Billionaire Edition by H Fusion Media Group Limited

EDITION www.heditionmagazine.com

M A G A Z I N E

HIDDEN DRAGON

China quietly becomes a major player in the Middle East

LIFE AND DEATH ON MARS Dream or Reality?

THE FUTURE OF PR

Why ‘old school’ CEOs must adapt

GAS GENERATION

What if Nuclear Power becomes as cheap as Gas Generation by 2050?

RICH BUT NOT RICH ENOUGH Living among the moneyed elite

SUPERCARS IN MONACO

Read the insiders guide to the Principality of Monaco in association with Top Marques

EXCLUSIVE INTERVIEW WITH

ANDREAS PANAYIOTOU THE GROUNDED BILLIONAIRE

B U S I N E S S | N E W S | C U LT U R E | L U X U R Y | L I F E S T Y L E

From the

Editor

‘I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.’

‘‘

– Jimmy Dean

e hope you agree that this month’s issue is an interesting one. A few years ago, I met an amazing property billionaire, Andreas Panayiotou. I dreamt that one day I would work with him. That dream became a reality this month. I called and he agreed to be exclusively interviewed for H Edition Magazine. Andreas, Founder, Chairman and CEO of The Ability Group, made a major strategic call in 2006/7 to sell the approximately 7,000 residential units he had built up, mostly in London. People who call this lucky are missing the point, it would still have been the right decision even if the credit crisis hadn’t hit. Outwardly, he is very much the alpha male: tall, trim and confident, with tailor-made suits and a designer watch, yet he talks to a remarkable degree about modesty and staying grounded. His business intuition is finely tuned and what he has achieved at such a young age is impressive. Read the full article on pages 24-27. Business is such a wonderful thing: communicating, sharing thoughts, collaborating and empowering one another, we work with such superb individuals and companies and this month we bring you a full magazine dedicated to Business, Economy, News, Property, Luxury and more. This month we are also partnered with two very exclusive events. The first one, in Monaco, as media partners of Top Marques Supercar Show from April 16th-19th. Book your tickets now! In addition we will also be present at The Luxury London Yacht, Jet and Prestige Car Show at Old Billingsgate and St Katharine’s Dock from April 8th-10th. Next month we bring you H Edition Luxury. Make sure you pick up a copy! Dina Aletras Follow us on Twitter @HEditionMag

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HONG KONG • LONDON • LUXEMBOURG • MIAMI • MONACO • NEW YORK• SWITZERLAND H Edition Magazine is published monthly and offers advertisers an exclusive audience of affluent readers. Whilst every attempt has been made to ensure that content in the magazine is accurate we cannot accept and hereby disclaim any liability to loss or damage caused by errors resulting from negligence, accident or any other cause. All rights are reserved no duplication of this magazine can be used without prior permission from H Edition Magazine. All information is correct at time of press. Views expressed are not necessarily those of H Edition Magazine.

Editor: Editorial Assistant: Board Of Directors:

PA to Board: Design:

Dina Aletras

Freelance writers:

Rebecca Cowing Gianmattia Pucciano Enea Trevisan Danila Pisati Faye Redmond

Photographer:

Philip Whiteley Joanne Walker Geoffrey Dean Milan Brlík Stephen Crockford Photography

Kevin Dodd

For editorial and advertising enquiries please email info@hamblemediacomms.com Front Cover Credits: Stephen Crockford Photography Printed in the UK by The Magazine Printing Company www.magprint.co.uk

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CONTENTS 6 ISSUE 11

24 COVER STORY 24 ExclusivE intErviEw with propErty tycoon AndrEAs pAnAyiotou Founder and CEO of the Ability Group

REgulaRS 6 GlobAl rEviEw By Philip Whiteley

15 thE MArkEt MoMEnt By Professor Carlo Pelanda

BuSinESS nEWS 8 liFE on MArs Hoax or Reality?

12 GAs GEnErAtion By Nicholas Newman

13 thE conFidEncE cyclE By Milan Brlík

16 cybEr sEcurity By Anthony Sherick MD of Technojobs

17 thE FuturE oF pr By Phil Hall, Founder and Chairman of PHA Media

18 luxury brAndinG By John Brash CEO of Brash Brands

20 hiddEn drAGon By Neil Thompson

luxuRY nEWS 28 rich but not rich EnouGh Living among the moneyed elite

32 dAssAult’s FAlcon 8x tAkEs A bow By Matt Harris, AvBuyer

34 thE FlyinG roAdstEr Meet the AeroMobil 3.0, a flying roadster

36 MonAco An insiders guide with Top Marques

40 A pAssion For Exclusivity Interview with Engel & Volkers Managing Partner Claudia Tresch, Ascona CH

42 winEs oF thE Month By Sommelier, Giacomo Paolo Pellegrini

TRaVEl 44 A MAGicAl sAFAri in kEnyA – whErE williAM proposEd to kAtE By Geoffrey Dean

H lOnDOn 50 intErviEw with rAshA khAwAjA Founder and CEO of Toucan

52 london livinG Things to do and see in London

54 bEntlEy & skinnEr, A history of The Royal Jewellers

56 ExclusivE intErviEw with williAM drAbblE Executive Chef of Michelin starred restaurant, Seven Park Place at St James’s Hotel & Club Mayfair

58 sElF-MAdE billionAirEs From humble beginnings

| NEWS

GLOBAL

REVIEW 1

Switzerland

A small, landlocked country at the heart of Western Europe is proud of its independent status. But this non-EU member is inevitably affected by the major events in the eurozone, which surrounds it geographically. Continuing concern over the possibility of a eurozone exit by Greece has caused the euro to weaken. In January 2015, the Swiss central bank abandoned its policy of putting a ceiling on the Swiss franc’s value. The three-year cap of 1.2 francs to the euro came to a formal end, causing an immediate 30% surge in value. This has made matters difficult for exporters, though of course enhances the purchasing power of Swiss citizens and businesses. Fortunately for Swiss balance of payments, the country is ranked first in the world for competitiveness, and has held this position for six years. The Global Competitiveness Index cited ‘top-notch academic institutions, high spending on R&D, and strong cooperation between academic and business worlds’, though the Index authors warned of the potential effect of immigration curbs. In early 2014, a thin majority was won on an anti-immigration plebiscite, meaning that immigration is subject to a quota system. Binding referendums form part of the Swiss political system, which is a committee-style consensual approach, rather than the more typical left-right divide in most of Europe. The country has a strong anticorruption record, ranking fifth on the Transparency Index, with a score of 86 out of 100.

South Africa

A long-running controversy in South Africa over multi-million rand renovations to President Jacob Zuma’s Nkandla homestead, funded by the taxpayer, has led to frequent calls for his resignation. The work was nominally for improved security, but critics have complained at the expense, over R246 million (£14 million) for features that included a helipad and underground bunkers. Last year the Public Protector Thuli Madonsela ruled that that President Zuma had benefited personally. Despite calls to resign, the President remains in post. He won re-election at last year’s general election although his party, the African National Congress, which has dominated post-apartheid politics, had a reduced majority and lost 15 seats. A new rival is the Economic Freedom Fighters headed by the radical young left-wing eader Julius Malema. There is heightened concern around corruption in the country. On the Transparency Index, South Africa is midranking, at 67th out of 175 nations. There is more general concern that the country is sliding in competitive terms. On the Global Competitiveness Index, it has fallen in recent years, and is now down to 56th. It scores well on quality of institutions, legal framework and transport infrastructure. Weaknesses include diversion of public funds and poor value for money in the public sector, the most recent Index concludes. There are also worries about security and trust in politicians, and there is a high level of communicable diseases.

Cuba

Historic change is imminent for the largest Caribbean island country following the announcement in December 2014 that diplomatic relations would be restored with the USA. President Barack Obama and Cuba’s leader Raúl Castro clinched the deal, the subject of behind-the-scenes discussions for 18 months and a prisoner exchange, in a telephone call. Predictably the move was denounced by conservatives as appeasement of a dictatorship. Republicans, who now control Congress, promised to block any easing of the trade embargo, which has been in place for 54 years. Senator Marco Rubio, a young US politician of Cuban heritage, denounced the move, saying: ‘It will tighten this regime’s grip on power for decades to come.’ The Communist revolution of 1959 led to the seizure of many corporate assets. The family firm Bacardi, producer of the famous rum, went into exile. Since the collapse of the Soviet bloc, a former major trading partner, Cuba has expanded its export-orientated economy in some areas, especially tourism, heavily marketed in Europe. Spending on health and education over the years, however, means it has high social indicators for a low-income country, with literacy at 99% and life expectancy of 79. Control of corruption is only moderate, according to Transparency International, which gives the country a mid-table ranking of 63rd. The Global Competitiveness Index does not include the Communist-run country in its report.

Romania

An anti-corruption drive in Romania has led to arrests of several prominent politicians other members of the elite. The clampdown on corruption and organized crime has won praise from the European Commission, which released a statement in January 2015 stating that: ‘The action taken by the key judicial and integrity institutions to address high-level corruption has maintained an impressive momentum.’ Klaus Iohannis, the new president, won the November 2014 elections in part on an anti-corruption campaign, promising to improve the effectiveness of the legal system. He is from the National Liberal Party, defeating the Social Democrat candidate, outgoing Prime Minister Victor Ponta. The former President Traian B?sescu reached the end of his term. The country is 69th on the international Transparency International rankings. Romania joined the European Union in 2007. It is seeking to become more economically developed, having been held back for decades under the tyrannical Ceausescu dictatorship of 1965-1989, and grinding poverty in the 1980s as the state insisted on rapid repayment of government debt. The dictator was killed in the Christmas coup of 1989. Romania comes 59th in the Competitiveness rankings, scoring well for education and further education. It still has many features of an under-developed economy, with businesses citing lack of access to finance and inadequate infrastructure as two of the top three barriers to doing business.

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Singapore

Like Switzerland, Singapore often comes near the top of competitiveness rankings. Another similarity is a pragmatic, nonpartisan approach in government. The small island state, just off the Malaysian peninsula, has built an advanced economy around a traditional trading post. Significant immigration, especially from India and China and the Malay Peninsula has resulted in a diverse population. The government permits two public holidays per year for each major religion. Much of the immigration has supported economic development. The country boasts social and economic statistics on a par with Western Europe or North America. Literacy is 94%, life expectancy is 81. It is seventh on the Transparency Index indicating low corruption. It comes second on the Global Competitiveness Index, with the report commending ‘an outstanding and stable performance across all the dimensions of the … Index. [It] is the only economy to feature in the top three in seven out of the 12 pillars.’ It has been in second place in the overall rankings for competitiveness for four consecutive years. The current President, Tony Tan Keng Yam, was elected in November 2011, by a slender majority from his challenger Tan Cheng Bock. Both are independents. Parliamentary elections feature political parties. The People’s Action Party has dominated for decades, and won the 2011 election by a landslide. The centreleft Workers’ Party has increased its representation from a very low base in recent elections.

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Kazakhstan

The large central Asian state of Kazakhstan stretches from the Caspian Sea in the west to the border of Mongolia in the east, sharing a long border with Russia to the north. It is a republic, which holds elections to Parliament, which has a lower house and a senate. The President, currently Nursultan Nazarbayev, wields considerable powers. He can veto legislation passed by parliament, and is commander-in-chief of the armed forces. He won the last election in 2011 by a landslide. There have been complaints of voting irregularities, but another factor is weak development of political parties in what is still a young country. It was the last of the former Soviet republics to declare independence in the 1990s. The Organization for Security and Cooperation in Europe has held seminars to bolster formation of political parties. Kazakhstan has managed to maintain good relations with both Russia and the USA, and has disposed of the nuclear arsenal it inherited from the Soviet Union. It comes 50th in the Global Competitiveness Index, a respectable position for a former Communist country, scoring strongly for education and for macro-economic conditions. The country has improved its competitiveness rankings in recent years, having risen from 72nd place in 20112012. Corruption and bureaucracy are cited as problems for business, however. Indicators are much stronger for education than health; literacy is 99% but life expectancy is only 68. The country ranks poorly for corruption, coming a lowly 126th on the global Transparency Index.

Kenya

This large east-African country, marred in the past by corruption and political violence, has registered significant improvements in recent years. The quality of institutions has risen sharply, according to the most recent Global Competitiveness Index, up to 78th in the rankings from 123rd five years ago. Its overall ranking rose six places to 90th. Strengths include well developed financial markets and an efficient labour market. Like many African countries, education is a real strength. Kenya’s is ranked at 30th in the world. Weaknesses include infrastructure. Corruption, though much reduced, is still significant, and is one of the top barriers cited for doing business in the country. It is 145th on the Transparency Index. In addition to corruption, businesses cite government bureaucracy and access to finance as problem areas. In late 2014, charges of crimes against humanity against the country’s President Uhuru Kenyatta, that had been drawn up by the International Criminal Court, were dropped, owing to lack of evidence. Kenyatta always protested his innocence. The charges related to the political violence that followed the elections in 2007. Irrespective of the strength of the case a gainst Kenyatta, the richest nations will be relieved, The Economist reported in December, as Kenya is an ally in the conflict against international jihadism. Kenyatta is the son of Jomo Kenyatta, the first president of the country after its independence from colonial rule in the 1960s.

