pandemic is resolved quickly with minimum of human suffering, the positive of it is that all excess liquidity has been destroyed and all bubbles have burst. So we may talk about a fresh beginning without the burden of imbalances that threatened the financial sector. This may be the start of a new and virtual cycle of reconstruction, growth and development.

Key risks, first and foremost are that: > current measures of social distancing may not prove effective to contain the spread of the disease. > the virus maintains its virulence over the warmer period. > medical authorities will be overwhelmed and capacity stretched to breaking point. > a new effective vaccine may not be discovered, tested and made available on a global scale within the next 6 to 9 months. > governments will run out of money to support a fiscal expansion that keeps afloat SMEs, subsidizes most affected industries, and provide vital support to households > the financial sector collapses under the weight of non-performing loans and lack of liquidity But let’s not consider the worst, let’s hope that: > the measures taken by governments across the globe are effective, > the medical community and state mechanisms function with good results, and > a vaccine is found and delivered before the worst happens, Let’s hope that before the recession transforms into depression, as I already mentioned, each country and the world economy return to normalcy, engaging into this new cycle of reconstruction, growth and development, leaving the pandemic induced damage behind

DMITRY PANKIN, PRESIDENT OF THE BSTDB

LEADERS’ Gala AWARDS 2020 F INANCIAL

HALL OF FAME

in partnership with

Business Arena Magazine is proud to announce the 20th edition of its annual event dedicated to the leaders in the financial market:

FINANCIAL LEADERS’ HALL OF FAME 2020 Some 180 persons from the financial and baking sectors, directors of investment funds and representatives of some of the largest companies in Romania, together with representatives of the local authorities, high government officials and diplomats will take part in this exclusive event.

According to a McKinsey report, "the profound humanitarian fallout of the COVID-19 crisis carries with it the potential equally disruptive economic fallout. The path ahead is hence a precarious one, driven by epidemiological uncertainty, the unique blend of resulting shocks to both supply and demand, and “preexisting conditions” in the global macroeconomy."

The same source noted that "addressing the situation will require further global action and public–private coordination. Banks around the globe will play a critical role in this as systemic stabilizers for their customers, their employees, and for their economies at large. Cash and deposit services, credit extension, payment facilitation, and market making are all essential services."

It also revealed that "banks have already taken

a series of actions in reaction to the spread of COVID-19. Common steps we’ve seen include establishing a central task force, curtailing travel, suspending large-scale gatherings, segregating teams, making arrangements for teleworking, and refreshing external-vendor-interaction policies."

In addition, the report pointed out that beyond these "immediate and basic actions", banks should prioritize three measures tailored to the particular combination of biological and market stresses and how they affect the global market. Thus, they should focus on normalizing workforce measures for multimonth sustainability, providing essential banking services to retail consumers, and fulfilling a social mission to support households and businesses with credit.

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

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

REPORT PREDICTS DROP IN PRIVATE CAR OWNERSHIP AFTER 2025 The total number of cars in use in Europe is forecasted to grow with 1,4% by 2025, at 273 million, from 269 million cars this year, and to decline thereafter by 5,4% by 2030, due to an increase in shared mobility and integrated mobility platforms (ex. Uber, Clever, Bolt) and alternative car ownership models, according to PwC Digital Auto Report.

"In Romania, the total number of cars in use increased by 7.4% in 2018, according to official data, to over 8.2 million vehicles, but the road infrastructure is not keeping pace. For example, Bucharest, with about 1.4 million officially registered cars, in addition to those in transit, has been for many years in the top of the most congested cities in Europe, and the level of suspended particles in the air is double the maximum recommended by the World Health Organization. In this context, new transport solutions are needed, such as alternative models: subscription, rental, car sharing, ride hailing, ride sharing and micro mobility,� said Daniel Anghel, PwC Romania Partner and Tax and Legal Services Leader.

PwC's report gives as example Germany, where the share of people who own a car has dropped from 43% in 2010 to 36% in 2018, while car fleets, whether owned by companies, rental companies or mobility platforms, increased over the same period from 57% to 64%. It is a trend that is expanding more and more globally and has already increased price pressure, due to the negotiating power of professional customers.

According to the report, in Europe, 74 percent of consumers opt for the most convenient way of travelling, including using more than one mode of transport and 28% of European vehicle owners could imagine earning money from sharing their car via a peer-to-peer platform.

Also, over 50 percent of consumers would be willing to pay up to 250 USD for a monthly subscription for unlimited rides within town. A similar percentage (47%) of European consumers would consider giving up their own car in favor of widely available and adequately priced autonomous robotaxi services.

In Europe, the total value opportunity of alternative ownership will increase from 33 billion USD in 2018, to 191 billion USD in 2025 and 393 million USD in 2030.

Globally, new mobility models are expected to account for 17 28% of vehiclebased mobility globally by 2030.

DANIEL ANGHEL Other conclusions of the report: - The future of the automotive industry will be characterized by connectivity - increasing the number of 4G and 5G connected vehicles, electricity - increasing the share of electric vehicles, sharing - increasing the share of carsharing and autonomy - autonomous cars.

- The number will continue to increase in China, over 33% to 303 million cars by 2025 and at a slower pace in the US, by 2,2%.

- It will be necessary to improve the transport, telecommunications and power infrastructure of electric cars.

- Electric powertrains and automated features could increase the Bill of Material (BoM) by between 20 and 40 percent by 2030.

In this context, there will be a significant shift in producers and suppliers’ business models, which will make intense efforts to reduce the technological costs in the next decade.

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CYBERSECURITY

5 WAYS TO PROTECT YOUR COMPANY FROM CYBERCRIME If you run a small- to medium-sized business, it's time to make prevention a priority.

Some small- to medium-sized businesses (SMBs) consider cybersecurity an issue to be dealt with once their budget is a bit larger. Unfortunately, it is these businesses that are most likely to be targeted for cybercrime. In fact, 43 percent of cyberattacks target small businesses. Criminals know larger corporations have strong security systems, but smaller businesses frequently leave themselves vulnerable. If you run an SMB and cybersecurity is not yet a priority, it's time to change that. Luckily, there are things you can do to protect yourself, even when resources are limited.

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1. IMPLEMENT EMPLOYEE TRAINING Employees who are untrained in proper security practices are a huge vulnerability. It's absolutely critical to train employees to recognize warning signs of cybercrime, as well as how to keep risks low in the first place, and there should be a system in place for reporting signs of an attack.

One of the most common security threats is phishing. The Henry M. Jackson Foundation, a medical research nonprofit, worked to educate employees by sending out fake phishing emails frequently throughout the year. When the Jackson Foundation first started implementing these phishing-education campaigns, the click rate among employees was around 27 percent. Each time an employee clicked on the fake phishing email, they received a pop-up explaining the warning signs. This made the employees more aware in the future, and the company was eventually able to get click rates down to about three percent. Educating employees on security threats should never be a one-time thing. Cybersecurity training should occur on a regular basis in order to keep up with the latest technology and ensure new employees don't create security vulnerabilities.

