The Credit Suisse Magazine Since 1895 Issue 1 International Edition / English February/March 2012

SUKUKS An Islamic Concept Goes Global | 24

LEADER Morten Lund And the Hype About Skype | 52 CATHY FREEMAN Investing In Indigenous Education | 46 Looking East From Romanticized Ideas to Contemporary Realities

Caravanserais Meeting places along trans-Asian routes / Masters of Nothing At All The history of zero and how it conquered the world / Turkey The end of the party ? / Kelvin’s Story A tale of inclusive education in Zambia / Keeping Federer Fit Roger’s training routines OXYGEN’S ELECTRIC SCOOTERS ARE LEAVING THE FOSSIL FUEL ERA BEHIND. Credit Suisse is helping the company evolve.

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21145_440x297_BulletinCS_oxy_e.indd 1 07.02.12 13:19 Foreword 2 Contents 3

12 Looking East 4 Peter Scholl-Latour An informed assessment Focus of the current situation following the Arab Spring. 8 Colors of the Orient We immerse ourselves into the magical variety of brilliant colors seen throughout the oriental world. 22 Of Nothing At All The history of zero centers on

Credit Suisse the Orient. Here it was born and from here it also Foreword | conquered the world. Looking East 24 Sukuk Islamic finance is at the forefront of the Any attempt to concisely describe the “Orient” is set to force even the integrations of local conventions into the globalized market economy. most articulate wordsmith into deep waters. What was once merely used as a geographical description for imperialist conquests of the West has Daniel Gebhart de Koekoek | transcended its own metonymy and come to challenge its very definition Sponsorship in these modern days of ours. On a very basic level, the term Orient 37 A Look to the Arts Creativity has been identified

derives from the Latin word oriens, meaning “east”. Throughout history, Flavio Gerber

| as the most sought-after leadership skill for the of course, the terminology used to describe Asia, the Middle- and Far 21st century. East has become charged with emotional imagery of a world where 38 Cape Festival How a non-profit organization Dieter Nagel dreams and reality merge to create an array of opulent images of exotic | is bringing opera to children in South Africa. and ancient cultures.

In more recent decades, the idea of the Orient has shifted to a more Corporate Responsibility politically charged antithesis. This permutation in popular perception, 45 Female Talent To promote constructive change,

attributed to the occupation of the Orient throughout history and the Photos:Thomas Eugster

| Credit Suisse has introduced a special mentoring mementos the West has left behind, is challenged by Palestinian-Ameri- program to include more women in senior executive can scholar Edward Said in 1978, with the publication of his most contro- positions. versial work “Orientalism,” in which he describes the pervasive Western 46 Pathways to Success How Olympian Cathy tradition, both academic and artistic, of prejudiced outsider interpretations Freeman is making a difference in the field of of the East (Orient), shaped by attitudes of European imperialism in the Indigenous Education. Cover photo: Regina Hügli 18th and 19th centuries. Wunderkind Turkey has enjoyed 48 Roundtable Experts discuss how to integrate an Caravanserai Lining the network above-average growth figures. Are analysis of environmental, social and governance In our attempt to entice readers to a more contemporary observation of issues into the investment process. Eastern realities, we start with some nostalgic and romanticized visions of trans-Asian trade routes, these 28 these sustainable in the long-run or is this the end of the party? that Westerners have of the East, such as the colors of the Orient in walled inns are places where Economy Ingeborg Waldinger’s feature on page 8. The exoticism attributed to the Leader Oriental world has acquired an almost mythical status as the Ottoman travelers can stay overnight and A Glimpse of the Future Meet 52 The Hype over Skype Skype founder Empire waned in the Occident. Then, we remember one of the Orient’s where animals and merchandise are Vilde Frang, the Oslo-born winner Morten Lund’s recovery from bankruptcy and most significant exports and the basis for our entire financial and 34 of the 2012 Credit Suisse Young his lessons learned. Artist Award. commercial system, the letter zero, in Stefanie Schramm’s “The Masters safeguarded. We embark on a Sponsorship of Nothing At All.” A few pages later, we confront embroidered ideas visual journey of these crossroads Some articles are linked with kooaba of the Orient and contrast them with more contemporary realities, such Inclusive Education Promoting Shortcut image recognition. as the globalization of Sukuks – Islamic fixed income products – or a between the Occident and the Orient. the inclusion of children with close look at Turkey’s recent economic boom. 42 disabilities and their parents into Corporate the lives of local communities. Responsibility This issue of bulletin is not meant to present a comprehensive overview of the current state of the Eastern world, but it should act as a teaser to the discovery of the conundrums of the Orient, to witness and discover yet another important shift in the historic balance of power, economic development and cultural relevance in our modern times. Stefan Behmer, Editor-in-Chief Gold Winner

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Peter Scholl-Latour “The experts in Egypt were of the opinion that nothing would happen in the near future.”

Journalist and author Peter Scholl-Latour, one of Europe’s most renowned experts on the Middle East, cannot be said to live only from memories, though now at 87, he has accumulated many. His apartment in Berlin is filled with photos from his time as a reporter in Africa, China and the Middle East. One shows him as a prisoner of the Viet Cong. Another was taken in 1979 with the Ayatollah Khomeini, whom Scholl-Latour accompanied back to Iran when the religious leader returned from exile.

Today, Scholl-Latour remains vital and outspoken.

His world view has been shaped by first-hand knowledge and experience, making him an authority on events shaping our lives that begin in countries and cultures many Westerners understand poorly – or not at all.

Interview: Ingo Petz Photo: Peter Peter Photo: Rigaud

bulletin 1/12 Credit Suisse Credit Suisse bulletin 1/12 6 Looking East Looking East 7

