ICFM Magazine Issue 157/19 by WideWorldMedia

ISSUE: 157/19

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In this issue: News, Reviews & Business Views Motoring: BMW 7 Series Gadgets & Gizmos Travel: Mesa

Ruling with the times EUROPE UPDATES ITS TRADE MARK LAW TO REFLECT MODERN BUSINESS LIFE

In Conversation: Bert van der Zwan CEO, Onguard

DEEP & FAR Attorneys-at-Law

Founded in 1992 by CF Tsai, Deep & Far law firm has successfully risen to be one of the top firms in its country of practice. The firm

Deep & Far are proud to be recognised as one of ICFM 100 Leading Firms of 2018

deals with all areas of intellectual property rights (IPR) including patents, trademarks, copyrights, trade secrets, unfair competition, and/or licensing, counseling, litigation and/or transaction thereof. Such is its expertise in the field that it has often been one of the largest sources from which foreign filing orders originate. “It is our philosophy to provide competent legal services that other firm cannot comparably provide,” says Tsai. “Our professionals own a relatively higher percentage of acquiring double backgrounds including technology and law.” Deep & Far employs highlyskilled legal professionals who have achieved significant expertise in their area of practice.

SPECIALISTS IN: I N T E L L E C T UA L P R O P E R T Y L AW C O M P E T I T I O N L AW C O R P O R AT I O N L AW DEBT COLLECTION REAL ESTATE C R I M I N A L L AW

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Contents In this issue... NEWS 4 IN CONVERSATION: Bert Van Der Zwan, CEO, Onguard

BUSINESS FEATURES

50 Welcome...

Ruling with the times

The red dragon roars again

A slow-motion car crash

Customer is the king

Get trading now

Working in harmony

Up in the cloud

Less haste, more speed with digital transformation

Modern law

Stay secure

100 LEADING LAW FIRMS

TOP 50 GLOBAL LAW EXPERTS 2018

LIFESTYLE City – Mesa

In this edition, Victor Hill from Master Investor writes

Hotel – The Phoenician

on how the global automotive industry faces a systemic

Adventure – Fort Mcdowell Adventures

threat. The traditional barriers to entry which have

Gadgets & Gizmos

protected established volume producers are falling. A

Motoring – BMW 7 Series

Profile – Maxine Park

protracted downturn in European manufacturing, with fewer cars produced, is likely to come at a moment of extreme economic and political uncertainty. He points out that the Chinese, who already buy over one million electric cars each year, will probably ride out the great disruption of the automotive sector with relative equanimity but

doubts if Europe will. Tim Watkins from Coffin Mew explains how the Middle East has performed in recent years and what are the thriving business sectors in that region. He also highlights on what businesses keen on trading in the desert kingdoms need to be aware of including business structures, local ownership of companies, and the time to set up alongside the common pitfalls, which are unique to the region. Rhiannon Cambrook-Woods in her article provides an overview of the

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EDITOR editor@intercontinental-finance.com

latest areas of the court to be modernised and digitalised. Her piece

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goes onto to compare different global court procedures that have or

SUBSCRIPTION DETAILS

can be modernised with a final touch on the benefits and limitations of this digitisation. Enjoy. Isaac Hamza - Editor

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GLOBAL NEWS

Intercontinental News UNITED STATES

CHINA

Microsoft-empowered entrepreneurship igniting China's innovation ecosystem Employees rank Hilton the best place to work in the US Hilton has been recognised for its exceptional workplace culture, earning the highest honour on the 2019 Fortune Best Companies to Work For in the US list. In its fourth consecutive year on the list, Hilton has become the first hospitality company in history to achieve the number one ranking, capping a meteoric rise from number 33 in 2018. Christopher J. Nassetta, president and CEO of Hilton, said: “We are in a people business – a business that relies upon the talent and passion of our team to deliver incredible experiences to our guests. “We do this through our relentless focus on creating an exceptional workplace culture for all, and we are grateful for this meaningful recognition during our milestone 100th year.” In the last two years alone, Hilton has launched new team member benefits like industry-leading parental leave and adoption assistance, boosted team member travel perks, invested heavily in corporate and hotel back-of-house spaces, introduced more comfortable and performance-driven wardrobes, and doubled-down on continuing education and career development programmes. Matthew W. Schuyler, chief human resources officer, Hilton, said: “Our number one ranking affirms the work we are doing together to provide our Team Members with meaningful roles that allow them to grow their careers. “We are truly honoured to be recognised as the best company to work for and will preserve our unwavering commitment to providing all of our team members with a place where they can come to work, stay and thrive.” A global hospitality company with a portfolio of 16 world-class brands comprising more than 5,600 properties with nearly 913,000 rooms, in 113 countries and territories, Hilton earned a spot on the 2018 world's best workplaces list and has hosted more than three billion guests during its nearly 100 year history.

Microsoft for Startups will broaden its initiative in China to strengthen the journey from ideation to innovation by providing additional access to Microsoft resources and technologies. Greater numbers of startups, developers and independent software vendors (ISVs) will be empowered to achieve more. New offerings will go beyond the immersive Microsoft ScaleUp accelerator programmes in Beijing and Shanghai, which target emerging Series A companies. It creates a holistic path for growth for early-stage startups, offering free Azure credits and technical support to prove concepts, raise capital and commercialize their solutions. Once ready to scale and sell to global companies, they can apply to the Microsoft ScaleUp Program. Startups may also enter the Microsoft for Startups initiative at later stages. James Turnbull, CTO of Microsoft Startup Advocacy, said: "The mission of Microsoft for Startups is to empower innovators at every stage of their growth to achieve more. We help startups build and integrate with cutting-edge technologies, including Azure and open source technologies, as well as introduce Microsoft Learn, a Microsoft global online learning platform, to startups to allow them to start utilizing Microsoft technologies faster.

“We are driven by a 'help first, sell last' culture. The success of the startups we work with is our success. This year, we're excited to be creating even more partnerships with government, VCs, industry-leading enterprises and tech communities to build a stronger innovation ecosystem." The Microsoft ScaleUp Program introduces startups to Microsoft's global cutting-edge technology resources to drive business model breakthroughs. There are Microsoft ScaleUp Programs located worldwide in Bangalore, Beijing, Berlin, London, Shanghai, Sydney and Tel Aviv. Since January 2017, Microsoft ScaleUp Shanghai has successfully accelerated 60 startups with a total market valuation exceeding 71.2 billion RMB. James Chou, managing director and CEO-in-residence, Microsoft for Startups, North Asia Region, said: "We see more and more ecosystem partners pledge to work closely with us to build a stronger ecosystem of innovation together. Our next step will be to land our best practices across the nation to encourage more China startups to take advantage of our programmes and resources." As of February 2019, Microsoft ScaleUp in China has successfully accelerated the growth of 302 startup companies.

James Chou, managing director and CEO-in-residence, Microsoft for Startups Shanghai

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GLOBAL NEWS

SWITZERLAND

Appointments CARMINE DI SIBIO Carmine Di Sibio has been elected the next EY global chairman and CEO, effective 1 July 2019. Di Sibio will succeed current EY global chairman and CEO Mark Weinberger, who steps down on 1 July 2019. Di Sibio is currently serving as EY global managing partner – client service, a post he has held since 2013. In this role, he leads the execution of the strategy for EY, which last year achieved nearly $35billion in revenues and today has over 270,000 EY people in more than 150 countries around the world. Additionally, he has overall responsibility for the four geographical EY areas and four service lines.

MAGGIE TIMONEY

Global art sales rise 6%, with active buying by millennials and growing appetite for online sales UBS and Art Basel published the third edition of the Art Basel and UBS Global Art Market Report, authored by cultural economist Dr Clare McAndrew, and integrating strands of research from UBS. A comprehensive and macro-level analysis of the global art market in 2018, the report covers key trends in the market in the context of wider economic shifts. The report’s key findings indicate global sales reached an estimated $67.4billion in 2018, an increase of six per cent on 2017, with further consolidation at the top end. It brings the market to its second highest level in 10 years, with values nine per cent over the decade from 2008 to 2018. The US retained its position as the largest market worldwide, accounting for 44 per cent of sales by value. Sales in the US reached $29.9billion, the highest recorded level to date. Despite political uncertainty surrounding Brexit, the UK had a relatively strong year of sales in 2018, with the value of sales to and from the UK art market currently dominated by non-EU trade. With values rising eight per cent to just under $14billion, the UK regained its place as the second largest market at 21 per cent. Sales in China, the third largest market at 19 per cent reached

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$12.9billion in 2018, a decline of three per cent year-on-year. The report includes the results of a survey of high net worth collectors in the UK, Germany, Singapore, Hong Kong and Japan carried out in 2018 by Art Economics and UBS. In previous surveys of US collectors, conducted as part of ongoing research into investor sentiment, UBS Investor Watch, the majority of respondents were aged 50 years and over, however, in the newer markets in Asia, a very different age profile emerged in 2018: in Singapore, 46 per cent of collectors were millennials, and 39 per cent were millennials in Hong Kong. Millennial collectors made up just under half (45 per cent) of the high-end spenders ($1million plus), underlining the importance of the spending power of this demographic. Mark Haefele, chief investment officer, UBS Global Wealth Management, said: "The art market is a fascinating reflection of economic developments and trends in wealth creation. Most notable is the growth of billionaire and millennial spending power, particularly in Asian markets. As ever, passion remains the market's lifeblood and drives the best collectors who value quality pieces that provide pleasure and cultural enrichment."

Maggie Timoney has been appointed CEO of Heineken USA. Timoney, a seasoned executive with more than 25 years of experience in the beer and cider business, will succeed veteran Ronald den Elzen, who will be returning to Holland for a global role within Heineken N.V. Timoney is joining Heineken USA from Heineken Ireland where she has served as the CEO for the last five years. In 1998, she joined the Heineken family in a national sales planning role for Heineken USA and then held a series of sales, strategic planning, and distribution roles in the Netherlands before being named the managing director of Heineken Canada in 2006. She returned to Heineken USA in 2010 as SVP of human resources and a member of the management team.

GILLIAN WILMOT Gillian Wilmot has been appointed chairman of ClearlySo, an European impact investment bank headquartered in the UK. Wilmot has a strong background in the consumer sector before she developed a wide range of corporate, non-profit and government experience in a variety of fields. She is also an experienced mentor and has helped coach many high growth businesses and their executive teams. The new board appointments come at a time of tremendous growth for ClearlySo and impact investing more broadly. In 2018, ClearlySo helped enterprise and fund clients raise a record £72million versus £45million in 2017. The 20 clients assisted last year included HCT Group, Bulb Energy, Unity Trust Bank and Ecoffee Cups.

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GLOBAL NEWS

Intercontinental News UNITED STATES

SWEDEN

Toys R Us emerges as Tru Kids Brands

IBM, Nordea Bank sign $540M services agreement

Toys ‘R’Us has officially emerged as a new company, with new leadership and a new vision to deliver the magic of its iconic brands around the world. Effective 20 January 2019, the new company, Tru Kids Inc. doing business as Tru Kids Brands, became the proud parent of Toys R Us, Babies R Us, Geoffrey and more than 20 established consumer toy and baby brands. Tru Kids Brands will be led by Richard Barry, the former global chief merchandising officer at Toys R Us, who will serve as president and CEO along with an experienced management team that includes Matthew Finigan as CFO, James Youngas EVP of global license management and general counsel, and Jean-Daniel Gatignol as SVP of global sourcing and brands. The company also appointed brand management veteran Yehuda Shmidman as vice chairman to advise on global strategy and execution. Shmidman is the CEO of Wave Hill Partners, and the former CEO of Sequential Brands Group. This brand power remains as Toys R Us and Babies R Us generated over $3billion in global retail sales in 2018 through more than 900 stores and e-commerce businesses in 30+ countries across Asia, Europe, Africa and the Middle East. In the US, Toys R Us and Babies R Us continue to have incredibly strong brand affinity and loyalty with more than 9.5 million followers across their social media channels. Richard Barry, president and CEO, Tru Kids Brands, said: “Despite unprecedented efforts to capture the US market share this past holiday season, there is still a significant gap and huge consumer demand for the trusted experience that Toys R Us and Babies R Us. “We have a once-in-a-lifetime opportunity to write the next chapter of Toys R Us by launching a newly imagined omni-channel retail experience for our beloved brands here in the US. In addition, our strong global footprint is led by experienced and passionate operating teams that are 100 per cent focused on growth."

Toys R Us store at Phoenix MarketCity Bangalore, India

IBM Services signed a managed services agreement with Nordea, under which Nordea Bank will outsource its IBM Z operations to IBM. The $540 million multi-year agreement continues to build on the success of the Nordea-IBM relationship that began in 2003. By outsourcing its majority of IBM Z infrastructure services in five countries, Nordea will have continued access to the latest technology advancements, including cognitive services, while at the same time maintaining a sustainable IBM Z organisation. Martin Jetter, senior vice president, IBM Global Technology Services, said: "Our latest agreement will help Nordea accelerate its leadership as one of the largest financial services organisations in the Nordics and provide a solid path to bringing new efficiencies in their digital transformation." As part of the agreement, a group of Nordea employees will transfer to IBM. The employees who are transferring to IBM will

have an opportunity to be part of a leading technology company. The Managed Service contract that has been signed between Nordea and IBM relies on an active relationship between the two companies. It differs from previous mainframe contract, having had the unique opportunity to write up a Service Level Agreement based on first-hand experience of running the Nordea mainframe. The contract negotiations with IBM have resulted in an agreement with the best possible outcome in relation to helping to ensure a sustainable and protected IBM Z set-up, based on Nordea's current and future needs. IBM Services Support clients include four out of the top five airlines by revenue, eight out of 10 mobile operators, eight out of 10 largest automobile manufacturers, 10 out of 10 world's largest banks are assets, four out of 10 largest global retailers, and seven out of 10 biggest insurance companies.

RUSSIA

MTS agrees to pay $850M fine over former operations in Uzbekistan Mobile TeleSystems, a telecommunications operator and digital service provider in Russia, has reached a resolution with the US Department of Justice (‘DOJ’) and a settlement with the US Securities and Exchange Commission (‘SEC’) relating to previously disclosed investigations concerning MTS’ former subsidiary in Uzbekistan. These agreements mark the closure of the investigations into the Company’s acquisition and operation of its former subsidiary in Uzbekistan during the period from 2004 to mid2012. In connection with the agreements, MTS will pay the aggregate amount of $850 million. This amount was reserved as announced with the Company’s Q3 2018 results. By entering into the DOJ resolution and the SEC settlement, MTS affirmed its commitment to ensuring that its business policies, processes and procedures strictly comply with all relevant anti-corruption legislation. In the resolution, the DOJ recognised MTS’ ongoing enhancements to its compliance programme and internal accounting controls. Alexey Kornya, MTS’ president and CEO, said: “Obtaining a resolution of the Uzbek investigations was in the company’s best

interests. MTS has systematically and proactively developed its current anti-corruption compliance framework in line with international best practices within a dedicated compliance division since 2012. Our compliance function continues to undergo testing and we are committed to developing and implementing high professional standards of corporate policies, processes and procedures at MTS.” Current MTS’ compliance programme, instituted and continuously reviewed since 2012, has been designed to ensure compliance with applicable anti-corruption legislation by actively identifying, analysing and minimising risks of corruption. Under the agreements with DOJ and SEC, an independent compliance monitor will be appointed for a period of three years to assess and monitor the operation of MTS’ compliance programme. MTS will work with the monitor to ensure that its compliance programme is reasonably designed and implemented to prevent and detect anti-corruption violations. Founded in 1993 and is headquartered in Moscow, Russia, MTS provides telecommunication services in Russia, Ukraine, Turkmenistan, and Armenia. As of 31 December, 2017, it had a mobile subscriber base of approximately 101.2 million.

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GLOBAL NEWS

UNITED KINGDOM

Audit regime to be transformed with new regulator The UK Business Secretary duties to protect the interests of Greg Clark announced a customers and the public by setting new enhanced regulator to high standards of statutory audit, transform the country’s audit corporate reporting and corporate and accounting sector in governance, and by holding response to the comprehensive companies and professional Independent Review led by Sir advisors to account; regulate the John Kingman. biggest audit firms directly (rather As per the review’s than those being delegated); and recommendations, the Financial have a new, diverse board and Reporting Council (FRC) will be strong leadership to change the replaced with a new regulator culture and rebuild respect of called the Audit, Reporting and UK Business Secretary those it regulates Greg Clark Governance Authority. There will also be greater sanctions The government welcomed the move and available in cases of corporate failure, including said it shares the Review’s vision for a new new powers to require rapid explanations from regulator with a new mandate, new leadership companies and in the most serious cases and stronger statutory powers and has published publish a report about the company’s conduct a consultation today on implementing these and management. reforms. It also intends to move swiftly to Clark said: “This new body will build on our implement these reforms and overhaul the sector. status as a great place to do business and will In a statement it said: “In the interim period form an important part of strengthened public until the new regulator is in place, we will be trust in businesses and the regulations that working with the FRC taking forward 48 of the govern them. Review’s recommendations to address the “Our modern industrial strategy sets out our shortcomings identified in the Review such as vision to ensure that the UK is the best place to lack of transparency and to reinforce work to invest, start and grow a business. The creation of enhance enforcement activity. a new regulator will ensure that the UK maintains Specifically, the new regulator will for the and advances its status as a place of the highest first time be a statutory body with powers such standards in audit.” as those to make direct changes to accounts The government sees a tough and robust rather than apply to court to do so, and more regulator, and an audit sector with the highest comprehensive, visible reviews for greater standards, as a key part of attracting investors, transparency; have strategic direction and jobs and growth to the UK. KENYA

NSSF Partners with M-PESA in cashless drive Kenyan government agency National Social Security Fund (NSSF) has partnered with the country’s mobile network operator Safaricom as it embarks on a push to fully adopt cashless payments. Under the initiative, NSSF will implement an entirely cashless system at all its branch network across the country. The Fund seeks to increase the convenience and efficiency of its services through the automation and digitisation exercise. “The platform we are launching today, will make contributing to NSSF easy and effortless, We are aware that we have an enormous task ahead in meeting public expectations in our new role as a pension fund and I wish to assure you that the Fund is striving to enhance the member experience and we have a couple of initiatives that we shall roll out in the next couple of months,” said Julius Karangi, chairman, NSSF board of trustees. “Under the new system, NSSF members can now remit their contributions and other

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payments to the organisation through the M-PESA PayBill 333300. Contributors can now easily key in their NSSF Account number under the ‘Account Number’ option and complete their transaction without visiting the NSSF offices." Rita Okuthe, chief enterprise business officer, Safaricom, said: “We are proud for NSSF to have selected Safaricom as a partner in their shift to fully automated and cashless operations. More of our enterprise customers are adopting digitization as they increasingly focus on their customers’ needs. “By cutting down on time spent handling and reconciling cash payments, the NSSF and its members can now enjoy the benefits of increased operational efficiency.” Through this partnership, employers with 20 and fewer employees can now also make their staff contributions through M-PESA. To contribute, the employer uploads their payroll data to the NSSF portal, after which they generate the Unique Payment Number (UPN) as part of their payment order.