Ecuador

The Andean country famous for its Panama hats and the Galapagos Islands has latterly become known for its leftist anti-US political stance. As the name implies, the equator cuts through the Pacific-coast country, bordered by Colombia to the north and Peru to the south and east. The President Rafael Correa has won three elections in a row, and is best described as left-populist, in a similar vein to Cristina Kirchner of Argentina. He has genuine support domestically, but many critics complain of limits on press freedom, and appointing former cabinet colleagues to senior posts in the judiciary. The country’s London embassy has given shelter to Julian Assange, the Wikileaks founder, for the past two years. In economic policy, he is far more pragmatic and pro-business than the late Hugo Chavez, former President of Venezuela, a fellow left-wing populist leader. Ecuador has kept the US dollar as its currency, and the President has strong business ties. Correa has used oil revenues to fund public sector health and housing programmes, bolstering his popularity, but the country faces a challenge as oil prices have plummeted in recent months. In competitive terms, Ecuador was not included in the most recent competitiveness index, ‘because of data availability issues’, the authors reported. Ecuador scores low on the Transparency Index, at 110th, indicating significant problems with corruption.

| THE FUTURE

Life (and death) on Mars D

e all dream of getting away from it all sometimes, of seeking pastures new and leaving our old lives behind. But what if doing this involved not just leaving the country, or even the continent, but leaving the planet? Not only that, but once you’d left you’d never be able to come back? Oh – and you’d be filmed and documented for a TV programme, so people on earth could follow your progress both before and after the mission launches. To many this sounds like the stuff of nightmares, or an elaborate hoax, or at the very least, the subject of a science fiction film. Yet this is exactly what just over 200,000 people volunteered to do back in 2012 when the Mars One project announced its plans to establish a human settlement on Mars by 2023. Bas Lansdorp, co-founder and chief executive of the project explains: “human exploration of Mars will be the most exciting adventure mankind has embarked upon in decades. It will inspire a new generation of engineers, inventors, artists and scientists. It will create breakthroughs in recycling, life support and solar power systems. It will create a new generation of heroes – the first explorers of Mars will step straight into the history books.” The initial volunteers have now been reduced to a shortlist of just 100 people

from all over the world. The final selection process, will now concentrate on composing an initial team of four that can endure the hardships and challenges of a permanent settlement on Mars. Endemol, the production company behind Big Brother, have said that they will be documenting the progress of the hopefuls as they compete for a place on the mission. Apparently an audience vote will make the final selection. So who are the 100 candidates? What sort of people are prepared to leave earth, and their families, behind forever knowing that their lives will end on Mars? Of the five British people shortlisted, one is a 24 year old astronomy student, one has a PhD in astrophysics, one is a 21 year old Oxford University student, one is a 35 year old laboratory technician and one is a 27 year old systems manager for Virgin Media. None are qualified astronauts, but all have a passion for space exploration. In an article for TIME magazine, entitled Why I’m Volunteering to Die on Mars, American finalist, wife and stepmother of two, Sonia Van Meter, explains that she loves her family, and she couldn’t do this without their support. Describing Mars as “humanity’s inevitable destination,” she says: “I couldn’t even be contemplating this without the support of my family. My stepsons think it’s neat that their stepmom

wants to fly off into space even if it means I might not be around to see my grandchildren. In doing this I want to show them that there is no dream so great that it shouldn’t be chased. My father and sister think I’m a little nuts, but they know my reasons for doing this are about furthering a dream for mankind, not making a name for myself.” But just how realistic is this plan? It has been described by some as a suicidal mission that is doomed to fail. Critics are concerned about the fact that none of the volunteers are trained astronauts and are highly sceptical about any such mission’s chances of success. Professor Chris Welch from the International Space University in Strasbourg (ISS) is clear: “untimely death is virtually certain, they will either die on the way to Mars or die in pretty short order when they get there.” Even if the volunteers survive, Professor Welch is concerned for their psychological wellbeing, explaining that with four pioneers confined together, in small habitation modules, perhaps for many years, that cabin fever is a real risk: “they could become depressed, suicidal, homicidal” he warns. Chris Hadfield, former commander of ISS goes further, suggesting that the problems involved in launching such a mission mean that it may never actually happen.

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Other worries include how the project will be financed, with experts pointing out that even with only 20 pioneers it will costs tens of billions of dollars every two years just to transport the equipment needed to Mars. Others have expressed doubt over how much interest could be sustained in the TV programme, once the novelty had worn off. Mr Lansdorp though, is unperturbed by these concerns. He explains that all of the volunteers will be trained to repair and maintain the equipment and points to the success of long running soap operas to suggest that interest in a TV programme can be kept up. He even dismisses concerns about cabin fever, suggesting that: “the people on Mars will develop the means to construct things from local materials – maybe structures you could grow trees in, making it a bit like earth.” His spirit of optimism seems to be shared by the remaining candidates who seem more excited by the possibilities of the mission, than scared by the problems it presents. Perhaps the last word should go to 24 year old Hannah Earnshaw, one five shortlisted Britons. She insists that het family are happy for her, saying: “Human space exploration has always interested me so the opportunity to be one of the people involved was really appealing. The future of humanity is in space.” By Joanne Walker

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| BUSINESS

A STRATEGY FOR SWITZERLAND AS A BUSINESS LOCATION BY SERGIO P. ERMOTTI, GROUP CEO AT UBS

he future of Switzerland’s success story is at risk. The currency shock, the uncertain future of our bilateral agreements with Europe, the external pressure on the tax location, pending initiatives that challenge the private sector, and an unrestrained flood of regulation all threaten the strength of our country as a business location. For the economy to continue delivering Switzerland’s above-average prosperity, we need an economic strategy based on five pillars. Recognized international ratings for competitiveness and innovation give Switzerland top grades as a location. We are proud of this Swiss success story, but Switzerland cannot afford to continue resting on its laurels in this rapidly changing global environment. Monetary policy measures in Switzerland and Europe are currently rattling the Swiss economy, and all growth forecasts are being significantly downgraded. While the economic consequences will not be apparent to everyone for some months, it is already clear that the economy faces a harsh new reality. A large number of Swiss companies have proven very resilient in recent years and used the temporary support provided by the SNB with the EUR/CHF exchange rate floor as an opportunity to do their homework. However, given the extremely challenging circumstances in which it finds itself, the Swiss economy can only maintain its successful course if the business-friendly framework conditions necessary are guaranteed. Even if, for instance, there are some positive developments concerning exchange rates, specific improvements in local business conditions are needed. This is the only way for us to maintain our leading position in the global marketplace and secure Swiss prosperity and jobs. We have to follow the example of the strong and successful economies, including those outside Europe. In the past,

we were not just successful because of our virtues. Our achievements were also amplified by the relative weakness of other countries. So it is up to Switzerland to improve its competitiveness and prepare for the changed situation. And there’s no time to lose. Unfortunately, there seems to be little appetite for change. Quite to the contrary. It still remains unclear, for example, how the initiative on mass immigration will be implemented. The resulting uncertainty is already causing lasting damage, even if it is barely visible at the moment. Local and foreign companies in our country will continue to hold back on investment decisions as long as nobody knows how access to European markets will be secured or how the relationship to the European Union will be placed on a sustainable footing. The vote on inheritance tax due in the summer, if adopted, would have serious consequences for small and medium-sized businesses in particular. It is incomprehensible that the retroactive clause in the proposed legislation – which has already prompted a wave of changes in ownership – was not vehemently opposed by the more business-friendly political spectrum. This is a further example of growing legal uncertainty. The Federal Council is also seeking to use the reform of stock corporation law to further restrict the entrepreneurial freedom of stock corporations through stricter regulations. This is both unnecessary and harmful. A similar situation exists regarding the Federal Financial Services Act, with which the Federal Council has proposed bureaucratic regulatory steps, particularly in the area of law, with a reversal of the burden of proof and a right to class action. This doesn’t just conflict

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with the Swiss understanding of law; ultimately it’s bad for clients. In both cases, the Federal Council and Parliament in particular should focus on the core areas of these bills. The situation is serious and more and more Swiss citizens are suddenly realizing. That is the bad news. The good news is that we have it in our power to take the right steps to keep our status as one of the world’s most competitive countries. I propose a strategy based on five pillars. First, the Federal Council must have the courage and determination to actively tackle our economic policy. It must communicate clearly that it recognizes the issues and is determined to rapidly take a series of measures to reduce the burden on business, strengthen the economic framework for the long term, and secure jobs – all without putting an additional load on taxpayers. Time is of the essence. The invitation of the Federal Councillor responsible for economic affairs to a “round table dialog” with representatives of the Federal Council, business and the academic community, together with initial measures on part-time work, were important signals. However, further concrete measures are needed – for example, the rapid creation of pragmatic rules for the recording of working hours. Second, a regulatory deterioration of our business environment should be avoided, and existing regulations should be systematically reviewed for adverse effects in order to tackle these where necessary. I think certain unreasonable demands in planned enforcement legislation and threats of criminal prosecution in various bills (FIDLEG, corporation law, FMIA), could be waived. All of these would limit business activity unnecessarily. Another important step is to provide one of the most important elements of a successful economy, the financial sector, with the predictability it needs to plan ahead. Switzerland already has an internationally recognized, effective and efficient regulatory regime for systematically important financial institutions. A few specific improvements are needed to provide adequate protection for the taxpayer. These should be worked out without time pressure, with the active participation of the institutions affected – and naturally in coordination with the international timetable. All this should be done while keeping an eye on Switzerland’s competitiveness as a financial and business centre. Acting in haste would have the opposite effect and would ultimately harm the economy as a whole. Both elected officials and the general public must be aware of these side effects. Third, we need to secure tax competitiveness for the long term, which includes rejecting not only the inheritance tax initiative referred to earlier, but also new taxes such as the planned capital gains tax. It is

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equally important to abolish stamp duty, which puts the financial centre at a disadvantage to competing locations. Obviously, implementation of the third stage of corporate tax reform in a business-friendly manner is extremely important. At the same time, it is necessary to create the conditions needed for companies in Switzerland to issue bonds in which foreign investors are willing to invest, with the proceeds benefiting the domestic economy. Fourth, access to global markets must be guaranteed. The initial focus here is naturally on securing lasting access to the European market, including maintaining the bilateral agreements with Europe. A long-term perspective is particularly important here for financial services. At the same time, we must not lose sight of the importance of efforts to open up markets with other important trading partners, including a free trade agreement with the USA. Finally, care must be taken in all public activities to ensure that costs for Swiss companies are systematically kept down. The strength of the Swiss franc is leading to a cost challenge in industry, not a demand challenge. This is why programs to stimulate the economy are the wrong approach. In an open economy they tend to dissipate with comparatively little effect. Instead, targeted infrastructure investment, e.g. in tourism, should be made to improve competitiveness sustainably. As I have said, our ambition must be to remain one of the most competitive and attractive business locations in the world. This makes it all the more urgent to have a clear strategy, which will only succeed if we don’t just talk, but also act. And it requires a united front between politics and business. Of course, the private sector must also play its part. It must be ready to do everything possible to maintain and strengthen jobs and the creation of value in Switzerland. In this respect, financial firms act as partners to manufacturing, services and other industries. As bankers, we are ready to play our part. We acknowledge our responsibility to society, and put our know-how and services at the disposal of the Swiss economy as a whole, including SMEs. In the interest of Switzerland’s competitiveness as an international centre, it is crucial that the Federal Council and Parliament put aside possible thoughts of the next election and instead take joint responsibility: They need to act quickly and be prepared to do so even without 100% consensus. They must develop an economic policy to strengthen the attractiveness of Switzerland as a business location – and implement it. This article was published in Swiss newspapers and also on Mr Sergio P. Ermotti’s LinkedIn Influencers profile

| INDUSTRY

GAS GENERATION What if Nuclear Power becomes as cheap as Gas Generation by 2050? BY NICHOLAS NEWMAN

ver the past few decades we have heard the promise that nuclear power will become so cheap, it will be not worth metering. The trouble is, although the operational costs are competitive, the capital costs of nuclear power, remain eye wateringly expensive! In addition, despite the promises of nuclear power manufacturers and builders, we still are not managing to deliver projects on time and budget. In part, this is due to ongoing improvements in technologies and nuclear safety. However, it is also due to great public concern about nuclear technology. Certainly, events at Three Mile Island, Chernobyl Power Station and Fukushima have not helped this profoundly safe and environmentally friendly technology. However, the point of this piece is to examine the likely impact that affordable nuclear power, that is competitive in both construction and operational costs in supplying power to the market in competition with electricity supplied by fossil fuel plants and renewables would have on the market in Europe. In terms of public opinion, such a prospect is likely to be mixed, with many governments and the majority of public opinion either welcoming or indifferent. However, public opposition, in some countries, is likely to remain a problem, especially in markets such as Germany, where antinuclear opposition is extremely vocal by some environmental groups, even though such nuclear power has such positive greenhouse gas benefits. It also has not helped that some project promoters in the past, have failed to adopt social license to operate strategies to fully inform both local decision makers and members of the public of the case for such technology, not only on economic, but environmental grounds. The arrival of nuclear power is likely to be seen as an economic threat to operators of fossil fuel power stations and renewable power plants. This is especially the case for operators, whose business model is in the provision of base load capacity. As such, such a prospect is likely to turn much non-nuclear power generation into zombie power plant capacity. An experience that many gas power plants in Europe have suffered due to competition from heavily subsidised renewable power and competition from cheaper coal power in the past few years, which has led to many gas power plants being placed in cold storage. As for the impact on energy trading in Europe, the arrival of such investment is likely to increase the volume of potential power that 12

can be traded across Europe. Already, some of the power used to operate trains on the London rail network is supplied by French nuclear power stations. However, for an increase in the ability of the European market to switch such power across the continent, much more investment needs to be made in transcontinental high voltage power lines is to overcome capacity problems at many border crossings. The arrival of such technology is likely to prove a threat to Europe’s energy giants like E.ON SE and Électricité de France S.A (EDF); it is likely to encourage new non-traditional entrants to enter the market. We are already seeing in Scandinavian ownership of nuclear power plants by consortiums or cooperatives of industrial companies and local public bodies, e.g. Sweden’s Teollisuuden Voima Oyj. It would not be surprising if large energy intensive companies like Bayerische Motoren Werke AG (BMW) decide to build their own nuclear power plant, to meet their needs and sell the surplus to the grid. In addition, we are likely to see the return of locally owned power plants, supplying power to a particular region only, a business model common in the early days of Europe’s power sector. There are media reports that Transport for London (TfL) is looking at plans to reduce its dependence on external power sources. Moreover, in terms of grid supply security, the provision of a nuclear power plant is likely to improve the quality of regional power supplies, specifically in energy market islands such as the Baltic States, Sicily, Malta and Cyprus. As for energy storage technology as it relates to nuclear power, it is likely to make nuclear power plants, more competitive as surplus power can be stored for more profitable peak times in demand, especially at times when there is no wind is available from wind or solar farms. As for the potential on Europe’s competitiveness, the arrival of an independent affordable power source should be of great benefit to Europe’s energy intensive industries, particularly car making, plastics, refining and steel manufacturing, which should mean the creation of many more new jobs. Lastly, it should mean governments would be able to cut energy subsidies to Europe’s power industry, and enable government and regulators to encourage real competition in the market. www.heditionmagazine.com