For Westerners, the idea of the “Orient” is a place Peter Scholl-Latour countries. When I first went to Algeria it had “I see no successful example has primarily targeted corrupt elites who of myths, legends and romance. Does this actually a population of eight million. Now it’s more have become too closely identified of an adaptation of reflect the reality? Award-winning German- than thirty million. There has been a migra- with the West. The hatred of the majority When Westerners speak of the “Orient,” they commonly French journalist tion, which means that nowadays most the democratic model in the of people in these countries is directed are referring to the immense expanse of land between Peter Scholl-Latour European countries have a substantial Arab world.” against a ruling class that has moved away was born in Bochum Morocco and Afghanistan. It’s a deceptive term because in 1924. As the author Muslim population. And this leads to social from Islam. Real political power in Egypt it implies a unity that doesn’t exist. People in Europe of more than 30 divisiveness. I do my best to understand rests with the Muslim Brotherhood, the often don’t even bother to distinguish between the Near books and producer of Islam and do not misuse it as a screen onto simple people, the poor, and the peasant East and the Middle East. And for Arabic speakers, many documentary which to project my anxieties. I can only farmers. They have a structured leader­ films, he is regarded as Morocco, for example, is still referred to as Maghreb a leading authority on say that one has to be aware that there are ship. The Muslim Brotherhood has remained al-Aqsa, the “Far West.” That at least reflects the the regions and issues many different currents within any religion. in the background and waited for its geographical realities. Additionally, the term “Orient” also discussed in this inter- You refer to the fear among Western moment, which came with the elections at view. He began his stands for a dream world of romanticism. Writers and career as a journalist Europeans that Muslim immigration may the start of this year. What alarms me is philosophers were fond of idealizing the countries of the for the Saarbrücker lead to alienation. Is it really so difficult that the radical Salafists received around East – either as an exotic or mysterious cultural sphere Zeitung and traveled to integrate Islam? a quarter of the votes. to Iran, Iraq, Syria What does the future hold for Libya? or as an archaic, backward area of despotism and tyranny. and Israel in 1951. There are a great many differences In fact this idealization and general ignorance still among different groups. Turkish Alevi, In Libya I expect a conflict between characterize the way in which we regard this region As a correspondent who are close to the Shiites in many rival extremists. When I had finished my today. for German Television, respects, have had very few integration book I went back to Libya. Every five he reported from Africa What leads us to perceive Islamic countries and the Arab world. problems. Sunni Islam is characterized kilometers we were stopped by armed as being so different, in some ways less Prior to becoming a by major differences in its practice. The rebels and never knew which tribe or advanced and sometimes even threatening? reporter, he served in mysticism of Sufi Islam is far removed faction they belonged to. But we did find 1945/46 with the Com- As far as Islam is concerned, things must be viewed mando Parachutiste from the rigorous faith of the Salafists. There was an appalling civil war with an estimated out that they all seemed to be at in a historical context. For example, for the time in which Ponchardier, a unit of At present there is a strong movement 200 000 casualties. I happened to be in Algeria shortly each other’s throats. the Prophet Mohammad lived, his ideas constituted a French paratroopers towards the original practices of Islam, before the outbreak of the latest so-called “Arab Spring.” Turkish Prime Minister Recep Tayyip who were active in the Erdogan visited Libya shortly after progressive social revolution. For the time it was written, First Indochina War. which can be seen as a reaction to the People there were still traumatized by the civil war and were the Koran also embodied a relatively tolerant attitude westernization that was preached by many understandably hesitant about yet another revolution. the rebels had taken over. Is Turkey towards what are called the other “religions of the book,” Today he lives in Berlin intellectuals. The Muslim Brotherhood, Is that why your new book begins with attempting to strengthen its influence and Paris. Christianity and Judaism. These religions were allowed. which looks to be on the verge of assuming Algeria and not Tunisia? in Northern Africa? The character of the Islamic Revolution was also thoroughly power in Egypt, appears to be taking a That the uprisings would begin in Tunisia came as a surprise Erdogan naturally had the advantage egalitarian. Its aims included social justice and welfare. path of moderation. to me, even though the former Tunisian president Zine that as a Muslim he was able to pray Up to the present day, many Islamic parties enjoy their Islam seems to have regained al-Abidine Ben Ali was particularly disliked. Tunisia, however, with the Libyans – unlike David Cameron popularity among the masses because of their active its significance in the postcolonial was not a former colony. It was a French protectorate and François Sarkozy. But Erdogan engagement on social issues. Arab world. Why is this? with close ties to Europe. What’s more, Tunisians are usually also made a speech in which he promoted Why do Muslims and Christians appear to During the 19th century, Islamic regarded as very peaceful, agreeable people. the secular state, and as I mentioned, be hostile towards one another today? intellectuals adopted European terms such Were you surprised by the rebellion in Egypt? the old Ottoman Empire represented to Hostility between Christianity and Islam arises, in part as “nationalism” and even “Marxism.” Yes, the mood didn’t really seem close to rebellion. I was some Arabs foreign despotism. This perhaps, because in some ways these religions are so But the “Arab nation” that Gamal Abdel also in Cairo shortly before the protests began. I met could stand in the way of any expansion similar. They are monotheistic religions. Like Judaism they Nasser attempted to unite from Morocco a number of experts when I was there and all were of the of Turkey’s role in Northern Africa. start with Abraham. And Jesus is also a great prophet to the Persian Gulf failed. One saying opinion that nothing would happen in Egypt in the near Is it then completely wrong to in Islam. In its own terms at least, the driving force behind has become more popular: “al-Islam huwa future. Neither the CIA nor the omnipresent Egyptian secret believe that democracy could establish Islam is to bring the world to salvation. Just like Christianity. al-hal – Islam is the only solution.” You service seemed to notice that anything was brewing. itself somewhere in the Arab world? The West and Islam disagree about how could say that the Islamic revolution was In contrast to many others, you do not regard the I’m delighted that I live in a democracy. the state should function. directed against those Arab rulers who young people who demonstrated on Tahrir Square But personally, I’m convinced that this The Koran is considered to be the word of God. Every were regarded as stooges of the West. and came together through internet-based social media Western model won’t work in Arab/Islamic devout Muslim believes that. The problem is that this But Islam’s influence doesn’t necessarily as the driving force behind the revolution in Egypt. countries. I see no successful example teaching, which also embodies a legal system, doesn’t mean that things will become unpleasant Those who gathered in Tahrir Square in Cairo were Book tip of an adaptation of the democratic model Peter Scholl-Latour: take into account modern conditions of life. For instance, for people outside of the region. essentially the young intellectuals, the children of the middle Arabia’s Moment in the Arab world. for the devout, religion cannot be separated from the In your new book “Arabia’s Moment classes, and frustration was especially great among the of Truth. Turmoil What can the EU, and state. Our understanding of secularism or even laicism of Truth” you look at the Arab Spring. middle classes. The widespread corruption was perceived on Europe’s Doorstep, Europeans do now? Propyläen Verlag, is vigorously rejected by many in the Islamic world. I’m very wary of using the term “Arab as insufferable. However, I’m convinced that they were 384 pages. It’s not our business to define the shape of The basic challenge was and still is finding a compromise. Spring.” There has already been one “Arab not and are not the real driving force in the country. You can politics in Syria. We don’t even know Osama bin Laden, al-Qaeda and terrorism that Spring” which, however, was largely compare it to some extent with the 1968 student riots in what will happen there if the insurgents Online competition: is linked to extremist groups have raised concerns ignored in Europe. That was at the start Paris. The rioters were the children of the “bourgeoisie”. The Go to win. At present, I fear that a civil war about the aims of Arabs and Islam in general. of the 1990s in Algeria when the military “proletariat” wasn’t there. www.credit-suisse.com/ looks likely. Europe shouldn’t overestimate The term “al-Qaeda” is extremely nebulous. What might dictatorship in that country allowed free Unlike the politically successful Muslim Brotherhood. bulletin its strength. And there should certainly to win one of three be much more of a concern to Europeans is the elections, which were followed by a military As I’ve already said, the revolutionary movement that has signed copies of Peter be no talk of military intervention in demography, the population explosion in nearby Islamic coup. Western governments did nothing. been active in the Arab countries since the start of 2011 Scholl-Latour’s book. Syria. < bulletin 1/12 Credit Suisse Credit Suisse bulletin 1/12 Looking East 9 mages ainer Martini,ainer Getty I Photo: R Photo: The Colors of the Orient Turkish Red and Mohammedan Blue

For thousands of years, Europeans have ­associated the Orient with one particular attribute:­ Sensuality. The fragrances ­ of exquisite spices and aphrodisiac perfumes helped to create this perception, but mainly it was shaped by the magical variety of brilliant colors to be seen throughout the oriental world.

Text: Ingeborg Waldinger

Gold, yellow and white embellish the elaborate interior domes of the Yeni Valide Mosque in Istanbul. bulletin 1/12 Credit Suisse Credit Suisse bulletin 1/12 10 Looking East Looking East 11

The dark red to violet-purple Over the years, indigo pigment obtained from turbans tinted the skin of the the ­secretion of the murex Tuaregs, giving the Berbers snail ­requires 10,000 snails the sobriquet “blue riders to manufacture one gram of the desert.” Eventually white of dye. Originally used and black muslin replaced by the ­Phoenicians, it became the costly indigo cloth. highly popular with powerful rulers.

Precious commodities traveled from the east to the ing for life-giving nature. It even appears on national flags, brown of “classical” Persian carpets and the stark “mum- a long-guarded secret of the Ottomans. Without this west along the Silk Road in early times, accompanied such as those of Mauretania, Saudi Arabia, and Pakistan. my brown” that the British extracted from the bituminous “Turkish red,” there would have been no red in national by reports of distant cultures. Dreams and reality merged On the other hand, a precious mineral – the fiery-green balsam used to preserve Egyptian mummies. In the 18th flags in the era before synthetic red was invented, accord- to create an array of opulent images. Exoticism acquired emerald – was a source of national pride for the ancient and 19th centuries, European painters prized this color ing to Harald Böhmer. almost mythical status as Ottoman power waned in Egyptians, while the verdant hue of ground malachite was for shading. Another color that is exclusive in terms of image as the Occident. Poets and painters played a major part in prized as a seductive eye shadow by Egyptian women. well as price is the dark red to violet-purple pigment Costly Yellow romanticizing the part of the world where the sun rises: Even so, it was a blue stone that achieved almost obtained from the secretion of the murex snail (10,000 Sol oriens, the Orient – its colors still cast their spell, divine status in Egypt: the lapis lazuli. This semi-precious But let us turn to sunnier matters now: Yellow is regard- murex snails are needed for one gram of dye). The Phoe- despite a few dark clouds. stone from Afghanistan was given to pharaohs to accom- ed as a wedding color in some parts of the Orient. Harald nicians discovered it, and it became popular in general The oriental palette of colors holds 1001 tales in store. pany them into the next life, and it adorns Tutankhamun’s Böhmer, the German chemist and expert on textile col­ors, with powerful rulers. According to legend, Cleopatra had They tell of cochineal-red silk caftans, purple ships’ sails, death mask. When lapis lazuli is pulverized, it produces carried out an extensive study of the colors in Turkish purple sails hoisted on her gilded royal barge before she and cobalt-blue earthenware; of gold-embroidered the prohibitively expensive ultramarine pigment used carpets, and in 19 81 initiated the reintroduction of natural invited Mark Anthony to come on board. Under certain ­brocades and royal robes of saffron yellow; of the henna by painters. The ancient Egyptians also manufactured dyeing in Anatolia. He is enthusiastic about the harmo- conditions, a blue shade can also be extracted from the used in wedding ceremonies and the ochre applied to the world’s first artificial pigment: “Egyptian blue,“ made nious tones of golden Konya yellow: “Bazaar merchants murex snail. Purplish blue was used to dye the fringes of mummies; and of blue desert riders and white harem of silicon, calcium and copper. use the old name, Eski, for this color.” the tekhelet, the Jewish prayer shawl. The fashionable roses. The most expensive yellow comes from the stigmas of violet familiar to us in the 21st century is admittedly a long Toxic Blue So it comes as no surprise that “Orient” is the name the crocus: Anything from 100,000 to 200,000 flowers way from this violet purple. “Clients even ordered violet given to a precious variety of iridescent pearl that reflects Cobalt blue, which originated in Persia, is a heavenly are needed to make one kilogram of saffron. In ancient carpets, with synthetic dyes, of course,” says Omar Besim all colors of the rainbow. The very word “Orient” evokes ­color, but it is also toxic. It contains arsenic. The Persians Babylon, saffron yellow was used to dye the shoes of of the Adil Besim carpet emporium in Vienna. But eco- a host of shimmering colors, although the geographical used this “Mohammedan blue” (as well as turquoise) for the wealthy, and in Persia it was the color of royal robes. luxury is also in demand: “Carpets with natural colors, area that it denotes has varied somewhat over time. the glazed tiles that decorate their mosques. Indigo, a How­ever, it is not light-resistant, unlike the intense ­yellow using patterns from the 16th and 17th centuries, are manu- It used to be understood as describing the countries and natural and intense blue dye that probably came from color obtained from dyer’s rocket, which according to factured as exclusive items.” cultures of both the Near and Far East, but nowadays it India and has been used to color textiles for centuries, Harald Böhmer can be found in Lotto carpets, the types The red from the henna bush also has a long tradition only covers the Middle East and the Arab-Islamic world. is credited with unrivaled beauty and durability. Although featured in paintings by the Italian Renaissance artist in the Orient: On the “henna night“ before a wedding, it Nevertheless, Far Eastern colors figure to some extent blue, as the color of Krishna, has a divine aura in Hindu Lorenzo Lotto: As was the custom at the time, Lotto por- was used to paint the bride’s hands and feet as well as among the hues that suffuse our imaginary visions of the India, the indigo plantations could hardly be described trayed his princely patrons together with their priceless less visible parts of her anatomy. The wearer of these Orient: In the 18th century, Europe’s metropolitan centers as hallowed ground. The British colonial power used carpets. decorations is exempt from housework as long as they revered textiles and works of art from the most distant force to compel peasants to cultivate this plant, and do not fade – an inspiring custom. Turkish author Orhan Sensual Red Orient as the last word in fashion. The color that set the the obligation to grow it was only brought to an end by Pamuk evokes the supercolor of the Orient in another tone was Chinese Green – the green of silk carpets and the so-called Indigo Riots in Bengal. In the 17th century, However, the most Oriental of all colors is red. Nature way: In his novel “My Name Is Red” the color red briefly legendary Celadon porcelain. this “king of dyes” conquered Europe, where the pale abounds in sources for this color: The glowing carmine takes on the role of the narrator. blue obtained from dyer’s woad dominated the market. from the Indo-European kermes insect is used to color Green Has Cult Status Secretive Black Synthetic indigo, identical to its natural counterpart, Campari as well as the wool felt used to make fezzes; Throughout the Islamic Orient, green enjoys the status ­supplanted Indian indigo from the end of the 19th century for silk, the Persian, Ottoman and Indian carpet weavers Of course, there is plenty of glittering gold in the Orient of a cult color because it is the color of the prophet onwards. The Tuareg also used to wear indigo: Over the preferred the dark red dye from an insect, the Indian lac. as well, but the “non-colors” – black and white – are Muhammad. Prayer carpets with green grounds are to years, their turbans (known as “alasho”) tinted the skin Both these variants were superseded by the extremely equally essential: Since time immemorial, oriental ­women be seen in mosques. So is there a taboo against green on their faces, giving the Berber people the sobriquet of expensive, intense and brilliant red color extracted from have used khol as eyeliner; gold-embroidered black carpets in secular rooms? We put this question to Farhad­ “blue riders of the desert.” White and black muslins even- the Central American cochineal bug. This was used to ­brocade (the kiswah) shrouds the Kaaba at Mecca, and Mirfattahi of Rahimi & Rahimi, the Vienna carpet store. tually replaced the costly indigo cloth. dye luxury carpets as well as the silken caftans worn by Iranian women are veiled in black chadors. On the other “No, not at all,” he replied. “The most popular colors for Of course, the oriental color spectrum also includes Ottoman sultans. hand, white is the color of the Arab kandura, an ankle- oriental carpets are red, blue, and beige, but green exam- ocher, the original earth pigment; in ancient times, the However, the inexpensive warm red obtained from length shirt, or of the marble in many mosques. And the ples can also be found on the market.“ Among the des- best qualities came from Sinop on the Black Sea. Other the root of dyer’s madder proves to be highly light-resis- coded flower language of the harem tells us what white ert people of the Orient, green also represents the long- famous colors include the extremely light-resistant ­walnut tant and weatherproof on cotton. The formula for it was roses stand for: Secret love. < bulletin 1/12 Credit Suisse Credit Suisse bulletin 1/12 Caravanserais line the network of trans-Asian trade routes at intervals of

