Business Vision Autumn 2018 by Business Vision

.W O R L D Financing the Future Interconnected World

HIGH RISK Megaproject progress: Crossrail on the right track

Doing business in no-go zones

Do androids dream of electric planes?

Also in this issue... Record IMF loan to Argentina GBP 9.95 | EUR 14.95 | USD 15.95

Autumn 2018

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Workplace philosophy: health, rewards

and education to keep the troops happy

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Dyson's daring move

In the lead role: John Travolta, movie legend and aviation aficionado. Guest star: the legendary North American X-15 that has smashed all speed and altitude records and opened the gateway to space. Production: Breitling, the privileged partner of aviation thanks to its reliable, accurate and innovative instruments â&#x20AC;&#x201C; such as the famous Chronomat, the ultimate chronograph. Welcome to a world of legends, feats and performance.

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WELCOME TO MY WORLD

CHRONOMAT 44

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Letter from the editor AUTUMN, season of harvest, time to crack out your jeans and jackets from the back of the wardrobe, a moment to reflect on the year… and to prepare for winter. That's for us in the Northern Hemi, of course. BV readers and subscribers are pretty much evenly spread across the globe, so generalisation is impossible. To those south of the Equator, happy Spring. For all of us, 2018 grinds on — as does the mill — and seasons change. Change, that solitary constant, is also evident in some of the stories featured in this latest issue of the BV baby you cradle so lovingly in your hands. Change is usually incremental, slow, and hindered by habit, as well as by wisdom — received or perceived. The entrepreneurs close to the finger-nipping part of the cutting edge are quicker to respond to the cues and clues thrown-up by research, and the wisest of them will be digesting with interest our featured stories on workplace relations, employee satisfaction and equality. Treating staff right is no longer left-wing woowoo; it's now accepted as sound business practice, aka a no-brainer. Attracting and retaining quality staff is never easy, and salary packages and standard benefits go only so far. We may no longer be in the Me generation mindset, but we are moving out of the Us and Them office formula that has been the standard for so long. Feelings — emotions, general happiness, security and personal needs — are In. Old boys' clubs, performance targets beneath a Damocles sword of retrenchment and reviews, a disregard for the minions who don't have an office window (or even an office): Out. Old-school employers may wish to dust off and reconsider those memos from HR suggesting a more enlightened approach, especially after glancing at our features on staff benefits, employee satisfaction and gender equality. The jam of life is never evenly spread on our individual slices of toast. While employees in London or Lisbon may still manage to muster righteous indignation at some slight from middle management, or the persistent lack of decaf in the office kitchen, others are happy just to make it through the working day alive. As in not dead. Our

cover story on working in no-go zones and theatres of war brings tales of terror, trial and transformation from hot spots such as Pakistan, Iraq and — perhaps worse than either of the preceding — American inner-city schools. A quick BV shout-out here to the excellent HARO — Help A Reporter Out — online service which so often helps to put our reporting staff in touch with the right people. Bomb-blasts, bullets, the threat of kidnap, shady characters with hidden agenda: these things will help to concentrate the mind. They may also take the focus off the day's to-do list. Post-traumatic Stress Disorder trumps concerns about pensions and perks when the fan makes contact with the smelly stuff. The inspiring resilience and personal growth shown by our interviewees – bureaucrats and entrepreneurs who have faced situations normally reserved for trained military personnel — are the silver linings. Take heart, consolation and guidance from these stories from the world's war-torn regions — and apply the lessons contained in them when and where you can. They could save your business, and even your life. Happy reading.

HAL WILLIAMS Editor hw@bv.world

Business Vision Autumn 2018 Issue â&#x20AC;¢ www.bv.world

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Correspondence William Hill

Communication

Dear Editor, Hope you're having a great day. I would like to drop a quick message to say thank you for mentioning William Hill in one of your articles ( https:// bv.world/global-finance/asiapacific/2018/02/william-hillwrite-down-slashes-value-ofbookies-australian-operation/) I noticed that you hadn't included details of our brand and was wondering if you would be kind enough to include a link pointing to our website, so your visitors would see more information about your reference. The page is here - https:// www.williamhill.com/ Thanks again.

The features on happy workplaces that Business Vision seems to like so much are interesting to read, but I suspect that those gleaning the useful information are the workers, not the employers. Which is to say you are probably singing to the choir. In my call-centre job (obviously not a candidate for goahead staffing policies) we are all aware of the things that could make our lives easier, and our jobs more enjoyable. Some of us stick our heads over the trench wall and comment, or share links to articles such as the ones you publish. I have yet to have any positive comeback from anyone in management. Could you feature an article about office communication? Some tips on how to get the boss's ear, or a checklist of practical approaches that can actually change something not just make noise. This could help.

Lance Kevin O. Libot William Hill Manila, Philippines

Marion Fletcher London

Editor's reply: Thanks, Marion, and yes, leading horses to water is one thing, making them think is another. There are more features giving advice to those who tread the corridors of power in this Autumn issue, some of which will hopefully find their mark. We'll look into the communication tactics for an upcoming issue. Good luck! HW

Guatemala: Not just “drugs’n’guns” I must thank you for an article in a “first world” publication that shows Guatemala in such a positive light. Nos ve con buenos ojos, as we say here. For many people, my country's name conjures up images of crime, guns, and — in the US, especially — illegal immigrants. You have really looked into the situation on the ground. Yes, we have foreign trade. Yes, we have tourism and history. And yes, we are building a regional “single market” similar to the one you have in the EU. Ah, sorry, this is a UK publication, so maybe I should have chosen a different example… I hope my English is OK. I would like to thank Mark Wilson, my teacher of English, for helping me write this. Itzel Pomol Guatemala City

The editor replies: Thanks, Itzel (a lovely name – is that of Mayan origin?). Your comments are much appreciated. With regard to your mention of BV as a UK publication, yes, we are based in London, but we have offices in Spain – and we pride ourselves on being an international magazine. I hope you enjoy this Autumn issue. HW

Data Mining I thoroughly enjoyed your article on data mining and felt so overwhelmed by the scale of it that I almost cut up my store cards. Whilst I don't share the paranoia that many of my acquaintances seem to suffer from when thinking about this topic, it is alarming that every aspect of our activities as consumers is being gone through with a finetooth comb. One can only hope that those mining this data are of the usual incompetence and are indeed mining so much that they end up not being able to see the wood for the trees. Margaret Cavett Richard Thomas replies: Thanks Margaret. Some of the stories I found in my research would suggest that the mining is being carried out with extraordinary competence. One story of a father outraged by the pregnancy- and childbirth-related vouchers sent to his teenage daughter is a case in point. The supermarket algorithms knew a big piece of family news before he heard anything about it.

Editor Hal Williams Assistant Editor Janet Newbury Executive Editor Susan Shaw

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Pictures Editor and layout Richard Thomas

Contributors Jason Agnew Heather Leah Smith Charlie Fote Nicola Britovsek Iain Thomson Samuel Leach Nabil Abu El Ata

Business Vision

Distribution Manager Thomas Terrell Subscriptions Max Pragnell Commercial Director Graham Church Publisher David Eyres Business Vision The Lansdowne Building 2 Lansdowne Rd Croydon CR9 2ER United Kingdom Tel: +44 (0)203 745 7671 Fax: +44 (0)203 745 7674 Email: info@bv.world Web: www.bv.world Printed in the UK. All rights reserved.

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In this issue 16

16 | Megaproject: Crossrail

33 | Generational thinking

18 | Electric planes: taking off

34 | Working in Danger Zones

24 | New CDA programme

41 | Brexit: To TTP...?

26 | Canada's cannabis law-change

42 | IMF loan to Argentina

30 | Bahamian Rhapsody

34 14

14 14

61 | Employee health in focus

Contents

80 | Exports future post-Brexit 81 | It's war -- for talent

Business Vision Summer 2018 Issue â&#x20AC;˘ www.bv.world

79 | SMEs and financing

84 | Making sound policy

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Crossrail megaproject sees light at the end of the tunnel As Europe’s largest infrastructure project nears completion, JASON AGNEW gives BV readers a timely reminder of just how enormous an undertaking this has been SINCE it was given the green light in 2009, Crossrail — rapid-transit system — has cost €15.4bn. That's €600m over budget for a project that is 93 per cent complete and long overdue. The benefits, however, promise to be huge: it will give an extra 1.5 million people easy access to the capital's main employment centres — West End, City of London and Docklands — within 45 minutes. That will transform travel in London and the surrounding Home Counties. It may be normal for grandscale projects to exceed budgets, and Crossrail´s four percent

Many of the contracts benefitted British SMEs overspend compares favourably with the Channel Tunnel's 80 per cent blowout. On the positive side, it is estimated that the project will add €42 billion to the UK economy over the long term, support the delivery of 57,000

new homes in the south-east, and increase transport capacity in central London by 10 percent. More than 60 percent of contracts were awarded to SMEs, and tudies suggest that the project and its supply chain have created 55,000 full-time jobs — 96 per cent of which have gone to UK-based companies. To ease the concerns of those critics who claim London receives a disproportionate slice of the funding cake, three-fifths of those businesses are located outside the capital. One company creating jobs in the provinces is Bombardier Aventa, which won the tender Barry Caruth, via Flickr

The project necessitated the boring of 26 miles (41 kms) of 40-metre-deep tunnels

Spsmiler, via Wikimedia Commons

with its state-of-the-art Class 345 trains being built in Derby. The company will provide 65 trains — all 205 metres in length; the longest tube trains are 133 metres long — with nine air-conditioned cars able to accommodate 1,500 passengers (only 450 of them seated). Not just capacious, but swift: the 345 trains have a top speed of 90 mph (144 km/h). Of the €14.8bn original funding, Transport for London (TfL), through the Greater London Authority (GLA), provided €7.1 bn and the UK government €4.9 bn. The remainder came from project partners Canary Wharf Group, Heathrow Airport, the City of London Corporation and Berkeley Homes. On July 6, the Infrastructure and Projects Authority warned that the project faced cost and/ or schedule overruns unless certain “significant issues” were addressed. In its annual report for 2018, the IPA gave Crossrail an “amber” rating — meaning that “successful delivery

appears feasible but significant issues already exist, requiring management attention”. The Department of Transport, which had supplied the data for the report, considered this as normal given that the project is now over 90 percent complete and entering its final stages.

Cost pressures have increased “Cost and schedule pressures are increasing,” it noted. On July 23, rail Minister Jo Johnson (younger brother of erstwhile foreign secretary and Brexit advocate Boris) announced that an additional €600m would be required due to “cost pressures having increased across the project”. He also stressed that over 60% of the project's funding had been provided by Londoners and London businesses. A further delay to the planned

opening was announced by Crossrail on August 31. The CEO, Simon Wright, responding to questions put by the London Assembly, confirmed that these hold-ups began with the failure of an electrical transformer in November at Pudding Mill Lane. On October 26, as an interim measure, the UK government announced that £350 million of short-term repayable financing would be made available to the mayor for the year 2018/19 to “ensure that full momentum is maintained behind Crossrail”. Crossrail is a mega project covering 73 miles (118 kms) and serving 41 stations, 10 of which are new. This meant the boring of 26 miles of 40-metre-deep tunnels by eight specialised 1,000ton machines.Efforts have been made to minimise environmental damage. The excavated earth was used to create a wetland habitat for birds in Essex, and all stations and tunnels will have low-energy lighting. Crossrail has partnered with such design companies which employ green practices.

Business Vision Autumn 2018 Issue • www.bv.world

The state-of-the-art Class 345 trains are being built in Derby by Bombardier Aventa

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Electric passenger planes are (almost) ready to rule the sky Up, up and away: BV’s RICHARD THOMAS turns his attention to the future of flight TRAVELLING around Norway has always been challenging. Its coast is broken by fjords, its interior is mountainous, and its latitude means that, in winter, the weather certainly doesn't help. As a result, Norway has 44 airports — more than you would expect for a country of its size — in a web of linked routes. It is the largest producer of oil and gas in Western Europe, but Norway has more electric cars than any other country — and this gives a clue to its aspirations for domestic flight. Followers of aviation might think this is old news, that electric planes have been the next big thing for decades now. British budget

Media reports are rare, but these planes already exist flyer easyJet recently pushed back its forecast for electric passenger flight to 2030, but said it had renewed confidence in emerging technology, following a move by one of its partners to the next stage of engine development. The Norwegian aviation

authority, Avinor, earlier announced its more modest aim to have all domestic flights made on electric planes 10 years later, by 2040. “The Norwegian shortleg domestic network is ideal for trialling the first commercial electric-powered flights, which are expected to have a limited range and capacity,” said Avinor's CEO Dag Falk-Petersen. And Norway has the bit between its teeth. Another positive factor for the country's electric aspirations is the high level of renewable power generation there. An electric vehicle, whether a car, bike or plane, is only as green as the electricity used to charge it. And

Avinor

The Pipistrel Alpha Electro purchased by the Norwegian authorities

Bye Aerospace

98 percent of Norway's electricity comes from hydropower. They may have slipped under the radar for many people, and media reports are rare, but electric planes already exist. They are mostly twoseater trainers or technology demonstrators, but the technology is out there. For demonstration purposes, Avinor purchased a two-seat electric plane, an Alpha Electro, from Slovenian manufacturer Pipistrel. On its arrival, Falk-Petersen, a certified pilot, invited the Norwegian Minister for Transport and Communications to join him for the inaugural flight. An Alpha Electro was also bought by a company in Perth, Western Australia. The company operates and sells electric aircraft, designs and builds electric powerplants, works with the regulators to develop new rules, and co-operates with other companies “pushing the envelope to revolutionise an industry”. But Pipistrel doesn't make passenger planes, and some are

pilot-only, basically motorised gliders. We will need to look further afield for the aircraft that will take over the domestic routes in Norway. Look, up there in the sky: it's the Sun Flyer 2 from Bye Aerospace. This will be an FAAcertified two-seater general aviation trainer, falling into a different category from the Pipistrel Alpha Electro. The Sun Flyer is currently undergoing FAA certification, and the design has been scaled-up to produce a four-seat version. Bye also has a research aircraft with batteries that are recharged during flight by solar panels on the wings. George Bye, CEO and founder of Bye Aerospace, told BV that flight-training is an ideal initial application for electric craft. The Sun Flyer is capable of more than three hours of flight, more than is required for a one-hour training sortie. Apart from the environmental benefits, flying an electric aircraft is cheaper. In the US, where Bye Aerospace operates, the cost of

electric flight is $3 per hour; the fuel for a conventional aircraft of the equivalent size costs at least $50 per hour. The outcome of the FAA certification is expected within two years, and Bye Aerospace expects to be in production, selling aircraft in the US, Europe and further afield soon after. The main limitation to electric flight has always been the weight of the batteries required to power the motor. The power-to-weight ratio is measured in terms of energy density. “Over the last 10 years, kind of like Moore's law for computers, battery energy density has improved three-fold,” said George Bye. Readers of the Winter 2017 - 18 issue of BV may remember an article on the Airbus E-Fan X, a joint development project between Airbus, Siemens and Rolls-Royce. This hybrid technology testbed is based on a Bae 146, and it is expected to fly by 2020. One of the four jet engines will initially be replaced by an electric engine, and the

Business Vision Autumn 2018 Issue • www.bv.world

The Sun Flyer 2 from Bye Aerospace

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batteries powering this will be charged by generators attached to the conventional engines. As this is a testbed the remaining three engines will be conventionally powered. EasyJet has even bigger plans, despite its recent change of ETA for the big electric baby. The company is in partnership with US firm Wright Electric and is aiming for a “proper” commercial passenger plane, carrying 180 passengers more than 300 miles in less than two hours. It could carry around 20 percent of easyJet's customers to their destinations, with its autonomy sufficient for easyJet's routes from London to Edinburgh, Paris or Amsterdam. The Wright roadmap projects a 10-seater, followed by a 120-seater, with the scaling-up relying on the evolution of lighter batteries. BV approached easyJet and Wright Electric, but neither responded to requests for comment. In the US, a testbed aircraft similar to the E-Fan X is being developed by Zunum Aero, a Washington state-based plane manufacturer backed by Boeing and the venture capital investment subsidiary of budget airline JetBlue. Zunum plans to fly its testbed in 2019, a prototype six- to 12-seat aircraft in 2020, and a 19-seater — with a range of 700 nautical miles — expected in the early 2020s. As we approach the end of 2018, the companies mentioned in this article are working to achieve their goals. Several of them are likely to join Bye Aerospace with flying prototypes within the next two years, with aircraft entering service around 2025. As George Bye said when talking to BV: “Aerospace development timelines can stretch many years, and for those of us that are in the industry, we have an appreciation for the amount of effort it takes to bring something to market.” Right now, everything is up in the air — figuratively, at least. But the aviation world would seem to be on the cusp of something amazing.

AIR-TAXI SERVICE IS ONE OF THE OPTIONS FOR SUN FLYER BYE AEROSPACE is in discussions with charter services about using its Sun Flyer 4 aircraft to provide an on-demand air-taxi service. “Given the level of interest in more efficient and more affordable short-range air taxi service, we are being contacted by proactive, forward-thinking companies,” said CEO George Bye. “They understand the low-cost operating benefits and market potential of using four-seat electric aircraft for a comfortable, shorterhaul, on-demand air transportation service. “These short-haul routes include connections out of key business centers like the Los Angeles Basin, San Francisco, Atlanta, DallasFort Worth, and Miami-Fort Lauderdale.” The relatively high-speed four-seater IFR-capable Sun Flyer 4 is planned to follow the FAA certification of the two-seater Sun Flyer 2. Features of the 165-knot cruise speed Sun Flyer 4 include a comfortable 46-inch cabin width and a remarkable 850 lbs (386kg) payload – with a full airframe ballistic recovery parachute for safety. The payload capability, coupled with projected flight speed, is key to on-demand air services. The range is shorter than that of conventional aircraft, but it is still practical. The Sun Flyers feature surprising speed and altitude performance with low operating costs, low aircraft unit costs, low noise and the effective elimination of exhaust pollutants. Electric energy, fuel for a Sun Flyer, is way cheaper than the per-hour operations cost for piston-engine leaded avgas. A Sun Flyer 2 prototype completed its first flight at Centennial Airport, south of Denver, in April. A partnership with Siemens to collaborate on the electric propulsion system for Sun Flyer 2 was announced in May. “Current research confirms that we are on the leading-edge of a revolutionary transition to electric aviation,” Bye said. “The momentum is growing at an extraordinary pace.” Despite the exciting progress, Bye Aerospace maintains safety as its top priority across all of its programs. “We are adhering to the discipline, focus and maturity required to successfully implement such a sweeping transformation,” said Bye.

Bye Aerospace

The Bye Aerospace Sun Flyer 4

SBM Holdings Ltd is a financial investment holding company listed on the Stock Exchange of Mauritius. With a market capitalisation of around MUR 24 billion and total assets of MUR 202 billion as at March 2018, SBM Holdings is the third largest listing in Mauritius. SBM Bank (Mauritius) Ltd, a strong pillar of SBM Group, has a Moody’s Ratings of Baa3/Prime-3 and is ranked among the top 1,000 banks in the world by The Banker. The Group is present in Mauritius, Kenya, India and Madagascar. SBM Group is a one-stop-shop provider of banking, non-banking financial services and non-financial investments. SBM is embracing digital banking, making its services accessible anytime, anywhere. – Personal – SME – Corporate – Global Business & International – High Net Worth Individuals – Deposit – Financing – Payments – Investment – Wealth

Business Vision Autumn 2018 Issue • www.bv.world

Expansion in Africa

T: (230) 202 1111 E: sbm@sbmgroup.mu | www.sbmgroup.mu 21

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Janel Laravie Moving, shaking and treating her staff right

PEOPLE

THIS isn't a story of overnight success, but Janel Laravie has been enjoying a meteoric rise in industry recognition and company growth. Drawing upon more than 15 years of experience in marketing and business management, Laravie created a digital media agency, Chacka Marketing, to put her expertise to work for advertisers. The agency offers consulting services and specialises in social advertising and paid search-engine marketing. The agency is focused on growth, and only partners with likeminded, goal-oriented clients, representing such high-profile brands as Barnes & Noble and Shutterfly. Chacka uses a collaborative approach and the volume of business generated by its online advertising has led Google to name it a Premier Agency Partner. At Chacka, the team monitors the digital media landscape and pairs the “best technology with the brightest people” to keep company and clients ahead of the curve. According to Laravie, it's all about getting the right message in front of the right person at the right moment. Chacka ranks number 367 on the Inc. 5000 list, climbing 1,152 spots since last year. The company has experienced extraordinary growth, improving revenue 382 percent year-over-year and increasing staff by 80 percent since last year. Chacka is expecting to further increase its workforce by an additional 20 percent, primarily filling experienced leadership positions. Such rapid growth has necessitated new corporate digs to accommodate the expanding business. Take a look at the new Tampa headquarters, and it's easy to understand why Chacka and Laravie as CEO enjoy a 100 percent approval rating on Glassdoor company reviews. The new offices are bigger and feature stand-up desks, with cosy salon-styled spaces for meetings. Chacka made Ad Age's Best Places to Work list for its employee retention. It offers its team an aggressive revenue-sharing programme and an enviable work-life balance. All full-time employees have company-provided insurance and full access to the corporate Uber account, even for personal use. There is even an on-site yoga instructor to lead weekly group sessions. Laravie believes in “work hard, play hard”, and strives to make the company a fun place to work. Kick-off events mark the beginning of each year and huge themed parties celebrate the close of each year.