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2. CREATE A SYSTEM SECURITY PLAN A system security plan (SSP) is a summary of all security practices that keep your data secure. The SSP identifies features in a system such as hardware, software, security measures, training methods and incident-response plans. This document includes details on how to limit access to authorized users and ensure employees practice secure habits and respond in the case of a security breach. It also prevents things from falling through the cracks when schedules get busy. If your IT staff is knowledgeable on this subject, you can save money by keeping things in-house, but otherwise, it's better to hire a consultant. A badly written SSP could end up costing you more in the end.

3. KEEP SOFTWARE UPDATED Many SMBs get too busy to ensure their software is updated in a timely manner, but outdated software can expose your company to vulnerable security flaws. Hackers often study the latest software updates in order to target those businesses who are behind in adopting them. According to Fortinet’s 2017 Global Threat Landscape report, 60 percent of organized security breaches targeted vulnerabilities that were at least 10 years old.

4. ENFORCE SECURE PASSWORD POLICIES Passwords should never be recycled, and they should be updated constantly. Simple passwords are also easy for hackers to crack. In 2012, a password-cracking expert revealed a program that could work around any eight-character password. This is why all passwords should be more than eight characters, and the more complicated, the better.

5. OUTSOURCE CYBERSECURITY There are many resources you can turn to if you feel overwhelmed at the thought of managing cybersecurity issues yourself. Many small companies decide to put cybersecurity at the back of their mind because they don't understand it.

Doing this could be your downfall, though. Many IT companies specialize in helping small businesses improve their security. Sometimes an even simpler option is to use anti-malware or anti-ransomware technology. According to research done

by Verizon, 28 percent of security breaches involve malware. By using a software program that prevents malware attacks, you can significantly lower your security risks. Running an SMB is a stressful, time-consuming endeavor, so avoid the temptation to place cybersecurity on your company's backburner. Starting today, make your business's online security a conscious priority and you'll be primed for sucess (and fewer headaches) in the long run.

We

at Business Arena Publishing Group keep an eye on the latest trends in the business media and put our readers' wishes first, as we constantly aim to extend our readership potential and gain greater coverage and circulation.

In keeping with our expansion strategy, we are happy to introduce The Book of Excellence 2020. Widely acclaimed for its prestigious annual awards dedicated business, culture, civil society, and sport personalities, Business Arena Magazine has heard its business partners and readers alike, who have been asking for a new platform that could put under the spotlight all the Business Arena award winners, with their success stories, challenges, expectations and hopes.

We have decided to build the new publication around our dynamic award events, and showcase their winners: Most Admired Business Women

Awards, Financial Leaders' Hall of Fame, Business Arena Awards for Excellence. Our readers deserve to know more about these successful people and organizations, so more than 30 business leaders, entrepreneurs, highly-regarded professionals, companies, and banks will be included in our first edition, with interviews, biographical details and company profiles.

Business Arena is committed to providing the business community with useful insights and tools to manage their operations, and with platforms where business leaders and leading professionals can express their views and ideas.

Overall, this new magazine is designed to include a wide variety of exciting topics and promote business excellence. We plan to publish the magazine annually and jam-pack the pages full of success stories to inspire you.

Our aim is to inspire readers with new ways of thinking; promote greater awareness of issues affecting their business opportunities; and expand our audience to a new generation of business people, entrepreneurs, and professionals. The Book of Excellence will cover the most dynamic business sectors in this country,

including banking, car manufacturing, IT&C, real estate, agribusiness, hospitality, retail, pharmaceuticals and so on. It will have a company profile section, lists of top companies in multiple categories and of course exclusive interviews.

WINEMAKING

VINTRUVIAN - A COLLECTION OF PREMIUM WINES CREATED FOR WINE LOVERS!

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The VINTRUVIAN COLLECTION brings together the most valuable wines of Viticola Sarica Niculiţel and Domeniile Prince Matei.

For the first time, wines from Dobrogea, Sarica Niculiţel, and Dealu Mare, belonging to the same holding, Vintruvian Estates, can be found in the same collection.

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PRINCE MATEI 2013 Merlot DOC-CMD Dealu Mare The iconic Prince Matei, the most famous Romanian Merlot, is a tribute to Matei Basarab, the great ruler of Wallachia. Surpassing Stephen the Great in the number of churches he founded (46 in total), he was also behind the reconstruction of the Episcopate of Buzau, an important pillar in the history of the Zoresti vineyard.

As a patron of orthodoxy and culture, Matei Basarab’s name is linked to the first use of the Romanian language for official, civil and religious purposes as well as the introduction of the first written legislation, “Pravila Mica.” Similarly, the Prince Matei wine represents “the birth certificate of the post-revolution Romanian wine.”

After 24 months of aging in French barrique barrels, the wine is bottled and kept in the cellar for at least another 24 months, so you can enjoy the most famous Merlot in Romania.

The optimum drinking temperature is 16-18 C. Pre-aerated for 45 minutes, the wine can be used with red meat dishes, noble game and complex sauces, with traditional Romanian meat dishes or with matured cheese.

PETIT MATEI - Merlot DOC - CMD Dealu Mare Mateias Basarab (Chamberlain Mateias Nasturel) was the adopted son of Matei Basarab and his wife, Elina Basarab, and he was raised at the Royal Court as the son of the Prince. His adoptive father put all his hopes in young Mateias, but, at only 17, he fell ill and died.

Petit Matei is a worthy descendant of the famous Prince Matei. It is younger, but just as refined, having the same origin: Merlot aged for one year in 225-liter barrique barrels of French origin. Based on a selection of recent vintages, the best of the Zoresti Merlot production, and using the 2016 grape vintage as a dominant ingredient, this wine impresses with its very well integrated alcohol, full taste and remarkable elegance of tannins. The optimum drinking temperature is 18°C. It can be served with beef and small game with refined sauces, strong-flavored cheeses. Aeration: 30 min.

Scentico Chardonnay Light Barrique The New Fashion of Wine SCENTICO CHARDONNAY LIGHT BARRIQUE Chardonnay DOC-CMD Sarica Niculiţel The Chardonnay is the king of white varieties, being recognized for its aromas, and we have created an “icon” for the aromas of this variety. The

name is based on the combination of two English words: SCENT and ICON. The string of Fibonacci, the golden ratio (the spiral is represented on the label) is what was aimed for with the creation of this wine. For the winemaker, the 70% Chardonnay, stored for four months in American barrels (thicker lignin layer that lends the wine a taste of vanilla), and 30 percent fresh wine, represented what we call the perfect ratio for this Chardonnay from Dobrogea.