THE CONFIDENCE CYCLE BY Milan Brlík, SEniOr COnSUlTanT, lEVEraGE ParTnErSHiP

t is no secret that oil prices set trends in the Oil and Gas industry. Balance sheets, departmental budgets and even whole companies give in to the pressure of falling oil prices. However, it is not just about the numbers that we see in the headlines of newspaper articles. We often forget that budget cuts have an effect on the people who work in the industry. The Exploration & Production Sector (the target market of our recruitment firm) has always swung violently with each move of the oil price index. When the price is high, people are happy, confident, and full of expectations. When the oil price plummets, the mood does too; everyone, from the CEOs at the top to the junior engineers at the bottom, become anxious about their future careers. Cynicism and doomsday talk become the new social norm. Working as a recruiter focusing on such a volatile market, you always feel these changes first-hand. It is amazing how the general mood of the market pours from Malaysia, the Middle East, South America or the North Sea into our small office in London Victoria. Since part of our job is to function as confidants to clients and candidates, we are highly prone to absorb the mood of their world. People share with us. They tell us confidentially about their departmental plans and proposed budget cuts. They brag about their great jobs during the good times and they moan about how painful and boring their jobs are during the bad times. As a

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by-product, their mood gets transferred into recruiters’ soul (that is, provided recruiters have one). Recently, as a result of OPEC’s decision to curb its competitors by lowering the oil price, the atmosphere in our office has hit rock bottom. The usual bragging and self-confidence of Oil and Gas high-flyers has gone. The Italians are less loud, the Middle Eastern engineers do not haggle their salaries so much, and the cautious Germans are even more careful. Everyone seems to have been caught in the latest wave of confidence slump – and I do not just mean the economic one. The condition of any market is always about the confidence of the people who work within it, and the general industry confidence-level can spread quite quickly. The issue is that, as with any mental setting, the overall mood can create a self-fulfilling prophecy. Therefore, during these bad times, I wonder how much the performance of the market is because of hard numbers and how much is as a result of fragile, easily-disturbed, emotions. Looking around the office these days, I suppose that for the confidence level to change we need a strong impulse – perhaps the next breakthrough in technology or geo-political negotiations. Then, based on one OPEC meeting, or a strongly positive article in the Financial Times, the whole confidence spiral will start spinning the other way and the good mood will spread through the Oil and Gas world – until the arrival of further bad news.

OYS TER PERPE TUAL SK Y-DW EL LER

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| ECONOMY

A SEXIER EUROZONE FOR INVESTORS BY PROFESSOR CARLO PELANDA

he devaluation of the euro against most global currencies, (created by the ECB quantitative easing), plus the depression of asset prices (particularly in Southern European nations hit by a prolonged and deep recession) means that the Eurozone is becoming very appealing to non-euro investors because it offers a “double discount” opportunity. This means that investors with liquidity in dollars, pounds, etc., can find an exceptional chance of profit by ‘raiding’ Europe. But how long will this window of opportunity be open? The euro might well fall against the dollar – perhaps as low as €0.80 (it was around €1.35 in June 2014). However, such a heavy devaluation is unlikely to happen and even if it does, it’s unlikely to last too long, due to corporate America starting to suffer from the competition of cheap euro goods and Germany’s opposition to the risk of imported inflation. However, a prolonged and consistent devaluation of the euro is the only real leverage that the ECB has to transform the deflationary trend in the Eurozone. This is because the transmission of monetary stimuli to the “real economy” in Europe finds more obstacles than in America, because banks are inefficient and still affected by balance sheet problems, the rigidity of the labor market, and heavy welfare state models that are not market-friendly. Therefore the export market seems to be the only area that can produce growth. However, exportled growth without a strong recovery of the national domestic markets will create a very slow recovery. Therefore the value of the euro will remain low for at least three www.heditionmagazine.com

years – probably at around €1.07 against the dollar – with a tendency to go up at the beginning of 2016. If this happens, the peak of devaluation might occur in the spring and summer 2015, where the euro might reach a value of between €0.95 and €1 for one dollar. If some unpredictable global event happens (such as a sudden increase in the oil price, open conflicts, or ungoverned deflation of the financial bubble) this scenario might change substantially. But the probability of such problems in the short to middle term is currently low. Therefore, under conditions of decent global stability, this window of maximum discount will remain open for few months. Many important investors are already transferring sensitive amounts of money to the acquisitions of euro-assets. Plus, in the investment sector, there is a growing search for what and where to buy in the Eurozone with a view to reselling later for a high profit. This is not an investment advice column but I can give examples of attractive investment areas which have not yet been discovered because of negative prejudice or simple lack of information. For example, the Italian internationalized small manufacturing companies are real hidden treasures because of their unique levels of innovation and technological consistency (Northern Italy is a manufacturing power second only to Germany in Europe). Traditionally, these companies are led by a family of owners not inclined to open the equity and until recently these were mostly funded through ordinary credit

by commercial banks. However, now, because of the local credit crunch, the owning families have to accept investors in order to find capital for sustaining the growth of their companies. Thousands of potential high growth small companies are therefore now on the market, which is a huge opportunity for Private Equity and/or Debt Funds investors. However, probably the absolute best business opportunity in Italy is its art patrimony: in this sector there is a triple discount opportunity. Low euro, low prices and the fact that many masterpieces of Italian ancient and contemporary art are not properly valued by the international market. For example, De Chirico or Dalla Vecchia (the latter a sort of Venetian Caravaggio), are almost totally unknown outside the circle of art specialists. They will soon be better known because the need for money is pushing the Italians to show (and sell) artworks that they previously exchanged only in the national market. The same will happen to the highest quality wines: small sophisticated Italian producers, who make few bottles, did not previously care to export and to advertise them because local demand was enough. But now local demand is lower,, they need to look for investors and internationalization. Similarly, in the area of élite beer (though less than at the art and industrial level in Italy), it will not be difficult to find an unknown investment paradise meaning that in Austria, Slovenia, Portugal, Spain and Greece, there will be similar opportunities. Enjoy! 15

| COMMUNICATIONS

THE GROWING IMPORTANCE OF CYBER SECURITY By Anthony Sherick, MD of technojoBS

rom the iCloud celebrity photo hacking and the cyber-attack on eBay passwords, to the hacker group which compromised much of Sony Pictures, there is now a greater demand for cyber security professionals in the UK than ever before. Yet cyber security is also a prime example of a technology and skills area where demand is fast outpacing supply. We recently conducted a piece of research revealing a significant rise of over 100 per cent in the number of permanent cyber security jobs available over the last year. Meanwhile, we currently have nearly 2,000 security related jobs live on our website, which is first-hand evidence of the increased demand from employers, who may even be recruiting for cyber security professionals for the first time, having been spooked into the decision to hire, if you will. Perhaps in a bid to secure this scarce talent, it is particularly interesting to note that the average salary for these jobs has also increased considerably on average, there has been a 10 per cent rise year on year for across the UK in salaries for cyber security staff, standing now at £57,000. This rises in London to an average salary of £65,000 and is now one of the highest paying, fastest growing areas within the IT sector in the UK. Our research goes a long way to confirming what society has been speculating for a number of years, with appreciation of the issue growing in parallel with the increased adoption of social media, online banking and exchanging information online. Online is simply not as secure as we once thought it to be. But this is not just an issue affecting consumer habits and social media, it’s also a matter of national security. Government demand for security specialists is growing rapidly as it continues to monitor national and international threats. It is now more important than ever to invest in the right training and skills – and this requires schools, universities and businesses to develop a pipeline of talent capable of filling these vacant roles. 16

Cyber-attacks are becoming more common and more sophisticated, and because of this organisations have to take the initiative and be proactive in upping their digital defences. The number of threats posed to national security are increasing and each has a different high value target. Five years ago, we only worried about protecting bank transfers and finance management, but now actors, nations and states are also at risk, with ‘hacktivists’ ever keen to disrupt, unsettle, steal IPs or help their domestic industries on a level none of us ever thought possible. Our Silicon Roundabout and tech hubs across the country may well be lauded, but with the number of lingering vacancies in such key sectors, I can’t help but think that we could be reaching a plateau in our technological progress. And at the current rate, we are unlikely to have a large enough army of cyber security professionals in 2015, meaning we may see a number of organisations struggle to maintain trust and confidence in their services. It is therefore essential that the skills shortage is addressed as a matter of urgency, not just from a general security point of view but for the benefit of wider economic security. Businesses should take professionally-competent individuals and train them in cyber security, rather than wait until a cyber-security graduate comes along and throw them into security matters with no practical experience. Even if companies wait for the right professional to come along, the war for talent will see demand outweighing supply, so I advise decision makers to address the issue by hiring capable IT people and training them up specifically in cyber security through mentoring or apprenticeships. The investment is well worth the reward you’ll receive in return along with peace of mind that you are protecting your business from the growing number of cyber-attacks. www.technojobs.co.uk

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THE FUTURE OF PR Why ‘old school’ CEOs must adapt to integrated communications By Phil hall, Founder and Chairman oF Pha media

n this fast moving world we live in, it is incredible how many businesses lag behind. In my experience it is often because the leader of the business is heading towards his or her grey years and thus there is a reluctance to go with the future in preference to living in the past. It particularly affects the professional sector where lawyers, banks, doctors have a tendency to rely on “the way we have always done it”. It has served them well in the past so why change? The reason is the world has changed. It doesn’t matter who you are – and the new clients at our agency prove this – people don’t do things the way they used to. Google or their preferred search engine is now the first port of call whether you are seeking medical help, to purchase a new service or reassurance that the expert that has been recommended to you really knows his or her stuff. Some of the wealthiest people in the world and some of the biggest organisations have become customers of PHA Media through search engines. First it amazed us that individuals with such influence, contacts and a breadth of knowledge would make contact with us without any previous relationship. But we soon learnt to embrace it! Why do they do it? First because it is so easy; secondly it is so convenient (you can search 24/7 when it suits you; thirdly they like to go outside their circle of influence for confidentiality reasons and lastly search engines give infinite opportunities to compare and contract, in other words does this sounds like a company for me? One of my favourite lines when pitching for new business is to explain to the would-be customer that they need to understand how to “play” on the media’s turf. The media own the media and thus you must play by their rules. You can’t tell them what to do, you must understand their needs and issues and work with them to your advantage. And so it is with new business generally. If the would be clients are finding your business on Google then you must understand how to present yourself properly on that platform with good engaging content, properly formatted for that platform and with the right hooks and angles to appeal to the search engine and your customer. For example the chief executive of a bank will feel he or she needs to be in the Financial Times if they have something to say. Of course that is true. But if the CEO wants to talk to the bank’s customers why not be in GQ talking about new investment opportunities or in the lifestyle pages of the Times sponsoring an initiative in the arts? That will attract Google’s search engines far more effectively than www.heditionmagazine.com

the behind-the-paywall FT and thus communicate more effectively with the high net worth target audience. When a perspective client finds a bank or a law firm on Google they so often come to a website that is static, grey and traditional and yet the millionaires of today, the new business gurus, are young, with it and understand communications like never before. Even if they have inherited their fortunes, they want their service providers to be 21st century and feel proud to be associated with that brand. Stuffy just won’t do. That does not mean abandoning all the things that have made these professional services successful in the past. After all, you don’t want to lose the old customers. You need both new and long-termers. It is about evolution not revolution. Videos on a website, attractive imagery, expert views are all valid whatever the age of your customer. True it is important to get the tone right but unless companies move with the times, the communication revolution will leave them behind. So many companies we have met have a split personality. The new, young, staff who will be the future of the company understand 24/7 communications and technology; the senior staff live in a status quo that makes them feel safe. They can point to successes of the past and thus if a new junior executive suggests a “riskier” approach, they can destroy his argument before it gets off the ground. Many of those firms are now trying to play catch up having found competitors have modernised, their young talented staff have constantly been moving on and they are trapped by their past glories. The beauty of modern technology is it doesn’t take long to turn this boat around. The communication levers can be pulled very quickly. The greater challenge is getting the staff to adapt so that the contact with the outside world also reflects the dynamics of what goes on inside the company. Greater transparency, more inclusion, engagement with all the stakeholders, pride in being cutting edge… it sounds like a great comms plan doesn’t it? Well it should also become the philosophy for the office, shop floor or boardroom. Only then will new young business flow in through the front door… sorry I meant the user’s search engine. www.pha-media.com 17

BUSINESS

NEW ORDER IN LUXURY BRANDING A lifestyle governed by opulence and excess is no longer in vogue for the native global elite living in the world’s emerging markets BY JOHN BRASH, CEO OF BRASH BRANDS

rom gold-plated loo seats to crystal-encrusted Hummers, the showy trappings of wealth that symbolised status and success were once a common sight among the native growing elite residing in the world’s emerging markets. Optimism brought on by the boom spawned a luxury sector that feasted on the sales of gaudy goods. Bling and excess was favoured over class and taste. One got a sense that the bewildered wealthy were almost trying to grapple with managing their newfound riches.

Bling in the new world is dying. Style, sophistication and the elegantly understated confidence of real class is what’s governing spend among the new rich.

But there’s since been a change in luxury trends that is signaling the dawn of a new, understated and sophisticated type of spender. Opulence and extravagance have been tempered by the demand for more specialised services that shy away from conspicuous displays of wealth.

Branding has become an essential tool in helping them bring their unique story to life for the new discerning buyer. Craftsmanship, authenticity and provenance form the narrative for engagement and a platform for creating immersive, sensory, all-encompassing experiences that captivate and build ties with the luxury customer.

