Portfolio | November 2011

Issue 71 ■ November 2011

Portfolio

emirates.comemirates.com

Exclusive to Emirates First Class and Business Class

Managing AssetsManaging AssetsManaging AssetsManaging

Daniel Truchi

EMPOWERING THE POORIndia’s Ambitious Project

WIN BIG, LOSE BIGThe Fight for Tech Supremacy

BRAZIL BOOMA New Expat Haven

!Cover November 2011.indd 1 10/25/11 11:45:53 AM

tel: 800 LEXUS (53987) lexus.ae fb.com/lexusae

IF INNOVATION IS A RACE, THERE IS NO FINISH LINE.

THERE’S MORE TO LEXUS.If speed was the only criteria, there would be quite a crowd at the supercar finish line. We’ve pushed the boundaries of technology and engineering in the pursuit of the supreme driving experience and a vehicle worthy of the title ‘supercar’. The result is a car that delivers formidable performance combined with luxurious sophistication. It’s no wonder this supercar is years ahead of everyone else.

tel: 800 LEXUS (53987) lexus.ae fb.com/lexusae

IF INNOVATION IS A RACE, THERE IS NO FINISH LINE.

THERE’S MORE TO LEXUS.If speed was the only criteria, there would be quite a crowd at the supercar finish line. We’ve pushed the boundaries of technology and engineering in the pursuit of the supreme driving experience and a vehicle worthy of the title ‘supercar’. The result is a car that delivers formidable performance combined with luxurious sophistication. It’s no wonder this supercar is years ahead of everyone else.

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BOX SERVICES | 412 WEST 14TH STREET NEW YORK NY 10014 USA | TEL +1-212-965-9555 | [email protected] | WWW.BOXSTUDIOS.COM

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Publication EMIRATES PORTFOLIO trim 270 x 412 mm TAC 300 notes

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Emitates PortfolioNovember 2011

NEW YORK

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Publication EMIRATES PORTFOLIO trim 270 x 412 mm TAC 300 notes

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Emitates PortfolioNovember 2011

NEW YORK

717 MADISON AVENUE

EAST HAMPTON

23 MAIN STREET

LAS VEGAS

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Sheikh Zayed Road, DubaiTel: 04 222 1222

UAE: Abu Dhabi, Al Fardan Jewellery, Al Fardan Tower, Tel 02 674 5000

Dubai, Al Fardan Jewels and Precious Stones

Emirates Towers 04 330 3262 - Burj Al Arab 04 348 4816Saks Burjuman 04 351 1980

Distributor: Exclusive Agent:

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BoutiqueMall of the Emirates, 1st Floor,

Sheikh Zayed Road, DubaiTel: 04 222 1222

UAE: Abu Dhabi, Al Fardan Jewellery, Al Fardan Tower, Tel 02 674 5000

Dubai, Al Fardan Jewels and Precious Stones

Emirates Towers 04 330 3262 - Burj Al Arab 04 348 4816Saks Burjuman 04 351 1980

Distributor: Exclusive Agent:

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www.ca-suisse.com

ABU DHABI - BAHRAIN - BASEL - BEIRUT - DOHA - DUBAI - GENEVA - HONG KONG - LAUSANNE - LUGANO - MONTEVIDEO - NASSAU - SINGAPORE - ZURICH

We help you to protect, grow and pass on your wealth. Our commitment has always been rooted in transparency and long-term vision. Relying on these common sense values, we forge a lasting relationship based on trust

and help you build an enduring legacy.

Face the future with peace of mind.

Tomorrow needs care

PortfolioExclusive to Emirates First Class and Business Class 13

Features

40 Brazil’s Boom Entices WorkersWhile most of the world appears to be mired in the

economic doldrums, Brazil’s economy is booming. That

fact is drawing an increasing number of foreign workers

to the country.

46 Win Big or Die Fast It’s a tough market, which is why technology companies are

cutting their losses with increasing speed if a new product

doesn’t find instant acclaim.

50 Sharing the WealthThe 2,000 inhabitants of the Chinese village of Huaxi have

become wealthy through a unique mix of capitalism and

socialism that is being studied across the country.

