Global Property Scene edition 22 by Knight Knox

GLOBAL

PROPERTY NO. SCENE ISSUE 022

The Investment Publication | www.globalpropertyscene.com

This issue: Is the vegan industry headed in the right direction? | Investing in yourself Costa Rica's green energy drive | Should I move to Hong Kong?

FOCUS ON: VIETNAM

LAND OF THE THUNDER DRAGON

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INSIDE / ISSUE 022 FEATURES

23 Costa Rica: A very modern paradise

49 Food waste, a growing concern

56 Completed property, making a quick return

66 Items that may vanish in the next 10 years

Late last year a ray of light broke through the malaise of negative stories about the future of our environment and climate. Nestled in amongst reports of polar ice melting at heretofore unknown speeds and the disastrous effects of toxic smog on the global poor, the stories coming out of Costa Rica last year provided some beautiful, tropical relief.

There are many puzzling things about modern society, but perhaps the most stupid of them all concerns the amount of food that we waste around the world, and the many ways in which we waste it. Given that the sheer quantity of food we waste borders on the insane, perhaps the most important question to consider is how we got to this point in the first place.

There is no doubt as to the strength and popularity of the buy-to-let market in the UK. With rents rising in almost every part of the country and house prices in regional cities such as Manchester and Birmingham anticipated to see increases of 30% over the next three to four years, property remains one of the best choices for any investor.

With the world changing in the face of technology and innovation, there are many everyday objects that are likely to disappear in the next decade. Although we cannot be sure of what the future holds and what creative inventions will be brought to market, we have a good sense of the many things that will become virtually useless in just a few years’ time.

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11 Market in Focus Vietnam

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A GUIDE TO BHUTAN | 42

Today, having cast off the shackles of its past, Vietnam is a vibrant global destination for business and leisure with Forbes stating at the end of last year that Vietnam’s GDP is just 11 years behind China's, leading it to assert that this ‘new kid on the block’ is one to watch.

Home of the Industrial Revolution, the UK has long been established as a major commercial centre, benefiting from strong trade links with companies on every continent. With a long history in international cooperation, the country is an attractive place for investors both foreign and domestic.

85 Should I move to Hong Kong?

Knight Knox has sold thousands of properties. We have experts on the ground that can help to find your perfect property. Why purchase with anybody else?

Last year marked the 20 year anniversary of Hong Kong being handed over from the British back into Chinese rule.

MAR/APR 2018

GLOBAL

PROPERTY NO. SCENE ISSUE 022

EDITOR’S NOTE

The Investment Publication | www.globalpropertyscene.com

This issue: Is the vegan industry headed in the right direction? | Investing in yourself Costa Rica's green energy drive | Should I move to Hong Kong?

Spring is here, and with the beast from the east finally behind us I feel like the UK is becoming more palatable. There seems to be so much positive news across the property industry and, despite some current difficulties amongst the international community, global markets are certainly on the up.

FOCUS ON: VIETNAM

LAND OF THE THUNDER DRAGON

A country that here in the UK we don’t tend to see much coverage of, and yet is currently experiencing a real rise in fortune, is Vietnam. Today, having cast off the shackles of its past, Vietnam is a vibrant global destination for business and leisure with Forbes stating at the end of last year that Vietnam’s GDP is just 11 years behind China, leading it to assert that this ‘new kid on the block’ is one to watch. With such positive praise we made Vietnam this edition's market in focus. Here at GPS it’s no secret that we like to report on environmental concern. After all, if we don’t look after the basic health and foundations of our society there isn’t much point in investing for the future. Taking real steps towards its future is Costa Rica, a nation that used only renewable energy sources for electricity generation for more than 300 days in 2017. As much as 99% of the country’s energy comes from renewable sources, and given such positive figures, we thought it was high time we take a look at how the country's successes can be applied elsewhere.

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It’s getting increasingly difficult to find culture that hasn’t been influenced by the influx of modernisation and tourism. As one of the last remaining pristine pockets of the Himalayas, Bhutan has been able to retain one of the most intact eco-systems worldwide. Its terrain limits both land and population development, and yet Bhutan is showing enormous potential with one of the fastest growing economies in the world. With so much happening we take an in-depth look at this fascinating country.

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CREDITS

And finally we discuss the growing demand for resale investment property, with buyers recognising the benefits that come from investing in a property that is already working as a successful investment; and sellers keen to release equity through selling to likeminded investors.

Individual Samantha Edwards, Alex Timperley, Will Leyland, Emma Martin, Andrea Wong, Richard Ellis, Alistair McGovern, Suzanne Todd, Callum Whiteley, John Power, Martin Copeland, Michael Vickers, Mark Williams, Marica Bruschi Commercial Knight Knox, X1, Fortis Developments, Forshaw Land & Property Group, INTUS Lettings, Gold Key Media, Shutterstock, Unsplash, Property Investor, Crossbow Investments CODA Studios Ltd, Baselworld

That’s it for now, we hope you enjoy edition 22.

Editor-in-chief Michael Smith

PLASTIC WASTE: A PRESSING MATTER

WILL LEYLAND

f you follow current events, watch the news, read a newspaper or consume your news through social media then there’s a good chance you saw a video that went viral recently. It showed a British diver swimming through a forest of plastic rubbish off the popular tourist island of Bali in Indonesia.

and Matthew Taylor, “more than 480bn plastic drinking bottles were sold in 2016 across the world, up from about 300bn a decade ago. If placed end to end, they would extend more than halfway to the sun. By 2021 this will increase to 583.3bn, according to the most up-to-date estimates from Euromonitor International’s global packaging trends report”.

British diver Rich Horner took his camera about 20km off the coast, only to be greeted by mountains of plastic, in which he exclaims: “Plastic bags, plastic bottles, plastic cups, plastic sheets, plastic buckets, plastic sachets, plastic straws, plastic baskets, plastic bags, more plastic bags, plastic, plastic, so much plastic!”

> Between 4.8 million and 12.7 million tons of plastic end up in the world's oceans every year and can be found everywhere from the Poles to the Equator, on coast lines, on the sea surface, and on the seafloor. > Over the last ten years we have produced more plastic than during the whole of the last century.

The videos aren’t uncommon, of course, with similar heart breaking images of wildlife activists pulling plastic straws from the nasal passages of turtles with pliers also doing the rounds, as well as a truly disgusting video showing a floating island of rubbish in the Pacific Ocean which turned stomachs across the world.

> We currently recover only five percent of the plastics we produce. > Plastic in the ocean breaks down into such small segments that pieces of plastic from a one litre bottle could end up on every mile of beach throughout the world. It takes 500-1,000 years for plastic to degrade.

Climate change, and the warming of the planet’s atmosphere, has been the issue most extensively covered in our worsening relationship with an environment we rely on to survive. Extreme weather across America last year dominated headlines with floods in Texas and hurricanes across the Bahamas, but there was also the “Beast from the East” snow storm which struck the UK in February, bringing the country to a standstill.

> The Great Pacific Garbage Patch is located in the North Pacific Gyre off the coast of California and is the largest ocean garbage site in the world. This floating mass of plastic is twice the size of Texas, with plastic pieces outnumbering sea life six to one. These are just a selection of facts taken from Ecowatch, but I could go on with them for the rest of the article to highlight the reality of what we’re currently doing to our own environment.

“A collapse of marine eco-systems could prove absolutely catastrophic for the environment and our own climate as a result, as marine life often has a fundamental effect on things such as ocean gulf streams which affect our weather.”

Straws rank as the second most commonly found plastic waste in oceans and on beaches, with the Marine Conservation Society estimating that 8.5 billion straws are used in Britain every year. It’s all well and good knowing the facts, but what are the likely outcomes if we fail to act on plastic pollution? Your health will suffer first and foremost as, for example, North Sea mussels contain on average one particle of plastic per gram of tissue, meaning that just 100 grams of North Sea seafood could mean you consuming 100 particles of plastic. That’s a pretty horrifying thought, isn’t it?

Climate change is a crisis of the highest priority, 97% of scientists agree, but plastic waste and the environmental havoc it wreaks when dumped in the oceans is now quickly challenging those priorities. It always feels quite easy to agree there’s a problem with plastic waste, but it’s only when you start to get hit with some statistics and figures that you really start to get a good grip on just how bad things have gotten in only a few decades.

Not only your health, though. Plastic pollution in the oceans is more than likely to eventually cause some sort of collapse in fish numbers. Research conducted recently by the National University of Ireland in Galway found high levels of plastic from recovered dead deep-sea fish by trawling depths of up to 600 metres. That means that, realistically, nearly three quarters of the fish in our oceans are ingesting plastic even deep under the surface, causing them to die and fail to reproduce.

Plastic bottles are one of the biggest problems, and according to a report in the Guardian by Sandra Laville

A collapse of marine eco-systems could prove absolutely catastrophic for the environment and our own climate

as a result, as marine life often has a fundamental effect on things such as ocean gulf streams which affect our weather.

An online campaign called “TakeOut Without” encourages people to take their own containers to takeaways and to use their own plates and cutlery at home, rather than accepting mounds of plastic containers from fast food outlets. In cases where a delivery is required, they’re encouraged to refuse any unnecessary plastic and make specific requests for the outlet to use as little plastic as possible, with the plastic then being taken for recycling once finished with.

Fewer than half of the bottles bought in 2016 were collected for recycling and just 7% of those collected were turned into new bottles. Instead most plastic bottles produced ended up in landfill or in the ocean. It would seem logical for the state to intervene in this matter and legislate that any plastic bottle manufacturer or company that uses plastic bottles must ensure that they use a certain amount of recycled plastic and must take measures to ensure that all of their bottles are able to be 100% recyclable.

Back in the UK, big name supermarkets such as Iceland and the Co-operative have backed calls for the government to introduce a bottle deposit scheme, where a small price is added to the cost of a plastic bottle which would be refunded once the bottles are returned for recycling rather than being thrown away to end up in landfill.

In terms of supermarkets, there was recent controversy when Marks and Spencer were caught selling a “cauliflower steak” wrapped in plastic, for what was essentially a slice of cauliflower. The very first “plastic free” supermarket aisle has recently been unveiled in Amsterdam, leading calls for UK chains to follow the lead of Ekoplaza who will offer more than 700 products without plastic packaging.

There are also, reportedly, government plans to introduce a punitive tax for companies that use single use plastics in their manufacturing process rather than plastic that can be recycled once used. This would incentivise companies to come up with cost-effective solutions to the environmentally disastrous single use packaging that they currently use.

The European Union has taken note, recently announcing a €350m investment into research to find better ways to reduce plastic waste and make recycling more efficient. Talking to the Guardian and other international outlets, the EU’s Frans Timmermans said that the commission was focusing on throw-away items such as drinking straws, “lively coloured” bottles that do not degrade, coffee cups, lids and stirrers, cutlery and takeaway packaging.

“Fewer than half of the bottles bought in 2016 were collected for recycling and just 7% of those collected were turned into new bottles. Instead most plastic bottles produced ended up in landfill or in the ocean.”

The EU wants 55% of all plastic to be recycled by 2030 and for member states to reduce the use of bags per person from 90 a year to 40 by 2026. It’s a solid start, but there’s always the feeling that targets set by international governments aren’t nearly ambitious enough. With the EU already pumping millions of tonnes of plastic into the environment every year, reducing plastic bag usage by just over 50% in eight years seems like small fish, if you’ll excuse the pun.

The final thing to consider is that people's changing consciences often have profound effects on business. Consumer disgust is bad for business if you're not innovating. Where consumers lead, business follows.

Back in 2009, the rural Australian town of Bundanoon put a vote to its residents about the use of plastic water bottles, which were seen as unnecessarily polluting their community, in which the overwhelming majority voted to ban their use altogether. Rather than ruining the beverage industry in the local area it forced them to innovate and change. There were reports of unanimous cheering and hugging at the announcement of the ban.

It seems only a matter of time before eco-conscious consumers will convince both governments and big business that our environment isn’t a commodity to be used for profit, but a precious resource which we all rely on to survive. The idea that our planet is only going to treat us as well as we treat her is one that is gathering traction, and the tide of opinion is turning towards leaving our children a cleaner place than we inherited. That’s a special thought.

Residents of Bundanoon are now sold reusable bottles for the same price as a bottle of water and can refill them for free at any local business as long as they have their bottle. Once the bottle has reached the end of its natural life, the residents can then exchange it for free for a new one and the old one will be recycled.

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MARKET IN FOCUS VIETNAM Words : Emma Martin | View : Tonkin

country with a compelling and controversial history, Vietnam has fought hard to shake off the portrayal it historically received in the media of a country peppered with war and plagued by conflict.

aimed at making widespread improvements were put in place, and the state took control of directing the national economy in hope of better integrating with modern global markets. Between the late 1980s and 1990s, economic reforms known as the Chính sách Đoi Moi saw the introduction of free market incentives which resulted in business and investment growth across the country.

Today, having cast off the shackles of its past, Vietnam is a vibrant global destination for business and leisure, with Forbes stating at the end of last year that Vietnam’s GDP is just 11 years behind China, leading it to assert that this ‘new kid on the block’ is one to watch. But how has this striking country on the South China Sea managed to overturn a long history of poverty and political uncertainty to become such a force to be reckoned with?

The successful implementation of the Đoi Moi meant that, by the end of the 1990s, over 30,000 new businesses had been launched in Vietnam and GDP was rising at an annual rate in excess of 7%, ultimately resulting in poverty rates dropping dramatically. According to the World Bank, over 50% of the Vietnamese population lived on less than US$1.90 every day in 1993. Today the rate of poverty has fallen to just 3%.

Prior to the economic and political reforms of 1968 Vietnam was one of the poorest developing countries in the world, with a large proportion of those under the poverty line living in rural areas and working in agriculture.

Throughout the late 1990s, Vietnam’s economy continued on an upward curve, with exports accounting for a massive 40% of GDP by the end of the decade. Boosted by joining the World Trade Organisation (WTO) in 2007, Vietnam is experiencing some of the fastest economic growth rates in the world, leading many to believe that it is one of the most exciting global investment markets.

Divides between the north and south of Vietnam came to a head in 1954, with the communist north facing off against the capitalist south. This widespread conflict resulted in a severe mortality rate which only added pressure to the already struggling national economy. According to Brian Van Arkadie and Raymond Mallon, authors of ‘Viet Nam – a Transition Tiger’, at around the same time as internal conflict was escalating, the national economy of Vietnam was also in dire straits as inflation climbed to over 700%, economic growth stalled, and export revenues didn’t cover the total value of imports.

In 2011, Vietnam featured in Citi economist Willem Buiter’s list of 3G countries. Standing for "Global Growth Generators", the 3G Index looks at countries which appear to have significant future investment potential based on measures like domestic saving, health, education, institutions, policies and trade. Vietnam’s appearance in the list is a testament to the strength and resolution of this powerful nation to turn its future around.

