JESSICA ALBA

QUARTERLY
BY LEONTEQ
1
16
THE MAGAZINE FOR INVESTMENTS, TRENDS AND TECHNOLOGIES
FUTURE
BUSINESS TRAVEL
48 HOURS
IN HONG KONG
FINTECH –
CALL TO ACTION
FOR BANKS
MADE TO MEASURE
STEINWAYS
SOUND AND
QUALITY
INTERVIEW
JESSICA
ALBA
HOLLYWOOD
ENTREPRENEUR
FOCUS ON
RECYCLING
2 EDITORIAL
Dear readers
In 2016, laying the foundation for a green future remains at the top of the agenda. Along
with a shift in thinking around production, recycling will play a pivotal role here.
Companies seeking to provide new methods of recycling offer a great deal of potential.
This was recognised early on by a number of prominent investors who went on to invest in the segment, Bill Gates among
them. You can read more about this on page 18. From page 28,
you can learn what individual consumers can do to help create
a greener, more sustainable economy through proper waste disposal and more
responsible consumer decisions.
Waste can literally
be turned into gold
Entrepreneur and Hollywood star Jessica Alba’s business The Honest Company has
successfully entered the US market with non-toxic, eco-friendly, safe and affordable
products and is now on course for global expansion. You can gain insight into this success
story from page 8 onwards.
‘Fintech’ is on everyone’s lips and is crucially shaping the evolution of the financial
industry. In retail banking new payment systems are taking centre stage. The B2B side
focuses primarily on optimising costs and processes. On page 30, you can learn how
Zurich is positioning itself as a major player in the global fintech market by combining
Swissness and innovative strength.
Meanwhile, indoor climbing is a sporting trend that is increasingly en vogue. Our report
on page 14 might pique your curiosity and prompt some sporty new year’s resolutions to
try something new in 2016.
Hong Kong – global financial metropolis and cultural melting pot where East meets West
– will sparkle in Chinese New Year celebrations in early February 2016. However, the
Pearl of the Orient is still worth a visit at other times of the year – as you will see on page
40, where our Hong Kong CEO Ka Long Lee reveals his best tips for enjoying the city.
I wish you a happy, healthy and successful 2016 and hope you will gain some exciting
insights from this issue of Leonteq Quarterly.
Jan Schoch
CEO | Leonteq Ltd.
CONTENTS 3
Contents
INTERVIEW
Entrepreneur
Jessica Alba
talks business.
LOCATION
The best tips for a weekend in Hong Kong.
AT A GLANCE
Recycling. Page 4
NEWS Leonteq Day 2016.
Page 6
PORTRAIT Film star and
entrepreneur: Jessica Alba.
Page 8
SPORTS Tight holds,
soaring emotions: climbing.
Page 14
8
38
SPECIAL: RECYCLING
A SUCCESS STORY
Protecting the
environment. Page 18
18
INVESTMENT TREND
RECYCLING
High-performing ‘scrap’
equities. Page 24
ALCHEMISTS OF THE
21ST CENTURY Waste
as a resource. Page 28
34
FUTURE
FinTech – Disruptive
Energy. Page 30
MADE TO MEASURE
Steinway – the measure of
things in music.
MADE TO MEASURE
Steinway – high point for
pianists. Page 34
LOCATION Hong Kong –
a global metropolis and
Asian hotspot. Page 38
RECYCLING Waste as a resource.
GIMMICKS From old to
new. Page 42
Publishing information
Published by
Leonteq Securities AG
Brandschenkestrasse 90, P.O. Box 1686
8027 Zurich, Switzerland
Publication: 3 times per year
Print run: 3‚000 DE / 3‚000 EN
Concept + realisation
Leonteq & Pracimamedia GmbH
Editor-in-chief
Manuel Dürr
manuel.duerr@leonteq.com
Translation
Amelia Sassano
Head MarCom
Sandra Frank Dudler
sandra.frank@leonteq.com
Authors
Alexandra Dinter
Thomas Garms
Wolfgang Hagl
Tobias Hatje
Christian Ingerl
Ina Krug
Sven Millischer
Frank Siering
Christoph Wöhrle
Photo credits
Cover: Getty Images / Paul Zimmermann;
Portrait: Getty Images / Gilbert Carrasquillo;
Infographic (At the glance): Sebastian Adrian
All other photos are from iStock.
Reproduction, in whole or in part, of articles
and images is permitted only with the prior
written approval of Leonteq Securities AG.
No liability is assumed for unsolicited
deliveries.
Subscriptions
Leonteq Securities AG
sandra.frank@leonteq.com
Tel. +41 58 800 1091
Notice
The interview with Nick Hayek (CEO Swatch
Group) in the 3/15 issue was inadvertently
missing a reference. It was originally conducted
by Handelszeitung and published on 7 May
2015.
Printing
Staffel Medien AG, Zurich
www.staffelmedien.ch
Legal notice
This publication is for informational purposes
only and is not research; it does not constitute
a recommendation to buy or sell financial products, and/or an invitation to provide an offer.
The information herein is provided without
any guarantee or warranty with regard to
accuracy, completeness or reliability. It is
explicitly recommended that investors obtain
comprehensive and personal advice from a
financial expert before investing in any financial
products. This publication is no substitute for
such consultation.
© Leonteq Securities AG 2016.
All rights reserved.
In keeping with the principle of sustainability, this publication was printed on paper certified carbon-neutral, thus contributing to sustainable forestry
worldwide. Only green energy was used in the production of this publication, and a hybrid vehicle was used to deliver it.
4 AT A GLANCE
The recycling challenge
In a world with increasingly short production
cycles, the proper repurposing of valuable raw
materials represents a key challenge. This
makes sense not only for the environment and
conservation of resources – it also makes pure
economic sense. Recycling is a billion-euro
industry. According to estimates from the
German Federal Ministry for the Environment,
the world market for waste management
and recycling facilities alone is expected to
increase by more than half to 53 billion euros
by 2020.
According to an analysis by the environmental
organisation CWIT, two thirds of electronic
waste within the EU is incorrectly recycled,
dumped, or sent abroad – and the illegal trade
in discarded electronics is thriving. Improper
disposal of computers, smartphones or
household appliances pollutes the environment through the release of chemicals such
as mercury or lead. The study reports that the
weight of illegally transported scrap is equivalent to that of a brick wall stretching from Oslo
to southern Italy.
The greatest potential for waste management
companies lies in emerging markets. A study
based on data collected by Roland Berger predicts that the circular economy will see especially strong growth in the markets for waste
management technologies in Russia, India
and China. For example, the Toyota Global
Car-to-Car Recycling Project is a worldwide
initiative working to develop recycling technologies and systems to convert old vehicles
into a usable resource for the production of
new cars. But as good as this is, we also need
solutions to tackle electronic waste.
46
Pd
Palladium
78
Pt
Platinum
The anodes are further purified by
electrolysis. Pure copper is obtained
via a sulphuric acid bath. The anode
slime sinks to the bottom. It contains +
valuable precious metals such as
gold, silver, platinum, palladium and
rhodium.
47
Ag
Silver
79
Au
Gold
-
170
The graph shows the projected growth of
the waste management industry
up to the year 2025.
167%
10
Energy recovery
200%
42
Material recycling
21
Landfill disposal
381%
5
11
15
140%
137%
Projected total growth
97
71
2013
Year
Source: Roland Berger, figures in billion euros
QUARTERLY 1 | 16
This flow chart shows the individual steps in
the recycling process, based on the journey
taken by a smartphone.
The anode slime is dried and
precious metals are separated
off one by one in a multi-stage
process.
GROWTH MARKET:
THE CIRCULAR ECONOMY
102
THE RECYCLING PROCESS
2025
Waste collection,
transportation
and separation
The residue is melted down and
refined over several stages.
By-products such as iron silicate sand
or tin-lead alloys are also created
in this process. The result is almost
pure crude copper. These anodes still
contain traces of precious metals.
5
DISPOSABLE SMARTPHONES
Plastic parts [e.g. the housing] are removed
first, mostly by hand. The same applies to
components that contain hazardous
materials, such as the battery and
display, which must be
separated and disposed.
The phones are then
crushed through a
shredder to create
a coarse granular
material, which
makes the
various
components
easier to
separate.
New smartphones are often bought
because an individual wants to own
the latest model, not because the
old one has stopped working. The
precious metals used in smartphones make them the prime asset
of electronic waste. However, the
processes necessary to recover these
materials are complex. Only a few
companies in Europe are able to
extract these precious metals from
discarded smartphones. One such
company is the South Italian start-up
Material Recovery System. A machine developed specifically for this
purpose can sort the waste precious
metals created in the production of
microchips and make these available
for reuse. The recycling rate is 60
per cent. The main metals recovered
include gold, silver, platinum and
rare earth metals. These can then be
reused in new production processes,
such as jewellery making.
30
23
Stored
Gave away
17
Not specified
13
Returned to
manufacturer
8
7
1
Donated
Taken to collection
point
Put into household
waste
Source: Zeit.de
RECYCLING OF REUSABLE MATERIALS
IN HOUSEHOLD WASTE
1991
Metals must be separated as completely
as possible in order to optimize the
amount of recovered material. Ferrous
materials are separated with the help of
magnetic separators.
Gravity, electrostatic charge, and
compressed air are used to separate
aluminium and plastics from other
crushed components.
2014
28%
Paper
82%
33%
Tin
96%
53%
Glass
89%
5%
Aluminium
90%
3%
Plastics
58%
Source: gvm, data for Germany
6 NEWS
LOCAL
Leonteq Day 2016 / Swiss FinTech Initiative and Awards
Close cooperation between research
and practice provides the best breeding
ground for innovation. As a leading
B2B fintech provider, this is what
Leonteq promotes and has embodied
ever since its foundation. The company
is especially active in numerous ways
in Zurich, a leading centre for finance
and research.