Silver medal - 2019 Brussels World Competition SERVING RECOMMENDATIONS: The optimum consumption temperature is 8-10°C. It can be served with salmon, oysters, seafood and tapas.

CAII DE LA LETEA - limited edition This wine represents the ultra-premium segment of the company’s portfolio. Carefully selected every step of the way, from the vineyard to the winemaking facility, and further on to the cellar where they are matured, these wines are noted for their expressiveness, unique aroma and strong taste. Each one is a memorable wine, representative of the potential of the historic Sarica Niculițel vineyard. Only available in batches of about 5,000 bottles, these exclusive wines are dedicated to wine connoisseurs, and are only available in specialized stores and in carefully selected HoReCa premises, which know how to present the wine correctly.

ALIGOTE 2018, DOC - CMD Sarica Niculițel Aligote is the standard variety of the vineyard at Niculițel. Originating from the French region of Burgundy, this variety appeared at the end of the 17th century through natural crossing of the Gouais Blanc and Pinot Noir.

Currently, Aligote is planted in the USA (California and Washington), Canada (Niagara), France, Romania, Bulgaria, Moldova, Ukraine and Georgia. In total, there are about 45,000 ha worldwide and, interestingly, all in the northern hemisphere. In Romania, the variety was first introduced in 1912 by a great personality of the day, Bessarabian Constantin Mimi (1868-1935). Trained as an economist and a winemaker, with studies in Montpellier, France, Mimi brought several vine cuttings of different varieties to restore the plantation destroyed by the 1907 wave of grape phylloxera.

Before his return to Bessarabia, he gave some grapevine cuttings, including Aligote, to his friends in Romania.

The work involved in bringing international recognition to the Aligote from Sarica Niculițel was rewarded for the first time in March 2019, when

the Caii de la Letea Aligote climbed to the 1st position on the Vivino website (the most important worldwide wine evaluation website). Later, it was awarded a gold medal at the Concours Mondial de Bruxelles, 2019. For the first time, an Aligote from Romania obtained a gold medal, and it was the only Aligote in the world that obtained a gold medal in Brussels in 2019.

The 2019 IWCB (International Wine Contest Bucharest) awarded the gold medal to Caii de la Letea Aligote limited edition. The optimum drinking temperature is 8-10°C. It can be served with fish and seafood dishes, young cheeses. It is an excellent aperitif wine, due to its high acidity.

WHITE SAUVIGNON Smoked DOC - CMD Sarica Niculițel After a 90-day maturation in French barrique barrels, this Sauvignon Blanc Fume (slightly barricaded) becomes an extraordinary, intense and fresh Sauvignon Blanc. In 2019, this Sauvignon Blanc Fume, belonging to the Caii de la Letea limited edition, obtained the gold medal at the World Concours de Bruxelles, and the gold medal at the IWCB. The optimum serving temperature is 10-12°C. This is a gourmet wine that can be very well associated with oven-cooked fatty fish (catfish, mackerel, butterfish) with aromatic herbs, desserts with citrus fruits, cheese platter and fruit.

ROSE - Feteasca Neagra & Pinot Noir & Syrah (vinified together, approximately equal proportions), DOC- CMD Sarica Niculițel.

The Rose is the most awarded wine in our portfolio and probably in Romania: it received the gold medal in Brussels, bronze at IWC - London and silver at IWCB in 2017. In 2018, it obtained 90 Decanter points in London, the silver medal in Brussels, and, in May 2018, it received the title of the best rose wine in Romania, at the national rose wine competition. In 2019, it received a silver medal in Brussels and a gold medal at the IWCB. The optimum serving temperature is 10°C. It can be served with red fish, duck dishes, mixed grilled vegetables, cheese platters.

EPIPHANIA, Feteasca Neagra 2017, DOC-CT Sarica Niculițel Harvested in late 2017, after 12 months of maturation in first-use barrique of French origin and more than 12 months of aging in glass bottles, the Feteasca Neagra has become what we consider to be the revelation that

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unveils the charm of the oldest Romanian variety, the Epiphanié.

A demon with an angel’s soul and a body born out of moist earth from the roots of the tree with black fruits.

Often wrapped in long velvet clothing, he walks down through the leaves, causing the forest to play its organ made of warm wood.

Gold medal at IWCB 2019.

The optimum serving temperature is 17-18°C. After an aeration of about 45 minutes, it can be served with large game dishes, cheeses matured with noble mold, dark chocolate desserts with berries.

PERGAMENT - Petit Verdot DOC-CMD Sarica Niculițel Petit Verdot is a red, full-bodied wine that originates in the south-west of France (Bordeaux). It is generally used in blends for its distinct character, with high acidity, firm tannins and aromas oriented more towards spices rather than fruit. Because Petit Verdot is such a “bold” wine, it is often added in less than 10% of most wine blends. It is a rare variety, being cultivated on around 7,240 ha worldwide (the main producing countries are Spain, Australia, France, USA, Italy South Africa, Chile, Argentina).

Pergament is a 100% Petit Verdot wine, matured for one year in first-use French barrique, and it can be considered a rarity, intended especially for connoisseurs.

The optimum serving temperature is 16-18°C. After an aeration of at least 30 minutes, the wine can be served with spicy cold cuts from Dobrogea (Tartar dried sausages, Armenian pastrami), lamb chops with green pepper, and with matured cheeses.

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HALL OF FAME

2020 AWARDS With its strong and diverse tradition in creating new platforms for the business community to share their views and ideas, and in recognizing business success and achievements, spanning over 10 years, Business Arena is launching a new project designed to expand the scope of its annual award ceremonies, adding a new gala to its events calendar.

The Brand Excellence Hall of Fame Awards is the fourth major gala event in Business Arena’s portfolio, joining the list alongside the Awards for Excellence, Most Admired Business Women Awards and Financial Leaders’ Hall of Fame.

Innovation, resourcefulness, perseverance and a culture of responsible risk-taking have helped many overcome major challenges. Thus, the new awards gala recognizes organizations that have achieved outstanding results through initiatives that demonstrate excellence in brand management.

20.00 - 20.30 Registration and welcome cocktail; 20.30 - 21.15 Awards ceremony (part one); 21.15 - 21.30 Live music, fashion presentation; 21.30 - 22.15 Awards ceremony (part two); 22.15 - 22.30 Live music; fashion presentation.

Celebrating achievement, innovation, and strong brand strategy, the 2020 Brand Excellence Hall of Fame Awards cover the following categories: • Automotive Brand of the Year; • Best Pharmaceutical Brand of the Year; • Brand of the Year in Hospitality; • IT Brand of the Year; • Most Admired Telecom Brand; • Best Real Estate Brand; • Romanian Brand of the Year; • Retail Brand of the Year; • Romanian Banking Brand of the Year; • Best Banking Brand; • Most Admired Banking Product

HOW EUROPEAN STARTUPS WILL ADVANCE 3D PRINTING TECH IN 2020 While the development of complex technologies takes time, it’s evident that the scope and depth of 3D technology continues to expand.