BRIEFS GLOBAL SPEND ON AI SYSTEMS TO REACH $35.8B IN 2019: IDC SPENDING GUIDE Worldwide spending on artificial intelligence (AI) systems is forecast to reach $35.8billion in 2019, an increase of 44.0 per cent over the amount spent in 2018. With industries investing aggressively in projects that utilise AI software capabilities, the International Data Corporation (IDC) Worldwide Semiannual Artificial Intelligence Systems Spending Guide expects spending on AI systems will more than double to $79.2billion in 2022 with a compound annual growth rate (CAGR) of 38.0 per cent over the 2018-2022 forecast period. The AI systems spend will be led by the retail industry where companies will invest $5.9billion this year on solutions such as automated customer service agents and expert shopping advisors & product recommendations. Banking will be the second largest industry with $5.6billion going toward AI-enabled solutions including automated threat intelligence & prevention systems and fraud analysis & investigation systems. David Schubmehl, research director, Cognitive/ Artificial Intelligence Systems at IDC, said: "While organisations see continuing challenges with staffing, data, and other issues deploying AI solutions, they are finding that they can help to significantly improve the bottom line of their enterprises by reducing costs, improving revenue, and providing better, faster access to information thereby improving decision making."

IN-HOUSE LEGAL TEAMS BREATHE SIGH OF RELIEF The threat of dual regulation for in-house legal teams has receded with the news that the UK's Financial Conduct Authority (FCA) is dropping proposals to include the legal function in the Senior Managers Regime (SMR), the Law Society of England and Wales said. "We are delighted that the FCA agrees with the Law Society that general counsels should not be included in the SMR. This will ensure lawyers remain free to provide full and frank advice to their employer without the risk of a conflict of interest emerging,” Law Society vice president Simon Davis said. "We opposed these proposals because not only would they put in-house counsel at risk of a conflict of interest with their employers, they would also have meant counsels were answering to two regulators, increasing the cost of doing business. Crucially, legal professional privilege (LPP) could have been eroded if in-house teams fell under the SMR. “If investigated, in-house lawyers could have been uniquely unable to provide evidence to the FCA that they had acted properly, because the advice they give their employer is privileged. A logical outcome of this could have been organisations no longer seeking the advice they need from their own legal teams."

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IN CONVERSATION

In conversation....

Bert van der Zwan CEO, ONGUARD MY NAME IS BERT VAN DER ZWAN AND I HAVE BEEN THE CEO AT ONGUARD SINCE 2016 HAVING PREVIOUSLY HELD THE ROLE OF CHAIRMAN OF THE ONGUARD BOARD IN 2016. I am a CPA and have spent many years advising private equity firms about investment opportunities in cloud software firms. Before joining Onguard, I worked predominantly for US-based cloud software companies from Silicon Valley and held a number of leadership roles in companies such as WebEx, Twinfield, Rally, Cisco and Unit4. During this time, I contributed to international expansions and successful exits and IPOs.

We have around 1,000 large customers using the tool. That said, I think you need more than a good product to be successful and that is what really sets us apart. As well as providing a robust solution, we also offer an excellent customer experience and support. Furthermore, our API platform enables our credit management solution to be opened up for other order to cash solutions such as invoicing and supply chain software. Additionally, we have a strong partner ecosystem. We have many technology partners around the world including tech innovators, which means that we are able to offer solutions which interface with our customers’ existing solutions.

ONGUARD

ROLE AS CEO

Onguard is a market leader in order-to-cash solutions delivered as a cloud service or on-premise. We provide solutions to large enterprises across the world. In the last few years, Onguard has evolved from being a specialist in credit management software to become a market leader in innovative solutions for order to cash. Our integrated platform ensures an optimal connection of all processes in the order to cash chain and allows sharing of critical data. Every day, users in more than 50 countries use the Onguard platform for successful working capital management and tangible results in order to cash and credit management.

USP

We have a robust product suite, which meets all the requirements of large organisations.

empowering culture, and that is reflected in my management style.

CHALLENGES

I expect Onguard to become the market leader in EMEA for order to cash solutions. As a company, we are looking to expand our product offering. In addition, we are always looking for additional acquisitions in adjacent functionalities to further strengthen our offering.

There are really two sorts of business challenges for Onguard. The first of which is the perception of customers that their credit management needs are unique and therefore they need a bespoke solution. For us, it is a case of educating customers that although they may have specific needs, they are not unique. In fact, their requirements should be built into our generic software and as we deal with enterprises across a wide range of sectors, we already have solutions which comply with the processes that are standard within their industry. The second challenge is picking our fights. There are so many opportunities out there that it is easy for a company our size to lose itself in this area. Instead, I am a strong believer in focusing on the few most important issues and avoiding doing a little bit of everything as we find organisations that do that end up spreading themselves too thinly.

MANAGEMENT STYLE

2018-19

One of the defining features of my management style is the desire to reach a consensus. I find that if we reach a consensus there is a lot of self-empowerment and self-engagement and you don’t have to coerce people into doing things. This works well in about 90 per cent of cases, but for the other 10 per cent I am prepared to make the decision. At Onguard, we have a non-hierarchical, agile, very transparent, engaging and

2018 was an excellent year for Onguard. The year ended with record sales, our highest revenue to date and a healthy profit, which was great news, and we were very happy with that. Strategically though, we may not have covered the ground we would have loved to. That said, I have been in the business for about 30 years and that has always been the case, but it is something to work on in 2019. This year looks likely to be very exciting for

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IN CONVERSATION

I expect Onguard to become the market leader in EMEA for order to cash solutions. As a company, we are looking to expand our product offering

us. We have recently finished our budgeting process for the year, and it looks promising from that angle but also demonstrated a healthy funnel, growth of business and good progress in-line with the roadmap. All said, we are already off to a flying start as January was a record-high month from all angles.

AIM, GOALS AND ACHIEVEMENTS

Our long-term goal is to become the market leader in Europe and becoming the dominant order to cash platform player. We are also looking to expand our technology into new vertical markets, particularly looking at businesses who still use Excel and outdated methods of credit management as part of their financial processes. l

www.onguard.com Intercontinental Finance & Law â&#x20AC;˘ 157/19

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TRADE MARK LAW

Ruling with the times EUROPE UPDATES ITS TRADE MARK LAW TO REFLECT MODERN BUSINESS LIFE More than a decade ago, the European Commission began reviewing European Union trade mark law to see how it was functioning across the continent and consider how it could better support modern business practices and combat counterfeits. Given the scenario, the effect the trade marks act would have on businesses and what this would mean going forward to trade is a matter of great commercial interest. Charlotte Bolton

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An overview

Trade mark law is governed by European Union (EU) law together with the national law of member states of the EU. Trade marks may be registered within individual countries, or across the whole of the EU by means of an EU trade mark. Across EU member states the law is more or less equivalent, however certain aspects do vary on a country-by-country basis. One of the intentions behind the revisions to the EU Trade Mark Directive is greater harmonisation of trade mark law within the EU, enabling better cooperation and streamlining processes.

Timeline

The Max Planck Institute was tasked with the review in 2009 and, following its report, the Commission launched its proposal for revision of the Directive and the Regulation in March 2013. Finally, following a process of drafts, consultations and revisions, the European Parliament approved the European trade mark reform package in December 2015. The new EU Trade Mark Regulation and the new Trade Mark Directive came into force on 23 March 2016 giving member states until 14 January 2019 to transpose the provisions of Directive, (EU) 2015/2436, into their national laws. The law in some European countries required more modification than others. All EU member states have now amended their laws. The UK’s Intellectual Property Office (IPO) packaged its revisions into the Trade Marks Regulations 2018 which came into effect on 14 January 2019 via amendments to the Trade Marks Act 1994 ('the Act'). The changes are intended to ensure that trade mark laws are fit for the evolving digital landscape in which businesses now operate and provide some useful new options for businesses to protect their brands. Here are some of the important changes which businesses should be aware of:

Increased powers against counterfeiters

Previously, if a counterfeit product was imported into the EU, responsibility would lie with a trade mark owner to show that the product infringed its trade mark. The burden is now upon importers of potentially infringing goods to demonstrate that they have sufficient rights to import legally. For businesses which regularly contend with counterfeiters, this is a welcome change to the law. The definition of what constitutes infringement in the context of counterfeiting has also been refined. Activities which constitute infringement have been added to include ‘preparatory acts’. This is intended to increase the breadth of the law so that counterfeiters who are only dealing in

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TRADE MARK LAW

parts, rather than entire products, who were previously outside the scope of the Act, can now be liable for infringement.

Greater scope for enforcement of rights

Protecting a business name from being copied should now be easier. The latest changes to the Act have made it a specific act of infringement to use a registered trade mark in a company name. For existing businesses, it will now be easier for them to take action against new businesses who have not done the necessary due diligence when choosing a name. For new businesses, understanding the requirements so as to avoid inadvertently infringing and being forced to rebrand has become increasingly important. In turn, the ‘own name defence’ will also no longer stand for companies. This refers to businesses attempting to side-step liability for trade mark infringement where the trade mark matches their company name and is used in accordance with honest practices. The ‘own name defence’ will now only be available to individuals, not businesses. This does not affect trade mark owners' rights to file a complaint with the Company Names Tribunal  alongside the intellectual property office  in the event that their trade mark is registered as a company name by a third party in bad faith, with the intention of preventing use or extorting money in order to release the name.

Clearer wording when comparative advertising amounts to trade mark infringement

A new section has been added to the Act to clarify that making reference to a registered trade mark in comparative advertising will be an infringement, if its use is contrary to the Business Protection from the Misleading Marketing Regulations 2008 ('the BPR'). The BPR defines misleading advertising as 'anything that deceives or is likely to deceive the traders to whom it is addressed or it reaches' and 'because of its deceptive nature, is likely to affect their economic behaviour or injure a competitor'. The BPR also sets out what is misleading information and the restrictions on how businesses compare their products to those produced by other companies. This provides greater certainty for both sides and harmonises the position across EU law.

New format of trade marks can be registered

The definition of 'trade mark' has now been extended to allow marks to be registered which are not capable of graphical representation. The specific requirement for ‘graphical representation’ has been removed from the Act, permitting unconventional marks to be registered in alternative formats, for example digital formats such as MP3 and MP4. This should make it easier to register non-traditional marks, such as sound, hologram and motion marks in line with digital branding strategies. What constitutes a trade mark has also been expanded to include colours. Case law indicates that often brands, for example Cadbury and Mattel, have struggled to show that the trade mark constituted a 'sign' on the basis that it is neither clear and precise nor capable of graphical representation. Despite the removal of the requirement for graphical representation, the hurdle remains for trade mark applicants to show that a trade mark is clear and precisely represented to be capable of registration. Although, this may be of limited practical benefit to some companies who rely on word and logo marks only, this amendment is important as it is intended to assist brands who have unconventional marks for whom it was previously challenging if not impossible to secure a trade mark registration. Trade mark law appears to have now recognised that businesses are operating in a digital age and are likely to have digital branding strategies going forward. The IPO said, ‘The changes support innovation and economic growth in the UK, helping to minimise differences between the trade mark frameworks across Europe. They also modernise and future-proof the trade mark system for users. These changes therefore make it easier for UK businesses to protect their IP rights here and across the EU’. The new UK Trade Mark law means it is harmonised with other European countries and it is intended that this will make the planned transition of EU trade mark rights into national rights easier for businesses, as they trade with the UK in a post-Brexit world. The position on Brexit remains unclear and to what extent UK and EU trade mark law will diverge is one of the many questions which are currently unanswered. l

Charlotte Bolton is associate in the commercial dispute resolution team at UK-headquartered Michelmores, a full service, Top 100 law firm. Advising clients across the UK and internationally, it is based in London, Bristol, and Exeter. It employs more than 60 partners and nearly 450 staff members.

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ECONOMY & TRADE

The red dragon roars again IS CHINA ABOUT TO CHANGE THE SHAPE OF GLOBAL TRADE… ONCE MORE? For much of 2018, China’s tariff wars with the US dominated media headlines. In 2019 so far, investors are also witnessing increasing signs of a Chinese slowdown, and with it a new approach to economic stimulus by Chinese policymakers. What does this mean for global trade and investment? Jaisal Pastakia

A potted history: China’s role in the world economy

After China joined the World Trade Organisation (WTO) in 2001, its spending patterns began to shift as its leaders focused on building out infrastructure. The subsequent 2008 global financial crisis hit China’s economic growth hard, but the government responded with a stimulus package which continued its infrastructure aspirations, drawing on both public and private resources to fund an unparalleled programme of urbanisation. This had the impact of growing Chinese ties with other emerging market economies, as China imported the commodities required to fuel its rapid growth. A few years later, in 2015, global economic growth was losing momentum once again. In the developed world, the US Federal Reserve had just begun to step back from its ultra-accommodative stance, while the Bank of Japan and European Central Bank were buying bonds to support their economies. In China, authorities responded decisively, with a $4trillion stimulus package pushing domestic banks to lend to businesses, and encouraging those businesses in turn to invest. It is important to remember that both the banks and the businesses receiving these loans were largely state-owned (or state-influenced), and much of this

liquidity injection was once more spent on infrastructure. This stimulus had a reflationary effect on the rest of the world – boosting trade and growth, and particularly aiding some of China’s fellow emerging markets, again boosting key commodity producers. This served as a welcome lift to the wider global economy too, particularly benefitting industrial developed markets like Germany.

Tackling corporate debt and shadow banking industry

However, another consequence of this government intervention was a significant increase in debt. The largest impact was not on consumers or households, but on businesses (‘corporate leverage’). Over the last few years, corporate leverage has continued to rise. Fast forward to 2017, when a surprisingly strong growth reading for the Chinese economy –and indeed the global economy – landed alongside good data from the domestic property market. Together, this was positive news for both Chinese households and government revenues, and contributed to the government’s decision that the time was right to tackle corporate leverage in the system, aiming to reduce risks to the economy. Indeed, this ‘deleveraging’ programme took the form of a risk-mitigation approach,

with targeted regulation including tighter controls on China’s large asset management industry. More importantly, a harder line was taken towards the mammoth shadow banking sector, which typically operates beyond formal regulatory oversight (receiving higher fees from customers to boot). By late 2017, there were signs that the growth in ‘total social financing’–which includes both standard bank loans and shadow banking lending, as well as new stock market issuance – was slowing. As these efforts began to filter through into real economic data, China’s previously stellar growth trajectory began to ease off. By curbing the suppliers of some corporate loans, authorities naturally made borrowing conditions tighter.

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whether this is a genuine pickup in overall demand, or simply businesses previously borrowing through the shadow banking system now being forced into the light.

How are Chinese authorities tackling the slowdown?

Facing slowing growth at home and globally, and with tariff wars with the US impacting the real economy, Chinese policymakers know they must act. With a reluctance to completely undo their deleveraging efforts, authorities have so far been drip feeding new stimulus with a focus on the domestic consumer. What has this entailed? The tried and tested infrastructure buildouts of the past appear to be losing their shine. Indeed, some ‘on the ground’ evidence indicates that money raised by local authorities was not put to work last year, potentially pointing to a waning pipeline of investible infrastructure projects. Meanwhile, lower import tariffs may not yet be having the desired effect – recent data from General Motors and Volkswagen points to some of the worst data for new car sales in multiple decades, despite reduced auto tariffs. For the banking sector, the government has reduced the reserve levels required in order to issue new loans. In theory, this should increase the level of liquidity in the system, but in reality it merely replaces money which would otherwise have left the economy as the banks in question largely already owed these sums to the central bank. Anecdotally, other measures do appear to have been introduced, including lower mortgage rates for first time buyers – a group potentially targeted due to minimal personal debt and a lower risk of property speculation. China also appears to be very slightly opening up to global companies, increasingly allowing international businesses to operate within in its borders, though often with many strings attached.

What next for global trade and investment markets?