Cover Story

This issueNovember 2011

32 Private Banker

50

40

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56 Linking the Poor to GrowthWork is underway in India to create the world’s largest

biometric database. It is hoped that by giving people

identities that can be instantly verified the country’s poor will

benefit from the rapid economic growth.

62 The Demise of Mass-Market PaperbacksHardcovers, trade paperbacks and e-books have all eaten

into the market share of the mass-market paperback that

used to accompany us on our travels.

13-14 Contents.indd 13 10/19/11 4:42:30 PM

16 NotebookWorld business in a nutshell.

23 ObserverSpotting and analysing business trends.

30 Column: Scott Barry KaufmanDoes Work Passion Cause Burnout?

PortfolioExclusive to Emirates First Class and Business Class

14

Departments

Essentials67 LA Tee Break

Business and leisure visitors to Los Angeles have one

more reason to enjoy their stay here – municipal golf

courses! The City of Los Angeles boasts the largest

publically owned golf course system in the US, which

are easily accessible to tourists.

74 Strolling Artists, Bearing iPhonesiPhotography, which uses iPhones and apps to create

unique pictures, is growing rapidly and turning into an

art form.

80 A New DirectionChef Thierry Marx is always keen to take on new

challenges. At the newly-opened Sur Mesure

restaurant he is aiming to extend the boundaries of

French cooking.

86 Daredevils With Deep AmbitionsWe know less about the oceans’ deep trenches than

we do about the moon. That is set to change as

wealthy entrepreneurs fund new expeditions to plumb

the ocean depths.

90 Urban EvolutionMost evolutionary scientists travel to exotic places

such as the Amazon to do research. But an

increasing number are focusing on cities, with

some startling findings.

94 Five Star DriveThere are a lot of reasons why the long-wheelbase

Mercedes-Benz S500 BlueEfficiency AMG is a

class leader.

96 Other Business Portfolio takes a light-hearted look at the latest

business news.

Portfolio

Published for Emirates by

PO Box 2331, Dubai, UAE. Telephone: (+971 4) 2824060,

fax:(+971 4) 2824436, e-mail: [email protected] Printed by Emirates Printing Press, Dubai, UAE

Editor-in-Chief Obaid Humaid Al Tayer Group Editor & Managing Partner Ian Fairservice Group Senior Editor Gina Johnson Senior Editor Guido Duken Editorial Assistant Hilda D’Souza Art Director Tarak Parekh Junior Designer Roui Francisco Senior Production Manager S Sunil Kumar Production Manager C Sudhakar Senior Advertisement Manager Jaya Balakrishnan Email: [email protected] General Manager – Group Sales Anthony Milne Email: [email protected] Business Development Manager Nicola Hudson Advertisement Manager Rameshwar Nepali

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Emirates takes care to ensure that all facts published herein are correct. In the event of any inaccuracy, please contact The Editor. Any opinion expressed is the honest belief of the author based on all available facts. Comments and facts should not be relied upon by the reader in taking commercial, legal, financial or other decisions. Articles are by their nature general, and specialist advice should always be consulted before any actions are taken.

AUSTRALIA/NEW ZEALAND Okeeffe Media; Tel + 61 89 447 2734, [email protected] BENELUX M.P.S. Benelux; Tel +322 720 9799, [email protected] CHINA Publicitas Advertising; Tel +86 10 5879 5885 FRANCE Intermedia Europe Ltd; Tel +33 15 534 9550, [email protected] GERMANY IMV Internationale Medien Vermarktung GmbH; Tel +49 8151 550 8959, [email protected] HONG KONG/MALAYSIA/THAILAND Sonney Media Networks; Tel +852 27 230 373, [email protected] INDIA Media Star; Tel +91 22 4220 2103, [email protected] ITALY IMM Italia; Tel +39 023 653 4433, [email protected] JAPAN Tandem Inc.; Tel + 81 3 3541 4166, [email protected] NETHERLANDS GIO Media; Tel +31 6 2223 8420, [email protected] SOUTH AFRICA Ndure; Tel: +27 84 701 2479, [email protected] SPAIN IMM International; Tel +331 40 1300 30, [email protected] TURKEY Media Ltd.; Tel +90 212 275 51 52, [email protected] UK Spafax Inflight Media; Tel +44 207 906 2001, [email protected] USA Totem Brand Stories; Tel +212 896 3846, [email protected]