Jamie Smith Blockchain evangelist imagines a new world

PEOPLE

‘Imagine a world where people can send money as easily as we send emails'

THE 2015 Medium article that includes this quote is an indication of Jamie Smith's enthusiasm for blockchain — the secure distributed database technology that underlies cryptocurrency major players such as Bitcoin, Litecoin and Ethereum. The former White House Deputy Press Secretary has held senior communications positions in organisations such as the BitFury Group and, more recently, The Linux Foundation. BitFury Group, a blockchain transaction processor, said on appointing Smith as global chief of communications that it looked forward “to telling the BitFury blockchain story to the world”. At this year's World Economic Forum in Davos, Smith played a major role in promoting blockchain technology. Her biography on the WEF website says she leads global initiatives “designed to fundamentally change the way the global community does business, transfers value, and opens up new doors to prosperity”. Smith says that many people have a poor understanding of blockchain. Smith's initial concept of blockchain was that it was synonymous with Bitcoin, and in those early days Bitcoin was, for many, synonymous with crime. Further investigation brought home to her the true potential of the technology as an enabler of secure financial transactions – not just between major financial institutions, but between individuals. Smith compares the evolution of blockchain to the evolution of the internet. Expressed in those terms, we are currently at around 1994. Early adopters have moved fast, as they tend to, and the general public has started to understand it, but mass acceptance and use is still years away, she believes. In Davos, Smith said: “Regulators and investors are just beginning to understand what cryptocurrency is.” She is a believer in smart regulation, “but you can't have smart regulation until you're smart”. Smith has nearly two decades of communications experience and her previous posts include policy aide to Congresswoman Nita M Lowey and communications director for former Secretary of State Madeleine Albright. She was traveling press director for Hillary Clinton. Her mission is to make everyone smart. Quick-smart.

Business Vision Autumn 2018 Issue • www.bv.world

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Putting pedal to metal with bold new CDA programme

“IT WILL have the impact of the Internet to date — times five, or ten.” A bold prognosis from Cisco executive chairman John Chambers, referring to the company's Country Digitisation Acceleration (CDA) programme. Cisco estimates that up to 500 billion devices will be connected to the Internet within 15 years. The CDA programme helps lead countries into that digital future, establishing long-term partnerships in which Cisco, governments and industry leaders collaborate to prepare the country's workforce, lay down a sustainable path towards Smart Cities, and provide the security solutions to protect it all. “Country leaders get it,” says Chambers. “They understand how technology will determine their economic futures.” Cisco instils network intelligence throughout the system, and provides solutions in cloud and collaboration technologies, infrastructure, IoT (Internet of Things), and security. Cisco combines these strengths to help countries achieve the desired

outcomes — whether that is job creation, economic growth, or improving education, healthcare, and transport systems. “The countries around the world all realise that having a digital strategy is part of their economic stability,” said Guy Diedrich, Cisco CDA global innovation officer. “Making a commitment to going digital is a huge step forward for these countries. We help them prioritise. Is it healthcare that's really going to move the needle for that country? Is it transport? Is it education? Is it building up smart and connected cities?” DIGITAL DELIVERS Diedrich says that digital delivers on three fronts: GDP growth, job creation, and a sustainable ecosystem. It's an opportunity to connect the unconnected. Going digital requires a laborious evaluation before an executable plan emerges. The task becomes more complex when planning for the digitisation of an entire nation. Cisco manages to complete the whole process — from analysis to application — in under 120 days. During that

time, Cisco executives meet with country leaders to determine the key objectives of the digitisation agenda. The goals are detailed in CDA programme architecture and broken down into three project-focused horizons. An execution strategy is developed, a Memorandum of Understanding (MoU) is drafted and signed, and the digitisation of the country begins. Cisco uses one country's success story as an example to help others. In Portugal, the CDA programme focuses on supporting entrepreneurship and business innovation, with a specific interest in start-ups. The collaboration will continue the work begun in the Start-up Portugal programme, and provide local start-ups with access to Cisco's European Venture Capital initiative and Incubation programmes. These programmes are designed to help Portuguese start-ups accelerate their business and expand internationally. Cisco sees education as the foundation for future growth, and will use its patented Networking Academy (NetAcad) programme

CyberRange lab in Gurgaon, a powerful cybersecurity centre that can connect with multiple security operation centres around the world. The India CDA has brought to life urban centres with smart infrastructure, featuring wi-fi and digitised waste management, transportation, and parking. The CDA programmes promise to transform cities around the world at the national,

commercial, and personal level. It's a three-year programme that supports digitisation through investment and collaboration. It will fortify a country's education and healthcare systems, cause a boom in job creation, and boost its overall GDP. According to Chambers, “It will determine which countries will grow and prosper, and which will fall behind.”

Business Vision Autumn 2018 Issue • www.bv.world

to train Portuguese citizens in digital skills, next-generation networks, and cybersecurity. It's also partnered with the country's Ministry of Education to evaluate the possible use of NetAcad content in secondary schools and other educational organisations. Portugal's NetAcad annual student attendance sits around 3,000, but is expected to increase to 7,000 by 2020. Cisco will also be working with the ministry to design smart schools and campuses that digitally optimise study environments. “By accelerating the national digitisation agenda, Portugal can increase GDP growth, create jobs, and improve digital inclusion for our people and businesses,” said Portuguese Prime Minister António Costa. “We strongly welcome Cisco's contribution to create a sustainable innovation ecosystem that will enable our country to better compete in the global digital economy.” CDA programmes are in full swing across the globe. In Israel, Cisco is launching a network of tech hubs to digitise the country's peripheral communities and connect them with Tel Aviv, the country's commercial, economic and technological hub. In the Kingdom of Saudi Arabia, the twoyear CDA partnership has resulted in a country-wide virtual classroom system, tele-medicine solutions for remote hospitals, and broadband and city wi-fi advancements. Cisco is launching a Smart City initiative with the Riyadh Municipality to set up a smart ecosystem to address challenges like traffic congestion. In Italy, Cisco has partnered with TIM, the country's leading service provider, to create nextgeneration solutions and services in cybersecurity, IoT, Industry 4.0, Smart Cities, and 5G. The CDA programme in India started three years ago and has completed over 45 projects since then. Some achievements there include the Digital Experience Centre in Mumbai, which provides an immersive experience in financial technologies, and the

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Financial giants ready to roll as Canadian law change puts investors in hopeful mood Bank of America, Merrill Lynch and Goldman Sachs are some of the big names getting involved as Canada introduces its new Cannabis Act, legalising recreational use MARIJUANA stocks rallied recently with the announcement of the largest investment to date in the legal cannabis industry â&#x20AC;&#x201D; four billion Canadian dollars. Beer-and-wine giant Constellation Brands will boost its stake in the cannabis company Canopy Growth Corporation by C$4bn, a 38 percent increase structured in a way that could make Constellation a takeover candidate. But the deal is a milestone in the nascent industry for more

The deal is a milestone in the nascent industry reasons than dollar figures alone. With the Bank of America and Goldman Sachs â&#x20AC;&#x201D; which helped Constellation with the deal â&#x20AC;&#x201D;

nailing their colours to the mast, and Merrill Lynch providing financing for the transaction, there could be a thaw in attitudes from other major US banks, where federal prohibition has so far restricted banking access. Medicinal cannabis has been a flourishing market in Canada for over a decade, but the country recently became the first of the Group of Seven (G7) to nationally legalise recreational use. Canada has one of the highest rates of cannabis use in the

Investors and businesses were able to enter the cannabis market even before legalisation

world, and an estimated C$5.7bn ($4.6bn; £3.5bn) was spent in 2017 on combined medical and recreational use about C$1,200 per user. The bulk of that expenditure was on black market pot, but the new law, labelled C-45, allows adults to carry — and share — up to 30 grams of cannabis in public. It also provides for citizens to cultivate up to four plants in their households (although some provinces have limited the right to private cultivation). The G7 countries — Canada, France, Germany, Italy, Japan, the UK, and the US — represent more than 60 percent of global net wealth — and investors are keen to get in on the action. The Canadian government is responsible for production regulation and for decriminalising use and possession, but under the country's constitution, retail, distribution and wholesaling has to be regulated by the provinces. There is still some uncertainty about the legislative landscape, as policies are not all set in stone and regulations are expected to be

adjusted as legalization unfolds. But investors and businesses were able to enter the cannabis market even before legalisation. Health Canada had defined the criteria to obtain licenses for cultivation, transformation and sale of medicinal cannabis.

Investors are keen to get in on the action Entering this new market under new regulations requires a cultivation, transformation or sale licence from Health Canada, including formalities and approvals from local municipalities and other stakeholders. It often takes more than a year for a business to prepare a case, obtain the required licences and build appropriate facilities. Canadian businesses and investors have been waiting in the wings to ensure they are the first to market.

Saraïlis Law Firm is one of the first in Canada to navigate the new legislation and help businesses enter the market. It understands the intricacies of the legalisation, and the challenges faced by businesses and investors. It estimates that the base annual retail market in Canada ranges from C$6bn to more than C$12bn, justified by a stable customer base coming from the previously illegal market and the formerly legalised medicinal market. With the projects set forth in the industry, the legal supply of recreational cannabis is expected to struggle to meet demand in the early stages of legalisation. With its law-change, Canada follows Uruguay, the first country in the world to legalise the sale of cannabis for recreational use in 2013. Medical marijuana is also gaining acceptance in many European countries, and Portugal and the Netherlands have decriminalised cannabis use. South Africa legalised the use of cannabis by adults in

Business Vision Autumn 2018 Issue • www.bv.world

Medicinal cannabis has been a flourishing market in Canada for over a decade

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September, although the sale of the drug is still a crime. Zimbabwe and Lesotho have legalised marijuana for medical use. Eight US states — Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon and Washington — have legalised marijuana for recreational and medicinal purposes. There are few players in the market to satisfy demand for marijuana, meaning that market shares are up for grabs. Legalisation in Canada constitutes an opportunity for businesses and investors worldwide, says Saraïlis Law Firm. Businesses are working on a range of new products, including smoking accessories, vaporisers, oils and infused food and drinks, as well as topical delivery methods. Still other organisations and operations are developing innovative growing equipment. Financing is a delicate matter. Even small-scale projects require funding that can easily reach C$5m, and the requirements of bigger operations can easily

Market shares are up for grabs double that figure. The new industry has yet to prove its profitability, and is still dependent on how regulations are adjusted. As it is still illegal to cultivate cannabis in the US at Federal level, Canadian banks have been worried that they could lose their commercial rights in the United States if they participate. Public capital is another option available to cannabis businesses, by way of public offering or reverse takeover. A few have resorted to this tactic, among them Canopy Growth Corporation, Aurora Cannabis and Aphria. There has been a market tendency for bigger players to acquire others in order to dominate the nascent market. Aurora Cannabis acquired MedReleaf Corp for C$2.9bn

in May, making it the biggest transaction in the Canadian cannabis industry at the time (before full legalisation). Maïtri Group, a supplier of cannabisrelated products, who was bought by Hiku Brands Company, and Hiku was later bought-out by Canopy Growth Corp. Investors and businesses keen to take part in the market must consider that many cannabis businesses are looking for financing, and businesses that transform cannabis and create derivates are looking for cannabis imports to satisfy demand. The best opportunities are among the small-scale players, from those producing small quantities of quality products to those providing different products and services to cannabis producers As the first country in the G7 to legalise recreational cannabis, Canada is home to new technologies and cultivation expertise that could give it an edge should cannabis be legalised in other countries and jurisdictions.

Canada is home to new technologies and cultivation expertise that could give it an edge

COCA-COLA is considering putting a drug-related substance into one of its beverages – and not for the first time. Coke became one of the world's best-selling drinks back in the 1886, when the “coke” in the cola was cocaine. The energising additive was discontinued in favour of caffeine in the early 1900s, as consumers and governing bodies became aware of cocaine's potentially addictive properties. Now the multinational company is looking at a cannabis-infused drink, as legalisation of the plant sweeps America. But the drink would not be mind-altering: the additive in question is the nonpsychoactive component cannabidiol, or CBD, rather than THC, which causes the marijuana “high”. CBD is reputed to ease inflammation, pain and cramps, and is said to help with sleep problems and anxiety. It could have helped the party concerned deal with the pain and anxiety which must have come from a linguistic blunder on Coca-Cola's part in New Zealand. The company attempted to combine te reo Māori and English languages with disastrous results: a vending machine was proudly emblazoned with the words “Kia ora, Mate”, which translates into te reo as “Hello, Death”. Oops. The drinks giant is said to be in talks with Canadian CBD producer Aurora Cannabis with a

view to a product which would be marketed as a recovery drink, rather than a soft drink. “We are closely watching the growth of nonpsychoactive cannabidiol as an ingredient in functional wellness beverages around the world,” Coca-Cola said in a statement. Canada has been monitoring the progress of the nine US states that have legalised cannabis for recreational use, and the 30 states which approve medicinal use. A burgeoning cannabis-growing industry is attracting national and international interest from experts in the fields of agriculture and alternative medicine. Aurora has said it intends to enter the alternative medicine market, but has issued no statement about the possible deal with Coca-Cola.

Business Vision Autumn 2018 Issue • www.bv.world

HIGH HOPES FOR COCA-COLA ‘RECOVERY DRINK' WITH CBD

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An island paradise for divers — and investors Time to dive in? Holdun Family Office leads the way with tried-and-tested principles for its client list AH, THE Bahamas. A sun-blessed coral archipelago of 700 islands, just the place for sun-worshippers, sports anglers and holidaymakers. With coral gardens and the famed Andros Barrier Reef for divers, the region is full of undersea wonders. But not all the action is seabased – it's also a perfect setting for a generational company of family-wealth custodians, such as the Holdun Family Office, based in the capital of Nassau, on the island of New Providence. After tourism, banking and offshore international financial services are the next most

Financial crises barely register in the sunny Bahamas important economic sectors for the lovely and lively centres in the Lucayan Archipelago (the name of the island grouping surrounding the country). The finance sector accounts for 15 percent of GDP, with

government incentives to encourage foreign investment, and the resilience of the banking system – mostly Canadian banks – means financial crises that send shivers through Wall Street or the City barely register in the sunny Bahamas. All the above factors make life and conditions more-or-less perfect for the Holdun Family Office, which has been – for five generations – playing a cautious, unhurried, unflustered part in growing and managing family wealth. The company keeps its focus on the long game in order to

Photo: Riccardo Cellere

Pictured from left: Yarith Chhiv (CIO), Brendan Holt Dunn (CEO), Filomena Rienzo (CMO), Maggie Dunphy (CFO) and Stuart Dunn (chairman and co-founder).

Photo: Ben Jamieson

create lasting legacies for its clients. At Holdun, wealth management is a family affair – and that doesn't only reflect the generational continuity of the company. The founding partners were the firm's first clients, proving by their actions that they have the business acumen to manage and grow family fortunes. The proof of any financial institution is its track record, and the esteem in which it is held by its clients. Another score for Holdun, whose profile has been constantly elevated through word-of-mouth recommendations. It now serves more than 15 families. Holdun prides itself on treating clients as the Holdun members would like to be treated themselves. “We really focus on trying to treat all our clients as family,” says CEO Brendan Dunn. “Most of our clients are close personal friends, and we spend time with them outside of work.

We have social dinners, we play sports, and hang out as friends.” And when it comes to forethought and risk, Holdun has skin in the game.

‘We really focus on trying to treat all our clients as family’ Holdun Family Office takes on the same risks and rewards as those of its clients; it invests alongside them. Dunn says his greatest mentor and inspiration is his father, Stuart (Brendan's predecessor, and the fourth family CEO, who is based in Montreal and now supervises the company's operations in Canada).

“We use the experiences our family has gone through over the generations and pass that knowledge on to our clients,” Brendan Dunn says. Holdun values restraint in its management of generational wealth, and Dunn stresses that caution and patience in times of uncertainty is key to long-term success. Taking decisive action at an inopportune moment can be counterproductive, Dunn is quick to warn. Brendan Dunn, 38, is well qualified for his role at the helm; he holds a Bachelor of Administrative and Commercial Studies, with a focus on finance, from the University of Western Ontario in Canada. He is also a Chartered Portfolio Manager (CPM), a Chartered Wealth Manager (CWM), a Certified Private Equity Specialist (CPES) and a Canadian Investment Manager (CIM). * Not present in photo: Peter Holt Dunn (director) and Germaine Bullard (assistant vice-president)

Business Vision Autumn 2018 Issue • www.bv.world

Brendan Dunn says his greatest mentor is his father, Stuart

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Maintaining a legacy through the generations: it's natural Q and A with Holdun Family Office CEO Brendan Dunn Photo: Riccardo Cellere

Brendan Dunn, CEO Holdun Family Office harder to ensure positive outcomes for your clients in a volatile market? We focus on diversification across a variety of assets, and put focus on uncorrelation (or low correlation) between those assets. Gone are the days where a balanced equity/fixed income portfolio is the most efficient or optimal portfolio for a client. With increased volatility in the markets, we need to look for alternative assets that can help diversify a client's portfolio, lower the correlation, and therefore the volatility. Is taking the “long view” always the secret to success, or can short-term moves prove worthwhile for your clients? The long term is always our focus, but if a short-term opportunity presents itself, we will always look at it. Our main focus is long term, but we will always

be opportunistic and look at new ideas, and opportunities, as they come. Your vision for the next 10 years? To continue to grow the business, while keeping the client focus as our number one priority — always treating them like family, and making sure we continue to provide them with the highest levels of service, support and professionalism. How does technology assist you in your work? Technology is a central part of any business nowadays, and we are currently incorporating artificial intelligence into our operations to make them more efficient. Is the company's generational legacy likely to continue? Is the sixth Holdun generation waiting in the wings? Hopefully so!

Business Vision Autumn 2018 Issue • www.bv.world

FIVE generations: does that put a lot of weight on your shoulders, as current CEO? Holdun has a strong legacy to maintain, but that motivates me more than it distracts me. We are a fifth-generation Family Office, and I'm proud of what our family has done over the past four. I am keen to continue that success for generations to come. How does Holdun ensure that “family” is more than just a catchphrase in a company title? We really focus on trying to treat all our clients as family. Most of our clients are close personal friends, and we spend time with them outside of work. We have social dinners, we play sports, and hang out as friends. Treat everyone the way you expect to be treated. It really is our core belief. Could you give us an example (or brief breakdown) of how generational expertise gives Holdun an edge? I work very closely with my father, Stuart, and he is my biggest coach and mentor. We use the experiences our family has gone through over the generations and pass that knowledge on to our clients. I believe that having input from two Holt Dunn generations, my father and myself, is very valuable, and a great asset to our clients. We have gone through most of the issues our clients currently face, and we are an open book — sharing our history with them in the hope that it will benefit them and their families. We try to help our clients learn from our experiences. What is your vision of the world today? Is it becoming

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In danger zones, staying alive is the day-to-day job Where there’s risk, there’s reward… but a volatile stock doesn’t compare with a gun in the face or a kidnap threat. HAL WILLIAMS reports on life-threatening situations abroad — and how to prepare for them... IN THE words of the notorious Gonzo author Hunter S Thompson, “It is one thing to get punched in the nose, and quite another to have your eyeball sprung or your teeth shattered with a wrench.” Thompson was referring to the perils of tangling with the Hells Angels motorcycle club, but the central truth of his statement holds true: we are not, in general, equipped to deal with sudden and extreme violence. Nor do we always know how to deal with real, or perceived, threat. It is difficult for most of us to imagine the challenges of getting on with

business — and the business of life — while living in fear of uprisings, muggings, mob violence, coup attempts or bomb blasts. But for many — entrepreneurs, envoys, government employees, engineers, financiers and even teachers — the harsh realities of the world's darker corners can sometimes be difficult to avoid. Some are not “parachuted” into potentially tense situations by way of a transfer by head office; they are simply born into it. These hardy souls must make good to put food on the family table, and sometimes also fight, hide, or continually adjust their routines

to stay alive. “In 2007, I dropped out of college and jumped into entrepreneurship,” writes Syed Farhan Raza, of Peshawar. “I was selling ‘golden' phone numbers — that's a desirable, rare or unique phone number. I would buy them from local telecom companies and sell them with a margin. I didn't know much about sales and marketing. In fact, I didn't know a thing about how business works. All I knew was I had access to something which was in the demand ... “There were no smartphones on the market. I had a Nokia 1100. I would manually send 3000+ SMS

Even the roughest Western ghetto couldn’t prepare you for the World’s real no-go zones

messages each day to random numbers and pitch them what I had in stock. Weekends? What's that? Two things were keeping me going: sales and the chance to speak with a lot of people. I was a kid. I didn't even know what spamming was.” It was a tough life, but it was about to get tougher. Raza's naive foray into the world of business would have been challenging anywhere; but he was living in one of the most volatile regions of Pakistan. In 2009, Peshawar was hit with a series of terror attacks – and Raza's 16-year-old brother, Haseeb, was killed in a bomb blast while coming home from school. “I was at home (when) the attack happened,” Raza recalls. “My father and I rushed down right after the blast and witnessed security forces and terrorists exchanging fire.” Every aspect of Raza's life had suddenly changed. “This jolted my family and affected us a lot,” he recalls. “The telecom industry was going down after hitting a peak. The government policies for the industry were changing.

My business and personal life were affected … It was high time to switch. I shut down my business in 2010. I had no revenue stream and I had to start from scratch.

‘I rushed down right after the blast and witnessed security forces and terrorists exchanging fire’ Thank God, I started an online business which saved my career.” No hostile environment training course was available to Raza and his family. “My family and I considered taking one, but we didn't have an option in the city.”