Today, there are signs that China’s overall ‘credit impulse’ – an important measure of the change in new credit issued as a percentage of a country’s economic output – has fallen. In the past, this has coincided with periods of economic contraction. New mortgage levels remain large, but are no longer growing. Indeed, the only form of loan demand still on the rise is for small- and medium-sized enterprises, and it is unclear

Having been a substantial contributor to global growth, China’s economic slowdown is increasingly noticeable and gaining attention. Today, its authorities are looking for stability, not the ‘shock and awe’ economic kick-starts of the past, so the degree and shape of stimulus will look markedly different this time around. The ultimate consequences – and for how long the effects will feed into economic activity – are as yet unknown. At the time of writing, trade tensions continue between the US and China. The US has scheduled an increase in tariffs

on approximately $200billion of Chinese goods – raising this rate from 10 per cent to 25 per cent – from 2 March 2019. China, meanwhile, has so far applied reactionary tariffs to around $110billion of US goods. The effects of the trade dispute are now beginning to show up in official data in both economies, particularly in the manufacturing sectors. Talks between key US and Chinese officials are ongoing, but after months of false dawns in diplomatic efforts there are growing signs that both sides are responding to the increasing urgency of the situation. As it attempts to renegotiate this strained international relationship, China could change the shape of global trade in two ways. First, through its current stimulus approach, the producers of consumer goods will benefit more than commodity suppliers. Second, changing the terms of trade with the US could also impact China’s other trading relationships. If, as has been suggested, China brings its trade surplus – balance of imports and exports – with the US to zero in the coming years, this could have a notable knock-on effect for other exporters. For example, if China chooses to import more agricultural goods from the US –where farmers have been hit hard by tariff disputes – to rebalance its trading relationship, it may import less from its Latin American peers. Meanwhile, investor sentiment on China is currently mixed. The onshore Chinese stock market was a meaningful laggard in 2018, underperforming Hong Kong and its global peers. Concerns over slowing growth and trade-related tensions saw money flow out of Chinese assets in the middle of the year, as confidence fell at home and abroad. There have also been early signs that Chinese companies may be trying to manage expectations (lower) in the latest round of quarterly corporate earnings, which cover the full year (2018). Against this backdrop, some investors believe that China’s slowing economy indicates a rapid, ill-managed decline in growth, with a recent spate of weaker data – especially in the manufacturing sector – adding fuel to the fire. However, others – and we include ourselves in this group– believe that proactive policymakers can support and guide the economy into an era of slower – but still attractive – growth. In recent weeks, we have seen foreign investors returning to emerging markets, including China. Share price valuations have reached the appealing levels last seen around three years ago, thus longer-term opportunities may be emerging. l

Jaisal Pastakia is investment manager at UK-headquartered Heartwood Investment Management, a division of Heartwood Wealth Management, an active, global multi-asset investor, which manages assets for both retail and professional clients, including FTSE 100 directors, private equity partners, hedge fund managers and leading UK charities. Part of the Handelsbanken Group, Heartwood currently has over £3.7 billion of assets under management and administration as at 30 September 2018.

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AUTO SALES

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A SLOW-MOTION CAR CRASH EUROPEAN AUTOMOTIVE ON HARD-HITTING COLLISION COURSE Demand for new cars is falling as the economy slows; people are delaying new purchases in anticipation of electrification and driverless technology; and lifestyle factors cool demand thanks to the sharing economy. It seems the global automotive industry is in the midst of complete breakdown. Victor Hill

DEMAND FOR NEW CARS GREW IN EUROPE BY JUST 0.5 PER CENT LAST YEAR DESPITE BENIGN ECONOMIC CONDITIONS. The recent downturn in manufacturing output in Europe has been largely driven by a dramatic slowdown in car production, which is only partially caused by the fall in demand from China. Chinese car sales fell by about six per cent in 2018 and Goldman Sachs is predicting a bigger decline in 2019. The Chinese car market is critical for all of Europe’s volume automotive manufacturers which have ruled the roost for so long, complacent behind huge barriers to entry to new players. These include Volkswagen, Daimler, BMW, Nissan, General Motors, Ford, Peugeot, and Jaguar Land Rover [(JLR), owned by Tata Motors]. JLR announced 4,800 job losses in early January, mostly in the UK where it employs about 40,000 people. This followed the

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AUTO SALES

meantime, Tesla turned in excellent numbers for Q4 2018 thanks to strong sales of its Model 3, which does, however, seem to have some reliability issues, however. Few doubt that electric vehicles are the industry’s future though it is still unclear whether lithium battery or hydrogen fuel cell technology will finally win out. According to the BNEF the number of electric vehicle models on the market will rise from 155 in 2017 to an estimated 289 in 2022, after which date it predicts that sales of internal combustion engine-powered vehicles will go into terminal decline ahead of being outlawed in the UK and France by 2040 and 2030 in India. Yet most established automotive leaders are still some way from offering a full range of electricpowered vehicles. Production of cars in the UK was 129,030 in November last year – down by one fifth on November 2017. More than 80 per cent of British cars are exported. About 1.7million cars were manufactured in the UK with an estimated 60 per cent of their components coming from abroad, making the industry uniquely sensitive to the outcome of the Brexit negotiations. VW reported record sales in January, though some analysts fear that this may have come at the expense of profits as the company is thought to have discounted heavily. The company’s over-dependence on diesel has prompted a massive investment programme in electric and self-driving technology which is yet to bear fruit. European automotive stocks slumped in December. The markets have assigned poor valuations to Germany’s three major car manufacturers while assigning optimistic valuations on more speculative stocks such as Tesla (despite the efforts of the short-sellers). All of the European volume manufacturers have huge fixed costs and enormous pension fund deficits. That is not likely to change.

for Germany and France. In both countries, car production accounts for a large proportion of total manufacturing. And a slump in Germany, in turn, could have dramatic consequences for the future of the single currency. Brexit has restated the fundamental question of what the EU project is about. Is it a Europe of sovereign nation states trading amicably, or a federal European superstate led by Germany? Frau Merkel’s open-door immigration policies have led to the anti-immigrant Alternative für Deutschland (AfD) shooting up from zero votes in 2013 to the country's thirdlargest political party in the September 2017 elections. Not to mention the open hostility of the Hungarians, the Poles and now the Italians. The French automotive industry is particularly skewed towards diesel since diesel was actually favoured by tax incentives until about a decade ago  diesel fuel is still cheaper than petrol in France with the opposite being true in the UK. Meanwhile, France is distracted by a slowburn revolution caused by an elitist globalist president who slashed taxes for billionaires but slammed new carbon taxes on semiskilled tradespeople. Recently, another 60,000 people rioted in most major French cities, confronted by 80,000 combat-clad policemen. French friends tell me that resentment about police conduct is now reaching boiling point. It is sad to see a country one loves in a state of such distemper. Thus, a protracted downturn in European manufacturing, with fewer cars produced, is likely to come at a moment of extreme economic and political uncertainty. The Chinese – who already buy over one million electric cars each year – will probably ride out the great disruption of the automotive sector with relative equanimity. I doubt if Europe will. l

Global effect announcement of a £354million half-year loss. Some of its production is relocating to Slovakia with the help of a €130million subsidy from Brussels. Ford, which employs 13,000 at its Bridgend and Dagenham engine plants in the UK, also announced a shakeup of its European business. Ford reported a $1billion loss in Europe last year. Sales at Nissan’s UK business fell by £93million last year to £6.3billion and Nissan’s car production fell by 6.2 per cent to 487,000 units. European car makers are facing the challenge of tighter regulations limiting the use of diesel engines and the move away from the internal combustion engine towards electricpowered vehicles. The shadow over the future of diesel was lengthened by the emissions scandals afflicting both VW and Mercedes. While they are investing heavily in electrification, it is taking longer than expected for them to roll-out a full range of electric vehicles. In the

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The global automotive industry faces a systemic threat. Demand for new cars is falling as the economy slows; people are delaying new purchases in anticipation of electrification and driverless technology; and life-style factors cool demand thanks to the sharing economy. The traditional barriers to entry which have protected established volume producers are falling. A successful manufacturer of vacuum cleaners and hand dryers (Dyson - private) is currently building a factory which will produce electric cars in Singapore for the East Asian market. The disruption of the global automotive market could not have come at a worse time

Victor Hill is macro strategist at UK-based Master Investor, an investment media and events company providing financial commentary and analysis to Britain’s private investors and traders. The yearly Master Investor Show introduces its 5000+ private investor audience to companies they can invest into. It offers clients opportunities to generate leads to an audience with significant investable funds.

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BANKING AND FINANCE

Customer is the king A CLOSE LOOK AT BANKING AND THE AGE OF THE CONSUMER ‘What do my customers want?’ It is the question that all savvy CEOs are asking. They understand that the age of the consumer has arrived. Dewald Nolte BANKING IS AN AGE-OLD INDUSTRY BUILT ON RELATIONSHIPS AND TRUST, THE FOUNDATION OF WHICH IS FACE-TO-FACE INTERACTIONS. However, with the advent of the digital age, banks are finding that they need to reinvent themselves and rethink how they interact with their customers – it is no longer simply about what you can offer; how you present your offerings is now just as important. Those who excel at engaging their customers will be the ones who win. Be it a bank, fintech company, or credit union, if an organisation cannot attract a consumer’s attention, it won’t even

be able to compete in this new landscape, let alone succeed. It is not a new revelation that thanks to organisations like Google, Amazon, Uber and even Tinder, consumers have become more enlightened and empowered, and expect on-demand services based on their preferences. This generation of consumers, used to having instant access to information, is now demanding the same from their banks and financial institutions. Customer experience has become the differentiating factor and the turf war for the all-important attention of the consumer

has shifted the balance of power between service provider and consumer – with it now residing solely in the hands of the latter. This then leads us to the all-important question: What is it that your customers want? Do you truly understand what your customers need and want in their financial engagements? If banks want to keep their existing customers and attract new ones, they are going to have to. Customer understanding has become a strategic and competitive advantage for banks. Customers want to be engaged in a meaningful way. Gone are the days when banks could just

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BANKING AND FINANCE

throw extra functionality at consumers – consumers are significantly more wellinformed now and demand value for money, and features that are relevant to them.

Does it do what they need it to do?

In this digital world, so many of the connections we make, both business and personal, are anonymous. So, it’s ironic that consumers are now demanding very personalised experiences; they want functionality that is tailored to their needs. It is no longer enough to offer the ubiquitous bog-standard online banking services. Know your customer – know whether they have just got married, retired, or started further education, and then offer the right products to ease the transition. The products have to solve a problem – be relevant and useful. Consumers are no longer fooled by gimmicks and glitter. The tools are there for financial institutions to redefine the banking experience for their customers; to interact in real time, in a convenient (for the customer) and relevant way. Wouldn’t you want your bank to guide you to make informed decisions about your future, leading you to better financial health?

through. Anything a consumer requests, they expect to receive instantly and with the minimum of friction. In response to living with social media, customers have an “always on” mentality and expect the same from their bank – whenever, wherever and however.

Is it easy to use?

As safe as houses

How many times have you searched for something on a website or app and struggled to find it? How long did you spend looking for it? Probably not very long. In this culture of instant gratification, if users cannot find what they are looking for immediately, they will simply abandon the search and move their business elsewhere. A banking app or website needs to be usable; it needs to be intuitive, with a simple interface, to allow quick navigation. The key is to keep it simple, and if possible, to make it a little bit fun. Oh, and there needs to be a limit to the number of hoops; consumers have reached a tolerance for how many they will jump

The rise in popularity of internet banking has unfortunately been coupled with an increase in digital fraud. There was a time when social media had better authentication security thanks banks. Now, consumers expect banks to put a premium on security to ensure that they stay several steps ahead of any new techniques that fraudsters devise. Consumers work hard for their money, and they expect banks to treat it right and do their utmost to look after it. There is a fine balancing act between security and easy user experience, but it is one that a number of fintechs have managed to achieve. Hence, partnering with a fintech, one that already has this technology in place, will enable banks to quickly and cost-effectively up their security game, while at the same time enhancing the user experience.

A little thing called trust

Consumers must be able to trust the financial guidance that banks give them. They need to feel confident that the information they receive is in their best interests as well as their banks. Consumers also want to trust that their bank will be there for them through the good times and the bad. It’s all very well a bank being supportive when business is going well, but what happens when times get a little

tougher? Consumers want a bank who will work with them through the rocky patches to get them back on track. Good relationships are all about give and take. And while we’re talking about trust, a major grumbling point with consumers is all those little hidden bank charges, which when added up, are not all that little after all. Complete transparency and no hidden surprises will go a long way in keeping a bank’s customers loyal (as of course will loyalty rewards). Trust also goes hand-in-hand with innovation, says Rachel Botsman, lecturer at University of Oxford’s Saïd Business School. “When you’re asking a customer to do something different, for example, to use an online banking app, that’s a ‘trust leap.’ Many companies underestimate how hard it is to get customers to leap.” One organisation that seems to have taken its consumers’ experience to heart is Bank of America. It recently announced new features to Erica, its AI-driven virtual assistant. Erica was designed to evolve with its users, and its new features are based on the behaviours and feedback of its users. “When we piloted these new offerings, we received overwhelming feedback. Many reported that Erica had helped them save a significant amount of money; for example, Erica alerted them of unwanted subscription charges they did not even realise they had,” says Michelle More, head of digital banking at Bank of America. A bank that helps you better meet your financial needs – now that sounds like the type of banking experience consumers could get used to. l

Dewald Nolte is chief commercial officer at Entersekt, a provider of online push-based authentication and application security solutions for banks and enterprises. Founded in 2008 and based in Stellenbosch, South Africa, it offers online and mobile banking, mobile application, and card not present authentication services. The company serves clients in US, Europe, and Africa, and has offices in all three markets. It is represented by resellers in a number of countries, including the UAE, Saudi Arabia, Lebanon, and Nigeria.

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EMERGING MARKETS

Get trading now WHY DOING BUSINESS IN THE MIDDLE EAST HAS BECOME MORE THAN EVER LUCRATIVE The Middle East is a region of contrasts that can be many things to many people. Mindful perhaps of their need to eventually diversify away from a reliance on oil revenues, many of the GCC nations  an economic and political union between Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and the United Arab Emirates  in particular have, in recent years, taken demonstrable steps to establish positions of greater international recognition and relevance. Tim Watkins WHETHER THROUGH AN ENDLESS ARRAY OF GRAND CONSTRUCTION PROJECTS IN DUBAI, THE UNEXPECTED SUCCESS OF SECURING THE 2022 WORLD CUP IN QATAR, OR EVEN THE LOOSENING SOME MIGHT EVEN SAY ‘WESTERNISING’ OF CERTAIN LONG-HELD CULTURAL NORMS IN SAUDI ARABIA, THE MIDDLE EAST TODAY IS FAR DIFFERENT FROM HOW IT WAS EVEN 20 YEARS AGO. It would be naïve to assume that the inherent religious conservatism of the region is undimmed, or that the layers of bureaucracy common to emerging market economies, which occasionally serve as a handbrake on the wheels of progress, are a thing of the past. Nonetheless, it is undeniable that the appeal of the Middle East as a market of

opportunity remains high. GDP across the Arab States has, between 2007 and 2017, grown by 40 per cent, according to World Bank figures. A similarly steep population surge across the same period, particularly affecting the Arab states 25 per cent overall, but more than 50 per cent among those aged 15-24 showcases the region as having a particularly strong appeal to a generation of young working professionals during a period of uncertainty following the global economic downturn. For businesses contemplating expansion to, or growth in the Middle East, there are ever-developing opportunities and changes.

FDI rules

In September 2018, after many years of rumour and speculation, the UAE promulgated the Foreign Direct Investment

(FDI) Law, which established a framework for the future loosening – in certain key sectors, yet to be stipulated – of the long-established rule that at least 51 per cent of a UAE company had to be owned by UAE nationals. In practice this ownership requirement has historically served as a form of ‘national agency’ arrangement through which UAE nationals – particularly if they replicate the role across multiple joint ventures – can earn lucrative annual fees. However, the fact of having to surrender a majority ownership stake in what is often set to be a new business venture in a virgin market, regularly gives pause to inward investors. UAE nationals have historically also had a key role to play in the formation of any UAE branch offices, and as federal UAE law requires any UAE based enterprise to have a locally issued operational licence in order to

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commence and continue business, sourcing and retaining good relations with a reliable Emirati sponsor has always been a key part of any FDI market due diligence. The new FDI law is the first step towards changing this long-standing arrangement. Given the number of ‘foreign’ owned companies already in the UAE that have a 51 per cent UAE national borne out of legal necessity rather than commercial desirability, this is likely to fuel a significant amount of corporate restructuring, and make easier the flow of further FDI, in the years to come. Other Middle East countries apply similar rules on FDI, but it is often the case that when one of the GCC states takes a bold step forward, it is only after having first consulted with the others, who may in due course follow suit. Such was the story of the introduction of VAT across the GCC.

VAT

In 2016, all six GCC countries signed a joint VAT Agreement, collectively agreeing the implementation of VAT in due course. Saudi Arabia and the UAE introduced VAT from 1 January 2018, and Bahrain one year later, all at a rate of five per cent. The remaining GCC countries are expected to follow soon. For many years, the countries of the Middle

EMERGING MARKETS

East were regarded as ‘tax free’ jurisdictions, and whilst the continued absence of personal income taxes and corporation taxes supports this view, the slow creep of other indirect taxes is notable (hospitality tax, municipality taxes, and import duties).