INTERNATIONAL MEDIA REPRESENTATIVES

13-14 Contents.indd 14 10/19/11 4:42:34 PM

DUBAI: Burjuman +971 4 351 0001 - Dubai Mall +971 4 339 8001ABU DHABI: Marina Mall +971 2 681 1121

www.vancleef-arpels.com

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NotebookBUSINESS NEWS IN BRIEF

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N u m b e r s G a m e

In FiguresThe World

$23 billion windfall by way of assets that were unspent by

Colonel Muammar Gaddafi’s regime came as a surprise

profit to Libya’s revolutionary government. The money is extra cash that

had been budgeted for by the Gaddafi regime but never spent. The

fortune will be spent in financing the country’s post-war recovery efforts.

$25 million will be

paid by Reebok

International Ltd to settle

claims made by millions of

dissatisfied customers. The

Federal Trade Commission

has barred the brand from

making claims that its athletic

shoes strengthen calf muscles

or tone the hamstring unless

backed by scientific evidence.

51 on the recent world

golf world ranking

sees former world number

one Tiger Woods drop out of

golf’s top 50 for the first time

since October 1996. Woods

has been steadily loosing

ranking points since the 2009

Australian Masters.

80 kilograms of 22 carat

gold, 15 kilograms

of silver and numerous

gemstones adorn the bling

version of Tata Motor’s Nano

car. The $4.6 million priced

car, a one-off showpiece, is

a tribute to India’s 5,000 year

history in craftsmanship.

was formerly owned by Swiss

tycoons, the Zuellig brothers.

1,99 million-square-

kilometres of the

central Pacific, an ocean area

four times the landmass of

California, has been marked

out to create the world’s largest

shark sanctuary by the Marshall

Islands government. The initiative

is the latest to protect sharks.

$20.8 million worth

of Apple

products were bought by the

US federal government in the

12 months ending September

2011 according to recent data

compiled by Bloomberg. Apple,

based in California, reported

$65.2 billion in revenue for its

2010/11 fiscal year that ended

in September.

£200 million was

the price paid

by Qatar’s Al Faisal Holding, a

company owned by Qatar’s royal

family, for the W Hotel in London’s

Leicester Square. The recent

purchase brings Al Faisal’s hotel

portfolio to 11 properties spread

across Qatar, Egypt and London.

$21.6 million, a world

record price for

any item of Ming porcelain, was

reached at a Sotheby’s Hong

Kong auction. Purchased by an

anonymous telephone bidder, the

blue and white Chinese porcelain

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Sinopec’s $2.1 Billion Deal

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November 2011

Apple has more than $76

billion in cash and marketable

securities on its balance sheet.

Putting this into perspective,

Apple could buy Netflix, ARM

Holdings, Research in Motion

and Nokia at their current

market values and still have

about $15 billion in cash left.

But Apple has never been

into large acquisitions, and

that is unlikely to change after

Steve Jobs’ death and the

appointment of Tim Cook as

CEO. Still, Wall Street analysts

are stepping up calls for Apple

to use its cash in an investor-

TIME TO PAY A DIVIDEND?friendly manner – meaning a

dividend or a stock buyback

that could reduce share count

and boost earnings per share.

Apple has about 938 million

shares outstanding, according

to its most recent earnings

report. A dividend payout of

one per cent per share would

equal to $4 annually and cost

Apple $3.75 billion.

Apple executives have

long said that the company

is retaining cash to take

advantage of strategic

opportunities. Jobs said a year

ago that Apple was keeping its

“powder dry”. Not that Apple

shareholders are suffering

without a dividend as the

stock’s up more than 20 per

cent this year and nearly 50 per

cent in the past 12 months.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*

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19Notebook

November 2011

Apple has more than $76

billion in cash and marketable

securities on its balance sheet.

Putting this into perspective,

Apple could buy Netflix, ARM

Holdings, Research in Motion

and Nokia at their current

market values and still have

about $15 billion in cash left.