And while those born in conflict zones will develop defences or die trying, newcomers to hostile environments must awaken latent and innate powers of observation, develop self-confidence, and avoid “becoming a victim”. They must develop a willingness to engage with challenging situations. Fast. These are useful skills in any environment — even in London. Perhaps especially in London… But many BV readers and subscribers have found success, and challenge, in exotic environments. And “exotic”, in this instance, does not necessarily mean palm-fringed beaches or vibrant and colourful cultures. Go by the dictionary definition: “originating in, or characteristic of, a distant foreign country”. Distant foreign countries have different legislation on firearms, different perspectives on what constitutes assault, different standards of public safety. To help Mr and Ms Average cope in Beirut or Bogota, professional help is needed. As in, ex-military, hard-earned knowledge; the stuff that doesn't grow on the branches

Business Vision Autumn 2018 Issue • www.bv.world

Your money or your life: some unfortunate souls haven’t had that option

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Kidnap and armed robbery are always a concern for those working in hostile environments

of the tree you may find yourself about to be lynched on. Standing tall, buff, and eminently competent is Britainbased Expert Leadership Training (ELT, for the purposes of this feature). Established in 2010, with training locations in South Yorkshire and Derbyshire, the organisation trains individuals from universities, corporations, councils, manufacturers and retailers to face — and deal with — the Worst Possible Outcome of dodgy situations. Expert Leadership runs a HETAP (Hostile Environment Training and Preparation) course to cover most of the situations most people don't like to even think about. “Our instructors are ex-military who have served more than 20 years in the British Army,” says director Andy Wyatt. “They have led and trained teams in many situations. They are able to pass on their knowledge, and have a vast amount of leadership, management and instructional skills.” If a worker is seconded to (say)

Chad or Somalia to carry out a brief for a business enterprise, some basic training is needed. ELT takes those basics and expands on them, cultivating a person's natural abilities to cope with potential risks he or she may face. “All of our leadership training is hands-on and scenario-based, reflecting our conviction that true leadership and management cannot be taught in a classroom but has to be experienced and practised,” says Wyatt. “We always ensure our clients receive applicable training within their budget. Every course we provide is designed in consultation and partnership with the client, reflecting their identified training needs. This ensures the correct training at the right level.” Areas covered by Wyatt's team of ex-squaddies are Security Planning, Situational Awareness, Conflict Assessment and Mitigation, In-Country Security Providers, Threat, Risk and Vulnerability Management, Navigation, Kidnap and Ransom and Vehicle Security, Improvised

Explosive Devices and Emergency First Aid. American Armand V. Cucciniello III, 38, has seen more than his fair share of turmoil and terror. “In 2006 I was 26, adventurous, and worked as an analyst for the US military in Baghdad,” he says. “At that time, we were based out of one of Saddam Hussein's former palaces, located inside the Green Zone. “The Green Zone was consistently (and irritatingly) referred to in the press as being ‘heavily fortified', but kidnappings were not unheard-of, and rocket and mortar attacks were all-toofrequent during the time I lived there.” What was supposed to be a sixmonth stint in Iraq turned into a four-year stay for Cucciniello. It was “professionally rewarding and beyond remarkable”, he says. “I had a front-row seat to history-inthe-making.” After a few months working for MNF-I (Multi-National Forces Iraq), he became a diplomat with the US Department of State and worked as a press officer and

While Islamabad was nothing like Iraq, the possibilities of being kidnapped, held for ransom or caught-up in a terrorist attack were as real as the quaint streets and markets that still existed in the city. Cucciniello was there

‘Our children are being put into levels of hell that few adults could survive’ during some notorious incidents — including the infamous 2011 raid in Abbottabad to kill Osama bin Laden, and others known only to government insiders and Pakistanis, which “were equally as dangerous and ... downright disturbing”. On a personal level,

Cucciniello says he never felt safe. “I have had my fair share of runins with young men of whom I was highly suspicious, especially in Iraq, and some in Pakistan. The truth is, in these places, you just never know for sure who is what until it is possibly too late.” How did he cope? “I didn't. I adjusted. I acknowledged what I could control; and accepted the things that I couldn't. I knew that adaptation — adjusting to what were high-stress, constantly changing circumstances and security postures — was key. Our brains, every single waking second, had to be ‘on'.” In Iraq, this became compounded with every rocket and mortar attack he and his colleagues survived. Amazingly, Cucciniello — now a public relations executive and senior adviser for the United Nations Command (UNC) and US Forces Korea (USFK) command in South Korea, supporting the US military mission there — thrived, and even enjoyed it. “I always loved my work and

Business Vision Autumn 2018 Issue • www.bv.world

spokesperson at the US embassy, also housed at the time in the Republican Palace. Cucciniello went “wheels-up” and left Iraq on September 11, 2010, planning to take some time off to recuperate from what he says felt like “10 years off of my life”. Working in a war zone had come at a price. “I was in Iraq before the troop surge, during the surge, and during the negotiations to keep US forces stationed in Iraq via a Status of Forces Agreement (which never came to fruition, due to an impasse between the Obama Administration and the government of Iraq.) “I had escaped multiple rocket and mortar attacks, had seen several colleagues die, and a friend of mine was killed in an ambush – something I don't believe I have fully processed, and never talk about.” Cucciniello was diagnosed with PTSD while still in Baghdad. And yet, by October 2010, he was in Pakistan, managing a programme for the Department of Defence at the embassy in Islamabad. He stayed for five years.

Andy Wyatt and some members of his training team; all are ex-British Army

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Violent situations can be harrowing, and post-traumatic stress disorder affects civilians and soldiers

still do. Taking the bad along with the good is not easy — but I suppose I now do it by instinct.” The official training consisted of basic and brief US government courses for non-military personnel. “Civilians were not combat-ready when we deployed overseas. You just go. And you either sink, swim, or don't come back at all. Many (civilians) were in as much danger as some of those in uniform.” Wyatt's Expert Leadership, safely ensconced in the Derbyshire countryside (with bases around the UK), may seem too far from the “front” to provide serious guidance. But its practical courses, run by ex-soldiers and designed for teams of one to 10 people, aim to instil practical, real-life skills in participants. “We use classroom and outside areas to enable them to learn the skills,” he told BV, “and then practise them. Our training takes individuals out of their comfort zone and places them in challenging scenarios. With limited time and resources,

they are required to achieve set objectives.” Wheels-up, BV readers, but don't relax; the next destination on our tour of hell-holes may sound innocuous, by contrast to Iraq, but don't be fooled. We're off to places as bloodstained

‘I escaped rocket and mortar attacks, I had seen several colleagues die’ and barbarous as some official war zones: America's innercity schools. Designer Pablo Solomon worked as a teacher and counsellor in schools in Houston and other US cities.

“I also worked in a programme to help special-needs young adults transition into the work world,” he says. Some venues were in what Solomon describes as “somewhat dangerous” locations. “I could make a case that working in inner-city schools in drug- and gang-infested neighbourhoods is one of the most dangerous jobs in the US,” he wrote in an email to BV. “Violence against students and teachers is common. I could argue that I saw as much blood as some combat military people.” Leaving aside the ever-present risk of mass shootings, which so often seem to occur at schools and colleges in the US, outsiders “including violent parents” sometimes enter schools to threaten or assault teachers. The tension is constant. Solomon says teachers have been assaulted, threatened and even raped. “Instead of being supported and the crimes investigated or prosecuted, the teacher is told to keep quiet or to lose their job,” he says. “The poorperforming schools in the inner

He started free self-defence programmes in city parks, and in school gyms for teachers. “The teachers who took my classes shared unimaginable horror stories and were looking to be able to better defend themselves,” he says. But when a local newspaper published an article on his classes — for which there was a

‘Unimaginable horror stories’ waiting list — the school district instructed Solomon to stop the classes. “They were embarrassed and wanted to hide the violence.” Undeterred, he offered the class as a “leisure learning” activity at the local community college. The venue was soon packed-out. Martial arts training develops skills, confidence and alertness, but it is no match for a gun,

Solomon admits. When it comes down to it, perhaps nothing can truly prepare anyone for some violent situations, or train them for each and every possible permutation of events which, almost by definition, are chaotic and random. But should it ever, God forbid, come to the crunch, those with some training — be it martial arts, Wyatt's HETAP course or a standard-issue, governmentrun preparation programme in an embassy side office — will have an advantage over those without. We started with a literary quote, words from Hunter S. Thompson's book Hells Angels. Let's finish with another, from another man who knew a thing or two about violence in all its forms: “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.” Sun Tzu – The Art Of War

Business Vision Autumn 2018 Issue • www.bv.world

cities of America are so plagued with violence and discipline issues that teaching the young people is nearly impossible.” He has been able to forge a new career in design, but Solomon says the violence and spilt blood he witnessed in these horror-story schools still causes him nightmares. “While we spend billions developing driverless cars and other tech-toy nonsense, our children are being put into levels of hell that few adults could survive. And expected to learn.” Amazingly, some do. Solomon's training for the daily ordeals he faced came not from a training course such as those offered by Expert Leadership, nor from preparatory inductions at the schools themselves. It came from martial arts. “I grew up in a tough neighbourhood and began taking martial arts at 12.” Solomon became an instructor, and has taught “kids, cops and commandos” — as well as the Queen's Guard of the Netherlands royal family.

Contacts and links

Armand Cucciniello III: www.blueforcecommunications.com Expert Leadership: www.expertleadership.co.uk/ Syed Farhan Raza: www.syedfarhanraza.com Pablo Soloman: www.pablosolomon.com 39

BOO N I R I TA .W O R L D B G LPIN E H W IS O R E AT H H G DIN N A P EX

S T R P X E HUGHES CRAFT DISTILLERY, ONE OF THE MANY BUSINESSES ACROSS THE UK THAT SUPPORT HEATHROW EXPANSION

Heathrow is Britain’s biggest port by value for global markets outside the EU and Switzerland, handling over 30% of the UK’s exports. Expansion will double our cargo capacity and create new domestic and international trading routes, helping more businesses across Britain reach out and trade with the world. Heathrow expansion is part of the plan to strengthen Britain’s future. That’s why we are getting on with delivering Britain’s new runway.

Building for the future 40

TRADE INFO IS BY VALUE FOR 2016, EXCLUDES EXPORTS TO EU AND SWITZERLAND AND SOURCED FROM uktradeinfo.com FOR MORE INFORMATION, PLEASE VISIT: www.heathrowexpansion.com/uk-growth-opportunities/trade-export-growth/

Brexit: To TTP or not to TTP BV staffer Richard Thomas peruses the latest development in the on-going saga of Britain’s EU-exit — and discovers new potential for UK trade

The world’s fifth-largest economy would be welcomed part of Abe. Japanese companies have much invested in the UK. Japanese car-makers Nissan and Toyota have factories in the UK producing cars to sell into the EU Single Market. Depending on the withdrawal agreement and future trade deals between the UK and the EU, cars and components sold in the EU could be subject to hefty tariffs. Abe stressed the importance of avoiding a “disorderly Brexit”, saying, “I truly hope that the negative impact of Brexit to the global economy, including Japanese businesses, will be minimised.”. Last week, Nissan announced: “We urge UK and EU negotiators

to work collaboratively towards an orderly, balanced Brexit, that will continue to encourage mutually beneficial trade.” Johan van Zyl, CEO of Toyota Europe, was more blunt. Referring to Toyota's UK plant he said, “The UK market, in itself, is not big enough to justify a plant that size. If we cannot sell into the European market, it will have an impact on the future of our plant. “ If the UK decides to seek to join the CPTPP, nothing can happen until its future relationship with the EU is decided. It cannot sign its own trade deals while a member of the EU Customs Union, so little can be resolved until – at the earliest – March 29 2019, and possibly until the end of 2020, if the transition period proposed in the original Withdrawal Agreement comes into force. The UK would be the first member of the agreement that does not have borders on the Pacific Ocean or the South China Sea, so shipping firms might be the first beneficiaries. Business Vision Autumn 2018 Issue • www.bv.world

IN AN interview with The Financial Times, Japan's Prime Minister Shinzo Abe has invited the United Kingdom to join the successor agreement to the TransPacific Partnership (TPP) after Brexit. This agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP, or TPP-11), has been drafted and signed by the 11 remaining signatories to the TPP after the United States' withdrawal last year. So far it has been ratified by three countries, Japan, Singapore and Mexico. With the inclusion of the US, the original TPP covered 40% of the world's economic output, but the new agreement covers just 13%. Small wonder then, that the world's fifth-largest economy would be welcomed into the fold. The inclusion of the EU as a whole might have been more attractive, but Abe has no need to court the EU, as Japan and the EU signed a comprehensive trade deal in July. Some of these developments may be damage-limitation on the

Shipping firms might be the first beneficiaries

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Monster IMF loan brings hope to ailing Argentina President Mauricio Macri hopes that new taxes on agricultural exports will balance the budget. And the IMF hopes its financial growth projections are more accurate this time... THE biggest loan ever from the International Monetary Fund â&#x20AC;&#x201C; $57.1bn â&#x20AC;&#x201C; will be made to Argentina over a three-year period in a bid to ease the country's financial crisis. An initial loan of $15bn has already been transferred, with strict repayment conditions: Argentina must commit to a zero deficit for 2019. Since its independence in 1816, Argentina has defaulted eight times on its sovereign debt. Some critics have blamed the IMF for the very policies that pushed Argentina into the financial crisis of 2001; the

The IMF agreed that it had overestimated growth international lending institution has admitted to errors of judgement that may have been contributing factors. It agreed that it had overestimated financial

growth and the effectiveness of economic reforms, continuing to make loans which led to an unsustainable level of national debt. The new rescue bid comes on the heels of a nationwide strike in protest at President Mauricio Macri's austerity measures. Macri, a former engineer, is the country's first democratically elected non-radical leader since 1916. Macri began his presidency with economic difficulties inherited from previous administrations, with the country suffering the highest fiscal pressure in its history.

SC Image / Shutterstock.com

Macri, a former engineer, is the countryâ&#x20AC;&#x2122;s first democratically elected non-radical leader since 1916

Drought-induced soybean and corn crop failures caused the Argentine economy to shrink further – by close to four percent in the second quarter of this year. The national statistics agency Indec predicts that the country's GDP will contract a further 2.4 percent before year's end. Macri intends to balance next year's budget – and even come up with a modest surplus – via new taxes directed at the agricultural sector. Exporters of primary products must now pay four pesos per export dollar earned on agricultural produce, and three pesos on other commodities. Next year, the export tax is expected to raise an additional $13.4bn in revenue as the farming sector rebounds. Macri said the economic emergency left him no other choice, and promised to scrap the export tax as soon as the situation normalised. Argentina is the world's largest exporter of soymeal and the third-largest producer of soybeans.

One of Macri's first economic policies was the removal of currency controls, allowing Argentines to freely buy and sell foreign currencies. Argentina has had a floating exchange rate since then. By drastically lowering

Crop failures caused the economy to shrink further the subsidies on electrical power and natural gas, the government cut its expenditure, but fuelled inflation. In another attempt at slashing the deficit, the administration reduced the number of ministries from 18 to just 10, with five departments downgraded to state

entities and others merged to reduce staffing levels. Markets bemoaned a sluggish government response in curbing spending and introducing meaningful reforms. Buenos Aires made an urgent call for help to the IMF, which took markets by surprise by cobbling together a $50bn rescue package in record time. The Argentine economy minister, Nicolás Dujovne, said this week that the IMF had increased that loan package by $7.1bn. The terms of the deal state that the Central Bank of Argentina would only intervene to stabilise the currency market in extremis: if the peso goes below 44 to the US dollar. The beleaguered peso has lost exactly half its value since January, and the exchange rate stands at 39 to the dollar. The president of the Central Bank, Nicolás Caputo, resigned soon after news of the loan was made public. It is not known if his decision to quit was linked to the rescue bid for the peso.

Business Vision Autumn 2018 Issue • www.bv.world

The biggest loan ever from the IMF will be made to Argentina over a three-year period

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Get with the programme for real active business learning BV’s HEATHER LEAH SMITH sits down, faces the front, takes out her exercise book and has a look at education trends MONOTONOUS lectures and rote memorisation were once the norm in classrooms worldwide; in 2018, the practices are seen as outdated and ineffective. Inspired educators recognise that the old “sage on a stage” approach fails to engage students, and many are looking to more active learning principles – such as experiential learning opportunities – to bridge the gap. Experiential learning starts with a real-world problem or first-hand experience, and cycles through stages of observation, discussion, and evaluation. This hands-on approach, which is less concerned with learning or applying abstract rules, works particularly well in science, technology, engineering, and maths (STEM) subjects, according to a study published in the Proceedings Of The National

The old ‘sage on a stage’ approach fails to engage students Academy Of Sciences. This active learning theory encourages creative thinking and problemsolving skills, and programmes are cropping up across the US in elementary, secondary, and university education. Exposing students to experiential learning activities at an early age hones their natural curiosity and introduces them to entrepreneurship, acting as a springboard for future academic and professional success.

One organisation is taking a sip of summertime Americana and a popular children's business — the lemonade stand — and giving it a modern twist. Lemonade Day, founded by former Inc. 500 entrepreneur Michael Holthouse, aims to teach kids the necessary steps to turn a dream into a workable — and hopefully profitable — business plan. The programme teaches children in grades K-5 the math and financial skills needed to create their own business. They create a business plan, set financial goals, and calculate their profit or loss. Lemonade Day, which is free for students, seeks sponsorships at the local and national levels to offset the cost of supplies – and to provide cash prizes for winners. The programme was launched

in 2007, serving 2,700 young people in the city of Houston, Texas – it now reaches more than a million children nationwide. Other organisations, such as the Network For Teaching Entrepreneurship (NFTE), provide experiential learning programmes for high school students. Founder Steve Mariotti, a former South Bronx math teacher, dares us to imagine what would happen “if we could activate the entrepreneurial mindset of an entire generation”. The NFTE programme aims to level the playing field for students from low-income families and underresourced schools by connecting them with expert guidance and mentorship from successful entrepreneurs, business leaders, and educators. NFTE combines high school entrepreneurship classes, summer programmes, and camps to foster and hone the skills and behaviours associated with an entrepreneurial mindset. It moulds promising students into innovative problem-solvers, self-reliant and comfortable with risk, confident in their communication skills. In 2017,

NFTE programmes served about 35,000 students in 1,000 schools across the US, and 40,000 young people internationally from in 23 locations in 10 countries. Students participating in NFTE's business plan competition series have the chance to be recognised for their skills and knowledge — and get the paper

Certification gives students an edge when entering the workforce to prove it. NFTE is an official endorser of the Entrepreneurship and Small Business (ESB) certificate, the first industryrecognised certification for entrepreneurial mindset and start-up skills. Certification gives students an edge when entering the workforce, where one in three US employers are seeking entrepreneurial experience in new hires, according to a study by Millennial Branding.

At NFTE's 2018 Global Showcase earlier this year, alumni and delegations of US and international teachers gathered to recognise outstanding students and teachers, to network with peers and mentors, and to display and discuss their business ventures. “Now more than ever, it is clear how important a strong entrepreneurial mindset is to future success in the innovation economy,” said Shawn Osborne, president and CEO of NFTE. “These recipients are doing wonderful things in their communities around the world.” At the university level, experiential learning experiences abound in the form of professional internships, studyabroad programmes, and service learning opportunities. Most US universities now offer various forms of experiential learning, at home and abroad. Students can take these courses as part of their studies, earning university credits and even using scholarships or financial aid to fund the experience. In addition to these programmes sponsored by universities, students can also

Business Vision Autumn 2018 Issue • www.bv.world

Giving a popular children’s business a modern twist: you want ice with that?

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pursue these opportunities after graduating. However, not all experiential learning experiences are created equal, and students may be gobsmacked by the cost of certain programmes. If you have $50,000 burning a hole in your pocket, then go ahead and book some of the pricier options. If, on the other hand, you're more interested in getting your hands dirty with some worthwhile work, without bleeding your bank account dry, other programmes may appeal. The Peace Corps is one of the most widely recognised volunteer organisations in the world, promoting world peace and fostering cross-cultural friendships by sending volunteers to serve in impoverished, rural or remote communities where the need is greatest. The volunteers work sideby-side with locals to complete community project objectives. Since its launch in 1961, the Peace Corps has sent more than 240,000 eager young volunteers to 130 countries. Programme admission is competitive, and volunteers stand

Steve Mariotti, founder of NTFE

Shawn Osborne, CEO of the organisation

to receive many tangible benefits. The Corps provides volunteers with pre-service training: crosscultural knowledge, language and technical skills,. Volunteers' travel expenses are covered by the Peace Corps, and they receive a monthly stipend

peace-of-mind. Upon successful completion of the programme, volunteers receive an $8,000 payment to facilitate transition back to â&#x20AC;&#x153;normalâ&#x20AC;? life. There are benefits which apply post-service, such as student loan considerations, graduate school assistance, and non-competitive eligibility for select government and NGO jobs. A two-year commitment is expected for volunteers just finishing their studies, but some shorter appointments are available for professionals who may be looking for an adventure, and a way to make a difference in the world.

Peace Corps extends business learning into real world and medical insurance during their two-year service period for

Olga Popova / Shutterstock.com

Origin's origins, and words of advice from a ‘disruptor' VICTORIA BROCKLESBY, co-founder of a UK home-brands manufacturer, tells BV about the benefits of being a pioneer

‘It is harder to predict the future than ever before’ Q. How can businesses successfully navigate Brexit? It is harder to predict the future than ever before. It is difficult to advise on the best tactics for success. What I can say is, don't panic. If something unexpected happens, try to roll with it. There is no point in trying to second-guess what surprises the exit will throw up. We have a five-year plan in place that we will not let Brexit hinder us from achieving. We know there will be curve balls and road blocks, but any business that stays true to its core values has a chance of succeeding in the long run.

‘I speak to as many leading experts as I can'

Q. How do UK manufacturers effectively export? Draw on other people's insights and experiences to help you achieve your organisational objectives – and then give back to the next generation when they need help. When Origin was first set up in 2002, by myself and my cousin Neil, it was just the two of us, and we were very new to the business world. An array of different people helped us to achieve our ambitions. There is so much that can be learned from others, so take in as much as you can. Before we started exporting to Dubai and Europe, and before we set up our base in the US, we asked everyone we knew in those regions for their input, just so we knew we were in the best possible place to hit the ground. Q. Do you have any advice when it comes to looking for inspiration? Through our network of partners and our R&D team, we are often at the coalface of innovation within the industry. We work very hard internally, reviewing current projects, liaising with key industry players and speaking to our partners. We keep in touch with consumer and industry needs. But I would encourage people to look outside of their industry for inspiration, too. I am a firm believer in talking to pioneers from other industries, just to hear their thoughts. There is a lot to be said for a cross-industry pollination. I speak to as many leading experts as I can. Seeing these great names trailblaze gives us courage to follow.

Business Vision Autumn 2018 Issue • www.bv.world

Q. Why is looking to disrupt an industry important? I think that it isn't so much going into a market and looking to disrupt, but always being willing to question everything. Just because something is best practice right now, doesn't mean that it has to be, or even should be. If you are happy to challenge the status quo, you are a pioneer in the making – you just need to find the right moment and cause to capitalise on. When we first started, we took an archaic form of working and renovated it. This alternative and innovative view meant we were able to push our way into a crowded marketplace, fundamentally disrupt how it worked, and then establish ourselves as the market leader. Being a disruptor in any marketplace is difficult. You face opposition at every turn from those that are content with things as they are, plus you are going down a road that has never been driven before and you have to put a lot of faith in your research, staff and the idea itself.