Leonteq Day 2016
Under the slogan, “(R)Evolution Day 2016
– Hear it from the experts”, we will once
again receive interesting insights and
inspiration from the world’s leading
business and technology experts. Financial
expert and former president of the European Central Bank Jean-Claude Trichet
will present his economic outlook for
2016. Olav Maassen, project manager and
author, will explain how timing is a much
more significant indicator for the possible
outcome of a decision-making process
than generally believed. David Rowan,
chief editor of Wired, the award-winning
QUARTERLY 1 | 16
technology and innovation magazine, will
present his experiences and insights on
“How technology is changing the world of
finance”. Political advisor and communications consultant Julius van de Laar, who
advised Barack Obama in the 2008 and
2012 election campaigns, will give a talk
on “Message, Money, Mobilisation”.
A presentation of Leonteq’s latest technology innovations completes the programme. We look forward to seeing you
there and your participation in some
stimulating discussions.
As one of Switzerland’s leading fintech
companies, Leonteq strongly supports
these efforts. Jan Schoch will be a juror
in the first Swiss FinTech Awards, acting
as a sparring partner for the finalists and
evaluating the concepts and projects put
forward.
Leonteq@Swiss FinTech Awards
The Swiss FinTech initiative has the goal
to firmly establish Zurich on the international fintech map and to promote new
talents and ideas. This needs to start right
at the beginning of the innovation value
chain, when new ideas and concepts are
being formed, in order to help Zurich
truly stand out from other fintech innovation hubs, like London, New York and
Singapore.
The Swiss FinTech Awards were launched
on 1 October 2015. International fintech
experts from Accenture will be advising
the top ten teams in a fintech boot camp in
Zurich in mid-January. The award
ceremony will then take place as part of
the “Fintech 2016 – Advance Finance
Together” conference on 31 March 2016.
Urs Häusler from Swiss Finance Startups
and DealMarket, George H. Schmidt from
Accenture and Sandra Tobler from
Switzerland Global Enterprise will join
him on the jury.
7
GLOBAL
New Leonteq offices / New planned platform partnerships
NEW LEONTEQ OFFICES
Leonteq continues to grow and has moved
into new offices in various international
locations in recent months. Change is also
in the air in Zurich.
Our colleagues in Paris are now based in
new premises on Rue La Pérouse, not far
from the Arc de Triomphe and only a short
distance from La Défense, where many of
our French customers have their offices.
In Hong Kong, our new office in the
International Financial Centre on
Hong Kong Island now provides sufficient
space for additional colleagues in Asia and
is the ideal location to further drive our
expansion in North Asia. We moved into
our new London offices on the 26th floor
in The Shard at London Bridge in
December 2015. The Shard, one of the
tallest skyscrapers in Europe, won us over
with its exceptional infrastructure and close
proximity to the City and Canary Wharf,
and good connections to Mayfair.
There will also be a change of location in
Zurich this year as our offices at Hürlimann
Areal have reached their maximum capacity. Our new headquarters on Europaallee
will provide sufficient space for more than
300 employees under one roof. The keys
will be handed over in the second quarter
of 2016, after which the new premises will
be given the Leonteq look and feel.
NEW PLANNED PARTNERSHIPS
We have signed an agreement with
Mobiliar, Switzerland’s oldest private
insurance company, regarding an envisaged
cooperation for the development of unitlinked pension products. Using Leonteq’s
platform, Mobiliar plans to offer its private
pension customers in Switzerland
unit-linked life insurance policies that
combine classic guarantees and innovative
investment components. Leonteq intends
to support Mobiliar in the development
and implementation of a corresponding
range of products. The first product is
scheduled for launch in the second half
of 2016.
We also plan a cooperation with the
Malayan Banking Berhad (Maybank),
Malaysia’s largest financial services provider. Here we will be working together on the
development and distribution of structured
investment products. Leonteq plans to
support Maybank in the origination and
lifecycle management of structured investment products along the entire value chain.
Leonteq’s highly automated platform and
our broad distribution networks in Europe
and Asia will allow Maybank to expand its
international customer base. The first
products will be made available on the
Leonteq platform during 2016. This
envisaged cooperation reflects Maybank’s
ambition to develop its structured investment products capabilities.
8 PORTRAIT
«YOU SHOULD
NEVER BE THE
SMARTEST PERSON
IN THE ROOM»
JESSICA ALBA. She soared from army child
to film star and is also a successful entrepreneur. Her recipe
for success: hard work and a down-to-earth attitude.
With The
Honest
Company, it
took just five
short years for
her to appear
on Forbes’
Billionaires list
QUARTERLY 1 | 16
A
n award-winning Hollywood actress,
the “World’s Sexiest Woman”, a mother
of two and perhaps the smartest
businesswoman to come out of Tinseltown in recent years, it seems that Jessica Alba (34)
can do no wrong. With The Honest Company, it took
just five years for her to appear on Forbes’ Billionaires list, making her one of the wealthiest self-made
women in the world.
The time has come to investigate how, in just a few
short years, the “Fantastic Four’s” Invisible Woman
managed to ascend the Olympus of top business
leaders in the U.S. and to bank more than an
estimated USD 200 million (Forbes).
When Jessica Alba breezes into her bright, airy
office in Santa Monica, California, at around 9 am,
it is likely that she has already spent three to four
hours working from home. “I often spend 80 to 85
hours a week in my office”, says Alba, eyes shining
as she talks about her zeal for work.
Success from down-to-earth roots
She claims she is constantly hatching new ideas
when considering “how we can make The Honest
Company even better and how we can make our
customers’ lives easier”. Jessica Alba is not a
business woman in a traditional sense. As an army
child, she has very normal, down-to-earth roots. She
had to constantly move from place to place and took
part-time jobs “to help support the family”.
Yet besides the good looks that would soon land her
a job in the entertainment industry, Alba, a mother
of two and wife of film producer Cash Warren has
–by her own admission – always “had a good feel for
what people want”.
Our family never had much money and I was always
good at identifying what those around me needed”,
says Alba, whose mother and father are of DanishCanadian and Mexican decent, respectively.
And with that she reveals part of the secret to her
9
I often spend
80 to 85 hours a
week in my office
10 PORTRAIT
success; despite her on-screen achievements, she has
“stayed normal and grounded”, a claim few of Alba’s
Hollywood peers can make.
Why are chemicals and
toxins found in detergents
for baby products?
It started with a romper
Seven years ago, a heavily pregnant Alba – already
a star in Hollywood thanks to the TV series “Dark
Angel” and ranked the most beautiful woman in
the world by the yellow press – tested a detergent
for baby clothes. The product gave her a nasty skin
rash... and that piqued her curiosity.
“What’s going on? Why are chemicals and toxins that
are known allergens found in detergents for baby
products? I was incensed. I didn’t want to bring my
child into a world where it was exposed to chemicals
from the moment it was born”, continues Alba, who
suffered from asthma and allergies as a teenager.
The actress asked herself a simple question – one
that would forever change her future career: “If I react that way to a product I use for my baby’s clothes,
how can that be good for my baby’s delicate skin?”
Alba scoured the stores for “an eco-friendly, baby-friendly detergent”, but mostly only found “products
that were so expensive hardly anyone could afford
them and attracted a clientele that could in no way
be associated with the modern, cosmopolitan family”,
explains Alba.
A chance encounter with Christopher Gavigan, the
then CEO of the non-profit Healthy Child Healthy
QUARTERLY 1 | 16
I didn’t want to bring
my child into a world
where it was exposed
to chemicals from the
moment it was born
11
12 PORTRAIT
World, and later with Brian Lee, the well-known
founder of LegalZoom.com, quickly developed into a
50-page business plan for a new company – one that
promotes a “toxin-free lifestyle for the whole family”,
says Alba. “That was my vision”.
JESSICA
ALBA
FACTS AND
FIGURES
However, the launch of The Honest Company – Alba
was determined that ‘honest’ would feature in the
new company’s name – had to be delayed until 2012.
2011
The year the Honest
Company was
founded.
75
Honest, straightforward
and likeable
“I quickly learned that it takes time to get a company ready for the market. All the pieces of the puzzle
had to be in place”, says Alba, who admits that the
start-up phase of her company made it hard to “focus
on Hollywood and my film career. I was so excited by
the idea of my new company that I wanted to spend
every spare minute developing our products”, she
remembers.
There are a billion reasons for The Honest Company.
After her appearances in “Little Fockers” and “Machete”, Alba was finally ready to leave acting behind,
move into The Honest Company’s new offices in Santa Monica and launch her own brand of eco-friendly
household and baby products.
per cent of all Honest
Company products
are bought online.
2‚500
stores stock Honest
Company products.
122
million US dollars
have been invested
in Alba’s company
by General Catalyst
Partners, Institutional
Venture Partners,
Lightspeed Venture
Partners and Wellington Management.
1.7
Today, the company – of which Alba is one of four
joint owners and holds an estimated 15 per cent
share (the otherwise chatty American is not keen on
discussing financial details) – is worth nearly USD
1.7 billion and is thought to already be preparing for
its IPO on the New York Stock Exchange this year.
billion US dollars: the
Wall Street Journal’s
best estimate of
the value of Alba’s
company.
Meanwhile, Alba’s loft-style offices in Santa Monica
are abuzz with more than 200 employees; the growing online business has long been complemented
by strong sales through major US retail partners like
million US dollars:
Jessica Alba’s
earnings as the lead
actress in nine films
worldwide.
QUARTERLY 1 | 16
817
Nordstrom, Target and even eco-supermarket chain
Whole Foods.
When it comes to the company’s profits, Alba is quick
to defer to her business partner Lee, probably because it is easier for the co-owner to keep the figures
confidential. That said, whispers in industry circles
indicate that her company’s sales volumes increased
to around USD 250 million in 2015. In 2014, this
figure was only estimated to be USD 150 million.
“One of the reasons our company is so successful is
because I quickly learned to fill a room with people
who are much smarter than me”, says Alba. “This
has become one of my ground rules”, she continues.
“You should never be the smartest person in the
room, because other people always have a thing or
two to teach you.”