But Apple has never been

into large acquisitions, and

that is unlikely to change after

Steve Jobs’ death and the

appointment of Tim Cook as

CEO. Still, Wall Street analysts

are stepping up calls for Apple

to use its cash in an investor-

TIME TO PAY A DIVIDEND?friendly manner – meaning a

dividend or a stock buyback

that could reduce share count

and boost earnings per share.

Apple has about 938 million

shares outstanding, according

to its most recent earnings

report. A dividend payout of

one per cent per share would

equal to $4 annually and cost

Apple $3.75 billion.

Apple executives have

long said that the company

is retaining cash to take

advantage of strategic

opportunities. Jobs said a year

ago that Apple was keeping its

“powder dry”. Not that Apple

shareholders are suffering

without a dividend as the

stock’s up more than 20 per

cent this year and nearly 50 per

cent in the past 12 months.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*

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EVENT NAME: DUBAI AIR SHOW WEBSITE: DUBAIAIRSHOW.AERODATE: 13-17 NOVEMBER, 2011 VENUE: AIRPORT EXPO

EVENT NAME: Dubai International Motor ShowWEBSITE: dubaimotorshow.comDATE: 10-14 November, 2011VENUE: Dubai International Convention and Exhibition Centre

EVENT NAME: The Oil Barons Charity BallWEBSITE: theoilbaroncharityball.comDATE: 18 November, 2011VENUE: Meydan Racecourse

EVENT NAME: Private Equity World MENA 2011WEBSITE: terrapinn.com/2011/private-equity-world-menaDATE: 21-23 November, 2011VENUE: Shangri-La Hotel

EVENT NAME: The Big 5 (International Building & Construction Show)WEBSITE: thebig5.aeDATE: 21-24 November, 2011VENUE: Dubai International Convention and Exhibition Centre

DUBAI

United Arab Emirates

DUBAI

20 Notebook

Portfolio

16-20 Notebook.indd 20 10/20/11 3:59:43 PM

IWC. Engineered for men.

IWC SCHAFFHAUSEN BOUTIQUES: DUBAI MALL – Tel: 04 339 8111, BURJUMAN – Tel: 04 355 1717, ABU DHABI MARINA MALL - Tel: 02 681 1557

Ahmed Seddiqi & Sons: Atlantis - Tel: 04 422 0233, Mall of the Emirates – Tel: 04 341 1211, Dubai Duty Free – Tel Toll Free: 800 - 4443 Rivoli Prestige: Abu Dhabi Mall – Tel: 02 645 6220

Mechanical IWC-manufactured movement (figure) |

Flyback function | Automatic IWC

double-pawl winding system |

Date display | Antireflective

sapphire glass | Sapphire-glass back

cover | Water-resistant 6 bar | Stainless steel

Always on course.

Portuguese Yacht Club Chronograph. Ref. 3902: “Please make a U-turn if possible.” The instruments used by sailors in the tradition of Vasco da Gama

are less intrusive. One of the legends of navigation is the Portuguese Yacht Club Chronograph. Its IWC-manufactured movement with fly-back function and automatic double-pawl winding guarantees precise landings. And even if you happen to head off in the wrong direction, no one’s going to start nagging you. IWC. Engineered for men.

November 2011

The only tourist who spends more money in Paris than a Chinese visitor is a Russian one. With Chinese visitor numbers growing, Paris’ biggest stores have rolled out the red carpet, reports Steven Erlanger.

Chinese Flock to Paris Stores

BUSINESS NEWS IN BRIEF

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The average Chinese visitor to Paris spends around $1,800 on shopping and prefers luxury brands, especially items with logos.

Observer Opener.indd 24 10/19/11 5:00:02 PM

chaumet.com

Creating watches for 200 years

UK-Emirates 206x270 dandy_UK-Emirates 206x270 dandy 06/10/11 17:25 Page1

O N E 2 W A T C H

The former eBay CEO and one time candidate for California

governor, Meg Whitman, had reason to be happy when she

said: “I am honoured and excited to lead HP. I believe HP

matters, it matters to Silicon Valley, California, the country

and the world” after her appointment as President and CEO

of Hewlett-Packard – an American multinational information

technology corporation headquartered in California.