Christiana Figueres

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Woman on a mission to combat climate change woes

PEOPLE

FORMER UNFCCC Executive Secretary Christiana Figueres is a woman on a mission: mobilise the world population to combat climate change — now. Combatting the causes of climate change could bring $26 trillion in economic gain by 2030, Figueres believes. In the lead-up to the Global Climate Action Summit (GCAS), she published a warning in the Washington Post about the “irresponsible and absolutely unacceptable” trajectory of current environmental efforts. “Climate change is here now, and it's time to urgently ask ourselves: What kind of future do we want to work toward?” Figueres challenges. “The air we breathe is key to answering this question. Global warming is not just manifesting in devastating fires, floods and heatwaves.” Figueres believes the crisis could be “the greatest global health opportunity of the 21st Century”. Combatting the causes could bring $26 trillion in economic gain by 2030. “Addressing global warming and its causes is now the only real way to secure economic growth. “Governments everywhere can reap enormous benefits, including saving billions of dollars on health care, by fostering a shift to electric transport, eliminating fossil fuel subsidies, and scaling ecosystem restoration, including mangroves, peat bogs, and forests.” During her six-year tenure with the UN Framework Convention On Climate Change (UNFCCC), the Costa Rican diplomat took on the task of rebuilding the global climate change negotiating process. Figueres managed to get 195 governments to adopt the Paris Agreement in 2015, creating a regulatory framework for a more sustainable future. Figueres is seeking partners for her latest initiative, Mission 2020: a roadmap to a decarbonised world. The initiative seeks to the curb the bend of global greenhouse emissions and mandates six milestones to meet SDG (Sustainable Development Goals) targets. “We must act with boldness and unprecedented urgency. There is no time to lose. Every breath matters.”

UNDER Vision 2040, Oman aims to create wealth through economic diversification and private sector partnership. To what extent are OMRAN's initiatives in line with Vision 2040? Peter Walichnowski responds: “OMRAN's initiatives are very much in line with Vision 2040, and we work closely with the Ministry of Tourism to support the long-term strategic goals of the Sultanate. The total contribution of the travel and tourism sector to Oman's GDP is forecast to rise to 9.0 percent of total GDP by 2027. “The core of our business is to invest in the growth of the rapidly expanding tourism sector by creating tourism infrastructure and projects which will directly support the diversification of the economy away from a dependence on the oil and gas sectors.” Tell us more about the company strategy… “We create contemporary hotels, resorts and lifestyle destinations that respect and promote Oman's rich cultural and authentic heritage. “All OMRAN projects are commercially driven to provide long-term and sustainable investment returns for the Government and for the private sector, which will underpin Oman's drive to make tourism investment a key part of its economy in the future.” What can OMRAN offer to strategic partners? “Through public-private partnerships and joint ventures, OMRAN projects will offer investors an opportunity to partner with the government to develop the best locations and be supported by all government agencies. The aim is to create long term value for all stakeholders.” “The projects will also create

Peter Walichnowski, CEO sustainable jobs for citizens, and a significant stimulus for the growing SME sector, in line with our commitment to nurture local talent.” What plan does OMRAN have in place to further support SME development in the country? “Currently there are over 33,000 SMEs registered in Oman with a relatively low contribution of around 15% to GDP. LOCAL INVESTMENT “One of the aims of the 2040 Tourism Strategy is to make this contribution significantly higher and so supporting SMEs has always been a priority for OMRAN, with many project contracts being awarded to local contractors and companies for new developments, the operations of heritage tourist sites and the management of OMRAN assets. “We also open the door for local SME's to provide goods and services to our hotels and resorts so that our guests can experience true Omani hospitality and local products and excursions. A parallel market to highend tourism is adventure tourism, which does not necessarily consist of highspending parties. What is

being done to accommodate the budget end of tourism? “Oman possesses some key advantages in tourism, including exceptional natural endowment of marine, landscape and natural resources, and historical sites, placing the country at an advantage relative to its Gulf peers. It has rich culture, traditions, heritage and other values which can be accessed by all types of tourists, local and international. “OMRAN invests in adventure enhancements such as hiking trails, via ferratas and zip-lines. We have also set up our own hotel management brand called Atana, which will provide 3- to 4-star accommodation in areas close to adventure locations. What is your assessment on the development of Oman's Integrated Tourism Complexes (ITCs) to date and outlook in the short- to medium-term? “OMRAN's joint ventures have moved firmly by establishing world-class ITCs across the sultanate, in partnership with leading real estate developers in the region. In ITC's, non GCC nationals have an opportunity to buy into the lifestyle of the Sultanate and we see the demand from expats continuing to grow. High-end tourists can potentially become investors. How can this be further promoted with regards to attracting foreign investment? “Once tourists experience the hospitality, lifestyle, climate and safe environment of the Sultanate. “They can easily connect with the developers of ITC projects who can guide them through their investment decision and be with them at every step of the process. All ITC developers also have established sales networks so that it's relatively easy to invest in Oman.”

Business Vision Autumn 2018 Issue • www.bv.world

Q and A with OMRAN CEO Peter Walichnowski

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OMRAN – driving Oman's renaissance in tourism “ACCESSIBILITY, safety, good weather, and friendly people. We have everything here,” says OMRAN CEO Peter Walichnowski, rolling out Oman's welcome mat for tourists and investors. World Heritage-listed sites, souqs, ancient forts and castles: whether you're retracing the historic frankincense route or relaxing at a seaside resort, you will be made to feel welcome. Across the sultanate, communities and companies are working to realise the royal directives set out in the country's strategic future plan, Oman 2040. The tourism industry has led the charge, and the market is thriving. The country's cultural heritage and stunning vistas are garnering international attention, and the Oman Tourism Development Company (OMRAN) is driving the welcome wagon. OMRAN — an instrumental force in Oman's tourism development — is fully invested in the Oman 2040 vision. The country's tourism future focuses on three themes: people

and society, economy and development, and governance and institutional performance. The door is open to investors, too. Established and owned by the government, OMRAN has access to government land, allowing it to partner with regional or international investors to develop major tourism projects, including iconic heritage attractions and modern urban facilities. KEY PRIORITY Government efforts to enhance the ease of doing business and to improve Oman's competitiveness are paying off, and according to government data, foreign direct investment (FDI) is up. It's a winwin situation for the company, its investors, and the country. Tourism is a key priority in the diversification of the Oman economy as the country seeks to limit its dependence on oil reserves and looks to a more sustainable future. OMRAN was established by government mandate in 2005 to shore up the country's reputation as a topnotch tourist destination, thus strengthening and diversifying

the economy. “From a tourism and infrastructure point of view, the environment for investment and tourism is thriving,” says Walichnowski. “Economic diversification is a key priority for Oman, and tourism is a vital pillar of this focus away from the country's reliance on oil-based revenues.” According to the World Travel and Tourism Council, in 2017 Oman had the highest percentage growth-rate for tourism in the Middle East. In terms of growth, Oman is number one in the region. OMRAN brings years of asset management expertise and investment experience to each partnership and joint ventures that it undertakes. Tourism development has gained momentum as a number of projects in the company's pipeline are nearing completion. The company's portfolio has grown to include 18 hotels, offering guests unparalleled hospitality experiences. OMRAN's sustainability

The Oman Convention and Exhibition Centre recently achieved LEED certification

framework focuses on economic and environmental areas as well as society and cultural heritage. OMRAN, which means “solid structure” in Arabic, is mandated with building sustainable tourism infrastructure that contributes to economic growth, employs local people, and supports communities. The Oman Convention and Exhibition Centre (OCEC) recently achieved LEED Gold certification, an international accolade of sustainability awarded by the US Green Building Council. “We are very protective of Oman's environment, as well as the impact on local communities,” says Walichnowski, “taking into account the economic, social, and environmental sustainability.” The huge OCEC precinct boasts an array of meeting and exhibition spaces, equipped with the latest in communications and audio-visual technology for hosting prestigious and productive business events. The OCEC, located within minutes of the new Muscat International Airport, is part of phase one of OMRAN's Madinat Al Irfan urban development. Designed to be a world-class future business hub, the development is an “oasis of enjoyment” for delegates, exhibitors and visitors. The

project is expected to contribute up to $1.3bn USD annually to the country's GDP. Since its 2016 inauguration, the OCEC has hosted more than 184 regional and international events and conferences, and already has many future events on the books, including the 2020 World Cancer Congress. The OCEC has been instrumental in establishing the sultanate as an ideal destination in the Meetings, Incentives, Conferences and Exhibitions (MICE) tourism market niche. MICRO-TOURISM OMRAN has contributed to the sultanate's socio-economic development. It supports local development with long-term, strategic goals and invests in professional training programmes to develop local skills. The programmes connect tourists with local communities to showcase traditional Omani experiences. Zaree, the first project of its kind in the Middle East, is an all-female micro-tourism business, empowering women to become business owners and future entrepreneurial leaders in the tourism industry. The Intajee programme helps producers — whether farmers or artisan chocolatiers — to strengthen their market presence.

The future looks bright for OMRAN and the nation's tourism industry. “The country is open for business,” says Walichnowski. “Oman is providing all sorts of direct and indirect opportunities for people to invest in this country's tourism sector.” Eager to attract more foreign investors, OMRAN plans to take advantage of new securities market laws allowing Omani companies to float Real Estate Investment Trusts (REITs). According to Walichnowski, a hotel hospitality REIT would “open up the country to investors who do not want to go directly into real estate”, allowing them to gain access to the tourism market through the purchase of listed entity shares. OMRAN has an established and evolving platform of hotels and accommodation, tourism attractions and destinations, and it's inviting foreign investors to come get in on the action.

Business Vision Autumn 2018 Issue • www.bv.world

Stunning vistas such as this one of Port Sultan Qaboos, Muttrah, are attracting international attention

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Travel and training in a Rotary coterie HEATHER LEAH SMITH pays homage to a club with heart

The relaxed fishing village of Puerto Lopez, Ecuador

WANT to explore the world? Got a sound moral compass and a fair share of gumption and initiative? Then I've got a secret to share: the Rotary club could facilitate your globe-trotting goals. I pride myself on being a bit of a bloodhound when it comes to study opportunities and scholarships, but Rotary International exceeded my best efforts. The organisation gave me the means to live and study in three countries: Ecuador, India, and Spain. My first experience of Rotary's generosity was a six-month scholarship to study Spanish in Ecuador. I attended an academy

where I had eight hours of private, individual instruction each day. They arranged a home stay with a local family, who took great care of me and fed me so well. The academy arranged several weeks to take our classes

Galapagos Islands wildlife is usually more curious than wary of humans, like this newborn seal pup

Maintenance workers at the Amber Fort (Amer) in Jaipur, India

A rider in a traditional suit at the Feria of Málaga Business Vision Autumn 2018 Issue • www.bv.world

in exotic locations, transforming my lessons into experiential learning experiences. I rafted down a tributary of the Amazon river, learned about monarch migration at a butterfly sanctuary, and interviewed fishermen along the coast. And Rotary footed the bill. I managed to scrounge some extra funds and was able to visit Machu Picchu and the Galapagos Islands as well. I'm still amazed at how much cultural adventure I was able to squeeze into a mere six months. For my next adventure, Rotary sent me (and a group of other teachers) to India, as part of a Group Study Exchange. We toured two states, visited historic sites and monuments, and exchanged professional and cultural experiences with locals. Rotary International does extensive philanthropic work in the world, and the trip to India allowed us to see that at first hand. We administered polio vaccinations, planted trees, and visited a leper colony. I left India with the realisation that Rotarians are serious about being the change they want to see in the world. The club awarded me a one-

year Ambassadorial Scholarship to pursue a Master's degree in Spain. As a secondary school Spanish teacher in the US, I had taught my students about Spanish celebrations such as the epic tomato-throwing festival in Buñol, the reverent swarms of penitents during Holy Week, and the festive fun of its ferias. Rotary is the organisation that gave me the opportunity to live them. It also planted seeds of adventure and altruism in my impressionable young heart. Whatever I do, I'll never be able to thank the club enough for the chance to experience a world of opportunities.

Tarifa attracts wind sports enthusiasts from all over the world

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Paul Allen Legacy of Microsoft co-founder

PEOPLE

BILLIONAIRE philanthropist and co-founding tech tycoon of Microsoft, Paul Allen has died, aged 65, from lymphoma complications. Allen, one of the key contributors in the development of today's digital world, founded Microsoft with his childhood friend Bill Gates in 1975. “Personal computing would not have existed without him,” Gates said in tribute of his friend and former partner. Allen had a bout with cancer in 1982 that, although successfully treated, forced him to retire early from his role at Microsoft. He was later diagnosed with non-Hodgkin's lymphoma in 2009; it had been in remission until this year. Allen leaves a legacy of technological innovation, but of altruistic activism: he donated more than $2bn to fund initiatives in education, science, technology, conservation, and community. “Paul wasn't content with starting one company,” Bill Gates said. “He channelled his intellect and compassion into a second act focused on improving people's lives and strengthening communities in Seattle and around the world. He was fond of saying, ‘If it has the potential to do good, then we should do it.' That's the kind of person he was.” Allen felt a need to make the world a better place. He founded Vulcan to oversee his business interests and maximise his philanthropic efforts. He established a foundation to advance scientific and technological breakthroughs, fast-tracked AI startups, bankrolled Alzheimer's research, and propelled commercial space exploration. Setting a new standard of generosity among the ultra-wealthy, Allen signed The Giving Pledge in 2010, promising to donate most of his wealth to charity. This year Allen ranked number 44 on the Forbes World's Billionaires list, with a net worth over $20bn. “When it comes to helping out, I don't believe in doing it for the media attention,” Allen wrote. “The possible is constantly being redefined, and I care deeply about helping humanity move forward.”

Photo: Mike Massaro via Boomtown

BOOMTOWN OR BUST? FESTIVAL ORGANISERS FACE BIG CHALLENGES BV’s HEATHER LEAH SMITH gets her freak on, loses herself in the magic of the Boomtown Fair music festival — then peeks into the practicalities of staging such an event Business Vision Autumn 2018 Issue • www.bv.world

Photo: Charlie Raven via Boomtown

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Photo: Heather Leah Smith

Welcome to the party... Revellers celebrate in style with these pleasure pods at Boomtown MUSIC festivals are bohemian wonderlands, and a must-have experience for most millennials. Throughout the year — but particularly in the sweltering summer months — hordes of festival-goers flood into the grounds, staking out campsites and preparing for an epic musicinfused experience. In some ways, today's music festivals aren't too different from the legendary Woodstock of 1969, named by Rolling Stone magazine as one of the 50 Moments That Changed The History Of Rock And Roll. While Woodstock may be fondly remembered as a free

An epic, music-infused experience festival, it was designed to be a peaceful — yet profitable — event. Tickets for the three-day festival ran about $25 (equivalent to around $150 now), and organisers anticipated a crowd of around 50,000. Late changes left Photo: Heather Leah Smith

Ta-daaaa! Extroverts get plenty of room for self-expression

the organisers with infrastructure gaps that allowed the audience – which peaked at about 400,000 – to surge unchecked, and uncharged, onto the fields of Max Yasgur's New York State farm. Although credited with producing one of the most pivotal moments in music history, the organisers were left nearly bankrupt. It took a decade for them to turn a profit. Nowadays there are plenty of festivals to rival Woodstock's attendance figures, and organisers erect massive, makeshift metropolises to meet the needs of the music-hungry masses. As festivals grow in popularity, attendance numbers swell, and infrastructure needs mount. Putting on an event for thousands of people can be a logistical nightmare – and a highrisk investment. Many organisers choose to subcontract some of the work, while others opt for a partnership with multinational live-event management corporations, such as Live Nation or AEG Live. These international corporations are running the majority of the festivals in the world. Live Nation, operating primarily in the US and UK, produces over 70 festivals each year; AEG Live promotes about 25 annually, including Coachella – the world's highest-grossing

Jah Rastafari: Festival-goers flying the bold flag festival. Corporate sponsorship provides festivals with financial and organisational support, but it's a trade-off. Festival founders must often give ground on the creative front and allow the corporate organisers some leeway to ensure a successful event. The result? Critics cite an overbearing commercial presence and increasingly homogenous line-ups, while advocates praise the seamless infrastructure and powerful marketing capabilities. It's a trade-off that some festival founders aren't willing to make. They would rather take on the logistical challenge and financial risk themselves, because it means they maintain creative control. And for Lak Mitchell, co-founder of the UK's Boomtown Fair festival, creative control is everything. “It will never be about making money for Boomtown,” Mitchell told BV. “It's not the driving motivation for the festival. It's insanely important to remain independent, because creative control is crucial. It's important to be confident about the direction the art and festival are going.” Boomtown just celebrated its 10th anniversary, growing from an audience of about 1,000 at its 2009 launch to more than 60,000 this year. The five-day event in early August is held on the 2,400-acre farmlands of Matterley Estate in Hampshire. On average, people walk five to 10 miles per day, according to Boomtown media relations officer Katherine

James, who recommends packing a pair of comfy walking shoes; preferably waterproof, as UK festivals are notorious for showers and mud. Boomtown Fair features immersive theatrics, with each edition themed as a chapter of its history. The festival crowds are studded with 1,000 elaborately costumed actors who interact with the audience, inviting them to fully engage with the story. “Explore and open every door, because behind every door or window or display, you have the opportunity to engage with characters and immerse yourself in the storyline,” urged James, who listed a fancy dress costume as another must-have on the packing list. She likened the actors and storyline to the “breathing heart of Boomtown” and encouraged the audience to embrace it. This year the festival constructed 26 main stages and 80 venues to accommodate the 600 artists in the line-up. Acts ranged from large bands to single DJs from 28 countries, encompassing 80 genres of music. The Chapter Ten line-up included headliners like the Gorillaz, Die Antwoord, and Limp Bizkit, as well as underground acts from around the world, such as the Mali duo Amadou and Mariam. Boomtown fans are loyal, and standard tickets sold out six months before the festival. Ticket prices have risen along with attendance, a necessary evil of the extra

Business Vision Autumn 2018 Issue • www.bv.world

Photo: Heather Leah Smith

Weight of the world on his shoulders...?

Photo: Charlie Raven via Boomtown

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infrastructure and licensing requirements, Mitchell says. Infrastructure: it's something rarely noticed unless it goes wrong... The greatest challenge for an independently organised festival is ensuring that roads are laid, toilets, water systems and internet connections installed. More than 400 vehicles operate throughout the festival, and setting things up and taking them down again takes over a month for the 10,000-member crew. Mitchell estimates that 70 percent of the festival budget is spent on infrastructure, licensing, fees, waste management, and security. Another 20 percent is earmarked for the artistic transformation of the grounds. A mere 10 percent goes to artist bookings. Financial uncertainty is a significant challenge, says

Mitchell. “It's difficult not having a pool of investors to fall back on and get through the tricky times.” But the return on investment, over the 10 years of Boomtown, has shown steady growth. Budgets are run close to the line. Boomtown's founder is confident about the direction the festival is taking. Next year's event will weave sustainability issues throughout the chapter's storyline, urging the audience members towards awareness and action. Mitchell sees the festival as a powerful platform with which to inspire younger generations. “It's an exciting direction,” he said, “educating the audience as well as entertaining them.” Mitchell aims to deliver the most kick-ass festival possible, while showing the world that being positive, proactive, and peaceful can also be profitable.

Photo: Heather Leah Smith

Fancy dress isn’t limited to performers; alter-egos are up for grabs

Business Vision Autumn 2018 Issue â&#x20AC;¢ www.bv.world

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Working 9 to 5: not the only way to make a living in 2018 by Nicola Britovsek IN THE modern working world, Dolly Parton's 9 to 5 lyrics don't necessarily ring true. Recently aired opinions that looking at emails on the commute to the office should count as part of the working day has a lot of people talking. There are many reasons staff are kickstarting their day on the way to work: needing time to get on top of things, nailing down that to-do list, or just getting into workmode during the journey into the office. But the best employers are the ones who make work-life balance a priority, and recognise their employees' efforts – not just what happens between nine and five. Doing a few quick jobs on the journey to and from work may seem harmless, but it all adds up. Considering that the average commute is almost an hour, firing off some quick emails can add almost two hours to the working day. In the long run, this really starts eating into life outside of the office, and begins to create a poor work-life balance. Before considering journeys as part of

It all comes back to that key word – flexibility the working day, employers need to ensure staff are able to find that critical balance. The best way to build a healthy work-life balance in your team? It's all about employees knowing what's expected of them, in and outside of working hours, and understanding the company boundaries. URGENT TASKS If all employees know that responding to client emails outside of working hours should be only for urgent tasks, they won't feel pressured to reply when the office is technically shut. As a knock-on effect, the number of emails sent at unsociable hours should shrink. Setting these expectations will make sure the team know they don't have to work during their

journeys and can switch on once they're at their desks. A little understanding can also go a long way. While some employees may not want to work on their commute, others may feel more productive during the trip. A business needs to take this into account when assessing how that person works during the day. It comes back to a key word – flexibility. Being adaptable and allowing employees to work the way that suits them will improve their productivity levels – and, theoretically at least, improve the efficiency of the business. Working on the commute is now being reviewed for inclusion as part of the working day, but businesses need to take a step back before having a discussion on the subject with employees. They need to make sure the team isn't feeling pressured into work at these times, and create clear boundaries. Then it's a case of recognising that people have different methods of working, and taking that into account. Get that right, and any challenges around travel and work be easily understood – by the business as a whole.

Doing a few quick jobs on the journey to and from work may seem harmless, but it all adds up

ONE-THIRD of UK employers (34 percent) believe that employee stress levels rise as a direct consequence of not having enough savings, including pensions, according to the latest Close Brothers Business Barometer. A further 25 percent have seen employee health issues arise due to money worries, and 14 percent have seen higher absenteeism for the same reason — but 17 percent of employers think that poor financial management by their staff has no impact. Nearly half of UK businesses (47 percent) offer no financial education to staff. Only one in five do so, and of those, 14 percent admit the service they offer is “limited”. The most common programmes are delivered via faceto-face meetings, with 37 percent choosing this method; 35 percent include group conferences and

workshops, while 25 percent use web-based seminars. A further 26 percent use email education, and 23 percent use an online platform. Less conventional methods include post (nine percent) and text (four percent). EDUCATION PROGRAMME Some of those “educator” employers (40 percent) recognise financial education as a valued employee benefit, as a way to improve employees' financial wellbeing (37 percent), or because it's part of the company business strategy (33 percent). Things may be set to change: 36 percent of employers plan to start education in the next three years. SMEs with 11-60 employees are most likely to fall into this bracket, with half of them planning the introduction of a financial education programme over the next three years.