Hollywood rejection
as preparation for entrepreneurship
It helps that Alba is operating in a market segment
which, according to a report by the National
Marketing Institute, has capital volumes of around
USD 10 billion.
No doubt it also helps that Alba, the company’s own
PR figure, is perhaps the best advertising medium
The Honest Company could hope for.
“As an actress, I’ve been told “no” thousands of times
and had to learn to deal with defeat and rejection.
I’ve come to realise that this was one of the best
possible ways to prepare myself for life as an entrepreneur; defeat has made me strong”, says Alba.
The 34-year-old mother of two is naturally smart
enough to leverage her positive Hollywood image as
a marketing tool for The Honest Company, whether
in company photoshoots, lifestyle spreads in selected
publications or appearances on popular talk shows
like Ellen DeGeneres. “It’s no secret that I’m proud
of my company and the products we sell. Why
shouldn’t I talk about it in public while my fame
continues to generate invitations from talk shows
and magazines?”
13
«We’re now in Asia
and we’d like to
explore other new
markets»
Honest, straightforward and likeable
These are attributes rarely encountered in
a business world driven by strategy games,
tactical moves and, very often, senseless
exaggerations and lies.
“That was never my world. Above all else,
I’m a mum who now offers eco-friendly
products to help other mums and dads
make better choices concerning products
for their household and kids. This in itself
makes me feel very happy and fulfilled”,
says Alba.
that “I also made a lot of mistakes in the
beginning”. Alba was so excited after the
launch of her online store that “we worked really hard getting packages to the
customers who ordered goods, only to later
realise we’d totally forgotten to charge their
credit cards”, she reveals. “But you have to
make mistakes in order to learn something
by correcting them”, she adds. Today, mistakes like the credit card mishap are a thing
of the past. “I pay much closer attention to
things like that now!” Alba quips.
As for the question of whether women do
business differently to men, Alba pauses
to think for a moment before answering.
“I believe that women do business more
intuitively than men. We instinctively know
what direction we need to take. I feel that
this has helped me more than once when
making commercial decisions”, explains
Alba. Yet in the same breath she admits
The Honest Company is also on course for
expansion. “We’re now in Asia and we’d like
to explore other new markets”, says Alba,
not attempting to conceal her enthusiasm.
Despite the company’s current financial
success, Alba claims the best part for her is
“the fantastic comments and feedback from
satisfied customers. It makes me happy and
motivates me to do more and work harder”,
explains Alba. But then she has to excuse
herself; it is time to pick up the children
from school. And that is a job for the “CEO
Mummy”, says Alba – a job that she does
every day “with great joy and pleasure”.

14 SPORTS
CLIMBING
TIGHT HOLDS,
SOARING
EMOTIONS
There are many routes to the top. In the Milandia climbing centre in
Greifensee, there are over 170 ways to reach the 12-metre-high ceiling,
catering to amateurs and professionals alike.
Climbing is booming – both outdoors surrounded by nature and in the
60 climbing and bouldering centres in Switzerland.
QUARTERLY 1 | 16
15
s Sören Petersen (43) achieves his first 6+
route (medium difficulty) in lead climbing,
his arms are heavy and his concentration
spent. I only hear him utter the word
‘done’ when he reaches the top – and fixes
his rope so he can hang free and relax
his arms. Alongside us, two women are
leisurely climbing a grade 8 route with a
long overhang just beneath the hall’s ceiling. Their movements are smooth and cat-like – a far cry from our rather
wooden ascent – but nobody here minds. While some
climbers appear inclined to exhibitionism and present their
well-chiselled upper bodies to the world, complete with
rippling six-packs, most are relaxed and unpretentious. In
pairs and groups of four or more, all of us are here to pay
homage to vertical strength training. The ages of those present range from 20 to 50, with an even split between men
and women dangling from colourful climbing holds.
A
Indoor climbing is booming
According to the Swiss Alpine Club, there are around
160,000 climbers in Switzerland. Meanwhile, the German
Alpine Club (DAV) estimates there are between 400,000
and 500,000 climbers in Germany and around two million
in Europe, with these figures set to clamber even higher.
Climbing may also soon become an Olympic sport; its best
chances of being accepted into the programme are as part
of a combined bouldering, speed climbing and lead climbing
(difficulty-based) event at the 2020 Olympic Games in
Tokyo.
EVERYTHING IN HAND
Vertical climbing not only improves general fitness and
conditioning; it also enhances balance and coordination.
16 SPORTS
Many consider climbing to be the
perfect fitness and strength training
An alternative to working out
The manufacturers of climbing equipment and accessories
have also felt the effects of climbing’s renaissance. We
spoke to Uwe Hofstädter (53), the owner of climbing shoe
brand Red Chili: “The many new urban climbing centres
are bringing the mountains to the masses, making them
accessible at all times, no matter the weather. I can now
arrange to go climbing any day of the week after work, just
like I would play tennis”. Many consider climbing to be the
perfect fitness and strength training – better and more
varied than any form of weight training. “For some, indoor
climbing has become an alternative to working out”, says
Swiss professional mountain climber Stephan Siegrist (42).
“A lot of climbers have never actually scaled a rock face,
instead climbing exclusively on the colourful, man-made
holds at their local climbing centre. Indoor climbing has
become a sport in its own right, with many practitioners
never having touched a natural cliff face”. Siegrist also
offered a good tip: anyone who wants to get their first taste
of climbing with a harness, rope and belay should attend a
course. After just a few three-hour sessions, you will have
learned the basic safety techniques in top rope climbing.
Courses are offered at all the major climbing centres, such
as at the Migros-owned Milandia centre, the Gisikon centre
or the Magnet centre in Niederwangen. All three venues are
among Siegrist’s favourite climbing spots for times when
the weather isn’t cooperating.
We have collated a few of the most important climbing terms
to help you navigate your first session:
TOPROPE
A style of climbing where the route’s safety rope runs from top to
bottom; the belayer stands at the foot of the route and the rope
loops down to him or her from above.
LEAD
The lead climber is the first to scale the route and ascends while
periodically placing protection every few metres.
BOULDERING
Practised within jumping height; ropes and harnesses are not
needed; a discipline in its own right, which (depending on the route)
requires considerable strength, body tension and coordination.
DYNO
A fast, dynamic movement or jump to reach the next hold; generally
only used when a hold is out of reach.
QUARTERLY 1 | 16
ON-SIGHT
A free ascent with no prior practice or beta and without resting on
the rope.
SIT START
Starting a climb from a seated position; often used when bouldering.
HMS CARABINER
Also known as a Munter hitch carabiner; a screwgate (locking)
carabiner used as part of a belay system, among other things.
QUICKDRAW
Two carabiners secured together with a strap; used to connect
protection to the rope.
17
Climbing is booming, not only in the mountains, but also
in flatter countries to the north. Boasting almost 500
dedicated climbing centres nationwide, Germany represents
the largest climbing market in Europe. Munich-Thalkirchen
is home to the world’s largest indoor climbing centre,
spanning 7,800 m2 and offering 610 different routes. You
can even find good climbing in the North German lowlands;
Hamburg – which is far nearer the coast than the mountains – is a climbing and bouldering mecca with
its 6,000 m2 “Nordwand”.
For his part, Sören Petersen enjoys climbing natural granite
cliffs in the Alps, but also appreciates the benefits of manmade walls. “The atmosphere is relaxed, so you can meet
with a few friends and find a suitable route, no matter your
current abilities”. While professionals like Petersen make
falls look fun, mistakes when fixing your ropes can be painful and, in the worst-case scenario, fatal. For this reason, it
is vitally important to carry out a buddy check before heading up the wall – whereby each member of a pair checks the
other’s knots and belay devices.
Bouldering as a separate discipline
Bouldering takes place without belays, with soft floor mats
used in their place. Climbing in the basement within jumping height was once thought of as ‘dry training’, but has
since become one of the most popular sport climbing disciplines. Beginners find it easier to pick up than climbing with
a rope and belayer; you can practice the hardest passages
more than once, try out different techniques and holds, and
enjoy maximum physical exertion. Normal climbing shoes
are all you need to get started; there is no need to bring a
rope or harness, and no need for a partner. Of course, it is
always more fun to share a climb with others – even in the
basement.
VERTICAL
CLIMBING GEAR
Harness
A simple, solid climbing harness should fit well
without constricting your movement, e.g. the Togir
Light from Mammut, CHF 90. www.mammut.ch
DOs & DON’Ts WHEN CLIMBING
Do: Buddy checks are non-negotiable! Mutually checking that belay
devices are set up correctly, carabiners are closed and figure-eight knots
are secure is the best protection against mistakes.
Don’t: Engage in small talk while securing your figure-eight knots or
setting up your belay, as this can quickly lead to mistakes.
Do: Complete a warm-up and cool-down using easy routes and stretch
your most heavily used muscles for a more successful climb. Remember
to also take breaks between routes.
Don’t: Try to scale the wall as fast as possible; “speed is a major risk
factor”.
Shoes
Climbing shoes should fit tightly and have
rubber soles for grip, e.g. the Spirit VCR from Red
Chili, approx. CHF 129. www.baechli-bergsport.ch
Belay device
We recommend an easy-to-use combined belay
and rappel device, e.g. the ATC XP Belay/Rappel
Device from Black Diamond, approx. CHF 30.
www.BlackDiamondEquipment.com
Rope
Your climbing rope should always be at least 50
metres long and 9 to 10 mm thick – like the 9.8 Eternity by Mammut, approx. CHF 118. www.camp37.ch
18 RECYCLING
WASTE AS A RESOURCE
RECYCLING
QUARTERLY 1 | 16
19
«It is becoming
increasingly
evident that the
world’s resources
are finite»
20 RECYCLING
A success story
Recycling has not only become an important economic factor,
it is also making a significant contribution to the protection of
our climate. New ideas and technologies could further
increase recycling rates.