Political divisions

The extent to which the GCC agreement on VAT holds firm for Qatar may be tested by the political sanctions which certain of the other GCC countries have placed on Qatar. The UAE, Saudi Arabia and Bahrain have, since June 2017, cut diplomatic ties with Qatar amid allegations of Qatar’s support for terrorism, contrary to an earlier 2014 GCC agreement. For businesses with operations across the Gulf (or particular interests in Qatar), this blockade has created certain logistical difficulties, in terms of how it has impacted cross-border trade within the Gulf, or the ability to hire employees from, or do business with Qatar from those GCC countries who have imposed the sanctions. In the UAE, it is now a criminal offence to display signs of support or sympathy for Qatar. While the initial disruption which followed the imposition of the blockade may have settled, anyone considering Qatar as part of

a wider Middle Eastern business plan should research the effect of this issue carefully.

Residency rules

More openness is, however, emerging in terms of continued residency arrangements. The indigenous nationals of many of the countries in the Gulf remain massively outnumbered by their expatriate populations, and historically non-nationals have been able to reside and remain only for so long as they possess an employment/residency visa – usually granted for relatively short-term periods. Recent announcements in the UAE have, however, paved the way for applications to now be made for five-year and 10-year residency visas, based on entrepreneurial status, particular professional skill-sets, or the level of investment made in business or real estate within the country. This provides greater stability for employees seeking to remain longer term in the UAE, as well as providing an incentive to invest longer term in the national economy at a time when the real estate market in particular – for which the UAE has of course garnered a particular reputation in recent years – has undergone a very testing period of volatility. l

Tim Watkins is a corporate partner at Coffin Mew, a UK-based team of solicitors providing services in commercial, commercial property, corporate, dispute resolution, employment, family and matrimonial, insolvency and business recovery, pension property investment, and wills, trusts and probate. It has offices in Brighton, Gosport, London, Newbury, Portsmouth, Southampton and Wantage.

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BRANDING

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WORKING IN HARMONY WAYS IN WHICH BRANDS AND RETAILERS CAN WORK THINGS OUT

Brands vs retailers – this is an endless battle that has rumbled on throughout the ages. They have competed for our attention, money and loyalty from the High Street boom of the 1860s through to the golden age of the 1960s. And now, in today’s age of digitalisation, the contest is even more magnified as consumers search for the cheapest bargains from online discount retailers such as Amazon and eBay, who are leading the way when it comes to winning custom. Steve Martin

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HIGH STREET RETAILERS ARE BEARING THE BRUNT OF THE ONGOING FIGHTTO-THE END CONTEST WITH BRANDS, PARTICULARLY AS STORE CLOSURES AND JOB LOSSES CONTINUE TO DOMINATE NEWS HEADLINES. In fact, the Christmas period proved to be the most challenging of all. Seventythousand people lost their jobs as a result of the Christmas shopping slump on the high street, and there are still warnings of further warnings of shop closures this year. When once upon a time, consumers would buy into a brand’s message, style and values, the tables have now well and truly turned. Millennials have embraced a DIY approach to shopping, with a wealth of choice and information at their fingertips, especially peer reviews which are increasingly powerful drivers of purchase decisions. Just under half of millennials have admitted that they prefer to make their purchases online rather than in-store. A large reason for this is the fact that they can draw comparisons between products and prices. Recent research has shown that only seven per cent of millennials identify themselves as brand loyalists, while 75 per cent are influenced to shop during a retail sale or promotion. It could be argued that brand loyalty is dying a slow and inevitable death. So, what can be done from a brand perspective to ensure they can remain relevant in today’s volatile climate? After all, it can be argued that retailers need brands in order to survive – because without them, they won’t have products to promote and sell.

Data is king

Data can bring brands and retailers together in harmony. It provides valuable information such as

BRANDING

insights on customer behaviour, purchasing patterns and where and when they like to shop, and why. The rise of online shopping combined with the social media boom has opened up a host of new channels and platforms for brands and retailers to promote their message, which in return, leaves them with a mountain of actionable customer data. Making sense of this data and acting upon it has proved a blessing and curse for marketers. Done right, it can help retain existing customers, target and convert new ones, and ultimately boost sales. Done wrong, customers will turn their back on you, spread the word among their peers, and head off to a leading competitor. Worse still, if data is not handled correctly you can now be landed with a huge fine following the introduction of the General Data Protection Regulations (GDPR), which was implemented in mid-2018. There is a greater responsibility for how data is used, and this has a bearing on people-based marketing. Data partners will need to know where the data is coming from and how it was consented, and it is vital that they know this.

A second-party strategy

So if both retailers and brands have the same end goal – winning and retaining custom – why can’t they work things out and operate together to help achieve this? Surely the combination of two sets of data on a single customer is better than one? But how do brands and retailers set about doing this? The answer lies in what is known as second-party data. Second-party data is essentially data that customers aren’t giving you directly, but that you’re obtaining via a relationship with another entity. Take any supermarket and Coca-Cola for example. The brand (CocaCola) is responsible for developing the product but arguably knows little about the end-user given the majority of sales come through the retailer (the supermarket). It is therefore within the interests of the brand to work with the retailer to obtain customer data that enables them to tailor their product marketing for current audiences. For example, targeting paid media to lapsed buyers and measuring the in-store sales impact of that paid media. In addition to a potential new revenue stream, the benefit for

the retailer is a more engaged brand that invests more in paid media and brandfunded promotions. Trust and compliance between parties is another formidable challenge when it comes to data sharing. For this reason, it is important to involve an independent third party with a privacy safe platform that ensures a seamless experience.

Co-marketing opportunities

In addition to brand-retailer second-party use cases, brands can also explore brandretailer-brand opportunities. Imagine a world where brands can instantly understand how users buying their products in a given retailer are transacting with other brands in the same retailer. This opens up the opportunity for noncompetitive brands to identify partners to drive co-marketing opportunities without costly market research. For example, a soft drink brand may identify which alcoholic beverage brand they can approach to develop a coupon discount partnership. Brands working together in this way could even create combined audiences for paid media targeting and measurement.

Long-lasting relationship

As shopping patterns and behaviours continue to evolve alongside technology, the future will always remain somewhat uncertain and unpredictable for both brands and retailers alike. The next big phenomenon is always just around the corner and ready to shake up the entire industry once again. Instead of competing against each other, like they have historically, brands and retailers must recognise that they can actually overcome a multitude of hurdles in the change in landscape, if they forget their differences and learn to work alongside each other. Second-party data is a powerful tool – but only if it is handled and actioned correctly. It is how brands and retailers can work in harmony to build relationships with their customers and ultimately remain relevant and profitable. l

Steve Martin is managing director of international data at LiveRamp, a San Francisco, California-based SaaS company that offers an identity resolution platform. The company's identity resolution services include data onboarding, the transfer of offline data online for marketing purposes. It has offices in the US, Europe, Australia, and Asia.

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LEGAL DOCUMENT MANAGEMENT

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UP IN THE CLOUD KNOWING WHERE YOUR DATA IS SAFELY STORED SHOULD NOT BE AS CHALLENGING AS REACHING FOR THE SKY

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LEGAL DOCUMENT MANAGEMENT

For global law firms, data flow and wider GDPR laws represent a significant challenge in terms of the data held, and transferred between firm and client. Knowing where our data actually exists is becoming increasingly confusing and names like 'The Cloud' aren't helping. Fiona Harte ACCESS TO DATA IS KEY TO LAW FIRMS THAT RELY ON PRECISE AND UP-TO-DATE DETAILS AND NEWS, THE WAY THAT DATA IS STORED WITH THE CLOUD MEANS THAT THIS CAN BE DIFFICULT TO ENSURE. The largest providers of this service may have clauses in their contracts that allow them to move data around the world and Europe at any time, without consulting the customers they provide this service to. This results in a huge amount of uncertainty over where exactly the data is stored, whilst ordinarily this might not be a problem, but with GDPR and changes to data laws, this could result in a lack of accessibility to data. One of the key issues that law firms and other businesses – irrespective of their location – will need to consider is whether their cross-border data flows are compatible with data protection laws. Law firms exchanging personal data with countries in the European Economic Area should therefore consider their contingency plans before it is too late. International law firms will be most exposed to potential breaks in data protection laws between the UK and Europe. This is due to the increased need to transfer the sensitive data of clients, not only in a secure manner but without breaks throughout. It is currently very difficult to ensure this is going to be possible, as the data stored increasingly in the cloud is almost impossible to track. The largest providers of cloud storage are likely to be storing data across the Europe, America, and Asia, with frequent changes of location adding to the fog of data uncertainty. In response to the uncertainty, there are a few ways in which law firms can begin to prepare, using practical solutions for some the problems discussed. Paolo Sartori, CEO of IT specialists TransworldCom suggests the most sure-fire way to get around this is to deploy a private cloud infrastructure that enables a heightened level of access and knowledge surrounding the source of the firm and its respective clients’ data. Sartori states that for law firms who rely on the largest public cloud suppliers and networks, although their size and scale predicates the ability to initiate searches for data quickly in response to regulatory demands, there may be a disconnect between starting the search and finding the data as it could be stored anywhere.

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But for businesses that have gone the route of private clouds providers, it may be different as these should be able to quickly bear down on data to the individual SAN disk level located within the UK. Firms have been advised to continue to apply standards stipulated by GDPR as well as following the current ICO guidance. This includes not only laws on the consent for the usage of data such as mailing lists, but also the way that data is handled to ensure privacy is always maintained. TransworldCom's second recommendation is to review your flow of data and identify where it is you receive data into from the EEA and find the steps necessary to ensure that such data continues to flow. Again, this can be difficult for those firms who are currently unaware of the locations of their data and could rely on their customers’ knowledge to a large extent. A similar point includes

identifying transfers of data to other countries and the EEA. Both of these come down to awareness and staying ahead of the issue before problems arise. A seemingly obvious, but no less important point that firms should stress is the reviewing of key documentation. It is crucial to know when dealing with complicated issues such as data, the specifics of contractual agreements and what privacy notices say. Especially in regards to international data transfer. The knowledge of these details makes it possible to take the necessary steps to correct discrepancies in contracts and agreements. The last point of order for data laws is to maintain organisational awareness of the issue. In the same way that events and laws are ever changing, the only way to keep up with the changes in data laws and maintain data flow is incremental change and updates. l

Fiona Harte is legal consultant at Merali Beedle, a UK-based boutique law firm offering high level advice on commercial property, residential property, retail, private client, employment, immigration, family and corporate.

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INFORMATION TECHNOLOGY

Less haste, more speed with digital transformation LAW FIRMS MUST INTEGRATE TOP-END TECHNOLOGICAL SYSTEM FOR FUTURE SUCCESS Legal practices and financial organisations are deploying technology to transform their operations to deliver a superior client experience and reduce costs. However, the reality is that many are deploying ‘quick fix’ technology rather than a well-designed and integrated solution. Jonathan Sharp

Quick fix approach

The pressures of today’s business environment are ongoing, with businesses having to adhere to policies and regulations such as GDPR and PCI compliance. Then there are the demands such as cyber security and Brexit to contend with. With these macro obstacles standing in the way, sometimes the needs and wants of a business such as a digital transformation strategy get pushed to the back of the queue. This can trigger the ‘quick fix’ approach which they believe to be an easier and more realistic resolution, as oppose to a constructing a digital transformation strategy.

Islands of technology

New channels of communication are deployed which lead to technology silos, with separate teams and systems. People struggle to manage the different systems and channels, and isolated groups of data get lost in the abyss. These islands of technology may deliver the short-term win

but they don’t maximise the potential of data to deliver long term benefits and results. A CEO may state they need to improve client service and they need webchat - fast. The IT manager or contact centre manager sources a webchat solution and then rushes to implement it to meet the demands from above. The business resolves their issue but at the same time the ‘quick fix’ hasn’t delivered the benefits and results that a well thought out digital transformation strategy could produce. If you rush into projects, mistakes can be made and issues overlooked rather than taking time to look at the detail of what is required and why.

Deconstructing digital transformation

The market is saturated with technology and it has become increasingly difficult to decide what technology you need and why. However, digital transformation doesn’t have to be a complex mission constricted by high budget demands and lengthy project times.

Solution providers work with legal practices and financial organisations to simplify digital transformation by deconstructing it into manageable projects but still creating a well thought out strategy and plan that integrates with your technology. For example, you may want them to scope out a new voice strategy for your contact centre initially and later down the line look at introducing Conversational AI. Solution providers work with businesses to discover your needs by designing and developing a solution that is bespoke to you.

All in the design

A ‘quick win’ can be delivered but the answer is to design correctly from the offset and not just order in a solution expecting it to produce the results you want. We suggest reviewing your client communications that have high volume interaction so you can reduce costs by automating them. Imagine being able to automate 80 per cent of these

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INFORMATION TECHNOLOGY

communications enabling you to deliver a seamless service that is easy for your customers to use and to free up your agents from repetitive mundane tasks.

Proof of concept

The next step is to test out the solution by piloting it; this will reduce the fear and risk of change. You can test what works and what does not. Cloud-based solutions make it much simpler to test out new ideas quickly. Businesses still get the ‘quick fix’ they require and realise the real-life benefits in practice and solution providers can demonstrate the technology roadmap for your digital transformation journey. Ensuring that your technology is aligned with your objectives and strategy so you get an incremental benefit helping you to create an agile and adaptive culture

Investment protection

This year, in particular with Brexit looming in the UK and across Europe, the fear of spending is still prevalent with companies wanting to reduce costs and extend the life of existing systems. The good news is that legal practices and financial organisations do not have to rip out existing systems and replace them. They can protect their existing assets and add on technology and applications when desired. A solution provider will work with you to discover where using technology will improve customer experience, whilst reducing costs at the same time! By adopting a flexible cloud infrastructure you can produce ‘micro services’ through open APIs, utlising your existing technology and deploying new technology as and when you require, giving you the flexibility to augment existing systems with unified communications, artificial intelligence and automation solutions.

Managing different systems

In the contact centre world is not unusual for agents to manage up to five to seven separate systems at one time. This is ludicrous and naturally ineffective and inefficient.

Providing seamless customer experience

Disruptive technologies like artificial intelligence (AI) and robotic process automation (RPA) utilised in the contact centre drastically improve client experience.

For example, a conversational AI solution, can self-learn the content from your website and the client conversations that take place in webchat, recognising and pre-empting their needs. AI can handle the mundane daily requests, freeing up agents from dealing with them. When the enquiry gets complex and requires a conversation it can be handed over to a human agent to resolve the request, passing the information along with the transfer so the agent can pick up where the bot left off. Yes, a business can order in a webchat system as a ‘quick fix’ but if it is not integrated into the front and back office then it will not deliver a seamless experience.

Integration is the answer

By creating a ‘smart inbox’ you can ensure that everything is viewed from a single portal, making it easier for the agent and the client. All interactions are then integrated over an orchestration layer connecting everything together in the front and the back office. A Forrester survey revealed that 64 per cent of the survey respondents stated that a lack of a single view of information was one of their biggest challenges in CRM. Integration is the backbone of technology, and if a technology project fails to deliver it is often because it does not integrate with the front and back office. Clients today want to be able to select how and when they communicate with

a business, and they expect it to be a seamless experience. This is impossible to deliver if agents must manage a number of systems at one time. The objective of a multi-media contact is to deliver a joined-up customer journey that can only be delivered if all the systems are integrated into the front and back office.

Transforming business not just technology

Digital transformation is not just about the technology; it is about the overall business and how technology can be used to increase ROI on human capital and accelerate revenue. AI and RPA enables self-service enabling you to cut costs and not increase them, by cutting the cost to serve you can invest in training for your agents and get a bigger return from them. You can increase client service and more clients will stay loyal to you and you will generate new business, increasing your profit margin.

More speed less haste

More speed and less haste – digital transformation is an evolutionary journey and best approached like stepping stones. There is no need to rush and get a quick fix that will only deliver short term gain. It is advised that you approach it in a strategic manner so you can have a well thought out strategy and solution that will be delivered with speed and deliver long term gain. l

Jonathan Sharp is director at Britannic Technologies, an independent systems integrator. The company’s expertise lies in VoIP and contact centres, cloud hosting, voice and data networking, systems integration and application development. It provides communication ecosystems across a range of sectors including finance, hospitality, housing, insurance, legal, and professional services. It partners with vendors such as Mitel, Avaya, Microsoft Skype for Business, Red Box Recorders and Computertel.

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JUDICIARY

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MODERN LAW THE DIGITISATION AND MODERNISATION OF COURT PROCEEDINGS GETS LEGAL APPROVAL In a world that is increasingly digitalised and where modernisation of systems is now a way of life, our courts of law may appear to be stuck in another time. There is, however, a growing list of different global court procedures that have or can be modernised and the benefits are there for all to see. Rhiannon Cambrook-Woods

WITH EVERYTHING ELSE GOING DIGITAL, IT SHOULD COME AS LITTLE SURPRISE THAT THE PAPER AND GAVEL-BASED COURT IS BEING REPLACED BY PIXELS AND GIGABYTES. Traditionally reliant on slow, out-dated and manual processes, courts are set to greatly benefit from digitisation. First, creating digital files removes the inefficient reams of paper that lawyers and judges previously had to sift through. Meanwhile, apps and websites make justice more accessible to the common man. There are even platforms for crowdsourced justice - where people can work together on humanitarian or other societal issues.

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Modernising the court system

The UK Government, for example, has quickly gotten in on the action, investing £1billion in modernising Britain’s court system. Eventually, this is expected to deliver better value-for-money for UK taxpayers and make the system more efficient - to the tune of £250 million every year from 2022. The modernisation has already delivered several milestones including the creation of digital records, a programme that enables legal parties to share documents online, and the ability to file a small money claim online.