1986 marked a crucial year for Vietnam. Government led campaigns

Vietnam has the power to dazzle, intrigue and absorb. From the

limestone inlets and glittering blue seas of Ho Long Bay, to the ancient tombs and pagodas of the imperial city of Huo, to the buzzing modern metropolis of Ho Chi Minh City, Vietnam is a place of infinite possibility. Vietnam’s transformation into one of the most popular destinations for holidaymakers looking to get a taste of its unique Southeast Asian culture is bolstering its economic performance, along with the interest of international business minds that recognise the benefits of investing in this exceptional country. In 2017 Vietnam enjoyed a record breaking year for international tourism with a total of 12.9 million visitors over the year, up 29% on 2016 which had previously held the record for the most holiday makers visiting. With Lonely Planet aptly describing Vietnam as both exotic and compelling, it’s not hard to understand why people are so keen to visit. Travel and tourism in Vietnam is a huge part of the country’s positive economic growth and works to directly support almost two million jobs, contributes to visitor exports and stimulates further investment. The World Travel and Tourism Council anticipates that the total contribution of the travel and tourism sector to GDP in Vietnam will rise to 9.2% by 2027, equating to a value of US$34.6bn. Despite some setbacks in 2017, including the United States’ withdrawal from the Trans Pacific Partnership (of which Vietnam is a key exporter), Vietnam experienced GDP growth of 6.8% over the year, which was higher than expected. At the same time, GDP per capita in Vietnam hit US$2,385, an increase of 10% year on year according to Savills.

“Vietnam’s transformation into one of the most popular destinations for holidaymakers looking to get a taste of its unique Southeast Asian culture is bolstering its economic performance, along with the interest of international business minds that recognise the benefits of investing in this exceptional country.” Imports and exports are a huge contributor to the growing strength of the Vietnamese economy. The manufacturing and processing sectors in particular are flourishing, seeing significant growth of 10.2% year-on-year in the first six months of 2017 according to the Hong Kong Trade Development Council (HKTDC). Vietnam’s exports performed even better as a result, with an 18.9% year-on-year rise over the same period, taking the total value of merchandised exports to US$97.8bn in the first half of 2017. The HKTDC cite this growth as being down to increased demand for electronics, computers and components as well as machines and equipment. Vietnam has enjoyed strong trade to countries including the United States, China, Korea and Japan – namely for phones, machinery, electrical goods and parts.

Rice fields in Trung Khanh, Cao Bang, Vietnam.

“The removal of the foreign investor ban in 2015 has really opened up the property market to global investors who are drawn to Vietnam by its low entry prices, rising rents and strong economic forecasts.” As a result of a healthy economy, Savills report that 126,895 new businesses were established across the country in 2017, a 15% year-on-year rise. The creation of new businesses is vital to the continued advancement of Vietnam’s primary sectors and will contribute to sustained growth and act as a driver for future business and investment. The positive economic growth being seen in Vietnam through exporting has had a direct result on other markets such as property. Vietnam has an active housing market, particularly in areas like Ho Chi Minh City where launches of new apartments were up 71.2% year on year at the end of 2017 according to JLL, with new launches in quarter four alone totalling 15,193. The growth in the number of apartments launched to the market lines up with buyer appetite, with 16,181 sales in the same period showing that demand is greater than supply. Matt Powell, director at Savills Hanoi, comments: “It’s a very buoyant time for the real estate market. The sector has been performing well for several years now in terms of both quantity and quality. There is a wide range of high calibre developments in major centres such as Ho Chi Minh City and Hanoi and some very attractive second home and resort properties in Central and South Central Vietnam in coastal cities such as Da Nang and Nha Trang.” The removal of the foreign investor ban in 2015 has really opened up the property market to global investors who are drawn to Vietnam by its low entry prices, rising rents and strong economic forecasts. With Vietnam strongly focussed on improving key cities with the addition of metro lines, national infrastructure investment and job creation, it seems like there has never been a better time to invest. With many citing Vietnam as being where China was 10 years ago, it appears that Vietnam really might have one of the most exciting global markets to watch over the coming years. Robust economic growth in trade, tourism, local business and property development means that Vietnam is firmly on the map as an investor hotspot and we can expect that the country will continue to perform above expectations for some time. Vietnam’s story is unquestionably noteworthy. It’s determination to write its own future has seen the Vietnamese stage revolutions to throw off colonial power and fight off massively overpowered foreign invaders to finally end up on the path that is leading it to being a global frontrunner, enjoying strong economic growth across almost all sectors. Old railway line running through Hanoi

Streets of the Old Quarter during the day, Hanoi

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OFF THE SITE Did you know that Global Property Scene produces daily updates on our website? Here is a collection of our favourite pieces produced over the last two months.

Want to read more? www.globalpropertyscene.com There is no question as to the importance of digital access in our world. Across the globe we are making huge strides when it comes to technology, with many key sectors relying on high-tech improvements to power them into the next decade. But the increased use of technology means that we also require development in infrastructure to support this future. One way that companies are looking to upkeep our ever increasing need for digital is with faster speed home broadband. Last year Ofcom carried out a study which showed that the average speed of UK home broadband sat at 36.2Mbps – with a significant difference for those living in rural areas as opposed to in cities. Ofcom CEO, Sharon White, notes on the increase in consumer demand: “The amount of internet data used by people in the UK is growing by around half every year. So we’ll increasingly need full-fibre broadband services like this to provide faster, more reliable connections and capacity to our homes and offices. We’re seeing real momentum behind full-fibre, with bigger and bolder commitments from companies of all sizes to build broadband that can support the UK’s digital future.” One company that is running full speed ahead with providing faster broadband is Hyperoptic, which claims to be the UK’s chief provider for Gigabit broadband connections to residential homes. Hyperoptic has today carried out the fastest test of broadband to a residential home through an existing ISP network. The company claims that they have delivered speeds of 10 gigabits per second (Gbps) to a home in London at East Village – the former Olympic Athletes' Village. According to the BBC a 10Gbps connection would let a user download a HD film in just four seconds and download a 25GB Xbox game in just 20 seconds. Chief executive of Hyperoptic Dana Tobak commented on the test, "We have carried out this trial to push the limits in terms of what's possible for residential broadband. It wasn't long ago that people asked if 100Mbps connections are necessary. However, as we've seen with the advent of 4K media services, gaming and a dramatic proliferation of multiple connected devices in the home, it has fast become the minimum many consumers demand." The news of this test means that (if there is suitable demand) we could soon be provided with home network speeds previously unimaginable on a residential level. With more and more people working in digital industries and work ethos shifting so that many opt to work at home, or hot desk, the news comes as an exciting step in the right direction.

February 13th A full-fibre future?

February 19th How can you invest responsibly?

There is something of a generational gap appearing in the world of investing. Older investors appear to see investing and social responsibility as separate things; younger investors do not. Given that the latest estimates suggest we are in the middle of the biggest wealth transfer in history – with approximately US$60tr of assets being handed down the generations in the next few decades – the investing habits of the younger generation have become extremely influential. That is a serious amount of money, and it has the potential to change the world we live in. Socially responsible investing is the next big thing. It can be tricky to define, but the general gist is that it is an approach to investing which aims to incorporate environmental, social and governance factors (ESG) into investment decisions. The aim is to better manage risk and generate stable, long-term returns. Think of the difference between investing in fossil fuels which are bound to run out one day as opposed to investing in renewable energies which are likely to be around for the rest of human history. Short-term gains are simply not as important to many serious investors as they used to be. As mentioned previously, the statistics show that the younger generation in particular are less interested in making quick money if it means sacrificing the planet or the people and animals which live on it. In addition, the investing trends of the younger generation show that they are less inclined to undermine good governance through bribery, tax dodging, extensive lobbying and obscene bonus payment structures. Transparency and honesty is back in fashion. Groups and networks such as The ImPact are pledging to create measurable social benefits through their investments. This group in particular is an interesting one as it is made up of super-rich young people from famous families – think Ford, Rockefeller and Pritzker Simmons – who are essentially using their connections and leverage to get their super-rich friends to do something good with their cash. The ImPact currently has more than 100 signatories with an

average wealth of US$700m each. But it is not just the super-rich who can have a serious impact. As modern communication technology reveals more and more information to the average person, many are paying attention to the harm being done by people investing on their behalf. For instance, the transparency provided by social media has led to a massive upswing in divestment campaigns across the world. Pension funds are the best example of what mass pressure from the ground up can achieve. For many people, a pension is the largest and most obvious investment they have. It is certainly the only one which crops up in many people’s day-to-day lives, and for that reason the pension industry has become the front line of pressure for people looking to positively influence their futures. For instance, giant funds from around the world such as Axa are taking their client’s concerns on board and leading the fight against fossil fuel companies in the same way that they were once forced to take on tobacco firms. In total, it is estimated that pension funds around the globe have divested US$6tr from fossil fuel companies as part of their larger ESG investment initiatives. This amount is only going to increase in the future as more and more of the younger generation have a bigger say in pensions. Governments are not immune to this pressure either. A good recent example is the Government Pension Fund of Norway which recently made a major move to divest from fossil fuel and instead back renewable energy sources. It is also being put under serious pressure to divest from gambling stocks as well as using its clout to tell the firms it has invested billions in that they must fight harder against corruption and bad governance. Another good example of public pressure having results is the UK government deciding in December 2017 that Britain’s £2tr workplace pension fund will be more easily allowed to divest from harmful industries. Previously, funds had been hamstrung by a fiduciary

duty to find the best returns for customers regardless of the harm an investment might cause to people or environments. This led many to reject calls from members to divest from bad industries in the name of earning more money. Now however, the ethical wants of the people paying into the fund can be brought into the investment process, leading to a far greater degree of flexibility and hopefully many more ESG investments in the future. A final recent example is New York City. Mayor Bill de Blasio decided to remove US$5bn of the city’s direct investment from fossil fuels at the same time as working on a plan for the city’s many pension funds to remove their US$189bn from the industry in the next five years. As a nice extra touch, the city is suing the major oil companies for misleading the world on climate change and causing untold damage to people, places and lives. Given that New York is home to Wall Street, around the world’s foremost financial centre, this decision is likely to ripple about the world. The fear amongst oil companies is real this time – or it is with the smarter ones at least. Not a month goes by where you don’t hear about a Shell or a BP deciding to put more cash into renewable technologies to safeguard their future. The trend is clear and the clamour for divestment of fossil fuels will only become louder over the coming decades. ESG investments are soon enough going to be the only ones accepted by large swathes of the public, and the younger generation will have the power, finance, knowledge and will to enact these wishes. The future can sometimes seem bleak, but things are moving in the right direction. If you are looking for your next investment, it might be advisable to get on the right side of history and invest in socially responsible sectors. The Financial Times has reported that six in 10 investors plan to increase their socially responsible investments over the next decade. This is not the time to be in the 40% minority.

February 27th Airbnb - a new tier of luxury rental homes

Since Airbnb launched back in 2008, the firm has become a key player in short-term rentals, providing accommodation for a variety of travellers, from budget backpackers to wealthy individuals seeking luxurious resorts. Coinciding with its 10-year anniversary, Airbnb has unveiled brand new services which will specifically target wealthier travellers. As a new addition to the current booking system, Beyond by Airbnb will have its own section on the website dedicated to the luxury market and will include listings for the world’s most lavish homes. Airbnb Plus is another service that has been announced and is set to list inspected accommodation which meet a 100 point quality checklist. This means that rental homes listed under Airbnb Plus will be required to include a kitchen stocked with cooking equipment, a bedroom with a comfortable mattress, clean sheets, wardrobe and an ironing board, and a bathroom which contains plush towels and toiletries. The process of becoming verified as Airbnb Plus seems relatively straightforward. Aspiring Airbnb hosts simply apply for their home to feature in Airbnb Plus and then a photographer visits the property to determine whether it meets the required standards. With all these additional facilities, there will certainly be a higher price tag involved but for those prioritising luxury rather than affordability, it is a great system to ensure that quality is always guaranteed. Airbnb Plus will debut with a list of more than 2,000 homes in 13 different cities but the company’s chief executive, Mr Chesky, predicts that the list will grow to over 75,000 homes in more than 50 locations worldwide by the end of the year. He commented: “We have evolved, but we think we can go much further and offer something for everyone. Some travellers want predictability and certain comforts, and Airbnb Plus will give them these.” It has been far from plain sailing for Airbnb with a number of stringent regulations being imposed on short-term lets in several countries recently. According to Host Compliance, a company which monitors holiday rentals in cities, Airbnb has experienced a loss of more than half of its listings in San Francisco in just under six months. The data revealed that listings dropped from 8,740 in August to just 4,191 in January with 2,480 listings immediately becoming exempt from registration for renting out for more than 30 days at a time. Airbnb hopes that diversifying its services and branching out to wealthier travellers will give the company a much-needed boost, reassuring potential investors that the core business of homeowners renting out their homes isn’t under threat. The company is in an advantageous position to crack the luxury market except for a few countries where it may be faced with local competition. The ultimate goal is to increase the number of people using the platform and rolling out a new tier of high-end rental homes could certainly deliver this.

March 8th A cruelty-free future Lab-grown meat has been spoken about for many years with cutting down on our consumption of meat high on the agenda for many countries. One manufacturer has predicted that the synthetic meat could finally make its way to supermarket shelves as early as the end of this year. Referred to as ‘clean meat’, the in vitro animal products are created from stem cells harvested via biopsy. Using only a handful of cells, the cultured meat is grown in a laboratory for several weeks where it is incubated with heat and fed nutrients. Although creating certain textures to match foie gras or chorizo have been easier to come by, the process of growing a steak appears to be much more complex as it involves working with muscle cells, fat cells and connective tissues to perfect the texture and taste. Arguably the biggest challenge for the industry is changing public perception. People have naturally been reluctant about diverging from meat that is traditionally farmed. If you mention animal muscles and fat cells in laboratories, many people would feel repulsed but if you point out the potential health and ethical benefits, the prospect would instantly sound more appealing. This means that the marketing behind lab-grown meat will be crucial to how the industry performs and whether it will become a success worldwide. With an estimated 14.5% of global emissions generated from raising livestock, introducing clean meat could be the way forward if we are looking to become more environmentally conscious as consumers. At present, 26 billion pounds of beef is consumed each year in America alone and, with the global population ballooning, this figure is likely to be much higher in the next few years. Whilst lab-grown meat does not deliver the promise that animals will stop being slaughtered for food, it does ensure that we consume a lot less meat. Despite the concept having mixed reviews, cultured meat has the backing of some environmentalists with one study carried out even indicating that it could reduce harmful greenhouse emissions by 96%. The animal rights charity PETA is also firmly behind the concept and has been investing in in vitro research in the last six years. Whether you agree with it or not, cultured meat could hit the market in the next few years.

March 27th SoFi: unlocking the secrets of our seas Sustainability is never far from the headlines and the impact that humankind has on the world is becoming clear for us all to see as media campaigns and TV programmes like David Attenborough’s Blue Planet continue to highlight the negative effect of our actions on the environment. The damage that we are doing to our oceans has, in particular, come into harsh light recently. The Great Pacific Garbage Patch reported to be twice the size of Texas is just one way that we are gradually destroying our oceans and it is more important than ever before that we make changes to try and reverse this. MIT's Computer Science and Artificial Intelligence Laboratory (CSAIL) has released details of a new hypnotic robot machine called SoFi (or soft robot fish) that is more advanced than any other similar device and is tasked with helping scientists understand the changes happening in our oceans – many of which are occurring as a direct result of human damage. CSAIL PhD candidate Robert Katzschmann commented: "To our knowledge, this is the first robotic fish that can swim untethered in three dimensions for extended periods of time. It has the potential to be a new type of tool for ocean exploration and to open up new avenues for uncovering the mysteries of marine life."