30 to 40 kilometers. As the original Occident Orient

Farsi word kervansaray suggests, these are stopping-places for caravans. Walled inns where travelers can stay overnight Astrakhan in safety together with their animals and

Bishkek (Frunze) Hami merchandise and where they can also Kucha Karashar Anxi obtain food. Caravanserais attract Tashkent Tbilisi Bukhara Dunhuang Istanbul Kashgar merchants and craftsmen and they

Erzurum Qarqan (Qiemo) serve as warehouses and trading posts. Wuwei

Konya Athens Samarkand Hotan Trade between the Mediterranean Aleppo Merv countries and Persia, India and China Teheran Mashhad Gilgit

Herat Kabul began in the pre-Christian era, even Deir ez-Zor Islamabad Palmyra Baghdad before the age of Alexander the Great. Isfahan

Damascus But virtually no European traveler along Caravanserai these routes is fully able to bridge the Alexandria Schiras Cairo infinity that separates the Occident and Capital. Contacts. Culture. the Orient, so Marco Polo would have us believe. Caravanserais are true meeting places. This is where different races, Varanasi

religions and cultures come together; it Kolkata is here that stories are dreamt up for a thousand and one nights and fairy tales are recounted. Tales of Scheherazade, the ingenious storyteller, of Caliph

Stork and Little Muck. A crossroads between the Occident and the Orient where both sides truly get to know one another ... Istanbul Picturesque Melancholy

In 1453, Constantinople became Istanbul. The city continued to be a much-frequented point of contact between the Orient and the Occident. The Karaköy district of Istanbul, on the shore of the Golden Horn, is home to many ship chandlers. In Yelkenci Han – the Han (or marketplace) of the Sailmakers – the craftsmen cater to mariners’ needs. One last foundry still remains in this dilapidated building that dates back to the 17th century. The furnace, recessed into the ground, heats the bronze alloy with diesel oil. The master craftsmen still cast anchor chains, ship’s bells – and anything else a mariner might need – by hand. A tradition lives on. Abraham – A Trademark For 125 Years

Abraham’s precious metal shop in the Grand Bazaar, founded back in 1878, is hardly any larger than a closet. Turnover in articles made from precious metals is high here in the Cuhacilar Han. But the silver bowl – about a century old – belonging to the silver dealer’s family, is not for sale. The future of businesses in the caravan- serais is fueling plenty of discussion. To make it easier to refurbish the buildings and put them to new uses, the businesses are to be transferred to the periphery of the city. Not everyone agrees with this move as a suitable solution. The Jewelry Trade Depends on Teamwork

Gems and jewelry have been prized commodities since time immemorial. In the Büyük Yeni Han, or Great New Han, teamwork is perfectly attuned: Silversmiths and jewelers, silver polishers and gem setters (pictured) all work hand in hand. Sought-after raw materials are procured in the Grand Bazaar and this is also where the merchants offer their precious treasures for sale. The Grand Bazaar encompasses 3,300 shops, 20,000 merchants and half a million daily customers. Kitsch and commercial products are displayed here alongside cultural artifacts. A veritable paradise for treasure hunters. According to Ahmet Rasim, the most

famous writer of Istanbul, “The beauty

of a landscape resides in its melancholy.”

And Orhan Pamuk, winner of the Nobel

Prize for Literature, adds on an equally

wistful note: “When Flaubert came to

Istanbul one hundred and two years

before I was born, he was so impressed

by the throng of humanity in this city

and its highly individual character that

he could imagine Constantinople as the

capital of the world in a hundred years’

time, according to a letter he wrote.

Due to the collapse of the Ottoman

Empire, more or less the opposite of

what Flaubert predicted has actually

happened.” Then again, 10 years later,

there are growing signs that Flaubert

could eventually be proven right.

Istanbul has developed a remarkable

momentum; it has been the European

Capital of Culture, and it offers sufficient

scope to realize the vision of a vast

caravanserai where races, cultures and

religions meet, a point of contact and

kooaba Shortcut: By accessing this tool you interchange between the Occident and can send additional images of this photo essay by Regina Hügli directly to your smartphone. the Orient, and a place where they can

Custodian of the truly get to know one another. Old Dormitory Tea Servers – A Century-Old Tradition Nowadays, travelers no longer spend the night on rugs that they bring along At the heart of the Grand Bazaar, we with them, opting for the austere find the Zincirli Han, the Han of the 17th-century dormitory of the Büyük Chain. The chain in question was used Valide Han instead. The bekçi (warden), to haul the goods lift, but today it is whose name is Mehdi, now acts as the no longer in use. However, access to evening watchman to guard the valuable the Han is still difficult, even after it goods that are stored here and he has was carefully refurbished. Tea servers many a memory and tale to tell. cater to visitors’ daily needs here. 22 Looking East Looking East 23

The history of zero centers on finite, and the Earth was enclosed in crystal spheres the Orient. Here it was born and from which were kept in motion by the “unmoved mover.” Chris- tians regarded this doctrine as proof of the existence of here it conquered the world. God – and zero therefore as unholy.