Streamlining cases and removing paper

One clear benefit from digitising the court system is removing vast quantities of paper from the process. Switching to digital information helps cut costs (both financial and environmental) when it comes to paperwork. Plus, having information recorded on paper is also a security risk as it can be misplaced easily or left in clear view. The UK Supreme Court and Crown Prosecution Service both use CaseLines, a system that manages evidence for over 10,000 cases every month, sometimes with bundles of up to 200,000 pages that would otherwise have been kept on paper. Similarly, in the US, a court management system called C-Track is used. This stores, processes, and tracks information, helping legal teams work more efficiently and fasttrack cases through the court system.

Chatbots to make law more accessible

Chatbots are also being used to improve the public’s access to justice. DoNotPay is a highprofile example of this, having overturned more than 200,000 parking fines in London and New York. It has since expanded its functions, now processing emergency housing applications and helping refugees fill out immigration and asylum paperwork.

JUDICIARY

cases prevents the expensive transportation of high-risk offenders to a courtroom, for example. Remote hearings also increase the potential work for judges, especially highly specialised ones who otherwise may be limited by geographical barriers. Even celebrities are getting in on the act, with rapper Goldie using FaceTime to enter a guilty plea at Bristol Magistrates' Court whilst living in Thailand. A pilot scheme is also running in Manchester and Birmingham, testing a procedure to set aside County Court Judgements.

Not without some controversy

However, for all its benefits, the digitalisation of the court is not without some controversy. More streamlined processes will lead to job losses in some areas and fewer opportunities for entry-level employees to move up the chain. Six thousand five hundered court staff out of 16,000 are expected to lose their jobs because of the UK court modernisation. Then there are worries over the security of information held in digital systems. With highprofile hacks happening across all industries, it’s only a matter of time before the justice sector becomes a target  and it holds a lot of sensitive information. Plus, the modernisation of the British court system has already hit some expensive delays. The HM Courts and Tribunals Service’s Common Platform, designed to be a central hub for all parties involved in a case, has been delayed to address several identified risks. One of these is failing to meet all the different needs of stakeholders, including the Crown Prosecution Service to the police. All of which highlights a unique problem in digitising the court. Unlike other industries that can be easily disrupted by digital

transformation, the courts are reliant on years of precedent and decision-making. Its history and, some would say, its honour must be upheld. Even if a process is not seen as efficient by an outsider, it has to be taken as a starting point when digitising the court because of precedent.

The future of the court

That said, the court is not exempt from the passage of time. The future court may have some features that are very different from current standards. Artificial intelligence (AI) will begin to enter the judicial process. Some law firms are already using it to analyse thousands of legal documents or to predict the outcome of a case. One day it may even judge some cases or provide guidance on appropriate decisions and sentencing. Others predict that straightforward cases may be resolved without the need to ever step foot in a courtroom. Instead, an online process will provide a ruling and outcome, much like the resolution centre process that eBay uses. Finally, there is the blockchain. This technology, currently being trialled by CaseLines, will prevent legal records from being manipulated or altered. Thereby providing another layer of security to the court process.

Opening up the court

The digitisation of the court is helping to improve a system that was previously confusing, archaic and inaccessible. Using technology will make many jobs easier, streamline the legal process and help people obtain justice. In the long-run, it will save countless wasted hours and costs. Ultimately, ensuring that judges and lawyers are free to focus on what really counts: securing justice for everyone who deserves it. l

Crowdsourcing the court

The Participedia community began in Finland, where it encouraged citizens and lawyers to work together on crowd-sourced law projects. Its aim was to save the justice sector from any potential constitutional challenges as well as save time in redrafting and amending.

Justice in the palm of your hand

Smartphones are beginning to find a place in the courtroom. Indeed, the Lord Chief Justice has advised lawyers and judges to prepare for a time when smartphones are used in nearly every court. He explained that many legal processes can be simplified via smartphones and similar technology, making the courtroom feel more approachable to a layperson.

Webcams for some hearings

Video hearings are rising in popularity because they offer the court system significant cost and time savings. Using video to conduct remote hearings for some

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Rhiannon Cambrook-Woods is managing director at Lysander Law, a UKbased law firm specialising in family law, personal injuries and serious injuries. Its teams of experts in these fields provide personalised specialist advice for each claim.

RISK ASSESSMENT

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Stay secure PROTECTING YOURSELF IN A MARKET DEFINED BY UNCERTAINTY Stuart Ramsden

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RISK ASSESSMENT

In today’s global economy, uncertainty is the name of the game. What was once the unexpected has become the norm and we have seen new risks unfold which, if predicted, would have seemed far-fetched. MODERN RISKS COME IN THE FORM OF THE UK’S IMPENDING DEPARTURE FROM THE EU, A GLOBAL PROLIFERATION OF THE US-CHINA TRADE WAR, THE RISK OF MISGUIDED FED POLICY, RISING OIL PRICES AND A HARD LANDING OF THE CHINESE ECONOMY. When it comes to economic stability, uncertainty is not a positive influence. While any astute business will have one eye on the horizon looking for potential clouds on the economic landscape, the biggest concern to any business will be the likelihood of getting paid. And it seems as if British businesses are bearing the brunt of these uncertain times, increasingly being faced with payment delays and defaults. In Atradius’ latest Payment Practices Barometer, we revealed that nine out of 10 businesses in Britain are experiencing frequent late payments. The report found that British businesses have a higher proportion of overdue invoices than their counterparts across Western Europe. What’s more, Great Britain faces the longest B2B payment delays with businesses receiving payments for their products and services an average of 34 days late – 10 days longer than the average in Western Europe. British exporters are also marginally more likely to experience payment delays with 91 per cent reporting frequent late payments

from international customers compared to 88 per cent from domestic customers. Late payment from B2B customers is reflected in a longer DSO – days sales outstanding – which may adversely impact businesses’ liquidity, increasing B2B trade credit risk. Based on the Atradius research, over the past year Great Britain recorded the second biggest increase in DSO at 35 days, up from 31 days. More than half of the firms surveyed across Western Europe said payment delays affected their business. Of these, 18 per cent had to take specific measures to correct cash flow, 16.8 per cent reported losing revenue and 15.9 per cent subsequently postponed payments to their own suppliers. When asked the cause of late payments, an insufficient availability of funds was the predominant factor, reported by 39 per cent of British businesses. However, customers seem to be putting their suppliers’ cash flow under pressure by using outstanding invoices as a form of financing, with 29 per cent of businesses citing this as a reason for payment delays. Surprisingly, a quarter of businesses said that payment delays were due to the goods or services provided not corresponding to what was agreed in the contract. A further 23 per cent blamed delays on disputes over the quality of the goods or services provided. It sounds simple but ensuring you and your customer having clear negotiations and a mutual understanding of what you’re offering is crucial. This report demonstrates that too many delays are being caused because this is not happening. For a belt and braces approach, outline everything in writing and include a detailed description in your contract. Leave no room for uncertainty so there can be no dispute once the deal is done. The insolvency climate is also precarious with an increase in business failures in the UK, most evident in the construction sector and the retail trade

sector which has been particularly hit by weakening purchasing power. In line with this, our economists predict that UK insolvencies will have risen eight per cent in 2018 and a further four per cent in 2019. Late payments and defaults put an unnecessary squeeze on a business’ cashflow and, if left unchecked, can have a severe impact on its financial health. Having a robust system which monitors the status of all payments, flags up delays and issues timely reminders is essential to staying on top of your game. However, it is also a useful tool in spotting and flagging up trouble. A forgotten invoice is one thing, but a pattern of late payments could be a sign your customer is stalling and unable to pay. If you can, speak to other suppliers and share information so you can determine if delays are becoming more frequent and widespread. Your trade credit insurer can build up a full picture of payment trends within different industries and for individual buyers and is therefore able to quickly identify any anomalies and advise you of any risks. As we have seen, today’s economic climate is characterised by change and uncertainty, and it is evident that this has taken its toll on businesses in all sectors. What lies ahead is becoming more difficult to predict which makes the risks of trading all the more acute. With an increase in late payments and insolvencies, businesses need to have a risk management strategy which is robust and adequately safeguards their bottom line – or face the consequences. Protection of receivables is of paramount importance. Credit insurance enables businesses to manage the inevitable risks of selling on credit and, importantly, also equips firms with access to accurate and up to date business intelligence to help them grasp growth opportunities through safe and profitable trade. For many across the world, this could be the difference which helps them weather the storm of uncertainty and enables them to take their business into the future. l

Stuart Ramsden is head of commercial for UK & Ireland at trade credit insurer Atradius. Headquartered in Amsterdam, Netherlands, it provides trade credit insurance, surety and collections services worldwide through a presence in more than 50 countries around the globe. It is the credit insurance arm of Grupo Catalana Occidente, one of the largest insurers in Spain and one of the largest credit insurers in the world with revenues of €1.8billion for 2017.

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North America

Europe

Asia

www.winston.com

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ICFM TOP 100 LEADING FIRMS 2018

IT IS OUR PLEASURE TO INTRODUCE TO YOU THE INTERCONTINENTAL FINANCE MAGAZINE’S 100 LEADING FIRMS LIST, FEATURING THE BEST FIRMS FROM THE WORLD OF LAW, FINANCE AND PRIVATE EQUITY The honourees on the list have been chosen in accordance with their business practice, depth of knowledge and service rendered to clients. ICF recognises that partnering with the right service provider in today’s highly-competitive world is of utmost importance to organisations who mean business and would settle for nothing less. Our list provides you that cutting edge you need with a roster of names that is a veritable Who’s Who of the business, finance and legal world. Featured are the crème de la crème who can advise you on all corporate matters.

Congratulations to all our Top 100 Leading Law Firms

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ICFM TOP 100 LEADING FIRMS 2018

Australia

Davis Advisory www.davisadvisory.com.au

Canada

Czech Republic

PatentAxis Inc.

Gurlich & Co.

www.patentaxis.com

Bahrain

www.akrg.cz

France Rogerson Law Group www.rogersonlaw.com

Zu'bi & Partners

Cabinet Plasseraud www.plass.com

www.zubipartners.com

China Belgium

AMBOS NBGO

Lee, Tsai & Partners

IXO Private Equity

www.leetsai.com

www.ixope.fr

Colombia

Germany

www.amboslaw.be

Botswana Posse Herrera Ruiz www.phrlegal.com

Busse & Miessen

Cyprus

www.busse-miessen.de

Luke & Associates www.lukeandassociates.net

Christodoulos G. Vassilliades & Co. LLC www.vasslaw.com

Kather Augenstein www.katheraugenstein.com

Piyush Sharma Attorneys & Co. www.sharma.co.bw

Costas Tsirides & Co Llc

Brazil

www.tsirides.com

Pohlmann & Company www.pohlmann-company.com

Basilio Advogados www.basilioadvogados.com.br

Mantis & Athinodorou www.mantislaw.com

SIWE www.si-we.d

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ICFM TOP 100 LEADING FIRMS 2018

Greece Fox Mandal PPT Legal

www.foxmandal.in

S.K. Srivastav www.srivastavandco.com

www.pptlegal.gr

India HSA Advocates www.hsalegal.com

Anand and Anand

Tuli & Co www.tuli.biz

www.anandandanand.com

Kesar Dass B. & Associates www.kesardass.org

VERITAS LEGAL www.veritaslegal.in

Indonesia AZB & Partners www.azbpartners.com

Law Office Of Ramni Tanjea www.ramnitaneja.com

Hermawan Juniarto www.hermawanjuniarto.com

D. H. Law Associates www.dhlawassociates.com

Mundkur Law Partners www.mundkur.com

Lubis Ganie Surowidjojo www.lgsonline.com

Ireland Desai & Diwanji www.desaidiwanji.com

NKN Legal www.nknlegal.co.id

Fidus Law Chambers www.fiduslawchambers.com

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VIGITRUST www.vigitrust.com

O.P. Khaitan & Co www.opkhaitan.com

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ICFM TOP 100 LEADING FIRMS 2018

Italy

Lebanon Berdeja Abogados SC www.berdeja.com.mx

Annunziata Associati www.acfirm.it

Abou Jaoude & Associates Law Firm www.ajalawfirm.com

Tumi Law Firm

Ritch Heather Mueller Y Nicolau www.ritch.com.mx

www.tumilawfirm.com

Dalla Verita' & Partners www.dallaverita.it

Nepal

Luxembourg

Dennemeyer & Associates S.A. www.dennemeyer.com

Pradhan, Ghimire & Associates www.pradhanlaw.com

Spadafora De Rosa Law www.spadaforaderosa.net

Nicaragua

EY www.ey.com/lu/en/home

Ughi e Nunziante - Studio Legale www.unlaw.it

Guy Jose Bendana-Guerrero & Asociados www.guybendana.com.ni

Malta Nigeria

Japan

YUASA and HARA www.yuasa-hara.co.jp

G. Elias & Co.

KSI Malta www.ksimalta.com

www.gelias.com

Mexico

Kenya

JATA www.jata.mx

Hermon www.hermonlaw.com

PPT Legal www.pptlegal.gr

Oscos Abogados

Tokunbo Orimobi LP

www.oscosabogados.com.mx

www.tolegalgroup.com

Waweru Gatonye www.wawerugatonye.co.ke

SMPS Legal www.smpslegal.com

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Pakistan

ICFM TOP 100 LEADING FIRMS 2018

The Netherlands

Spain

Heussen www.heussenlaw.nl

Vellani & Vellani www.vellani.com

Lebrero Abogados S.R.L.P. www.lebreroandco.com

Turkey

Philippines BEZEN & PARTNERS www.bezenpartners.com

DivinaLaw

Maio

www.divinalaw.com

www.maiolegal.com

Sweden

Group Law Firm www.grouplaw.com.tr

Hechanova Bugay Vilchez & Andaya-Racadio

Delphi www.delphi.se

ÜNLÜ & Co

www.hechanova.com.ph

www.unluco.com

Switzerland Portugal

UAE AFSCHRIFT

SPASS - Santos Pereira & Associados

www.afschrift.com

www.spass.pt

Fichte & Co

Russia

www.fichtelegal.com

Tax Partner AG

www.taxpartner.ch

Zuykov & Partners www.zuykov.com

Taiwan ABR Solicitors www.abrsolicitors.com

Slovenia Deep & Far www.deepnfar.com.tw

AVONDALE Law Office PETEK Ltd

www.avondale.co.uk

www.op-petek.si

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ICFM TOP 100 LEADING FIRMS 2018

Bonaccord Ecosse Ltd www.bonaccord.eu

Fulcrum Chambers

SIA Group

www.fulcrumchambers.com

www.sia-group.co.uk

Ukraine Boult Wade Tennant

Goal Group Ltd

www.boult.com

www.goalgroup.com

Aleksey Pukha and Partners www.puhaipartnery.com.ua

HGF Limited www.hgf.com

USA

Carter Perry Bailey LLP www.cpblaw.com

Demotech, Inc. Imprima

www.demotech.com

www.imprima.com

Cavendish Corporate Finance LLP www.cavendish.com

Luvera, Barnett, Brindley, Beninger & Cunningham www.luveralawfirm.com

Intercorp Group Financial Marketing Ltd

www.intercorpgroup.com

www.financialmarketing.com

Maalouf Ashford & Talbot, LLP www.maaloufashford.com

Liquidity Services Inc. www.liquidity servicesinc.com

FMConsult www.fmconsult.co.uk

Purvis Gray Thomson, LLP www.purvisgray.net

Maxwell Winward LLP www.maxwellwinward.com

Sadis & Goldberg www.sglawyers.com

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www.imagecreativedesign.co.uk

TO INTERCONTINENTAL FINANCE MAGAZINE'S TOP 50 GLOBAL LAW EXPERTS FOR 2018 THE FOLLOWING LAWYERS HAVE BEEN RECOGNISED BY INTERCONTINENTAL FINANCE MAGAZINE AS ONE OF THE TOP 50 GLOBAL LAW EXPERTS IN THE WORLD TODAY. ICFM is a monthly magazine and is distributed to our 158,500 strong corporate database. We hope our Top 50 Global Law Experts will help you to make informed decisions as to what firms or individuals to assist you in corporate matters, whether of a transactional nature, financing or simply ongoing assistance to ensure your businesses are applying good governance in all areas.