3D printing has been much vaunted in recent years. As the dust settles on the hype surrounding the emerging technology, 150sec looks at a number of encouraging aspects of the technology European startups are working on which should propel the industry forward in 2020.

1. CARBON FIBRE & SILICONE PRINTING Whilst 3D printing is commonly associated with simple plastic products, there are in fact a variety of printing materials available today. 3D printing using carbon fibre enables use cases that demand extremely lightweight yet strong parts.

Carbon fibre is stronger than steel yet it’s five times lighter. The issue with carbon fibre composite printing has been one of cost. In this sphere, Zurich’s 9T Labs is setting itself apart. The Swiss startup has brought together the technology to make high volume carbon fibre composite printing more affordable.

Swiss innovation is clearly at the forefront when it comes to development in the sector. Just like 9T Labs, another Swiss 3D printing spin off has emerged from ETH Zurich in the form of Spectroplast. It specialises in silicone 3D printing.

The company’s vision is to bring industrial-scale silicone 3D printing to the mass market.

Conventional systems involve silicone components fabricated by injection moulding that is lengthy and expensive. The startup claims that its technology allows for mass customisation 2. ADDITIVE MANUFACTURING 3D printing typically creates products by adding materials layer by layer. This is commonly known as additive manufacturing. Belgium’s Aerosint is working towards improving the additive manufacturing process. The startup claims its technology facilitates multi-material 3D printing,making it scalable and more cost effective. Its selective powder deposition (SPD) process improves upon existing approaches by allowing for the printing of parts that contain two or more materials. Another startup, Paderbornbased AMendate, sets itself apart through through its software.

The firm produces specialist topology optimisation software for additive manufacturing. Through such optimisation, the customer has a directly printable part design specifically adapted to additive manufacturing. Swiss company Sintratec is

also contributing to additive manufacturing. It provides complete systems and materials to enable the process.

3. 3D PRINTED GLASS 3D printing in its original application implicated the use of polymers. However, as the space continues to innovate, more challenging applications of the technology are being tackled. That is true in the case of Glassomer – which specialises in the 3D printing of glass.

Glassomer is a spin-off from the University of Freiburg’s NeptunLab.The firm fabricates fused silica glass components from prototyping through to small series production. It is the first to develop a process to 3D print transparent glass.

Furthermore, the solution can be effected using existing stereolithography (STL) printers, negating the need for customers to buy a specialised 3D printer. Glassomer’s technology involves a silica nanocomposite which is in liquid form when it comes to 3D printing. The company claims that their customised glass parts are indistinguishable from commercially fused silica glass. The product retains the same optical transparency, mechanical strength, chemical and thermal stability.

4. BIOPRINTING 3D printing doesn’t just involve plastics and metals. Cellbricks is a biotechnology startup headquartered in Berlin. The firm has developed a new Bioprinting technology which facilitates the creation of complex 3D structures made from biological material. Its product is used in biomedical research and tissue engineering.

The overarching goal of its product offering is to help improve human health by making synthetic organs a reality. The emergence of 3D printing over the last years has received a lot of attention across industry sectors. As the hype settles down, it becomes clear that the development of complex technologies takes time. Yet considering the wealth of European startups present in the 3D printing sector, it’s evident that the scope and depth of the technology continues to expand.

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I NCDRUYSPT TROY W A L L E T

AUTO INDUSTRY FORCED TO HIT BRAKES Falling sales and plant closures threaten to cripple global auto sales.

The COVID-19 outbreak is halting production and causing supply and demand shocks in the auto industry.

BY DEBORAH D'SOUZA

arena.ro

http://www.business-

Tesla Inc. (TSLA) can only maintain minimum basic operations at its Fremont factory, according to local authorities who said it is not an essential business. "If Tesla was a hospital, if Tesla was a laundromat, if Tesla was a mechanic shop, we wouldn’t be having this conversation," said Alameda

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County spokesman Sgt. Ray Kelly. This is a big blow to the electric car manufacturer after it remained open despite the "shelter in place" order. CEO Elon Musk had told his employees via email he would continue working but they are not obligated to show up. The news has sent the stock down almost 10% in pre-market trading on Wednesday.

In the north, the Big 3 Detroit automakers representing 44% of the U.S. auto industry in terms of sales – Ford Motor Co., General Motors Co. and Fiat Chrysler Automobiles – have agreed to adopt

new safety measures, including partial shutdowns, after hours of negotiations with United Auto Workers (UAW) representatives. The companies, all of which have employees infected with the coronavirus, rejected the demand for a two-week shutdown of operations. "All three companies have agreed to review and implement the rotating partial shutdown of facilities, extensive deep cleaning of facility and equipment between shifts, extended periods between shifts, and extensive plans to avoid member contact.

They will be working on shift rotation to minimize risk," said the UAW statement. "The companies have also agreed to work with us in Washington, D.C., on behalf of our members as we manage the disruption in the industry."

European assembly plants of several firms like Daimler, Volkswagen, Renault, PSA Group, Fiat Chrysler and Ferrari have been shuttered temporarily. Glitzy auto shows offering handson experiences have been postponed. The global auto industry, in the middle of a slump and investing large sums for rapid technological changes, is facing both supply and demand shocks. China car sales fell 80% YOY in February. Supply chains, a large chunk of which are situated in China, have been disrupted as employees fall sick or cities are shutdown. Ford reportedly had to temporarily shut down its Chicago assembly plant Tuesday because of a shortage of parts.

The U.S. market has been relatively resilient as sales dipped globally, but this year Morgan Stanley expects U.S. demand for new cars to fall to 15.5 million from last year’s 17.1 million.

LMC Automotive cut its 2020 forecast by 300,000 to 16.5 million. However, these companies are a long way from where they were during the 2008 financial crisis and have enough cash to burn. "We believe the automakers’ balance sheets are categorically in a strong position to absorb several months of a near shut-downÖ giving the market enough time to address other actions to either stimulate demand or to ensure openness of key capital markets,” wrote Morgan Stanley analyst Adam Jonas in a note on Tuesday.

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GREUBEL FORSEY QP À ÉQUATION DEBUTS IN ROSE GOLD WITH CHOCOLATE DIAL Greubel Forsey introduced its seventh “Invention Piece,” the QP à Équation, in 2015, adding a rhodium-dialed Millésime edition in 2017. This year, the extraordinarily complex timepiece debuts in a new version with an 18k rose gold case and a chocolate-colored gold dial.