The specially designed robot impersonates the movement of fish and can be remotely controlled from up to 50 feet away. SoFi’s specialist design incorporates a pump which allows for natural undulation of the tail and the machine also has the ability to compresses and decompress. Katzschmann explains how this is made possible by filling the hollow compartments with oil which allows SoFi to regulate its internal pressure, allowing for deeper sea exploration. Trialled at the Rainbow Reef in Fiji, SoFi has the capability to swim for up to 40 minutes and (so far) the disguise appears to be working, with video recordings showing fish swimming close to the side of SoFi without being scared off as they would with humans. The hope is that going forward the team behind SoFi will be able to use the technology to better integrate with sea creatures, potentially with whole schools of robotic fish fitted with everything from cameras to thermometers picking up environmental information about our seas. And with our natural environment at breaking point it is crucial that we begin to educate ourselves on the harm that has been done in an attempt to preserve what we have left of our precious seas.

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COSTA RICA: A VERY MODERN PARADISE Words : Alex Timperley | View : Luis Alvarado Alvarado

ate last year a ray of light broke through the malaise of negative stories about the future of our environment and climate. Nestled in amongst reports of polar ice melting at heretofore unknown speeds and the disastrous effects of toxic smog on the global poor, the stories coming out of Costa Rica last year provided some beautiful, tropical relief.

coverage per capita than Costa Rica. This has been possible because ICE is state-owned. Unlike a private company, ICE is able to pursue the expansion of the electricity network for reasons of public good as opposed to only connecting people when a certain profit margin is predicted. The lack of fiduciary obligation to turn a certain amount of profit has also led to electricity in Costa Rica being cheaper as a percentage of the minimum national salary than in all but three other Latin American countries – Venezuela, Argentina and Paraguay.

The Central American nation used only renewable energy sources for electricity generation for more than 300 days in 2017. This is a remarkable total and beat previous records of 299 days in 2015 and 271 in 2016.

It is easy to see why public support for ICE has remained extremely high for more than 60 years. Extensive campaigns by private business to turn public opinion against ICE in order to eventually privatise the industry have so far failed to dent its popularity. It is hard to see why the public would ever turn against ICE given how successfully it has achieved renewable energy security for the nation. Costa Rica’s energy infrastructure has been successfully future proofed for and by the people who will benefit for many years to come.

As far as the actual structure of this energy network goes, Costa Rica has taken advantage of its natural gifts which allow it to get more than 99% of its energy from renewable sources. The country’s many strong rivers and high levels of rainfall are perfect for hydropower, which supplies 78.3% of the country’s electricity. A further 10.3% is provided by wind power. Geothermal energy accounts for a similar proportion. Finally, biomass and solar power provide just less than 1% of the nation’s energy between them. This latter point is slightly surprising given the sheer amount of tropical sunshine, and shows the scope for future growth in this area.

Proving that this is not an isolated environmental policy, other measures being undertaken in Costa Rica include the elimination of all single use plastics – think water bottles, packaging, and all the rest – by 2021. The country is also working hard to expand its rainforest cover. By recognising the value of rainforests and the benefits of biodiversity, Costa Rica has aligned itself with countries like Peru which consider rainforests to be valuable in their own right, rather than seeing them as short-term economic opportunities to be exploited and vandalised in the name of profit.

The driving force behind the success of Costa Rica’s electricity network is the Instituto Costarricense de Electricidad (ICE) – the Costa Rica Institute of Energy. ICE is a publicly-owned institution which has achieved many incredible things since it was founded in 1949. The headline statistic is that access to electric power in Costa Rica increased from 14% at the end of the 1940s to over 99% today. In addition to this the national grid tripled in capacity between 1985 and 1999. To illustrate the scale of this, no other Latin American has more electricity

A good news story is worth pursuing on its own merit, but can we draw lessons for the rest of the world from Costa Rica’s example?

A problem of scale It remains unclear whether the Costa Rican solutions can be scaled up effectively as the challenge for larger countries is on a totally different level. This is not to say that the problem is insurmountable; for instance, China produces more than 1,100 times as much carbon as Costa Rica but is fully invested in converting its power grid to renewable technologies. However it is not quite as simple as pointing at Costa Rica and saying “everybody do that”. Costa Rica is home to approximately five million people, meaning that it is far simpler to find solutions which can cover everybody. India is home to more than one billion people and is electrifying at a fearsome pace in order to provide a better standard of modern living for its people. Trying to get them to slow down when people are in need is a tough sell.

“Efforts to delay the transition to renewables across the world are commonplace, discouraging and create nations where political policy is in opposition to reality.” The previously mentioned natural terrain which Costa Rica benefits from is a major factor in its renewable energy success. There are few countries which can boast the same levels of annual rainfall and sunshine, and there aren’t many places with comparable combined wind and geothermal resources. In most places it is harder going fully renewable in practice than in theory as not everywhere has the same latent energy potential. Unfortunately, if something isn’t particularly easy then it often gives national governments and giant corporations an excuse to not try very hard in the first place. The most important factor is probably that not every country has total control over its electricity generating infrastructure. Costa Rica can set ambitious goals for ICE and put a plan in place to meet them without pandering to private interests and companies looking to cream profit off the top of basic human resources and needs. This allows ICE to move rapidly, efficiently and decisively. Political will to change is a crucial aspect of Costa Rica’s success. Whilst the economics, science and ethics all add up to make a fully renewable future desirable and inevitable, the reality is that the old fashioned fossil fuel power companies wield a lot of political sway. Efforts to delay the transition to renewables across the world are commonplace, discouraging and create nations where political policy is in opposition to reality. The best example of this is the United States of America where the current administration is more

View of Central Park and Second Avenue downtown in San Jose, Costa Rica

“There will be an annual decrease of seven million deaths from air pollution and US$50tr of healthcare savings.” concerned with keeping coal interests in profit for another few years than it is with acknowledging the real world. Costa Rica is essentially the opposite of the USA when it comes to a renewable energy future. Where America decided to withdraw from the Paris Climate Agreement, Costa Rica began planning to remove fossil fuels from its electricity grid as early as 2011. President Luis Guillermo Solís Rivera said at the time of announcing Costa Rica’s commitment to the Paris agreement: “my country has been committed to sustainable development for decades, even before that concept was embraced by the UN”. The future is coming The message of Costa Rica’s success is most powerful in its symbolism. Much like with reports of Portugal running entirely on renewable energy for a few days or the UK, the home of coal fired industry, finally weaning itself off the black stuff, feel good stories prove that it is possible to change our society. It might be difficult, but we can do it – and we definitely need to. We have grown up in a time when digging up dead trees from millions of years ago and then setting them on fire is somehow considered a normal thing to do, and not a concept which is deeply strange. That we do this at the same time as ignoring the sunshine and wind all around us is also fundamentally quite peculiar. The one fact that everyone can agree on is that fossil fuels will run out. Surely we will not be so foolish as to be unprepared when that happens? Luckily for us, lots of smart people are putting together plans for how this can be done. Probably the most comprehensive effort was published in August 2017 by Mark Jacobsen and his team from Stanford University. They created a roadmap for 139 countries to follow Costa Rica’s lead and be 100% powered by solar, wind, hydropower and geothermal energy by 2050. The countries chosen produce 99% of all carbon emissions, making them the key target for environmentalists. Styled as a “roadmap”, the document lays out how this future can be realised with almost no downsides. The projected loss of almost 28 million jobs will be offset by the creation of 52 million new, long-term, sustainable ones. There will be an annual decrease of seven million deaths from air pollution and US$50tr of healthcare savings. We would use 42.5% less energy annually thanks to the superior efficiency of renewable technologies, and we could avoid the 1.5 degrees of global warmings which is set to be so disastrous. Where Costa Rica has led, the rest of the world will eventually be forced to follow. The future is coming and there’s nothing that can be done to stop it. The only question is how long we continue to delay its arrival.

Hanging Bridge, Monteverde Cloud Forest, Costa Rica --Arenal Volcano, Costa Rica

DEEPSEA, ROLEX 28

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BASELWORLD 2018 Words : Michael Smith --Price's and exchange rates correct at time of press: March 2018

“With over 600 brands represented at Baselworld we could easily have written an entire magazine on all of the events new offerings.”

Basel is a city I always find myself recommending to friends and family. Having become an annual destination, I do look forward to wandering the classical streets, taking in the style and atmosphere. As you approach the Rhine River, crossing the historical Mittlere Brücke bridge, you can see the striking venue dead ahead with either side of the road flying the usual Baselworld flags. It’s at this point I often find myself reaching for my phone to take the obligatory picture, regardless of the fact that I must have taken said picture on several different occasions. I do believe the aesthetic of Basel is something that adds to the flavour of the event. Hosting arguably the most important watch and jewellery event on the international calendar is an important responsibility, and Basel seems very comfortable with it. Having attended before I know exactly where to begin. I quickly collect my press credentials before crossing the venues famous central square, which is certainly worth taking a moment to appreciate. I then breeze through the turnstiles with a glass of complimentary wine and begin my day of discovery.

GMT Master II, Rolex

We are first greeted by two large robotic screens outside theBvlgari stand, a large countdown onscreen indicating an impending announcement. As a brand which often delivers record-breaking ultra-thin watches, Bvlgari certainly didn’t disappoint unveiling the record-setting Octo Finissimo Automatic Tourbillon, a watch measuring just 3.95mm in thickness. This new piece, which sets the record for the world’s thinnest Automatic Tourbillon watch, is fitted with a solid case back and a sapphire opening shaped to mimic the brand’s Rome flagship store. Utilising a new Caliber BVL 288 movement, a peripheral rotor placed on the back of the movement made of gold and aluminium enables automatic winding. As you can imagine, such a unique piece will have a limited production run of just 50 units. Expect to part with £89,034 to join the club. Next I proceed over to Rolex, a brand which needs no introduction. The pulling power of this brand alone is enough to make Baselworld a must attend event. There has been a lot of demand from collectors to introduce a GMT Master II with the classic red and blue 'Pepsi' bezel, and Rolex has decided to pay attention. Benefiting from the new calibre 3285, the watch should deliver improved power, precision and resilience. Expect to pay around £6,529 for this piece if you’re lucky enough to get one at list. Next door we find Tudor, a brand set with the difficult task of establishing itself away from the long shadow cast by its bigger brother Rolex. The brand has had real success with its Black Bay range of watches, and looking to capitalise on this Tudor has released a more compact model with a 39mm diameter case. The Black Bay Fifty-Eight, which gets its name from the year Tudor released its first diver's watch also gets a new look, with the dial and bezel features now highlighted in gold. Despite the reduced size, the watch still delivers a 70 hour power reserve from its Calibre MT5402 movement. Expect to pay around £2,522 for the steel bracelet version. On the other side of the Rolex stand is Hublot, a brand taking the use of sapphire crystal to a whole new level. Keen to show the user the intricacy of its movements, Hublot have created a new all sapphire Big Bang. The case, strap, dial and tourbillon are constructed from Sapphire giving the piece a truly stunning look. The movement almost seems to be hanging weightlessly, while the dials numbers, power reserve indicator and index are all opalescent to allow some contrast. Prices only available on request. Across from Hublot we find Patek Philippe, another heavyweight with a stellar history. Celebrating fifty years of the classic 'Golden Ellipse', the watch maker now offers this icon of design in rose gold. The watch was a bold statement back in 1968, utilising a non-traditional case shape. The price of this piece, £23,551. Right in the centre at the bottom of the main avenue you will find Omega, a brand loved the world over. The brand's Seamaster has always been a very popular watch, first released back in 1948. Eventually becoming the brands first family of watches, Omega is

Golden Ellipse, Patek Philippe

Big Bang Tourbillion Sapphire, Hublot

Black Bay Fifty-Eight, Tudor

Seamaster 1948 Limited Edition, Omega

commemorating the 70th Anniversary with special limited additions. Laser engraved and lacquered by hand with a 70th Anniversary logo, the pieces offer a polished bezel, polished crown and silvery domed dial. Each model in the family is limited to 1,948 pieces, with prices around ÂŁ4,228. With over 600 brands represented at Baselworld we could easily have written an entire magazine on all of the events new offerings. Despite concerns before the event of diminishing brand representation, I can honestly say it didnâ&#x20AC;&#x2122;t feel any smaller than last year. In fact, there was a real sense of quality and focus at the event. Nothing was too much trouble, and if the industry can continue with this mantra, 2018 is sure to be another successful year. Would you like to see more? Over the page you can check out some more of the event's exclusives.

Octo Finissimo Automatic Tourbillon, Bvlgari

Super 8 ---

Breitling Price to be announced An important new piece for Breitling, the Super 8 takes its creative inspiration from Second World War bomber countdown timers. The watch uses a 46mm case and is powered by a movement brought in from Tudor.

Nautilus Perpetual Calendar

L.U.C Quattro

Patek Philippe

Chopard

ÂŁ91,150

ÂŁ20,500

Standing as the first Nautilus to carry one of Patek's grand complications, the Nautilus Perpetual Calendar's 1970 shape certainly looks striking with it's blue dial and white gold case. This sports watch is sure to be a popular piece with collectors.

The new Quattro timepiece boasts a sleek rose gold case and woven-effect blue calfskin leather strap which complements the blue dial accents perfectly. Utilizing Chopard's in-house calibres, the watch has a very impressive nine-day power reserve.

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PEOPLE PLACE IDEA What we build shows what we value, how we think and what we are trying to achieve at a specific point in time. It is how we take the world of thoughts, ideas, fears and dreams and make it real – a time capsule by which future generations can know us, or by which we can look backwards and understand those who came before. In this series, Global Property Scene examines the midpoint between architecture, history, culture and society in order to explore what the built environment can tell us about our past, present and future.