B
ack when humans were still hunters
and gatherers, there was never really
a waste problem. The only waste our
ancestors produced was biological in
nature. And nature itself took care
of its disposal. This changed abruptly when humans
started to develop permanent settlements. Ever since
the first settlements and up to the beginnings of industrialisation, every waste product created through
our daily activities and whatever objects outlived
their usefulness were unceremoniously dumped on
the street or in the nearest river or stream. Strong
population growth and the increasing progress of
industrialisation led to an expoThe recycling of metals
nential increase in waste output
from the start of the 19th century.
has become an important
This was also because technoeconomic factor.
logical advancement and mass
production led to an explosive increase in chemically
derived materials, such as plastics and packaging
waste. Huge landfills and then incinerators cropped
up around the peripheries of towns and cities.
A paradigm shift
Presumably the waste problem would still be dealt
with in the same way today had there not been
a fundamental rethink at the start of the 1970s.
This came about in part due to the realisation that
depositing or burning waste badly pollutes the
environment, for example through toxic leachate or
QUARTERLY 1 | 16
the emission of dangerous pollutants. At the same
time, it was becoming increasingly evident that the
world’s resources are finite. The idea of recycling
became popular as an alternative to the throw-away
society. Recycling allows used raw materials to be recycled and reused. Western industrialised countries
especially were early to recognise the need to recycle
domestic, construction and manufacturing waste – if
only because Europe’s prosperity is largely dependent
on the supply of raw materials. Still, resources are becoming increasingly scarce and consequentially more
expensive as a result of the growing world population
and increasing demand in emerging markets. Recycling goes beyond merely making primary resources
stretch further; it also reduces the dependence on resource-rich countries. Thus, the use of recycled materials also helps to reduce the supply risk associated
with primary production. As an example, more than
18.9 million tonnes of copper were produced worldwide last year. Based on the estimated global reserves
of 700 million, without recycling, the total supply of
copper could be used up within just 37 years.
Active protection of the environment
Recycling also plays a crucial role in terms of protecting the environment, as energy-intensive extraction
and production processes are eliminated. There is
a remarkable example from Germany worth mentioning here. In a study entitled ‘Recycling stoppt
Treibhausgase’ (recycling prevents greenhouse
21
Recycling: Recycling improves humanity’s carbon footprint
Source: ‘Rohstoff’ magazine, November 2014
Secondary raw materials
(recycling)
Primary raw materials
(mining and manufacturing)
Paper
6
Paper
178
Plastics
12
Plastics
Metals
Metals
30
104
1’482
The primary production of materials results in significantly greater CO2 emissions than the processing of waste fractions to create secondary raw materials.
Figures: Emissions per tonne of material in kilogramme CO2 equivalents/year
gases) from 2010, the German Federal Environment
Ministry reported that the German waste management industry has transformed into an industry of
climate protectors. In 1990, the industry was still
polluting the environment with a good 38 million
tonnes of CO2 equivalents every year. By contrast, the
waste management industry actively saved around
18 million tonnes of CO2 equivalents in 2006. This
corresponds to annual CO2 emissions of 7.7 million
cars or almost 20 per cent of vehicles registered
in Germany at that time. This was possible largely
thanks to the increased recovery of materials and
energy from waste.
Increasing recycling rates
Regulations and laws have been enacted in numerous European countries over the past three decades
that have proven critical in the advancement of recycling. Various collection systems for materials such
as metal, glass and paper were introduced – with
great success. Germany is the continent’s champion
in waste collection and recycling, with an impressive
recycling rate of 64.5 per cent of all domestic waste.
Just for perspective, consider that only 13 per cent
of waste was recycled back in 1990. The recycling
of metals has also become an important economic
factor. Looking at 2010, 43 per cent of copper, 69 per
cent of lead, 60 per cent of aluminium and 44 per
cent of raw steel consumed in the German market
were materials recovered through recycling.
With figures like this, it is not surprising that many
countries want to boost their own recycling industries. The problem is that it is most likely not possible to process even more materials using existing
systems for recycling and recovery unless the current
concept of collecting different materials separately
is rethought and new technologies are integrated to
improve separation and sorting.
Various countries are contemplating ways to increase
people’s motivation to participate in waste collection
22 RECYCLING
schemes through expanded and simplified recycling
logistics. If it is made easier for people to put their
waste back into the material cycle using intelligent
system and product designs, then this will increase
the quantity and quality of materials collected.
An entirely new realm of public sector services could
evolve here, as shown by the example of Mr. Green.
In exchange for a fee, this Zurich-based company
offers to collect all its customers’ recyclables in a
single bag, which is then collected by Mr. Green at
specific intervals. The company then takes care of
the sorting and supplies the materials to the recyclers. One model for the future could also be to apply
the polluter-pays principle to the producers and
manufacturers rather than the consumers. To date,
consumers have generally borne the costs of waste
disposal. But if these were transferred to the manufacturers, then this might lead them to
consider certain matters more carefully during the product planning stage,
Plasma gasification is
regarded as the solution such as how the required materials
can be re-used at a later date and how
of the future.
they can be recycled. Many companies
could do the same sort of thing as
Nespresso is currently doing. The Nestlé subsidiary
has introduced an extensive collection service for its
coffee capsules.
Industry has an obligation
Another important approach will be to make products themselves easier to recycle. The trend towards
an increasing number of components in packaging,
particularly polymer plastics, makes it increasingly
difficult to separate materials for collection – which
is demotivating for consumers. “This needs to be
easier in future, through using new technologies or
product design, so that even more discarded products can be recycled. This will also ensure consumers
do not continue to focus on the supply chain alone,
but simultaneously pay attention to the disposal
chain, too.” This is what the Gottlieb Duttweiler
Institute (GDI) wrote in its study, “Vom Abfall zum
Rohstoff? Die Zukunft des Recyclings” (From waste
to raw materials? The future of recycling).
Cradle to Cradle
Approaches already used in the textile and clothing
industry show what an innovative disposal chain can
QUARTERLY 1 | 16
look like. Nike fitted the French national football
team with jerseys that were each made from 13
plastic bottles for UEFA Euro 2012. But clothes
themselves can also be used as a resource once they
are no longer needed. Some solutions take a technical approach, such as when old shoes are converted
into car tyres, and others take a biological approach,
for example, when clothing is composted. One of the
pioneers in this area is the German company Trigema, which began developing clothing that is completely biodegradable as early as 2006. The Italian
luxury brand Gucci on the other hand brought out
its first sustainable shoes as part of its 2012 autumn
collection. These shoes were not only completely
compostable, but also made from compost in the first
place. The idea behind this is called ‘cradle to cradle’.
Under this model, where products have organic components, these should be returned to biological cycles
as biological nutrients. Other components should be
fed back into technical cycles as ‘technical nutrients’.
However, it is also clear that there will never be 100
per cent recovery of recyclable materials, if only because of the large quantities of dangerous and toxic
waste. Combustion technologies which can make
waste disappear in a way that is as environmentally
friendly and efficient as possible are called for in areas where current recycling practices are hitting their
limits. Plasma gasification is hailed as the solution
of the future. Here, waste is effectively atomised at
extremely high temperatures, resulting in no harmful
emissions – at least in theory. Although several test
facilities are already in operation, the technology is
not yet ready for the market. And even then, thermal
recycling should still only be the last resort for waste
disposal. The best way to manage waste will always
be to ensure it is not created in the first place.
23
Recycling rate for domestic waste in 2013
Source: Eurostat
70%
64.5%
60%
51.0%
50%
44.6%
41.8%
40%
37.6%
39.4%
32.0%
30%
24.2%
20%
17.0%
10%
0
Japan
Poland
United States
France
Italy
EU 27
UK
Switzerland
Germany
24 RECYCLING
Investment trend Recycling:
high-performing ‘scrap’ equities
Investors looking for sustainable returns generated through environmentally
friendly activities can buy shares in recycling, the waste disposal industry or
waste management. This is where responsible investing and a growth market
intertwine. A close look at the industry shows who is really turning a profit
from the waste produced by civilised society.
T
here is one thing on which everyone
agrees: waste stinks and pollutes the
environment. But waste can also be
proverbially turned into gold. Specialised companies are making good
money with what the rest of us throw away. Entire
industries – recycling, waste disposal and recovery,
for example – are generating their revenue through
the processing of waste.
A trillion-dollar industry
The dimensions of the market are impressive, and
reveal just how much money is involved. According
to the World Bank, the total waste produced across
the world in 2010 amounted to 3.5 million tonnes
per day. OECD countries accounted for the lion’s
share. However, according to the World Bank, this
situation is expected to change drastically over the
next two decades. The amount of waste generated by
emerging countries is rapidly increasing, meaning
that the global mountain of waste can be expected
to increase to six million tonnes per day by the year
2025. Waste as an industry generates one trillion
US dollars worldwide every year. But this is just the
beginning. Aside from the increasing world population, the recovery of raw materials from waste is a
major driver of growth. This has one simple reason:
raw materials are becoming scarcer the world over –
whether it be oil that is turned into plastic, or wood
QUARTERLY 1 | 16
that is used to make paper and cardboard. Another
key growth factor is the transition from waste disposal to waste recovery. According to the World Bank’s
estimates, the global recycling rate is just 25 per cent.
This is primarily due to the lack of awareness of the
importance of efficient waste management in emerging countries. However, a rethink has already begun.
For example, the World Bank recently provided 130
million US dollars to the Moroccan waste industry.
The goal is to support the construction of landfill
sites and achieve a recycling rate of 20 per cent by
2022.
Investing ecologically
It is not just the industry’s good growth prospects
that are drawing investors. An increasing number
of investors are taking environmental aspects into
consideration when choosing investments. For
these investors, it is not always about achieving high
returns – environmental aspects also play a role in
the decision-making process. Microsoft founder Bill
Gates was early to recognise this trend and invested
a small fortune in waste specialists Waste Management, the largest company to specialise exclusively in
this field in the United States. The investment paid
off: in the past five years alone, shares in this recycling and waste incineration plant operator increased
in value by more than 70 per cent. The upswing has
been accompanied by operational growth. Turnover
25
increased by around seven per cent between 2009
and 2014, while operational profit showed a disproportionate increase of 22 per cent. The analyst consensus is that there will be further earnings growth
averaging at 7.5 per cent between 2016 and 2017.