Status is still important but frivolous spending has been replaced by more considered purchases that have substance, longevity and give a return on investment. Passion along with a genuine appreciation for craftsmanship and aesthetics are shaping the luxury sector in emerging markets today. While some globally iconic luxury brands have lost their lustre because of their new wider appeal to a mass market, the growth in hyper-exclusive products and services that offer the rare and the ephemeral have really risen in prominence. 18

This shift in consumer behaviour poses an interesting challenge for brands that market to the ultra rich. With the emergence of the ‘explorer’ trend, where audiences crave a truly premium and exclusive brand experience, there has been a growing need for luxury labels in emerging markets to sell their story in new, imaginative and ever more engaging ways.

Reflecting on examples of our work creating identities for some of the emerging markets’ most luxurious brands – from Dubai’s Burj Khalifa, the world’s tallest building, to repositioning aviation brand Royal Jet as a luxury private airline that’s not just exclusively for the governmental elite – we had to delve deep into the customer journey to devise a mechanic where the unique brand story would resonate and be felt through every single

touchpoint. We did that by mapping out the ‘experience’ in first person – every sight, touch and smell was noted. From the subtle creak of premium leather as you recline into the plushness of First Class, to the distinctive ‘ping’ of crystal flutes as you clink glasses over a Michelin-star meal. No detail is ever too small. This forensic insight into the premium experience enables us to capture the essence and spirit of a brand so it can communicate its unique narrative in a memorable and evocative way – via the littlest vessels, to the grandest of them all. It could be accents of neo-classical architecture and its concept coming through in a brand design, or the sheen and gloss of a specially-made brochure that alludes to the high shine of a palatial atrium floor. Every trapping and every embellishment celebrates craftsmanship, beauty and an ultra-premium lifestyle that only the supremely wealthy are privy to – a return to greatness, if you will. One sector that is really honing a fourdimensional approach to the luxury brand experience is real estate. Developments of premium apartments and hotels catering to the high networth individual are fuelling an appetite for long-term investments. It’s become part of a major strategy for many emerging territories to reposition themselves as a new global capital for www.heditionmagazine.com

growth, business and wealth. Dubai is an obvious example, but the once turbulent Serbia is fast becoming a new worldclass destination for prosperity and power too. Plans for the launch of its luxurious Belgrade Waterfront development, comprising luxury apartment blocks, hotels and a shopping mall are set to revitalise both the district and the economy. Yet despite the magnificence of these ultra-luxe structures, emerging markets face a curious problem that is almost Faustian. Shiny new builds scream wealth and prosperity yet have all the soul and provenance of a Premier Inn off a ringroad in Milton Keynes. So where provenance and indigenous culture is young in such markets, branding has played a critical role in giving these shiny prime new builds an identity, sense of provenance and legacy that the new luxury consumer craves. The ultimate aim is to create a brand that captures the aspirations and optimism for an economy that will continue to grow and prosper. Our work on branding Dubai’s magnificent Burj Khalifa is an example of this thinking at play. The stance was to position this marvel of modern engineering as an iconic brand: a symbol of the area’s recent growth. We developed the brand idea of ‘history rising’ – an identity that alludes to a promising future – a building and brand that will transcend time, going down in www.heditionmagazine.com

history not just for its sheer scale, but elegance too. Similarly, for our work on the Mardan Palace in Antalya, we were tasked with creating a legacy and sense of provenance for the new ultra-luxury hotel and spa, fleshing out a brand that captured the vision, grandeur, heritage and regal opulence of the property itself. Our creative platform ‘return to greatness’ re-awoke the illustrious past of the Ottoman Empire, but is redefined for the modern age. Ingrained in the brand’s philosophy, this old spirit would live, breathe and run through the very veins of the brand, from the elaborate swirls and embellishments of its ornate scorpion logo embossed on a napkin ring to the gold leaf detail on the service staff’s regal looking uniforms. The immersive, sensory experience is one that nods to exclusivity and grandness of the highest order – one that’s fit for royalty. Luxury brands operating in emerging territories and, indeed, all markets have to become increasingly adept in engaging their audiences with captivating storytelling. It’s no longer satisfactory to have products and services that are deemed ‘luxury’ simply because of the huge price tag they may command. Now everything is pointing towards an appreciation of craftsmanship, a brand story that pays tribute to all the vital materials and ingredients to create

something truly luxurious. This is the defining trend of the luxury market today, and it is crucially shaping the way branding campaigns are executed for businesses targeting the ultra-rich consumer. One thing is certain: the delivery of an outstanding, immersive experience is a powerful tool for ensuring that a brand resonates and lives on, even outside of its natural environment. Luxury businesses that are attuned to evolving tastes and trends – and are agile enough to innovate their approach – will be best placed for success and will weather the unpredictable future. John Brash is the CEO of Brash, and was recently named 17th ‘Most Influential Brit in the UEA’ by Arabian Business Magazine. He has also been made an Honorary Professor by Amity University in recognition of his distinguished 27-year career in branding. His company, is a leading independent brand consultancy. With a growing global presence at the forefront of brand strategy, Brash has recently added a new London base to its portfolio of international offices which include Guangzhou, Mumbai, Bangalore, Singapore, Jeddah, Abu Dhabi, and Doha. www.brashbrands.com

| ASIA

HIDDEN DRAGON China quietly becomes a Major Player in the Middle East BY NEIL THOMPSON

he era of Western neo-colonial dominance in the Middle East may finally be drawing to a bloody close. The Western monopoly ended almost unnoticed in 2013 when China replaced the European Union as the region’s foremost trading partner, pushing the US into third place, with India breathing at America’s heels in fourth. The region was carved up between the victorious European powers in the aftermath of World War I after a long period of economic and social penetration in the 19th century. The United States replaced the European empires as hegemon after World War II, but otherwise little changed; the overriding concern of the Western powers remained securing energy supplies (a major reason for the original BritishSaudi alliance signed in 1915). The oil-rich Gulf States continue to set their economic focus on the United States and Europe well into the twenty-first century. Western states support autocratic Middle Eastern governments when these have backed their oil interests and intervened in the region’s wars whenever it looked as if these interests were threatened. The creation of a post-Cold War global marketplace under the American ageis helped broaden China’s economic horizons as it has bootstrapped its way up the global economic ladder. As the post-Iraq collapse of the Middle East’s fragile states has undermined any American comprehensive regional strategy, US policy increasingly seems to be done ‘on the hoof’. This has given China space to increase its political penetration of the Middle East to match its increasing economic clout. Now China is an advanced economy it has the same need for energy supplies as other developed countries. Her Middle East strategy has already departed from its tradition of global non-intervention, starting in 2010 when it dispatched ships to patrol the Somali coast and the Gulf of Aden. More recently it sent a shipment of arms to the Government of South Sudan in June 2014 as the civil war continued there. China had previously heavily invested in the northern Sudanese ‘Arab’ Islamist regime, but has quickly to make new friends in the south

as the trend of state disintegration in the greater Middle East gains ground. This higher Middle Eastern profile also reflects China’s own changing demographic conditions. Partially as a result of the controversial one-child policy its population has also begun to age, and a smaller generation is expected to follow the post-80s one that built the modern Chinese economy. Although China is likely to remain price-competitive in manufacturing labour costs for a number of years to come the ‘China price’ that allowed it to become a manufacturing giant has slowly begun to rise. Production is already being moved to other developing countries such as Vietnam. A recent economic slowdown and a population that has rapidly modernized its lifestyles have made the Communist regime pay careful attention to the price and security of China’s oil supplies. Chinese oil demand has long since outstripped its own domestic supplies in the north-east and it has been a net oil importer since 1993. As the Communist central government has long preferred a Saudi-style approach to buying off its population with economic development over a brittle Soviet-style iron fist, reliable oil imports are now a vital prerequisite to curtailing internal dissent. The increased political importance of oil has in turn increased the amount of energy and attention China pays to its Middle Eastern policy. So, what will a 21st century China policy towards the Middle East look like? Simply because it is a nonWestern power one should not assume that the Chinese government’s influence in the Middle East would be selfless or benign. But I for one highly doubt that China seeks to pursue a mercantilist foreign policy in the Middle East, or thinks of supplanting America as the regional security guarantor there as it wants to in East Asia. Rather I expect Beijing to free-ride on the back of America and try to copy the successful Chinese strategy in extracting commodities in Africa. China has greatly increased its share of the

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African market through the entrepreneurial energies of individual Chinese firms and by studiously avoiding taking positions on local issues. This strategy has its limits; unregulated Chinese firms’ willingness to bribe officials and to ignore industrial rights and environmental concerns has also sometimes caused a backlash in certain African countries. In the Middle East it will mean China avoids entangling government to government alliances like the US-Saudi one, limiting its exposure in an unstable part of the world. Since 2009 China has been the world’s second largest net importer of oil and petroleum products. Her energy dependence on fossil fuels is therefore overwhelming at present. The Chinese government’s main goal is therefore energy security through diversity of supply. In the longer term China will seek to reduce its dependence on foreign gas and oil supplies in favour of nuclear, solar and coal (primarily for its power generation), but for now it buys gas from Crimeaannexing Russia, conducts exploratory oil drills in

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its neighbours’ waters, and seeks oil contracts from whoever will sell drilling rights. This does not make China a model international citizen but it allows it to avoid over reliance on Middle Eastern oil. It is an interesting fact that China has never sought to trade security guarantees for energy access in the region. The policy of non-intervention in the affairs of other states has kept it out of Middle Eastern disputes so far, officially even in cases like Sudan and South Sudan. Materially China may give aid to one regime or another, but it is careful never to get too close, or to become too publicly identified with a local ruler, as has been the case with successive British and American proxies. Perhaps that is the secret of its Middle Eastern success to date. Neil Thompson is a freelance writer who has lived and travelled extensively through East Asia and the Middle East. He holds an MA in the International Relations of East Asia from Durham University, and is now based in London.

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| COVER STORY

ANDREAS PANAYIOTOU The grounded BILLIonAIre BY PHILIP WHITELEY

business sells a residential empire at close to its peak price, raising a £1 billion cash windfall just before the banking crisis and credit drought. Instinct, luck or good timing? Andreas Panayiotou, founder, Chairman and CEO of The Ability Group, made a major strategic call in 2006/07 to sell the approximately 7,000 residential units he had built up, mostly in London. People who call this lucky are missing the point. It would still have been the right decision even if the credit crisis hadn’t hit. There are many attributes to this lucky general, who was born to a family of Greek Cypriot immigrants in the east end of London in the 1960s. Confidence, astute reading of markets, and the ability to think strategically are the most obvious; but he is subtly different in ways that may surprise, and management theory is now catching up with the merits of doing business the Panayiotou way. Outwardly, he is very much the alpha male as you meet him in his office on the sixth floor of the Hampton by Hilton hotel that his company built, next to Luton Airport. He is tall, trim, confident, with tailor-made suit and designer watch. Yet he talks to a remarkable degree about modesty and staying grounded. ‘My way of doing business is about relationships,’ he says. ‘It’s also about not

becoming complacent. You keep your feet on the ground and accept that you’re always learning. Be humble in business. Listen more than you talk. With most successful people, the more money they make the more arrogant they become, whereas the more humble you are … the more people trust you, and want to deal with you; there are people who come back to you.’ He also emphasizes social responsibility, having set aside 30% of his residential developments to social housing. He expresses concern over the plight of firsttime buyers and key workers with current high property prices. He stays resident in the UK: ‘I’m a believer that if the money has been made in this country your tax should be paid in this country.’ Though he warns that high wealth taxes are selfdefeating, simply driving business out of the country. An approach of building businesses for the long-term, and of ‘my word is my bond’, has helped him form strategic partnerships with the hotel giant Hilton. ‘We hit it off from day one,’ he recalls. Much of the war chest that his sale eight years ago provided has enabled him to build a thriving and still-growing hotels business, including opening the first Waldorf Astoria in the UK. His business, which now employs around 3,000, is in the midst of a £200 million investment in new hotels throughout the UK.

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‘Keep your feet on the ground and accept that you’re always learning. Be humble in business. Listen more than you talk’

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He thinks differently from others. This probably stems from undiagnosed dyslexia as a school-boy. ‘It gave me a different way of thinking – memorizing words rather than reading them …I can calculate deals in my head. I do a lot of thinking on my own – all the time. Maybe that’s why I’m more successful than some other people. Another major point that makes you different, that makes a business successful, is if you always look at what someone has left behind – something someone has not thought of.’ Panayiotou began his business in the mid1990s, in London locations that were then unfashionable, but quite central, such as Hoxton and parts of Islington. His first job was to help run his parents’ dry cleaning business. A turning point came in 1994 when he renovated an apartment above a shop and rented it out. He realized that some areas were underpriced and expanded his ‘build to let’ business. But as more individuals and businesses piled in to the sector, the margins became squeezed by 2006/07. ‘I was the largest private landlord in the UK. I was looking at the returns on my investment – they had been 25%-plus during that period. Then the market started to understand residential; there was the buy-to-let phenomenon … yields went from 25% to about 3% over the period. To me, it became very straightforward. It wasn’t a good investment.

‘I found myself with a big war chest [in 2007]. Where do we go from there? The nearest asset class to residential is hotels. Looking at hotels you can add more value, as against residential where, once it’s built and let, you’re relying on indexation on rents – with hotels you can improve facilities – build a gym, conference facilities.’

He does set aside time for family, however. He has five children. His two grown-up sons work in the business, but he says he is ‘too young’ to think formally in terms of setting up the firm as a family business to pass on to the next generation. In the interim, the company is owned by a trust and all the families are beneficiaries.

His approach in the hotel sector is similar to residential. He builds and owns the buildings, arranging management contracts with operators such as Hilton.

Many aspects of the Andreas Panayiotou’s way of doing business are now becoming mainstream. Business schools report research findings showing the importance of strategic relationships, employee engagement, agile strategy-formation, and avoiding irrational exuberance.