The QP à Équation Millésimé is driven by a movement equipped with an ingenious mechanism that Greubel Forsey calls a “Computeur Mécanique,” or mechanical computer. This device is a sub-assembly within the 624-part caliber, and partly inspired by the systems used in large astronomical clocks since the end of the 15th century, which managed the information that determined certain key dates in the ecclesiastical calendar in relation to astronomical data. Greubel Forsey has received four patents for the movement.

The mechanical “brain” at the center of this invention consists mainly of rotating, co-axial coded elements in an arrangement complemented by a system of programmed movable sections.

Depending on its geometry and speed of rotation, each element generates its own indication in a cyclical, pre-programmed way.

In this manner, the mechanical computer is able to automatically display all the indications of the watch, each generated by its own co-axial coded element. In the case of the QP à Equation, these consist of all the functions of a perpetual calendar, along with the equation of time: seasons, equinoxes, solstices, the equation of time, and the date, day, month and fourdigit year. Despite the immense complexity of its mechanism, the watch is surprisingly simple to operate. All eight of its indications are controlled by a single selector set into the movement’s winding crown; the wearer can simply turn the crown in either direction to make adjustments without any risk of damage to the mechanism. An array of indications is displayed on the chocolate brown gold dial, including the hours, minutes, and seconds; the day, month, and large date; the 24-hour day-night indication and the indicator for the movement’s 72-hour power reserve.

The mechanical computer drives on one of the rarest (and, frankly, probably least understood) astronomical complications, the Equation of Time — which is directly linked to the perpetual calendar. Put simply, the equation of time measures the difference between “true” solar time and the more conventional “civil” or mean time, which is fixed at 24 hours per day, throughout the year. The length of a day in solar time varies according to the position of the earth on its elliptical orbit around the sun. For example, a solar day is about 16 minutes longer than a civil day in November, but about 14 minutes shorter in February. The unique display of the equation of time on the dial of the Greubel Forsey QP à Équation uses two sapphire crystal disks, driven by the mechanical computer, rotating independently to show the time difference as it changes throughout the year. The equinoxes and solstices, along with the four seasons, are also displayed in the equation of time indicator, located on the back side of the movement.

MB&F LEGACY MACHINE FLYINGT WATCH

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Pavé diamonds CHF 135,000

Maximilian Büsser had a vision — but that’s nothing new. This is just the latest in what seems to be a life full of them, but this vision has opened up a whole new market for his company. Finally, 14 years into one of watchmaking’s most enticing endeavors, Büsser has overseen the creation of the MB&F Legacy Machine FlyingT watch, designed especially for women.

Leaving aside the notable technological achievements and dazzling array of aesthetics on show for a moment, the sentiment expressed by Büsser in the above quote is laudable and evermore relevant to an industry that can expect the consumer gender imbalance to creep toward equality in the future. Whether or not MB&F have stayed true to that sentiment in the design of this piece, however, is not entirely free from debate.

Upon first glance, the watch does appear to be a diamond-studded Legacy Machine with the only major alteration being the vertically tilted dial at 7 o’clock. On further inspection, however, it is clear a total redesign has taken place. Before the team got round to designing the interesting conical gearing that needed to be developed to drive the hands on the tilted dial, the case and high-domed sapphire needed to be correctly proportioned. And then there’s the small matter of the flying tourbillon, which is a new feature for the LM series… Any watch designer will tell you that size matters. To cleanly deliver a message, the amount of active and inactive space in a design is everything. And it’s not just about relative proportions; getting legibility and the correct interplay of dial elements just right is an art. MB&F understand that. The case diameter has been reduced to 38.5mm, while the dome of the sapphire has been given steeper sides. This has been done for two reasons: A 20mm total height provides enough space for the complex column flying tourbillon mechanism to fit, and it draws the attention to the sapphire. The case itself, including both the front and back anti-reflective sapphire

crystals, contains 17 parts (not counting the diamonds). For symmetry, two functional crowns are included: one at 3 o’clock and one at 9 o’clock. Winding is handled by the crown on the left and time-setting by the crown on the right.

THE DIAL Each variant has a different number of stones, with wildly different corresponding carat weights.

Perhaps this decision was made to hit multiple price-points. The most affordable of the trio is the black lacquer edition, which has a total of 168 stones and a carat weight of about 1.7. Next up is the paved (or pavée) diamond-set edition, which has the most stones at 558. However, the carat weight of this model is only about 3.5. That’s way behind the 8.2ct. generated by the 294 baguette diamonds on the top-of-the-range model.

A 50° angled dial with serpentine hands displays the hours and minutes. The unusual location of the dial (at the traditional spot for 7 o’clock) has meaning. Firstly, it is a hint at discretion — only the wearer can read the time.

Secondly, this piece commemorates seven years since the first Legacy Machine was released, which, itself, was released seven years into the brand’s existence.

THE MOVEMENT The in-house movement features a central flying 60-second tourbillon, a languid 2.5Hz operating speed, and a generous 4-day (100-hour) power reserve. The sculptural “sun” winding rotor visible through the display caseback is made of 18 karat 5N+ red gold, titanium, and platinum.

Augustin watches: Time becomes art Augustin Matei deserves to be famous, as he is an endangered species: an artisan.

The idea is simple: you come with your wish or desire and he turns it into a watch.

The limit can only be the availability of components, because for his imagination – the sky is the limit.

And one more thing - it's affordable...

NATURE)S CHROMATICS Women)s watch with different materials, diamonds, gold, sapphire and ammolite, a semiprecious organic rock from the time of dinosaurs. With an automatic Swiss made mechanism and a 38mm diameter housing.

SHIELD FOR DOCTORS A watch dedicated to all Romanian doctors during the Coronavirus crisis.

Swiss automatic mechanism, 43.5 mm diameter case with sapphire glass.

Its dial is handcrafted in silver, using mixed engraving and micro painting techniques.

TABLE CLOCK The first table clock made in Romania by Augustin Watches.

It is entirely handmade from walnut wood in the town of Pucioasa +Dambovita county, by wood artist Ionut Chivulet. Hand-painted naval battle scene, with brass decorative elements.

It has a Hermle mechanism with two gongs and beats every hour and every half hour.

SECRET SYMBOLS Handmade at Augustin Workshops, this is a personalized watch, dispalying masonry-specific symbols. It was manufactured using micro painting and other specific techniques.

The watch has a 3D planet inserted in the second hand. The dial is made of silver and gold elements. 44mm diameter case, sapphire glass and a Swiss automatic mechanism Eta 2824-2 caliber, with an additional night/day element on its dial.

HAUTE COUTURE SPRING 2020

LOUIS VUITTON’S TIME MACHINE Nicolas Ghesquière delivered a clash of styles from far-flung eras, but too much control on the catwalk dampened what was a brilliant intuition.

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Time is crucial to fashion, but it’s never been as hotly debated as it is today. It will also be the topic of the Metropolitan Museum of Art's next Costume Institute exhibition.