Discovering Zero’s Potential Text: Stefanie Schramm The Hindus had fewer problems with zero. On his campaign of conquest Alexander the Great transported the idea as far as India and it was there that scholars discovered its true potential. In 628 A.D., the astronomer Brahmagupta described the world of negative numbers – and assigned zero its rightful place, between 1 and –1. In doing so he made zero a real number. But this teaching remained unknown in the West until Muslim invaders from the Arabian Peninsula conquered India. The concept of zero began to spread in their far- flung empire, not least because it made it easier for Arab traders to do their sums. Together with spices, silk and jewels, they introduced the number zero in everyday life – an extremely successful and momentous reimport. In 1202, on the south coast of the Mediterranean It is both the most useful and the most dangerous of all numbers. Without it our the most important mathematician of the Middle Ages, numeric system wouldn’t even be possible. It makes everyday arithmetic easy; Leonardo da Pisa, also known as Fibonacci, encountered it is the most important tool in mathematics and the focus of the most profound the Arabic (actually Indian) number system with its zero, MASTERS OF problems in physics. At the same time it can, if handled without due care, bring and made a note of it. European merchants and bankers down the entire numeric system like a house of cards and lead to disastrous were quick to see its usefulness. It was much easier to computer errors. For a long time it was even feared as a threat to the entire count with than the cumbersome abacus. The political NOTHING AT ALL world order, to philosophy and religion: the number zero. class was less enthusiastic; the city of Florence banned The history of zero centers on the Orient. Here it was born and from here it it in fact, fearing that it would make it too easy to falsify conquered the world. First it traveled to the East where mathematicians recog- invoices and notes of debt. How simple it would be to nized its true value. It wasn’t until much later that Muslims brought it back to turn a hundred florins into a thousand, or a hundred thou- Arabia and from there, finally, to Europe – as one of the “Arabic numerals,” as sand into a million! we call them today. For two thousand years the Western world had held out As potentially dangerous as the zero was in everyday against this sinister number that embodies both nothing and infinity. The ­ business life, the reasons for rejecting it went much number zero stood at the heart of the conflict between East and West. ­deeper. Christendom was still alarmed by the concepts of nothingness and infinity. It took until the 16th century Zero was a Cipher, Not a Number for Copernicus to shatter Aristotle’s crystal spheres and Two small oblique wedges were the world’s first symbol for zero. It was in- place the sun at the center of the universe. Only then ­vented by the Babylonians around 300 B.C. in Mesopotamia, modern-day Iraq. were the mathematicians able to free themselves from Just as we do, the Babylonians used a positional number system for counting, the dogma of a world without zero. but where we use units, tens and hundreds, the Babylonians used units, sixties, And it was not just in the rarified atmosphere of and 3,600s. The basic problem, however, is the same. Gaps in numbers have abstract mathematics that zero began to win ground; to be indicated somehow; otherwise 11 could be 101 or 1001. And that’s why physicists began to find traces of it in nature – in the the Babylonians inserted the two oblique wedges into the gaps – as place­ ­infinite density of material before the Big Bang, in the all- holders. But they didn’t assign any value to the symbol; for them, zero was a devouring nothingness of a black hole, in the maximum cipher, not a number. Meanwhile, zero was being invented for a second time chill of absolute zero, in the unlimited energy of a vacuum. on the other side of the world. The Mayans used it in exactly the same way as Neither modern science nor our everyday lives are conceiv­ the Babylonians as a gap-filler, and for their sophisticated calendar: Their able without zero. It can even bring warships to a standstill. months began on day zero. As US author Charles Seife explains in his book “Zero: The early Europeans, however, didn’t really know what to make of the dis- The Biography of a Dangerous Idea,” on September 21, covery. The Greek number system was strictly bound to geometrical concepts, 1997, the 80,000 horsepower engines of the USS York­ and a surface with an area of zero made no sense to them. They also had no town suddenly stopped. The onboard computer had place for zero’s twin, infinity, in their world view. For Aristotle the universe was attempted to divide by zero. <

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Sukuk are structured. To avoid interest payments that are normally applied for applied normally are that payments Tointerest structured. avoid are Sukuk way the of transparency growing the by driven been has it First, reasons: ious new issues increased new to issues increased of amount the globally, issued Sukuk new fifty than less annually where there conventional conventional fixed income products, Sukuk generally rely on highly complex legal from While products. income fixed Islamic create to attempts word Sukuk, a number of checks, has therefore been used to the first describe debt. The outstanding verify to documents legal issuing of tradition old the to refers and check word English the as roots same the has word the mologically, the plural of the Arabic word Sakk, that stands for deed or legal document. Ety in capital markets. Sukuk financial expression The raise – bond as Islamic translated –often to is Asia East South and East Middle the in based companies among popular very became Sukuk millennium, new the of decade first the In Markets Financial to Non-Islamic Expanding sector. service financial Islamic fully-fledged a from benefit finally could participants market Islamic decade, last the of end the At offered. were cards credit popular, Sharia-compliant more became mortgages Islamic grew, market income fixed Islamic the Afterwards, development. and new millennium, when Islamic institutions to started put more effort into research clients. to Islamic This,offered however, not be could in the investing changed equity beyond goes that service banking complete a forbidden, was interest Islamic finance century,offered fairly limited to twentieth opportunities its the practitioners. Since of direct end the until Still, clients. retail on focus stronger in founded that was Bank by Development the Islamic support strong ic and action. These East institutions were finance mainly located in Middle the Gulf the countries and in enjoyed institutions of South East Sharia-compliant Asia have of steadily number worked a on developing an idea Islamic then, form of the econom Since East, again. up taken Middle was the in wealth new of amounts the In level. regional supra- a on attention gain not did experiments finance Islamic first the thus, century. At this in stage history, the Middle was not East a wealthytwentieth region and the of middle the in intellectuals Egyptian among emerged actions trans financial of structuring the for principles Sharia considering of idea The A over must be preferred debt. equity that argue scholars Islamic because excluded, are companies indebted highly alcohol-, of tainment sector, production as well the as the weapons and defense Islam: industry. In addition to with that, compliant tobacco- products, conventional theand financial pork-related enter not services, as sectors business lowing fol the identifies equities, Islamic for index benchmark known best the Index, Market Islamic Jones Today,non-Islamic. Dow the as classified are that ones fought ars have to started define business sectors that are in the spirit of Islam and the therefore and negative screening approach. Since the emergence of believers the sector, religious schol Islamic among cohesion social the practices that gambling-like enlarged the gap between the rich and the poor. increasing at aimed up ended others gained, highly indebted. It is that said the Muhammad prophet values the from benefited players some While popular. very was commodities for soft gambling Mecca, in that fact from the pre-Islamic stems like situations the need of sustainable growth for local economies. The prohibition underline of gambling- speculation and risk on rules The sectors. and business “good” “bad” handling of situations and ofrisk a and classification speculation, gambling-like activities, South East Asian Islamic financial institutions started to establish aestablishto Islamicinstitutionsfinancialstarted Asian East Southactivities, mainly institutions focused on wealthy private banking clients and private equity financial Islamic where markets, Eastern Middle the to contrast In Asia. East Fully-Fledged Financial Service Sector Service Financial Fully-Fledged the In Moreover, Islamic finance became famous for its application of a so-called so-called a of application its for famous became finance Islamic Moreover, 1980 s, Islamic financial services became increasingly popular in South South in popular increasingly became services financial Islamic s, 1970 398 s, however, when the oil crisis led to tremendous tremendous to led crisis oil the when however, s, in in 2 0 10 . This took massive increase place for var Looking East Looking 2002 to to 1973 2005 . 27 ------

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28 Looking East Looking East 29

Turkey The End of the Party?

While challenges dominate the short term, the longer-term growth perspective for the Turkish economy remains intact.

Text: Nora Wassermann and Maxime Botteron Global Economic Research

Turkey is the 17th largest economy in the world based on the size of its gross nomic growth as exports but also financial inflows weak- domestic product (GDP) taking figures into account as of the end of 2010. The en. Turkish banks strongly rely on foreign loans, which International Monetary Fund (IMF) estimates Turkey’s GDP for 2011 at around are to a fairly large share short-term in nature. Depen- USD 763 billion, which is around 20 percent higher than Switzerland’s GDP dence on this funding makes the economy vul­nerable to of the previous year. The economy is well diversified, with the manufacturing stress in global financial markets, which is also reflected sector accounting for almost 25 percent of GDP. Since the country was hit by a in a volatile currency. severe crisis in 2000/01, important economic and political reforms have been Turkey’s Monetary Policy Too Loose For Too Long im­plemented. Some economic progress was achieved with the support of the IMF who was involved in Turkey’s macroeconomic management for an entire In the aftermath of the financial crisis, emerging markets decade (1998–2008). One major achievement from that time was the improve- (EM) experienced large capital inflows as foreign in­- ment of Turkey’s fiscal position. Gross government debt declined from almost vestors were attracted by higher interest rates and stron- 80 percent in 2001 to 45 percent of GDP in 2010. A banking sector reform, ger growth. This interest was reinforced by the close- introduction of a floating exchange rate and significant reduction of inflation to-zero interest rates in the many advanced economies. were other areas of ­progress. Thanks to the improved domestic and global eco- As a result, short-term capital flows to emerging mar- nomic conditions, real GDP grew by an annual 6.8 percent on average between kets increased, EM currencies appreciated significantly

Photo: Thomas Photo: Eugster 2002 and 2007. and in some countries created large external imbalances. In the case of Turkey the effect of the stronger currency Domestic and External Challenges Could Put an End to a Strong Recovery (imports became cheaper and grew faster than exports, Turkey was severely affected by the global financial crisis in 2009. The econ­ leading to a trade deficit) was exacerbated by rapid omy experienced a deep recession with a contraction of the GDP of 4.8 percent domestic credit growth. The external deficit has been mir­ that year, which highlighted the still strong reliance on global growth and capital rored by a current account deficit that is estimated to flows. Since then, the economy rebounded markedly and Turkey saw growth be more than 10 percent of GDP and the largest among reach a China-like pace of 9 percent in 2010 before slowing to an estimated G-20 countries. More than 80 percent of the deficit 8 percent in 2011. In the aftermath of the financial crisis, growth was mainly was financed through foreign short-term capital inflows driven by domestic demand (private consumption and investment), which was which are rather volatile in nature. To address the risks financed by cheap credit as interest rates remained low by historical standards. stemming from the external imbalances, the Central Bank The credit boom created challenges that Turkey has to face as we enter 2012. of the Re­public of Turkey (CBRT) made unconventional Domestically, fairly elevated inflation coupled with erratic but probably tighter monetary policy moves in October 2010. It reduced inter- monetary policy weigh on growth. On the external side, the sovereign debt cri- est rates despite strong economic growth, but at the sis in the Eurozone, ­Turkey’s main trade partner, is likely to be a drag on eco- same time raised the reserve requirement for > bulletin 1/12 Credit Suisse Credit Suisse bulletin 1/12 Looking East 31

commercial banks at the central bank. The goal of this policy mix was Figure 1 to dampen the fast credit growth, which was fuelling domestic Economic growth is likely to slow down from high levels. Source: Datastream, Credit Suisse demand and imports. Lower interest rates were intended to reduce the attractiveness for money inflows and higher reserve requirements reduce commercial banks’ willingness to lend money. As a result, imbalances should improve. The CBRT’s action backfired, however. The interest rate cut in combination with increasing financial market turmoil due to the Eurozone debt crisis led to a very sharp deprecia- tion of the Turkish lira that was stronger than in most other EM. In September 2011, the CBRT ultimately had to abruptly shift to a tight- er monetary policy stance (by increasing interest rates) in order to avoid a sudden stop of capital flows to the country.