Another attribute where he has been ahead of his time in management thinking is the importance of the engagement of his staff. ‘If they believe that it’s also their business, because they also benefit, that is paramount. If you’re squeezing them, the project will suffer.’ Like many successful business people, Panayiotou does not over-estimate his ability to predict future events. The trick is stay agile and alert. His formidable mental agility means that his commercial brain doesn’t really have an ‘off’ switch. He is puzzled by the idea that he might take up a hobby like golf. So, does he take time off? ‘People ask me that all the time,’ he replies, cheerfully and courteously. ‘If you find something you enjoy, it’s not work. If I’m at home and thinking about work, because I’m excited about what I’m doing, it doesn’t feel like work.’

‘No one is a genius,’ he observes. ‘In a big business you are going to have big situations every day. You have to make a decision. If on the Monday you have five issues unresolved, by Wednesday you have 15, by Friday you explode. As long as you are making more right decisions than wrong ones, you stay ahead.’ Despite staying grounded, it’s also good to enjoy success. The US investor and guru Warren Buffett famously opted to stay in his modest three-bedroomed house in Omaha after becoming wealthy. ‘That’s taking things a bit far!’ says Panayiotou, relaxing into a smile. He enjoys dressing well, having a large house for his family and a nice car or two. He just doesn’t let success go to his head. That space is reserved for smart thinking.

Photo Credits: Stephen Crockford Photography

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| LIFESTYLE

I’M RICH, BUT NOT

RICH ENOUGH A banker’s wife reveals what life is like among the moneyed elite

am what you could call a BWAG (a banker’s wife and girlfriend), who is privileged enough to live in a five-storey, white stuccoed, terraced Victorian house in “Alpha Territory”, the land of the rich and super-rich in central London.

inflated salaries and bonuses, or have lost their jobs and moved out of London, the international super-rich have taken over prime areas of the capital, pushing not just the middle class out of central London, but the merely rich, too.

Our house has a nanny flat; a fridge called the Morgue (it is so big you could hide three bodies in it); a super-king-size bed, which could accommodate Brangelina’s family; a media/playroom for the kids with enough toys to start a Toys R Us; a mini gym with an elliptical cross-trainer and a stationary bike with a flat-screen attached to it; a garden with olive trees, figs and strawberries.

I am lucky. My banker husband has slogged on the trading floor of a gleaming American bank for 20 years, often for 18 hours a day. He has survived the job culls, the credit crunch, banker bashing and the nervous breakdowns around him. He invested in London real estate at the right time, during the property slump of 2009.

I have a nanny/housekeeper, who cleans, cooks and looks after my darling daughters, whom I send to a private school, at a cost of £18,000 a year per child. Our holidays include a yearly jaunt to Barbados, a ski trip to the Swiss Alps and school holidays to our second home in the Med. We have memberships to just about everything you could think of: the Tate for private art views; the zoo, so we can skip the queues; a private club; an exclusive concierge service that can source tickets to anything that begins with the word “private”. School fees, a full-time nanny/housekeeper, some designer clothes and handbags, a few Michelin-star dinners and one or two five-star holidays add up to at least £100,000 a year – and that’s not counting the mortgage payments, savings or the higher-rate taxes. And yet, BWAGs are quickly disappearing from London and being replaced by the super-BWAGS, the billionaire wives and girlfriends, most famously led by Dasha Zhukova, Roman Abramovich’s girlfriend. I am a dying breed. Over the past ten years, while many bankers have stopped receiving their 28

He has survived the worst of the recession. But many bankers did not, and banking is not what it used to be – a place to make real money. Even bankers no longer want to be bankers. Not that you should feel sorry for us – because you shouldn’t – but banker bashing, Britain’s favourite pastime, is now irrelevant. It is the super-rich that are transforming London and creating a supersociety. London has become the billionaire capital of the world, with 72 billionaires, ahead of Moscow (48), New York (43) and San Francisco (42). Such is the interest in this subset of society and its impact on London that sociologists at Goldsmiths, University of London, are studying what they call the Alpha Territory – elite enclaves in central London that are inhabited by the superrich. I live on the fringes of Alpha Territory. My children mingle with super-rich children at school, and we frequent some of the same private clubs. I am, by definition, an HNWI (High Net Worth Individual) with assets of $1 million (£625,000) or more (excluding primary residence). To all intents and purposes, I am rich. But I am a super-rich

man’s pauper and they do not regard me as one of them. There is an entire social stratification of the rich, and I am at the bottom of the ladder. Above me are Ultra High Net Worth Individuals (UHNWIs), who have a net worth of at least $30 million. Then come the centimillionaires – those with $100 million – which is considered really rich, even by really rich people’s standards. At the top of the pyramid are the billionaires. And the centimillionaires and billionaires keep coming to London for political, economic and social safety. They are attracted to the city because it is one of the few places in the world where privacy is valued so highly, and where one can move from private members’ club to private car to private jet without actually having to walk on a public pavement. Even New York does not have these levels of self-segregation. In London, there are private members’ clubs, private schools, private gardens, children’s private members’ clubs, access to private jets. I belong to a members’ club. Some of my friends belong to more than one. An Italian friend, who left London ten years ago, still has membership at a club, just in case he is passing through. Another, who lives in New York and has never lived in London, has a club membership so that he can make business deals when he stops by (in his private jet). For about £3,000 (£1,500 joining fee, plus £1,500 annual membership), Mayfair clubs such as the Arts Club and 5 Hertford Street – where I once overhead someone say, “In London, if you have £10 million, you’re poor” – allow the super-rich to dine and socialise with like-minded individuals. The Arts Club, which has welcomed everyone from Gwyneth Paltrow to Prince Harry and www.heditionmagazine.com

hosted Victoria Beckham’s 40th birthday party, now holds private concerts with the likes of will.i.am performing.

balance, something will be created in the house to give it that “wow” factor: a zen garden with a waterfall, a subterranean gym, a climbing wall or a wall-to-wall aquarium.

Culturally, London offers the super-rich experiences that go beyond the ordinary. Who wouldn’t want to enter this exclusive world, where I have been, on occasion, a spectator? For a few hundred pounds a concierge service can get you tickets for an exclusive Q&A with the director and actors at the premiere of an Oscar-nominated film. Or private views with artists such as Tracey Emin, Damien Hirst or Jeff Koons. Or a private Pharrell Williams concert at the Serpentine Summer Party, dancing under the stars, as I did, with Cara Delevingne and Keira Knightley. A ticket to the Serpentine Summer Party costs £350, so that’s £700 for a couple, not counting what you need to pay a concierge service to get these prized assets. Exclusive concierge services such as Quintessentially Lifestyle and Sincura can source tickets for the most exclusive events, including those for the Cannes Film Festival for about £3,000 (for a screening of one of the Palme d’Or contenders), or London Fashion Week for anything from £500 to £3,000, depending on the designer and how near the front you sit. Membership of these concierge services ranges from a few hundred pounds a year for basic services to more than £25,000. It’s like having a personal assistant who has insider knowledge of and access to all the hot tables and parties around town. London also caters for super-rich hobbies, such as collecting fine art and wine, or playing polo, which means owning four polo ponies, each costing £20,000. This is creating a subsociety that only the superrich inhabit. I don’t live in one of the prime central London areas of SW1X, SW3, SW7 or W11, but in one of the less desirable postcodes such as SW10 (the “lesser” postcode in Chelsea), SW11 (Battersea, the wannabe Chelsea), W10 (North Kensington, not quite Notting Hill), or the dodgier parts of W2 (Westminster, which has super-rich, rich and pseudo-rich all mixed together), where a house will cost half the price of a comparable one in a posher postcode. The international super-rich, whose favourite topic of conversation is property, collect houses like a Monopoly game, www.heditionmagazine.com

But the super-rich are different. The properties they are buying are not really what we would consider houses. They are micro cities, with house managers who act like CEOs and run them like mini companies. They are built to cater to their owners’ every whim. Like to exercise and swim lengths in the morning? Let’s build a basement swimming pool with a gym next to it. You’re a film aficionado? Let’s build a 12-seater cinema room. For children, playrooms are built with slides, zip wires and climbing walls. Doctors, hairdressers, masseuses and reiki masters are on speed-dial. These houses are so big and so well appointed that there is eventually never a need to leave them.

buying the most expensive houses possible in the most expensive postcodes. In this stratosphere of wealth, the more expensive, the better. The super-rich have flocked to areas such as Belgravia and Knightsbridge, which increases the price of property. But it also pushes up prices in neighbouring areas such as Chelsea and Kensington, and in the neighbourhoods next to them. It is absurd for me to see my friends, in families with two incomes from big City banks of £500,000, unable to buy a property in central London. These are people who have lived in the Alpha Territory for the past ten years and have moved away to live close to a good state school, because they can no longer afford the fees at private schools.

I was once invited to a superhouse, and it was a rather overwhelming affair. I was welcomed by the butler, escorted to one of the antechambers by a housekeeper and told to wait. I saw cleaners and nannies milling around, a chef cooking away in the back. The staff seemed like a highly organised colony, and included two chauffeurs (his and hers), six cleaners, one house manager (the CEO), one personal assistant (the COO), a chef (trained by Gordon Ramsay), two nannies (one per child), a governess (what does a governess actually do?) – and that’s just those who lived in. The live-out staff extended to builders (they are constantly upgrading and renovating), a gardener, a landscape architect, an interior designer, a stylist, swimmingpool maintenance, a florist, an art consultant and the specialist architect who masterminded the subterranean renovation.

One friend, a director at a City bank, is making a choice on whether to have a second child, knowing he cannot afford a bigger house or school fees for two children.

Then there were the financial advisers, who managed this wealth. Being this rich takes a lot of effort and manpower. At least this is one positive economic contribution the super-rich are making: the creation of highly specialised service jobs for UHNWIs.

The merely rich will buy a three or four bedroom house for a few million, spend another £500,000 on renovation, including a bespoke £60,000 kitchen with a £10,000 granite worktop, a wireless music system and a media room that doubles as a playroom. For those with a heftier bank

On the other hand, I was recently in the process of hiring a nanny and discovered that the Russians are distorting the nannymarket economy. Experienced nannies are in great demand in these parts of London. You would expect to pay from £350 to £450 a week for a live-in nanny. 29

The Russians and some other ultrawealthy families are offering double the going rate – £800 a week. And there are families who decide to buy for their nannies Burberry raincoats, Saint Laurent sunglasses, Tod’s shoes and Hermès bags, which 1) makes me look like a miser; 2) will bankrupt me if I follow their lead and try to retain these supernannies; 3) has made people mistake me for the nanny and vice versa on a number of occasions, since I do not wear Tod’s shoes or Saint Laurent sunglasses or carry an Hermès bag on the school run. The Russians demand seven-day weeks and 24-hour availability, so if a nanny wants that bag, she’ll have to work for it. Then there’s the issue of parenting. We are fortunate enough to send our children to schools and nurseries that attract celebrities and the super-rich. They are deemed some of the best in the country, and hence the world, because there seems to be a general opinion that a British early education is the best. This creates a self-segregated group of HNWI and UHNWI parents. There is a selection process to enter these schools and nurseries, which involves who you know and whether you can afford the £18,000-a-year price tag.

I struggle to explain to my children why they will never have a party like that, and question whether it is morally right for me to expose them to this amount of obscene wealth. To these people it is small beer, but to us and to our kids, who do not have inheritances to fall back on and who will need to work to earn a living, where do we draw the line? We want our children to attend the best schools, but how can we protect them from a fantasy world they do not really belong to? Similarly, weddings are occasions when the superrich try to outdo each other. People I know, the merely rich, will organise “destination weddings” in the south of France in places such as Le Château de la Chèvre d’Or and Villa Rothschild Ephrussi, or at beautiful monasteries in Portofino or Ravello in Italy.

“I still feel like an onlooker to this new breed of super-rich”

After school fees, there are children’s private members’ club to think about. I know children who spend their weekends being chauffeur-driven from their private garden to Purple Dragon in Chelsea, their private children’s members’ club. It has everything a child could dream of: a softplay area, cooking classes, painting classes, a swimming pool and a recording studio.

The super-rich will do the same, but fly their guests there by private jet and, instead of hiring the local band, will book George Michael and have a firework display bigger than Sydney’s new year pyrotechnics.

An ex-Purple Dragon mother told me that she had spent more than £100,000 there (and finally cancelled her membership).

The richer the rich get, the more rich they want to be and, almost like an addiction, the more they want to spend to feel better.

One wonders how this prepares children for real life, or whether they will ever need to encounter reality.

First comes the house, then the cars, then the private jet and finally the superyacht. The super-rich compete with each other for the biggest yacht in the marina and their boats are moored in Monaco, St Tropez or St Barts for ogling bystanders to dream of becoming not only the “haves” but the “have yachts”.