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This being Vuitton, the spectacle was truly spectacular. The soundtrack to the show — entitled Three Hundred and Twenty, composed by Woodkid and Bryce Dessner and culled from the work of Bach contemporary Nicolas de Grigny — was performed live by a chorus of 200 characters, dressed by multiple Oscar-winning costume designer Milena Canonero in styles ranging from the 15th century to the 1950s. The chorus was the backdrop to the show, but delivered a vision so magnificent, it swallowed the rest.

Ghesquière’s clothes delivered a clash of styles that he labelled “the anti-total look.” And, on paper, it was a wonderful idea: mixing a petticoat with a windbreaker, a teddy boy jacket with motorcycle pants, all done in the graphic shapes that Ghesquière masters. The problem with Vuitton is that on the catwalk everything is far too controlled, too fastidiously put together and the result ultimately feels contrived, which is the exact opposite of “anti-total look.” In the end, the lack of spontaneity dampened what was a brilliant intuition. Letting things go would be a wonderful way to accept the clashes and contradictions of time. And those of life, for that matter.

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Stretching the idea of the journey that is integral to Vuitton’s luggage heritage, designer Nicolas Ghesquière went time traveling again with his runway show this season, mashing up a series of far-flung eras in a kind of temporal conflict. The concept was served up as a challenging rumination on style (with a heavy dose of styling) but also something that’s relevant to all aspects of life in a digital culture that is constantly rewriting the very idea of time in an endless flattening of past, present and future.

PERSONALIZED ELEGANT EXPERIENCE

A COMPLETE CUSTOM-MADE WARDROBE, TAILORED WITH PASSION AND PRECISION, SPECIALLY CRAFTED FOR YOU Consiglieri offers complete solutions for creating a complete wardrobe for gentlemen, through unique, high quality products, for both the formal / business and the smart / casual segment.

Through the Custom-Made concept, we create suits, shirts, coats, as well as jeans, chinos, polo shirts and pop-over shirts, all tailored-made to the wearer.

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The products are specially created for each individual person, customized to the smallest detail, under the guidance of a dedicated consultant.

Custom Made it’s more than a service. It is an experience. It is one that starts with a meeting, between you and your dedicated tailor. This is the beginning of a garment built around you, adding the defining elements of the personal style.

Whether we are talking about the design, the construction method or the customization possibilities, the product is designed around your personality.

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Business Casual: the new Consiglieri office dress code In recent years, the business community has adopted a more relaxed fashion style, a welcome change for men who love comfort.

The evolution of the dress code in the business field implies versatile outfits, not only for the eight hours of office work, but also for morning meetings, business lunches and after-hours business networking events. The style is called “business casual� and has no strict rules or limits. While widely appreciated, it can pose some difficulties when trying to preserve a professional image. For men who want elegance, comfort and a personal touch for their Monday-to-Friday outfits, Consiglieri offers an extensive range of custom-made garments, combined to create impeccable outfits under the guidance of a fashion consultant.

The combination of fabrics, colors and prints, together with the personalization details, give the outfit a highly appreciated air of carefully studied nonchalance.

The perfect fit, the most important rule of a well-dressed man Made of Egyptian cotton, the Albini and Thomas Mason shirts provide premium details and discreet customization options with embroidered initials, and, together with the full- or half-canvas construction jackets, they are present in the wardrobe of any successful man. By choosing the fabric, the cut, lapel type, pockets, buttonholes and buttons, you can align the style of the jacket with the approved dress code in your field and at the same time ensure a unique look.

The Consiglieri garments are made of fabrics from the most famous producers worldwide, such as Loro Piana, Zegna, Ferla, Drago, Angelico or Reda. In addition to the premium look and variety of colors or prints, these are noted for thermal comfort and durability.

Showroom: 7A Aleea Alexandru, Bucharest / www.Consiglieri.ro

AUTUMN/WINTER 2020 WOMENSWEAR AND MENSWEAR COLLECTION #PPNOLIMITS

PHILIPP PLEIN

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Step inside a giant garage space filled with the ultimate collection of big boys toys. A fighter jet, helicopter, offshore boat and super cars all covered in gold leaf. This is the playground of someone who can have anything they want. Someone who dreams big and lives even bigger. Money is no object to them. The only limit is their adrenaline-fuelled imagination.

Welcome to PHILIPP Plein’s Autumn/Winter 2020 megashow: No Limits. This latest spectacular coincides with the global launch of the No Limits fragrance, which comes in a bottle shaped like an unlimited credit card.

Featuring models, influencers, stars and icons including Jada Pinkett Smith, Ellen Von Unwerth, Cameron Dallas, and Maye Musk - this season’s cast is a truly stellar roll call. And with US rapper Tyga performing along with Missy Elliot, and Timbaland DJing at the post-show party, Philipp Plein once again proves he’s the man with the Midas touch.

As to be expected, the clothes are equally over the top. Cue trousers, thigh-high boots, full- length puffer jackets, fringed dresses and glitter gowns all in shiny metallic gold. It’s a futuristic fantasy via the disco glamour of Studio 54. Rich embroidery is also

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in full-effect, with crosses and serpents made of precious stones covering sequined dresses and exotic skin handbags; elsewhere there are chokers, single oversized earrings and chains strapped around men’s necks and sneakers inject. Leopard print recurs throughout on tailored jackets, halterneck dresses, mini-skirts and tights, men’s sequined dinner jackets and, in true opulent style, a shaved-mink coat and jacket. Popping out among the dazzling accessories there are crystal embellished clutch bags resembling platinum credit cards. For the finale, PHILIPP Plein pays a touching tribute to the late great basketball legend Kobe Bryant with an exclusive capsule of number 24 Laker shirts. As a sporting and cultural gamechanger Kobe Bryant was the perfect example of what can be achieved with a no limits attitude to dedication. PHILIPP Plein is proud to make a donation in his memory to the Mamba & Mambacita Sports Foundation in honourof Kobe and his 13-year-old daughter Gianna.

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THE MODERN BUSINESS DRESS CODE DECODED When it comes to business attire, less is more (appropriate and professionally accepted). The way you dress can show power or weakness, determination or lack of interest, and last but not least, the level of your style. Your image speaks a thousand words, so you need to pay a special attention to your business wardrobe in order to make a good impression to your superiors, to your employees or to your business partners.

Your look should be polished, no matter your position in the company.

The good news is that the business attire has changed over the years and now men get dressed for work a lot more casual than ever before. And the good thing in this evolution to business casual is that the rigid style rules have been broken and you are free to express your personality through the clothes you wear. This might be a little tricky, though. Too much creativity could destroy your

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professional business look. But if you follow a few basic rules, you will create successful business outfits for every working day. Basically, when you start to create a business wardrobe, begin with neutral colors which are timeless and easy to mix and match – black, white, navy, tan, grey, brown.