External Financing Needs the Biggest Short-term Challenge

Overall Turkey’s economy will be challenged by the imbalances that were exacerbated by the lax monetary policy (strong stimulus during economic boom) pursued by the CBRT and would need to be cor- rected through a sharp slowdown of domestic demand. Since a “mild Figure 2 recession” in the Eurozone is likely to curb external demand for a Favorable demographics even compared to other large emerging markets. Source: United Nations, Credit Suisse while, the trade deficit is to remain substantial despite a relatively weak Turkish lira. Turkey’s external financing needs will thus con- tinue to pose a major risk to economic growth in 2012. While net capital flows have already started to decline, the risks here are that investors could more rapidly repatriate the assets they invested in Turkey, either because of a drop in con­fidence in the Turkish eco- nomic outlook, or because of liquidity needs. This process would 16. lead to a financing shortage and could thus have a considerably neg- ative effect on economic growth. In addition, the deleveraging efforts by European banks to meet the capital requirement targets by June 2012 could also be a negative factor for Turkey 1.

Favorable Demographics Support Long-term Growth Story

While challenges dominate the short term, the longer-term growth perspective for the Turkish economy remains intact. The domestic labor market conditions still appear to be favorable and demograph- ic development in Turkey is sup-portive for long-term growth, as the working population is likely to increase further over the coming decades, according to the United Nations estimates (see Figure 2). In addition, Turkey has lately diversified the destinations of its exports, Turkey is the 17th largest economy in the world based on the size of its gross in particular towards the Middle East and Central Asia. Its rather domestic product (GDP). stable political system (compared to its regional peers) and its geo- strategic position between Europe and the oil-rich Middle East pro- vide Turkey with a comparative advantage at the regional level. However, some challenges to sustainable long-term economic growth persist: Additional social and economic reforms will still be necessary (i.e., increase in quality of education, equal rights for eth- nic minorities, environmental reforms). Importantly, the financial sector will have to be developed further to tackle the relatively low savings rate that, when compared to other fast-growing emerging markets, created a chronic dependency on foreign capital. That way Turkey’s economy could become more robust against global eco- nomic downturns. Externally, the political instability in many neigh- boring coun­tries (e.g. Syria, Iran, and Iraq) poses a certain risk as well. <

1 According to the Bank of International Settlement, claims of European banks in Turkey stood at USD 171 billion (end of June 2011), 17. approximately 20 percent of GDP. 18. Credit Suisse bulletin 1/12 Sponsorship 33

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Striving to Become a Competitive Financial Center All Inclusive Set up in 2008, the International Gay and Lesbian Chamber of Commerce (IGLCC) is a global business network with members in over fifteen countries advocating for equality and inclusion at the workplace. Each year, a compre- hensive survey is carried out among major corporations throughout the world. Credit Suisse has taken part in this annual survey since 2010, when it secured the 13th place out of a total of 25 participating firms. In the 2011 survey, the bank improved its ranking by five places, moving up to the 8th position. The members of Credit Suisse’s Open At the end of October, Russian President Dmitry Medvedev convened a high-profile group of Russian and foreign top bankers and members of the Russian Network comment: “We are delighted government at a meeting in Moscow. The aim of the meeting was to identify to hear this good news. We shall concrete measures to improve Russia’s competitiveness as an international continue to contribute with ideas for financial center and make it more attractive to investors and issuers. To that end, improvements so that we can maintain an ambitious project is under way to create a Moscow International Financial a leading position in the future.” Center (MIFC). Urs Rohner, Chairman of the Board of Directors of Credit Suisse, Credit Suisse is also one of the first and Herman Gref, CEO and Chairman of the Management Board of Sberbank, companies to support the “It Gets Russia’s largest financial institution, chair the MIFC Advisory Board, which is made Better” movement. The initiative in- up of a number of prominent individuals. Shortly after the meeting in October cludes video material in which 2011, President Medvedev unveiled specific plans of action for various depart- employees recount their personal ments of the Russian government in order to drive the reforms forward. experiences. Best in Class Project Firefly Euromoney magazine, one Launched as an independent global platform, Project Firefly aims of the leading publications for to encourage university students to develop and refine their ideas on pressing societal problems. Fifteen leading scholars from around the banking community, has Muster MustermannMuster

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hen Michael Haefliger phoned violinist Vilde Frang to tell her that she had won this year’s prestigious award, he was greeted by a wild Wscream of joy. “In all the years of giving this award,” he said, “I don’t think I’ve ever had a response quite like that.” The Artistic Direc- tor of the Lucerne Festival waited for the 25-year-old Norwegian to catch her breath ­before going into detail about the prize, which includes a concert with the Vienna Philhar- monic Orchestra under Sir Bernard Haitink at the 2012 Lucerne Festival next September. Young Artist Award “She convinced us as a violinist, as a person- Text: Shirley Apthorp ality and as an artist of tremendous potential,” Haefliger said, explaining the choice. “In the decision process, we take many things into account, including how much this decision will affect the future of a young art- ist in terms of giving a last push to a great A Glimpse career. What we find most satisfying is that we can really make a sustainable difference for a young artist. It’s not a Nobel Prize for a Of the Future life’s work. Rather, it’s recognition for a young person who has already spent a childhood Since it was brought to life 12 years ago, and youth dedicated to this job. This is a rec- the biennial Credit Suisse Young Artist Award has ognition of that enormous achievement – to gone to young musicians who have, without say that we support that, so that they are able ­exception, gone on to enjoy major international to realize their full potential.” ­careers. The announcement of a new winner Not a Conventional Competition also feels like a glimpse of the future, a sneak ­preview of outstanding musical achievement. As Head of the Credit Suisse Foundation, which funds and administers the award, Manuel Rybach knows that for the young art- ists concerned, the win is worth even more than the considerable sum of 75,000 Swiss francs that it brings. He attended two days of recitals, discussions and deliberations that led to the 2012 award in Vienna as an ob- Photo: Dieter Nagel server. “For me it was absolutely fascinating Vilde Frang, winner of the 2012 Credit Suisse Young Artist and also, in a way, humbling to see the pas- Award. Born in Oslo, she is best known for great expressiveness sion of these young musicians,” he observed and a high caliber of virtuosity, musicality and understanding of contemporary repertoire – an aspect which ties in well with afterwards. “They’re individuals who are liv- the Lucerne Festival’s support of new music and young artists. ing their lives for music, with music and be- cause of music. I don’t think people in > bulletin 1/12 Credit Suisse Credit Suisse bulletin 1/12 36 Sponsorship Sponsorship 37

be such a major accomplishment for a young ther decided I should play the violin instead,” Training the Creative Mind “An engagement at THIS Text: Hugh Esten 01 Roger Wacker, festival, with THIS orchestra, woman who already has recorded her third she recalls. “He said that there would be no Managing Director disc for the EMI label. She’s also performed room in our small family car for three double of Credit Suisse with a conductor who Securities (USA), at many of the world’s leading festivals, with basses, so we couldn’t go on holidays unless has been my hero for years. Business Looks member of the CalArts many leading conductors, on numerous con- I played something smaller !” From the mo- Board of Trustees, It feels like paradise!” Vilde Frang cert stages. “Oh!,” she exclaims with true ment she picked up her first violin as a and Angelle Wacker. amazement. “Of course it is! The circus that 4-year-old, Frang never looked back. “It im- To the Arts 02 John Lasseter, comes with awards and scholarships and mediately felt right. And although I never Chief Creative Officer, prizes is one thing. But an engagement like found practicing in itself intriguing, it was Creativity, vision and imagination may not be typical Walt Disney and Pixar.

this is altogether something else. That’s what always part of my day. To play was fun.” courses in most business schools, but as the global 03 Kim Beom, “Objects makes it special – at THIS festival, with THIS At the age of 11, Frang impressed Anne- economy continues to pose unexpected challenges, Being Taught They Are orchestra, with a conductor who has been Sophie Mutter so profoundly that the eminent these very qualities are now at a premium in the Nothing But Tools,” 2010. my hero for years – it feels like paradise!” German violinist began to play a role in her business world. In 2010, an IBM survey of more than 01 life as a mentor; it is Mutter’s Freundeskreis 1,500 CEOs in 60 countries identified creativity as the An Innate Sense of Musicality Stiftung that furnished the violin Frang plays, most sought­after leadership skill for the 21st century. 03 Frang counts several previous recipients of a 19th-century Jean-Baptiste Vuillaume, and the Credit Suisse Young Artist Award amongst it was Mutter who encouraged her, at the age normal lines of work have anything compa- her friends, and she has given a recital as of 17, to move to Germany to study privately rable. We might have great and interesting part of the Lucerne Festival’s “Young” series. with Blacher. The rest of the story is not yet jobs, but that level of commitment is some- As a student of Kolja Blacher, concertmaster history; it seems rather to be a story that is oger Wacker, Managing thing else. You want them all to succeed, and of the Lucerne Festival Orchestra, she was just beginning. Frang agrees. “This is one of Director of Private Banking it’s tough that there can be only one winner.” a regular visitor – and fan – of the Lucerne the great moments of my life; and I’m quite (USA) for Credit Suisse