The LKQ Corporation has also taken things up a
notch. This recycling company is specialised in cars
and car parts and is experiencing an incredible
growth trend. Sales climbed by 180 per cent over the
past five years, while profit increased by almost 120
per cent. Experts also anticipate high growth for the
future. According to data from Thomson Reuters,
the earnings per share have increased by more than
13 per cent between 2016 and 2017. Stockbrokers are
rewarding the operational success with significant
price mark-ups: LKQ shares have almost tripled
over the past five years. Despite the rally, the average
analyst rating is still ‘buy’.
An index full of waste
The two US companies are at the top of the BNP
Paribas Global Waste Management index. The index
tracks the performance of the world’s 20 largest companies in the areas of waste management, disposal
and recycling. Taken together, Waste Management
and LKQ make up 19 per cent of the index. The
composition and weighting of the index is reviewed
twice a year and follows a precisely defined procedure. Criteria include the fundamental assessment
by BNP Paribas, the company’s operating percentage
in relation to the waste sector as a whole, and the
liquidity of the share. More than 60 per cent of the
companies that make up the index are US-based.
The performance of the index speaks for itself: the
benchmark has increased by 180 per cent since its
launch in 2007.
European companies also play a significant role in
the waste management sector. Take Umicore, for
example. This Belgian company achieved the bulk
of its revenue through clean technologies, such as
emission control catalysts, materials for rechargeable
batteries, solar cells and photovoltaics, fuel cells,
and of course recycling. Measured by turnover, recycling is the second-largest segment in the group, but
also the biggest earner. Umicore achieves an impressive margin of almost 25 per cent in its
Cars: LKQ
Source: Thomson Reuters. Status: 26.11.2015. Historical figures are not a reliable indicator of future trends.
38
33
28
23
18
13
8
26.11.2010
26.11.2011
26.11.2012
26.11.2013
26.11.2014
26.11.2015
LKQ
This US-based company is the leading provider of recycled and remanufactured
car parts, such as engines and gearboxes.
Metal: Aurubis
Source: Thomson Reuters. Status: 26.11.2015. Historical figures are not a reliable indicator of future trends.
65
60
55
50
45
40
35
30
26.11.2010
26.11.2011
26.11.2012
26.11.2013
26.11.2014
26.11.2015
Aurubis
Aurubis takes advantage of the fact that copper and precious metals can be
recycled indefinitely without any loss of quality. This German company processes
a variety of different metals.
26 RECYCLING
Water: Veolia Environnement
Source: Thomson Reuters. Status: 26.11.2015. Historical figures are not a reliable indicator of future trends.
recycling activities. Recycling is on the rise even
among commodity-based groups like Aurubis, the
German, world-leading processor of copper, precious
metals and other non-ferrous metals.
30
25
20
15
10
5
26.11.2010
26.11.2011
26.11.2012
26.11.2013
26.11.2014
26.11.2015
Veolia Environnement
Veolia Environnement is a world-leading environmental services company. This
French company offers water treatment, water supply and waste management
services.
Paper: Mayr-Melnhof
Source: Thomson Reuters. Status: 26.11.2015. Historical figures are not a reliable indicator of future trends.
120
110
100
90
80
70
60
50
26.11.2010
26.11.2011
26.11.2012
26.11.2013
26.11.2014
26.11.2015
Mayr-Melnhof
Austrian company Mayr-Melnholf is the world’s largest producer of recycled
cardboard.
QUARTERLY 1 | 16
Alcoa is similarly successful, as the world’s largest
manufacturer of aluminium. Alcoa’s energy balance
also benefits from this approach, because up to 95
per cent less energy is consumed in recycling aluminium than extracting it from ore. The International
Aluminium Institute anticipates that more and more
recycled goods will enter the market. Today around
one third of the 56 million tonnes produced around
the world every year – 18 million tonnes – is recycled
from scrap. According to projections, the annual
demand for metal will increase to around 97 million
tonnes by 2020 if the current recycling rate remains
more or less stable. This would translate to 31 million
tonnes of recyclable materials.
New investment opportunities
The two French companies Veolia Environnement
and Suez Environnement play an important role in
reprocessing – but not of metals. This pair supplies
people around the world with clean water – the ‘blue
gold’ needed to sustain life. And yet water pollution
is steadily increasing. Population growth plays a role
here, but some new technologies, such as fracking,
also increase water pollution and the subsequent need
for treatment. In fact, the oil and gas sector is one
of the most water-intensive industries. “The 50,000
boreholes in the United States use an estimated
265 to 530 billion litres of water every year”, analyst
Thomas Guennegues from RobecoSAM Sustainable
Water explains.
But the issue is about more than just consumption.
Ten to forty per cent of the water used ends up back
on the surface, contaminated with chemicals used in
fracking. This creates enormous quantities of water
that then has to be treated. Guennegues foretells
further growth: “The increasing water requirements
in the gas industry and the stricter water standards
will cause the market for wastewater treatment in the
oil and gas industry to grow to 3.6 billion US dollars
by 2025”. The market was worth only 1.3 billion US
27
dollars in 2011. If this prediction is correct, this would
correspond to an average annual growth rate of 15 per
cent. Such developments are opening up new investment opportunities in recycling. Companies like
Veolia are already offering wastewater treatment
services to the oil and gas industry and therefore
stand ready to benefit from this increasing demand.
Reprocessing of iron
28 RECYCLING
The alchemists of the 21st century
Waste is transformed into valuable raw materials and goes back
into the economic cycle. That is the idea behind recycling.
The Swiss are among the most conscientious recyclers in the world.
And yet waste management systems here are far from perfect;
in fact, there is plenty of room for improvement.
F
For individuals, waste is generally
just a temporary annoyance that is
hopefully taken away by the waste
collectors in a regular and timely
manner. “Out of sight, out of mind”.
Our consumer society is increasingly characterised
by this throw-away mentality. A glance at the mountains of rubbish and increasingly scarce resources,
whereby in Europe, for example, renewable energies
are consumed one and a half times as fast as they
can be replaced, is forcing governments and companies alike to be more environmentally responsible.
An increasing amount of waste can also be observed here in Switzerland. A total of 21.5 million
tonnes of waste was generated in 2013; after
construction waste, which was the largest source
of waste, domestic waste came in second. A 30 per
cent increase between 1990 and 2012 is a particular cause for concern here. This development is
mainly due to population and economic growth. For
example, increasing prosperity has led to a change
in eating habits and people’s attitudes to wasting
food. An analysis of the composition of waste bags
from private households reveals that food makes
up almost a sixth of the total quantity of waste. On
average, each individual in Switzerland throws away
30 kilogrammes of food every year. Every person in
Switzerland produced around 702 kilogrammes of
waste in 2013.
A new profession
Politicians are not standing idly by. The obligation
to recycle has been enshrined in law since 1985. This
stipulation has also created a new industry. It is not
only recycling firms that have sprung up from nothing, but an entire profession: the recyclist. Around
100 young people in Switzerland are currently
enrolled on a three-year programme to qualify as
recyclists.
QUARTERLY 1 | 16
Where the alchemists of the 17th century tried
in vain to transform common metals into gold,
professional recyclers of the 21st century are masters
at turning waste into money. Recovery and recycling, in addition to environmental protection and
a conservative approach to resources, have become
an important economic factor. There is now a large
number of companies and organisations active in
the waste management sector. These range from
recycling specialists like Thommen to service providers specialising in the transfer of knowledge and
education, like Swiss Recycling, or Swico Recycling,
a non-profit national collection system for discarded
electrical devices and household electronics. This
concept has been well received: 500 manufacturers
and importers from both Switzerland and abroad
are participating in Swico Recycling’s project, covering 90 per cent of the Swiss market. This ensures
that discarded products can be returned to an
appropriate recycling facility.
Increasing recycling rates
The re-use of raw materials is a real trend in Switzerland. The recycling rate has doubled over the
past 20 years. For domestic waste, the proportion
of separate collection and recycling among the total
waste collected is now 54 per cent, while this was
just half as much thirty years ago. Drinks containers
have a particularly high recycling rate. Glass is in
the lead here, with a recycling rate of 96 per cent.
The proportion of non-recyclable domestic waste
has also been reduced from its peak of 433 kilogrammes per person in 1989 down to 344.
Switzerland shapes up well in a comparison against
European countries. While Switzerland’s recycling
rate for domestic waste stands at more than 50 per
cent, the EU average is only 41.8 per cent. There
are also large differences between the individual
29
The aim here is that products that are no longer
needed can be reprocessed to produce something
new. According to the Ellen MacArthur Foundation,
products currently have a depreciation period of
only four years. After this, only 40 per cent of all
materials are re-used or recycled, while their value
is reduced to only three per cent of the original
value. And so we see that there is still a lot to do to
maintain the prosperity already achieved by each
individual while ultimately protecting our planet.
According to Bruno Oberle, director of the Federal
Office for the Environment (BAFU), the Swiss in
particular must play their part. After all – if every
country were to use as many resources as the Swiss,
we would need 2.8 Earths to cover all our needs.
countries. Almost two thirds of waste is recycled in
Germany, but Lithuania only recycles one fifth.
Ambitious goals
It has been slow going, but Europe, just like Switzerland, is moving in the right direction. The recycling rate has increased from 17.4 to 41.8 per cent
since 1995. If this trend continues, the recycling rate
could reach almost 67 per cent across Europe by
2030. This would move the 70 per cent target set by
the EU Commission into the realm of possibility.
All that aside, a truly circular economy, as demanded by many environmental organisations, remains
a distant goal for both Europe and Switzerland.