THE SEARCH FOR A MORE PERFECT WORLD Words : Alex Timperley | View : Patrycia Schweiss

he idea that we can perfect ourselves by perfecting our built environment is a persistent one. Throughout history we have come back to it again and again. It is seductive and imbues buildings with a sort of religious power: if we build something good enough, the problems which plague our society can be conquered. The people who built the first towns and cities to drag homo sapiens out of the hunter-gatherer age were trying to change society, and the people aiming to build cities on Mars today are following the same impulse. No movement has captured the spirit of this like Modernism. Modernism itself is tricky to define. Something that becomes so influential for such a long time inevitably picks up a lot of baggage which obscures the original purpose. However, the heyday of the movement where the most important work was done can roughly be dated between 1914 and 1940. This in itself gives us some clues as to what modernism really was. The years in between the two World Wars were a time of great upheaval in Europe. The First World War in particular was devastating, both physically and psychologically, and there was a widespread acknowledgement that the old way of doing things was over. The idea that aristocratic bickering was a legitimate reason for millions of people to be sent to their deaths was discredited for good. It was clear that picking up the pieces and remaking the world in the same image was impossible. A brave new world But what could be done instead? The intellectual response to this new political and social void fell into three broad categories. The first was the desire to start afresh with a totally blank slate, reject everything that people had believed previously and come up with something completely new. Call it immature, call it naïve, call it dadaism, but it was understandable at heart. The world had failed in a big way; why shouldn’t we start all over again? The second main response tended towards the futurist school of thought. If the present is completely awful then fantasies of a better future become something of a mental lifeline. Think of the technological marvels that will surely appear in the future! The shiny silver lives of the Jetsons as opposed to the grim, muddy, shellshocked filth and fury of 1918. Fantasies of a high-technology future quickly become popular in the face of mass devastation – although working out how we might arrive in that future wasn’t a major concern of the futurists. The third response is to accept that the old ways were flawed, but to recognise that things can be improved right now with a bit of imagination and graft. The dream of a better world, achieved without throwing out everything which came before or abandoning the present in favour of an imagined future, caused a new spirit of utopian hope to flower in the rubble and ruins of the Great War. It swiftly took over everything and changed the world. It was this environment which gave birth to modernism.

Berlin Modernism Housing Estates, an ensemble of six subsidized housing estates from the early 20th century, listed as a UNESCO World Heritage Site in Berlin, Germany.

“Form and function merged as one, using the ideas behind machinery and mass production to create easily repeatable, aesthetically pleasing forms that would soothe the unquiet soul of the modern world. ”

Anglepoise 1227 desk lamp

A design for life Modernism was not a style in the way that cubism is a specific style of painting or the blues is a specific type of music. Instead it was a looser collection of ideas in fields as diverse as literature and architecture. At its heart was the idea that the human condition could be healed by a new approach to art and design. By redesigning every aspect of life – from sofas and lamps to entire cities – we could spread equality and provide everyone with an affordable, modern lifestyle. The modernists took industrialisation and turned it into an aesthetic. The gaudy, decorative showiness of pre-war styles was repudiated in favour of the sleek lines, clean finishes and practical planning of manufacturing. Bringing the unselfconscious, functional design of machinery into the home was as exciting at the time as the previous, apparently magical introduction of electricity had been. It would be like if your new house today came with graphene worktops and chairs made with leather from a cloned cow. This ethos could be taken too far. Adolf Loos, an Austrian architect, put forward the fairly insane theory in his essay Ornament and Crime that the urge to decorate any surface was the sign of a primitive, degenerate mind. Despite this, the general idea which animated modernism was not as dreary as it sounds. Form and function merged as one, using the ideas behind machinery and mass production to create easily repeatable, aesthetically pleasing forms that would soothe the unquiet soul of the modern world. The best laid schemes of mice and men... The influence of modernism can be seen everywhere today, as clear as footprints in wet cement. If you are living in a suburb or housing estate then you have the modernists to thank. Likewise, if you have an Anglepoise 1227 desk lamp or a set of rectangular sofas then the modernists have made you comfortable. If you have ever stared up at a big glass office block – the modern face of global capital – then you have taken a look into a modernist’s fondest daydreams.

The Park Güell, Barcelona

Unfortunately, listening to people who go on and on about their daydreams is often extremely boring, and that tedium is increased tenfold when you’re forced to live inside them. This is why the modernist design philosophy fell out of favour. Buildings are only completed by the lives for which they are the setting. By saying that your building or development must serve one purpose and one purpose only, you are removing the potential for change and adaptation. If the purpose of a building is allowed to change then it is no longer following the ideals of modernism, but if it cannot change then it is pointless. Perhaps the archetypal modernist design which was great on paper but flawed in reality was the geodesic dome of Buckminster Fuller. This architect, inventor, engineer and poet declared his quest to find “the search for the principles governing the universe and help advance the evolution of humanity in accordance with them [...] finding ways of doing more with less to the end that all people everywhere can have more and more”. So far, so modernist; but that is a lot of pressure to put on the shoulders of a spherical structure formed from a lattice of bamboo, aluminium or steel triangles. Ascribing cosmic ambitions to a building can only lead to disappointment. Fuller imagined thousands of these domes across America, providing smog-free, healthy environments for people to live out their lives in a controlled, supposedly-idyllic fashion. Each dome would be a modern Crystal Palace recast as a technology-powered dream town. The technical expertise inherent in the domes is undeniable, but they also suggest a designer who did not take the considerations of daily life into account. Fuller ignored the reality that it is easier to arrange streets and interiors when you use roughly rectangular shapes. It is also hard to adapt or extend if the needs of those living there change. Too much faith was invested in the design and materials, and the unpredictability of life was sidelined. 1998 film The Truman Show demonstrated rather neatly how human curiosity and the desire to explore will always prohibit a life spent in a dome, no matter how lovely it looks on the surface. The dream of form and function working in harmony never really came to fruition, and the modernist desire to determine the direction of society through design never really succeeded for this reason – but that has never stopped them from trying. Leading architects have always had a close relationship with powerful figures who let them redesign cities and lives. Antiquity is home to figures like Phidias who built the Parthenon for Pericles, or Hemiunu who designed the Great Pyramid of Giza for Khufu, a development which cost an enormous number of lives. The state of things today is no different, with the so-called ‘Starchitects’ gravitating towards the rich and powerful. Norman Foster is merely the most famous of the gaggle of architects which scrambled to build a new capital for Nursultan Nazarbayev, the autocrat in charge of Kazakhstan who decided his country needed

The Park Güell is a public park system composed of gardens and architectonic elements located on Carmel Hill. With urbanization in mind, Eusebi Güell assigned the design of the park to Antoni Gaudí, a renowned architect and the face of Catalan modernism.

a brand new capital city dedicated to him. Rem Koolhaas and his Office for Metropolitan Architecture recently finished the China Central TV Headquarters in Beijing, a building as stunning to look at as it is unnerving to consider when its occupants are taken into account. Zaha Hadid happily designed a set piece stadium for the Qatar 2022 World Cup, an event for which Human Rights Watch alleges that hundreds are dying every year to build.

These modernist utopias failed because they did not engage with the myriad complexities which make up people and lives. This disconnect created an alienation which doomed them and became the quicksand that swallowed modernism whole. One of the strengths of architecture, and art in general, is that it is capable of serving a purpose which isn’t immediately obvious; modernism does not share this subtlety, and nor did it really aim to. It was exactly what it was; no compromises were permitted.

The modernists were no different. Many of the great names of the movement spent too long begging for the patronage of powerful people who let them build their dreams, with no concern for whether their buildings were good for people or not. Unfortunately, the time of the modernists was the time when some of the worst people in history happened to be in power.

In his book Why We Build, architect Rowan Moore argues that a good building goes through three phases: first is the animate phase, where the dreams and ambitions of the designers bring a project to life; second is the inanimate phase, where a building takes shape and is constructed; third is another animate phase, where people – whether that is the owner, the tenant or people passing by – inhabit the building with their lives and imaginations. This gives the building life and purpose, completing the cycle.

Ludwig Mies van der Rohe spent an unsettling amount of time attempting to ingratiate himself with Hitler and the Nazis. His decision to sign a motion of support for the dictator in 1934 before spending the rest of the decade pursuing work from him was misjudged. He would eventually be displaced by Albert Speer, an inferior architect but a superior politician, and ended up fleeing to America where he built his legacy.

The movement which aimed to cure the human condition through design ended up creating architecture so divorced from, and impervious to, the lived human experience that the cycle could not be completed. By not bending to the fluctuations of life, modernism served no practical purpose – and nothing survives without a purpose.

Philip Johnson, an influential American architect inspired by Mies, spent the 1930s openly sympathising with extremist right wing movements and covered the Nuremburg Rally and the invasion of Poland on behalf of Social Justice, a far right newspaper. The burning of Warsaw was described as “stirring”. He would later describe his activities in Germany as “stupid” and spend a lot of time and money trying to make amends with the Jewish community, including his striking design for the Port Chester Synagogue.

The Arcadian dream lives on It’s fair to say that the modernists ultimately failed in their mission. Their influence can still be seen everywhere we look, but they fell a long way short of solving society’s problems through the healing power of masonry. Few iconic modernist buildings survive to this day.

Le Corbusier headed to the Soviet Union in the early 1930s to build some of his biggest projects. For a brief while his popularity was such that Pravda, the official state newspaper at the time, described Le Corbusier ecstatically as “the most brilliant representative of today’s advanced architectural thought in Europe”. Le Corbusier also attempted to collaborate with Mussolini on the imperial redesign of Ethiopia in 1936, and the time he spent in Marshal Pétain’s Vichy France was yet another troubling detail in the man’s history of seeking out powerful people.

So why do so many keep pursuing the same goals? The search for utopia is as fervent as ever, and shows no signs of abating. Where Henry Ford once sought to build a perfect slice of Americana in the Amazon rainforest, Bill Gates is currently funding the development of a utopian high-tech city in the Nevada desert. The flying cities presented by Georgii Krutikov in 1928 met with much derision, but plans for vast structures which can float free on the high seas remain as popular as ever today. We are beginning to seriously plan cities on Mars. These examples all look different and sprout from different philosophies, but the underlying dream is the same.

This is not to say that the above names were true extremists, or dyed-in-the-wool fascists – or that modernism and fascism were analogous in any way. That can never really be known, but it is the case that architects desire to reshape cities and lives, and that they will move towards those willing and able to let them do it. The strange truth is that we let architects do this without scrutinising their motives anywhere near as closely as the rulers who enable them.

It is surely beyond question that the built environment has the power to plunge us into misery and despair. That is the purpose of a prison, for example, or a concentration camp. If we can assume that is a truth, then it is likely that its opposite is also true. This deduction is at the root of why so many across the ages have striven to build a utopia. The last attempt may have failed, but that doesn’t mean the underlying thesis is incorrect. Maybe we just haven’t found the right way to do it yet, and maybe the next thing we try will be the one. It is certainly worth a try, because if we succeed then we can change the world.

In their attempts to undertake some idealised social engineering, the modernists failed to create places where people actually want to live – a significant drawback. Designs which served philosophical ideals ahead of real people ran into accusations of elitism. Where people looked for hope and comfort, the modernists supplied a sort of testing steel and concrete austerity. A religious belief in the power of buildings led to the construction of housing projects which felt penitential for the people living in them.

“These modernist utopias failed because they did not engage with the myriad complexities which make up people and lives.”

A monument to Le Corbusier, located outside the only building he ever designed in Russia’s capital Moscow. Penned in the early 1920s, the building is constructed according to the five famous principles of Le Corbusier, which include a flat roof, panoramic windows, open space layout, free design of the façade and reinforced concrete columns instead of supporting walls.

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A GUIDE TO BHUTAN Words : Andrea Wong | View : Sabine Hortebusch

itting on the south-eastern slopes of the Himalayas, Bhutan is a tiny landlocked kingdom nestled between China and India. With Buddhism permeating every aspect of life in Bhutan, the nation inherited the name “Land of the Thunder Dragon”.

Modernisation Throughout its history, Bhutan has remained relatively remote and has been able to preserve its traditional ideals. Catastrophic events such as the Great Depression and World War I both caused devastation worldwide, but Bhutan managed to remain unaffected, having cut ties with the rest of the world.

As one of the last remaining pristine pockets of the Himalayas, Bhutan’s entire country is mostly across mountainous terrain and is filled with Tibetan Buddhist monasteries and religious monuments. Its dramatic landscapes, spiritual legacy, rich cultural heritage and unrivalled value of happiness make Bhutan truly unique and a place like no other.

In 1952 King Jigme Wangchuck passed away, making way for his son, Jigme Dorji Wangchuck, who was well-educated, having studied in India and England. Realising that isolation was preventing Bhutan from reaching its potential on the international stage, he was interested in improving the country’s ties with India and invited the Indian Prime Minister, Jawaharlal Nehru to visit the country in 1958.

Bhutan has a population of approximately 750,000 people, many of which live in the isolated valleys of its capital city, Thimphu. Having existed through centuries of remoteness with a small population, Bhutan has been able to retain one of the most intact eco-systems worldwide with the country also ranking highly in terms of species density.

China invaded Tibet in 1959, making it clearer that Bhutan’s policy of isolation was no longer suitable for the modern world, especially if the country wanted to preserve its independence. As a result, in 1961 Bhutan put a plan into action and embarked on a process of development and modernisation. By 1962 it had joined the Colombo Plan, where it gained international aid from member countries in the Asia-Pacific region but mainly from its electricity-hungry neighbour, India.

Religion is at the heart of Bhutan’s identity and is a major reason why it has remained relatively remote throughout its history. Fearing how outside influences would undermine its monarchy and culture, television and the internet did not arrive in the country until 1999. Even today with foreigners arriving in the country, authorities are keeping a close eye on outside influences.

Bhutan’s five-year plan focussed on the construction of the large Chhukha hydroelectric project based in western Bhutan, which was heavily financed by India. The King’s push toward modernisation was not approved by everyone in Bhutan with clashes between the rival power groups taking place, leading to Prime Minister, Jigme Palden Dorji’s assassination in 1964.

As a country that is often overlooked due to its position sandwiched between two economic superpowers, Bhutan is showing enormous potential and has one of the fastest growing economies in the world. To really understand how the small country went through centuries of isolation with very little change to becoming a country which is experiencing unprecedented growth, it is important to revisit its fascinating path toward modernisation.

Wangchuck’s 20 year reign was significant in Bhutan’s process of modernisation as he was able to restructure the government,

Colourfully dressed monk holding drum at yearly Paro Tsechu festival in Bhutan

inspire changes in society and make huge steps towards modernising the country without destabilising its strong culture and tradition. As well as introducing modern education which included science and technology from the western world, he brought in modern, innovative technique to ensure that Bhutan’s culture was maintained.

for being happy with their life and going about their everyday lives smiling in their intricate robes. There is no doubt that the concept itself is morally good, but many people including the prime minister himself, believe that it may be overused, masking many other deeper issues that exist in Bhutan. The kingdom is often described as ‘the last Shangri-La’ with government sponsored images indicating a serene Buddhist community, but even the Prime Minister Tobgay stated: “my country is not one big monastery populated with happy monks”.

The King passed away in 1972, leaving his 16-year-old son, Jigme Singye Wangchuck to continue the drive toward modernisation. As part of the programme he introduced a plan which would allow the country to achieve economic self-reliance. He saw the potential of Bhutan’s unique circumstances of having a small population, abundance of land and rich natural resources. With this, he applied criteria which measured development and progress in terms of society’s greater good – Gross National Happiness (GNH).

Fast-growing economy

The unorthodox metric puts a larger focus on mental well being rather than materialism. The government made assumptions on what drives happiness and identified nine ‘domains’ to measure progress: living standards, education, healthy, environment, community vitality, time-use, psychological wellbeing, good governance, and cultural resilience.