Hewlett-Packard, commonly referred to as HP, boasted $126

billion in revenue last year while employing more than 324,000

and a global operation that ships the equivalent of two personal

computers every second.

But it’s not all smooth sailing for Whitman who replaces Leo

Apotheker. She’s taking the reins at an extremely challenging

time when the company is reeling due to plummeting stock

prices that have slipped more than 45 per cent in the past

11 months indicating a huge loss in investors and partners

confidence. Furthermore the future of HP’s $40 billion personal

computer business hangs in the balance.

In her first weeks as CEO Whitman, 55, has hit the ground

running by signing off on the closely watched $10.4 billion

acquisition of UK software company Autonomy. This sends the

message that she has strategies in place to re-establish HP’s

credibility with investors and analysts. On the niggling questions

whether HP will spin off its personal computer division she

reassured, “We’ll make a decision as fast as we possibly can,

we understand uncertainty doesn’t help the business, doesn’t

help customers, doesn’t help shareholders.”

Analysts claim that HP is facing testing times from emerging

trends. With the advent of new technologies the demand for

traditional outsourcing of computer maintenance that is a big

part of HP’s $35 billion service business is sharply falling.

TEXT: HILDA D’SOUZA

Meg Whitman

UN Warns On Food Prices

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Less than a month after announcing a plan to separate its

DVD-by-mail and internet streaming services, Netflix reversed

course and said it would keep the two services on a single

website. Customers had complained that the plan would

have made it more difficult to watch movies and investors

hated it as well. That means the short-lived Qwikster

has joined the ranks of New Coke when it comes to bad

marketing decisions.

Not that it is Netflix’s first misstep this year. The stock

had been on a tear, rising from $110 in July 2010 to more

than $290 on July 12, 2011. But on that same day, Netflix

announced it was raising fees for its DVD business by

as much as 60 per cent. Then came the coup de grace:

Qwikster, the new name for the DVD-by-mail service.

Since the Qwikster affair, Netflix shares have slid 28 per

cent and consumers are bolting in big numbers. Netflix had

24.6 million subscribers at the end of June, but it warned last

month that it expected a net 600,000 to leave by the end of

September because of the price increase.

About Face

Sunken Treasure Found

Africa’s Best Governments

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Magnifique French Inspired Design

From Paris to Dubai, from London to New York, from Munich to Beijing…

Live a magnifique life around the world.

www.sofitel.com

DUBAI MUNICH BEIJING PARIS

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Does Work Passion Cause Burnout?

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November 2011

PrivateBankerSociete Generale is the second largest French bank after BNP Paribas and one of the oldest as it was founded in 1864. By comparison its wealth management arm is fairly young as it was established in 1997. Daniel Truchi, who is now the global CEO of Societe Generale Private Banking, has been there every step of the way as he joined the banking group in 1996 to create the private banking division in Asia, reports Guido Duken.


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My experience of private banking is rather limited as in no way can I lay claim to being a high-net-worth individual (HNWI) with financial assets in excess of one million euros, let alone an ultra-high-net-worth individual (UHNW). But if I were in the market for a private banker, Daniel Truchi would definitely tick the right boxes.

Societe Generale has 157,000 employees based in 85 countries and more than 33 million clients throughout the world on a daily basis.

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TRUCHI IS AT GREAT PAINS TO POINT OUT THAT SOCIETE GENERALE’S PRIVATE BANKING IS TRULY INTERNATIONAL WITH 85 TO 87 PER CENT OF THEIR CLIENTS OUTSIDE FRANCE.

Daniel Truchi believes diversification into new markets is one of the key growth areas for Societe Generale Private Banking. One market the wealth management arm is looking at is China.


CMYK

The three Societe Generale towers in La Défense near Paris are a local landmark. Societe Generale is the third largest corporate and investment bank in the Eurozone by net banking income and the sixth largest French company by market capitalisation.

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“IF YOU TAKE INTO CONSIDERATION THE GROWTH OF OUR ASSET BASE, THE ONE PARAMETER THAT IS VERY IMPORTANT FOR PRIVATE BANKING IS THE NET NEWLY MANAGED ASSETS, WHICH MEANS THE NET FLOW INTO OUR BOOKS.”


