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Portfolio

Issue 71 November 2011

Exclusive to Emirates First Class and Business Class
Exclusive to Emirates First Class and Business Class
Daniel Truchi Managing Managing Assets
Daniel
Truchi
Managing
Managing
Assets

EMPOWERING THE POOR

India’s Ambitious Project

WIN BIG, LOSE BIG

The Fight for Tech Supremacy

BRAZIL BOOM

A New Expat Haven

t
t

emirates.comi

THERE’S MORE TO LEXUS. If speed was the only criteria, there would be quite a
THERE’S MORE TO LEXUS. If speed was the only criteria, there would be quite a
THERE’S MORE TO LEXUS. If speed was the only criteria, there would be quite a
THERE’S MORE TO LEXUS. If speed was the only criteria, there would be quite a
THERE’S MORE TO LEXUS. If speed was the only criteria, there would be quite a

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.

It’s no wonder this supercar is years ahead of everyone else. tel: 800 LEXUS (53987) lexus.ae

tel: 800 LEXUS (53987)

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It’s no wonder this supercar is years ahead of everyone else. tel: 800 LEXUS (53987) lexus.ae

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

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

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Distributor:

Sheikh Zayed Road, Dubai Tel: 04 222 1222 Distributor: DAMAS CUSTOMER SERVICE: 04 427 0336 Emirates

DAMAS CUSTOMER SERVICE: 04 427 0336

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Exclusive Agent:

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Dubai, Al Fardan Jewels and Precious Stones

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needs

care

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This issue

November 2011

Portfolio Exclusive to Emirates First Class and Business Class
Portfolio
Exclusive to Emirates First Class and Business Class
Cover Story 32 Private Banker

Cover Story

32 Private Banker

Class and Business Class Cover Story 32 Private Banker Features 40 Brazil’s Boom Entices Workers While

Features

40 Brazil’s Boom Entices Workers

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.

56 Linking the Poor to Growth

Work 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.

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.

62 The Demise of Mass-Market Paperbacks

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.

50 Sharing the Wealth

The 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.

50
50
40 62
40
62

13

14 Portfolio Exclusive to Emirates First Class and Business Class
14
Portfolio
Exclusive to Emirates First Class and Business Class
67
67
74
74
86
86
to Emirates First Class and Business Class 67 74 86 Departments 16 Notebook World business in

Departments

16

Notebook

World business in a nutshell.

23

Observer

Spotting and analysing business trends.

30

Column: Scott Barry Kaufman

Does Work Passion Cause Burnout?

Essentials

67

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 iPhones

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

80

A New Direction

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.

86

Daredevils With Deep Ambitions

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.

90

Urban Evolution

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.

94

Five Star Drive

There 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.

Published for Emirates by

look at the latest business news. Published for Emirates by PO Box 2331, Dubai, UAE. Telephone:
look at the latest business news. Published for Emirates by PO Box 2331, Dubai, UAE. Telephone:

PO Box 2331, Dubai, UAE. Telephone: (+971 4) 2824060, fax:(+971 4) 2824436, e-mail: emirates@motivate.ae

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: jaya@motivate.ae General Manager – Group Sales Anthony Milne Email: anthony@ motivate.ae 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.

Printed by Emirates Printing Press, Dubai, UAE

Portfolio

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16 Notebook BUSINESS NEWS IN BRIEF GETTY IMAGES Oil Tankers Idle ■ Portfolio

16 Notebook

BUSINESS NEWS IN BRIEF

16 Notebook BUSINESS NEWS IN BRIEF GETTY IMAGES Oil Tankers Idle ■ Portfolio
GETTY IMAGES
GETTY IMAGES

Oil Tankers Idle

Portfolio

Notebook
Notebook

REUTERS

Numbers Game
Numbers
Game
REUTERS Numbers Game $25 million will be paid by Reebok International Ltd to settle claims made

$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.

a tribute to India’s 5,000 year history in craftsmanship. $23 billion windfall by way of assets

$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.

The World In Figures
The World
In Figures
country’s post-war recovery efforts. The World In Figures £200 million was the price paid by Qatar’s

£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

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.

government. The initiative is the latest to protect sharks. $20.8 million worth of Apple products were

$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.

reported $65.2 billion in revenue for its 2010/11 fiscal year that ended in September. Sinopec’s $2.1

Sinopec’s $2.1 Billion Deal

17

Notebook
Notebook

19

TIME TO PAY A DIVIDEND?

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-

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

80 billion 70 60 50 40 30 20 10 *THROUGH FISCAL THIRD QUARTER SOURCE: APPLE
80 billion
70
60
50
40
30
20
10
*THROUGH FISCAL THIRD QUARTER
SOURCE: APPLE

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

“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.