In recent years, Bhutan’s rapid modernisation has seen the country become one of the fastest-growing countries in the world and has improved the living standard of Bhutanese people drastically. According to projections from the World Bank’s Global Economic Prospects last year, the GDP of Bhutan was predicted to grow 11.1% each year between 2017 and 2019, ahead of countries such as Ghana and India. The assumptions which predict upward growth trajectory for Bhutan are made on the basis that hydropower reaches its enormous potential.

With this system in place, the country paints a perfect picture of an inherent, collective love for nature with Bhutanese people famous

Much of the economy’s wealth comes down to its largest export, hydroelectricity, which is predominately sold to India, with the

Taktshang Goemba (Tiger's Nest Monastery), Bhutan

country’s demand for clean and affordable electricity the key driver for hydropower development. It has now become a critical for the country’s growth as it is both cost-effective and environmentally sustainable. Power exports to India are an important source of revenue with it contributing over 27% of government revenue and 14% of Bhutan’s GDP. Bhutan’s abundant water resources mean that it has the capacity to generate 30,000MW of electricity in the future. Although it is spurring on sustainable growth, the government is acting cautiously to ensure that the impact that the construction projects have on the surrounding areas is kept to a minimum. The chronic pace of construction is a cause for concern, stalling progress with Bhutan’s debt to India accounting for 77% of the country’s total debt as of July 2017. If they are not resolved soon, it could hinder the hydropower potential. A senior official from the Hydropower committee commented: “what concerns us is that the partnership seems to be going backwards. A decade ago we shifted from doing one project at a time to doing many projects together in order to reach the goal of 10,000MW in hydropower by 2020. Maybe we just weren’t ready and should rethink it”. Apart from Bhutan’s much prized asset of hydropower, agriculture is considered a key sector with the population reliant on local livestock and forestry. Only 30% of the country is cultivatable due to its adverse weather and steep mountains, which means that farming is generally fragmented in difficult terrain and intensive farming impossible in many areas. As a staple ingredient in traditional Bhutanese cuisine, rice is the main crop and is grown by approximately 60% of households living in rural areas. Other popular crops include barley, maize, potatoes and soya beans. Around 80% of Bhutan’s population is involved in agriculture with more than 95% of working women working within the sector. Despite all the growth predictions and the obvious signs of modernisation taking place, everyday life has changed very little with people still wearing traditional robes bought from the local market and eating food which is locally sourced and eating at local eateries instead of chain restaurants. In fact, there are no signs of McDonalds or other household brands existing or ever taking over. Unfortunately, poverty in Bhutan remains widespread with around 12% of the population living in these dire straits, almost 7% of young people unemployed and pressures on forests increasing. This does not sound like a country that bases its progress on Gross National Happiness. Whilst it is true that the high level of growth is currently unrivalled by other countries in the South East, with stringent regulations in place to preserve Bhutan’s natural environment, the government will undoubtedly have a big decision to make in the future about whether to prioritise economic growth or environmental preservation. Property market The property market in Bhutan is not a big focus but it is certainly an interesting market, with 90% of the population said to live in remote areas. It does not have the best set up for developing infrastructure

Iron Chain Bridge of Tamchog Lhakhang Monastery, Paro River, Bhutan

with its mountainous terrain and architectural requirements limiting options. The matrilineal inheritance law means that 70% of land in the country is owned by women, who are considered equal to men and are treated the same at home. The government’s aim to protect 60% of the country is certainly preventing property investment from becoming a huge source of revenue. 70% of Bhutan’s land is still forested and, if the government is looking to keep the promise, it does not leave much land for private development in the future. Although a lot of modern buildings have populated the country over the last decade, there have been restrictions with new structures mandated to maintain the same aesthetic look of ancient, Buddhist architecture which is limited to six storeys. According to United Nations figures, Bhutan draws in less foreign investment than any other country in Asia and this reflects the nation’s desire to safeguard its strong cultural identity and environment. Firms say that access to land isn’t the main issue, the shortage of skilled labour and unreliable transport are the main reasons why private sector development hasn’t picked up. Tourism Bhutan is not widely known as a bucket list travel destination, with many people still unaware of it entirely. There are only two airlines – DrukAir and Bhutan Airlines – which carry passengers in and out of the country, with direct flights only serving other cities in South East Asia. Bhutan had not been accessible by outsiders until King Jigme Singye

“The government’s aim to protect 60% of the country is certainly preventing property investment from becoming a huge source of revenue. 70% of Bhutan’s land is still forested and if the government is looking to keep the promise, it does not leave much land for private development in the future. ”

Wangchuck’s coronation took place on June 1974, which proved to be the key turning point in Bhutan opening up as a country. The event allowed the press to enter the country for the first ever time and a total of 287 made the journey to the capital, Thimphu, and stayed in hotels which were purposely built for the occasion. These were later used as a basis for tourism to develop in the country.

infrastructure in many areas limited, although the government is looking to improve the road network. What’s next for Bhutan? It is fair to say that Bhutan has achieved an enormous amount of success over the years. Transitioning from absolute monarchy to a democratic, constitutional monarchy, embracing its natural asset and turning it into a huge source of revenue and modernising the country without sacrificing its independence, culture or pristine surroundings, Bhutan is undoubtedly on the up. Its “high value, low impact” tourism sector is growing, and Bhutan’s untapped hydropower potential continues to be a very exciting prospect for the nation.

This does not in any way mean that Bhutan has evolved into a tourist hotspot. The government has maintained a view of keeping it a low impact, high value industry. Although there isn’t a cap on the number of tourist allowed per year, there are measures in place to stop large numbers of tourists from coming in from outside of South East Asia. Tourists are charged roughly £155 a day to travel the country with solo travellers often even finding it difficult to obtain a visa. According to the experiences of previous travellers, if you do choose to travel alone, you are usually required to explore the country with a local guide.

There are many challenges ahead for Bhutan with its reliance on the investment of hydropower construction. In the past, we have seen countries who have faced huge financial headwinds after depending so much on one sector. Although hydropower supports robust growth, there have been delays in two hydropower projects so far, indicating that the government is taking on too much at once. With it being largely financed by India, success would also depend on whether Bhutan can maintain a good relationship with its neighbour.

These measures prevent the country from being overrun by mass tourism which is happening in other countries in South East Asia such as Thailand, where tourist numbers per year continue to soar. The government is cautious of how western influencers could affect the Bhutanese way of life and its strong cultural identity. With fears of its traditional values disappearing, it imposed a dress code for work with only traditional attires (the male gho and female kira dresses) allowed.

Back in 2014, the Prime Minister, Mr Tobgay said in an interview with the Financial Times: “hydropower is a gift, a boon. It’s not a curse. Right now, our economy is so weak and so small that all I can say is ‘Thank heavens for hydropower’". Depending on the export of a single commodity could turn out to be a ‘resource curse’ as it could be a risk for the environment as well. According to the Finance Secretary, Lam Dorji, the flow of Bhutan’s glacier-fed rivers is already being affected by climate change and the reduced snowfall in the winter season.

So, for travellers who are looking for culture shock, Bhutan is a reminder of the true meaning of cultural authenticity. Although more people are wearing t-shirts as a result of western influence, traditional dress remains the most popular attire and local languages spoken on the streets. The biggest tourist hotspot is Bhutan’s most significant cultural icon, the Taktsang Monastery, which is commonly known as the Tiger’s Nest. Hugging the mountainside approximately 900 metres above the rice fields of Paro, it is the most sacred religious site in the small kingdom. It requires a hike up the steep mountains to reach the monastery, taking on a few hours on average, but the smiling pilgrims and breath-taking views are enough to get tourists in a meditative mood.

It is interesting to see where the country will go from here with its determination to retain its natural landscape but also its desire to grow economically. It will also be interesting to see whether their policy of Gross National Happiness will continue to exist. What is important is that the Bhutanese government looks at the deeper issues of society instead of masking it with this metric system. Although there is a degree of uncertainty in its future, we can only predict that this is only the beginning of Bhutan’s journey to success.

It is not just the Taktsang Monastery that requires a lot of walking; getting around the rest of the country is just as challenging with

The winding hill road and aerial view of Thimphu city, the capital city of Bhutan

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FOOD WASTE: OUR MOST STUPID PROBLEM Words : Alex Timperley | View : Huguette Roe

It is estimated that 7% of all greenhouse gasses worldwide come from food waste. If the food industry was a country it would be one of the top five greenhouse gas producers, putting it in the company of China and the USA. The UN estimates that global food production increased from 48.7 billion tonnes in 2000 to 71 billion tonnes in 2010. At the same time, food waste increased by an equivalent proportion.

here are many puzzling things about modern society, but perhaps the most stupid of them all concerns the amount of food that we waste around the world, and the many ways in which we waste it. Given that the sheer quantity of food we waste borders on the insane, perhaps the most important question to consider is how we got to this point in the first place. The instinct is to judge the food production industry by how much it literally produces. However, in reality it is more useful to consider how the whole system is defined by waste, as this major underlying issue has created a global problem.

When the rising global population is taken into account we can only guess what this figure will be by 2020. Economic growth is linked directly to food consumption, as you might expect. People consume an extra 0.1kg of food a year per unit of national GDP. With China and India becoming richer and richer it would not be a surprise to learn that 100 billion tonnes is being consumed annually at some point in the next few years. A good example of how markets are changing is growth of the beef industry which is being propped up by the expanding base of Chinese consumers who can now afford the meat where they previously could not.

The United Nation’s Food and Agricultural Organization splits the issue into two halves: food loss and food waste. Both combined refer to the decrease of food in different stages of the supply chain which led to a decrease of food available for human consumption. Food that is spilled or spoilt before it reaches a shop is described as ‘loss’, and this can be due to problems in storage, packaging, transport or anything else. Food that is fit for consumption but is left to rot or is needlessly discarded by retailers or consumers is defined as ‘waste’.

The above numbers should dispel any doubt over whether food waste is a natural thing or whether it is caused by human society. The more of us there, are the more we eat and the more we waste – but there is no waste in nature. The ecosystems found in nature are symbiotic, meaning that what is discarded as part of one process proves to be what is needed to kick start a different process. Every part of a system is somehow recycled into the whole, creating a resilient and sustainable system. The apple falls from the tree and rots into the ground, feeding the worms and putting nutrients back into the soil which in turn feed the apple tree.

Altogether, it is estimated that for every tonne of food we eat another half-tonne is wasted. This is the equivalent of approximately US$950bn worth of food every single year gone to waste, and we cannot simply write this off as the natural by-product of the food production industry. No other industry would be allowed to survive if it wasted a third of its entire product. Aside from that, we cannot afford to wait too long on this issue. Many around the world live in extreme poverty, and the scale of waste is also an environmental time bomb waiting to explode.

By breaking this feedback loop, we have invented the problem of food waste. Our food industry removes material from the natural ecosystem and does not return it. We broke the cycle, and so we

also hopefully have the ability to fix it; but how did we break it? Is it something to be blamed on the consumer? Is the issue that the supply chain is inefficient? These reasons go some way to explain the issue, but they are peripheral in the final analysis. Improvements in storage, production, product standardisation and the efficiency of the supply chain are all well and good, but we have done all this before and the problem of food waste has not improved. The last century has seen an almost unimaginable increase in the quantity of food produced around the world. Advancements in chemistry, soil science, agriculture, transport, refrigeration technology and everything else has allowed us to create the widest ranging, most interconnected, tightest-woven food network in the history of the world. The way we transport calories around the world is more impressive than any military operation. However, food waste has grown with it. If the inefficiencies within the supply chain were the underlying cause of food waste, then we would have seen some movement on the issue by now as we improved it – but we have not. This is the reason why the United Nations and the various ‘zero waste’ movements around the world are not going to solve the problem with campaigns to give excess food to the homeless and suchlike. These ideas are valuable in their own right and ought to be pursued for their own sake, but they are not measures to solve our food waste problem.

“Our entire food culture is now built around waste. By increasing the supply of food far beyond anything that any human society has ever seen, it has become commonplace. The idea of recycling waste food back into nature has been lost.” When you look beneath the surface, it is both more complex and more fundamental than simply food falling off trucks or consumers choosing food grown in the wrong places. The true reason appears to be more philosophical. We must look at the uneven distribution of resources, and how and why that has come to pass. The industry is of course wasteful, and there is much work to do, but it is only a part of a much larger system which has changed attitudes in the developed world beyond recognition. Food is just one more thing that has been turned from a valuable resource into nothing more than a consumer product. We know the cost of food, but no longer have any idea of its value, and so we abuse it, exploit it and take it for granted. Our entire food culture is now built around waste. By increasing the supply of food far beyond anything that any human society has ever seen, it has become commonplace. The idea of recycling waste food back into nature has been lost. Why would we need to when there is always more of it? There is no reason not to continue buying more than you need and throwing away what is left over.

“As food has become a consumer product the rates of heart disease, diabetes, obesity and liver failure have increased rapidly, to name a few examples, but we seem incapable of making the link between our rotten food culture and spiralling healthcare costs and death rates.” This structural mismatch between production, consumption, the environment, our health and our society makes the whole system fragile. The developed world has lost any sense of food normality. It is now seen as a source of fuel that will never run out, and so we never stop eating and wasting. If you walk along any main street in any town or city you will pass dozens of places offering cheap and easy food, whether that is supermarkets or fast food restaurants. A large portion of global advertising, including a frankly sickening amount aimed at children, is a continuous series of messages which can be summed up as “eat me now.” By turning food into a desirable consumer product rather than treating it as a resource to be managed, we are hurting the planet and hurting ourselves. By making use of so many fertilisers and chemicals to increase production and yields, we have ended up producing food waste that cannot even safely be fed to farm animals like pigs without being treated. For millennia pigs have been used as living, breathing disposal units for almost any organic matter a farmer cared to throw in their pens. Pigs eat waste and turn it into fertiliser which goes back into the earth. Now we have largely closed that avenue off for ourselves. As food has become a consumer product the rates of heart disease, diabetes, obesity and liver failure have increased rapidly, to name a few examples, but we seem incapable of making the link between our rotten food culture and spiralling healthcare costs and death rates. To take Britain as an example, we get approximately 60% of our food from elsewhere in the world, a situation that is critically unsustainable. We are living beyond our means and draining other parts of the world to feed a parasitic consumerist culture. The idea that food is nothing but a commodity desperately needs to change.

It is estimated that supermarkets in the United Kingdom throw away over 300,000 tons of food each year.

Food waste is a vitally pressing issue for so many reasons. People are starving who need not be; animals are being killed in ever-greater numbers and with increasing cruelty; the pace at which the environment is being eroded is becoming more and more rapid. Until we can rediscover the truth that food is something more than just another commodity, we will not solve this problem.