LONDON LAS VEGAS DUBAI MOSCOW

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Truchi is looking at possible acquisitions to accelerate Societe

Generale’s Private Banking growth. The private bank aims to

have $150 billion under management by 2015.

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While most of the world appears to be mired in the economic doldrums, Brazil’s economy is booming. That fact is drawing an increasing number of foreign workers to the country, reports Simon Romero.

40-44 Brazil Employment.indd 40 10/19/11 3:37:59 PM

November 2011

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Brazil’s economy grew at its fastest

clip in more than two decades last year

and unemployment is at record lows.

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A street scene at Ipanema Beach in Rio de Janeiro.

Cynthia Yuanxiu Zhang, a Chinese manager at a technology company who moved to Brazil from Beijing, at the Hotel Fasano in Rio de Janeiro.

“Rio’s real estate has been bustling as soccer’s World

Cup in 2014 and the Olympic Games in 2016 approach, but its infrastructure is

inadequate.

42

Michelle Noyes, a New Yorker who moved to Brazil for a job at an asset management firm, in São Paulo.


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Real estate in Rio’s exclusive suburbs now costs three times more than on Miami’s South Beach.

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Technology companies are cutting their losses with increasing speed if a new product doesn’t find instant acclaim, report Jenna Wortham and Verne Kopytoff.

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WIN BIG OR

DIE FAST

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November 2011

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Top: Flip-Live was killed off by Cisco, its parent company, a day before its launch.Above: Google Wave survived a mere 77 days before the plug was pulled.


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The Power Mac G4 Cube never sold well as customers found it too expensive.

Hewlett-Packard had high hopes for its TouchPad tablet.

“Even if you do have a blockbuster, you know you’re going to get leapfrogged in six months. You have to come out with something that really knocks off the pants and then follow it up. You can’t just sit there and say, ‘Hey I’ve got a success.’”


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SHARING THE WEALTHThe 2,000 inhabitants of the Chinese village of Huaxi have become wealthy by a unique mix of capitalism and socialism, reports Michael Wines.

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Huaxi’s 328-metre skyscraper, called New Village in the Sky, is scheduled for an October opening.

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The 2,000 residents of Huaxi have a very high standard of living. The town is clean, well planned and many of the residents live in houses. Due to space limitations more towers are being built.

“Huaxi’s affairs are run by a company, reported to shelter 57 subsidiaries, including seven more holding companies. The town has interests in everything from extruded aluminium to traditional medicine to spun polyester cloth to real estate.”

Huaxi’s citizens own numerous business ventures as a collective, including the local steel factory.

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Two million tourists come annually to Huaxi. There’s a daily musical performance in the local auditorium that highlights the town’s philosophy and success.


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LINKING THE POOR TO GROWTHWork is underway in India to create the world’s largest biometric database. It is hoped that by giving people identities that can be instantly verified the country’s poor will benefit from the rapid economic growth, reports Lydia Polgreen.

Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card and number in New Delhi.

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LINKING THE POOR TO GROWTHWork is underway in India to create the world’s largest biometric database. It is hoped that by giving people identities that can be instantly verified the country’s poor will benefit from the rapid economic growth, reports Lydia Polgreen.

Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card and number in New Delhi.

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People at a New Delhi wholesale vegetable market had the opportunity to register for Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those who need it most.

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“To register all 1.2 billion Indians, the system will need to collect 12 billion fingerprints and scan 2.4 billion irises. It is a project of epic proportions – not unlike the challenge of governing the world’s largest democracy.”

Homeless workers scan their irises and fingerprints. It costs the programme about $3 to issue each Aadhaar number.

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Nandan Nilekani, a software mogul whom the government has tapped to create India’s identity database.

Temporary identity cards are sorted out as people register at a homeless shelter in New Delhi.

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THE DEMISE OF MASS-MARKET PAPERBACKS

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Hardcovers, trade paperbacks and e-books have all eaten into the market share of the mass-market paperback that used to accompany us on our travels, reports Julie Bosman.

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“Cost-conscious readers who used to wait for the heavily discounted mass-market paperback have now realised that the e-book edition, available on the first day the book is published, can be about the same price.”