Credit Suisse, the Vienna Philharmonic, Festival. A concert there with the prestigious sure the value of this award is something that Securities, sees creativity 02 the Gesellschaft der Musikfreunde in Wien Vienna Philharmonic – not an orchestra which will keep growing as the years go by.” as an essential aspect in and the Lucerne Festival established the otherwise allots much programming space in For Frang, growing older also means the workplace. “Creativity award back in 2000 with the shared intent its calendar to lesser-known young soloists – growing into repertoire that has taken her Rshould always have a strong place in the of supporting young talent and investing in is a dream come true. “I grew up with the time to approach. As a young child, she says, business world. Every business has its own a collective cultural future at a significant Vienna Philharmonic’s recordings,” says she could only listen to Mozart and Haydn; unique challenges and professionals who international level. It is not a competition in Frang. “I watch their New Year’s concert ev- Holst and Mussorgsky would have her trem- learn to think out of the box, including orga­ the conventional sense. Its five jury members ery year. I know these faces already and they bling with genuine terror, much to her sister’s nizations like Credit Suisse that foster such nominate one candidate each; the decision- don’t have a clue about me. So it’s a fantas- amusement, while Tchaikovsky would reduce thinking, can not only survive the ups and making process includes an hour-long recit- tic thing. The Lucerne Festival has been such her to floods of helpless tears. “Music always downs of today’s economic environment, but al covering a broad range of musical epochs a large part of my life for so many years.” had a very strong impact on me – maybe thrive.” and an interview, and the jury reaches a ver- A further reason for Frang’s 2012 victory, too strong,” Frang says. “And it’s still the A growing number of business leaders ident of Hearst Magazines, is a member of dict through open discussion and dialogue. according to jury member Peter Hagmann, same. It’s like certain words or notions – they and academics in the US are exploring an CalArts’ New York­based Board of Over­ was her innate sense of musicality in contem- change their meaning as you go through life. expanded role for arts education as a way to seers. Maurer believes the future growth of A Unanimous Final Decision porary repertoire – an aspect which ties in When you are 10 years old, ‘love’ means one foster creativity among the next generation. the developed economies will depend on the For the 2012 award the jury included Prof. well with the Lucerne Festival’s support for thing; when you are 20, it means another For Credit Suisse, such involvement is part creation of new industries. Public education Dr. Dieter Flury of the Vienna Philharmonic, new music as well as for young artists. “She thing; and when you are 70 years old, ‘love’ of its longstanding global dedication to the in the US, however, was designed to equip Dr. Peter Hagmann, critic for the Neue says that Mozart is important for her, that means something else again. The truth is arts and education. In 2011, the bank be­ and film director John Lasseter, who first the workforce for the old manufacturing Zürcher Zeitung, Dr. Thomas Angyan, Artis- Bach is important for her and she approach- gradually shifting; you just need to change came a supporter of Friends of CalArts explored the potential of digital animation in economy. “We’re applying 20th­century tic Director of the Gesellschaft der Musik- es the music of Lutoslawski with exactly the your approach.” ı (FoCA). The group unites the most commit­ the 1970s as an undergraduate. Failing to standards to children who will hold 21st­cen­ freunde in Vienna and the American Acad- same self-evident attitude,” says Hagmann. ted donors to the California Institute of the interest The Walt Disney Company in his tury jobs. We need to create and maintain an emy’s Pamela Rosenberg, former Artistic “She uses all her emotional power to commu- Arts, a college north of Los Angeles best vision, he instead found a willing collaborator educational system that will support our po­ Director of the Berlin Philharmonic, along nicate this to her public. I think that is a pre- known for its experimental ethos. in Apple co­founder Steve Jobs. Together sition in the world,” he says. “Art probably with Haefliger. The final decision in favor of requisite for an artist living in the here and CalArts president Steven Lavine sees an they created animation powerhouse Pixar. offers some of the best training for problem Frang was unanimous. “She has a range of now – that they can not only play this music, increasingly rapid convergence driving inno­ Disney bought Pixar in 2006. Lasseter was solving, as creating art is a form of intellec­ colors in her playing that really surprised us but also recognize and care for it, fill it with vation across the arts, business and technol­ hired to restore Disney, which introduced the tual challenge that has no easy answers.” in someone so young,” said Rosenberg. “She’s emotion and communicate something of their ogy. “It’s a broader phenomenon than most world to Mickey Mouse, to its former glory CalArts president Lavine believes “a ped­ Scott Groller incredibly mature for her age and has expres- own. She does this in a very unique way.” | people imagine, especially if you think of the as world leader in animated entertainment. agogy of creativity” can be applied throughout sive power and stylistic assurance and an im- prevalence of design in everything we see Supporters of CalArts and institutions the educational system. “We need a work­ No Room for Three “Double Basses” mense honesty in performance – it really and do today. The success of a company like like it believe arts can play a bigger role in force that is flexible, adaptive and highly cre­ Courtesy of Pixar

comes from an inner connection to the music.” The daughter of a professional double bass Apple is part engineering and part design. Or education. Credit Suisse’s Roger Wacker, ative; and this requires an educational system | Something of that directness emerges in player, Oslo-born Frang always assumed that Pixar, for example, combining technological who is on the school’s Board of Trustees, that develops these qualities in everyone,” More Information conversation with Frang. Her chestnut hair she would also tend towards the bottom of innovation with storytelling and visual arts. believes the institute’s emphasis on innova­ says Lavine. “Creativity is no longer a luxury.” Frang plays with the Vienna Philharmonic under remains determinedly tousled even in photos the string group. Her older sister also played Sir Bernard Haitink at the Lucerne Festival on These things tend to come together more tion can instill in students creative skills Through its support for FoCA, Credit Suisse and her eyes widen with astonishment at the double bass and as a toddler, it was the September 14, 2012. often in our contemporary economy.” Lavine needed not only in the arts, but in other dis­ continues to support the arts while nurturing

the suggestion that another award might not instrument that defined her horizon. “My fa- lucernefestival.ch Photos: Steven A Gunther cites the example of one alumnus, animator ciplines as well. Gilbert Maurer, former pres­ the creative workforce of tomorrow. ı bulletin 1/12 Credit Suisse Credit Suisse bulletin 1/12 Through her choir and national competitions competitions national and choir her Through A younger cousins aunt, an and helping of aseries domestic with bulletin 1/12 WorldAnother is Music 38 future. Lungiswa that in wakes abed she Bapela early several shares with the chairs above them. It’s them. fa for her above time chairs the stack and room of the back the to desks the over, is push helps class Lungiswa last the try, Lungiswa already has the experience of experience the has already try, Lungiswa you sing in the choir,” the in sing you says, she forget“you Cape Festival Cape Lungiswa Lungiswa and Milan’s Scala, La classroom with some forty classmates. someclassroom with forty rican schoolchildren,rican Lungiswa dreams of vorite part of the day: choir practice. practice. choir day: of“When the part vorite very little, she has a voice. She knows that knows She avoice. has she little, very chores, allthe while humming the soprano line of operachorus an she can follow in her footsteps. her in follow can she by English Purcell. baroque composer Henry water She heats mined to offer his young charges a better a better charges young his offer to mined course before economic constraints drove constraints economic before course conductor, Sulelo, Siyabulela worked his way him back to school teaching. He is deter is He teaching. school to him back of Cape University the to up forpreparing a second. Lungiswa’s choir of music the with contact into come has her compatriot Pretty Yende, a just is who Pretty compatriot her off foroff aday of where she classes will share aprefabricated oilon an stove to wash, irons her school blouse carefully sets and growing up to become an opera singer. opera an become to up growing another world.”another is Music athome. happens that everything operas and oratorios. Although she owns she Although oratorios. and operas a similar background, is now performing at performing background,now is a similar from comes and her than older years dozen one opera staging under her belt and is now and belt her under staging opera one in which the choral group participates, she participates, group choral the which in Unlike most of her peers around the coun the around ofpeers her Unlike most Like hundreds of thousands of South Af of South of thousands Like hundreds

Sponsorship A Credit Suisse Credit visiting professor of choral con­ of choral professor visiting t the age of age t the sixty children crowd who sixty has lost both parents and parents both lost has different from many of the many from different no is this,she In a sibling. into the classroom. When 16 Town’s opera

, Lungiswa hopes that hopes ­ ­ ­ ­

“When you“When sing in the that happens at home. at happens that Music is another world.” another is Music choir, you forget everything choir, everything you forget Lungiswa Bapela

Photos: Images courtesy of Umculo / Cape Festival “The talent of these young singers isincred singers young of these talent “The “but what really motivates us is their optimism. usistheir motivates really what “but They’re all passionate about music, and they music, and about They’re passionate all Africa. Sulelo arranged for his choir to beto for choir his arranged Sulelo Africa. Gerben Grooten, ofGerben orchestra an baroque Purcell’s resolved to follow it with a more ambitious ambitious amore with it follow to resolved music professionals will present a full stag afull present will professionals music choirs from other communities. Festival, an international initiative that sup that initiative international an Festival, ports social change through music in South South in music through change social ports peers into contact with German stage stage German with contact into peers production was such a success that Umculo that asuccess such was production project. of of duction in Switzerland and Germany in Germany and in Switzerland duction director Robert Lehmeier,director Robert Dutch conductor Umculo with touch himin put ducting included in their their in included ing ofing Purcell’s and of volunteers team international icated and singers opera professional instruments, ible, 2 King Arthur brought Lungiswa and her and Lungiswa brought Arthur King ” 0 says Umculo’s director Shirley Apthorp, saysUmculo’s Shirley director 1 2