Recycling of drinks packaging in Switzerland in 2014
Source: Federal Office for the Environment (BAFU)
Packaging material
Quantity consumed
Quantity recycled
Recycling rate
Glass
259’861 tonnes
248’427 tonnes
96%
PET
45’365 tonnes
37’119 tonnes
82%
Aluminium cans
10’137 tonnes
9’290 tonnes
92%
All packaging
315’363 tonnes
294’836 tonnes
93%
Recycling rate is constantly increasing
Source: Federal Office for the Environment (BAFU) Historical figures are not a reliable indicator of future trends.
60
50
40
30
20
10
0
1985
1989
1993
1997
2001
2005
2009
Recycling rate in Switzerland as a proportion of total domestic waste in %
2014
30 FUTURE
DISRUPTIVE
ENERGY
FinTech An agile start-up scene armed with cutting-edge
technologies is spreading through the financial services sector.
Swiss start-ups in this area had been in a difficult position until
recently. But that is now changing.
D
Disruptive innovations, fintech,
digital banking, crypto currencies,
block chains: Jan vom Brocke,
head of the Institute of Information
Systems at the University of Liechtenstein, explains the magnitude of the challenge
digitalisation will pose to financial institutions over
the coming years through an analogy involving the
Japanese Samurai. The Samurai perfected their
fighting techniques to the extent that they were as
good as invincible in close combat. But then firearms
were invented, and even the best Samurai fighters
no longer stood a chance. “This is exactly what could
happen to the banks if they do not take the ‘firearms’
of fintech seriously”, warned vom Brocke in his
opening speech at the first-ever fintech conference in
Liechtenstein.
These and other warnings are now gratefully received
not only by the established banks, but also the Swiss
Financial Market Supervisory Authority (FINMA).
The fintech industry’s supervisory authority wants to
install a special point of contact for regulatory matters. The authority is thus acting in response to the
criticism that start-ups were often unaware whether
a business idea was even permitted, and if so, what
regulatory requirements they had to consider.
QUARTERLY 1 | 16
The supervisory authority is also planning to allow
more activities without the need for permits. At the
same time, regulatory ‘sandboxes’ will also exist for
fintech start-ups in the future, as is already the case
in the United Kingdom. “These development spaces
could allow companies to test their business models
with manageable risks”, says spokesperson Vinzenz
Mathys. Last autumn, FINMA boss Mark Branson
even proposed the introduction of a ‘light’ banking
licence for fintech companies, in order to promote
more rapid growth of the fintech ecosystem than
has been seen so far. The message is clear: From
the authority’s point of view, they no longer want
to stand by and watch Switzerland being overtaken
by other financial centres in the rankings for future
investment.
The approach taken along the Thames was less hesitant from the outset. The British capital rolled out
the red carpet for the fintech industry long ago. They
built innovation parks, sponsored fintech start-ups
with taxpayers’ money and offered a wide range of
support. With corresponding results: London’s startups are receiving the most capital of any European
city. Just this summer, representatives of the British
Embassy approached Swiss fintech start-up Advanon, much to the surprise of its CEO, Phil Lojacono:
31
“Many in our team were wondering why we should
actually stay in Zurich”.
The young company had had negative experiences
with FINMA up until this point: Advanon waited
an entire six months for the green light from the
authorities – almost an eternity for a start-up. In the
meantime, however, Locojano’s opinion on FINMA
has fundamentally changed. “After the siren’s call
from London, the regulator appeared to have a rethink”, the start-up founder explained. His requests
have been dealt with expeditiously ever since. Digital
Zurich 2025, founded at the beginning of September,
is also expected to give the scene additional momentum. This association wants to position the greater
Zurich region as an attractive location for digital
start-ups, companies and talent. The first five actions
by the association include the launch of the Swiss
Investor Summit. This will take place every year
at Zurich Airport in parallel to the WEF, bringing
together investors and corporate decision makers.
Aside from this, the association also hopes to launch
an accelerator programme for start-ups combining
existing national and international programmes.
An annual digital conference will also be held in the
greater Zurich region. The WORLDWEBFORUM
serves as a good example for this idea. The creation
of a Swiss Creative and Digital Academy is also
planned. This would pool knowledge from universities, industry and ICT companies. Lastly, Digital
Zurich 2025 will also participate in Switzerland’s
partner presence at CeBIT 2016 in Hanover. The 20
founding members include EY Schweiz, ETH Zurich,
Google Switzerland, Leonteq, Migros, Mobiliar,
Oliver Wyman, Post, Ringier, SBB, SIX, Swiss, Swiss
Life, Swisscom, UBS, Wenger & Vieh, Ruedi Noser,
the City and Canton of Zurich as well as Economiesuisse, which have taken over the patronage of
Digital Zurich 2025.
32 FUTURE
Marc Walder, CEO of media firm Ringier, considers
Zurich an important part of the European financial
cluster, alongside London and Frankfurt, which have
led the way for the fintech sector. “This development is currently very positive for us”, Walder told
the Handelszeitung newspaper. “Then there are our
global insurers and local retailers, which are also
facing great challenges as a result of digital transformation”. The start-ups are extremely important here.
“Where good start-ups settle and build up their business – that is where jobs and value are created”, says
the media manager. “The momentum for start-ups is
more significant today than it has been over the past
50 years.” Digital Zurich 2025 represents a historic
opportunity for Switzerland’s existing industries that
are currently re-inventing and or being forced to
re-invent themselves.
One person who shares this belief is Thomas
Puschmann, head of the Sourcing in the Financial
Industry competence centre at the Business Engineering Institute St. Gallen, an interdisciplinary
research project led by the universities of St. Gallen
and Leipzig. Puschmann is currently organising the
construction of the Swiss FinTech Innovation Lab
in Zurich. The idea was developed during a research
visit to MIT in Boston, where innovations were being
driven forward through the close
cooperation of research and
practice. “Silicon Valley is based
on the close connection between
industry and universities”,
Puschmann told the Finanz und Wirtschaft magazine. During the launch of the national innovation
park project in Switzerland, Puschmann asked
himself whether it might also be possible to have an
innovation hub specifically for the fintech industry.
«We want to
democratise the
financial markets»
Puschmann sees this interaction between relevant
players as an important key to success. In addition to
banks like UBS, Credit Suisse, Julius Bär, Vontobel
and the Zürcher Kantonalbank, the lab also includes
technology providers, start-ups, venture capitalists
and universities. The Zurich Chamber of Commerce,
the Zurich Banking Association and the Office for
Economy and Labour all play a supporting role.
One of the ideas is that individual banks or providers of capital, like UBS or SIX, could create their
own incubators, which could intensify the level of
cooperation with start-ups. There are also bilateral
approaches, like the start-up boot camp initiatives
led by MasterCard, the Lloyds Banking Group and
QUARTERLY 1 | 16
Rabobank, which involve multiple banks. A third
approach is institutionalised fintech labs like those
already existing in London and New York, or the labs
currently being established in Sydney and Singapore.
This final approach is also Puschmann’s preferred
idea for Zurich.
Despite all these initiatives, the Swiss fintech scene
still seems to be somewhat removed from the
innovative momentum that defines the everyday
fintech scene in Silicon Valley and produces concrete
business models almost as if there were an assembly
line. Take Coinbase, for example: “We are the world’s
largest currency exchange, stock exchange and bank
for the digital currency Bitcoin”, says Dan Romero,
who is responsible for the company’s international
expansion. Launched three years ago, the Bitcoin
bank is already active in 28 countries and has been
able to bring on board renowned financiers like the
New York Stock Exchange to support its expansion.
More than 100 million dollars in venture capital has
been gathered so far. The digital currency Bitcoin
ultimately has disruptive potential and Coinbase
considers itself at the forefront of developments. “We
want to establish Bitcoin as a currency, particularly
in cross-border transactions”, Romero announced
in an interview with the Handelszeitung newspaper.
Youthful Romero, not yet in his 30s, speaks of a “500
billion-dollar market” in cross-border, SWIFT-based
transactions. This market currently generates 50
billion dollars in fees every year. “Bitcoins could melt
the cost of these transactions down to a fraction of
what they are currently”, says the man from Coinbase, who strongly believes this digital currency is a
key technology. Encrypted Bitcoins could fuel developments such as mobile payment, or even replace the
‘Pfandbrief ’ – a mostly triple-A rated form of covered
bond common in Switzerland and beyond. The world
of payments may soon look very different, if Coinbase
and co. get their way.
FutureAdvisor is focused on the future of investing.
According to manager Mitch St. Peter, FutureAdvisor
offers much more than the many automated online
asset management systems that have now appeared
on the market. He says this is because his ‘Roboadvisor’ does more than just casually cobbling together
a few passive stock market indices into a portfolio.
Instead, it takes a much more holistic approach.
This online asset management company, which was
founded in 2010 by two former Microsoft engineers,
allows clients to aggregate all their banking relation-
33
ships. This data turns bare figures and transactions
into answers and solutions, distilled into central financial questions such as: Am I saving enough to pay
for my child’s higher education? How much will my
pension be? Or even: Am I living beyond my means?
“We map the entire investor perspective, from cradle
to the grave”, says manager St. Peter. He sees it as a
digital family office for people with 100,000 to 1 million US dollars in assets. This specific target group,
the ‘mass affluents’, has been neglected by traditional banks so far for reasons of cost and complexity.
Meanwhile, the world’s largest asset management
company, Blackrock, has incorporated the Roboadvisor into its service offering.
Fintech firm Robinhood also boasts
prominent investors. The venture
capitalists behind
this online securities trader include
hip-hop superstars
Snoop Dogg and
Nas, the rock band
Linkin Park, and
Netscape founder
Marc Andreessen.
The finance app for
Android and iOS
has the potential
to revolutionise
online stock market
trading. “Trades are generally free using our app”,
says head of communications Jack Randall. There is
no longer any good reason to charge a fee, he says,
because these fees are a legacy from a time when
transactions were carried out by real traders at the
exchange. Robinhood’s founder, Vladimir Tenev,
explains this solution: “We want to democratise the
financial markets”, he says. Rather than charging
a transaction fee in order to make money on each
trade, the focus is on two other sources of revenue:
The first is customers who pay to conduct margin
trading, i.e. leveraging securities and buying forward.