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Author Michael Connelly, who’s books normally went from hardcovers directly to mass-market paperbacks, is having his first book published in trade paperback format.

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Below: Authors such as Clive Cussler have been a mainstay of mass-market paperbacks, often purchased at airport newsagents by people going on holiday.


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EssentialsTHE BEST OF LEISURE AND LIFESTYLE

LA TEE BREAKBusiness and leisure visitors to Los Angeles have one more reason to enjoy their stay here – municipal golf courses! The City of Los Angeles boasts the largest publically owned golf course system in the US that is easily accessible to tourists reports Norman Sklarewitz.

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EssentialsTHE BEST OF LEISURE AND LIFESTYLE

LA TEE BREAKBusiness and leisure visitors to Los Angeles have one more reason to enjoy their stay here – municipal golf courses! The City of Los Angeles boasts the largest publically owned golf course system in the US that is easily accessible to tourists reports Norman Sklarewitz.

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“He also points out that the course has tee placements ranging in length from 50 to 180 yards that offer new golfers an inviting setup, and experienced golfers the opportunity to play every type of short and mid-range shot imaginable.”

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“He also points out that the course has tee placements ranging in length from 50 to 180 yards that offer new golfers an inviting setup, and experienced golfers the opportunity to play every type of short and mid-range shot imaginable.”

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Travel

Terranea’s 9-hole par 3 course offers both new and experienced golfers an inviting setup.

The Terranea Resort, which cost $500 million to develop, has stunning views over the Pacific Ocean.

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70 EssentialsTravel

Because it’s relatively close to downtown Los Angeles, the links at Indian Hills Golf Club are a special favourite with visitors.

“Green fees vary according to the time of day. Start your play at 6 pm and the fee is $80 but from 7 am to 10:50 am you’ll pay $275. In between the fees are $160 and $215. Included are a GPS-equipped golf cart, practice balls, valet parking and locker room service.”

Donald Trump is behind the Trump National Course that is billed as the “most expensive golf course ever built”.

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The Palo Verde area is home to three of LA’s best and most scenic golf courses. The $450-million Trump National Course runs along a bluff.

Among the seven 18-hole courses owned and operated by the City of Los Angeles is the Balboa Golf Course in the San Fernando Valley community of Encino.

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Art

STROLLING ARTISTS, BEARING iPHONES

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iPhotography, which uses iPhones and apps to create unique pictures, is growing rapidly and turning into an art form, reports Todd Lappin.

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“For some smartphone users, the ‘Aha!’ moment comes when they realise the device can do more than just capture crude snapshots of cats or pictures of dinner. The big shift happens when you go from using the camera to document daily life to thinking of it as a tool for photography.”

Brian Roberts, aka Doctor Popular, takes a picture using his iPhone during an ‘Instawalk’ tour. The tour is an ad hoc gathering of iPhone photography enthusiasts who share their pictures via Instagram, the popular iPhone photo service/social network that has more than seven million users.

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“Instead of just editing an image with one app, he often runs it through several apps, one after the other, in a specific sequence. His process generates unusual photographs that betray little evidence that they were created entirely on a mobile phone.”

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DUBAI UAE WAFI CITY, +971 4 3244223 DUBAI MALL, +971 4 4341406

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A NEW DIRECTION

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Chef Thierry Marx is always keen to take on new challenges. At the newly-opened Sur Mesure restaurant he is aiming to extend the boundaries of French cooking, reports Scott Adams.

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Chef Thierry made sure that Sur Mesure’s dining room is a totally white space to create an oasis of calm without a notion of time.


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Sur Mesure offers a choice of set menus with either five or nine dishes. Each menu has a carefully planned flavour and text progression.

“We have to convince the very demanding Parisian clientele,” he explains. “There is already a huge offering of Michelin starred restaurants in Paris, and it’s important that we find our own public and place in the city.”


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“The choices I have made provide a rounded experience where the flavour and texture progression is carefully thought out for maximum pleasure.”

The newly-opened Mandarin Oriental Hotel in Paris is situated at a prime location on Rue

St Honoré.

Innovation is key at Sur Mesure. Here veal is served between toasted bread and accompanied by green apple fritters.