Jeanette Makings, head of financial education at Close Brothers, said: “It's clear that employees are not saving enough, nor are they saving in the most effective way. “This is true for short- and longer-term financial planning, including pensions. Employers are perfectly placed to help their workforce become more confident and competent in financial decision making, in turn having a direct impact on their financial, physical, and emotional wellbeing.” Makings said the findings show that money itself is no sure-fire way to the hearts of a company's employees. “Those who receive financial education are likely to be happier, healthier, and more productive. It's a win-win for employers. It could even go some way towards solving the UK's productivity puzzle.”

Business Vision Autumn 2018 Issue • www.bv.world

Employee health risks tied to poor financial wellbeing

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Experiential rewards can help staff to feel truly appreciated

by IAIN THOMSON BUSINESSES are always looking for the best way to motivate their staff and acknowledge hard work and effort. So much emphasis is put on hiring talented people that it would be a shame to not get the best out of them. Right? An endof-year bonus may have been just the ticket a decade ago, but cash incentives aren't having the same effect they used to – and we have the numbers to prove it. Research by Sodexo Engage found only 30 percent of employees feel motivated by a one-off bonus at the end of the year. In part, that's because the cost of living rose 2.5 percent in July this year. And while employers may think that extra cash is the answer, the reality is that most employees end up putting it towards bills, rent or transport costs. So what should employers be doing instead? Research points towards a need for relevant and meaningful rewards. And that's why there's a

real business case for experiential rewards. Experiential rewards tend to require thought and creativity from the employer – which doesn't go unnoticed by the team. Vouchers for a family trip away during the summer holidays, for example, or a romantic meal for two, can help to create memorable experiences. INTRINSIC VALUE Experiential rewards also give employees the opportunity to do something they like or have always wanted to give a try – without worrying about the cost. Whether it's a spa visit, a drive in a Ferrari or a trip to the cinema with a friend, an experiential reward has intrinsic value. It's important to remember that nearly half of the current global workforce are millennials – and they refuse to stay in a job that doesn't fulfil their needs. If employers want to hold onto these workers, they need to look at innovative ways to engage with them. Regularly rewarding their great work with something out

of the ordinary will go a long way towards helping with staff retention. If there's one thing millennials love, it's showing off on social media – which is another reason that experiential rewards can be a great incentive. They give workers something to brag about online, and the employer benefits too. The team gets to share the fun of the experience, and the company gets to showcase its commitment to its employees. Meaningful rewards will also give a sense of purpose and a feeling of self-worth, which can have an impact on performance. Again, the numbers don't lie: Aberdeen Group and Incentive Research Foundation found that 63 percent of higher performing organisations now tend to show a clear preference for non-cash rewards. To encourage and motivate staff, businesses need to build strong and meaningful relationships with them to ensure that feeling of being special and valued.

Policing employees' misdeeds may hinge on ‘fatigue factor' Tired workers are seen as less culpable for ethical slips and misdemeanours, research by Yajun Zhang, Kai Chi Yam, Maryam Kouchaki and Junwei Zhang of the Kellogg Institute shows

Does knowing the employee was exhausted influence your response? perceive the wayward workers to be tired. And we are particularly soft on employees who are tired for reasons outside of their control: because they stayed up to care for a family member, for instance, or had an overwhelming workload. In previous research, Kouchaki has shown that unethical

behaviour at work is more likely when employees are in a state of “ego depletion” – that is, when they are worn down as a result of fatigue, physical discomfort, or the exhaustion of making constant choices. For example, Kouchaki has found that we're more likely to make moral missteps in the afternoon than in the morning because our cognitive resources are gradually drained over the course of the day. “Our self-regulatory resources are limited,” Kouchaki explains. “When you use those resources, they are depleted, and you have to replenish them to be able to use them again.” The current research shows the flip side of this. It explores how our understanding of ego depletion influences how we

Business Vision Autumn 2018 Issue • www.bv.world

IMAGINE – or perhaps you don't have to – that you're at work and feeling very tired. You're nearing the deadline on an important project, and you've stayed late at the office every day for weeks. Perhaps because you're feeling so fatigued, when you submit an expense report for a recent lunch, you may round-up just a smidge. Now imagine you are the manager who catches this misdeed. How do you react? Does knowing the employee was exhausted influence your response? Very possibly, according to new research from Maryam Kouchaki, assistant professor of management and organisations at the Kellogg School. She and co-authors find that we judge employees' ethical lapses less harshly when we

Sellon Kirjasto via Flickr

Tired and cranky? Pop into a snooze pod, if your office hammock isn’t functioning...

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Tired workers are seen as less culpable for ethical slips and misdemeanours

perceive such malfeasance in others. And while the tendency is to go easy on a “depleted” employee, managers risk creating a dangerous precedent, Kouchaki says. If employees rarely receive punishment for fudging their expense reports simply because they were overworked when they did it, there is little incentive to be truthful the next time. “Judging this behaviour leniently could have consequences,” she explains. Unethical behaviour at work is tricky to study in its natural setting – after all, you can't (and shouldn't!) recruit experimental subjects to steal from their employers. So Kouchaki and her coauthors, Yujan Zhang of the Guizhou University of Finance and Economics, Kai Chi of the National University of Singapore, and Junwei Zhang of Huazhong Agricultural University in China, created four videos to better understand observers' reactions to unethical behaviour and ego depletion. In two videos, a chipper, well-

rested employee named John talks to his manager about an important merger. He emphasises that he has been sleeping well, despite in the first video staying up to work hard on the merger and in the second watching sports. In the third video, a decidedly less peppy John says working on the merger

‘How severely should John be punished?’

has been keeping him up late; in the fourth, he mentions staying up late to watch the NBA playoffs. At the end of all four films, John pads a lunch expense. Each participant watched one of the four videos, then answered a series of questions about John's behaviour on a scale from one to seven. Some questions measured

participants' opinion of the seriousness of John's transgression (“To what extent do you think John's behaviour was unethical?”) and the need for discipline (“How severely should John be punished?”). Others probed the issue of intentionality (“To what extent did John knowingly engage in fraud?”). The results showed that cheaters might just prosper – if they're tired. Study participants who viewed the visibly depleted John judged him as behaving less intentionally than those who saw a well-rested John. They also advocated less severe punishment for him. And John-the-overworked-employee was punished even more leniently than John-the-sleepy-sports-fan. The researchers repeated the same experiment with a new group of participants. These subjects read one of four scenarios similar to those shown in the videos, with one significant change. In the final scenario, instead of staying up late for a work project, John says he is tired because he was up late taking care of his sick infant son.

Managers should consider the context for their employees’ behaviour less deliberately, and so we are more likely to let things slide. “People are taking into consideration the employee's situation when making these choices,” she says. This leniency is understandable, but that does not necessarily make it good, Kouchaki emphasises. Managers

should consider the context for their employees' behaviour but must still ensure there are consequences for ethical violations, so that employees learn from their moral failures, even when those violations are small or relatively common. Perhaps the best way organisations can do this is to make sure employees do not become exhausted and depleted in the first place. As a leader, if you see or suspect ethical lapses in your organisation, you could make structural changes such that people could disengage from work when they got home, Kouchaki suggests, “rather than being on call all the time and being anxious about it”. * This story was first published in Kellogg Insight

Business Vision Autumn 2018 Issue • www.bv.world

These changes made little difference in observers' perceptions – they still cut the two tired versions of John some slack, as compared to the two well-rested versions. John-the-devoted-parent was given the most leniency of all. Notably, participants also viewed John's misbehaviour as being significantly less intentional when he stayed up late to care for his son than when he lost sleep after watching sports (rating his degree of intentionality an average of 4.62 versus 5.7 out of 7). To Kouchaki, the finding has intuitive appeal. In general, “unethical behaviour that is intentional is often seen as more blameworthy”. Unintentional bad behaviour, like a child accidentally stealing a piece of candy from a store, is viewed through an entirely different lens – and rarely punished. The same force is at work in this research: we view tired and overworked people as behaving

Make sure employees do not become exhausted and depleted in the first place

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Male and female leaders: prejudice killing diversity EQ trumps IQ when it comes to hiring, yet women are judged on personality when showing empathy or emotion RESEARCH shows that the emotional intelligence and personality traits of female and male leaders are the same, but are perceived differently — and tend to benefit males. Forget stereotypes: female leaders are no more empathetic than their male counterparts, and male leaders are no more assertive or composed, according to a study by assessment specialist Thomas International. It assessed the personality traits and emotional intelligence of 137 female leaders at directorlevel, in organisations with at least 100 employees. It then benchmarked them against a demographically, hierarchically and industry

Male leaders ‘no more assertive or composed’ matched male senior leadership sample. Against every measure — including approach to risk, competitiveness, conscientiousness, assertiveness, emotion management, relationships and optimism — there is no discernible difference between male and female leaders.

Women haven't needed to be more sensitive to get to the top, and the men are no more likely to be risk-takers. But the way in which these traits are perceived have a key difference. On the road to the top, personality and emotional traits which are found in successful leaders — and which are perceived as good in men — are often interpreted as a fault in women, potentially holding back the very people businesses are looking for. Losing your cool and showing strong emotions is seen as passion when it's a man, but as hysteria when it's a woman; standing your ground and being direct is seen as assertive when it's a man, bossy

man with an Oxbridge degree will be offered a huge advantage … compared to a woman with an equivalent qualification — even if she has better leadership traits. “The end result will be lots of average men getting ahead of more talented women.” Darby says the research is a wake-up call. “The gender imbalance remains, and it is

Average men are getting ahead affecting gender diversity at the very top,” he says. “Companies need to look at their talentmanagement processes, and the language they use to define success. “If companies want to solve the diversity problem in the boardroom … they need to start evaluating them impartially — that means using psychometric assessments, rather than allowing this ‘gender jaundice' to prevail.”

Extract from the UN's SDGs: GENDER equality is ... a necessary foundation for a peaceful, prosperous and sustainable world. One in five women and girls aged 15-49 have experienced physical or sexual violence by an intimate partner within a 12-month period, and 49 countries have no laws protecting women from domestic violence. Progress is occurring (and) harmful practices have declined over the past ten years… Providing women and girls with equal access to education, health care, decent work, and representation in political and economic decision-making processes will fuel sustainable economies and benefit societies and humanity at large. Implementing new legal frameworks regarding female equality in the workplace and the eradication of harmful practices is crucial.

Business Vision Autumn 2018 Issue • www.bv.world

when it's a woman. Also, women are expected to be more serious at work if they want to be seen as ‘leadership material'; being too happy is seen as flighty. Jayson Darby, head of psychology at Thomas International, says: “Our study lends weight to the issue highlighted by Serena Williams during the recent US Grand Slam: behaviour that's seen as acceptable from a man is judged differently when demonstrated by a woman. There are some career advantages that benefit men more than women. For men, age and education helped to predict why a man was in a senior role. In women, these career boosts don't work so well. Women are judged more on their personality — if this isn't viewed as “right” they will find it tough to get ahead. Darby says women in business can't seem to catch a break, “even if they possess the traits that predict success”. “They have to contend with stereotypes and biases that turn those advantages into negatives,” he says. “We also observed evidence that the ‘old boys' club' is still an influencing factor. A

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Study finds more support is needed for access to finance for self-employed squaddies Federation of Small Businesses calls for better access to finance for self-employed people in, or leaving, the Armed Forces community MIKE Cherry, national chairman of the Federation of Small Businesses (FSB), has welcomed a new research document, Selfemployment And The Armed Forces Community. “It shows that self-employment can be a viable and rewarding career path for Armed Forces service-leavers, as well as a sensible choice for the partners and spouses of serving personnel,” he said. The report, published by the Institute for Employment Research at the University of Warwick, also shows that more support for start-ups and selfemployment is needed from government and charities, says Cherry. “Access to finance is a major barrier to successful selfemployment for the Armed Forces

community, and I have been asking Government for some time to make access to finance easier for all self-employed people.” FSB's own research has found that 21 percent of self-employed people struggle to access a

mortgage, and almost half experience poor access to credit. FSB has called for industry leaders to address the issue. Proposals include more flexible mortgage repayment terms, and asking lenders to take into account the wider assets of an individual – such as stocks and future revenue – as proof of regular income. Cherry says these initiatives, along with the recommendations set out in the report and coupled with training and mentor provision, would have a positive impact on the success of service leavers. FSB recently appointed Ren Kapur MBE as a volunteer Armed Forces Champion for small businesses to support selfemployment in the Armed Forces community.

Self-employment can be a viable and rewarding career path for Armed Forces service-leavers

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Peter Stringfellow A fellow with many strings to his bow

PEOPLE

BUSINESSMAN and legendary nightclub owner Peter Stringfellow died earlier this year at the age of 77. A conviction for selling stolen carpets in his youth – for which crime he spent eight weeks in jail – in a strange way lit the touch-paper of a spectacular professional career. Stringfellow couldn't get a job because of this modest criminal past. He thought laterally — and prospered. His eponymous Stringfellows club in London's West End may have been the most famous of his venues, but the entrepreneur was known as the King of Clubs because he opened so many around the world. The Beatles, The Kinks and Jimi Hendrix were among the acts the Sheffield native booked to appear in his home city in the early days. Those big names helped set his career on a rocket-ship trajectory that began in 1962 and barely lost momentum for the next five decades. His own name is unlikely to be forgotten any time soon. The Covent Garden club in Upper St Martin's Lane opened in 1980 with a billing as “the world's premier gentlemen's club”. It was an immediate success, and Stringfellow went on to launch similar venues in France and the US. A trip to a strip club in Fort Lauderdale, Florida, gave him the idea for a tweak in the formula, and Stringfellows New York followed the titillation theme to great success. Topless women became synonymous with the Stringfellow brand in the ‘90s and an adult entertainment club, Angels, followed in 2006 in Soho, London. It was the first club to gain a fully nude licence from Westminster City Council. Stringfellow leaves behind his wife, Bella Wright, with whom he had one child; he has three other children from previous relationships. His Covent Garden club is still operating at the time of writing.

Zamira Hajiyeva Store loyalty isn't always a good idea

WE ALL have our favourite stores, and UK resident Zamira Hajiyeva, from Azerbaijan, has hers: Harrods. The wife of a former state banker came to the attention of authorities after spending £16m in Harrods over a 10-year period, and buying a house near the famous store. Oh, and the £11m Mill Ride Golf Course near Ascot. The British High Court has ordered her to come clean about the source of her wealth; if she doesn't, she could lose the house. At least. Hajiyeva lost her bid for anonymity in the first strike by the UK's new anti-corruption law (duh; we just used her name) – but that is perhaps the least of her problems. In the UK's first Unexplained Wealth Order (UWO) case, Hajiyeva, 55, is obliged to provide the National Crime Agency with details of how she and her husband, Jahangir Hajiyev – a former chairman of the International Bank of Azerbaijan – paid for their Knightsbridge property. (Azerbaijan surnames take a gender-specific suffix, if you were wondering.) A UWO is designed to prevent corrupt foreign officials laundering money via the UK. Hajiyev was jailed in 2016 after being convicted for his part in a fraud and embezzlement case involving millions of pounds. He was also ordered to repay $39m. Investigators from the National Crime Agency believes that over the years, billions of pounds have been laundered through various British property deals. But back to Harrods: in that one, flush decade, the big-spending banker's wife lashed-out more than £16m in the store. That's more than £4,000 a day, if you work it out on average. What did she buy? Harrods was once touted as the place you could buy an elephant, if you wanted – and had the funds. While she obviously had the necessary folding, Hajiyeva had no immediate need of pachyderms; her (presumably) not-so-hard-earned went on jewellery, perfume, wine, clothes and watches. She at least had three store loyalty cards (and 35 credit cards) to help settle the bill.

Business Vision Autumn 2018 Issue • www.bv.world

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Confidence isn't the key to success: discomfort is! Cryptocurrency entrepreneur SAMUEL LEACH remembers his start in business – and the ‘problems’ that were solutions MANY entrepreneurs can describe the exact moment that they decided to set up their business, but looking back, there wasn't a specific moment that motivated me. Each time it was a challenge, and the sense of discomfort that came with it inspired me make the leap into the uncertainty of a new project. When I set up Samuel & Co Trading, an international FX training provider in 2012, I was motivated by adversity — one of my greatest drivers in business is also one of my greatest personal challenges. Before leaving for university, I lived with my brother and father in a single room bedsit, an experience which sparked a desire to help others in a similar situation. I researched the highest

‘I had saved all of my money to attend a trading course’ paying jobs, and (at the time) it seemed that I had two options: to work on an oil rig or in a financial institution. I applied for every oil rig job I could, and was rejected by all of them. Ultimately, it was a sense of disappointment that motivated me to take the leap and set out on my own for the first time. I was working and studying for a degree. I had saved all of my money to attend a trading course I thought

would be an investment in my future, but ended up learning less than I could have absorbed from a quick Google search. Difficulty, discomfort, disappointment. Three things that humble us, and have the potential to break us down, but ultimately help us grow — professionally and personally. Discomfort brings engagement and change; it means that you're doing something others are unlikely to do. That can help you succeed in any business. In an increasingly cautious, competitive and fast-paced business environment, those who are willing to take risks and step into the discomfort of uncertainty will reap the biggest rewards. Only by giving up the security of our comfort zone can we create new opportunities and extend

potential for business capability. Research from South Africa's University of Johannesburg found that of 17 factors commonly attributed to successful entrepreneurs — including creativity and innovation, perseverance and financial understanding — willingness to take risks had the fifth-strongest correlation to potential success. The research, which analysed empirical data from SMEs, identified the ability to take calculated risks as more important than business planning, commitment or client service. One technique to get over the fear of the unknown, and one I've applied to all of the challenges I've faced, is known as “fear-setting”. This technique, created by entrepreneur Tim Ferriss, took inspiration from an exercise created by a Roman philosopher. In contrast to goalsetting, the exercise encourages entrepreneurs to pinpoint the decisions that are weighing on their shoulders to make their fears tangible.

The concept relies on three principles: define, prevent and repair. Pinpoint the “what if” dilemma that is facing you. For “define”, write down 10 things that could go wrong. For “prevent”, look at how you could prevent those things from happening. Finally, consider how you could repair the damage if each of these things were to happen. MAKING THE LEAP I applied process to my decision-making when making the leap into cryptocurrencies, and setting up Yield Coin and Yield Owl. Setting up a company in the cryptocurrency industry could have been seen as a significant risk. However, as I laid out all of my concerns and established definitions, preventions and repair solutions, one thing became clear — what was holding me back was fear of the unknown. I took the leap. We launched a cryptocurrency, Yield Coin — the world's first multi-purpose backed token — with a market value of

$78m. Determined to inspire a younger generation of investors, Yield Owl — a networking platform for traders and investors, forging relationships within the global crypto-trading community — was launched. Our goal for Yield Owl was to unite and empower the trading community. There was also potential for it to be used as an educational platform, to increase financial literacy. I'd love these two platforms to help take cryptocurrencies mainstream, and to help create an environment which allows daily transactions with digital currencies. As entrepreneurs, we need to continually assess whether our fear of uncertainty and risk is holding us back from making decisions that will allow us to succeed and impact the world around us. Instead of focusing on the costs and risks associated with an action, we should be focusing on the cost of inaction. Success always lies on the other side of uncertainty, discomfort and fear.

Business Vision Autumn 2018 Issue • www.bv.world

Samuel Leach set up Samuel & Co Trading in 2012

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Put some plastic on your feet – and save the world AS THE plastics pollution problem swells into a global crisis, businesses, nonprofit organisations and environmentally conscious individuals are collaborating on proactive and innovative solutions to disrupt the cradle-to-ocean plastics cycle. It's a daunting challenge, according to environmental protector Greenpeace, as a truckload of plastic waste makes its way into the ocean every minute. The watchdog organisation estimates that only nine percent of the 8.3 billion tonnes of plastic globally produced since the 1950s has been recycled, leaving 79 percent to end up in landfills or the environment. Plastic pollutes our oceans, and its production uses up finite raw materials. According to National Geographic magazine, manufacturing plastic requires eight percent of the world's oil production — a figure that could rise to 20 percent by 2050.