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COMPLETED PROPERTY: TAKING THE FUSS OUT OF BUY-TO-LET Emma Martin

here is no doubt as to the strength and popularity of the buy-to-let market in the UK. With rents rising in almost every part of the country and house prices in regional cities such as Manchester and Birmingham anticipated to see increases of 30% over the next three to four years, property remains one of the best choices for investors looking for promising monthly returns and future capital appreciation. With projections that almost one quarter of the population will be renting privately by 2021, it is fast becoming the norm to rent as a long-term alternative to buying. This change of approach means that rental accommodation, particularly in key urban areas, is in short supply as more and more people turn their back on home ownership. With demand for high quality rental accommodation at a modern day high, now is an excellent time for investors to take advantage by expanding and streamlining their portfolios. The resale of investment properties in the UK is a growing and buoyant market, with buyers recognising the benefits that come from investing in a property that is already working as a successful investment; and sellers keen to release equity through selling to likeminded investors. There are many benefits to purchasing a completed property investment. Purchasing a property that is already let removes the hassle of finding and sourcing a tenant. This is true not only for buyers, but also existing landlords who may be concerned that they will lose out on rent during the sale process if a tenant is evicted. Purchasing a resale property means that the buyer, seller and tenant in-situ get the best possible experience, and no one loses out. In addition, when buying a home that is already working as a successful investment, you have a transparent rental history instead of projected returns. When buying any investment it is vital to know what the final return on investment will be, and unlike off-plan or new-build, buying a completed property allows you to work out finances ahead of time. As well as this, the rental history will provide a critical insight into the past performance of the property, meaning you can go in to the purchase with the best possible market knowledge. But above all, buying an existing buy-to-let investment means that you have access to immediate income once the sale is completed. While off-plan property offers the chance for impressive capital appreciation over the build, the fact that you may not be able to start enjoying your returns for a number of months, or even years isnâ&#x20AC;&#x2122;t a model that works for everyone. For those who rely on flexible finance options and immediate rental returns, completed investment property opens the door to more opportunities. For the reasons above many investors are recognising the strengths of this underutilised market, and itâ&#x20AC;&#x2122;s easy to see why.

MISSED TECHNOLOGY INVESTMENTS Words : Emma Martin | View : Jonathan Weiss

hen it comes to business it is important to be able to make quick decisions and stick by them. Investing does not always beat a clear path to success, and it can be difficult to know which opportunities to take and which to leave by the wayside. This is particularly true when putting a stake in a new company or product: one investment could see you make serious returns; another could see you lose out bigtime.

A company with a global presence in countries as far apart as Denmark to Australia, Blockbuster at its peak controlled a large portion of the home movie and video game rental sector. In 2004 the company employed approximately 84,300 people and had over 9,000 stores – meaning that when they went bankrupt just six years later it was clear something had gone seriously wrong. In all business, whatever your sector, it is fundamental to keep on top of changing trends. Blockbuster, which made the bulk of its revenue from video rental shops and late fees in its early days, was not quick enough to keep up with emerging developments in their sector. With a business model supported by penalising its customers and management sceptical of new customer focussed companies, Blockbuster made some terminal industry errors.

One sector that has seen more winners and losers than others is technology. The last four decades have seen entire industries change with new products and companies entering the market and disrupting the status quo. The emergence of digital has seen household names pushed from the forecourt as they haven’t been quick enough to move with the changing tides, and led established CEOs and investors pass up the opportunities to make millions.

But it was in the early 2000s that Blockbuster made the fatal move that saw its eventual withdrawal from the movie market: declining several offers to buy the then fledgling company Netflix for US$50m.

From business owners not recognising the opportunity of investing in a particular start up, to companies failing to support their own breakthroughs, there have been some major missed investments over the years which have left those involved dreaming of what could have been.

Directly challenging Blockbuster’s model, Netflix was born after its co-founder and CEO Reed Hastings amassed a late fee of US$40 after he mislaid a tape of Apollo 13. Borrowing the business model of the gym of which he was a member, Hastings had an idea: what if you could rent as many movies as you wanted for one flat fee? With a customer-centric based model Netflix was launched, initially as a DVD by mail service which then evolved into digital streaming.

We have compiled a list of some of the largest, and most famous, missed technology opportunities that are certain to stick in the minds of investors and inventors everywhere… 1. Blockbuster and Netflix Many of us have fond memories of movie rental company Blockbuster. Before online streaming services, it was not uncommon to spend an evening perusing the shelves at the local store in search of that night’s film choice.

The CEO of Blockbuster at the time, John Antioco, determined that Neflix was a ‘very small, niche business’ and it’s reasonable to see why. At the time of the offer being made Netflix was losing money, and Antioco, who was sat at the helm of a huge movie empire, could be forgiven for thinking that the newcomers didn’t have the

“Directly challenging Blockbuster’s model, Netflix was born after its co-founder and CEO Reed Hastings amassed a late fee of US$40 after he mislaid a tape of Apollo 13.” power to topple the successful movie rental industry. Instead of taking the deal, which proposed that Netflix would run Blockbuster’s online site, and Blockbuster would in turn promote the service in store, Antioco signed a 20-year deal with Enron Broadband Service to provide on demand films. Unfortunately for Blockbuster, Enron went bust just nine months later meaning they missed out on the opportunity to claim a stake in the digital streaming sector at the same time as Netflix. The decision to decline the offer with Netflix meant that Blockbuster failed to turn the corner with consumers into the digital age and the sector was taken over by Netflix which today is worth a cool US$100bn. 2. Kodak and the digital camera Imagine inventing something as ground-breaking as the first ever digital camera and deciding not to go public with it. Well, that’s exactly what Eastman Kodak did when an employee happened upon one of the biggest technological inventions of our time. In 1973, 24 year old engineer Steven Sasson was tasked with a run of the mill job: find out whether a charged coupled device had any useful application. Whilst investigating this, Sasson brilliantly ended up creating the world’s first digital camera which was botched together with materials including a cassette recorder, super-8 film camera and a load of circuit boards. Naturally Sasson took the invention to the board of directors at Kodak where he presented his creation by taking a photo of the room and then playing the 100 pixel by 100 pixel black and white image back to them around 30 seconds later. But the board at Kodak were hardly excited by what he had produced. Sasson commented in an interview with the New York Times: “they were convinced that no one would ever want to look at their pictures on a television set.” But why didn’t Kodak recognise the magnitude of what had been invented? Or if they did, why didn’t they run with it? In the 1970s, Eastman Kodak held comfortable control of the US photography market at around 90%. The New York Times note: “if you wanted to photograph your child’s birthday party you would likely be using a Kodak Instamatic, Kodak film and Kodak flash cubes. You would have it processed either at the corner drugstore or mail the film to Kodak and get back prints made with Kodak chemistry on Kodak paper.” So why would Kodak want to cut their profits by introducing the digital camera to the market? The answer is: they wouldn’t. In 1978 the first digital camera was patented by Kodak, following

Blockbuster video store, USA

â&#x20AC;&#x153;Blockbuster made the fatal move that saw its eventual withdrawal from the movie market: declining several offers to buy the then fledgling company Netflix for US$50m.â&#x20AC;?

progression on Sasson’s invention, but the research and patent were both kept quiet in order to protect Kodak’s profits from printed film. Over the years Kodak made huge returns (billions of dollars) from the patent as the digital camera was globally adopted. In 2009 Steven Sasson was presented with the National Medal of Technology and Innovation by President Obama in recognition of his technological achievement – just three years before Eastman Kodak filed for bankruptcy following the expiry of its patent in 2007. 3. Atari and Apple Racing toward a staggering valuation of almost a trillion dollars, Apple Inc. is one of the world’s most powerful companies, but its beginnings were born solely from the collaboration between founders Steve Jobs and Steve Wozniak. In 1975 a young Steve Jobs was working for computer pioneer Atari, under founder and CEO Nolan Bushnell who is known as ‘the godfather of gaming’. Jobs, described as "a difficult person," by Bushnell, was a college dropout with what many took as a difficult temperament. "He was very smart. Often he was the smartest person in the room, and he would tell everybody that. It's generally not a good social dynamic," Bushnell said of his former employee at one time. Recognising Jobs’ talents and seeing something special in him, Bushnell tasked him with designing a new arcade game ‘Breakout’ on a night shift where he wouldn’t be around other employees. Jobs got along with this and often brought along his friend Steve Wozniak who worked for Hewlett-Packard to help. It was during this time that Jobs and Wozniak, with a greater vision for the future of personal computers, began to go about creating the first apple computer model which they named Apple I and was put together with parts borrowed from the gaming company. Following the creation of this pioneering piece of technology Steve Jobs asked his boss for a US$50,000 investment in their new project for a third of the equity. Bushnell politely declined the offer, stating that he was not interested. Had Bushnell taken up Jobs on the offer to buy a third of the company for US$50,000 he would now be worth more than US $300bn. Despite this, in an interview with ABC news Bushnell commented that he did not regret his choice not to invest in Apple. "I could have owned a third of Apple Computer for $50,000," he said. "I've got a wonderful family, I've got a great wife, my life is wonderful I'm not sure that if I had have been uber, uber, uber rich that I'd have had all of that."

“The board at Kodak were hardly excited by what he had produced. Sasson commented in an interview with the New York Times: “They were convinced that no one would ever want to look at their pictures on a television set.” Kodak disposable camera --Atari 2600 console

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ITEMS THAT COULD DISAPPEAR IN THE NEXT 10 YEARS Words : Andrea Wong | View : Mark Agnor

Sweden is now considered the most cashless society on the planet. In the last year, barely 1% of all payments were made with physical cash, showing how far ahead the country is compared to the rest of the world. Coins and paper notes were banned on buses several years ago after concerns over the safety of drivers.

ith the world changing in the face of technology and innovation, there are many everyday objects that are likely to disappear in the next decade. Although we cannot be sure of what the future holds and what creative inventions will be brought to market, we have a good sense of the many things that will become virtually useless in just a few years’ time.

Whilst the majority of Swedes have embraced the cash-free innovations in the country, two thirds of people are against getting rid of cash completely. This is due to their ‘strong emotional connection to cash’ according to Professor Arvidsson of Stockholm Royal institute of Technology.

Paper There is no surprise with the first one: paper. As we look to come up with more sustainable solutions, paper train tickets are now becoming dated, books are being replaced with eBooks, receipts are being swapped for digital receipts and many magazines are being published online instead of being printed.

Back in 2015, research revealed that a quarter of Brits think that they will be able to live without notes and coins within five years as mobile payments and contactless dominates day-to-day life. New payment technology is highly anticipated in the future with more than a quarter of people in the UK predicting payments will be made through wearable technology such as watches and wristbands.

One of the most heavily contested items is physical money. With technology developing at a rapid speed in the modern world, more and more people are moving towards non-cash transactions. It was actually predicted by some analysts that the death of cash would happen over 60 years ago.

As new payment technology develops, traditional paper transactions such as cheque books are also likely to disappear. Transactions via cheque books are already rapidly declining in the UK but still prove to be popular in the US.

The rise of cashless solutions such as credit cards, contactless and Apple Pay are putting the existence of cash under threat as retailers and shoppers embrace the many benefits that they reap, but most important of all, the convenience and the speed of transactions.

Wires In the UK, cash still plays a dominant role in low value transactions such as general supplies and food shopping, especially amongst the older generation who tend to rely on coins and banknotes. This indicates that physical money will remain a common way to pay for a longer period than anticipated.

Wires can be extremely frustrating and have been a limiting factor for technology. They break, tangle, cause accidents, and limit how far away you can use your device. However, with the explosion of wireless technology in the market, wires could become unnecessary.

Paper mill

Lightning charging cable

“Wireless accessories have become the norm in everyday life with wireless mice, keyboards, printers, speakers and headphones all now available. Additionally, inventions such as iCloud, Google Drive and Microsoft’s OneDrive are replacing wired storage devices.”

Wireless accessories have become the norm in everyday life with wireless mice, keyboards, printers, speakers and headphones all now available. Additionally, inventions such as iCloud, Google Drive and Microsoft’s OneDrive are replacing wired storage devices.

an option when users are trying to recover their accounts. Unlike Apple and Samsung’s methods of facial recognition, Facebook already benefits from a large amount of face data through our profiles.

Apple is a great example of us moving towards wireless technology with it removing the headphone jack on the latest iPhone models and introducing wireless headphones. Additionally, the company has unveiled a Qi wireless charging system, AirPower, which allows multiple devices to be charged at once. It is set to be released this year but will only be compatible with the latest iPhone models.

The service will involve Facebook scanning your face and comparing it against the Facebook photos and videos that you are tagged in. Once it detects a match, it will unlock your profile. Facebook has been using facial recognition for many years to make tag suggestions when you upload a new photo. It scans the photo that you are adding and searches your friends list to find a match.

Large tech companies are now looking for a solution for larger devices such as laptops, with Dell introducing the first ever wireless laptop, Latitude 7285. The concept is identical to AirPower as you place the laptop on a charging mat. With that in mind, the advantages of a wireless charging system for laptops are not hugely impressive, and are considered more of a convenience at this stage.

“With emerging technologies such as facial recognition, passwords are now on the verge of becoming obsolete and will be replaced with alternatives to make it more difficult for others to steal valuable information.”

Passwords For many years we have been told to use stronger passwords which are unique for each account, but our failure to remember numerous difficult passwords at once has led to people using obvious passwords. In fact, the Telegraph revealed that more than 50% of people use the top 25 most common passwords with 17% of all users using “123456”. With the many data breaches and hacks over the last few years it is becoming more apparent that passwords alone offer a weak security system.

Passwords have come under criticism recently, but it would be surprising to see them being completely replaced by other security systems. Instead, it is hoped that new technology will be used alongside passwords to create stronger security systems. Car keys

With emerging technologies such as facial recognition, passwords are now on the verge of becoming obsolete and will be replaced with alternatives to make it more difficult for others to steal valuable information.

Could we see the end of car keys in the future? Some car firms believe so, but many others remain sceptical. BMW is the latest car manufacturer to be reviewing whether car keys are essential for car access. With smartphones becoming increasingly more popular, BMW has created an app which allows people to unlock their cars without using keys.

Facial recognition has been gaining traction with many large corporations looking to incorporate the technology into their products. Apple unveiled their iPhone X at the end of 2017 and the facial recognition feature became the most-talked-about innovation. Users simply raise the phone to their face and the lock which sits at the top of the screen instantly swings open. The system works by recognising your eyes, nose and mouth so if you cover any of these, it will fail to unlock.

Volvo has been another car manufacturer that has been involved in creating a keyless system for its cars. In 2016, it released a keyless entry system which allows you to start and lock a car. However, new tests by German car experts, ADAC, revealed that keyless systems can be vulnerable to a simple electronic device used by thieves. In 2014, gangs took advantage of the technology and used a relay transmitter to steal around 17 cars a day and 6,000 over the course of the year.

Apple explained that the phone contains an array of cameras and sensors which build up a 3D map through technology called dot projection. This provides a more accurate system than traditional facial recognition as it works just as well when people are wearing glasses, hats or have grown facial hair.

There is no doubt that there is the risk of hacks from the use of keyless entry but with new technology emerging every year, it will only get better and more secure over time. However, it is unlikely that car keys will completely disappear any time soon as there are too many issues surrounding smartphone apps such as slow data network. One thing is for sure: physical keys are here to stay for the time being.