Since these pieces will stay with you for a long time, invest in quality over quantity.

THE POWER SUIT If you’re the conservative type, stay true to the traditional suit, a two piece one, in a clean, classic cut, a quality fabric in safe colors like navy - a versatile shade, easy to mix with different patterns - charcoal grey and black. If you want to be noticed for your style, you can go for a double breasted pinstripe suit which reflects the personality and refined taste. You need to know that your business suit should send a powerful message. The details will make the difference. When it comes to shirts,

stick to timeless classics. The white or light blue formal shirts are the perfect choices. Since you go for the safe combination choice, you can play a bit with the tie, in order to inject some personality to your business ensemble. Choose bold colors or prints to express your emotions and personal style. You can start to built your business wardrobe in Trends by Adina Buzatu store where you will find excellent quality garments for your professional looks.

BUSINESS CASUAL ATTIRE Unlike business professional, the business casual dress code is more relaxed and less formal and usually it doesn’t require a tie. In many companies today, you can wear a pair of black trousers, chinos or khakis with a shirt and a blazer instead of a suit. Depending on the company profile you are working for, you can choose to be conservative or unconventional…but still business.

For instance, you can wear deconstructed suit pieces. For a formal look with a relaxed vibe, use the power of colors. Mix and match black trousers with a bold suit jacket – turquoise, plum, cherry and complete the look with a paisley print tie in similar shades. They’re all available in TRENDS by Adina Buzatu store. But be careful because this daring mix requires a white classic tie. If you work in a more creative company, you’re free to

combine chinos with a plain shirt and colored blazer and even give up on your jacket and roll your shirt sleeves on a casual Friday.

THE NEW COLORS Since we’re so close to summer, it’s time to get rid of dark colors and inject a joyful vibe in our business attire. Who said colors are forbidden at the office? Actually, the trends dictate pastels at work! It’s time to feel good when working and these new shades of suits will give you the energy you need. You can choose a soft and sophisticated bleu cyan version in a refined contrast with brown dress shoes or a coral shade suit mixed with a black shirt, in order to keep it in the formal side.

Golden beige, café au lait, khaki and pastel pink are also to consider, especially in linen versions.

Yes, a linen suit can be a perfect option for business in the hot summer days.

Usually, business attire requires polished, impeccable looks which means you need to look for the right fit, the right style, quality cloth and the right execution of your suit. If you want to make a statement, you have to do it right!

Enjoy your shopping, my dears!

We are waiting for you in our TRENDS by Adina Buzatu shop in Baneasa Shopping City, Road Bucharest-Ploiesti no. 42 D, ground floor and on www.adinabuzatu.ro

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THE NEW LUXURY

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

In a tribute to its spirit animal, Bulgari captures the power of seduction in the Serpenti jewellery watch, camouflaging sensuality and temptation with a hypnotic design. Intensifying its attractive charisma with a dangerous two-headed body crowned with regal emeralds, the Serpenti diamond jewellery watch turns the marking of time into a secret desire that only the snake can reveal. Sophisticated and glamorous, the timepiece coils around the wrist striking with the precious beauty of the scales and with the distinctive sinuosity of its movements. Serpenti watch with quartz movement, 40 mm 18 kt white gold curved case set with brilliant cut diamonds, 18 kt white gold dial set with brilliant cut diamonds, 18 kt white gold head set with brilliant cut and marquise-cut diamonds, marquise-cut and one roundcut emeralds, 18 kt white gold bracelet set with brilliant cut diamonds. Eyes in emerald. Size 150mm.

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

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In a tribute to its spirit animal, Bulgari captures the power of seduction in the Serpenti jewellery watch, camouflaging sensuality and temptation with a hypnotic design. Intensifying its attractive charisma with a dangerous two-headed body, the Serpenti diamond jewellery watch turns the marking of time into a secret desire that only the snake can reveal.

Sophisticated and glamorous, the timepiece coils around the wrist striking with the precious beauty of the scales and with the distinctive sinuosity of its movements. Serpenti watch with quartz movement, 40 mm 18 kt white gold curved case, 18 kt white gold dial set with brilliant cut diamonds, 18 kt white gold head set with brilliant cut, marquise-cut and one round-cut diamonds, 18 kt white gold bracelet set with diamonds. Eyes in diamond. Size 145mm.

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

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

Diamond complements rutilated quartz and allows it to sparkle; sapphire shines the brightest alongside matrix opal; emerald gleams that are usually on its own are paired with rock crystal; while pink diamond is coupled with morganite and coral. Side by side, these elements create light structures that caress the skin when worn.

The gems are in a union — hovering between opacity and transparency, the mineral and the precious, pure colours and shimmering nuances, earth and light.

Again, each piece seeks harmony in duality.

CARTIER PRESENTS ITS NEWEST HIGH JEWELLERY COLLECTION, MAGNITUDE

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RENAULT'S ELECTRIC CROSSOVER CONCEPT CAN SHAPE-SHIFT FOR ADDED SPACE The Morphoz concept likely would have been a hit in Switzerland.

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For years, Renault has rolled out some pretty wild concept cars as it previews a future full of electric cars. Yet, I think the Morphoz concept takes the cake simply because it freaking shape-shifts.

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While the basic concept is meant to show off Renault's new CMF-EV platform that'll underpin future electric cars, the Morphoz concept delivers serious pizzazz. Underneath the pretty handsome design is an "adaptable function" that can switch between a City mode and Travel mode.

City mode is for, well, city travel; in this configuration the Morphoz measures 173 inches. It keeps the crossover fairly short to maneuver around tight spaces, but when drivers want more room, they can activate Travel mode. The EV then extends itself to 189 inches and unlocks the capacity to install extra batteries. While the concept boasts a 40-kilowatt-hour battery standard for about 250 miles of range, Travel mode makes room for an additional 50 kWh worth of batteries.

Renault imagines the shape-shifting would occur at a special travel station, and there, I'm assuming some sort of robotic process opens a compartment in the underbody to install the extra batteries. The process would take "seconds," according to Renault. At the end of the trip, the driver makes a stop at the same kind of station to ditch the extra batteries and convert the car back to its City mode size.

Level 3 partially automated technology features in the Morphoz concept, too, and gives the driver the ability to hand off controls in certain situations. Thus, this isn't a self-driving car, even if the interior comforts sound like something you'd see in one. There's a massive screen available for rear-seat passengers to enjoy movies, TV and so on, and the passenger seat swivels to let the occupant interact with those in the back.

Speaking of the rear, the seats automatically move backward when the driver activates Travel mode to provide more interior space.

When it comes time to charge the car, it's all about induction -- aka wireless -- charging.