Congratulations to all our Top 50 Global Law Experts

Belgium - China

TOP 50 GLOBAL LAW EXPERTS 2018

De Broeck Van Laere & Partners

Didier Van Laere is a business lawyer at the Brussels’ Bar and the Ghent’s Bar, specialized in tax and corporate law. He obtained a Master degree in law at the University of Ghent and a special Master degree in tax law at the University of Brussels. Didier

E: dvl@dvp-law.com

Van Laere is one of the two founding partners of the law firm

T: +32 2 4230 042

De Broeck Van Laere & Partners (1998). His practice includes

F: +32 2 4230 032

corporate tax work, mergers & acquisitions, restructuring and...

www.dvp-law.com

READ MORE HERE

STW & Partners

Shinâ&#x20AC;&#x2122;ichiro Yoshiba is one of partners of STW & Partners. His

main areas of practice are licensing, IP related M&A transactions, and IP litigation and dispute resolution involving infringement

E: shinichiro.yoshiba@stwlaw.jp of patents, trademarks and copyright. He has considerable T: +81 3 3596 7317 experience in handling IT-related legal issues and disputes F: +81 3 3596 7330 regarding various types of internet services and IT system www.stwlaw.jp

JAPAN

Shinâ&#x20AC;&#x2122;ichiro Yoshiba

development. He regularly provides comprehensive legal advice on litigation/dispute resolution,... READ MORE HERE

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TOP 50 LAW EXPERTS 2018

Japan - Mexico Wataru Sueyoshi is one of the founding partners of STW & Partners. His main areas of practice are IP Law and Corporate

JAPAN

Law. He obtained an LLB from the University of Tokyo in 1981 and was admitted in Japan to the Daini-Tokyo Bar Association in

E: wataru.sueyoshi @stwlaw.jp

1983. He joined Mori Sogo (now, Mori Hamada & Matsumoto) in

T: +81 3 3596 7301

1983 and established STW & Partners in 2007. Mr. Sueyoshi was

F: +81 3 3596 7330

the Visiting Professor, University of Tokyo Graduate Schools for Law and Politics from 2013 to 2016... READ MORE HERE

Nelson Ihachi Ashitiva is the Senior Partner and Head of Strategy at Ashitiva and Company Advocates, a firm he founded 5 years

KENYA

ago with partners Ken Ashimosi and George King’ori. A practicing

Nelson Ihachi Ashitiva

he is also a Commissioner of Oaths, Notary Public and an

E: info@ashitivaadvocates.com

Arbitrator and Associate of the Chartered Institute of Arbitrators

Carlos Abou Jaoude is the founder and managing partner of Abou Jaoude & Associates Law Firm. His multidisciplinary expertise

LEBANON

www.stwlaw.jp

Ashitiva and Company Advocates

ADR specializing in corporate restructuring.... READ MORE

and international experience in a broad range of industries in both the public and private sectors include Corporate Law, Banking &

T: +254 20 2710 880 T: +254 722 764 732 www.ashitivaadvocates.com

Carlos Abou Jaoude Abou Jaoude & Associates

E: c.aboujaoude@ajalawfirm.com

Finance, Mergers & Acquisitions, Capital Markets & Securities,

T: +961 1 395 555

Tax & Succession Planning, Structured Finance, Financial

F: +961 1 384 064

Restructuring & Insolvency, Telecommunications, Media, Project

www.ajalawfirm.com

Development & Finance and Privatization.... READ MORE HERE

Shankhnad Ghurburrun has many years of experience in advising international and domestic clients on white collar crime, asset

MAURITIUS

advocate of the High Court of Kenya with 10 years of experience,

of the United Kingdom. Nelson focuses on Commercial Law and

recovery and anti-fraud matters, in both Mauritius and the

Shankhnad Ghurburrun

Seychelles and regional cross border matters. GEROUDIS has its

Geroudis

own in-house intelligence team, and often collaborates with state

E: sanjeev@geroudis.com

authorities in the development and elaboration of commercial crime legislation in Mauritius. The firm has full service capabilities with around 20 Forbes 100 clients... READ MORE HERE

1977 was a good year for beginnings. The first Apple Computer went on sale, The Clash released their first album, Star Wars

MEXICO

Wataru Sueyoshi STW & Partners

opened in theaters, and as for real space exploration the Space

T: +230 2103 838 F: +230 2103 912 www.geroudis.com

Dario U Oscós Coria Oscós Abogados

In Mexico City, there was another sort of launch: Oscós Abogados

E: doscos@oscosa bogados.com.mx

Law Firm was founded by its senior partner Darío U. Oscós Coria.

T: +52 55 5550 2829

Oscós Abogados is a boutique law firm abounding with a team of

F: +52 55 5550 1273

Shuttle made its first test flight and Voyager I & II were launched.

professional lawyers.... READ MORE HERE

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Nigeria - Philippines

TOP 50 GLOBAL LAW EXPERTS 2018

Aham Eke Ejelam SAN

Called to the Nigerian Bar in August, 1985. LL.B (Hons.) (1984)

Principles Law Partnership

of Nigeria on the 22nd of September, 2014. Member, Chartered

University of Science and Technology. Made a Senior Advocate

E: aham.ejelam@principleslaw.com Institute of Arbitrators (UK). Member, International Bar

Association. Member, Commonwealth Lawyers Association.

T: +234 84 302 576

NIGERIA

University of Nigeria. LL.M (2000) from the Rivers State

Member of the Executive, Nigerian Bar Association, Port

www.principleslaw.com

Harcourt Branch... READ MORE HERE

Miannaya Aja Essien, SAN, CArb., FCIArb

Principles Law Partnership is a firm of legal practitioners,

Principles Law Partnership

an extensive range of legal services in areas of litigation,

arbitrators, notaries public and registered capital market

E: info@principleslaw.com

Corporate and Commercial law, Banking law and Secured Credit

T: +234 84 361 582

Transactions; trademarks and trade names, intellectual property,

NIGERIA

consultants in Port Harcourt and Lagos. Principles provides

Capital market, Environmental, electricity, oil and gas law,

www.principleslaw.com

receivership, liquidation... READ MORE HERE

Akabogu & Associates E: emeka@akabogulaw.com T: +234 1453 5940 T: +234 80554 61557 (DL) www.akabogulaw.com

Akabogu is a widely recognised expert in the field of maritime law and policy in Nigeria. He is the Senior Partner at the law firm, Akabogu & Associates, which is active in shipping, maritime, petroleum and international trade representation. He has served and continues to serve on a range of national committees and initiatives on maritime development including the Ministerial

NIGERIA

Emeka Akabogu

Cabotage Review Committee. His book, ‘Maritime Cabotage in Nigeria’, was the first published work... READ MORE HERE

Badaruddin F. Vellani

Mr. Badaruddin F. Vellani is an Honours graduate in Chemical

Vellani & Vellani

(London). He is a senior partner at Vellani & Vellani and has over

Leicestershire and a Barrister-at-Law of the Middle Temple

E: khi@vellani.com

35 years experience in commercial matters, including corporate

T: +92 21 3580 1000

work such as mergers and acquisitions, anti-trust and competition law, corporate finance, project finance, infrastructure projects,

F: +92 21 3580 2120

building and construction contracts... READ MORE HERE

DivinaLaw

Nilo T. Divina is a leading counsellor and authority in Philippine corporate law and litigation. He founded the Firm in 2006, and has been the firm’s managing partner since. He grew the

E: nilo.divina@divinalaw.com

firm from a crew of nine lawyers to the present complement of

T: +63 02 822 0808

50 attorneys and counsels. He is also the dean of the Faculty of

www.divinalaw.com

Civil Law of the University of Santo Tomas, one the Philippines’ leading law schools. Mr. Divina’s experience spans some 25 years

PHILIPPINES

www.vellani.com

Nilo T. Divina

PAKISTAN

Engineering from Loughborough University of Technology,

of appearing before courts of all levels... READ MORE HERE

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TOP 50 LAW EXPERTS 2018

Singapore - Turkey She has more than 35 years of experience of work in IP, including

RUSSIA

patents. According to the most reputable Russian and foreign magazines, Dr Vakhnina is one of the leading IP professionals in Russia. She was recommended by Russian business newspaper

E: mail@vakhnina.ru

Vedomosti and the website www.pravo.ru as one of 2011’s best

T: +7 49 5231 4840

Russian lawyers and as one of 2012’s best Russian lawyers for IP.

F: +7 49 5231 4841

In 2010 / 2011 / 2013 / 2014, she was listed as a leading legal expert by Who’s Who Legal... READ MORE HERE

Mr Ajaib Hari Dass is a consultant with Haridass Ho & Partners, a

SINGAPORE

law firm in Singapore which he co-founded. He is an Advocate and Solicitor, Commissioner for Oaths and Notary Public. Graduated

T: +65 6533 2323

Temple in 1975 and called to the Singapore Bar as an Advocate &

F: +65 6533 7029

Banking division of One Legal LLC. She is also a founder of the

SINGAPORE

Haridass Ho & Partners E: mail@hhp.com.sg

Tracy Chen co-heads the Corporate, Corporate Finance & law corporation. Having been in corporate practice since 1988,

www.hhp.com.sg

Tracy Chen

One Legal LLC

Tracy has been actively involved in various aspects of the practice

E: tracy.chen@onelegal.sg

and particularly in corporate finance, mergers and acquisitions,

T: +65 6720 6786

joint ventures, loan and security, and other corporate matters.

F: +65 6720 7998

Her clients include listed entities, small and medium enterprises, multinational clients... READ MORE HERE

Marla Bojorge is the owner of Bojorge & Associates, an international corporate and immigration law firm located in Valencia, Spain. The firm specialises in finding the right legal

SPAIN

Ajaib Haridass

(Honours) degree, he was admitted as a Barrister-at-Law, Middle Solicitor in 1976. He has more than 43 years of continuous legal

www.onelegal.sg

Marla Vanessa Bojorge Zúñiga

solution for each client’s unique circumstances. Ms Bojorge

Bojorge & Associates

previously practised in Switzerland (Tribunal de Première

E: marla@visalawspain.com

Instance – Suisse) and the United States (Kavanagh Maloney & Osnato LLP Manhattan, New York), and is a member of theInternational Bar Association (IBA).... READ MORE HERE

Since October, 1982, Mr. Tsai has indulged himself in experiencing all phases of intellectual property laws from preparation to prosecution and then to litigation of patent, trademark, copyright,

T: +34 96 0451 676 F: +34 96 1125 927 www.visalawspain.com

C. F. Tsai

Deep & Far

circuit layout, trade secret, unfair competition and license before

E: cft@deepnfar.com.tw

instances of courts in this country and other countries. Brain

T: +886 2 2585 6688

waves, perseverance and stamina are considered to be most

F: +886 2 2598 9900

important factors of a successful character.... READ MORE HERE

www.intercontinental-finance.com/globallawexperts-50

www.vakhnina.com

from the University of London in 1974 with a Bachelor of Law

experience and specialises in shipping... READ MORE HERE

TAIWAN

Dr Tatyana Vakhnina Vakhnina and Partners

www.deepnfar.com.tw

Taiwan - USA

TOP 50 GLOBAL LAW EXPERTS 2018

Felix Wang is an attorney at law based in Taiwan with over 10

Felix Wang

YANGMING PARTNERS

labor law, securities law, cross-border M&A, and antitrust law.

E: fwang@yangminglaw.com

Mr. Wang has handled various M&A deals across industries,

T: +886 2 8725 6677

including life insurance, food, management services, cable

F: +886 2 2729 5577

television, communication equipment, application software, lodging, and container shipping. He also advised on premerger

www.yangminglaw.com

filings for a wide range of multinational... READ MORE HERE

Mehmet Nazım Aydın Deris

Mehmet Nazım Aydın Deriş graduated with first class honours

Deris

spoken command of Greek. Mr. Deris has been shareholder and

He is fluent in French, English, Italian and German and has a manager since July 1971 of the firm Deris Patents & Trademarks

Mr. E. Kerim Yardimci

Founding Partner and Executive Board Member at Deris, Kerim

Deris

Kerim’s international expertise is complemented by his extensive

Agency AS, which provides full-range services for securing, maintaining and defending (search, registration, renewal, opposition) intellectual... READ MORE HERE

attorney locally and internationally. Fluent in English and French, network. Kerim’s innovative approach to intellectual property litigation, complex court proceedings and portfolio management has helped drive Deris’ status as a top, forward-thinking IP law firm... READ MORE HERE

Gary P. Naftalis is co-chair of Kramer Levin Naftalis & Frankel of the 100 Most Influential Lawyers in America by The National Law Journal and as one of the Top 10 Lawyers (Top Point Getter) in New York by Super Lawyers. Mr. Naftalis is a Fellow of the

F: +1 212 7159 238

American College of Trial Lawyers. He represents individuals

www.kramerlevin.com

and corporations... READ MORE HERE

The Entrepreneur Law Center, P.L. E: khamner@entrepreneur lawctr.com T: +1 407 6014 980 F: +1 407 6014 981

One of the nation’s leading trial lawyers, he was selected as one

USA

E: gnaftalis@kramerlevin.com

LLP, where he co-chairs the firm’s extensive litigation practice.

For the past twenty five years, Ken Hamner has accumulated a wide variety of experience in finance, accounting, consulting, and

law. He has significant experience in structuring international and domestic transactions, equity and debt relationships, and negotiating contracts. Ken manages and directs all of the primary

USA

Kramer Levin Naftalis & Frankel LLP

Kenneth Hamner

TURKEY

is a highly experienced and respected intellectual property

E: aderis@deris.com.tr T: +90 212 2497 010 F: +90 212 2937 676 www.deris.com.tr

T: +1 212 7159 253

TURKEY

from the Faculty of Law at the University of Geneva in June 1968.

E: aderis@deris.com.tr T: +90 212 2497 010 F: +90 212 2937 676 www.deris.com.tr

Gary P. Naftalis

TAIWAN

years of experience specializing in general corporate matters,

practice areas of the Entrepreneur Law Center, P.L., a boutique law firm with focused practice areas of business planning, international and domestic... READ MORE HERE

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TOP 50 LAW EXPERTS 2018

USA - Uganda Mr. Rami Fakhoury is passionate about immigration law. He is the founder and Managing Attorney of Fakhoury Law Group, PC

USA

(FLG), a Martindale Hubbell AV-rated business immigration firm. Mr. Fakhoury was a pioneer in establishing an office in Mumbai

Fakhoury Law Group, PC (FLG)

to better service FLG’s Indian IT and Engineering clients. His

E: rami@employmentimmigration.com

knowledge of immigration and foresight into immigration trends and policy have earned him widespread recognition. He is currently helping the State of Michigan... READ MORE HERE

om has practiced Property Tax and Real Estate Law since 1978 and has been an MSBA Board Certified Specialist in Real Property Law since the inception of that designation. Tom is

USA

Rami Fakhoury Fakhoury

T: +1 248 6434 900 F: +1 248 6434 907 www.employmentimmigration.com

Thomas R. Wilhelmy

highly acclaimed for his expertise in real property valuation

E: t wilhelmy@fredlaw.com

and property tax appeals, including retail, office, industrial,

T: +1 612 4927 058

apartment and redevelopment properties. He is rated “AV

www.fredlaw.com

Preeminent” by Martindale-Hubbell, and is a MSBA certified

Fredrikson & Byron P.A.

specialist in real property law.... READ MORE HERE

WAYNE N. OUTTEN is a founding and the managing partner of Outten & Golden LLP. His practice focuses exclusively on

USA

representing individuals in all areas of employment law. He co-

Wayne N. Outten Outten & Golden LLP

chairs the firm’s Executives and Professionals Practice Group.

E: og@outtengolden.com

Mr. Outten’s notable cases include a recovery of $12 million in

T: +1 212 2451 000

a gender discrimination/retaliation case against Morgan Stanley

www.outtengolden.com

in federal court and (with partner Larry Moy) a $18.9 million arbitration award... READ MORE HERE

Mr. Martucci, who holds an LL.M. in employment law from Georgetown University in Washington, D.C. practices nationally

USA

in complex class action (employment discrimination and wage

E: wmartucci@shb.com

worth having on any dream team for employment litigation and

T: +1 202 7838 400

policy issues.” His jury work has been featured in The National

F: +1 202 7834 211

in California, Florida, Illinois, ... READ MORE HERE

Joseph is the Managing Partner of the Firm; he holds an LLM (SEU) from Arkansas, MA Corporate Governance from Kingston University London, Bachelor of Laws (LL.B) Makerere University Kampala and, a Diploma in Legal Practice (Dip. LP), Law Development Center Kampala. Uganda; he has worked on local

www.shb.com

Joseph Buwembo

Buwembo and Company Advocates

E: joseph@buwemboadvocates.com

and international projects and his current practice draws upon

T: +256 41 4341 335

his experience in commercial and corporate/company law as well

F: +256 41 4341 842

as in the areas of intellectual property... READ MORE HERE

www.buwemboadvocates.com

www.intercontinental-finance.com/globallawexperts-50

Shook Hardy & Bacon LLP

& hour) and EEOC litigation. Chambers notes “Bill Martucci is

Law Journal. Currently, Bill is involved in class action litigation

UGANDA

William C. Martucci

TRAVEL | CITY | MESA

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MESA THE HIDDEN GEM CITY OF ARIZONA

Offering an undeniably authentic Arizona experience, Mesa has nearly 320 days of sunshine each year. With countless places for new discoveries, competitive sports, adventures and amazing cuisine, this is a city that knows no bounds. MESA HAS SO MUCH TO OFFER VISITORS YEAR-ROUND. A POPULAR WORLDWIDE TRAVEL DESTINATION, IT IS HOME TO PICTURESQUE MOUNTAIN RANGES AS WELL AS THE VAST, ELUSIVE BEAUTY OF DESERTSCAPES. In fact, it is something of a geographic wonderland, with Tonto National Forest and the iconic Superstition Mountains within easy reach. Arizona’s third largest city, it is often a surprise to discover Mesa has a larger population than Kansas City, Atlanta and Miami. Very much a multicultural hub, the city plays host to buzzing events and festivals, including the famous Downtown Mesa Festival.

HISTORY

The first known settlement in the Mesa area was about 2,000 years ago. An Indian civilisation now called the Hohokam

(Pima language: those who are gone), built an empire that lasted 1,500 years. The agriculturally-oriented Hohokam engineered hundreds of miles of irrigation canals, cultivating thousands of acres of land. Although an advanced civilization, the Hohokam vanished because of drought or flooding, or a combination of both, between 1400 and 1500 A.D. New World explorers, missionaries and Indian tribes travelled through Central Arizona during the next centuries. Long-term residents did not arrive until 1877 as Mormon pioneers settled just below the mesa next to the Salt River. In 1878, a second group of pioneers arrived settling upon the mesa. The pioneers excavated the ancient Hohokam canals, again bringing irrigation and ensuring the rebirth of a community. When these early settlers made camp along the river, they referred to the land above the bluff as the ‘mesa’  this is a Spanish word meaning table. Who suggested the word

Mesa as the name of the new town site is not known for sure. A report in the November 21, 1883 Phoenix Herald states Captain William A. Hancock first mentioned it to the pioneers. Residents then began referring to their community as Mesa or Mesa City.