Carbon Permit Volatility

November 2011

REUTERS
REUTERS

20 Notebook DUBAI EVENT NAME: DUBAI AIR SHOW WEBSITE: DUBAIAIRSHOW.AERO DATE: 13-17 NOVEMBER, 2011 VENUE:

20 Notebook

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

DATE: 13-17 NOVEMBER, 2011 VENUE: AIRPORT EXPO DUBAI United Arab Emirates EVENT NAME: Dubai International

DUBAI United Arab Emirates
DUBAI
United Arab Emirates

EVENT NAME: Dubai International Motor Show WEBSITE: dubaimotorshow.com DATE: 10-14 November, 2011 VENUE: Dubai International Dubai International Motor Show WEBSITE: dubaimotorshow.com DATE: 10-14 November, 2011 VENUE: Dubai International Convention and Exhibition Centre

EVENT NAME: The Oil Barons Charity Ball WEBSITE: theoilbaroncharityball.com DATE: 18 November, 2011 VENUE: Meydan Racecourse The Oil Barons Charity Ball WEBSITE: theoilbaroncharityball.com DATE: 18 November, 2011 VENUE: Meydan Racecourse

DATE: 18 November, 2011 VENUE: Meydan Racecourse EVENT NAME: Private Equity World MENA 2011 WEBSITE:
DATE: 18 November, 2011 VENUE: Meydan Racecourse EVENT NAME: Private Equity World MENA 2011 WEBSITE:

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

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

Portfolio

IWC. Engineered for men.

Always on course.

IWC. Engineered for men. Always on course. Portuguese Yacht Club Chronograph. Ref. 3902: “Please make a

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.

going to start nagging you. IWC. Engineered for men. Mechanical IWC-manufactured movement (figure) | Flyback
going to start nagging you. IWC. Engineered for men. Mechanical IWC-manufactured movement (figure) | Flyback

Mechanical IWC-manufactured movement (figure) |

for men. Mechanical IWC-manufactured movement (figure) | Flyback function | Automatic IWC double-pawl winding system

Flyback function | Automatic IWC

double-pawl winding system |

Date display | Antireflective

sapphire glass | Sapphire-glass back

cover | Water-resistant 6 bar | Stainless steel

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

© 2011 NEW YORK TIMES NEWS SERVICE

Observer

BUSINESS NEWS IN BRIEF

BUSINESS NEWS IN BRIEF

23

YORK TIMES NEWS SERVICE Observer BUSINESS NEWS IN BRIEF 23 Chinese Flock to Paris Stores The

Chinese Flock to Paris Stores

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.

November 2011

24

Observer
Observer

24 Observer The average Chinese visitor to Paris spends around $1,800 on shopping and prefers luxury

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

Portfolio

Creating watches for 200 years chaumet.com
Creating watches for 200 years chaumet.com

Creating watches for 200 years

Creating watches for 200 years chaumet.com

chaumet.com

GRAPHEAST

26

Observer
Observer
ONE2WATCH TEXT: HILDA D’SOUZA Meg Whitman The former eBay CEO and one time candidate for
ONE2WATCH
TEXT: HILDA D’SOUZA
Meg Whitman
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.

UN Warns On Food Prices

that is a big part of HP’s $35 billion service business is sharply falling. UN Warns

Portfolio

GETTY IMAGES

28

Observer
Observer
GETTY IMAGES 28 Observer About Face Less than a month after announcing a plan to separate

About Face

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.

Sunken Treasure Found

leave by the end of September because of the price increase. Sunken Treasure Found Africa’s Best

Africa’s Best Governments

Portfolio

Magnifique French Inspired Design

Magnifique French Inspired Design From Paris to Dubai, from London to New York, from Munich to

From Paris to Dubai, from London to New York, from Munich to Beijing… Live a magnifique life around the world.

www.sofitel.com

from Munich to Beijing… Live a magnifique life around the world. www.sofitel.com D U B A
from Munich to Beijing… Live a magnifique life around the world. www.sofitel.com D U B A
from Munich to Beijing… Live a magnifique life around the world. www.sofitel.com D U B A
from Munich to Beijing… Live a magnifique life around the world. www.sofitel.com D U B A
from Munich to Beijing… Live a magnifique life around the world. www.sofitel.com D U B A

DUBAI

MUNICH

B EIJING

PARIS
PARIS
from Munich to Beijing… Live a magnifique life around the world. www.sofitel.com D U B A
from Munich to Beijing… Live a magnifique life around the world. www.sofitel.com D U B A

30

© PSYCHOLOGYTODAY.COM

Commentary
Commentary

SCOTT BARRY KAUFMAN

30 © PSYCHOLOGYTODAY.COM Commentary SCOTT BARRY KAUFMAN Does Work Passion Cause Burnout? GETTY IMAGES ■ Portfolio
30 © PSYCHOLOGYTODAY.COM Commentary SCOTT BARRY KAUFMAN Does Work Passion Cause Burnout? GETTY IMAGES ■ Portfolio

Does Work Passion Cause Burnout?