We have also been invited to birthday superparties at the Dorchester, Berkeley and Mandarin Oriental hotel ballrooms, which have been transformed into mini Disneylands complete with merry-gorounds, rides, magicians, entertainers, popcorn machines, ice-cream machines, face painters, balloon sculptors and bouncy castles. 30

This summer we splurged on renting a yacht for a few thousand pounds a day to go to Formentera and have lunch at Juan y Andrea. We felt a mixture of guilt and

excitement to be splashing out on such luxury – until we ran into an acquaintance, who arrived on a 30m yacht that cost 10 times more than ours to rent, having flown down to Ibiza in his private jet. With private jets being as easy to access as calling an Addison Lee cab, plane travel has enabled the super-rich to be citizens of the world, living a few months a year in one country and a few months in another. One billionaire I met said he spends more hours on his private jet than in his house. It’s another reason why London is one of the best locations for the super-rich to base themselves. Being no more than 12 hours from most major cities and financial centres – New York, Paris, Frankfurt, Tokyo, Moscow, Hong Kong – it is easy to do business anywhere in the world. It is also only a few hours away from the favourite super-rich holiday destinations: Monaco and Cannes for the Arabs, the Byblos in St Tropez and Courchevel for the Russians, the Hamptons and the Caribbean for the Americans, and the Maldives for the Asians, Chinese, Russians, British, French and Indians. A £10,000 holiday may sound like a lot to you or me, but for the super-rich, you can multiply that figure by 10. Before we had children, we once went on what we thought was a very expensive holiday to Reethi Rah, a tiny island in the Maldives and a favourite of the super-rich. We treated ourselves to a private beach villa and businessclass flights, thinking that overseas travel with children would soon be out of the question. Even in the middle of the Indian Ocean, we ran into someone we knew, who was staying in the presidential villa with a private swimming pool while his children were in their own villa like the one we were staying in. By our calculation, including flying five people business class, they had spent £100,000 for two weeks of bliss. For those who want to know how to snag a millionaire/billionaire, most of the BWAGs I know are intelligent, well-educated women from well-off families. Many BWAGs have their own careers and salaries that match their husbands’ (until they give them up to raise a family). Many met their husbands through work or at university, or from socialising in clubs or bars that cater to the wealthy. www.heditionmagazine.com

I was educated at an Ivy League university in the States, where I met 18-year-old girls who openly admitted to being there to meet a husband. (My husband jokes that I am the overeducated, clever one, whereas he is the lucky one who is paid more than he really deserves.) There are women who lead the way in banking, private equity or hedge funds and have equally successful husbands, but, generally speaking, it is the men who are making the fortunes. There are also women who have their own family fortunes looking for an appropriate husband, usually good-looking and charming, intelligent enough to bring home to Mummy and Daddy. The dating game for the super-rich has its own rules. If you are a woman looking for a super-rich man, it helps to a) have supermodel looks; b) be highly intelligent; c) come from a very rich family yourself; d) all of the above, or, if you have none of the above; e) work for them. These include nannies, personal assistants or any of the service providers mentioned earlier. I have met an overnight billionairess who went from being a billionaire’s personal assistant to being a billionaire’s wife soon after his divorce came through. Call it luck or good planning. After love comes marriage – and the prenup – and then divorce. Quite a few superrich I know are on their second marriages. For the merely rich, divorce usually comes in the form of alpha men working too hard (workaholics), ignoring their wives and families (egoholics), or becoming too alpha at home as well www.heditionmagazine.com

(controlaholics), or wives becoming too demanding, needy or “difficult”. Affairs happen, on both sides, when the men are working and travelling constantly and the women find themselves in the arms of a consoling other. One woman I know, who married into super-rich society thanks to her good looks, knew that affairs when he was away would be part of the contract. “At least I know he will be coming home to me and sleeping in my bed every night when he’s here,” she told me. To some, marriage has become a cynical transaction. When we bought our second home and I started spending more time abroad, a friend warned me against it. “Don’t stay away from him too long. He’s only a man, after all.” As the French saying goes, loin des yeux, loin du coeur (far from the eyes, far from the heart). Of course, there are very happy, stable and genuinely solid marriages in the mix, mostly those who understand the limitations of wealth and power or those who have an equal marriage. I hope I fall into this latter category. I arrived in London 12 years ago, wideeyed and innocent. I was 26 years old and finishing a master’s degree. I lived near the King’s Road in Chelsea, where I watched financiers, who thought they were the kings of the world, driving their Ferraris and Porsches down Sloane Street. This was a time when private equity and hedge funds were making their millions, when work trips involved reserving entire floors of five-star hotels, private jets, helicopters and £10,000 bar bills. Then

Lehman Brothers fell and the credit crunch happened, leaving many bankers broke and in disrepute, funds shutting down and only the super-rich left standing when the dust settled. I still feel like an onlooker to this new breed of super-rich. There is an inevitability that more and more of them will come to London for its culture, its education, its economic stability. This concentration of wealth will affect everyone who lives in London, from the man pouring your Starbucks to the butler opening the door in the Kensington Palace Gardens mansion, to the banker who can no longer afford private schools. There will be an increase in social inequality, but with it will come more jobs in London. Perhaps instead of a £2 million mansion tax (which is a misnomer; the price of an average London home is now £500,000 and £2 million no longer buys you a mansion), the council tax should be revisited and we should introduce a UHNWI supertax on purchases over £10 million (ie, planes, superhouses, art and boats), or a philanthropic tax to encourage the superrich to donate to worthy causes. I will leave these reflections to the economists and the sociologists who are researching the Alpha Territory. In the meantime, I have to figure out how to answer my daughter when she asks why we don’t have a pool in our basement and how to keep my nanny from leaving me for an Hermès handbag. The Times Magazine/News Syndication 31

Dassault’s Falcon 8X Takes a Bow! BY MATT HARRIS

ot on the heels of its high-profile roll-out in Bordeaux, Dassault’s new ultra-longrange Falcon 8X has begun its flight-testing programme. Initially the jet looks similar to the 7X it will overtake as flagship of Dassault’s business jet family. It’s when you get a little closer that you understand what’s drawing all the interest. The new $58m Falcon 8X is in demand. It will start delivering at the end of 2016, but production is already sold-out until 2018. Offering a range of 6,450nm 500nm more than the Falcon 7X – the 8X enables eight passengers and three crew to connect Paris with Tokyo; Los Angeles with Cape Town. Additional fuel can be carried in the center fuel tank just behind the wings enabling the improved range ability, while the Falcon 8X uses three Pratt & Whitney PW307D engines with 5% more thrust than the three PW307As used by the 7X model. Frederic Pettit, Dassault’s VP, Falcon Programs, highlights that the Falcon 8X will offer a lower direct

operating cost (DOC) compared to its competitors – including a 20% lower DOC over the Gulfstream G550, and 35% less than Bombardier’s Global 6000. “This could save the 8X operator up to $5m in operating costs over six years,” he notes.

Cabin Comforts With an impressive top-speed of 0.9 Mach there are of course other essential differences between the 8X and the 7X. The fuselage is over 3ft longer than the 7X’s, and an additional two pairs of cabin windows benefit passengers with extra daylight, although galley layout and restroom options may reduce that impact on some aircraft (the forward cabin can be configured in three possible lengths, the longest offering a larger galley and a crew rest cabin). Moving inside the main passenger area various seating layouts are possible but most Falcon 8Xs will seat 14 in three ‘zones’. The forward zone is generally configured with four facing club seats while, continuing down the aircraft the middle passenger zone incorporates a

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four-place dining/meeting area with a retractable table and side credenza. Further back, the aft cabin zone contains a pair of facing divans, each seating three, and from which passengers access the restroom (offering a shower option). Considering the Falcon 8X is capable of 14 hours’ non-stop flying, comfort is a key component for any owner, and Dassault’s design centers at Le Bourget and Teterboro will offer multiple features for customers to build the cabin environment of their choice. Fabrics and leathers for seats and soft furnishings; galley and restroom options; entertainment and connectivity facilities; even the glass and chinaware can all be selected for a customized-interior. Meanwhile, the FalconCabin HD+ cabin management system will add to passenger comfort. The flight crew, meanwhile, benefits from a stateof-the-art panel in the Dassault EASy III flight deck, incorporating head-up display and side-stick controls.

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Head of the Table The Falcon 8X takes Dassault’s business jet line-up to five models (Falcon 8X, 7X, 900LX, 2000LXS and 2000S), but another model – the super-large category Falcon 5X – will shortly increase it to six. Announced in May 2014, work on the Falcon 8X has been swift to date, and first flight took place early in 2015 beginning the certification process in which three development aircraft will be used. Summarizing the Falcon 8X, Dassault Falcon Jet President & CEO, John Rosanvallon explains, “Our customer advisory panel said to us that the Falcon 7X is a great aircraft but a bit more range would be welcome. They wanted a longer cabin to give more flexibility…So, that’s what we’ve achieved with the 8X.” Find more Jets for Sale at AvBuyer.com Photos: courtesy of Dassault Falcon

| LUXURY

â&#x20AC;&#x153;I strongly believe that AeroMobil will inspire new ways of thinking about personal travel. Our company is set to reinvent the flying car without constraints and deliver excitement through unique technical solution and design.â&#x20AC;?

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T H E F LY I N G ROADSTER Meet the AeroMobil 3.0, a flying roadster which metamorphoses into a twoseater light sport plane. The prototype has been designed and manufactured by engineers led by chief designer and CTO Stefan Klein and CEO Juraj Vaculik, co-founders of the company AeroMobil. The flying car prototype, which is expected to be issued with its full airworthiness licence within weeks, can with the current engine configuration reach speeds of up to 160 km/h on the road and once sky-bound, accelerates to 200 km/h. This ultimate two-seater prototype is an exquisite feat of design and engineering which runs on regular fuel and has a range of 800km. It can take off from speeds of about 100 km/h, meaning that owners can use any legal levelled grass surface to get their luxury transport airborne. The first model of AeroMobil will be a high-end luxury product combining a high performance car and a full-fledged small aircraft, produced in a limited edition and the price will reflect this. CEO Juraj Vaculik said: “I strongly believe that AeroMobil will inspire new ways of thinking about personal travel. Our company is set to reinvent the flying car without constraints and deliver excitement through unique technical solution and design.” After launching last October at Vienna’s pioneers Festival, the Slovak team behind the paramount integrated vehicle have chosen Top Marques as the venue to reveal the latest chapter in its ground-breaking story. Visitors in the Grimaldi Forum will be able to see the vehicle as it miraculously transforms from a supercar into a plane. Tickets for Top Marques Monaco, the only live supercar show in the world are on sale now at the venue’s website www.grimaldiforum.com or www.topmarquesmonaco.com

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Monaco A N

I N S I D E R ’ S

G U I D E

Perfect for all those wanting to make the most of their vacation whilst visiting the only live supercar show in the world Top Marques Monaco this April

Where to eat Le Louis XV–Alain Ducasse, Hotel de Paris In Monte-Carlo, Le Louis XV-Alain Ducasse is dedicated to exquisite taste and fantasy. Since it opened in the Hôtel de Paris Monte-Carlo 25 years ago, authenticity and an elegant cuisine have been subtly combined in a unique setting. The philosophy of Chef Alain Ducasse consists of reinterpreting what’s essential, for food that is simple and easy to understand for everyone, with a subtle balance of tradition, change and modernity. Outstanding menus and an excellent wine list guarantee rare moments that few diners ever forget. Hotel de Paris Monte-Carlo, Place du Casino, 98000 Monaco +377 98 06 88 64

Le Vistamar, Hotel Hermitage

Beefbar Monaco

Amidst a decor designed by Pierre Yves Rochon, Le Vistamar plays host to an original concept orchestrated by Chef Joël Garault. Good gourmet seafood, pure and simple, and the set lunch menus ensure a delightful dining experience. The beautiful terrace offers a magnificent view of the port of Monaco and the famous rock.

This luxurious restaurant is located on the Port Fontvieille, very close to the rose gardens and Chapiteau of Fontvieille and offers a stunning panoramic sea view. The Beefbar Menu consists of a range of very high-quality products, with a large choice of the best cuts of meat selected from around the world. From Black Angus beef from the United to states, to Japanese Kobe beef, the meat is ranked by origin, tenderness and cut. The “Raw-Bar” offers dishes prepared under the clients’ gaze including tartars, carpaccios, tiraditos and ceviches.

Square Beaumarchais, 98000 Monaco, France +377 98 06 40 00

42 Quai Jean-Charles Rey, 98000 Monaco +377 97 77 09 29

Joel Robuchon Monte-Carlo, Hotel Metropole The hotel’s main restaurant, offers a sophisticated cuisine with Mediterranean flavors, executed by Head Chef Christophe Cussac. The open kitchen, a distinctive trademark of Joël Robuchon’s philosophy: to share his passion and pleasure of food with his guests who can enjoy a direct contact with the Chef while he’s cooking. 4 Avenue de la Madone, 98000 Monaco, France +377 93 15 15 15

Yoshi, Hotel Metropole The first Joël Robuchon Japanese restaurant in the world, offers healthy, modern cuisine orchestrated by the Japanese chef Takéo Yamazaki, under the guidance of Joël Robuchon and Christophe Cussac. A warm and slick décor gracefully combines the Japanese influences and the elegance of the Hotel. The restaurant has a sushi bar which opens into a Japaneseinspired garden. 4 Avenue de la Madone, 98000 Monaco, France +377 93 15 15 15

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Where to stay Monte-Carlo Bay Hotel and Resort Visit the Monte-Carlo Bay, a luxury resort hotel in the heart of Monaco on the Mediterranean coast. In a relaxed yet sophisticated ambiance, a new style hotel, with lightness, pleasure and fun, in a whole new experience of a legendary destination. 40 Av. Princesse Grace, 98000 Monte Carlo, Monaco +377 98 06 01 80

Fairmont Monte-Carlo

Hotel Hermitage Monte-Carlo Overlooking the Mediterranean, the Hôtel Hermitage epitomizes a certain carefree elegance at the highest level. Built in the early 1900s, this historic luxury hotel offers an intimate and relaxed ambiance, a haven of peace in the heart of Monte-Carlo.

Experience the premier Monte Carlo resort, the Fairmont Monte Carlo. With stunning views of the Mediterranean Sea and gracious service, no detail is overlooked. Featuring 602 guestrooms and suites, providing lavish touches that will make your vacation or business trip relaxing and memorable.

Square Beaumarchais, 98000 Monaco, France +377 98 06 40 00

Avenue des 98000, 12 Avenue des Spélugues, 98000 Monaco +377 93 50 65 00

What to do

The Prince’s Palace: The Changing of the Guards is an official ceremony which takes place outside the Prince’s Palace at 11.55 sharp every day. 98015, Monaco The world famous Oceanographic Museum is one of the best aquariums on the planet. Inaugurated in 1910 by its founder His Serene Highness Prince Albert I who was passionate about marine wildlife, the museum is dedicated to marine science and houses the largest coral reef in the world.

The Golden Triangle: At the heart of MonteCarlo’s shopping district, with a vast number of designer boutiques such as Prada, Celine, Louis Vuitton and Yves Saint Laurent, to name just a few.

the Monaco Heliport, avenue des Ligures. Choose between Héli Air Monaco, Tel: + 377 92 050 050, or Monacair, Tel: + 377 97 97 39 00.