Microsoft launched ‘Windows Hello’ in 2015 to address some of the security issues that consumers and businesses are facing. The feature of Microsoft Windows 10 allows users to log in to a computer by just touching or looking at the device. Facebook is also trialling the use of facial identification with it being

Car keys

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THE VEGAN INDUSTRY IS IT ON THE RIGHT TRAJECTORY? Words : Andrea Wong | View : Roman Diachkin

he vegan industry has exploded on to the scene in recent years, evolving from a fringe interest into a mainstream lifestyle. Around 10 years ago, only 150,000 people in the UK considered themselves as vegan. This number has ballooned to at least 524,000 today according to the Vegan Society.

cows and Watson used this to his advantage by proving that following vegan lifestyle would protect you from consuming contaminated food.

So, what actually is veganism? A vegan, by definition, is a person who does not eat or use animal products. Although, according to the International Vegetarian Union, as a vegan you can be as strict or relaxed as you want to be with your food choices, especially when it comes to deciding whether grain cereals, animal-based glycerin and sugar refined with bone charcoal are suitable for the diet.

Veganism has been described as “the fastest-growing lifestyle movement” by the Vegan Society with high profile celebrities such as Lewis Hamilton and Venus Williams promoting their love for plant-based eating and many new vegan businesses popping up in cities.

Spreading the message

The popularity of veganism has been driven by the younger generation with almost half of all vegans in the UK reported to be within the 15-34 age group (42%) compared with just 14% in the 65+ category. It is believed that social media alone has been the driving force behind veganism with the message being spread over Instagram and Facebook, prompting many more people to change their lifestyle and eating habits.

How did it begin? The earliest evidence of meat-free diets stems back to 500BC where Greek philosopher Pythagoras described all species as benevolent and followed his own vegetarian diet. However, the concept of veganism only started to take shape back in 1806 when Dr William Lambe and Percy Bysshe Shelley became the first people to publicly reject eggs and dairy on ethical grounds.

PETA took advantage of social platforms and started to upload violent videos of malnourished animals ready to be slaughtered. The distressing video ‘Chicken Dinner in Reverse’ was shared 151,500 times and received 15 million views on their Facebook page alone. Vegan influencers have also inspired others with a log of their lifechanging journey as well as a stream of posts showing simple and tasty recipes that make the transition to veganism seem easy.

It wasn’t until 1944 when the modern-day vegan movement began, and a name was given to the lifestyle. Donald Watson met with other non-dairy vegetarians to discuss what was considered an ‘alternative diet’ that was opposed by many. The group came up with the term ‘vegan’ to describe the movement to set them apart from vegetarians who ate dairy and eggs. Mr Watson said that it meant “the beginning and end of vegetarian”. At the time tuberculosis had been found in 40% of dairy

Why vegan? What you should and shouldn’t do as a vegan can vary from person

to person. There are some people who follow the raw vegan diet which involves eating unrefined, fresh food which isn’t cooked at a temperature above 48°C. According to many health experts, heating up food destroys all the nutrients and natural enzymes and some vegans even claim that it can make food toxic, but the raw food diet has often been described as extreme.

“The popularity of veganism has been driven by the younger generation with almost half of all vegans in the UK reported to be within the 15-34 age group (42%) compared with just 14% in the 65+ category.”

In comparison, there are others who are embracing the vegan junk food scene with vegan fast-food chain By Chloe growing into a worldwide chain and McDonald’s launching the McVegan burger in selected countries. People who believe that vegans only eat sprigs of lettuce and raw smoothies could not be more wrong. It is important to understand that veganism is not just about food choices alone but it is a lifestyle. That being said, some self-proclaimed vegans who have a more relaxed view on the concept follow the diet but are more than happy to dress themselves in materials such as leather and wool. The reasons for such different attitudes toward veganism ultimately comes down to the intentions of the individual, whether someone is choosing to do it because of its health benefits, sustainability or love for animals. As quoted by the Guardian, Euan Reece, a 17-year-old vegan: “keeping healthy is critical to being successful as a vegan.” This is not necessarily true in all cases though, with many people happy to indulge in vegan food which is ultra-processed and could not be further away from the way many bloggers promote it as clean and healthy. Many supermarkets are stocking up with new vegan ranges after demand for vegan food soared by 40% in the past year alone. Wicked Kitchen offers a selection of meat-free ready meals and sandwiches, which has been publicised all over social media since its launch at the beginning of January. However, it hasn’t always been good press. Included in the range is ‘mushroom mince’ which has been heavily criticised with the packet just containing mushrooms that have been chopped up. Similarly, Marks & Spencer started to stock ‘cauliflower steak’ which involved two slices of cauliflower with a herb dressing, all for double the price of a normal cauliflower. In response to the critics, a Marks & Spencer spokesperson said: “once we’ve sold the stock that is currently in stores, we won’t be ordering any more of this product. We work hard to create quick and convenient meals for customers; however, on this occasion we didn’t get it right.” The type of food that the industry is offering has been disappointing at time and makes us wonder whether they are creating the right type of vegan food. In many cases, it seems as though supermarkets are exploiting vegan newbies by offering over-priced vegetables in extravagant packaging. Who is it catered for? The recent veganism boom has led to the emergence of obscure ingredients such as goji berries and avocado oil, which often involve

Healthy vegan food

a hefty price tag. Until recently, there hadn’t been many companies selling vegan substitutes so prices for these vegan ingredients have remained high. With these imported superfoods likely to have a higher carbon footprint than many of the locally sourced food in supermarkets, is it actually a deal breaker for carbon conscious vegans? This is not to say we should stop eating unusual food from other parts of the world as many developing countries tend to rely on the demand of these superfoods and could be hard hit by a sudden drop in sales. Although the industry has been criticised for catering for the middle classes alone with its overpriced ingredients, the view on this has been slightly altered since restaurant chains such as Pizza Hut and Zizzi introduced their own vegan dishes, making the vegan diet accessible for a larger demographic. With it also hitting supermarket shelves, vegan brands are becoming more popular. Quorn, which has evolved into a household name in UK supermarkets, is on course to become a billion dollar business by 2027 thanks to the boom in the vegan industry. Sales for the faux meat products grew 16% in 2017 and increased by 25% in the US. Quorn has a collection of over 100 products ranging from fake sausages to mince beef, all which are ultra-processed and are created with additives and hi-tech ingredients including factory flavouring and colourings. This is not necessarily an issue for animal welfare or ethical vegan groups who are happy to eat anything that does not involve animals being slaughtered, but for those who prefer to base their lifestyle of natural, minimally process food, it certainly appeals less. The growing trend of vegan fast food is exposing the lifestyle gap between long-term vegans who want to eat clean and recognise the food their eating and those who claim to be ‘flexitarians’, a term coined to describe those who generally follow the diet but often eat meat. Is it here to stay? Lifestyle movements have appeared over the years, many which were just fads, but the veganism trend looks as though it will continue to grow especially when you consider its recent success. The lifestyle is no longer pushed to the fringes of society where it was frowned upon and described as extreme or weird. It is finally being recognised for its health benefits, positive impact on the environment and animal welfare without necessarily sacrificing taste. Veganism is an excellent opportunity for business owners but with the movement only just making its mark, the food industry is only just learning the ropes, experimenting with dishes, and learning more about what vegans want. With a wider variety of vegan dishes reaching supermarket shelves and restaurants in the last year, sales of plant-based food in the US increased 8.1%, topping US$3.1bn according to the Plant Based Foods Association (PBFA). Vegan cheese, especially, is set to grow enormously with an estimated value of almost US$4bn by 2024. The Veganuary campaign, which encourages people in the UK to try the lifestyle for a month, saw a record 50,000 people sign up this year, indicating just how many people are considering the change. For a while, we have been aware of the many benefits of a vegan lifestyle for ourselves and for the environment. With the vegan diet more accessible than ever before, there shouldn’t be an excuse not to give it a try.

Quorn peppered steak

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WHAT’S THE ALTERNATIVE? YOURSELF Words : Emma Martin | View : Drop of light

career. Each day these individual choices are based on improving our body, mind, creativity, skills and happiness.

ou would have had to be hiding under a rock not to have noticed the tidal wave of self-help books on the market today. From spiritual gurus like Eckhart Tolle to authors like Tony Robbins and public figures such as Oprah Winfrey, personal development is big business and there are lots of people trying to get a slice of the market.

From attaining a peak of health, to building a personal brand and safeguarding the future, there are many different facets to personal development. But is all smoke and mirrors? And what can investing in ourselves really help us achieve?

Worth a staggering US$9.9bn in 2016 in the US alone, the self-development sector is anticipated to grow in value to US$13.2bn by 2022. Having really gained popularity in the late twentieth century, the self-help market has been supported by generations that are looking to get something deeper out of life. Today the industry is being fuelled by a new age of millennials who are more obsessed with self-image, social standing and media than ever before.

Invest in your body Perhaps the most obvious and important part of self-improvement is investing in your body. The global wellness sector is now worth more than US$3.4tr according to the Global Wellness Institute, making it three times bigger than the global pharmaceutical industry.

Previously, self-help was often manifested through books, seminars and public speakers, exploiting those facing a ‘mid-life crisis’ or individuals looking for help managing the complicated every day. But nowadays the market has evolved, along with the complexities of life, offering services through websites and apps at the touch of a screen, something which has seen the value of the industry skyrocket.

Chairman and CEO of the Global Wellness Institute, Susie Ellis, comments that the growth of the wellness sector is a result of changing attitudes toward personal health and government approaches, saying: "we are at a pivotal moment where people worldwide are taking steps to change the way they live, work, and play, while at the same time governments are finally recognizing the value of investing in prevention to lower healthcare costs.”

Capitalising on the lifelong quest for personal improvement, the sector relies on the fact that time is a more valuable resource than money, and the fact that all of our days are numbered. Naturally anyone selling a book promising to give you the answer to a happy, stress free and positive life for £9.99 is going to make a fortune. Whether or not this practice is exploiting inherent sadness is another discussion.

From the perfect amount of sleep we need, to how much water we should drink, to which exercises will make us look good and what to eat to combat obesity and illness; we are constantly exposed to media and marketing which looks to guide us to the righteous path of health. And there is significant money to be made from helping people get fitter, healthier and happier. Personal trainers, dietitians, nutritionists, wellness coaches and psychologists can all assist in your personal health development and might offer better long term value for money than your next investment in a start-up or new cryptocurrency.

The anxieties of modern living have led us all to question what the meaning of life is at some point, and it’s hard to deny that personal development doesn’t somehow help us answer that question. We are all biologically programmed to seek success and improvement. We make daily decisions about everything from what to eat for breakfast, to how to spend our free time and what we want out of a

In addition to adding years to your life, investing in your body can

improve other aspects of your life. For example a good diet and high water intake can result in greater awareness, brain function and work output, while exercising creates endorphins which reduce stress and make you feel happier, promoting a better work environment. Above investing in stocks, property or a fine wine, investing in your own health unquestionably has the best returns on offer. There is absolutely no point in investing in a secure future if you will not be around to enjoy it. Invest in your mind The mind is a powerful thing and can be of unparalleled value if you invest in it properly. ’Human Capital’, described by the Office for National Statistics as “the value of individuals’ skills, knowledge, abilities, social attributes, personality and health attributes”, is one of the best ways to capitalise on your own future.

Building up knowledge and developing skills through reading, learning a language or taking extra courses means that your human capital grows. While it is hard to measure, your human capital can help assure a prosperous future. Becoming knowledgeable and confident will naturally transfer to your work, other investments and self-worth. In the words of Benjamin Franklin: "an investment in knowledge pays the best interest." The more you have to offer other people, the more demand will come your way and, as a result, more wealth. Building up a capital of knowledge and skills doesn’t only help to pay the bills in the long-term, though. Becoming culturally aware and actively working to understand the world around you opens up your mind to creative and uncluttered ways of thinking. This is an excellent way to build better relationships, business networks and to lead a happy and fulfilled life. The idea of happiness leads us nicely on to the crux of investing in your mind: finding peace and contentment. Mental wellbeing is defined by the World Health Organization as: "not just the absence of mental disorder. It is defined as a state of well-being in which

every individual realizes his or her own potential, can cope with the normal stresses of life, can work productively and fruitfully, and is able to make a contribution to her or his community." The majority of the books on the self-help market today are geared at balancing the hamster wheel of modern life with things that give us pleasure. It is important to take time out to enjoy simply being in the world. Whether that means escaping the city and going for a walk in the country, or going for dinner with friends – mental wellbeing means removing everyday noise. Why self-development is so poweful In a society that is driven by instant gratification it is becoming rarer for people to spend time investing in themselves. It is more likely that the next generation will prioritise gathering Instagram likes rather than spending time building a home library, or learning a new instrument. Equally the market for ‘instant fixes’ is on the rise as people chase immediate pleasure and attainment – a good example is the diet industry which drives pills, milkshake supplements and magic teas, all which promise results with half of

the effort. Whilst this is certainly not the case for everyone (and there is definitely an argument that investing in your social image online is worthwhile in the digital age), the psychology of instant gratification means that those who invest in what is described as ‘delayed gratification’ are more likely to succeed in the long term. That means if you want to lose weight and tone up you must hit the gym or change your diet. It will no doubt be difficult and make you feel unhappy at some point, but the delayed gratification will be worth the struggle. The same can be applied to every aspect of self-help. But when we get down to the basics, investing in yourself means investing in what makes you happy. Without happiness life is a monotonous cycle that no amount of money can remedy. So to truly be successful in your personal development, the bottom line is to chase your long term goal and do whatever you can to achieve it. Whether that is money, a family, a gold medal in cycling or to be the CEO of a great business – investing in you is the first step.

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SHOULD I MOVE TO? Hong Kong Words : Will Leyland | View : Ronnie Chua

capitalisation of almost US$4tr.

ast year marked the 20 year anniversary of Hong Kong being handed over from the British back into Chinese rule. Hong Kong is one of the world’s greatest cities, and stands as a monument to shared heritage and co-operation. That’s not to say that Hong Kong doesn’t have issues, with accusations of authoritarian rule levelled at the Chinese authorities on a regular basis and a number of well attended public protests. According to the Guardian, the protests in July last year saw tens of thousands of attendees after president Xi Jinping had undertaken a three day tour in the former colony.

Property in the city is amongst the most expensive in the world at US$26,000 per square metre, a state of affairs which has caused significant wealth disparities. People living in penthouses in the city centre boast some of the world’s most valuable prime real estate, whilst the majority of workers on the outskirts pay high rents for relatively small accommodation. That’s the nature of big city living these days though, with New York, San Francisco and London all suffering similar issues. As with those cities, Hong Kong is one of the most attractive investment opportunities in the world today.

However, overall Hong Kong is a beautiful, fascinating place unlike anywhere else in the world.

Hong Kong is one of the largest finance hubs in the world with many financial institutions having bases in Hong Kong to cover their operations across in the Far East. This contributes to the fact that residents of the city are ridiculously wealthy on average in comparison to their contemporaries in mainland China.

In an article entitled “40 Reasons why Hong Kong is the greatest city in the world”, CNN notes a few staggering facts which illustrate the international appeal of Hong Kong; 115 countries now have a consular presence in the city, more than anywhere else in the world, and the local tutoring industry is a multi-million dollar international concern, with the best teachers commanding millions in fees.