The second is where Robinhood charges interest on
the customer’s unused capital. These two sources
should ensure Robinhood’s profitability.
But right now, real expansion is called for, both in
terms of new asset classes and moving into new
markets. In addition to the United States and
Australia, Robinhood is also looking at Europe.
“We think there is great potential there”, says head
of communications, Jack Randall.
While Robinhood still emanates the charm of a garage start-up, Addepar is already one step ahead. The
American software company employs 130 people and
also counts star investor Peter Thiel among its backers. Addepar says it wants to reinvent the technical
infrastructure of finance. According to marketing
boss Barbara Holzapfel, the company is able to map
even complex financial structures from the ground
up and in real time. Even trusts, offshore vehicles or
illiquid assets such as property or investment companies could be integrated into the system. This makes
Addepar particularly interesting to ultra-high-networth individuals (UHNWI), an especially demanding target group. Until now, family offices have often
compiled individual investments by hand using Excel
tables and delivered a thick stack of paper to the UHNWIs every couple of months. This is what Addepar
is tidying up, because “the more transparent the data,
the better the decisions made”, as former SAP manager Holzapfel told the Handelszeitung newspaper.
And the team’s own investments have been rewarded: even the family office of Facebook founder Mark
Zuckerberg is said to swear by Addepar.
This article contains additional
content by Handelszeitung online
(published on 24 October 2015 and
27 November 2015 respectively).
34 MADE TO MEASURE
HIGH POINT FOR
PIANISTS
Steinway is not merely the measure of things in sound and
quality. Its hand-made grand pianos also represent a prudent
and profitable investment.
QUARTERLY 1 | 16
35
36 MADE TO MEASURE
The latter is especially important, as the piano will
have to endure a great deal if used for concert performances. After all, it will likely be the sparring partner
of a number of different players and temperaments.
Steinway passes this test with flying colours.
However, the instruments are also well-loved by
amateur musicians. Some wish to enjoy especially
joyous moments when playing, while others simply
revel in the instrument’s unique, handcrafted design
and appearance.
A
dissatisfied look is part of Head
Tuner Wiebke Wunstorf ’s standard
repertoire. Sitting in a soundproof
room, the 53-year-old Hamburg
native strikes the keys in irritation, listening out
for the slightest irregularities in timbre. Then, she
smoothly removes the entire mechanism and teases
the hammer’s wool felt to adjust its thickness until it
is perfectly balanced. Even if three other tuners have
already given the green light for putting the final
touches to the instrument, Wiebke Wunstorf has the
final say. She alone decides whether after a year of
production, a new, 12,000-piece grand piano made
in the Bahrenfeld brick factory can be released for
use in myriad musical performances elsewhere in
the world.
It is more than worth the effort. Whether classical,
jazz or pop, more than 1,600 virtuosos worldwide
swear by the craftsmanship of Steinway & Sons,
including well-known musicians like Arthur Rubinstein, Vladimir Horowitz, Sergei Rachmaninoff, Lang
Lang, Daniel Barenboim and Keith Jarrett. Vladimir
Ashkenazy once said “Steinway is the only piano on
which the pianist can do everything he wants and
everything he dreams”. Whether lyrically soft with
gentle, whispering tones or the purest hellfire with
quaking base notes, whatever sound emanates from
a Steinway is guaranteed to fulfil the player’s every
melodious fantasy. Steinways are the instruments
of choice for most international concert halls, opera
houses and theatres thanks to their unique sound
and resonance; an impressive 98 per cent of all piano
concerts are performed with an orchestra on a Steinway grand.
QUARTERLY 1 | 16
The Steinway, an attractive investment
opportunity
What is more, Steinway grand pianos have proven
to be an excellent investment – and the company is
more than happy to accommodate special requests.
The two Steinway factories in New York and
Hamburg can add anything from Baroque flourishes
and gold carvings to emblems, paintings and inlays –
provided that the customisations will not affect
the piano’s construction.
Since 1999, the company has offered a Crown Jewel
Collection made of the world’s finest wood veneers,
including Macassar ebony, East Indian rosewood,
bubinga and sweet gum – woods that couldn’t be
more different. One of the company’s most iconic
models is a custom-made piano whose lid depicts the
nine muses as painted by Lawrence Alma-Tamedas.
The piano later sold for USD 1.2 million in 1997.
Meanwhile, the Steinway piano John Lennon used to
compose “Imagine” was later sold to pop star George
Michael for more than USD 2 million. “Celebrity
links are especially important when it comes to the
sale of musical instruments”, says Milan-based expert Max Bernardini, who trades in valuable watches
and other collectors’ items. “An instrument’s previous
owners or players can be crucial to its price”.
“However, even without a famous owner, a Steinway
is sure to rise in value.” Nowadays, a 50-year-old
grand piano can sell for nine times its original purchase price. This makes it a precious possession that
will bring you years of joy and can be proudly passed
on to the next generation.
Committed to tradition
The quality of Steinway’s in-house manufacturing is
unmatched in the piano industry. It is about quality,
not quantity. From the beginning, Heinrich Engelhard Steinweg instructed his workers to “build the
37
best possible piano” – and this still applies today.
The German emigrant founded Steinway in New
York in 1853 and worked with family members to
make the business a success.
and musician is vitally important to securing
customer loyalty. In the reception area there are
countless musicians’ portraits bearing handwritten
dedications and thank you notes.
Since then, the company has built more than
600,000 instruments. Its manufacturing process is
based on the ‘Steinway System’, for which the company has so far filed over 125 patents. Only soundoptimised materials and components can be used,
with wood only worked under tension and only
wooden dowels used for the instrument’s casing.
When someone purchases a grand piano, the instrument is specially transported to its final destination.
While the New York factory serves North, Central
and South America, the pianos made in Hamburg
are destined for Europe, Asia, Africa and the rest of
the world.
Quality and precision
The process starts with the rim, a bent wood casing
made from up to 20 hardwood layers. The glued and
moistened layers are stacked one on top of the other
and secured in large presses for curing. The rim
provides a base for mounting the rest of the piano’s
components. The soundboard, complete with ribs
and a glued-on hardwood bridge, is then secured to
the inner rim. This forms a single unit supported
by the piano’s rim: the Steinway strung back. As the
soundboard is essentially the heart of a grand piano,
Steinway’s piano builders place particular importance on the materials they use to build it. To meet
the very highest quality standards, they only use Sitka spruce with a regular grain and a precisely defined
number of growth rings.
The soundboard’s bridges are exclusively made
from laminated hardwood with a horizontal grain,
and each bridge is carefully raised to the optimum
height and precisely notched in accordance with the
prescribed scale. With a cap made from solid maple,
the patented design guarantees excellent sound
transmission to the soundboard. This minimises lost
vibrations, helping the piano to project sound with
an amplified volume.
The sand-cast iron frame must endure tensile force
of up to 20 tonnes. The reduced resonance works
to support the piano’s sound. Steinway’s Hamburg
factory employs 306 carpenters, varnishers, piano
builders and other specialists, many of whom are
lifelong employees. While the instruments are all
built according to the same principles, each is unique
and differs from the others in very subtle ways.
For this reason, many celebrated soloists visit the
factory personally in order to pick out their grand
piano. Steinway’s dialogue between manufacturer
A star investor and lover of fine timbre
In September 2013, Wall Street heavyweight John
Paulson bought Steinway for USD 512 million.
However, he did not dismantle the company. Paulson
is no mere investor; he is also a passionate amateur
pianist. As revealed in an interview, he owned three
Steinway grands even before the acquisition. For
him, Steinway is not a short-term speculative investment, but an investment for life; tangible value you
can experience physically seems to soften the heart
of even the most astute billionaire.
Wiebke Wunstorf gives little thought to the company’s changed ownership structure. She discovered her
vocation early and was the first woman to complete a
Steinway & Sons training in piano construction. Both
her father and brother also work for the company,
meaning she, too, is committed to tradition – which
is perhaps to be expected when you create something
so precious every day.
FACTS AND FIGURES
The wood used to build grand and vertical pianos has
to be stored and matured for up to two years. As well
as other woods, spruce, maple and poplar are used
for the soundboard, mechanisms and lid, respectively.
In June 2015, Steinway presented its 600,000th
grand piano, designed by Frank Pollaro, who adorned
it with the famous Fibonacci spiral. Over 6,000 hours
were devoted to building the instrument, featuring a
veneer from six individual ebony trunks.
In an effort to conserve raw materials, Steinway &
Sons was prohibited from building instruments
during World War II. Instead, their factories built
gliders and coffins.
Steinway shares were listed on the New York Stock
Exchange under the abbreviation ‘LVB’ for Ludwig
van Beethoven.
38 LOCATION
48 HOURS IN
HONG KONG
Hong Kong is a global metropolis and an Asian hotspot. Though
tradition peeks through here and there, the city is also stunningly
modern. It’s very expensive, but wonderfully liveable.
H
ong Kong is an adventure on
water, with over seven million
people living here on 263
islands and peninsulas. The
port city is a Special Administrative
Region on the south coast of the People’s
Republic of China and its name means
‘fragrant harbour’.
Ka Long Lee
Leonteq has a Hong Kong
office since 2010 and is
licensed to trade in securities by the Hong Kong
Securities and Futures
Commission.
CEO Ka Long Lee has been
there from day one. He
started out as a derivatives
trader and is now responsible for Leonteq’s continuing
growth in the North Asian
market. Leonteq’s offices
have been located in the
tallest building on Hong
Kong Island, the IFC2
Tower, since May 2015.
QUARTERLY 1 | 16
Despite this, the metropolis is not the same
as mainland China. It belonged to the
United Kingdom until 1997, and traces of
its more than 100 years spent as the British
Empire’s Crown Colony can still be found
today. As a free-trade zone, the third-largest
Chinese city has a number of democratic
and economic privileges and is increasingly
evolving into a playground of the rich in
mainland China and around the world.
the hinterland of Kowloon – generally in
planned cities built in the second half of
the 20th century. Hong Kong has one of
the highest costs of living in the world. A
flat, for instance – not a house – can cost
you anywhere between EUR 900 and EUR
9,000 or more per square metre. As on the
mainland, three-generation households are
common, partly out of tradition, and partly
because it would otherwise be too expensive to live here.