Chef Thierry was awarded his first Michelin star in 1988 at Roc en Val in Tours, and another at Cheval Blanc in Nîmes in 1991. At Château Cordeillan-Bages he held two Michelin stars since 1999.


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Available in titanium with screwed titanium lugs and a rubber strap

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DAREDEVILS WITH DEEP AMBITIONS

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We know less about the oceans’ deep trenches than we do about the moon. That is set to change as wealthy entrepreneurs fund new expeditions to plumb the ocean depths, reports William Broad.

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Chris Welsh (left) and Richard Branson at the Virgin Media Group announcement at the Newport Harbour Yacht Club in California.Welsh will pilot the submersible during the attempt to reach the bottom of the Challenger Deep.

Graham Hawkes is a veteran designer and maker of undersea vehicles. His winged craft is financed by Richard Branson and is scheduled for tests later this year.

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Triton Submarines is building a $15 million submersible that can seat two people.

James Cameron is also financing an attempt to reach the bottom of the Challenger Deep. Cameron made extensive use of submersibles while filming the wreck of the Titanic at 3,800 metres depth.


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URBAN EVOLUTION

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Jason Munshi-South, a field biologist and assistant professor at Baruch College, checks a trap that was set in New York’s Highbridge Park for white-footed deer mouse.

Most evolutionary scientists travel to exotic places such as the Amazon to do research. But an increasing number are focusing on cities with some startling findings, reports Carl Zimmer.

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EssentialsEnvironment

New York’s isolated parks are home to some unique evolutionary adaptations.

Highbridge Park

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New York has a blend of ant species. Some are native while the nonnative species have arrived more recently thanks to human intervention.

Ellen Pehek, a senior ecologist with the New York City Parks Department, holds a northern dusky salamander found in a small creek running through Highbridge Park.

Rob Dunn, who is working with James Danoff-Burg, a field biologist from Columbia University, looks around the base of a tree for diverse ant species on a median in New York.


With its five-star facilities and diverse yachting and watersports opportunities, Yas Marina has everything to satisfy the enthusiastic and discerning boat owner. It’s your gateway to unforgettable experiences aboard and ashore.

Enjoy a day on the boat, or a round of golf at Yas Links. Family fun and thrills at Yas Marina Circuit or Ferrari World. Entertain aboard or enjoy Stars ‘n’ Bars before taking in one of the many world-class concerts at Yas Arena. Or indulge at Cipriani or Yotto Restaurant and dance the night away at Allure Nightclub.

To help wind down after all the excitement, relax at the luxurious Yas Hotel Spa, take a leisurely swim in the pool, or lounge in style while savouring the memories of a perfect stay. At Yas Marina, there really is something for everyone.

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There are a lot of reasons why the long-wheelbase Mercedes-Benz S500 BlueEfficiency AMG is a class leader, reports Guido Duken.

FIVE STAR DRIVE

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The interior is typically Mercedes with a simple yet stylish look and everything at your fingertips.

The V8 5-litre engine boasts twin turbochargers and an intercooler that propels the S500 from 0-100 km/h in five seconds.

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96 EssentialsOther Business

A young fashion designer from Hanover,

Germany, is revolutionising high fashion by

designing clothes with a staple she can

find in her fridge – milk.

Anke Domaske, 28, has developed a

fabric called QMilch made from high

concentrations of the milk protein casein.

It is also the first man-made fibre

produced entirely without chemicals.

The QMilch fabric is ecological but also

has many health benefits according to

Domaske. She also said the amino acids

in the protein are antibacterial, anti-aging

and can help regulate both blood

circulation and body temperature.

Domaske’s fashion label Mademoiselle

Chi Chi – a favourite among the likes of

Mischa Barton and Ashlee Simpson – has

now started weaving the milk fibre into

its collection.

Milk fabric has been around since the

1930s but was always produced in

unecological ways. Unlike earlier

prototypes, QMilch is made almost entirely

from casein. The fibre comes out in

strands and is then spun into yarn on a

spinning machine.

Domaske said it would take about six

litres of milk to produce an entire dress,

which costs about €150 euros ($199)

to €200.

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