Renault imagines cities will have invested in specific road technology that will even let this concept car charge while it drives. (My city can't even fill potholes in a timely manner.) The Morphoz concept is super-smart, too, in that when it's not driving, it can power things around the house and share its power with the grid. And with a digital key, this is a shared vehicle not meant for private ownership.

The amazing part of it all is that this concept embodies core features Renault wants to implement in its cars after 2025. The Morphoz concept itself doesn't look drastically futuristic, either. Take away the oversize wheels, add some necessary regulatory equipment, and it looks like something feasible -- not to mention pretty good looking at that. We all know this decade will shake up the auto industry, but maybe further out, we're in for shape-shifting cars.

NEW TECHNOLOGY

APPLE CAR SOLAR PANEL TECHNOLOGY COULD ALSO BE USED IN APPLE WATCH, IPHONE CASE Apple's future car may have photovoltaic solar panels on the roof to maximize range and idle charging speed, but it may not stop there. The company believes that an extension of the technology would be well-suited to the Apple Watch, the iPhone, and other device cases.

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A problem that the vast majority of portable electrical devices have is a need to recharge the batteries. Users, from time to time, have to undergo the chore of plugging their iPhone into a wall outlet, or placing it on a wireless

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charging pad to regain power.

In the case of an electric car, such as the rumored Apple car, drivers have to go to a specific charging station on a long road trip and wait for long periods to acquire more charge. Even at a destination, there is no guarantee that charging facilities will be available, leaving the prospect of an electric car being parked up without any ability to top up its electrical fuel reserves. In a patent granted to Apple by the U.S. Patent and Trademark Office on Tuesday titled "Systems with photovoltaic cells," Apple simply suggests applying solar panels to products that need recharging, to allow a gradual trickle recharge of power over time.

In general, Apple proposes the use of a material made from intertwined stands, with some of the strands made up of conductive strands. The conductive elements connect a recharging system of a device to a photovolta-

ic cell, mounted onto the material. To ensure optimal power flow, the conductive strands have to be separated by insulating strands, eliminating any contact between conductive elements throughout the fabric.

While the photovoltaic cell could be a fixed element, Apple also proposes the use of a thin-film photovoltaic cell deposited onto the flexible material, allowing the 1 to 10 microns-thick film to confirm to the shape of a casing. The material in question can include fabrics, polymers, and leathers, the patent suggests. Apple also believes that the solar panel flexible material could be incorporated into headphones or a cover for an electronic device. Other items that may benefit from the system mentioned in the filing include a "wristwatch device" like an Apple Watch, a "device embedded in eyeglasses or other equipment worn on a user's head," and "in an automobile."

Drawings included in the patent directly depict the use of photovoltaic panels on headphones and a vehicle. In the latter case, the use of such panels would be beneficial as it would be expected a car would be outdoors and exposed to the sun for long stretches of time, and would provide an opportunity to recharge whenever it is in use or parked externally. Adding solar panels to a car roof is not a new concept, with some manufacturers already offering them on vehicles. In Apple's version, the film would plausibly be placed all over a vehicle, and as depicted in one image, even covering a window, suggesting it may be transparent or sufficiently translucent enough for that purpose. The patent lists its inventors

as Joseph B. Walker, Kathleen A. Bergeron, and Daniel D. Sunshine. Bergeron has been previously linked to a haptic feedback system for the Apple Pencil, while Sunshine is named in filings relating to smart Apple Watch straps and adjustable smart fabric.

Apple files numerous patent applications on a weekly basis, but while the existence of a filing indicates areas of interest for Apple's research and development teams, it does not guarantee the concepts described will appear in a future product or service. The Apple Car has been long rumored to be under development, under the title "Project Titan" alongside Apple's self-driving vehicle testing. Though autonomous driving has taken the most attention, many filings have surfaced revealing Apple has ambitions to redesign the automo-

bile in a number of surprising ways. These include sunroof designs using a large glass panel and a multi-segmented iteration, headlight systems that could highlight road hazards, in-car illumination systems that use TrueTone technology, and smart seatbelts among others.

On power, Apple has suggested the idea of peloton of cars that could share energy between vehicles, wireless charging systems, battery floors, and even a small robot that plugs a charging cable underneath a vehicle.

Apple's suggested use of conductive strands have also floated around for a while in patent filings, including one from January 2019 explaining how the strands could be woven to create contact points to more seamlessly embed sensors and components into clothing and fabric-based accessories.

APPLE LAUNCHES ARKIT 3.5 WITH NEW IPAD PRO LIDAR FEATURES Apple on Tuesday announced a new incremental update to the ARKit augmented reality platform that will let users and developers take advantage of the new LiDAR sensor on 2020 iPad Pros.

The new 11-inch and 12.9-inch iPad Pro models come equipped with a LiDAR Scanner that uses lasers to accurately create depth-maps of an environment.

Alongside iOS and iPadOS 13.4, Apple has also rolled out ARKit 3.5, which introduces many of the expanded features and benefits of the iPad Pro depth-mapping system. Availability was announced on Tuesday.

Developers will be able to use a new Scene Geometry API in ARKit 3.5 to create augmented reality experiences with object occlusion and real-world physics for virtual objects. More specifically, Scene Geometry will allow an ARKit app to create a topological map of an environment, unlocking new AR features and additional insights and information for developers.

ARKit 3.5 will also enable automatic instant AR object placement and improved motion

capture and people occlusion for all ARKit experiences, without the need for any code changes or new additions.

The previous ARKit update, ARKit 3, introduced support for face tracking, simultaneous front and rear camera tracking, and improved 3D object detection.

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USINESS ARENA

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AWARDS for2020

EXCELLENCE Enjoy the Quality ***** Admire the Value

in partnership with

With its strong and diverse tradition in creating new platforms for the business community to share their views and ideas, and in recognizing business success and achievements, spanning over 19 years, Business Arena has launched a new project designed to expand the scope of its annual award ceremonies, with the addition of a new gala to its events calendar.

The Awards for Excellence is already becoming a highlight in the business events calendar. Guests gather to celebrate excellence in business, sports, culture, and community, enjoying the company of friends and industry colleagues.

Innovation, resourcefulness, perseverance and a culture of responsible risk-taking have helped many overcome major challenges. Thus, the new awards gala brings recognition to individuals and organizations in business, culture, sport and civil society that recorded outstanding results and achievements.

FIND MORE DETAILS ABOUT LAST YEAR’S CATEGORIES AND WINNERS ON OUR WEBSITE AT WWW.BUSINESS-ARENA.RO.

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

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

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USINESS ARENA

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business & luxury BUSINESS ARENA AT A GLANCE Business Arena Magazine is a monthly English-language business magazine published

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

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.

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

This allows Business Arena to respond quickly and appropriately to clients’ needs.

BUSINESS Arena

ISSN 2069 - 1807 COSMIN STÂNGACIU, GENERAL MANAGER

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

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