PRESENT DAY

Mesa today is unique among cities in the Phoenix metroplex as it offers guests great outdoor activities such as hiking and boating. Visitors to this recreation area can also enjoy horseback riding, a paddle wheel boat ride, wilderness Jeep tours, or tee off at one of the more than 40 golf courses within a half-hour drive. The mysterious Superstition Mountains, home to the famous Lost Dutchman Gold Mine, is located 20 minutes from downtown have numerous hiking trails and exciting places to explore. Four lakes are also situated in the Superstitions and each has excellent boating and fishing.

Intercontinental Finance & Law • 157/19

TRAVEL | CITY | MESA

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The city boasts some of Arizona’s most iconic and interesting natural and man-made attractions including the Sonoran Desert and an extraordinary range of arts, museum, shops and restaurants. For those seeking to experience Mesa from a different angle, a hot air balloon ride at sunset is one of the most unique travel experiences. There is nothing more exhilarating than the breath-taking views from 5,000 feet in the air above the striking Sonoran Desert. Neighbours with the Tonto National Forest, visitors to this desert oasis can take advantage of being incredibly close to one of the nation’s largest playgrounds. Tonto is the fifth largest forest in the US and one of the most-visited forests in the country. There are three lakes and two rivers in Mesa that allow for desert boating, paddle boarding, kayaking and water skiing. Head to the Outdoor Exploration itinerary and Adventure Explorer Desert Guide to learn

Intercontinental Finance & Law • 157/19

about the new interactive Geo Tagging experience, where visitors can collect stickers that honour their quest throughout Mesa’s Sonoran Desert trails. Art is big here. The Mesa Arts Center is the largest arts and entertainment park in the Southwest, with four theatres, galleries, exhibition rooms, and classrooms that encourage creativity. Wander downtown’s streets to see more than 200 public art sculptures as well as a number of local restaurants and shops. Bikers rumble through downtown the first Friday night of every month for Motorcycles on Main, and pedestrians browse the shops the next week during the monthly Second Fridays event. Don’t miss downtown’s museums: the kid-friendly Arizona Museum of Natural History and i.d.e.a. Museum, and the Mesa Historical Museum. During Cactus League Spring Training, the Oakland fans head to Hohokam Stadium, while Chicago fans fill Sloan Park. Year round, swipe on some sunscreen and relax on a riverboat cruise through the canyons of the Salt River, hop on a hot air balloon, and hike through the Superstition Mountains as you ponder where the Lost Dutchman Gold Mine is – that is, if it existed at all. There are treasures to be found all over Mesa. What treasures you find just depends on where you look. l

TRAVEL | HOTEL | THE PHOENICIAN, ARIZONA

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The Phoenician INDULGE IN THE LAP OF LUXURY IN STUNNING SETTING Set on 250 acres and just few miles from the Phoenix Sky Harbor International Airport and the Desert Botanical Garden, The Phoenician offers upscale accommodation and sophisticated facilities including expansive pool areas, a luxurious spa, stunning golf courses, and exquisite wining and dining experience. Carol Wright

SITUATED AT THE BASE OF CAMELBACK MOUNTAIN, THE PHOENICIAN IS JUST NINE MILES FROM PHOENIX SKY HARBOR INTERNATIONAL AIRPORT. It is also in close proximity to Scottsdale's finest shopping and dining, and a short drive to downtown Phoenix, its historic district and attractions. The Phoenician and The Canyon Suites are owned by Host Hotels & Resorts, and operated by Marriott International, as part of The Luxury Collection. The resort is home to 645 total accommodations with 577 guestrooms, 64 suites, and four presidential suites.

The Phoenician history Jokake Inn: The house was given its name by a young Hopi Indian boy who saw the structure and called it ‘Jokake’, which means ‘mud house’. Today, Jokake Inn stands just inside the grounds of The Phoenician as a symbol of the hospitality of the old Southwest. Cactus Garden: A two-acre retreat, located along the northern edge of the resort grounds, features 250 varieties of cacti. The Garden also serves as home to numerous desert inhabitants. Sculpture Collection: The Phoenician displays 11 sculptures throughout the property by the renowned Native American artist, Alan Houser (Haozous). Born Chiricahua Apache and English decent, he was awarded the Nation Medal of Arts by President George H. W. Bush in 1992.

Rooms & suites The guestrooms are 600 sq ft in size and have warm tomes and rich colours of the surrounding Sonoran Desert incorporated into their design. The suites include one and two bedrooms starting at 1,200 sq ft and offer magnificent views with the casita suites featuring hand-carved travertine fireplaces. The Presidential Suites measure approx. 4,000 square feet in size. Two are located on the far end of the main building and another two at The Canyon Suites. Each features dramatic vistas among multiple balconies/terraces; a fireplace; a king bedroom with a connecting guest bedroom option – both with private, oversized bathrooms - a powder room; expansive living space; a dining room; a full-service kitchen with separate entrance; and locally-sourced artwork. Amenities also include a complimentary poolside cabana; and roundtrip transportation to Phoenix Sky Harbor International Airport. In addition to its 645 guestrooms, The Phoenician offers an alternative resort experience in The Phoenician Residences, a fractional ownership community located near the property’s main entrance. As part of The Luxury Collection Residence Club, these two- and three-bedroom villas feature uncommon style, comfort and beauty, highlighted by smooth wood and authentic tile floors, stone fireplaces, private plunge pools and spas, and outdoor summer kitchens with gas grills. While enjoying

Intercontinental Finance & Law • 157/19

TRAVEL | HOTEL | THE PHOENICIAN, ARIZONA

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added privacy, owners also have access to all resort services and amenities. The Phoenician Residences are also offered on a nightly basis, when available. The Canyon Suites meanwhile are the only Forbes Five Star/AAA Five Diamond hotel in the greater Phoenix area. The 60room property offers a variety of enhanced, exclusive services, including a private infinity pool, and a daily, complimentary, artisan breakfast for guests. A personal Canyon Ambassador is also available to assist with any need.

The Phoenician Spa The Phoenician Spa rises in celebration of the individual spirit, nurturing and contemporary in its approach to iconic service, relaxation and overall well-being. At its essence is a collection of exclusive offerings, transformative in nature – effecting peace, purity and strength well beyond the spa experience. Prepare for an unforgettable day and indulge in our complete spa experience starting with our sauna or vitality tub and end your day in our post-treatment lounge or at our rooftop pool. Shop among a variety of unique and luxurious spa products, apparel, and accessories, or create your own Body Bliss aromatherapy blend at our Spa Boutique.

The Phoenician Pools The Phoenician Pools is a three-tiered complex that features the iconic, hand-tiled Mother of Pearl pool on the lower level; and recreational styled pools on the east and west ends of its upper level. A redesigned centre pool area includes family-friendly, reserved seating with chaise lounges on the north side, complemented by adultsonly, reserved seating with cabanas on the south side. Kids will thrill to the escapades that await at the existing splash pad, new

waterslide and a treehouse that debbuted early Q1 2018.

Golf The Phoenician Golf Club underwent a complete renovation starting January 2018 and reopening in November. Transforming from a 27-hole course, to 18-hole course under the direction of renowned Architect Phil Smith, the new course showcases the unique beauty of Arizona’s Sonoran Desert. Redesigned and rerouted to provide a more natural rhythm and flow, the 18-hole course plays to a par 71 and offers five sets of player-friendly tees, ranging from 4,418 yards from the forward tees to 6,600 yards from the championship tees.

Wine & Dine From private to casual dining, catering, and beyond, The Phoenician offers delicious dining options and regularly hosts a wide array of culinary events throughout each season.

J&G Steakhouse Dine on classic steak and seafood at our steakhouse in Scottsdale. J&G Steakhouse at The Phoenician returns from a summer refresh with a stylish, contemporary design, along with new seasonal food and drink menus. Private dining is available.

Mowry & Cotton Discover Modern American cuisine at Mowry & Cotton. Our Scottsdale restaurant offers a lively yet laid-back vibe, bold menu and spirited drinks. Enjoy our expansive, open-air back porch with communal fire pits. Private dining is available.

Afternoon Tea at The Phoenician Join us for our traditional English tea service, offering a delicate selection of

finger sandwiches, scones, pastries, and loose tea blends, with live piano accompaniment. Infuse your visit to Scottsdale with classic style in this elegant dining option.

Thirsty Camel Take in captivating views of the resort and valley beyond, as well as a signature collection of cocktails and tastes inspired by the Sonoran Desert, at our popular bar in Scottsdale, Arizona.

Kalio Kabobery Tempt your palate with our delicious Mediterranean-inspired cuisine and refreshing cocktails while dining poolside at this casual, outdoor eatery. Kalio Kabobery is a Scottsdale favorite for casual dining.

The Marketplace Grab a house-made pastry, Panini, decadent dessert or specialty coffee to go, or enjoy them all in our European-inspired café here at our Scottsdale resort. Don't miss our flavorful selection of gelatos.

Meetings From its inspiring Sonoran surroundings to its freshly remodelled accommodations that allow you to stay anew, The Phoenician provides both the essential setting and AAA Five Diamond service for meetings and special events. Whether small, executive gatherings or grand affairs, the resort’s diverse venues, exquisite culinary experiences, contemporary guest rooms and signature amenities create a luxurious backdrop to the iconic hospitality you have come to expect. Discover 160,000 square feet of impeccable indoor/outdoor event space, including beautiful ballrooms l

The Phoenician, a Luxury Collection Resort, Scottsdale 6000 East Camelback Road Scottsdale, Arizona 85251 USA Phone: +1 480-941-8200 Fax: +1 480-947-4311 Email: thephoenician@ luxurycollectionhotels.com www.thephoenician.com

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TRAVEL | ADVENTURE | FORT MCDOWELL

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Fort McDowell Adventures AN EXPERIENCE LIKE NEVER BEFORE

Located on the historic 25,000-acre Fort McDowell Yavapai Nation just minutes from Mesa, you can enjoy an unforgettable trail ride through the ever-flowing Verde River, the city slicker cattle drive, or hay wagon ride. If that be not enough, you can also explore the desert from a Segway, mountain bike, river raft, kayak or Green Zebra TomCat Cart. FOR SOME OF THE MOST AUTHENTIC WILD WEST EXPERIENCES IN ARIZONA, GO TO FORT MCDOWELL ADVENTURES. Situated in the middle of the Sonoran Desert, this premier outdoor activity and event venue can accommodate groups from 10 to 2,000. The on-site venue, La Puesta del Sol, is perfect for a sit-down event offering an incredible Southwestern-inspired backdrop. Or, gather up the greenhorns in your group and set out for the trail. Cattle drives and horseback riding tours are a specialty there. If you are addicted to adrenaline rushes and incredible outdoor adventure, Fort McDowell Adventures has everything you need. Extreme, serene, and sometimes enchanting, this place offers exciting adventures that gets your adrenaline going like never before.

Horseback riding

Real western adventure unfolds in a setting of 25,000 acres of spectacular open desert.

Enjoy the beauty of the private trails at Fort McDowell Adventures. The Stables is home to a private collection of beautiful horses and professional personnel. Tours depart daily but reservations required in advance and during summer, spaces can be limited.

We-Ko-Pa Golf Club

Developed by the Fort McDowell Yavapai Nation, We-Ko-Pa, Yavapai for ‘Four Peaks’, is a daily fee golf facility that consists of two spectacular 18-hole layouts that are certain to challenge and inspire golfers of all levels. In addition to the two championship golf courses, there is a world-class practice facility to hone all aspects of your game and a full service clubhouse with panoramic views of the surrounding mountains and of the Sonoran Desert. We-Ko-Pa Golf Club is consistently ranked as one of the best, top 100 modern courses in Arizona byGolfweek magazine. The club features a full-service restaurant, bar and expansive patio.

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TRAVEL | ADVENTURE | FORT MCDOWELL

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Fort McDowell Casino

Fort McDowell Casino is the closest gaming facility to Mesa. In addition to slots, Fort McDowell Casino offers Keno, Bingo, Black Jack and a large card room for tournamentstyle play. The casino offers a complimentary shuttle service for their afternoon bingo sessions with several morning pick-ups throughout Mesa. The matinee bingo shuttle departs the casino promptly at 4:30pm. Five on-site restaurants offer an incredible variety of dining choices from New York deli combinations to sushi and a hearty Chinese and Vietnamese noodles menu. Sit down and take a break from it all or grab and go and get back to the game. Not to be missed is the free live entertainment taking place every Friday through Sunday at Lucky 7 Saloon. Guests will enjoy a continually changing line-up of incredibly talented performers.

River tours

On AOA’s single-day guided trips in Arizona’s Sonoran Desert you will learn about the colorful flora, distinctive fauna, geology and cultural history of these unique locations with our knowledgeable, professional guides as you trek, ride or float along. You will enjoy an up-close and personal look at the elements that comprise the Sonoran Desert. All of our tour locations have been chosen for their scenic beauty, accessibility, safety, and low volume of visitors. Combined, these factors and you have an unforgettable experience in the Sonoran Desert. We will lead you through the trails, paths and currents and ensure you don’t miss a thing. Each Tour is approximately four hours total (including transportation times). Advance reservations required and times and availability vary.

Green Zebras

These off-road tours are located at Fort McDowell Adventures on the Fort McDowell Yavapai Reservation. Prior to getting on the tour, the guides will provide a brief overview of the Tomcar experience that is about to unfold. Shortly after arrival and a quick safety briefing, drivers and riders enjoy an Arizona off-road experience with plenty of varied terrain. You can enjoy the ride while exploring a portion of the 28,000 private acres of the pristine Sonoran desert at Fort McDowell. Throughout your tour, guides will share area information, including the history of the Fort

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McDowell Yavapai Nation and other tales of Arizona.

Segway Tours

Nothing beats winter time in the Sonoran Desert. Warm temperatures, blue skies and breath taking scenery combine to create an oasis in the Phoenix and Scottsdale area. The unique plant life that lives under the hot desert sun is found nowhere else on earth. Your voyage on our private trails via Segway will delight your senses and engage your spirit. Age and weight restrictions apply. The Segway Tours began 4th November 2018 and will be offered through 30th April 2019.

Venues

La Puesta del Sol is Spanish for ‘The Setting Sun’ and you will see why right from the start. Stunning 360º views from La Puesta’s incomparable vantage points, perched atop a cactus-dotted mesa, provide unlimited vistas of Arizona’s spectacular sunsets. Try a mouthwatering BBQ menu paired with Country music and cowboy games and experience an ‘Arizona Luau’ like no other. End the night with a fireworks finale and you’ll be sure to leave your guests with a memory that will last a lifetime. Without a doubt, the most unique venue in Arizona, La Puesta del Sol features retractable sidewalls offering indoor/outdoor dining for up to 500 guests, full bar and catering options, Dirty Doc’s Saloon, Olde Tyme Photo Parlour, fire pits, stage, open air barbeques and more. The minimum number of guests are 100 with the maximum being 500 under cover. Rosa’s Ranch is an intimate outdoor venue packed with Southwestern flavor. Amenities include our festive party buses; The Tequila Bus and da Rum Bus, fire pits, woodburning kiva and sitting areas, and a covered reception area. Pair a delicious BBQ menu with some Mariachis and one of our signature Prickly Pear margaritas and you’ll savor every moment in this Sonoran desert backdrop. You may even hear a coyote cackle as the sun sets. Minimum 50 guests, maximum 300.