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Johannesburg Cape and Apthorp. information, please visit www.capefestival.com. visit please information, non astrictly on Umculo More information South Africa can meet the rest of the world world of the rest the meet can Africa South future. from the South African National Youth National African South the from Orchestra. Orchestra. Orchestra will join young instrumentalists instrumentalists young join will Orchestra March March very well, but unless we invest seriously in seriously we invest unless well, but very will never be able to realize their potential.” their realize to able be never will music education, most of these youngsters youngsters of these most education, music at intellectual eye level in music theater, music in eye level at intellectual of Sulelo’s choir. with together soloists of African way abetter to their sing can they believe all Musicians from the Festival Lucerne ” 2 /

The production brings a cast strong production The Cape Festival, founded in in founded Festival, Cape 3

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Website: (HCGP) Stefan Behmer Contact www.arnold.inhaltundform.com Phone: SWITZERLAND Andreas Schiendorfer Andreas and online. bulletin bank. aSwiss is Suisse Credit amendments. make to right the We reserve press. to going of time the at Suisse Credit of those are ment docu this in expressed opinions The Suisse. Credit of clients to known made being to prior companies Group Suisse Credit by actions trans for used been have already may and Suisse by werein established this publication Credit contained conclusions and The future. analysis the in performance apositive of guarantee no are performance past of Indications securities. sell or buy to Suisse by Credit ommendation arec not is and offer an constitute not does It only. purposes information for is publication This (Credit Suisse bulletin) Permitted with acknowl Reprints of Articles: - CH-8070 213 SULA E-mail: Printing: Translations Proofreading Design registration: ISSN Editorial Committee toContributors this Issue: Huber Daniel Editorial Team CH- Publisher French and Italian German, regularly in English, published issues publication, of 118th year Masthead ISSN 1423-1360 Urs P.Urs Nicole Brändle Schlegel, René Buholzer, Bettina Junker Kränzle, Hanspeter Kurzmeyer Hanspeter Junker Kränzle, Bettina Credit Suisse Suisse Credit Credit Suisse Suisse Credit to: write or branch Suisse Credit your to accom writing, in notification a send Please Changes of Address: Nora Wassermann Nora Schramm, Cushla Sherlock, Inge Waldinger, Stefanie Rudall, Elizabeth Petz, Ingo Leins, fan RegulaHuegli, Ste Heckmann, Willy-Andreas Falbo, Marco Esten, Hugh Botteron, Maxime Bolli, Joy Baumann, Diane Apthorp, Shirley Claudia Bulletin O Bulletin Alice 8070

Ratcliffe Gauch, Anja Hochberg, Angelika Jahn, Jahn, Angelika Hochberg, Anja Gauch, panied by the original ­ original the by ­panied