The Japanese Gardens: This garden is well worth a visit that is nearer still to the Grimaldi Forum and Top Marques Monaco. Designed by landscape architect Yasuo Beppu, the gardens are an authentic work of art, uniting stones, water and plants in beautiful harmony.

The Exotic Garden: This park was inaugurated in 1933, and contains a huge number of species of cactus from Africa and South America, including aloe plants from Cape Town and giant agaves from Aztec regions. 62 Boulevard du Jardin Exotique, Monaco

Av. Princesse Grace, 98000 Monaco The Monte-Carlo Country Club: The luxurious club is home to the Monte-Carlo Rolex Masters tennis competition which is held during Top Marques Monaco. 155 Av Princesse Grace, 06190 A Helicopter Ride Over Monaco: Discover the Principality from the air in an unforgettable helicopter trip with one of the local helicopter companies based at

Swim at Larvotto Plage, where the water is clear blue and the jelly fish are kept at bay by a large net Larvotto, 98000 Monaco Indulge in a day at the spa: Thermes Marins Monte-Carlo is both a hub of high-tech and a place of pure serenity. www.thermesmarinsmontecarlo.com 2 Avenue de Monte-Carlo, 98000 Monaco

Av. St-Martin, MC 98000 Monaco The Casino: Try your luck at the gaming tables of the world famous casino, which is open every day from 2pm. The Casino operates a strict dress policy. For more information go to www.casionmontecarlo.com Casino de Monte-Carlo, Place du Casino 98000 Monaco www.heditionmagazine.com

TICINO Launches May 2015

| PROPERTY

P A S S I O N

F O R

EXCLUSIVIT Y EngEl&VölkErs is one of the world’s leading service companies specialising in the sale and rental of premium residential property, commercial real estate and yachts. Engel & Völkers is the only german company among the top 100 franchise companies in the world. H Edition speak with Claudia Tresch, Managing Partner based in Ascona, switzerland on her vision for the coming year and also about sponsoring the 6th Hublot Polo Club tournament from 17th-19th July 2015. Engel & Völkers is one of the world’s leading service companies, how did it all begin?

How do you forecast the luxury real estate market in Ticino will develop over the next ten years?

It began with a passion for exclusivity and expertise about beautiful properties. We have now been active in the premium property market for over thirty years. Engel & Völkers is one of the largest and most successful real estate companies in Europe. We have over 620 shops and more than 5,520 employees worldwide and therefore have a unique international network at our disposal. This allows us to find sound buyers or tenants for property quickly, discreetly and professionally, and to obtain the best possible market price. Our office in Ascona was opened in 2004 and it’s one of the most successful offices in the world as well as in Switzerland itself.

Ticino is one of the most popular and exclusive regions in Switzerland. It’s also a traditional destination for holidaymakers, of its Mediterranean climate, its political stability and the safety of the country.

What are the most crucial things you have done to grow your business? Because of our many years’ experience in the real estate market we have been able to generate a lot of contacts with very important people including architects, lawyers, bankers and trustees, with whom we have a close and regular business relationship. We also participate in many top events during the year such as Hublot Polo Cup Ascona, CSI, Rolls Royce and Sportcarsday. We also have our very own golf course at the Golf Club Ascona where we get the opportunity to meet potential customers and can present our brand.

You operate in 39 countries. In which countries are you leading the way in sales and rentals? Currently number 1 in Switzerland, in fact we are incredibly pleased as we have been in the top ten position worldwide for the last ten years!

Our Ascona office is recording steadily growing numbers of Swiss and international customers (Italian, German, English, Dutch and Russian) there. We are convinced that the demand for property in Ticino will continue to grow significantly in 2015.

Let’s talk about property types in Ticino. What categories of real estate do you think will become more profitable in the months to come? All property investments in Ticino are guaranteed to deliver a good return on resale and are ideal for purchasers looking for a very secure property investment. However, the most requested properties are lakeside homes or homes with lakeside views.

How did the relationship between Engel & Völkers Ticino and the Ascona Hublot Cup begin?? It started because of our close business partnership and friendship. One of the founders of the Polo Cup Ascona is one of our longest standing customers and thanks to this we decided to become a partner of the Polo Club Ascona and to sponsor our own Polo Team. For further information and to RSVP: Info@eventsdesigner.ch www.poloclubascona.ch

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| FINE WINES

Wines of the month Recommended by Giacomo Paolo Pellegrini, Sommelier at Ristorante Orologio, Lugano Switzerland VINO BIANCO:

Vigneto Altura Ansonaco 2013 Isola Del Giglio Produced by Mr Carfagna from his little wine cellar on the south of the “Isola del Giglio” in Tuscany. This wine is made from the organically grown Ansonaco grape. It has a clear yellow colour with nuances of gold. This wine has an intense bouquet which brings to mind jasmine, yellow fruits, pineapple and tangerine with a slightly salty ‘mineral’ tang. It has a dry, fresh taste that you will remember long after you’ve finished drinking it. It is a beautifully harmonious wine that works will with good Mediterranean food. Best served at 12°C to enhance its many flavours. Production: 6.000 bottles

V I N O R O SSO :

Montepulciano 2010 Emidio Pepe Produced by the Pepe wine family in Abruzzo, this wine comes from the Montepulciano grape. It’s organically grown and produced from their cellar in Torano Nuovo. This fine ruby red wine, has a deep bouquet with a variety of flavours which range from fruity cherry and currants through to spicy black pepper and cinnamon with a mineral (graphite) edge. It’s a dry, fresh wine with green tannin, but it’s not astringent, and it has great minerality. This wine’s excellent taste is intense and deep and remains on your palate for many minutes! Whilst it’s perfect to drink now, this is a young wine and it will also benefit from being stored in the cellar for another 10, 20, 30 or even 40 years I combine this wine with Grilled lamb chops with red wine sauce and rosemary potatoes. Best served at 18°C. Production: 40.000 bottles 42

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A MAGICAL SAFARI W H E R E W I L L I A M P R O P O S E D T O K AT E BY GEOFFREY DEAN

he Lewa Wildlife Conservancy is situated within Lewa Downs, Kenya, a 62,000 acre ranch and wildlife sanctuary. It is has been home to the Craig family since 1924 who by setting aside 5000 acres of their ranch in 1983, were instrumental in setting up a sanctuary to protect black rhinos. Fortunately this was so successful that in 1995 they dedicated their entire ranch to conservation and it now homes over 10% of Kenya’s entire black rhino population and 14% of their white rhino population, making it the perfect choice for your next safari if you want to catch the big 5, namely rhinos, lions, leopards, elephants and buffalo all of which make their home at Lewa Downs. We flew in the open-air Waco biplane at no higher than a few hundred feet above the dry East African terrain for thirty minutes. Taking off at 6.45am on a golden January morning from savannah near the foot of Mt Kenya in the Lewa Conservancy, we passed over a herd of elephants and were soon bisecting a narrow valley

that twisted and turned. Will Craig expertly navigated his way through it, dipping his wings with the intuitive understanding from years as a crop-spraying pilot. Soon we crossed over into the spectacular adjoining Borana Conservancy and flew over a pair of black rhinos that were browsing beneath us. One of Borana’s renowned sheer rock faces popped up as Craig flew alongside it. Then, after enjoying majestic views of the snow-capped Mt Kenya, on whose slopes Prince William proposed to Kate, we dived through another steep valley and returned to the airfield near the Lewa Wilderness Lodge. So ended the most exhilarating of starts to a day. Lewa is the only place in Africa where you can do this flight – two passengers able to sit sideby-side in the front seat with the pilot behind them. In Tiger Moths, which look almost identical, the pilot is always in front, and seats are single. This unique flight is one of the many factors that makes the Lewa and Borana Conservancies so special. In 2013,

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Lewa was inscribed with UNESCO World Heritage Site status, and Borana may soon follow. The two are now a single entity in wildlife terms after the fences between them were taken down at the start of 2015. This was done because Lewa had reached its rhino carrying capacity (70 blacks and 65 whites), while the smaller Borana, with its 20 black rhino, is able to absorb double that number. With the fence down, allowing freedom of movement, rhino numbers can be spread more evenly and increased as a result. Given the critically high rate poaching of rhinos in Africa, fuelled by Asian demand for their horns, it is gratifying to report that not one rhino has been poached in either conservancy since the second half of 2013. Local community initiatives, particularly subsidies of schools, have yielded vital intelligence against the poachers, who have been foiled by a well-armed team of Kenyan rangers, trained by a former member of the SAS. To get the most out of a visit to the twin conservancies, it is best to spend a week or ten days and stay at each of the three best options: Lewa Wilderness Lodge, Lewa House and Borana Lodge. All offer something different, being in different areas, and allow you to experience the full scope and variety of the 93,000 acres that constitute the combined area. It is completely malaria-free due to its altitude of around 6,500 feet above sea-level.

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Will Craig and his wife Emma are consummate hosts at Lewa Wilderness, offering a wide range of things to do. They have a choice of over 30 horses to ride out in the bush, offering guests the chance to get much closer to wildlife than in a vehicle. We rode right up to some Grevy zebra, a species so endangered there are only 3,000 left in Africa, 350 being in Lewa. For those who donâ&#x20AC;&#x2122;t fancy getting on a horse, there is the option of a camel ride, which is especially popular with children. Walking safaris are also a delight from Lewa Wilderness as I found one afternoon, when my guide and I encountered a group of six white rhinos, who came within 25 yards of us and had no idea of our presence as we we were downwind of them. There is also excellent walking, not to mention stupendous views of the Matthews Range fifty kms away, from Lewa House. The home of Calum and Sophie Macfarlane, this is a smaller setup than Lewa Wilderness (whose capacity is 20) and delightfully intimate. An adjacent waterhole attracts a steady stream of animals throughout the day, particularly elephant, and a nearby marshy area provides some superb game-viewing. There, we were the only vehicle that saw nine wild dogs feed on a male impala they had chased down. That same day, we came across three male cheetah brothers traversing the savannah, and two lionesses with cubs on a collapsed tree trunk.

Lewa House is ideal for families, the Macfarlanes having two small children of their own, although kids are also welcome at the other two lodges. The game is so plentiful and varied on Lewa and Borana that in my five days there, I completed sightings of the Big Five, never a given due to the elusiveness of leopards. But on my final evening just after sunset, we saw a big male after being alerted by some loud barking from monkeys and baboons. Nonchalently walking away from them as if to feign a lack of interest, this leopard allowed us to watch him for twenty minutes, much longer than the fleeting glimpses you normally get of this cat. Ian Craig, the renowned conservationist with whom William and Kate stayed when he popped the question, has three orphaned male rhinos living round the back of his home near Lewa House. All aged between 20 and 28 months at the start of 2015, these friendly and happy youngsters live with their Kenyan

handlers and love human attention. The baby-like cooing that they make tugs at your heartstrings as they allow you to pat them and scratch their heads on their bush walks. This sort of inter-action is another reason why Lewa is such a magical conservancy for visitors. Borana, with its much steeper terrain than most of Lewa, offers views that are amongst the most spectacular in East Africa. Its lodge, too, has a score of horses, on which to ride out and encounter its wildlife and scenic beauty. A former cattle ranch, the Dyer family turned it over to game in the early 1990s and have created a secluded hideaway that is beguilingly romantic. Considerable imagination has been given to the way the lodge blends into the hillside, and its swimming pool has one of those infinity views that take your breath away. Indeed, Borana has an indefinable spirituality about it that makes it one of those places you have to visit before you die.

FACT BOX Kenya Airways fly daily to Nairobi (Jomo Kenyatta International Airport) from London Heathrow (www.kenyaairways.com). Air Kenya operates daily flights from Nairobi (Wilson Airport) to Lewa Downs (www.airkenya.com) For bookings at Lewa Wilderness and Borana Lodge, visit www. handpickedafrica.co.uk (rates start at US$795 pp per night; Waco biplane flight for two, $600) For Lewa House, visit www.lewahouse.com

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Londonâ&#x20AC;&#x2122;s most exclusive jet-set lifestyle event

8TH - 9TH MAY 2015

LONDON BIGGIN HILL AIRPORT

Featuring over 100 luxury lifestyle brands Champagne reception . Fine cuisine . Supercar test drives

www.TheEliteEvents.com

MEDIA PARTNER

LONDON www.heditionmagazine.com

We speak to

RASHA KHAWAJA founder and CEO of Toucan

LONDON LIVING

Make the most of our beautiful City

BENTLEY & SKINNER The Royal Jeweller Interview with

WILLIAM DRABBLE

Executive Chef, Seven Park Place at St James’s Hotel & Club

LONDON LIFE | BUSINESS | EVENTS | INTERVIEWS | LUXURY

| WOMEN OF INFLUENCE

Rasha Khawaja Toucan is the new frontier of digital business networking, helping entrepreneurs, business start-ups and creatives to immediately and safely pitch their ideas to the world and connect with industry leaders. H Edition speaks to Rasha Khawaja the founder and CEO of Toucan

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You have some great ‘Toucan Mentors’ including Richard Reed, Co-Founder of Innocent Drinks and the two Michelin-starred Marcus Wareing, chef and restaurateur. What inspired these great role models to get involved?

What was the motivation behind launching Toucan – the new digital ideas platform for entrepreneurs, businesses and start-ups?

I am lucky enough to have some of the most renowned and successful industry and business leaders on the Toucan ‘Mentor Panel’. All the mentors wanted to become a part of Toucan as they all, like myself, are hugely passionate about inspiring and helping the next generation of great inventors, chefs, directors, designers, entrepreneurs and so on to achieve business success.

orn and raised between London and Oxford and part of a respected business family known for their successful professional and philanthropic achievements, Rasha’s own entrepreneurial spirit and acute instinct for business was fostered at a young age. After spotting a gap in the market for a way to help creatives and entrepreneurs get their ideas out into a world and in front of influential business luminaries, Toucan was born.