‘Phase-out throwaway culture’ Greenpeace is calling for stricter legislation on plastic production, use, and disposal, as well as more company accountability for the lifecycle and costs of its products. It suggests adopting cycles of non-virgin plastic production and phasingout the throwaway culture of single-use plastics and short-life products. There are many businesses waking up to the shift in public mindset, recognising that with great success comes even greater responsibility. Global sports company adidas has been a leader in the sustainability game for a long time, proving it has the drive and stamina to go the distance. Its latest initiatives have

volunteers and environmentalists combing beaches in search of plastic rubbish to spin into upcycled gold. The initiative is the result of a partnership between environmental agency Parley for the Oceans and adidas. The two have been working together since 2015 to “raise awareness for the beauty and fragility of the oceans and collaborate on projects that can end their destruction”. Thus far the initiative has resulted in some fashionable sportswear— and impressive sustainable profits. The adidas x Parley initiative starts by intercepting plastic waste before it enters the oceans. Parley has partner organisations in coastal areas around the world that help collect the plastic. In the Maldives, for instance, a local Parley Maldives team manages the collection operation and sends the plastic collected to an adidas x Parley supplier in Taiwan, where it's up-cycled and spun into yarn fibres, trademarked as Parley Ocean

For each pair of shoes, about 11 plastic bottles have been transformed into performance footwear

Plastic. The signature adidas x Parley product line is created with this eco-innovative material. The adidas x Parley line first launched with a limited edition series of 7,000 pairs of sneakers, which sold out almost instantly. For each pair of shoes, about 11 intercepted plastic bottles have been transformed into performance footwear. The shoes were a breakthrough in fashion design and technology, catering to sneaker fanatics and environmental activists. The launch was promoted with a global Run For The Oceans project, in which adidas and Parley sponsored runs in cities from New York to Shanghai, London to Milan, and raised over a million dollars for educational programmes. “With the Run For The Oceans, we're using this power of sport to inspire action,” said Eric Liedtke, executive board member of Global Brands Adidas Group, in a recent interview with Forbes. “It's about community and participation in sport… We have created a platform that gives athletes all over the world the opportunity to get involved with the cause, helping us to fulfil our promise.” Last year, adidas x Parley

proved that going green can be profitable too, selling one million pairs of its signature sneakers running at about $220 a pop. This year, adidas plans to produce five million. The company has a track record of pushing the limits of its own ambitions, and has announced that it aims to expand the repurposed plastics trend to its entire product line by the year 2024. PROBLEM TO SOLUTION “Adidas teamed up with Parley to help spread awareness and transform ocean plastic pollution into high-performance sportswear, spinning the problem into a solution. The threat, into a thread,” said Liedtke. “We have already taken the first steps to reduce and ultimately eliminate virgin and single-use plastic from our products. “In doing so, we have shown that it is possible and that people care — but now we must accelerate and scale-up. As a creator brand, we believe that necessity drives innovation and that solving the toughest problems only makes us and our products better — all while doing less harm to the world.” Parley and adidas have recruited some famous athletes to join their cause, teaming up with

football clubs from Manchester United to Real Madrid to promote the cause, harnessing the power of football to get the initiative's message to the widest audience. The global sports company also has a long track record of leading the way in self-governed sustainability, facilitating transparency and responsibility throughout the supply chain. The company voluntarily disclosed its global supplier factory list in 2007, in what it likes to call its year of transparency. As an official merchandising sponsor for the 2010 FIFA World Cup and the 2012 Olympic Games, adidas raised the bar for the whole industry by becoming the first and only sponsor to publish a list of all factories involved in the merchandising production. The company has laid out a Sustainability Roadmap, which translates its sustainable efforts into tangible goals with measurable world impact. Its sustainability efforts prioritise six strategic areas to address the issues and challenges of the company's production process (from design to shipment), its sales operations (from wholesale warehouses to retail branches), and its guardianship of the world's sports environments.

Business Vision Autumn 2018 Issue • www.bv.world

A truckload of plastic waste makes its way into the ocean every minute

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Speaking up to inspire students in a democratic and comprehensive way By HEATHER LEAH SMITH “CARPE diem,” the late Robin Williams urged in the movie Dead Poets Society. “Seize the day, boys. Make your lives extraordinary.” Inspiring words from experts and leaders are not uncommon in private schools around the world, but state schools have traditionally been left out when it comes to attracting motivational speakers. The organisation Speakers For Schools aims to change that, and ensure that words of wisdom and encouragement are just as likely to be heard at UK comprehensives. Schools which charge hefty tuition fees often command great respect, and boast alumni lists that include some of world's wealthiest and most influential people. The UK's Harrow School — with 2018 fees costing £13,350 per student, per term — played host to Winston Churchill for his famous “Never Give In” speech in 1941. Robert Peston, who attended a North London comprehensive, has had a successful career as a journalist, and has published three critically acclaimed books. He began to receive invitations to address students, but what he found odd — and a little perplexing — was that only feepaying institutions were reaching out to him. Students at the famous Eton College — with tuition costing £12,910 per term — can expect to be exposed to the most influential, interesting, and intelligent speakers of the day. According to Eton's 2010 yearbook, students were offered a range of perspectives from eminent speakers, ranging from Michael Heseltine to Ken

Robert Peston Livingstone. They also heard from representatives of Buddhist centres and the Anglican Church, the Communist Party and The Financial Times. Peston wrote in The Sunday Times that “it really matters that those who go to comprehensives should have the same advantages as those who go to Eton, Westminster, and Harrow”. “A lightbulb went on in my head,” wrote Peston. “It occurred David Fowler / Shutterstock.com

Michael Heseltine

to me that in a career of 25 years in journalism, I have got to know thousands of fascinating people who are capable of inspiring young people. So for schools lacking the resources to approach such prominent individuals, perhaps I could play the role of matchmaker.” Peston founded the organisation Speakers For Schools in 2011 through the Education and Employers' Taskforce, which helped him turn the idea into reality; the programme became an independent and fully funded educational charity in 2013. “Speakers For Schools is about exciting students in a way that encourages them to aim high, in a career sense or an academic sense,” Peston says. “It is about delivering (the) message that – with hard work and application – they can achieve great things. It is about giving state school students access to big ideas that are not on the curriculum. “More than anything else, Speakers For Schools is about telling students — especially those from more disadvantaged backgrounds — that they are highly valued by individuals who (rightly or wrongly) are viewed as successful.” The speakers are often famous, and always noteworthy: the key players in their field, leaders who influence their respective sectors and society as a whole. From medical professionals and corporate CEOs to university professors and media specialists, the speakers share a common goal: to help young people realise their own potential and embrace their opportunities. Since the launch of the

Sir Charles Dunstone question: “What are the things that I can actually do something about? I can't change the whole environment about me. How can I look positively at everything to create an opportunity?” Sir Charles warned students that traditional business is being turned on its head by disruptive technologies, “For (those who) understand what technology can do, the opportunities are limitless,” he said. “Believe in yourself and be excited about the opportunities – and don't become too depressed by all the noise that you hear around you about what's going on.”

SCHOOLS' PLASTICS CHALLENGE THE WORLD is swimming in so much plastic that your next seafood dish could well come with a dose of micro-toxins. Speakers For Schools has teamed up with leading environmental organisations to raise awareness of the problem, and inspire UK youth to action. We've poisoned our food chain by dumping more than 260,000 tons of micro plastics in the oceans, and the cost of the thoughtless disposal of plastic waste is estimated at $13bn a year, according to the United Nations Environment Assembly. Of that total, $1.3bn in costs to tourism, fishing and shipping comes from the Asian region alone, reports to the Asia-Pacific Economic Cooperation (APEC). Marine animal and fish deaths, as well as food chain contamination, are having a disastrous effect on health and the environment. The Speakers For Schools national campaign, the Great British Plastics Challenge, will send 30 leading figures into UK classrooms to engage with students and to challenge them to be a part of the solution. The chair of the Environment Agency, Emma Howard Boyd, is to address students at Bude Comprehensive this year as part of the campaign. “(The TV documentary) Blue Planet 2 showed us shocking levels of plastic pollution in the oceans,” Boyd says, “but then we turned off the TV, looked around, and saw it's a problem everywhere. We can all take action, so I hope the Speakers for Schools campaign will inspire students and business leaders to take part in the national challenge.” The campaign challenges students to commit to one action this year, and to make it a community endeavour by sharing their pledge on social media. Students could, for example, pledge to give up single-use plastics for two months. Single-use plastics — straws, water bottles, disposable cups and shopping bags — account for roughly half of worldwide plastic production, the majority of which is thrown away, not recycled. Another campaign challenge encourages students to tidy up their own communities, such as a charity beach clean-up. For a final challenge, students could reach out to local businesses and encourage them to take steps to reduce their plastic waste. “I've seen first-hand the impact that simple changes can have on reducing the amount of plastics we use,” says Jeremy Darroch, chief executive of Sky Plc, and chairman of Business In The Community, one of the campaign's chief allies. “The Speakers for Schools campaign is a great opportunity for us to inspire young people to take action. No matter your age, by working together we can turn off the plastics tap.”

Business Vision Autumn 2018 Issue • www.bv.world

programme, more than 1000 prominent figures have donated their time to share their insights and expertise with half-a-million students. The programme is free for students and schools, and has grown from only 140 sessions the first year to 1,200 in the past academic year. It aims for geographic diversity and strives to reach disadvantaged students in more remote areas: 92 percent of UK local authorities have at least one participating school, 70 percent of which are in rural areas. At the talks, the speakers and students discuss just how difficult the situation has become. “Yours is a unique generation,” said Peston in a Q&A session at Bishop Challoner school in East London, “one that has grown up in the shadow of the worst recession in living memory.” Sir Charles Dunstone, a self-made billionaire in the mobile phone sector, posed the

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New funds, new fervour for growth-orientated schemes

KUBER Ventures, an alternative fund-investment platform, has announced two new Seed Enterprise Investment Scheme (SEIS) funds, the British Design Fund 2 and the British Robotics Sidecar Fund. Kuber says the platform has attracted advisors, intermediaries and private investors who are following a growth-orientated environment. The British Design Fund 2 is focusing its investments on UK-based, early-stage companies in product-design and manufacturing. The fund aims to invest at least £100,000 in each company – in return for up to 30 percent equity – with a minimum target diversification of five companies. The British Robotics Sidecar Fund targets investments in UK-based robotics and artificial intelligence start-ups, aiming to deliver returns to investors and enhance British industry.

It expects the potential of the global robotics market to exceed £200bn by 2021, and will leverage that potential with £25,000 to £150,000 investments in investee companies. The additions are accompanied by Guinness EIS and Worth Capital's Start-Up Series Fund EIS/SEIS on the Kuber Platform. Non-sector-specific, the Start-Up Series Fund invests in early-stage consumer goods and services companies, and B2B opportunities. The fund has launched a follow-up hybrid SEIS/EIS offering. Guinness EIS is a generalist fund which is looking at businesses with good visibility on future growth and working capital requirements. Kuber has appointed David Moss as non-executive chairman. Moss has experience as a corporate finance lawyer, but in recent years he has focused on helping companies achieve and build on

success. Another addition to the team is Claire Poole. Poole — who is business development associate — is charged with bolstering business development through account liaison and associated leadgeneration. Kuber Ventures CEO Dermot Campbell said bringing the new funds on-board further strengthened the company's “diversification mantra”. “Investors now have even more industries and opportunities from which to choose as we navigate the ‘new EIS' landscape,” he said. John Mathers, of the British Design Fund, said the professionalism shown by Kuber sets it apart from industry competition. “Their team is diligent, focused on the details and really robust,” he said. Kuber hosts fund-managers including Deepbridge and Velocity Capital Advisers.

Seven international banks sign-up for global digital network for SME finance As many as 60 major corporates have been approached to take part and exporters to facilitate commerce. If corporates, banks and suppliers were linked by a digital system — as outlined in the new MoU — smaller companies could submit purchase orders and invoices to banks to arrange funding.

The risk of fraud would be minimised because banks would have access to verified trade information; double financing would also be avoided. It is understood that up to 20 banks were involved in developing the network, and were keen to jump on board. As many as 60 major corporates have been approached to take part. No target has been decided for the size of the platform, but Schulpen said it could help with some of the annual $1.5 trillion demand for trade finance from SMEs. The digital trade information network is expected to be operational by the third quarter of 2019. Information and instructions would be communicated via encryption and secure channels.

Business Vision Autumn 2018 Issue • www.bv.world

CHEAPER and easier funding for corporates via a global digital network in trade finance: this is the goal of a Memorandum of Understanding (MoU) recently signed by seven major banks. HSBC, Banco Santander, the Australia and New Zealand Banking Group ANZ, BNP Paribas, Citibank, Standard Chartered and Deutsche Bank are all signatories of the MoU. News agency Reuters quoted Rogier Schulpen, global head of trade and working solutions at Spain's Banco Santander, as saying the move would set a precedent and allow cheaper, lower-risk access to finance. Trade finance traditionally involves each lender dealing individually with clients — operating to different standards — to provide funding to importers

The digital trade information network is expected to be operational by the third quarter of 2019

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New export strategy to bring ‘superpower' status to Britain BRITAIN'S International Trade Secretary, Liam Fox, recently announced an export strategy to “make Britain a 21st Century exporting superpower”. “As we leave the EU, we must set our sights high, and that is just what this export strategy will help us achieve,” Fox said in a statement. Last year, goods and services worth £620 billion were exported by British companies – 30 percent of the GDP. Fox aims to proportionally increase that figure to 35 percent. The government's export plan comes as part of its industrial strategy to boost growth in sectors where the UK has a competitive edge. Fox says research shows that export companies have better growth potential, are more productive and provide better-

Fox says there will be up to £50 billion in support paid jobs. The Department for International Trade estimates that 400,000 businesses believe they could export but don't, with overseas demand for British expertise and goods growing. The export strategy, released in August, outlines how the government will tailor support to UK companies. The key elements are to encourage businesses to export, amplify the voice of existing exporters, facilitate peer-

to-peer learning and provide advice and practical assistance. New measures include developing a single digital platform for domestic business growth and export support, building UK supply chains and helping SMEs to access new markets. There are also plans to develop an online tool so businesses can get help with nontariff barriers they face. Fox says there will be up to £50 billion in support from UKEF (UK Export Finance), the government's export credit agency. “I believe the UK has the potential to be a 21st Century exporting superpower,” Fox said. “As an international economic department, we are determined to support, connect and grow UK companies on the world stage.” Baroness Fairhead, Minister

A new dawn for British exports? Liam Fox believes that is true, despite Brexit jitters

The UK International Trade Secretary, Liam Fox of State for Trade and Export Promotion, said exports were at a record high, making the UK the world's sixth-largest exporter. “We do punch above our weight; however, we also punch below our potential,” she said. Carolyn Fairbairn, directorgeneral of the Confederation of British Industry (CBI), said the organisation had been calling for a long-term approach to exports: “Previous strategies have come and gone, but businesses have been let down by their execution.” Adam Marshall, directorgeneral of the British Chambers of Commerce (BCC), said that ramping-up the intensity of UK trade would be “the cornerstone of our future economic success”. Stephen Martin, director general of the Institute of Directors, said the UK's export performance would “depend upon many variables”. He said the government's new network of HM Trade Commissioners would help to improve government-togovernment relationships and reduce tariff and market access barriers as Britain leaves the EU. Brian Jamieson, co-founder and CEO at FX and international payments company Centtrip, said the UK's future trading relationship with the EU “remains unclear”, but said the government's plans to support SMEs looking to export globally were welcome.

THE Robert Half 2019 Salary Guide shows that nearly five million UK SMEs – or four out of five – struggle to attract the skills they need, and many are forced to “buy” it with salary packages. More than half of CEOs (53 percent) say they can't find candidates with the necessary skills to help them navigate an increasingly digitalised business landscape. The skills include data analysis and digital expertise, as well as softer skills such as resilience, adaptability to change, and critical thinking – and these concerns are worsened by the uncertainty of Brexit and the potential talent exodus. According to recruitment specialist Robert Half, this widespread shortage of specialist skills has created a buyers' market for those candidates who possess the key skills. Many SMEs are increasing their recruitment investment, and two in five (43 percent) say pay hikes in the past three years have been necessary to attract the best candidates. Only 35 percent of large businesses have had to make that concession. The Robert Half guide also found that seven out of 10 businesses are paying more than they initially planned for their favoured candidate, as a fast-paced market drives increasingly competitive salary negotiations. Matt Weston, UK managing director at Robert Half, said technology and digitalisation were changing the UK business landscape. “This, coupled with uncertainty around Brexit, means that businesses must adapt their recruitment strategies to ensure they are equipped with the right talent,” he said. The requisite skills in certain roles remain specialist – and necessitate a competitive offer. The skills shortage has created a buyer's market in employment terms. “Attracting, securing and retaining the right talent will rely on faster hiring times, flexible recruitment strategies and competitive remuneration packages,” said Weston. Pressure to invest in the retention of top talent, as well as training and workplace benefits, puts additional pressure on SMEs. Skillsdevelopment is a crucial component of job satisfaction, says Weston. Over three-quarters of employers said their staff would consider leaving if denied training. SMEs lag behind large companies in terms of training offers – 52 percent versus 68 percent – meaning top talent is likely to be attracted elsewhere. Factor-in recruitment fees, remuneration and on-boarding costs, and SME employee churn is estimated to cost businesses £30,000 each year. Some SMEs are investing in softer benefits to increase retention levels. Almost two in five (39 percent) have an employee wellbeing programme in place, and over a third (34 percent) offer flexible and remote working. “For SMEs, it may be more difficult to compete for a candidate against larger organisations on financial compensation alone,” Weston admits. “However, by considering their long-term talent pipeline, SMEs are able to compete on non-salary benefits, career opportunities and responsibilities of the role. While salary will always be an important factor, offering people ways to ‘work happy' will be vital in the war for talent.”

Business Vision Autumn 2018 Issue • www.bv.world

IT'S WAR FOR TALENT AS EXIT DATE APPROACHES

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Anton Chirkunov Wheely good idea…?

PEOPLE WHEELY, the high-end chauffeur app, recently announced a financial incentive to all new drivers who can maintain their fivestar rating. Wheely is an international car service, available in London, Moscow, St Petersburg, Sochi, Kazan, Yekaterinburg, Perm and Krasnodar. It was founded in 2010, when Anton Chirkunov, who had experience in various car services (and was dissatisfied with most of them) created Wheely with Paul Bocharov and Ivan Samsonov, with the aim of providing top quality. That new five-star rating for drivers has pitfalls; as soon as the rating drops – even to 4.9 – drivers will lose it. The scheme aimed to attract drivers away from Wheely's competitors with the promise of some extra cash. Critics and industry watchers point out that this kind of incentive isn't always productive. Setting such targets can mean that workers are afraid to try something new because they won't want to fail. Focusing on rewards that encourage people to strive for improvement are more likely to be of benefit. CEO Chirkunov may have had the correct motivation, as incentive schemes are a great way for companies to attract a new pool of talent. But the carrot usually works better than the stick when it comes to getting the most out of employees. Chirkunov had most of his ducks in a row, it must be said. Requesting a car is done through the mobile app, available on iOS, Android and Windows. Wheely has built a reputation for prompt service, with credit/debit card linked to the user's account – meaning there's no need to pay the driver. But back to that “incentive” scheme… Removing a reward when someone makes a mistake can feel like a punishment, and rewards are associated with maintaining success instead of new goals. Instead of using rewards as an effective motivation tool, this approach instead runs the risk of employees doing the bare minimum to avoid being punished. 82

Elvira Nabiullina

Bringing Russian banks to heel ID1974 / Shutterstock.com

ELVIRA Nabiullina has proven that she excels in the often maledominated financial industry. Nabiullina, governor of the Central Bank of Russia, has enjoyed broad success in her efforts to improve the health of Russia's banking system and stabilise its economy. The central banker has expanded the regulatory toolkit, brought inflation under control, and shut down hundreds of banks with poor management practices. It's no secret that Nabiullina has Vladimir Putin's ear, respect and trust. The Russian president has been quick to praise Nabiullina for her wit and financial acumen. As a trusted economic advisor, Nabiullina has been given unprecedented freedom to make the tough decisions to cleanup Russia's banks and shore-up its economy against geopolitical threats. After the 2008 global financial crisis, Putin appointed Nabiullina to steer Russia's economic recovery. When she took over, banks and companies were moving $5bn out of the country each month, and inflation peaked at seven percent. She shut down 70 banks in her first year, and has closed more than 440 lenders to date. Those moves halved capital outflows, to $2.5bn a month. Some failing banks were shut and sold in pieces. Others, considered too big to fail, were bailed out and absorbed by the government. But even they must bend to Nabiullina's will. Before her appointment, the Russian banking scene was riddled with bad debt, leaving the state to foot the bill. With so much capital at play, the stakes can be high. Nabiullina has taken a hard stance, unafraid to step on toes and unwilling to buckle under political pressure. She's called for stricter punishments for fraudulent financiers, chastising the police and courts for allowing crooked bankers to avoid criminal charges. International investors are showing faith in Nabiullina's economic stewardship, and are embracing Russian government bonds. She was named in Forbes' as one of the world's most powerful women.

Business Vision Autumn 2018 Issue â&#x20AC;˘ www.bv.world

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Economic dangers that policy-makers refuse to face

In December 2007, the Fed said that 1930s levels of unempoyment were close to impossible

by CHARLIE FOTE and NABIL ABU EL ATA THE Fed's monetary policy is meant to protect the economy against impending risks — a task that requires having some sense of how serious those risks might be. Currently, the central bank seems set on raising interest rates because it sees the risks — such as a decline in growth and hiring — as being relatively small. But there is reason for concern that, as in the last three recessions, any model-based assessment of economic risk can be overly optimistic. With potentially disastrous repercussions... Current economic forecasting methods are outdated, which means policymakers' decisions are often made without a full understanding of the implications. The whole point of building elaborate forecasting models is to understand the range of possible outcomes and assign probabilities to them. And this is the problem. Models based on past experience can be inaccurate. In the absence of any reliable methods to predict economic dangers, policymakers remain optimistic that everything will turn out all right. Economic disasters result from risks that no one anticipated

Currently, the central bank seems set on raising interest rates because it sees the risks as being relatively small or took seriously. In December 2007, the Fed's main economic model thought it unlikely that the unemployment rate would be above six percent in two years; it hit 10 percent. The model said that it was close to impossible, and not considered a plausible risk. These errors suggest fundamental flaws in the formulation of economic forecasting models. New financial instruments, technological advancements,

regulations, evolving cyber threats, politics, wars, changing preferences and other market changes introduce risks which can cause financial disaster. Historical data cannot be used to determine the probability of something that has never happened before. Neither experts nor statistical approaches can reliably predict the probability of risk in a system as complex and far reaching as the economy. Only advanced forms of mathematical emulation, like those used in physics and chemistry, can comprehensively model the dynamic complexity of systems influenced by both internal and external dependencies. Without a realistic model, policymakers cannot reliably predict how changes may cause unexpected system behaviors — or economic dangers. Today's financial systems are supported by billions upon billions of complex dynamic interactions that make them vulnerable to failure. One small change — a rise in sub-prime mortgage defaults, for example — can produce a ripple effect, a.k.a. a global financial crisis. This was not the anomaly that policymakers would have us believe.

‘In retrospect, the crisis that struck in August 2007 had been building for years’ related risks. Newly developed mathematical-based modeling innovations show promise in their ability to reveal the circumstances that can cause market imbalances. They provide the level of realism needed to take the right actions at the right time. A market collapse can be triggered by a growing number of events that are considered improbable, but not impossible — such as stock market panic-selling,

a bond-market bubble collapse or a sudden increase in credit card defaults. Due to the interconnectedness of modern financial systems, one small change can produce an avalanche of unintended consequences. Whether we want to acknowledge it or not, the dynamics of our hyperconnected world amplify the risks. Cycles of volatility will begin to accelerate unless we advance the way we identify and treat economic risk. Isn't it time that policymakers, economists, academia and technologists worked together to build economic models that better reflect the dynamic nature of our global financial markets and better control the hyper risks they engender? * Charlie Fote retired as chairman and CEO of First Data in 2005 after 30 years in various roles at the global electronic payments company. Dr Nabil Abu el Ata is the author of Solving The Dynamic Complexity Dilemma, The Tyranny Of Uncertainty and Leading From Under The Sword Of Damocles.