GETTY IMAGES
GETTY IMAGES

Portfolio

32

Profile

32 Profile Portfolio
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32 Profile Portfolio
32 Profile Portfolio
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32 Profile Portfolio
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Private

Banker

Societe 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.

November 2011

3333

joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido
joined the banking group in 1996 to create the private banking division in Asia, reports Guido

34

Profile

REUTERS

34 Profile REUTERS My experience of private banking is rather limited as in no way can
34 Profile REUTERS My experience of private banking is rather limited as in no way can
34 Profile REUTERS My experience of private banking is rather limited as in no way can
34 Profile REUTERS My experience of private banking is rather limited as in no way can
34 Profile REUTERS My experience of private banking is rather limited as in no way can
34 Profile REUTERS My experience of private banking is rather limited as in no way can
34 Profile REUTERS My experience of private banking is rather limited as in no way can
34 Profile REUTERS My experience of private banking is rather limited as in no way can
34 Profile REUTERS My experience of private banking is rather limited as in no way can
34 Profile REUTERS My experience of private banking is rather limited as in no way can

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.

Portfolio

GETTY IMAGES

November 2011

3535

Profile
Profile
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of
GETTY IMAGES November 2011 3535 Profile Daniel Truchi believes diversification into new markets is one of

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.

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.

36

REUTERS
REUTERS

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.

“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.”

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www.billionairecouture.com - Tel. +39 02 77701411

LONDON LAS VEGAS DUBAI MOSCOW
LONDON
LAS VEGAS
DUBAI
MOSCOW

38

Profile

38 Profile ■ Truchi is looking at possible acquisitions to accelerate Societe Generale’s Private Banking growth.
38 Profile ■ Truchi is looking at possible acquisitions to accelerate Societe Generale’s Private Banking growth.
38 Profile ■ Truchi is looking at possible acquisitions to accelerate Societe Generale’s Private Banking growth.
38 Profile ■ Truchi is looking at possible acquisitions to accelerate Societe Generale’s Private Banking growth.
38 Profile ■ Truchi is looking at possible acquisitions to accelerate Societe Generale’s Private Banking growth.
38 Profile ■ Truchi is looking at possible acquisitions to accelerate Societe Generale’s Private Banking growth.
38 Profile ■ Truchi is looking at possible acquisitions to accelerate Societe Generale’s Private Banking growth.
38 Profile ■ Truchi is looking at possible acquisitions to accelerate Societe Generale’s Private Banking growth.
38 Profile ■ Truchi is looking at possible acquisitions to accelerate Societe Generale’s Private Banking growth.
38 Profile ■ Truchi is looking at possible acquisitions to accelerate Societe Generale’s Private Banking growth.

Truchi is looking at possible acquisitions to accelerate Societe Generale’s Private Banking growth. The private
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.

Portfolio

40

Employment

© 2011 NEW YORK TIMES NEWS SERVICE

40 Employment © 2011 NEW YORK TIMES NEWS SERVICE BRAZIL’S BOOM ENTICES WORKERS While most of

BRAZIL’S BOOM ENTICES WORKERS

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.

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41

GETTY IMAGES

November 2011

Brazil’s economy grew at its fastest clip in more than two decades last year and unemployment is at record lows.

42

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

Brazil for a job at an asset management firm, in São Paulo. Cynthia Yuanxiu Zhang, a

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

Brazil from Beijing, at the Hotel Fasano in Rio de Janeiro. A street scene at Ipanema

A street scene at Ipanema Beach 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.

as soccer’s World Cup in 2014 and the Olympic Games in 2016 approach, but its infrastructure

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44

Employment

GETTY IMAGES

44 Employment GETTY IMAGES Real estate in Rio’s exclusive suburbs now costs three times more than

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

Portfolio

46

46 WIN BIG OR DIE FAST Technology companies are cutting their losses with increasing speed if

WIN BIG OR DIE FAST

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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47

© 2011 NEW YORK TIMES NEWS SERVICE

47 © 2011 NEW YORK TIMES NEWS SERVICE Top: Flip-Live was killed off by Cisco, its

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.