The Stables

Cowboy Cookouts The Stables’s rustic Cowboy Cookouts are perfect for groups of 10-50 looking for a real, no-frills Arizona experience. The Stables at Fort McDowell offers authentic ‘Dutch Oven’or BBQ style cowboy cookouts

that may be combined with a trail ride. You can treat your guests to some top-notch Cowboy Cookin’ in a rustic outdoor setting with spectacular Arizona sunsets and some serious horseplay. Scenic trail rides Ride through the pristine Sonoran desert with exhilarating panoramas of mountains, canyons, and mesas. You will likely see some of the wild horses that roam the Fort McDowell Yavapai lands. There’s also a good chance you will see some eagles, hawks, and vultures flying overhead, along with some lizards, snakes, coyotes, and bobcats running underfoot. All in all, it will be an enjoyable day on the dusty trail with a short splash through the Verde River on horseback. l

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GADGETS & GIZMOS

Gadgets & Gizmos GARMIN PANOPTIX LIVESCOPE LVS12

OLYMPUS OM-D E-M1X

The Garmin Panoptix LiveScope LVS12 is a new transducer in the award-winning Panoptix LiveScope series that offers both 30-degree forward and 30-degree down real-time scanning sonar views. The single-array LiveScope LVS12 transducer is an economical solution for inland and near-shore anglers without the need for a black box. Garmin’s Panoptix all-seeing sonar technology was the first to deliver live sonar images in real-time – forwards, backwards, and below the boat – even while stationary. Now, as a result of the active scanning capabilities of Panoptix LiveScope, anglers can see images and movement so clear and precise that it’s even possible to distinguish between species of fish. Like other Garmin Panoptix transducers, the LiveScope LVS12 features two modes in one transducer – LiveScope Down and LiveScope Forward – and can be installed on a trolling motor or the transom. Depending on the anglers fishing preferences and techniques, they can

The Olympus OM-D E-M1X camera is designed for the needs of professional users in terms of reliability, speed, precision and image quality, the E-M1X still remains true to Olympus’ promise to offer the most compact and lightweight camera system in its class. Olympus’ newest addition to the professional OM-D line-up underlines the potential of the Micro Four Thirds sensor format and is packed with the latest imaging technologies in a robust casing with integrated vertical grip developed for maximum reliability and operability under all conditions. The camera offers a mix of impressive features and portability featuring the world’s best image stabilisation (IS) performance, a re-developed and fast autofocus (AF) system, as well as two TruePic VIII image processors allowing for high-speed responsiveness and handheld High Res Shots. In combination with Olympus’ highresolution M.Zuiko lens line-up, it achieves high-end image quality and shows its true abilities especially in fields where portability, speed and reliability are absolutely essential – such as wildlife, documentary and sports photography. With an integrated vertical grip, the E-M1X delivers that extra in secure holding and reliability many professionals were looking for. As the design is the same on both the vertical and horizontal grip, users enjoy the same intuitive hand movements in portrait and landscape format shooting.

choose to view both modes simultaneously or each individually from the chartplotter without any manual adjustment of the transducer. Both views provide incredibly sharp, real-time scanning sonar images up to 200 feet down or away from the boat, even when the boat is stationary. The LiveScope LVS12 is also equipped with an attitude heading reference system (AHRS) that constantly adjusts sonar beams to compensate for boat motion, so even in rough conditions, anglers will still see a steady sonar image. The Panoptix LiveScope LVS12 includes a trolling motor barrel and shaft mounting kit as well as a transom mounting kit. Currently, the LVS12 is compatible with Garmin’s new GPSMAP 8400/8600xsv multifunction displays, and is available now. It comes in 13”, for those who want a powerful, portable sketchbook, and 15”, for those who want a designer workstation that maximises performance and screen real estate.

HTC VIVE FOCUS PLUS The HTC Vive Focus Plus users greater comfort and full enterprise support. Vive upgraded the existing six degrees of freedom (6DoF) Focus headset to incorporate dual 6DoF controllers, giving users the ability to seamlessly interact with their virtual environment with the same freedom as PC VR devices. This enhancement also makes porting existing PC VR content easier for developers while making it physically more portable and natural to use. Resting easier on consumers' heads, the Vive Focus Plus offers comfort and lays the groundwork for extended sessions in VR needed by commercial customers. The headset also ships with several professional features including Kiosk Mode, Gaze Support, and device management tools to remotely enroll, monitor, and manage multiple headsets all at once. The headset will be available for purchase starting in Q2 2019 the company website in 25 markets worldwide, supporting 19 languages. In most markets, the product

will include an enterprise license for use at no additional cost. Powered by the Vive Wave Platform with content from Viveport, subscribers will also have access to a growing library of titles on the newly-announced Viveport Infinity offering. Vive Focus Plus offers two ultrasonic 6DoF controllers featuring an analogue trigger that gives users the ability to control objects or interactions with pressure-sensitive input, making experiences truly immersive. Additionally, with the aid of the Wave platform and SDK tools, porting from PC-based VR to Vive Focus Plus will be relatively easy for developers.

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GADGETS & GIZMOS

Cool and clever gadgets and gizmos can turn us on, particularly the ones that surprise us with their extraordinary shapes, forms and features. And the day you give into these superlative electronic devices you will wonder how on earth you ever lived without them in the first place?

LG SIGNATURE OLED TV R9 The LG Signature OLED TV R (model 65R9) is the world’s first rollable OLED TV with the intent to redefine the definition of TV with a variable form factor only made possible by the company’s industry-leading OLED technology. A rollable OLED TV is a true game-changer, liberating users from the limitations of the wall and freeing them to curate their own personal space which no longer needs to be reserved full time for TV viewing. The fact that LG Signature OLED TV R can transform itself to offer three different viewing options – Full View, Line View and Zero View – allows customers to use the TV in ways that were impossible before the development of OLED technology. Full View delivers a large-screen viewing experience revealing the full extent of the

contrast, depth and realism that has become synonymous with all LG TVs. The remarkable AI picture and sound quality powered by LG’s second generation – (Alpha) 9 intelligent processor and deep learning algorithm puts this TV in a class of its own. Line View allows the LG Signature OLED TV R to be partially unrolled, allowing for management of specific tasks that do not require the full TV screen. In Line View, users can choose from features such as Clock, Frame, Mood, Music and Home Dashboard. When in Zero View, all 65 inches of the LG Signature OLED TV R is hidden from view, tucked away in the base. Even in Zero View, users can enjoy music and other audio content which emanate from the 4.2-channel, 100W front-firing Dolby Atmos audio system.

SAMSUNG GALAXY S10

HUAWEI MATEBOOK X PRO The new Huawei Matebook X PRO is the first notebook with FullView design with its 91 per cent screen-to-body ratio creates a nearly borderless display, delivering immersive graphics on a small frame. The MateBook X Pro’s 3K LTPS display comes with a 3000 x 2000 resolution, 260 PPI, 100 per cent sRGB colour gamut, 450 nits maximum brightness and 1500:1 contrast ratio provdiing vivid details when viewing high definition pictures or watching 4K videos. Its 10-point touchscreen, made with ultra-thin Corning Gorilla glass and an anti-fingerprint coating, allows for easy scroll and zoom. You can navigate accurately, freely, smoothly and intuitively with the touch of a finger. A professional notebook that is also portable, the 1.33 Kg, 14.6 mm, the MateBook X Pro is ultra slim and light so you can take it anywhere for work or entertainment. Its eight generation Intel Core i7 8550U / i5 8250U processor boosts performance over its predecessor, making it easier and faster to do more with power at your fingertips. The MateBook X Pro NVIDIA GeForce MX150 graphics card comes with 2 GB

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GDDR5 ensuring faster image processing, smoother video editing and more stable gaming. The device also packs a monstrous 57.4 Wh (typical capacity) battery into its slim body. When it is fully charged, you can enjoy up to 12 hours of video playback. Meanwhile, combining quad speakers and split frequency set-up, Huawei and Dolby's superior design offers woofers with deep, resonant bass and tweeters with clear treble. Rich, crisp sound effects from all angles. The Dolby Atmos Sound System minimises distortion and captures details to create an immersive 3D sound experience.

The Samsung Galaxy S10 is designed for those who want a premium smartphone with powerful performance and sets the stage for the next generation of mobile experiences. Featuring the all-new Dynamic AMOLED display, next-generation camera, and intelligent performance, Galaxy S10 line offers consumers more choice and sets a new standard for the smartphone. Galaxy S10 is made with Samsung’s best screen yet, the world’s first Dynamic AMOLED display. As the first HDR10+-certified smartphone, the display delivers vivid digital content, and with dynamic tone mapping, you will see a wider range of colour for a brilliant, realistic picture. Galaxy S10’s Dynamic AMOLED display is also VDE-certified for vibrant bright colours and extraordinary contrast ratio for even deeper blacks and brighter whites. Verified by DisplayMate, you will also enjoy exceptionally accurate colours on your mobile device – even in harsh sunlight. The Dynamic AMOLED display also reduces blue light through its TÜV Rheinland certified Eye Comfort display without compromising picture quality or adding a filter. The Galaxy S10’s unique Infinity-O Display packs an array of sensors and camera technology into a hole-in display – so you can maximise your screen real estate without any distractions. Building on Samsung’s camera leadership of Dual Pixel and Dual Aperture firsts, Galaxy S10 introduces new camera technology and advanced intelligence that makes it easy to take epic shots and videos.

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MOTORING

BMW 7 Series THE BEST JUST GOT BETTER With more technological advancements that deliver both outstanding comfort and handling, greater fuel efficiency and innovative driver assistance and connectivity, the new BMW 7 Series sets out its stall as the ultimate vehicle for luxurious driving pleasure. IN ADDITION TO STRIKING EXTERIOR AND INTERIOR DESIGN CHANGES, BMW HAS UPDATED THE 7 SERIES ENGINE RANGE TO INCLUDE A NEW EIGHT-CYLINDER ENGINE AND AN IN-LINE SIX-CYLINDER UNIT WITH PLUG-IN HYBRID SYSTEM OFFERING EXTENDED ELECTRIC RANGE. The BMW 7 Series will continue to be offered in standard and long wheelbase body variants. The longer version of the luxury saloon has a wheelbase extended by 14 centimetres over the standard car to

3,210 millimetres. Both variants have grown by 22 millimetres over their respective predecessors.

Exterior design

The new BMW 7 Series incorporates an extensive design refresh at the front end that is now around 50mm taller at its foremost point. The traditional BMW kidney grille is now significantly larger and features active air flap control with adjustable vanes that only open when the need for cooling air is increased.

Wide-open air intakes for M Sport models have been updated and they feature C-shaped surrounds with integrated Air Curtains to underscore the positioning of air ducts at the outer edges of the front apron. The revisions also include aerodynamically optimised contouring of the front apronâ&#x20AC;&#x2122;s lower border. With long wheelbase and short overhangs, a flowing roofline and the Hofmeister kink (the upturned line at the trailing edge of the side window graphic), the new BMW 7 Series has all the hallmark

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MOTORING

BMW design cues. Exterior mirrors attached to the window are surrounded by a thin stalk to further improve aerodynamics and the front side panels have been treated to a thorough redesign, too. The new BMW 7 Series features new Air Breathers that optimise the flow of air through the wheel arches, helping to reduce turbulence. Air outlets that are integrated into the side panels now extend much further upwards and their trim strips form a 90-degree angle with the side trim elements. At the rear of the new BMW 7 Series the outer sections of the rear apron adopt the design language used for the air intake trim in the front apron. The exhaust system’s tailpipes are edged in what are now wider chrome surrounds and are integrated flush into the lower section of the rear apron. The three-dimensional rear lights of the new BMW 7 Series are around 35 millimetres slimmer than on the outgoing car. Other new features include a slim light strip sited below the chrome bar, which extends across the full width of the tailgate and connects the rear lights with each other.

Interior

The new BMW 7 Series models are equipped as standard with a hands-free phone system including wireless charging.

Previously situated under the centre console armrest, the tray for smartphones that support wireless charging is now positioned immediately in front of the cupholders. LED ambient lighting with a choice of six colours is available as standard. The rear-seat entertainment system comprises two 10-inch full-HD displays complete with a Blu-ray player. The system allows users to access the entertainment, navigation and online functions of the vehicle from the rear seats. The viewing angle of the screens, which now have touchscreen functionality, can be adjusted in accordance with the rear seat passengers’ existing seat position. The new BMW 7 Series also includes the latest version of the BMW Touch Command unit. This removable tablet with a 7-inch screen can be used from any seat and even outside the vehicle. It lets the occupants operate comfort functions such as seat adjustment, interior lighting and climate control, as well as the infotainment, navigation and communication systems. It can also be used to play external audio and video files. The graphics and menu system of the BMW Touch Command tablet and the rearseat entertainment Experience displays are now aligned with the software features and functionality of BMW Operating System 7.0, which is also used for the all-digital displays of the instrument cluster and Control Display.

Engine range

The new BMW 7 Series is available with petrol and diesel engines using six, eight and 12 cylinders as well as a plug-in hybrid drive system offering an increased electric range, enhanced performance and lower consumption.

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The eight-speed Steptronic transmission fitted as standard on all model variants has also undergone further improvement as has the BMW xDrive intelligent all-wheel-drive system that can be combined not just with the petrol and diesel engines but with the hybrid drive too. Spearheading the line-up of engines for the new BMW 7 Series is the 12-cylinder petrol engine. This 6.6-litre 585hp unit with a peak torque of 850Nm is used to power the BMW M760Li xDrive. Top speed is electronically limited to 155mph. The benchmark zero to 62mph sprint can be achieved in 3.8 seconds, combined fuel consumption is 20.8-21.6mpg while CO2 emissions are at 282g/km.

Driving experience control

The driver can use the Driving Experience Control switch buttons to select a set-up option to suit the situation and configure that set-up individually. In adaptive mode, the overall set-up adapts automatically to the driving style and situation. It responds to movements of the accelerator pedal and steering wheel, the position of the gear selector lever and data from the navigation system to instantly select the right set-up as the car moves from city driving to the open road. The new BMW 7 Series also features the optional Integral Active Steering system. This technology allows the driver to execute low-speed manoeuvres with only small steering inputs and without having to change their grip on the steering wheel. At higher speeds, meanwhile, the car’s responses to movements of the wheel are less pronounced, improving both directional stability when driving in a straight line and precision on the way into corners. l

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PROFILE - MAXINE PARK

Maxine Park HITTING THE PERFECT NOTE A former solicitor, who, at the turn of the 21st Century, set up DictateNow, a digital dictation and outsourcing business, Maxine Park has, quite literally, written her way into success books. A LAWYER WORKING IN COMMERCIAL LITIGATION IN LONDON, MAXINE PARK BECAME A PARTNER AT HER FIRM IN 1992 AT AGE 30. “At the age of 15, I did one week’s work experience in a firm of solicitors as part of my school studies and from then on I knew I wanted to study law. My school careers advice was to work in a bank/study nursing/ become a secretary but I did not want to be limited by these choices. “Therefore, throughout my university study I spent holidays/summer holidays working in local firms of solicitors to gain experience. I feel this dedication paid off when I secured a training contract/articles to train as a solicitor with Sharpe Pritchard & Co Solicitors a prestigious solicitors in Holborn who were also parliamentary agents.” During her time at the firm, Maxine gained first-hand experience as a fee earner and then moved to Harris, Rosenblatt & Kramer, where she became a partner involved in management of the practice, which was to later give her great insight when she ran her own business. Maxine decided to work from home after she had her first child; however, after the birth of her second child, she left legal practice, attained a PGCE and lectured law to legal executives, HR personnel, and journalism students at Brunel University. “I was a qualified solicitor with several years’ experience under my belt. However, when I had my first son, I approached the head of litigation partner to propose a home-working solution for me so that I could continue to practise as a solicitor but avoid the daily commute to London to gain more time with my son outside of working hours. “Now, looking back, I feel I was a pioneer in being the only remote worker in my firm, particularly as a solicitor in my field, it was an unheard of practice at that time in a country of solely office-based workers. Indeed, I believe this early experience of remote working has helped me to have a window to the new world we are in where so

many people now work from home, coffee shops, and so on.” In 2002, Maxine launched DictateNow with husband Garry to offer an enhanced and efficient transcription resource to businesses in a wide range of sectors including legal, medical and accountancy. Her experience as a solicitor and homeworking parent directly led to the formation of the compaany, which now employs over 300 home-based typists. “In my time as a practising litigation solicitor I saw that many fee earners did not want to type their own documentation primarily because they were very slow at typing as well as wasting valuable billable hours typing when that time could be better-served fee earning. All solicitors have target billing hours each month to meet – and these were non-billable work hours. I recognised the opportunity and started working on it.” Maxine’s husband’s background was in IT, which seemed spot on for the creation of their new transcription business as it that would depend entirely on technology, be it computers or a dictaphone . “We came up with an idea of a system where solicitors could dictate their work as they usually did to a secretary but instead of having their own one to one dedicated secretary – very expensive and often not fully-occupied with typing/admin – the solicitor could send the work to DictateNow to transcribe with fast, accurate turnaround times. “The practice manager at the solicitors firm where I worked was looking to trial a similar idea and I persuaded him to allow me to trial the system that Garry and I had created. I knew what was needed from the DictateNow transcribe system because I worked in that environment and could see the pitfalls of the then working system between solicitor and secretary. Needless to say the trial was a success and my firm were DictateNow’s first client and is still a client.” According to Maxine, her firm takes pride in offering a fast, reliable and

confidential digital dictation, transcription, document production and general business support services for many professional organisations, including solicitors, barristers, accountancy firms, medical professionals, MPs, as well as several FTSE250 firms in a wide range of sectors including legal, medical and accountancy. Over time, the two directors developed the DictateNow software and outsourcing systems, which have proved to be quite successful. “The software has been designed ‘by lawyers for lawyers’ who fully understand and appreciate the necessity and demands for a business to provide a cost effective quality service for our clients. The DictateNow software provides a solution for transcriptions which meets these demands.” In addition to the recent ISO 22301 certification for business continuity provisions, DictateNow is also ISO 9001 certified in recognition of its quality assurance system and ISO 27001 certified, which demonstrates that the firm protects clients’ data adequately and follows information security best practice. Over the last three years, as part of the firm’s expansion and commitment to provide local support, DictateNow three regional offices established in Glasgow, Belfast, and Manchester. Maxine believes the reason for her success is her entrepreneurial spirit and ability to take calculated risks. “I think many lawyers have an entrepreneurial spirit, but very few take the chance. The more I thought about how my idea could work for law firms the more excited I got. All businesses have to be there to serve a need and the expansion of the company since we started is a natural progression of what we started as the 21st Century began. When customers are happy with your work and want you to do more, you have to find a way of serving this need, but not compromise quality.” l

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Specialist legal risk management, investigation and compliance services

Your business reputation is hard won and easily lost. We help you protect it. Fulcrum Chambers Ltd is an innovative advisory and consultancy business comprising barristers, solicitors and other high calibre professionals.

We deliver business intelligence, investigation services, legal advice and joined up solutions to unacceptable compliance risks and barriers to you conducting business. We are specialists in our field providing business enabling advice to some of the worldâ&#x20AC;&#x2122;s largest companies.

Fulcrum Chambers Ltd The Shard, 32 London Bridge Street, London SE1 9SG