Business Vision Autumn 2018 Issue • www.bv.world

Unless changes are made, these types of economic shocks will increase in frequency and severity at scales that pose serious threat. And yet, policymakers are still looking in the rearview mirror. Using outdated financial dynamic models reliant on past data, satisfied in their ability to predict what will come next, then taking action without fully understanding the impacts. The truth is, we can do better. In 2011, former Secretary of the Treasury, Henry Paulson wrote, “In retrospect, the crisis that struck in August 2007 had been building for years. Structural differences in economies of the world that led to what analysts call ‘imbalances' that created massive and destabilising cross-border capital flows. In short we were living beyond our means — on borrowed money and borrowed time.” The “imbalances” (and catastrophic outcomes) would have been evident if policymakers were using the latest scientific and technological advances to model and predict dynamic complexity

The Federal Reserve Bank’s monetary policy is meant to protect the economy

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Football safety report lit fuse to UK call centre's ‘big bang' One company’s upward trajectory was fuelled by an investigation into a tragic incident in 1991 — the Hillsborough Stadium Disaster BRITISH contact centre specialist Kura has acquired two new divisions, making it the UK's largest independent outsourcer. Kura was formed as Response in 1991 and has its headquarters in Glasgow. The company was part of Murray International Holdings Ltd, owned by Sir David Murray. It was created after the publication of the Taylor Report into safety at football grounds (see side panel). The report found that tickets should be sold prior to games, which caused many clubs to open call centres to deal with sales and control stadium seating. Murray — who was the chairman

‘An industry often beset by negative perceptions’ of Scottish club Rangers at the time — founded the company in response to the new demand. Response acquired the contact centre operations of Thus in 2004 and business process software company Carnegie Information Systems in 2005. In 2008 it

acquired software company Inisoft. This gave the company the ability to offer in-house software capability to its clients. In 2014, trade reports hinted Response and its associated companies were for sale. In late August of that year, a management buyout headed by managing director Brian Bannatyne purchased the company. In 2015, the company changed its name to Kura CS Limited, a play on the Latin word cura, which means helpful. Kura currently operates two Glasgow sites and others in Forres and Liverpool. In June this year, Kura announced its expansion

Rangers FC standing proud at the start of an important match

Ring my bell… Kura’s steady growth has made it the UK’s biggest independent outsourcer ‘developing people'.” Kura now operates from a total of seven locations across the UK and provides a variety of services and solutions to 50 clients across several industries. Bannatyne said the company had been working hard to deliver its vision and said its new employees would have a big

part to play in the future of the business. “There will be many positive changes across the business in the months and years ahead to bring this vision to life,” he said. Relationships with existing clients, flexibility and innovation would not be compromised by the expansion, Bannatyne added.

WHAT THE TAYLOR REPORT SAID THE Hillsborough Stadium Disaster Inquiry report, overseen by Lord Justice Taylor, looked into the causes of the Hillsborough disaster on April 15, 1989. The tragedy unfolded during an FA Cup semi-final match between Liverpool FC and Nottingham Forest at Hillsborough Stadium in Sheffield. With 96 fatalities and 766 injuries, it is the worst disaster in British sporting history. A crush occurred in two standing-only pens in the Leppings Lane stand, which had been allocated to Liverpool supporters. Shortly before kick-off, in an bid to ease overcrowding at entrance turnstiles, police ordered an exit gate to be opened – leading to an influx of even more supporters. The Taylor Report found that a failure of police control was the main cause of the disaster. It recommended that major stadiums convert to the all-seater model, and specified that all ticketed spectators should have seats, and not be obliged to stand. The Football League in England and the Scottish Football League introduced regulations requiring clubs in the top two divisions to comply. The report found that standing accommodation was not intrinsically unsafe, but the government ruled that it would no longer be allowed. Other recommendations of the Taylor Report included a review of the sale of alcohol within stadiums, crush barriers, turnstiles, ticket prices and fences (many fans were crushed against perimeter fencing).

Business Vision Autumn 2018 Issue • www.bv.world

into Durban, in South Africa. Contact centres – also referred to as customer interaction centres or e-contact centres — serve as central point from which customer contacts are managed. A centre typically includes one or more call centres — the terms are sometimes used interchangeably — but often include other types of customer contact. Contact centres are generally part of an enterprise's overall customer relationship management (CRM) strategy, and support more services than a call centre: customer support, email, chat, voice-over IP (VoIP) and website support. CLIENT BASE Kura's client base already included blue-chip brands such as EDF, British Gas, Sunlife, BT, BMA (British Medical Association), Aegon, Moonpig and Autotrader. The company employs about 3,000 people, with sales of £75m. The new acquisitions — Parseq and Stellar Europe — come off the back of the company's first joint-venture based in Durban, South Africa, and follow a period of impressive growth. “In an industry that is often beset by negative perceptions, we have many positive things to say,” said Bannatyne. “We are building a very different business at Kura; our vision is to be unrivalled in

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New centre taking support to north-west of England HUNTSWOOD, a provider of expertise, technological and operational solutions, has opened a Centre of Excellence in Liverpool in the north-west of England. The company is extending its support for consumer creditproviders adapting to customer changes and seeking regulatory compliance. The dedicated outsourcing facility creates a number of employment opportunities for the region. The north-west as an area is key to Huntswood's growth plans as it responds to demand for customer management experience. The new centre is in the recently redeveloped Watson Building, close to the Liverpool Central Railway Station: energy efficient, with IT capabilities and easy access to road, rail and air transport. Outsourcing continues to be a strategic resource for consumer credit firms trying to meet regulatory standards. “Achieving compliance can be labour-intensive,” said Kirk Croal,

‘Achieving compliance can be labourintensive’ managing director of outsourcing at Huntswood. “Customer expectations are shifting and we are seeing an increase in the number of consumer credit firms seeking specialist expertise. Our new centre offers additional capacity and much-needed support to businesses in the north-west and beyond.” Huntswood aims to drive better outcomes for clients and their customers, by combining expertise, technology and operational services to deliver practical solutions while effectively mitigating business risk. The company provides regulatory expertise and end-toend operational support.

The Watson Building: energy efficient, with IT capabilities and easy access to road, rail and air transport 88

BIGGING-UP THE NORTH-WEST: AN ONGOING PROCESS AS FAR back as 2007, the European Commission approved a Regional Operational Programme for the north-west of England. The operational programme falls within the framework laid out for the Regional Competitiveness and Employment Objective and has a total budget of about €1.5 billion. Community assistance through the European Regional Development Fund (ERDF) amounts to €756 million, which represents approximately 7.1 percent of the total EU investment earmarked for the UK. The Operational Programme's overall vision is to create a sustainable economy which competes on the basis of knowledge, advanced technology and an excellent quality of life. The programme seeks to stimulate high productivity and improve enterprise levels. The emphasis is on developing a low-carbon economy driven by innovation and leadership, and lowering unemployment rates in the region. For more information: http://ec.europa.eu/ regional_policy/en/atlas/ programmes/2007-2013/ united-kingdom/operationalprogramme-north-westengland

Jim Ovia A banker with the write stuff

JIM OVIA has had a bootstrap success story, coming from humble origins and rising to the zenith of Nigeria's financial industry. Ovia is the founder and chairman of Zenith Bank, one of the country's largest and most respected financial institutions. Starting as a single branch in an improvised residential duplex, the multinational bank now has branches in several countries and $16 billion in assets. Ovia has put his zeal and determination into turning his dreams into reality. And he's eager to pass the secrets of his success to help budding entrepreneurs unlock the continent's business potential. And Ovia is more than just a banker; he is a writer, too. In his memoir, Africa, Rise And Shine, Ovia offers his success story as inspiration for budding entrepreneurs. Ovia recounts the many challenges he had to overcome – from decaying infrastructure and economic instability to tension between military and civilian regimes – over three decades. He discusses the art of negotiation, and stresses the importance of staying ahead of the technology curve. “My career could be plotted on a graph as series of gut decisions that propelled me further and further ahead of others of the pack,” he writes in the book. “Most significant has been my interest from a young age, in emerging technologies that simply did not exist in Africa, and basing decisions on the belief that mastering and incorporating them onto business … was imperative for any business.” Trust your instincts and follow your gut, he urges readers. Look at challenges not as obstacles but as opportunities. Believe in your people, and praise their accomplishments. And if you hope to maintain a sustainable business, remember to be generous. Ovia is a billionaire entrepreneur and philanthropist with a net worth of $550m; he was listed in Forbes as one of Africa's 50 richest people, and is chairman of the Jim Ovia Foundation, which constructed a primary school in his hometown. It has granted over 1,500 students with university scholarships to date.

Business Vision Autumn 2018 Issue • www.bv.world

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.W O R L D Awards 2018 Autumn announcement highlights 90

AN INVITATION TO VOTE Readers are cordially invited to vote in the Business Vision (BV) Awards Programme. BV seeks out candidates with outstanding corporate achievements but all eventual winners will have convinced the judging panel that they have the vision to maintain and build on their success well into the future. Visit our website www.bv.world/awards to place your vote or email us at award@bv.world We will send you a copy of the nomination form. The information you provide will be used by the BV judging panel but not shared with third parties. As a small token of our thanks you will be entered in a free draw for a one-year complimentary subscription. No vote is wasted. Your recommendation will receive our full attention.

Pan African Building Society — Best Corporate Financial Strategies | Zambia 2018 PAN AFRICAN Building Society (PABS) — a deposittaking, non-banking financial institution in Zambia, specialising in retail and corporate operations — has dramatically streamlined its operations. PABS aims to bring banking services to populations that are financially excluded. Technology is a key component of PABS' strategy, facilitating customer access through a cost-effective digital platform and an omni-channel banking model. Zambia's smartphone users will value PABS' mobile banking app, and the society plans a USSD service for previously inaccessible communities. PABS' simple but effective corporate financing solutions tipped the scales for the BV judging panel, which names Pan African Building Society as winner of the 2018 Best Corporate Financial Strategies (Zambia) award.

Mid-Ocean Consulting — Best Financial Advisory Team | Bahamas 2018

OMRAN — Outstanding Contribution to National Economic Growth | Oman 2018 TOURISM in the Arabian Peninsula is booming; a regional growth-spurt began in the 2000s, and a 2013 report predicted it would become one of the nation's biggest industries. It has. Oman is a sultanate of youth and vibrancy, with hidden treasures – from caves to chefs' courses – waiting for the adventurous traveller. Muscat has been hailed by Lonely Planet as one of the world's best cities to visit, an accolade on which the Oman tourism development company OMRAN is building. Literally. OMRAN (which fortuitously means “solid structure” in Arabic) has 16 new hotels in operation and more under construction, making it the largest hotel-owning company in the sultanate. This dovetails perfectly with the government-run organisation's tourism vision for 2040. With job-creation and investment growth firmly in-hand, the BV judges gave a resounding “Náam” (Yes!) to the award of Outstanding Contribution to National Economic Growth (Oman) 2018.

Business Vision Autumn 2018 Issue • www.bv.world

MID-OCEAN Consulting serves as financial engineer to high net-worth clients and nascent companies. It provides tailored tax-efficient solutions to complex problems by using trusts, companies, LLCs, foundations and private-placement insurance. The company has created and managed innovative structures for crypto/ blockchain developers to finance solutions for a range of processes, such as food distribution, sharing solar energy between net producers and net consumers, and a fast and scalable DAG-based smart contract platform. Employees share in the company's projects, and the BV judges were impressed by the progressive and holistic nature of Mid-Ocean's operations; Best Financial Advisory (Bahamas) 2018 duly accorded.

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SBM Holdings Ltd — Most Visionary CSR Programme | Indian Ocean 2018

EDUCATION is key to social mobility and economic freedom — and Mauritius-based SBM Holdings Ltd knows it. The small island state has a population of 1.3 million people, making human capital one of the country's main assets. The group's Corporate and Social Responsibility (CSR) initiatives have been designed to empower the population, combat poverty, and contribute to drive the country towards a higher-income economy. SBM Holdings Ltd, through its social arm — the SBM Foundation — uses education as its weapon in the fight against poverty, funding over 1,000 student scholarships and supporting 19 educational NGOs. The BV judging panel commends the financial group's far-sighted and uplifting educational strategies, and presents SBM Holdings Ltd with the 2018 award for Most Visionary CSR Programme (Indian Ocean).

Palo Alto Networks — Best Cybersecurity Services | Global 2018 CYBERWARFARE has been acknowledged as the fifth domain of warfare (following land, sea, air and space) and the global cybersecurity market is expected to reach $170 billion by 2020. Palo Alto Networks is in place to proactively thwart cyberattacks from any quarter by using analytics to automate routine tasks and enforcement. The company's tight integration across the platform simplifies security so its clients can rest easy and concentrate on other issues. Palo Alto's united front of defence systems – network security, advanced endpoint protection, cloud security and cloud-delivered security services and application framework – mean peace of mind. The BV judges without hesitation made the award of Best Cybersecurity Services (Global).

ALYAMAMA COMPANY — Best Infrastructure Project Management Team | KSA 2018

FROM its inception as a construction company, Saudi Arabia's ALYAMAMA COMPANY has diversified its focus, positioning itself to be a key player in the Kingdom's building renaissance. Its Infrastructure Division — one of nine specialist sections — enables Saudi jurisdictions to operate more efficiently through a fullspectrum offering of construction and maintenance services. ALYAMAMA COMPANY erects hospitals and universities, lays down railways and roads, and establishes waste-management facilities. It's an eco-conscious company, intent on providing green solutions that are cost-efficient and meet UN guidelines. ALYAMAMA COMPANY works closely with the Kingdom's Municipal Ministries and the Oil Commission. Team members are competent and conscientious — with a track record for innovation — leading BV judges to recognise ALYAMAMA COMPANY with the award for Best Infrastructure Project Management Team (KSA) 2018.

Adobe, Inc — Best SME Digital Transformation Services | Global 2018

ADOBE, a pioneer in the digital transformation industry, has been a driving force for the market's development since the beginning -- and shows no signs of slowing down. Company shares are soaring as Adobe announces new acquisitions, partnerships and fiscal growth predictions, anticipating revenue to top $10bn in 2019. Adobe is strengthening an already impressive portfolio of creative and business products by tailoring services to meet SME needs, pairing creative media-editing software with business-aligned cloud solutions. The BV judging panel congratulates Adobe on its continued success, and on its 2018 Best SME Digital Transformation Services (Global) award win.

Spotify — Best Social Media Marketing | Global 2018

MONETA Money Bank — Best SME Bank | Czech Republic 2018

SMEs support local economies, and MONETA Money Bank aims to be the undisputed Czech champion of self-employed professionals and SMEs. MONETA, the first fully floated Czech bank on the Prague Stock Exchange, has experienced rapid growth since its 2016 IPO, with SME business increasing nearly 70 percent over the past year. MONETA embraces the digitalisation of banking, and employs an “omni-channel” lending approach, where the entire loan application can be conducted online or in-person. MONETA's dedicated cross-discipline SME team – specialists in business lending, risk-assessment, compliance, and insurance – converts complexity into simplicity. The BV judging panel recognises MONETA Money Bank for its support of local SMEs and its role in fostering the competitiveness of the Czech economy. MONETA has been granted the 2018 award for Best SME Bank (Czech Republic).

Business Vision Autumn 2018 Issue • www.bv.world

SPOTIFY — it's the music streaming service that's taken over the world's mobile devices and desktops. The company began the year with a snappy ad-campaign crafted of insights from users' social media data. The campaign launched in nine markets globally, splashing buildings and billboards with bright graphics and hyper-localised messages. The outdoor ads encouraged users to physically connect with the digital content, and featured up-and-coming musicians and cutouts for selfies. Spotify is now testing a new feature to improve commercial targeting, boost revenue, and empower listeners. The feature would allow users to skip ads whenever they want – and only requires that advertisers pay for those ads played. The innovative strategy is a bold step towards more relevant and enriching commercial content — a win-win for listeners and advertisers. For its witty approach to big data, and its efforts to personalise marketing, the BV judging panel names Spotify the 2018 Best Social Media Marketing (Global) award winner.

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Piraeus Bank — Most Visionary Private Banking Team | Greece 2018

CONSIDER these stated aims: “To be the most trusted bank in Greece, creating value for shareholders, clients and employees”, and “to empower through continuous learning and to guide with integrity”. With such goals, is it any surprise that Greece's Piraeus Bank is surging into a new future, as the country simultaneously emerges from a financial crisis? Piraeus Bank matches the success of its international counterparts, all the while maintaining best practice. Private banking is one of the jewels in the Piraeus crown; it has the expertise, infrastructure and dynamism to offer integrated investment services designed to meet the individual needs of its customers. Its international division is in joint-partnership with banks in historically “money-wise” countries such as Luxembourg and Switzerland, and Piraeus prides itself on its holistic and comprehensive system of communication. Its transparency, sincerity and sustainable led to the BV judges naming Piraeus winner of the award for Most Visionary Private Banking Team (Greece) 2018.

MarketCounsel — Best Compliance Law Advisors | US 2018

MARKETCOUNSEL is a business and regulatory compliance consulting firm to America's entrepreneurial investment advisors. It delivers comprehensive regulatory compliance solutions. MarketCounsel's seasoned professionals use state-of-the-art technology to anticipate clients' needs. The company runs a proven incubator programme and outsources its compliance department capabilities from the RIA (Registered Investment Advisors) Institute. MarketCounsel delivers on its promise of trusted counsel with extraordinary service. The BV judging panel was impressed with the comprehensive nature of this advisory package, and the judges were unanimous in making the award of Best Compliance Law Advisors (US).

Patanjali Ayurved — Best Revenue Growth FMCG | India 2018

PATANJALI Ayurved was founded by the unusual duo of a yogi and an entrepreneur to provide the world with natural and effective Ayurvedic treatments. The company provides an Ayurvedic option for every health and household need, crafted according to India's ancient traditions and knowledge of natural remedies, from toothpaste to floor cleaner. As part of its marketing strategy, the company uses franchised clinics to double-up as retail stores. Patanjali Ayurved has disrupted India's fast-moving consumer goods (FMGC) market, with 150 percent growth from 2016 to 2017. The BV judging panel was intrigued by the company's approach and presents Patanjali Ayurved with the 2018 award for Best Revenue Growth FMCG (India).

ING — Best Retail Banking Services | Netherlands 2018

MANY of the companies scrutinised by the BV judging panel have an unwavering commitment to long-held values. Dutch banking group ING, which operates in 40 countries, is among them – but it recognises that banking, and customer expectations, are changing, and embraces innovation. ING has ensured its presence on the digital platforms where people are shopping, socialising and doing business. Sustainability is a key value, with a €300m fund that ING invests in fintech companies around the world, and a commitment to environmental, social and economic progress. BV's Best Retail Banking Services (Netherlands) Award duly conferred.

Holdun Family Office — Best Multi-Family Office | Caribbean 2018

LinkedIn — Best Networking Brand | Global 2018

LINKEDIN'S latest marketing campaign asked the question “What are you in it for?” — flipping the focus from the site's capabilities to its members' driving motivators to form professional communities. LinkedIn used user-generated content (UGC) to shoot a video ad campaign highlighting some of the people who make up the professional social network, and their reasons for joining it. With more than 500 million members across 200 countries, the stories shared were as varied as the site's users. LinkedIn's smart marketing strategy puts its UGC to work, showcasing individual members' passion and purpose — and extending an open invitation to others to join the community. The BV judging panel points to LinkedIn's global reach and dominant market presence as key tools in its goal to connect the world's professionals — and congratulates LinkedIn on taking the 2018 Best Networking Brand (Global) award win.

Business Vision Autumn 2018 Issue • www.bv.world

FOR over five generations, Holdun Family Office has been playing the long game to create lasting legacies. At Holdun, wealth management is a family affair. The founding partners were the firm's first clients, proving they have the business acumen to manage and grow family fortunes. Through word-of-mouth and client referrals, the firm now serves more than 15 families. Holdun continues to treat clients like family, providing sage investment advice to preserve wealth across generations. The firm has skin in the game, taking on the same risks and rewards as it invests alongside its clients. The BV judging panel congratulates Holdun Family Office for its 2018 Best Multi-Family Office (Caribbean) award win – its second consecutive BV award win in the same category.

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SABIC — Most Energy Efficient Infrastructure Solutions | MENA 2018 SABIC understands sustainability: the Saudi Arabian chemical company embeds the concept in all its business processes. SABIC describes its view of sustainability as a journey of continuous learning, adaptation, and improvement. It applies that wisdom as part of the responsibility it owes to stakeholders. SABIC is a leader in energy efficiency, and has developed a prototype home with a “net-zero” energy balance — it generates as much energy as it consumes. The demonstration home was awarded a LEED Platinum rating as the most energy and resource-efficient building in the Middle East and Africa (MENA). The BV judging panel has conferred the 2018 award for Most Energy Efficient Infrastructure Solutions (MENA) award — the second such win for Sabic.

Etisalat — Best Emerging Markets Telecom Provider | Global 2018 ETISALAT Group is ushering the future of mobility into the UAE. The multinational Emirati-based telecoms company has invested in the infrastructure and innovation to bring advanced technologies and enhanced connectivity to the nation (including a 5G network and range of smart services and IoT opportunities). Etisalat has a global reach of 18 countries across Asia, the Middle East and Africa, and is one of the largest mobile network operators in the world. With third-quarter net profits of $626m this year, Etisalat continues to prove it has a winning strategy for success, leading the BV judging panel to award Etisalat, which took the prize last year, the 2018 award for Best Emerging Markets Telecom Provider (Global).