It’s not all about cold hard currency, though. If you want to find yourself a new home having places to spend your hard earned cash is equally as important as how much of it you earn. There wouldn’t be much point earning seven figures if you had nowhere to go and enjoy yourself. Luckily, Hong Kong certainly doesn’t disappoint, catering for the majority of tastes whether you’re travelling on business or there to settle.

The question is, though: should you move there? Hong Kong, translated from the Cantonese for “Spice Harbour”, has historically benefitted richly from its location as a midway port between east and west. Following its capture by the British from the Chinese after the Opium Wars of the 19th century, Hong Kong is often considered the greatest example of liberal economics, with little government intervention and some of the lowest taxes in the world.

There are two world famous theme parks crammed tightly into the city. Disney opened Hong Kong Disneyland in 2005, a move which put the nose of resident theme park king Ocean Park out of joint and ignited a world famous battle between the two for supremacy. Ocean Park almost immediately ploughed US$700m into the park to make it one of the world’s best. Disney swiftly retaliated with its own move, offering cheap US$13 entry for customers from mainland

With GDP per capita at almost US$46,000, Hong Kong ranks in the top 35 economies in the world despite having a tiny population. The Hong Kong stock exchange is the world’s 7th largest with a market

Sunset over Victoria Harbor, Hong Kong

“With GDP per capita at almost US$46,000, Hong Kong ranks in the top 35 economies in the world despite having a tiny population. The Hong Kong stock exchange is the world’s 7th largest with a market capitalisation of almost US$4tr.”

â&#x20AC;&#x153;There is a real feeling of a cultural melting pot in a city with fantastic wealth, but also a real sense of identity that has been shaped by its many and varying influences from around the world.â&#x20AC;? The popular red Peak Tram to Victoria Peak, the highest peak of Hong Kong island.

China. Their Halloween shows are famous for terrifying the most seasoned adult visitor, let alone children. In comparison to the wicker chairs of Mediterranean café culture, Hong Kong has stools everywhere. Regardless of whether you’re visiting a bar, a restaurant or a fast food outlet you’re likely to see stools all over the pavements. Hong Kong has endless jewels to discover; whether you’re getting cheap noodles or heading over to a world famous restaurant, there’s plenty to see. The nightlife is also legendary, with things not really kicking off until at least 11pm – including some family activities. Restaurants and bars are regularly open until 2am, and the city centre cinema regularly screens showings at 3.30am. The Hong Kong Arts Festival (HKAF) is now in its 46th year and is renowned around the world. According to its website, HKAF is a major international arts festival committed to enriching the cultural life of the city by presenting leading local and international artists in all genres of the performing arts, as well as a diverse range of “PLUS” and educational events in February and March each year. The festival includes performances of Western opera, Chinese opera, classical music, dramatic performances and other performances. The city also plays host to no fewer than 25 museums which take in natural history, science, maritime traditions, public transport, law and order and film archives. It also boasts an incredible variety of cultural attractions and, should you decide to up sticks and settle there, it is reasonable to say that you’d struggle to find the time to visit everything in your first few years. The residents of Hong Kong are a fantastic mix of natives and those from the surrounding regions, as well as westerners who have moved for work. There is a real feeling of a cultural melting pot in a city with fantastic wealth, but also a real sense of identity that has been shaped by its many and varying influences from around the world. So, should you move to Hong Kong? There are a few things you should probably ask yourself before committing to moving to one of the world’s most exciting cities. First of all, do you want to move somewhere where you’re likely to earn one of the highest salaries around the world? Are you prepared to live somewhere that offers eye-wateringly high prices for property but which matches those prices with growth? How about moving to a city which offers two world class theme parks, miles of restaurants and bars and cinemas screening films at 3.30am? What about 50 shopping malls where you can spend your super-high salary? They’re all climate controlled too, as the country’s average temperatures make it a practical tropical paradise. There are national parks surrounding the entire city, with the territory boasting one of the highest percentages of landmass covered by national parks of anywhere else in the world.

Tsim Sha Tsui Clock Tower is the only remnant of the original site of the former Kowloon Station on the Kowloon-Canton Railway. Built out of red bricks and granite, the Clock Tower peaks at 44 metres, and is topped by a 7-metre lightning rod.

The attitude of the locals is welcoming, enterprising and one that encourages success and like-minded cooperation, reflecting its heritage. Finally, Hong Kong is an increasingly environmentally-conscious city, which means you can enjoy the luxury lifestyle of the future whilst not having to harbour a guilty conscience about the damage to the world. For example, builders in Hong Kong regularly use bamboo in their building structures and scaffolding due to its durable and eco-friendly nature. Add to that the highrise food farms and rooftop gardens which are springing up across Hong Kong and it is clear that the modern mega-city is being redefined. Should you move to Hong Kong? It depends what you answered to the above, but I am already looking at plane tickets.

Specialists at providing buy-to-let properties to the private investor market, Knight Knox has a wide range of developments available across the UK. Working alongside a team of experienced developers, solicitors and agents allows Knight Knox to provide expert advice and guidance on a range of investments. Over the next 29 pages you will see a selection of the investment opportunities available through Knight Knox. --Contact us today to speak to one of our experienced property consultants. +44 (0)161 772 1394 info@knightknox.com www.knightknox.com

Top: Left cgi image: X1 Media City Tower 4 - available. Middle cgi image: X1 The Campus - available and in construction. Right image: X1 Manchester Waters Phase 2 - available. Middle: Left image: X1 Eastbank - Completed & 100% occupied. Middle cgi image: X1 The Campus - available and in construction. Right image: X1 Town Hall - completed & 100% occupied. Bottom: Knight Knox Investor Seminar Manchester 2017 - X1 The Landmark is the featured model and plan.

GREAT CENTRAL SHEFFIELD --FROM: £110,000

> 131 modern apartments > Next big UK market > Short walk to city centre > Great transport links > Lettings and management company in place

Great Central is the latest new development from Knight Knox in Sheffield, one of the UK’s fastest-growing cities which is set to be the next big national property market. Comprised of 131 stunning apartments spread over eight storeys, Great Central is set to be an extremely popular addition to the busy Sheffield residential market. With both rents and house prices in the city predicted to rise significantly over the next five years, this is the perfect time to get ahead of the game and invest in Sheffield.

NEW LAUNCH

BRIDGEWATER WHARF GREATER MANCHESTER --FROM: ÂŁ129,995

> Local rental market is growing strongly > Superb public transport links > Lettings and management company in place > Within walking distance of MediaCityUK > Perfectly placed between Mancehster and Salford

Bridgewater Wharf is the new development from Fortis Developments and Knight Knox in Greater Manchester, close to both Manchester and Salford city centres. Comprising 376 apartments spread over eight storeys, the development is a premium opportunity for investors looking for their next property. The studio, one bedroom, two bedroom and three bedroom residential apartments at Bridgewater Wharf are sure to prove popular in Salford which is suffering from a ongoing shortage of high quality rental accommodation.

NEW LAUNCH

NORTHILL APARTMENTS SALFORD QUAYS --FROM: ÂŁ162,995

> 269 luxury apartments > Excellent transport links > Within walking distance of MediaCityUK > High rental demand in the area > Easy access to Manchester city centre

Northill Apartments is the latest addition to the flagship development, Fortis Quay and is sure to be popular amongst the thousands of young professionals looking to live and work in Salford Quays. There will be a range of luxury apartments from studios to three beds, which will raise the bar in modern living. All apartments will be designed to the highest possible standard with state-of-the-art fixtures and fittings, making it the perfect addition to any property portfolio.

NEW LAUNCH

X1 MANCHESTER WATERS MANCHESTER --FROM: £109,995

> Five minutes to Manchester city centre > Waterfront location > Good local transport and amenities > Private tenant amenities > Managed by award winning X1 Lettings

X1 Manchester Waters is the 28th joint venture development from Knight Knox and X1 and will deliver luxury waterfront apartments to the thriving buy-to-let market. Located just five minutes away from Manchester City centre the location of this development is unrivalled, giving tenants the tranquillity of waterside living as well as everything that the UK’s ‘second city’ has to offer on the doorstep.

NEW LAUNCH

X1 MEDIA CITY TOWER 4 SALFORD QUAYS --FROM: £139,995

> Studios, one and two-bedroom apartments > Lettings and management company in place > Private communal facilities > Great transport links and shopping > All three previous phases sold out

The fourth and final tower in X1 Media City will follow in the footsteps of its predecessors, offering high-end residential living in a highly sought-after area. This development’s stunning exterior perfectly epitomises the luxury within, and is just a stone’s throw away from the iconic MediaCityUK site on the picturesque Salford Quays waterfront.

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X1 THE LANDMARK SALFORD --FROM: £151,000

> Private communal facilities > Beautiful balconies with dynamic city views > Prime city centre location > Within walking distance of local amenities > Experienced management company in place

The newest addition to the Greater Manchester skyline, X1 The Landmark will provide 191 stunning apartments to the thriving Salford rental market. Situated in a prime location between two thriving cities, X1 The Landmark will offer residents the best of both worlds—able to enjoy the picturesque waterfront destination found in Salford’s MediaCityUK, yet just a stone’s throw away from Manchester’s dynamic city centre.

IN CONSTRUCTION

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X1 THE CAMPUS SALFORD --FROM: ÂŁ89,995

> Built by experienced developer X1 > Close to excellent public transport links > Close to local shops, bars and restaurants > On-site gymnasium > Private student accommodation is a booming investment class

X1 The Campus is the latest student development from the award-winning X1. This newly-built development is well located on the university campus, and will offer students great on-site ammenities and facilities. Salford plays host to everything which a modern student could possibly want from a university city â&#x20AC;&#x201C; not just a fantastic university which is a leader in its field, but also a range of pubs, restaurants and shops in the local area.

IN CONSTRUCTION

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THE TOWER AT X1 THE QUARTER LIVERPOOL --FROM: ÂŁ124,995

> Highly sought-after location > Lettings and management company in place > Private communal facilities > Great transport links and close to shopping > Built by experienced developer

The Tower is the fifth and final phase of X1 The Quarter, X1â&#x20AC;&#x2122;s award-winning development near the beautiful Liverpool waterfront, with all previous phases sold out and fully tenanted. The success of the previous phases demonstrates the huge demand for prime residential accommodation in Liverpool, and The Tower at X1 The Quarter is sure to prove popular with both investors and future tenants.

IN CONSTRUCTION

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PALATINE GARDENS PHASE 2 SHEFFIELD --SOLD OUT

> In construction > Close to city centre > Public transport nearby > High rental demand in local area > Fully let and managed by an experienced letting agent

Palatine Gardens Phase 2 is the latest luxury residential development to arrive on the oversubscribed Sheffield rental market. Situated in the Shalemoor area of Sheffield, Palatine Gardens Phase 2 is within walking distance of both the city centre and the trendy Kelham Island district. These large luxury apartments will provide residents with high-end fixtures and furnishings, as well as a stunning enclosed garden and secure bicycle storage.

IN CONSTRUCTION

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BARREL YARD MANCHESTER --SOLD OUT

> One, two, three & four-bed apartments and townhouses > Lettings and management company in place > Short distance to Manchester city centre > Built by an experienced developer > Great transport links

Barrel Yard is located in South Manchester, just minutes away from the exciting city centre. The development benefits from local public transport as well as being a short drive from the city centre, where residents can enjoy all the retail, recreation and cultural amenities that Manchester has to offer. Furthermore, trendy local areas such as Chorlton and Didsbury are only a short drive away from Barrel Yard.

IN CONSTRUCTION

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BRIDGEWATER GATE SALFORD --SOLD OUT

> Local rental market is booming > Private rooftop terrace > Great transport links > Built by an experienced developer > On-site lettings and management company

Bridgewater Gate is enviably located on the edge of Manchester city centre in the thriving area of Castlefield. This luxurious development will have all the advantages of being a short walk away from the local parks and independent shops of suburbia, but also the vibrant bars and restaurants of the city. It also sits within walking distance of MediaCityUK, home of the BBC and ITV.

COMPLETED & TENANTED

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X1 AIRE LEEDS --SOLD OUT

> One and two-bedroom apartments > Lettings and management company in place > Private communal facilities > State-of-the-art apartments > Prime location in the heart of Leeds

This newly-built development provides state-ofthe-art living for a vastly undersupplied Leeds rental market, containing a stunning array of apartments ranging from bespoke studios to two-bed penthouses. X1 Aire will take boutique city centre living to the next level, providing state-of-the-art apartments to the private rental market.

COMPLETED & TENANTED

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SPECTRUM MANCHESTER --SOLD OUT

> Completed and tenanted development > Private landscaped gardens > Great central location > Finance options availlable > High quality fixtures and fittings

Spectrum delivers the best of both worlds, combining chic, urban living with the tranquility of private landscaped gardens. These studio, one, two and three-bed apartments are finished to the highest specification, with floor-to-ceiling windows and full-length balconies in most apartments. Light floods into the living space and views across the city are a constant reminder of how close you are to all conviniences and amenities.

COMPLETED & TENANTED

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MULBERRY PLACE SALFORD --SOLD OUT

> Highly sought-after location > Lettings and management company in place > Close to Salford and Manchester City Centres > Excellent local transport links > Sold prices in Salford up 22% on previous year - July 2017 Residents of Mulberry Place will benefit from excellent on-site facilities such as a beautifully landscaped communal courtyard, bicycle storage and off-street car parking spaces provided for selected apartments. Some apartments will also enjoy the benefit of having their own balcony.

COMPLETED & TENANTED

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BELLS COURT SHEFFIELD --SOLD OUT

> Assured 7% rental income for one year > Fully-furnished > Excellent city centre location > Luxury studio apartments > High rental demand in Sheffield

Located in the heart of the city centre Bells Court is a high-end residential conversion, bringing 29 luxury studio apartments to the ever growing rental market in Sheffield. Ideal for both students and young professionals Bells Court answers the growing need for premium rental accommodation, and is perfectly located for tenants to enjoy all that the city has to offer.

COMPLETED & TENANTED

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LOOKING FOR PROPERTY TO BUY? BE SURE TO VISIT THE

The UK’s largest and longest running property investment event is presented at ExCeL London every April and October. The major names in UK and international property will be out in force with plenty of ‘off-market’ bargain deals and show exclusives to choose from.

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SHO Y ENTR

From conception to completion, Knight Knox has an established portfolio of off-plan premium investment opportunities ranging in price from ÂŁ89,999 - ÂŁ519,995. Contact us today to speak to one of our experienced property consultants. +44 (0)161 772 1394 info@knightknox.com www.knightknox.com

Top: Knight Knox Investor Seminar Manchester 2017 - X1 The Landmark is the featured model and plan. Middle: Left cgi image: X1 Media City Tower 4 - available. Middle cgi image: X1 The Campus - available and in construction. Right image: X1 Manchester Waters Phase 2 - available. Bottom: Left image: X1 Eastbank - Completed & 100% occupied. Middle cgi image: X1 The Campus - available and in construction. Right image: X1 Town Hall - completed & 100% occupied.