I have always been deeply passionate about innovation in business, innovation through collaboration and inspiring the next generation of entrepreneurs and business minds to achieve success in their business aspirations. My entrepreneurial drive and business connections partnered with the fact that I spotted a gap in the market for a way to help creatives and entrepreneurs get their ideas out into a world and in front of influential business luminaries, I decided to launch Toucan. It makes my heart skip a beat when I see Toucan helping people to think outside of the box – being a friendly platform people can easily go to collaborate and share their ideas with their community. With that spirit ideas grow and everyone can benefit.

What has been the reaction to the platform? Since launching in December 2014, the reaction to Toucan has been fantastic. We have new members joining our network every day, posting their business ideas and start-up plans and the public have also responded very well, engaging in the platform and casting their votes on business ideas they like. Overall people have been very positive and receptive to what we are trying to achieve with Toucan so far, there is nothing quite like it out there in a democratic, digital way.

What are the most crucial things you have done to grow your business? We have gathered together some of the most prestigious names in business to sit on our Toucan ‘Mentor Panel’. These mentors have set us apart from all other entrepreneurial digital platforms and this in itself has helped to grow the business in terms of reputation and also authority and reach. We have also invested more time and strategic energy into the world of social media and digital to enhance our reach and audience and grow the business in another way. And thirdly we have invested in our public relations and communications to increase public awareness of what Toucan is doing to drive more members to the site and also to drive more of the general public to visit the site and vote on the businesses on there, because without public votes Toucan cannot thrive.

Share your secret weapons – what business apps or tools help you run your business and personal life efficiently? I could not leave the house without my Filofax or my Blackberry. Together with Ocado and Amazon they help to keep my life in working order.

What is your end goal with Toucan? My end goal with Toucan is to help realise as many people’s business dreams as possible and to encourage a real growth of innovative thinking in business. Toucan is fast becoming the online go-to platform for entrepreneurs from any background to get their idea off the ground. Hopefully Toucan can keep helping more successful, exciting business take off and continue to educate through our Toucan Academy. I firmly believe that education is the most powerful tool in the world.

What can’t you live without? My family is my backbone and emotional support which I could not function without. I am also passionate about learning something new every day – I love when I come home and can share something novel and interesting with those I love most.

What do you do to relax in your free time? Relaxing has become one of life’s rare luxuries – I personally could not think of anything nicer than spending time with my family at home. I also like to catch up with friends or exercising to clear my head after a long week at work. I enjoy modern dancing which is a great release.

What keeps you awake at night? By nature I am a night owl and as one I tend to do a lot of my best work in the evening as I do not have as many distractions around me. I like to embrace my creative side, plan for the day ahead and then implement the most constructive of them the following day.

www.toucan.co

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London Living MAKE THE MOST OF LONDON

Where to eat skY gArden At the top of the new ‘Walkie Talkie’ building, the Sky Garden includes a choice of two restaurants with great views over London. Step into the elegant Fenchurch Seafood Bar & Grill on Level 37, the menu includes Oysters, fish and crustacean as well as seasonal game, meat and vegetarian dishes. Overlooking the Thames on Level 36 you will find the Darwin Brasserie, an all-day brasserie inspired by the very best of British using seasonal, home-grown ingredients. Sky Garden, 20 Fenchurch Street, EC3M www.skygarden.london

PenneThorne’s Located in the New Wing of Somerset House and taking its name from Sir James Pennethorne, the 19th century English architect who designed the New Wing. Pennethorne’s Cafe Bar is inspired by Pennethorne’s travels across Europe during the Grand Tour. The menu brings classic flavours from the Grand Tour travels to France and Italy to life with a modern English twist, featuring all-day dining small plates. At the heart of the menu is the bakery, located on site at Somerset House, baking specialist breads and pastries. Somerset House, Strand, WC2R www.pennethornescafe.co.uk

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What to do All of This Belongs To You

Virgin MoneY london MArAThon 2015

Opening just before Britain’s General Election, this exhibition examines the role of public institutions in contemporary life and what it means to be responsible for a national collection. Specially commissioned interventions around the Museum will raise questions about the opportunities, obligations and limits to participation in this national institution. The exhibition will act as a laboratory for public life and explore the role of design and architecture in defining civic identity, technology, security, citizenship, democracy, the public realm and urban experience.

Join the hundreds of thousands of spectators lining the streets of London to cheer on the runners in the 26-mile marathon, visit www. virginmoneylondonmarathon.com for the official spectator’s guide. Sunday 26 April

1 April- 19 July, V&A, Cromwell Road, SW7

niCk wAPlingTon/ AlexAnder MCQueen: working ProCess

One of the oldest sporting events in the world, The 2015 BNY Mellon Boat Race will be the 161st annual contest between two rowing crews from Oxford and Cambridge universities. Taking place on the River Thames in West London between Putney and Mortlake, sporting history will be made when the race is joined on the Tideway for the first time by The Newton Women’s Boat Race.

This major exhibition presents the result of a unique collaboration between artist Nick Waplington and the acclaimed fashion designer Alexander McQueen. A mustsee exhibition, Waplington’s photographs capture the creative journey of McQueen’s final Autumn/Winter collection, Horn of Plenty in 2009. Images of McQueen’s working process are juxtaposed with rigorously produced photographs of recycling plants and landfills to create a powerful commentary on destruction and creative renewal – themes at the heart of the Horn of Plenty collection.

Saturday 11 April, Putney Bridge

Until 17 May, Tate Britain, Millbank, SW1P

The BoAT rACe

MAgnA CArTA: lAw, liBerTY, legACY Discover the history, and challenge the myth, of one of the world’s most famous documents. Since 1215, Magna Carta has evolved from a political agreement to an international symbol of freedom. Uncover the story of how its power has been used – and abused – from its genesis through to today’s popular culture. Until 1 September PACCAR Gallery, The British Library Euston Road, NW1

whAT is luxurY? This exhibition will interrogate ideas of luxury today, addressing how luxury is made and understood in a physical, conceptual and cultural capacity. Extraordinary works of craftsmanship will be on display including a couture gown by fashion designer Iris van Herpen and fine examples of haute horlogerie by British watchmaker George Daniels, alongside more unexpected projects which explore the cultural value of materials such as gold, diamonds and plastic. The future of luxury will be explored, asking questions about the role that time, space, privacy, well-being, social inclusivity and access to resources and skill may play in determining our choices and aspirations. 25 April-27 September, V&A, Cromwell Road, SW7

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Bentley & Skinner T h e

R O Y A L

etween them Bentley & Skinner has a history of over 180 years of buying and selling the finest and most unique and beautiful jewellery. Bentley & Co. was established at No. 65 New Bond Street in 1934 and A.E. Skinner & Company in 1880. Skinner & Co. was first invited to supply jewellery to the Royal Family in the latter years of Queen Victoria’s reign, and has continued to hold the Royal warrant of appointment ever since. Both firms having always been run by families, in 1998 Richard Skinner, having no sons to continue the family tradition, sought to merge with another company. There was only one choice, the eminent Bentley & Co. which also possessed a special collection of Fabergé. At the suggestion of The Lord Chamberlain, chief officer of the Royal Household, the then merged company became Bentley & Skinner and was duly appointed as jewellers to both Her Majesty the Queen and His Royal Highness the Prince of Wales. Today the company is still very much a family concern, run by Mark Evans, great nephew to John Sheldon, the founder of Bentley & Co... Located in Piccadilly, Bentley & Skinner has a large and important client list featuring many well-known names. In 2009 the company was commissioned to create the diamond skull ‘For the Love of God’ for Damien Hirst.

J e w e L L e R Bentley & Skinner features some of the most beautiful, rare and important one off pieces alongside some of the loveliest items of jewellery ever to be created. From Fabergé, Guiliano and vintage Cartier to beautiful pieces from the Georgian, Victorian, Art Nouveau and Art Deco periods, the wide collection includes everything from rings, bracelets, pendants, brooches and necklaces to tiaras. Full of lovely pieces, their stock is a joy to behold. Their loyal clients are increasingly being joined by a younger, new generation of individuals eager to purchase items that will not only hold or increase their value, but are fashioned in a way impossible to replicate today. Antique jewels were created with a love and care that result in some of the most beautifully crafted pieces of the goldsmith’s art. Located at 55 Piccadilly, the company occupies a beautiful two floor space featuring a marriage of old Bond street glamour and service with a fresh and open approach. The ground floor showcases a range of new and antique jewellery plus a workshop where you can watch their master craftsmen at work. With a potent mix of old world values, dedicated service and unrivalled knowledge coupled with their passion for beautifully crafted, individual pieces, Bentley & Skinner can justly be called the London jewellers.

55 Piccadilly, London W1J 0DX, 020 7629 0651

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| INTERVIEW

William Drabble Executive Chef

One of the UK’s most celebrated chefs, William Drabble has previously worked in some of England’s most influential Michelin-starred hotels and restaurants before taking on his current position as Head chef of the Michelin-starred Seven Park Place at St James’s Hotel and Club 56

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n January 2011, just over a year after joining the Hotel, Drabble and Seven Park Place were awarded a much coveted Michelin star and four AA Rosettes. Drabble oversees all aspects of dining at the Hotel, including afternoon tea, room service, private dining and the Hotel’s more informal dining space and sibling to Seven Park Place - William’s Bar & Bistro. At Seven Park Place, he has created his own unique menu, influenced by classic French cuisine but made using the best local, seasonal British ingredients, which are at the heart of his sublime cooking.

What inspired you to become a chef and how did your journey begin? My grandmother was a cook in some of the big estates in Yorkshire and Derbyshire when she was young and she used to tell me stories about how much she enjoyed it. I was just 9 when we moved from Liverpool to Norfolk, I was then surrounded by all sorts of wonderful raw ingredients which triggered something and inspired me to learn.

coming back onto the menu like carpaccio of hand-dived scallop with white truffle; poached lobster tail with cauliflower and perigord truffles and boudin of wood pigeon with madeira and morels.

Do you think the role of Head Chef in the kitchen has changed a lot since you started in the industry? The job has changed dramatically, especially the amount of paperwork involved now – which can be very frustrating at times!

What are your main sources of inspiration for your dishes? The changing seasons, going to the market and talking to suppliers.

Soon after first becoming a Head Chef you received a Michelin star, how was that? Unexpected, nerve wracking, exciting, unbelievable and very overwhelming! I started in the August and got the star in January. Mr Gifford, the owner of the hotel, had wanted a star for over 30 years. There was a tear in his eye that day!

What is your greatest achievement to date? Who has been your biggest influence? When I left school, it was Marco Pierre White and the Roux brothers – they were on TV at the time and gave me something to strive for. At college, I had a fantastic teacher called Martin Jermey, who I still keep in touch with today, he was full of enthusiasm and loved teaching people, and also took the time to push us creatively especially if he thought you had potential. Since then, of course, it is all the chefs I have worked for, they have all had an influence on the way I cook: Keith Mitchell, Neil Wiggins, Philip Britten, Nico Ladenis and Tom Aikens.

What’s your food philosophy? It’s very simple: cook from your heart and use the best seasonal ingredients you can find.

The menus you create for Seven Park Place reflect your love for modern French-style cuisine, what is your signature dish? I don’t really have a signature dish. The menu evolves with the seasons. But there are some dishes that people ask when they are

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Maintaining a Michelin star in three different restaurants since 1998.

What keeps you awake at night? Not a lot, I tend to sleep quite well.

What are your predictions for the future of restaurants and dining? People will continue to want to know about ingredients and where their food comes from but they will also want a relaxed environment where they can eat really fantastic food, drink good wine and enjoy themselves. Food will probably also have to become increasingly simple, pure and clever as time goes on. This is because there are so many restaurants now and, if the numbers keep increasing, it will become more and more difficult to get the staff needed to do anything time consuming or complicated. Seven Park Place by William Drabble, St James Hotel and Club, 7-8 Park Place, St James, SW1A

“There is no elevator to success,

”

you have to take the stairs

SELF-MADE BILLIONAIRES FROM HUMBLE BEGINNINGS Shahid Khan, net worth $4.6 billion Life wasn’t all superyachts and football clubs. Mr Khan started washing dishes for a rumoured $1.20 an hour, now he is the world’s richest person of Pakistani origin and amongst one of the richest in the world.

Ralph Lauren, net worth $7.1 billion After dropping out of college and a stint in the army, Fashion Icon Ralph went onto start the career in which he made his billions, starting as a clerk and working his way up, he spotted a niche in the market for male ties. In 1967, Lauren sold $500,000 worth of ties and went on to launch Polo the next year.

Leonardo Del Vecchio, net worth $21.3 billion A true inspiring story of a billionaire businessman who grew up in an orphanage and through hard work and determination grew the business he launched aged 23 into the world’s largest manufacturer of sunglasses and prescription eyewear for brands such as Ray-Ban.

o o

Sheldon Adelson, net worth $29.9 billion The current chairman and chief executive of Las Vegas Sands started his entrepreneurial journey aged 12, when he borrowed $200 to sell newspapers on a busy street corner.

Peter Hargreaves, net worth $3.1 billion Along with his business partner, Mr Hargreaves started an investment broker business from a spare bedroom. In 2007, the company was floated on the London Stock Market valued at £800 million, not bad for a company which launched with only £500 using their cars as company assets.

Charles Dunstone, net worth $2.7 billion Starting out with just £6,000 in capital, Mr Dunstone started off selling mobile phones out of his flat. Carphone Warehouse is now Europe’s largest independent mobile phone retailer, the company floated on the London Stock Exchange valued at £1.7 billion.

Li Ka-Shing, net worth $33.5 billion Sir Li Ka-Shing settled in Hong Kong after fleeing a turbulent China in 1940, he went on to leave school early and work full time at a plastic trading company. At age 22, he went on to start his own company producing plastic toys and later plastic flowers after they started to trend in Italy. At present his company Cheung Kong is one of the largest real estate companies in the world, making Li the richest person in Asia.

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EVANTRA BY MAZZANTI