BK Capital – Best Securities Brokerage | Rwanda 2018

BK CAPITAL is a fully owned subsidiary of BK Group PLC. BK Capital controls 35 percent of the trade market and employs a highly skilled team of professionals. It provides advisory services and does its own in-house market research to inform, and provide focus for, its clients. Innovation is key, managing director Carine Umutoni says, and BK Capital encourages out-of-the-box thinking with shared internal and social media platforms. It holds weekly staff meetings for its young and go-ahead team, and prides itself on its open-door policy. BK Capital is positioning itself as “the gateway for investment”. Best Securities Brokerage (Rwanda) 2018 Award? The BV judges gave a unanimous “Yes”. 96

adidas — Best Brand Activism | Global 2018 IN PARTNERSHIP with environmental organisation Parley For The Oceans, adidas is commited to Parley's AIR (Avoid, Intercept, Redesign) strategy. The company avoids single-use plastics, and mobilises environmental warriors worldwide to gather trash to turn into sportswear. The collaboration has resulted in annual marathons on World Oceans Day and an eco-innovative material called Parley Ocean Plastic — made from recycled bottles and transformed into adidas x Parley shoes. More than a million pairs of adidas x Parley shoes were sold last year, and adidas gave a $1m donation this year to fund Parley school initiatives. The BV judging panel gives adidas the 2018 award win for Best Brand Activism (Global).

AGNC Investment Corp — Best REIT Management Team | 2018 United States

Speechmatics — Most Visionary Human-Computer Interaction Technology | United Kingdom 2018

SPEECHMATICS is a company offering three main services: cloud-based transcription, language assessment for educational institutions, and content analytics. The company claims a higher degree of accuracy than its competitors, and, while these services supply a healthy revenue, they also generate copious amounts of training data with which to optimise existing services and develop more ambitious projects (such as offline, embedded speech-recognition software). Each new customer represents an expansion of the Speechmatics vocabulary and language database -- and an increase in the sophistication of its proprietary artificial neural network systems. Almost at a loss for words, the BV judges confer on Speechmatics the 2018 award for Most Innovative Human-Computer Interaction (HCI) Technology (United Kingdom).

Business Vision Autumn 2018 Issue • www.bv.world

STABLE and sustainable investment opportunities exist in the form of real estate investment trusts (REITs). AGNC Investment Corp is the largest internally managed residential mortgage REIT in the United States. The company boasts an efficient core structure and a management team with the experience and credentials to deliver attractive risk-adjusted returns. The team's emphasis on ensuring the highest levels of disclosure and transparency, its focus on low-cost structures and its track record for preserving net asset value convinced the BV judging panel that AGNC Investment Corp deserves the 2018 Best REIT Management Team (United States) award.

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Reese finds peace and profit with gender focus

Reese Witherspoon

IN A RECENT interview with the excellent Entrepreneur magazine, Reese Witherspoon hinted that world change could hinge on ambitious women. Actress Witherspoon started her own production company to tell women's stories – and almost immediately found herself besieged by nay-sayers. There was no market for female-driven material, she was told. Some people respond well to challenge, and Witherspoon is one of them. The proof of that pudding is the fact that the hit HBO drama Big Little Lies, which she produces, won eight Emmys for its first season. And her production company, Hello Sunshine, is more than holding its own. The towering Apple giant has recently stooped to purchase three Hello Sunshine projects – all focusing on the female factor. A 20-episode series on the hosts of American morning news shows is a whopper, said to be one of the most expensive deals ever: $240 million for the lot. Apple hopes Witherspoon's instinct and acumen will allow it to compete with established film channels such as Netflix, Amazon, and Hulu. (Instinct and acumen are only part of the picture; profits go an awful long way to colouring-in the rest.) The take-away from Witherspoon's success with Hello Sunshine, the mag says, is not taking no for an answer. Witherspoon also refused to ignore her gut instincts – and her timing was impeccable. With the #MeToo movement raising the profile of sexism and sexual assault, women – for better or worse – are in the news. So stories about women are timely, as well as profitable. Witherspoon happened along at the right moment – but without the requisite drive, timing gets you nowhere. In the final words of the Entrepreneur piece: “Follow your instincts, and put in the work.”

Business Vision Autumn 2018 Issue • www.bv.world

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Taking care of toxic workers can make the superstars in your workplace fly high Everyone wants to fill their company with top performers, but you need a clear strategy to recruit and retain them. Experts from the Kellogg School of Management – Jeff Hyman , Carter Cast, Dylan Minor and Brenda Ellington Booth – tell us more.. IT IS important not to ignore the drag that problem employees can have on a firm. By some measures, the liability that comes with bad employees is more pronounced than the boost you get from superstars. Here's some advice on how to nurture superstars, and rid your company of “toxic” workers.

1. Challenge is the key... Above all else, top performers care about challenge, according to Jeff Hyman, an adjunct lecturer of management and organisations and chief talent officer at Strong Suit Executive Search. He is also the author of Recruit Rockstars. Stretch assignments are central to keeping rockstars engaged. Companies should assign rockstars a senior executive as a mentor.

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In addition to seeking out new opportunities for them, mentors should provide career coaching and act as a sounding board for difficult situations. “And, adds Hyman, “they are the ones who should be held accountable if that rockstar leaves.” While providing challenge is crucial, do not ignore compensation. Hyman advises tossing out the usual pattern of single-digit raises for all, with perhaps one percent for low performers and five percent for rockstars. Instead, give top performers as much as a 20 percent raise, while giving low performers none. Even if you do everything right, some rockstars inevitably leave, Hyman cautions. When that happens, make sure you conduct a thorough exit interview to find out if there are organisational

problems that will prevent other high performers from thriving. “If it was something you missed, if the person felt underappreciated or wasn't mentored closely enough, then you need to figure out what led to that oversight and solve that problem before trying to attract other rockstars,” he says.

2. Tailor a career path for superstars Carter Cast, a clinical professor of innovation and entrepreneurship, suggests tailoring a professional development plan for your superstars. “It's important to put your arm around them and say, ‘I think you have a lot of potential, and

Tailor a professional career development plan for your superstars

one of my key jobs is helping you reach your potential. I will get satisfaction out of helping you do that,'” Cast says. One important — but often overlooked — skill to nurture is associative thinking, making connections between seemingly disparate ideas. Developing this skill can spur high-potential employees to become more creative and innovation-minded. When Cast was the CEO of Walmart.com, he had an interesting exercise to get his highpotential employees thinking creatively. The first 20 minutes at Monday senior leadership meetings were devoted to a simple question: What did you see over the weekend that struck you? People then had to explain how the company might act on these new trends or observations. “We had people bring up clothes, devices, articles, advertisements, circulars, you name it,” Cast says. It is also crucial to make high potentials feel like they are

improving their skills and working on projects with value. But make sure you do this with input from the employee. Cast was once grooming a top employee to become a general manager. But the employee was not looking to become a CEO. He wanted to become a CMO. “I had the wrong assumption,” Cast says. “He wanted to be a functional expert. So we stopped and I said, ‘Let's look at your skill set in marketing and where you think you have gaps, and let's start talking about how we can fill those gaps.'”

3. Should you hire a superstar or fire a toxic worker? While most people know superstars can improve a company through their strategic thinking and tenacity, research shows they have another superpower: they can improve the work of the

people they sit near. Dylan Minor, an assistant professor of managerial economics and decision sciences, and a colleague used information on the performance of more than 2,000 workers at a large technology firm. They gave workers a ranking of either high or low for both speed and quality. Then they literally mapped out where each employee sat and analysed how each person's work shifted over time as their neighbours changed. They found that top performers boosted performance in coworkers within a 25-foot radius by 15 percent. That translated into an estimated $1 million in additional annual profits. But what about workers at the other end of the spectrum? “Once a toxic person shows up next to you, your risk of becoming toxic yourself has gone up,” Minor says. And while positive spill-over was limited to about a 25-foot radius, with toxic workers, “you can see their imprint and negative

Business Vision Autumn 2018 Issue • www.bv.world

Everywhere is war... even in the office. But there are other solutions than those suggested above

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You’re wrong, you’re an idiot... or are these people just toxic workers who don’t understand you? effect across an entire floor”. What's more, these toxic workers are extremely costly. In another paper, the researchers found that the cost associated with employing a toxic employee is greater than the benefit of employing a top performer. A top one percent superstar—a very rare high performer—brings an extra $5,300 in value by doing more work than an average employee does. But replacing a toxic worker with an average one creates an estimated $12,800 in cost savings over the same period by reducing the cost of turnover around that toxic worker.

4. What to do with a toxic worker

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Given this, what can companies do to avoid bringing toxic workers into their ranks? “My big philosophy is hire slow, fire fast,” says Brenda Ellington Booth, a clinical professor of

management and organisations. She is also an executive coach who often helps companies deal with toxic employees. “The most serious toxic worker is one that has any kind of power or authority, so a manager,” she says. “My favourite phrase is, they tend to kiss up and crap down.” Brenda Ellington Booth teaches the Kellogg Executive Education program Energising People for Performance. Booth advises companies to be sure to check the references of potential new hires and to look beyond the two or three names they supply. “Ask for references that they don't give you,” she says. “Who was your previous employer? Do you mind if I called your old boss?” Additionally, see if there is a way to test someone out first. “If [you] have the luxury, hire them on as a consultant initially, and see how they get along,” she suggests. “Yes, they'll be on their best behaviour, but usually you'll see some tell-tale signs.” What is Booth's advice if,

despite your best efforts, a toxic worker lands on your team? If they can't be reformed, and firing them is not practical— because there are many organisations where that is no easy task—Booth says to isolate them as much as possible. “At least put them in a place where they can do a minimum amount of harm,” she says. “Put them on special projects. Hopefully, they'll get the message. “Sometimes people never do. But at least don't have them as a central hub of the organisation where there's a lot of direct reports, or they have to interact with a lot of people in the organisation.”

5. Identify your own liabilities What happens when the problem behaviour isn't the obnoxious guy down the hall? Instead, the problem is you. Here, Cast weighs in again, having studied common career “derailers” for his book The Right

He also found that when the thrill goes out of the job—when you lose that fire in your belly—it can signal that you may be about to stumble. “You are doing this job and you shouldn't be doing it because it doesn't fit your needs. It doesn't fit your motives,” he says. “But if we can uncover what our motives are, we can put ourselves in the right context at work so we're happier.” And there is no need to do all the soul searching alone. “Seek counsel from friends and seek counsel from coaches,” he says. “I never was a big fan of using executive coaches or management coaches. “That was just my own ignorance. They can really help you put together a game plan on how you can attack some of the areas.” * This story first appeared in Kellogg Insight.

HOW IS YOUR WORKPLACE...? Tell BV about your own experience… WHETHER you are an employer or an employee, we want to hear your side of the discussion. Fancy yourself as a superstar worker who should be shown more respect? Want to explain just how hard it is to incorporate all this information into a complex workplace, where personalities, individual responsibilities and time constraints muddy the waters? Or are you a potential problem-solver, with a lateral path to corporate progress? Please share with us. BV relies on contributions and feedback from its readers to get a fix on where things are. Reply to info@bv.world

Business Vision Autumn 2018 Issue • www.bv.world

— And Wrong — Stuff: How Brilliant Careers Are Made And Unmade. “We're not talking about people that lack talent,” he says. “We're talking about people who don't reach the expected level of performance.” Of course, there are lots of reasons why careers derail. No one can ignore the powerful role that racism, sexism, and ageism play in many workplaces. But, Cast says, it pays to understand how you may be holding yourself back. “We all have derailment characteristics,” he says. “So it's not a question of whether you have one. It's a question of how you manage around it so it doesn't bite you.” The biggest reason people derail, Cast found, is relational issues with other people. “You're defensive. You're overly ambitious, and you sort of bruise people on your way to the corner office,” he says. To tackle this, Cast suggests a healthy dose of self-reflection.

Once a toxic person shows up next to you, you risk becoming toxic yourself

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SAME VALUES

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DRIVE NADER JABER WINNER OF THE 5K & 10K LEBANESE CHAMPIONSHIPS

Get on the road...

...with BV motoring

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Daring moves: Dyson dives into world of electric cars The household goods firm’s plans to move into the automotive industry are ramped up with an airfield test track move. BV’s RICHARD THOMAS looks to an electrified future. JUST over a year ago, in September 2017, straight from the horse's mouth, came the announcement that would shake up the world of electric cars. James Dyson, chief engineer of the firm responsible for the eponymous Dyson vacuum cleaners and hand dryers, sent an email to all staff informing them that “Dyson has begun work on a battery electric vehicle, due to be launched by 2020”. In 1998, Dyson read a US report linking premature deaths from pollution to particulates from diesel vehicles, until then thought to be more environmentally sound than petrol burners and promoted by many governments via tax incentives. Five years later, his company produced several working prototypes of devices to remove the soot from diesel exhausts, an early example of which was featured on the BBC's educational children's TV

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programme Blue Peter. However, according to Dyson, car companies at the time weren't interested in his anti-pollution device, one objection being “What do you do with all the soot collected?”. The adoption of Dyson's device

In 2015, Dyson bought a battery company... may well have saved Volkswagen a few billion € (and $) in its recent scandal over massaged (or fraudulent) emissions figures. Dyson has continued to develop the technology behind the cyclonic exhaust filter. The

concept is fundamental to the way its bagless vacuum cleaners work, and the wide range of products it has developed over the years has required technological leaps in areas including electric motors, batteries and aerodynamics. For an inventor with such deep concern for the environment, the logical next step was to bring all this expertise together to produce an electric car. In terms of localised pollution, electric vehicles are better for the environment than particulate filters for diesel exhaust systems, and – depending on the source of the electricity – it could be better for the environment as a whole. In 2015, Dyson bought a battery company in the US which was rumoured to be working on advanced solid-state technology. Dyson had already used this technology in its cordless vacuum cleaners. Solid-state batteries have several safety improvements

Dyson purchased an old WW2 airfield in Hullavington, Wiltshire

An aerial view of the plans for the Hullavington test track

Each year, Londoners are dying from exposure to air pollution another report – from the World Health Organisation – that extending that figure to seven million people worldwide in 2012. Dyson concluded, “It is our obligation to offer a solution to the world's largest single

environmental risk. I look forward to showing you all what I hope will be something quite unique and better, in due course.” In interviews, Dyson wasn't giving much away, other than that the design would be radical, the car would have some driverless features – and that it would not be cheap. Some unofficial, speculative renderings of the car's likely appearance have been published; imagine the silhouette of a low slung, modern sports car, brightly coloured and with some parts transparent so internal workings can be seen. These could be based on the appearance of the company's vacuum cleaners.

Business Vision Autumn 2018 Issue • www.bv.world

over liquid electrolyte batteries. They're also more easily recycled and can be made more energydense and powerful. At the time of the 2017 electric car announcement, Dyson's team was 400 strong and growing, and James Dyson had committed £2bn of his own money to the development programme. The announcement ended by setting out the motivation for the project, in rather stark terms. Dyson quoted a study carried out at King's College London, which found that 9,500 Londoners die prematurely each year due to longterm exposure to air pollution. He included information from

Restoration of the hangars was completed last year

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The Dyson company has not confirmed in what way the car will be “radical”. As for the driverless features, in a BBC interview Dyson said they would reach Level Two of the classification defined by the US National Highway Traffic Safety Administration. Level Two is defined as enabling drivers to take their hands off the steering wheel and foot off the pedal, while remaining ready to take over control – similar to the use of cruise control and lane-centring. Level Three allows the complete transfer of safety-critical functions to the vehicle, and the driver does not have to monitor the situation as closely as in lower levels. In February 2017, Dyson purchased an old WW2 airfield in Hullavington, Wiltshire, close to its Malmesbury headquarters. Dyson said, “The 517-acre Hullavington Campus is an investment for our future, creating a global hub for our research and development endeavours.” Phase one of the development – preparation of the site and restoration of the hangars

Many of the big motoring stories involve electric propulsion – was completed last year. At the end of August, Dyson announced phase 2, with development teams in the refurbished hangars, and an application for planning permission to build 10 miles of vehicle test tracks. These tracks will include a fast road route, test slopes of differing gradients and a dynamic handling track to assess all aspects of ride, steering and brakes. Also – possibly hinting at further developments – there will be an off-road route over varying terrain. This second phase of the Hullavington plan takes Dyson's investment in the site to £200m. In addition to the test

tracks, it proposes 45,000m2 of new development space to accommodate over 2,000 people as well as a café, sports centre, recreation space, and supporting technical facilities. Dyson CEO Jim Rowan said, “We are now firmly focused on the next stage of our automotive project, strengthening our credentials as a global research and development organisation.” The latest news is that the car will be built in Singapore rather than the UK. Many of the big motoring stories involve electric propulsion: the Toyota Prius, Tesla, and Formula E, the greener younger brother to Formula 1. There are also major developments in the world of electric flight (see our article on page 18). And 2020, which isn't that far away, could bring a commercial electric car from this British inventor still better known for vacuum cleaners, driers and fans. Strange, but exciting, days indeed.

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Harley's cut-and-run tactics draw tweet fire from Trump Anger from patriotic bikers and Trump himself said in June it would take some of its production away from the US. It has facilities in Australia, Brazil, India and Thailand which could step into the breach. That announcement was met with anger from patriotic bikers and Trump himself, who said in his most recent tweet that it would be “great” if bike buyers followed through with the boycott threat. The plan to take production offshore would be “(a) really bad move,” he tweeted. “(The) US will soon have a

level playing field, or better.” Trump believes most US firms support his decision to impose tariffs on steel and aluminium, and has warned he might hit Harley with yet higher taxes in retaliation. Harley-Davidson has so far refused to comment on Trump's criticism. Harley's CEO, Matthew Levatich, recently told CNBC that the company would prefer to keep international production at home but found the new charges prohibitive if it is to continue providing its iconic motorcycles at reasonable prices. Harley-Davidson has warned that its profit margins for the year were likely to halve. Trump says tariffs on steel and aluminium imports were needed to maintain national security. The EU, Canada, Mexico and India are among the countries openly resentful of the tariffs.

Business Vision Autumn 2018 Issue • www.bv.world

HARLEY-DAVIDSON'S great escape from the EU-Donald Trump tariff trap – a plan to move some production out of the US – is causing anguish and anger from the White House to the streets. The battle between Trump and the iconic motorcycle manufacturer has become one of the most visible and emotive symptoms of the trade war. Trump has turned to his preferred means of communication with the masses – Twitter – to condemn the offshore move, and has expressed support for the flag-waving Harley fans who say they will boycott the company. Harley-Davidson says it faces extra costs of up to $50m – and potential losses of $100m – because of the 25 percent EU tariffs and rising aluminium and steel prices. The Wisconsin-based company

CBS Pittsburgh

Untied we stand: US President Donald Trump US photographed at a Bikers For Trump event at the Trump National Golf Club, Bedminster, New Jersey

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Hit the back-country bends on these retro roadsters Remember the good old days of motorcycling? So does BV editor HAL WILLIAMS… POWER output and modern developments aren't missing from today's motorcycles; what's missing is the magic, the passion, and the sense of freedom they once inspired. Bikes are increasingly aimed at very specific market sectors: sports, touring, dual-purpose, adventure, café racer. Whatever happened to the good old days, where one bike did it all? We shouldn't complain, though: bikers have never had it so good. With sports machines putting out more than 200bhp and power-to-weight ratios rivalling that of Formula One cars, your right wrist has never had access to so much fun. Suspension and tyre technologies have moved at a similar pace, and ABS, traction control and touch-of-a-button

power mode selection benefit most classes ¬— often as standard. So it is perhaps surprising that one of the fastest-growing sectors is for retro machines which mimic yesteryear styling cues, eschew those three-figure power figures and focus on that elusive quality of “feeling”. Freewheeling fun — preferably accompanied by a suitably gruff, barking soundtrack from some neat upswept pipes — has never gone out of style. There are a lot of contenders muscling-in here, but two of the bikes that have really captured recent attention hark back — in name at least — to the glory days of British bike manufacture: the new Triumph T120 Bonneville and the Royal Enfield Interceptor 650. The T120 and the Interceptor

tags date back to the 1960s, when London's Ace Café wasn't a motorcycle mega-centre, it was just a café — with a jukebox. Bikers of the day, in Lewis leathers and stovepipe jeans, presumably, would put a number on the jukebox and try to race to a predetermined spot and back before the song finished playing. These bikes, in their modern incarnations, certainly look like their ancestors. And while the Interceptor remains intrinsically true to its bloodline — a 650cc parallel twin with a rorty exhaust note, modest power output, twin analogue clocks and a roomy double seat — the new T120 is a very different beast under the skin. The Triumph's engine capacity has doubled, from the 650cc of the 1960s to a whopping 1200cc Charlie Bard / Shutterstock.com

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Retro riders at the Ace Café: let the good times roll

Business Vision Autumn 2018 Issue • www.bv.world

for 2018. It's still a parallel twin, but closer inspection reveals that those throttle bodies are actually fuel injectors, not carbs, and the finned engine is now water-cooled by a slimline, and almost hidden, radiator. It has the mod-cons, including heated grips, ABS and selectable modes to avoid power slides in the wet. It boasts a decent amount of poke (80bhp) to go with a seriously delirious dollop of torque: a grunty 105Nm delivered at just 3,100rpm. (On the road, and in seat-of-the-pants terms at less than warp speed, torque is the figure that counts.) The Trumpy looks the part, in the best possible way, and in the minds of many (mine included), this is the way bikes should have evolved: a logical progression of practical improvements and performance hikes to complement gorgeous styling. The Indian-made Interceptor, the first twin from Enfield since the firm's glory days in Blighty, has been much anticipated in Europe and America. While these are early days, with long-term and indepth road tests still to come, the bike has so far met with a hero's welcome in the West. It puts out a modest 50 bhp, which is still plenty for most real-world situations (although by all accounts it has to be chivvied through the gearbox to get the best of it). It has a great exhaust note, a rare and wonderful thing, in the age of Euro 4 and 5 emissions and noise limits. It looks the part, and it's pretty much the genuine article in all respects. What's not to like? These are just two of the modern offerings. BMW — with its R9T series of horizontal twins — and even Honda — with its new/old CB1000 roadster — are clambering on-board the good ship Retro. The gods of motorcycling are giving us the sweetest choice of all: traditional looks and modern performance, or traditional looks and relaxed, old-school performance. Sell them all, says I: the market will know its own.

Triumph Bonneville T120s and Enfield Interceptors: can you tell the old from the new?

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