However, not everything in Hong Kong is
pricey. A tasty wonton noodle soup from a
cook shop will set you back less than
EUR 4 – immediately next-door to Chef
of the Century Joel Robuchon’s restaurant,
whose kitchens have been awarded a total
of 18 Michelin stars. Hong Kong is built on
juxtapositions like this.
“Above all else, Hong Kong lives on its ports
and trade. It’s one of the most liberal global
market economies and one of Asia’s most
important financial hubs”, says Ka Long
Lee, CEO of Leonteq’s Hong Kong office.
People work hard in Hong Kong, but also
love to enjoy themselves. The motto: “work
hard, play hard” is also quoted by the Leonteq CEO in interview.
The city is also marked by low taxes and
trilingualism. Alongside its official languages, Cantonese (a South Chinese dialect)
and Mandarin (Standard Chinese), English
is still widely spoken and understood.
The most densely populated areas are the
Kowloon peninsula and the north shore
of Hong Kong Island (Central). Half of
its residents live in the New Territories –
Supermarkets, department stores... in fact,
everything other than banks and the Hong
Kong stock exchange is open for at least
ten hours every day. It is not uncommon
to work until around 9 pm, go for a few
drinks, grab a bite to eat, and only return
home after midnight. Anyone who wants to
truly feel at home in Hong Kong will also
need to adopt this rhythm.
39
HONG KONG AT A GLANCE
Official language
Cantonese, Mandarin, English
Type of government
Special Administrative Region of
the People’s Republic of China
Head of State Xi Jinping
Chief Executive Leung Chun-ying
Area 1’104 km²
Population 7.3 million (2015)
Population density 6’429 people/km²
Currency Hong Kong dollar
Telephone country code +852
40 LOCATION
Tips for Hong Kong
BARS
DISCO
CONCERTS
EXHIBITIONS
OUTDOORS
Lan Kwai Fong in the Central
district is home to a myriad of
small streets, where 100 bars and
restaurants eagerly await patrons.
The SEVVA restaurant in the
Prince’s Building is a triple treat,
boasting a good bar, exquisite
food and a marvellous view. From
the roof terrace, you can see the
entire Kowloon peninsula. The
tallest bar in the world is the
Ozone Bar on the 118th floor
of the International Commerce
Centre. For great tea and coffee,
head to the stylish Café Gray
Deluxe.
When it comes to partying, no
visit to Hong Kong would be complete without Dragon-I. If you’re
lucky, you might cross paths with
Michael Jordan, David Beckham
or Calvin Harris. Another popular
venue is Bungalow on Wyndham Road in Central. A Michelin
star French restaurant by day, it
transforms into a 500 m2 club by
night, complete with four giant
LED screens and sets by DJs
from all over the world.
Hong Kong regularly hosts
traditional Chinese operas,
especially Cantonese opera.
Numerous big names from the
international music industry
have performed in the Asian
metropolis. In 2016, these will
include Diana Krall, Christoph
Poppen, Lang Lang and
Madonna. Whether classic or
pop, concerts are a permanent
fixture in the locals’ entertainment culture.
The Hong Kong Cultural Centre is home to a concert house,
galleries and the Hong Kong
Museum of Art, with an emphasis on Chinese works. The Lei
Cheng Uk Han Tomb Museum
was built after construction
workers discovered a Handynasty burial mound in 1955 –
the most significant excavation
site in all of Hong Kong. Hong
Kong Heritage Museum will
be staging an exhibition on martial arts and the movie legend
Bruce Lee until July 2018.
Victoria Peak is the highest
point on Hong Kong Island. It has
been the city’s most exclusive
residential area since colonial
times and offers spectacular
views. You can reach the peak
by taking a historical funicular.
Lamma Island and Cheung Chau
offer beautiful hiking routes and
beaches. The Big Buddha and Po
Lin Monastery on Lantau Island
are popular destinations that are
ideal for day trips. Meanwhile,
Hong Kong Disneyland is
around 30 minutes from the city
centre on the MTR metro.
QUARTERLY 1 | 16
41
DINING
RELAXATION & SLEEP
TIPS
TEMPLES
SHOPPING
The daring who want to dine
on excellent crabs and crayfish
will love Temple Street Spicy
Crabs.
The cook
shop and street kitchen is a big
favourite with the locals. Those
who want to try Chinese food
should head to Lung King
Heen in the Four Seasons
Hotel. The food here isn’t cheap,
but it’s worth every Hong Kong
dollar. At the Ko Lau Wan
Hotpot in the Tsim Sha Tsui
district, meat and fish is cooked
at your table in hot pots.
If you’ve been on your feet all day,
you’ll need to rest your legs. We
recommend Ten Feet Tall on
Queen’s Road in Central. Here
you can enjoy probably the best
foot massage in the city. Many of
the bigger hotels also offer large,
modern spas. The city’s best hotels include Swiss hotelier Peter
Borer’s Peninsula, the grande
dame of Asian luxury hospitality.
The smallest rooms are 40m2 and
decorated with flair in the finest
materials.
The best time to visit is between
October and December, when
there is little rain and you can
enjoy pleasant temperatures
of 18 to 26°C. Hong Kong
becomes very wet and humid
from April onwards, with temperatures regularly exceeding
32°C from May to September.
The currency is the Hong Kong
dollar, which is pegged to the
US dollar. There is little point
in travelling by car through the
small, packed streets of Hong
Kong. Instead, use the city’s safe
and reliable public transport.
Hong Kong’s most important
Buddhist temple is the
Ten Thousand Buddhas
Monastery, perched on a hill in
Sha Tin. The walls of the temple
are adorned with around 12,800
Buddhas donated by the faithful.
You can also find small temples
sandwiched between skyscrapers
in Central or Kowloon – like the
Man-Mo Temple, which is
dedicated to the Taoist gods of
literature and martial arts.
Three malls – IFC Mall in Central, Pacific Place in Admiralty
and Times Square in Causeway
Bay – meet virtually everyone’s
shopping needs. Here you will
find international designers and
department stores alongside
small markets offering regional
delicacies. Those who wish
to purchase furniture and
accessories in the Chinese style
will strike gold in one of the many
shops lining Queen’s Road East
in Wanchai. Exotic delicacies are
available all day at the Yau Ma
Tei Wet Market in Kowloon.
42 GIMMICKS
NEW FROM OLD
AB DIE POST
Upcycling and recycling. Sustainability: a hot topic.
ON RUNNERS
The Dresden furniture designer Prinzler & Wodarzyk transforms
old transport sledges into unique bench seats. The elaborately
restored base of the Wikinger sledge is around 100 years old.
From approx CHF 8‚500 | zeitgereift.de
SKATEBOARD
WARDROBE
Ripflip creates unique, hand-crafted
items like hook boards. Skateboard
decks still bearing the traces of use
are ingeniously transformed into
wardrobes, key hooks, lamps and
works of art. From approx. CHF 60 |
dawanda.com/shop/ripflip.
DEVELOPMENT WORK
The Hausa word ‘cucula’ translates as ‘to do
something together’. The eponymous Berlin
association trains refugees to gain basic manufacturing qualifications, which they can then use to create
design objects. The Botschafter chair range is especially
sought-after, having been made from the planks of
beached refugee boats. Approx. CHF 544 | cucula.org
GOING FULL CIRCLE
Zirkeltraining’s bags and laptop sleeves are
made from recycled leather sports
equipment and old gym mats.
The pieces instantly evoke memories of
PE lessons at school. Laptop sleeve
approx. CHF 90 | zirkeltraining.biz
ROBUST BAGS
The company Sackstarch was founded by a group of Zurich school
children who breathe new life into the materials left over from awning
manufacture. Whether a sports bag, duffel bag, tote bag, gym bag or
case, all the bags are hand-sewn, waterproof and durable.
Sports bag: CHF 85 | sackstarch.com
INTERN
43
UPGRADE
TO LEONTEQ
Leonteq AG (formerly EFG Financial Products)
was founded at the end of 2007 with the original purpose
of issuing and selling structured products. In the meantime, the platform is now available to external partners
too, in line with our Partnerships strategy.
We have consciously set ourselves the goal of playing a key
role in shaping the market for structured products with
transparency and a differentiated range of services. As an
independent outsourcing partner for investment product
services, we are unique in the industry and well positioned
to develop the market further. Leonteq has one of the most
experienced teams of experts in the business focused on
customer service across all areas of the company and
supported by our state-of-the-art, integrated IT infrastructure.
With our modern, integrated platform, which is designed for
flexibility, innovation, customer service and transparency, we
are a leader in the Swiss market. We operate internationally,
with a focus on Europe and Asia.
ARE YOU INTERESTED?
In that case, we look forward to receiving your detailed
application.
hr@leonteq.com
SAVE THE DATE 21.01.2016
LEONTEQ DAY (registration required)
The Dolder Grand, Zurich
27.01.2016
CARREFOURS
HEC Paris
28.01.2016
WORLDWEBFORUM (registration required)
Komplex 457, Zurich
03. + 04.02.2016
FINANZ’16 (registration required)
Kongresshaus Zurich, Stand V.07
03.03.2016
ABSOLVENTENTAG
ZHAW Winterthur
05.03.2016
KONTAKTPARTY
ETH Zurich
09.03.2016
HSG TALENTS CONFERENCE
HSG St. Gallen
31.03.2016
SWISS FINTECH AWARDS
(registration required)
Kalanderplatz 6, Zurich
27.04.2016
IT TAG
Zurich
If a man takes no thought
about what is distant, he will
find sorrow near at hand.
Confucius, Chinese philosopher
Confucius (551-479 BC)
was a Chinese philosopher during the Eastern Zhou Dynasty and was considered
the epitome of the wise and exemplary man.