November 2011

Technology
Technology
a day before its launch. Above: Google Wave survived a mere 77 days before the plug
a day before its launch. Above: Google Wave survived a mere 77 days before the plug
a day before its launch. Above: Google Wave survived a mere 77 days before the plug
a day before its launch. Above: Google Wave survived a mere 77 days before the plug
a day before its launch. Above: Google Wave survived a mere 77 days before the plug
a day before its launch. Above: Google Wave survived a mere 77 days before the plug
a day before its launch. Above: Google Wave survived a mere 77 days before the plug

48

Hewlett-Packard had high hopes for its TouchPad tablet. Technology
Hewlett-Packard had high
hopes for its TouchPad tablet.
Technology

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

“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.’”

off the pants and then follow it up. You can’t just sit there and say, ‘Hey
off the pants and then follow it up. You can’t just sit there and say, ‘Hey

Portfolio

50

50

China

50 50 China SHARING THE WEALTH The 2,000 inhabitants of the Chinese village of Huaxi have
50 50 China SHARING THE WEALTH The 2,000 inhabitants of the Chinese village of Huaxi have
50 50 China SHARING THE WEALTH The 2,000 inhabitants of the Chinese village of Huaxi have
50 50 China SHARING THE WEALTH The 2,000 inhabitants of the Chinese village of Huaxi have
50 50 China SHARING THE WEALTH The 2,000 inhabitants of the Chinese village of Huaxi have
50 50 China SHARING THE WEALTH The 2,000 inhabitants of the Chinese village of Huaxi have
50 50 China SHARING THE WEALTH The 2,000 inhabitants of the Chinese village of Huaxi have
50 50 China SHARING THE WEALTH The 2,000 inhabitants of the Chinese village of Huaxi have
50 50 China SHARING THE WEALTH The 2,000 inhabitants of the Chinese village of Huaxi have
50 50 China SHARING THE WEALTH The 2,000 inhabitants of the Chinese village of Huaxi have
50 50 China SHARING THE WEALTH The 2,000 inhabitants of the Chinese village of Huaxi have

SHARING THE WEALTH

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

mix of capitalism and socialism, reports Michael Wines . Huaxi’s 328-metre skyscraper, called New Village in

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

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51

November 2011

51 November 2011

52

China

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

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

“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.”

medicine to spun polyester cloth to real estate.” The 2,000 residents of Huaxi have a very
medicine to spun polyester cloth to real estate.” The 2,000 residents of Huaxi have a very

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.

Portfolio

Swiss values form the backbone of our approach to Private Banking. Reliability, attention to detail,
Swiss values form the backbone of our approach to Private Banking. Reliability, attention to detail,

Swiss

Swiss values form the backbone of our approach to Private Banking. Reliability, attention to detail, thoroughness

values form the backbone of our approach to Private Banking. Reliability, attention to detail, thoroughness – these are the essential principles that enable us to offer our clients solutions of lasting

quality.

Ramzi Charaf, Private Banking

solutions of lasting quality. Ramzi Charaf, Private Banking Bank Vontobel (Middle East) Ltd. is regulated by
solutions of lasting quality. Ramzi Charaf, Private Banking Bank Vontobel (Middle East) Ltd. is regulated by

Bank Vontobel (Middle East) Ltd. is regulated by the DFSA to provide financial services to Professional Clients within the scope of its Licence. Persons other than Professional Clients, such as Retail Clients, are not the intended recipients of this communication and must not act upon or rely upon the content of this communication. Bank Vontobel (Middle East) Ltd. is duly incorporated as a company limited by shares under the laws of the DIFC.

as a company limited by shares under the laws of the DIFC. Bank Vontobel (Middle East)
as a company limited by shares under the laws of the DIFC. Bank Vontobel (Middle East)
as a company limited by shares under the laws of the DIFC. Bank Vontobel (Middle East)

Bank Vontobel (Middle East) Ltd.

Liberty House, Office 913 Dubai International Financial Centre P.O. Box 506814 Dubai, United Arab Emirates Telephone +971 (0)4 703 85 70

Telefax

+971 (0)4 703 85 01

54

China
China

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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56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card
56 Vijaykanti, a migrant farm worker, scans her fingerprints to register for a national identity card

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

LINKING THE POOR TO GROWTH

Work 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.

be instantly verified the country’s poor will benefit from the rapid economic growth, reports Lydia Polgreen.

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© 2011 NEW YORK TIMES NEWS SERVICE

57 © 2011 NEW YORK TIMES NEWS SERVICE A BHUTAN Delhi UTTAR PRADESH INDIA MAHARASHRTA Mumbai

A

BHUTAN Delhi UTTAR PRADESH INDIA MAHARASHRTA Mumbai Kaldari Bay of Bengal Bengaluru SRI LANKA Indian
BHUTAN
Delhi
UTTAR
PRADESH
INDIA
MAHARASHRTA
Mumbai
Kaldari
Bay of Bengal
Bengaluru
SRI LANKA
Indian Ocean
500 MILES

November 2011

Bengaluru SRI LANKA Indian Ocean 500 MILES November 2011 People at a New Delhi wholesale vegetable

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.

India
India
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those
Aadhaar. It is hoped that by giving people identities, welfare and social projects can reach those

58

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

“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.”

is a project of epic proportions – not unlike the challenge of governing the world’s largest

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60

India

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

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

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

government has tapped to create India’s identity database. Temporary identity cards are sorted out as people

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