/ [email protected] + Hager

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First Name Last Name Country - - Winfrida Msuya TAN 2365 - Ruth Chibamba ZAM 2539 - Mwanaisha Amanzi TAN 2713 - Lawrence Gore ZIM 2884 - Tatu Makenga TAN 3050 - Furaha Chanzi TAN 2193 - Moyo Andile ZIM 2366 - Farida Makela TAN 2540 - Rachael Mulenga ZAM 2714 - Angella Masanga ZIM 2885 - Simela Sandra ZIM 3051 - Bonani Dube ZIM 2194 - Manyando Makumba ZAM 2367 - Memory Kunda ZAM 2541 - Lenia Matenga ZIM 2715 - Fanista Myungile TAN 2886 - Mucezi Masiye ZAM 3052 - Precious Kapambwe ZAM 2195 - Hildah Mukuku ZAM 2368 - Beauty Muyunda ZAM 2542 - Amuria Napari GHA 2716 - Ester Kaira ZAM 2887 - Debora Msabila TAN 3053 - Jubilee Garikai ZIM 2196 - Liceli Mufanda ZAM 2369 - Maria Kalinga TAN 2543 - Alice Nachela ZAM 2717 - Martha Musisinyani ZIM 2888 - Sikhululekile Moyo ZIM 3054 - Advey Mgaya TAN 2197 - Faraja Konzi TAN 2370 - Caster Chikokere ZIM 2544 - Sylvia Ngulube ZAM 2718 - Rabecca Mutambo ZAM 2889 - Lusinde Kumaiba ZAM 3055 - Kasoma Chama ZAM 2198 - Naomi Mumba ZAM 2371 - Moshi Kayuwanga TAN 2545 - Sinikiwe Sibanda ZIM 2719 - Charity Mwembwa ZAM 2890 - Tatenda Moyo ZIM 3056 - Margaret Kangwa ZAM 2199 - Saphira Sankwe ZAM 2372 - Zenabu Mahamah GHA 2546 - Zondani Sibanda ZIM 2720 - Sepiso Musiyebo ZAM 2891 - Prundence Chileshe ZAM 3057 - Corporate Responsibility News Faith Sniff ZIM 2200 - Lorren Raundi ZIM 2373 - Nhare Fungai ZIM 2547 - Sara Nakawala ZAM 2721 - Jemimah Namumba ZAM 2892 - Odilly Kaluba ZAM 3058 - Deophister Chiluba ZAM 2201 - Chiti Mwamba ZAM 2374 - Emmeldah Chisenga ZAM 2548 - Trish Dendamera ZIM 2722 - Sibonginkosi Ncube ZIM 2893 - Marian Mukosa ZAM 3059 - Nalukui Libaka ZAM 2202 - Blantina Mbalase TAN 2375 - Situmbeko Naluca ZAM 2549 - Happiness Mutale ZIM 2723 - Adija Issahaku GHA 2894 - Veronica Chisauka ZIM 3060 - Mohammed Hamdia GHA 2203 - Namataa Sitwala ZAM 2376 - Martha Lyambo TAN 2550 - Delphister Lushinga ZAM 2724 - Mary Kisawike TAN 2895 - Nyambe Nawa ZAM 3061 - Naomi Mwila ZAM 2204 - Duachi Moazu GHA 2377 - Pascalina Mwaba ZAM 2551 - Tatu Sanga TAN 2725 - Zikhumba Tendai ZIM 2896 - Mpande Chameya ZAM 3062 - Pumulo Ikwendo ZAM 2205 - Polite Chidawanyika ZIM 2378 - Buchedo Munkuli ZIM 2552 - Madzinise Precious ZIM 2726 - Shorai Chipazaure ZIM 2897 - Priscilla Mudenda ZIM 3063 - Florence Mwansa ZAM 2206 - Rebecca Mhimba TAN 2379 - Change Nancy ZIM 2553 - Victoria Chanda ZAM 2727 - Ireen Mwansa ZAM 2898 - Kajatu Mugala ZAM 3064 - Mildred Machokoto ZIM 2207 - Eunice Marako ZIM 2380 - Margret Gunika ZIM 2554 - Mirriam Nawelwa ZAM 2728 - Mwangala Imbuwa ZAM 2899 - Tumaini Chahe TAN 3065 - Restuta Njelekela TAN 2208 - Mable Mukombi ZAM 2381 - Tumusa Namatama ZAM 2555 - Astridah Chimfwembe ZAM 2729 - Gladys Mulenga ZAM 2900 - Ruth Kondo ZIM 3066 - Mubita Sitali ZAM 2209 - Lucy Namwinga ZAM 2382 - Alleta Tshuma ZIM 2556 - Ayisha Iddrisu GHA 2730 - Njekwa Butale ZAM 2901 - Harmony Shirichena ZIM 3067 - Josephine Chikanyira ZIM 2210 - Bisesa Mwayo ZAM 2383 - Mercy Chate ZAM 2557 - Mwango Mwale ZAM 2731 - Shuvai Dzinda ZIM 2902 - Esnart Chewe ZAM 3068 - Nemakando Kapokola ZAM 2211 - Chita Mabuku ZAM 2384 - Sibanda Acience ZIM 2558 - Priscilla Mwape ZAM 2732 - Aidess Phiri ZAM 2903 - Perfect Nyathi ZIM 3069 - Evans Tete ZIM 2212 - Majory Namukonde ZAM 2385 - Ruth Mwila ZAM 2559 - Judith Masiwa ZIM 2733 - Sibonkinkosi Mpofu ZIM 2904 - Monica Namukwala ZAM 3070 - Rafia Sulemana GHA 2213 - Roseria Musamba ZAM 2386 - Matau Winnet ZIM 2560 - Jema Kaniala TAN 2734 - Mumba Jubilee ZAM 2905 - Hellen Ngabo ZAM 3071 - Gillian Chanda ZAM 2214 - Prudence Chibesa ZAM 2387 - Hellen Mwila ZAM 2561 - Yvonne Kabulo ZAM 2735 - Patience Nyandoro ZIM 2906 - Musonda Mile ZAM 3072 - Esa Mhanda TAN 2215 - Mwala Mutimbwa ZAM 2388 - Mutema Florence ZAM 2562 - Pili Mhongole TAN 2736 - Christine Mwewa ZAM 2907 - Mainess Mutambo ZAM 3073 - Purity Kangwa ZAM 2216 - Florence Mulambia ZAM 2389 - Mervis Nglovu ZAM 2563 - Tololi Namenzi ZAM 2737 - Mayumbelo Munalula ZAM 2908 - Violet Nkaya ZAM 3074 - Irene Chimupunga ZIM 2217 - Deophine Mulinda ZAM 2390 - Kalumba Mukeya ZAM 2564 - Katonga Nsakanya ZAM 2738 - Mercy Satamba ZAM 2909 - Mandelena Hanchabila ZAM 3075 - Shupikai Chibvongodze ZIM 2218 - Karimu Nafisa GHA 2391 - Reliance Ncube ZIM 2565 - Annie Nawila ZAM 2739 - Karimu Margret GHA 2910 - Dorothy Mhepo ZIM 3076 - Alice Chola ZAM 2219 - Rudo Mutendereki ZIM 2392 - Sheba Nanyangwe ZAM 2566 - Thester Namfukwe ZAM 2740 - Juliet Chanda ZAM 2911 - Christerbell Mwamba ZAM 3077 - UK Charity of Libya Tshuma ZIM 2220 - Liywalii Mwenda ZAM 2393 - Carol Mwandu ZAM 2567 - Precious Mwila ZAM 2741 - Rosemary Kaoma ZAM 2912 - Precious Mumba ZAM 3078 - Jacquiline Mwansa ZAM 2221 - Ntumba Bilumba ZAM 2394 - Martha Chikaka ZIM 2568 - Arahanatu Mahama GHA 2742 - Suraya Seidu GHA 2913 - Juliet Nambeye ZAM 3079 - Hellen Chingongo ZAM 2222 - Netsai Makuvarara ZIM 2395 - Elina Mlongwa TAN 2569 - Nandila Songiso ZAM 2743 - Monica Mvula TAN 2914 - Eunice Kalobwe ZAM 3080 - Prudence Namuko ZAM 2223 - Mwaanga Nalukui ZAM 2396 - Miniva Katwishi ZAM 2570 - Lwanzo Muleya ZIM 2744 - Mercy Mabuku ZAM 2915 - Kalumbu Bupe ZAM 3081 - Ignasia Ndunguru TAN 2224 - Given Kasongo ZAM 2397 - Pamela Nachinga ZAM 2571 - Merinda Mwelwa ZAM 2745 - Sikutambua Kasenega TAN 2916 - Mutangu Mubiana ZAM 3082 - Memory Kaipambe ZAM 2225 - Eunice Chabala ZAM 2398 - Monde Liwena ZAM 2572 - Sitegemei Njalang’ona TAN 2746 - Shorai Mawire ZIM 2917 - Mercy Nambeye ZAM 3083 - Hildah Mofya ZAM 2226 - Farasi Mutami ZIM 2399 - Advei Mgaya TAN 2573 - Grace Zibengwa ZIM 2747 - Gift Chipemba ZAM 2918 - Bridget Kufawatama ZIM 3084 - Sharon Namukwasa ZAM 2227 - Atogo Paulina GHA 2400 - Paidamoyo Chikumbirike ZIM 2574 - Fairuzi Mkini TAN 2748 - Marvis Musonda ZAM 2919 - Anna Mukunza ZIM 3085 - Maggie Mubita ZAM 2228 - Matildah Bwalya ZAM 2401 - Maureen Mulubwa ZAM 2575 - Patricia Mlambo ZIM 2749 - Cathreen Mbulo ZAM 2920 - Harriet Nagogo ZAM 3086 - the Year Persistence Bazela ZIM 2229 - Norah Chilufya ZAM 2402 - Cathreen Mumba ZAM a2576 - Akidasmall Kavindi TAN 2750 - Seidu Aminaloan GHA 2921 - Bukari Natu putGHA 3087 - Memonse Masiya ZIM 2230 - Bwalya Malama ZAM 2403 - Likezo Miliko ZAM 2577 - Agathar Chanda ZAM 2751 - Esther Mwansa ZAM 2922 - Munyira Mercy ZIM 3088 - Agness Kabanda ZAM 2231 - Georgina Kanbil GHA 2404 - Blessed Ncube ZIM 2578 - Ibrahim Barichisu GHA 2752 - Agness Chibelushi ZAM 2923 - Elicy Migodela TAN 3089 - Centrepoint, a UK group provi­ding housing and support to home­less Muzibe Liwakala ZAM 2232 - Umi Msombe TAN 2405 - Melina Kanzugala TAN 2579 - Kafingwa Petronela ZIM 2753 - Given Kalaba ZAM 2924 - Beatrice Bwalya ZAM 3090 - Monde Matomola ZAM 2233 - Gladys Chewe ZAM 2406 - Alice Nyimbili ZAM 2580 - Sikudhani Kayoka TAN 2754 - Abu Sawana GHA 2925 - Memory Chanda ZAM 3091 - Lucy Kaovela TAN 2234 - Iteni Mwalafi TAN 2407 - Tinarwo Melody ZIM 2581 - Christabel Suzyo ZAM 2755 - Mwansa Chalwe ZAM 2926 - Namebo Malindi ZAM 3092 - young people, has been named Credit ­Suisse UK’s charity of the Nakweti Pumulo ZAM 2235 - Bertha Bwalya ZAM 2408 - Muyunda Mulala ZAM 2582 - Brenda Mavuyu ZIM 2756 - Muyangwa Etambuyu ZAM 2927 - Agnes Kisage TAN 3093 - Sibesanu Tembo ZAM 2236 - Fadzai Mpofu ZIM 2409 - Gowera Fortunate ZIM 2583 - Inambao Nasilele ZAM 2757 - Blessings Dube ZIM 2929 - Manyingidira Previous ZIM 3094 - Gracious Chipman ZAM 2237 - Evelyn Chipulu ZAM 2410 - Memory Kunda ZAM 2584 - Mundia Meamui ZAM 2758 - Nzila Mulwazi ZAM 2930 - Monica Mlambo ZIM 3095 - year for 2012. Each year the bank’s employees in the UK vote for the Marvis Chanda ZAM 2238 - Matehwe Dorcus ZIM 2411 - Namenda Nandui ZAM 2585 - Lucy Ngwila ZAM 2759 - Hildah Ngulube ZAM 2931 - Chido Kunguma ZIM 3096 - Kaywala likando ZAM 2239 - Jeska Munyi TAN 2412 - Dyness Namukonda ZAM 2586 - Shaness Munkuli ZIM 2760 - Mangolwa Mwangala ZAM 2932 - Patience Machisani ZIM 3097 - NyuniInvest Yvonne ZIM 2240 - Safia Mumuni GHA 2413 - Ingonge Lubinda ZAM 2587 - Memory Mumba ZAM 2761 - Chiwaza Banda ZAM 2933 - Libakenu Namatama ZAM 3098 - Vida Kasenegela TAN 2241 - Yuna Mgongo TAN 2414 - Ela Singo ZIM 2588 - Monde Mubonda ZAM 2762 - Sabuni Abdallah TAN 2934 - Charity Mugala ZAM 3099 - charity for which they would like to raise funds over the next twelve Ruth Kanyumbu ZAM 2242 - Ntombozodwa Chaya ZIM 2415 - Maureen Mwila ZAM 2589 - Rahab Nachalwe ZAM 2763 - Nalishebo Mushokabanji ZAM 2935 - Beatrice Chavaligunu TAN 3100 - Faith Nikule ZIM 2243 - Suja Kikoti TAN 2416 - Nawa Muyombo ZAM 2590 - Afia Zakaria GHA 2764 - Elina Nalombe ZAM 2936 - Hadija Kitoki TAN 3101 - Sophie Chikonde ZAM 2244 - Mubita Inutu ZAM 2417 - Amina Shabani TAN 2591 - Kabika Sikwaiketo ZAM 2765 - Josephine Ponga ZAM 2937 - Nessy Chikonde ZAM 3102 - months. The benefits include a grant from the Credit SuisseEMEA Credit Suisse employees participate in a program Phillipa Gangazha ZIM 2245 - Muwaneyi Limongano ZAM 2418 - Mulonda Mwananyanda ZAM 2592 - Salamatu Fuseini GHA 2766 - Mhlanga Bridget ZIM 2938 - Levania Malinga TAN 3103 - Namabunga Ngebe ZAM 2246 - Rafiatu Bawa GHA 2419 - Helena Kisumbe TAN m2593 - Sithabile argaretChilembwe ZIM 2767 - Kanisia Miopelo TAN 2939 - Memory Singogo ZAM 3104 - sponsoring the Child’s Dream project in Laos. Alice Banda ZAM 2247 - Pendu Pamela ZIM 2420 - Atia Azumah GHA 2594 - Caroline Munkuli ZIM 2768 - Shyleen Masendu ZIM 2940 - Chitani Ndlovu ZIM 3105 - Foundation. In addition, a member of the chosen charity’s staff is Andaratu Mahamadu GHA 2248 - Oparine Kalunga ZAM 2421 - Chewe Lwamba ZAM 2595 - Mary Mushibwe ZAM 2769 - Tryline Mudzira ZIM 2941 - Ireen Mwelwa ZAM 3106 - Tendai Chuma ZIM 2249 - Musileti Ngonya ZAM 2422 - Riziki Luhasi TAN 2596 - Brendah Katutule ZAM 2770 - Eugenia Ndlovu ZIM 2942 - Kalaka Mumba ZAM 3107 - Tendai Chibuda ZIM 2250 - Jali Adam GHA 2423 - Moreblessing Rusike ZIM 2597 - Mugbat Suuk GHA 2771 - Justinah Mulumbi ZAM 2943 - Habiba Jabiri TAN 3108 - also seconded to our Citizenship team, supporting the employees in Harriet Nawelwa ZAM 2251 - Regina Bwalya ZAM 2424 - Esther Matutu ZIM 2598 - Edith Kakomba ZAM 2772 - Duukper Mijatic GHA 2944 - Tadzembwa Philis ZIM 3109 - Ketrina Nkandu ZAM 2252 - Doris Kiyeyeu TAN 2425 - Advera Lupembe TAN 2599 - Mishenyi Mwakamui ZAM 2773 - Sitshiva Muchenje ZIM 2945 - Rusia Mwoneka TAN 3110 - Ruth Phiri ZAM 2253 - Muyangana Lyangeliso ZAM 2426 - Shylet Muchapawana ZIM 2600 - Merit Zhou ZIM 2774 - Natubi Mushabati ZAM 2946 - Kasonta Chanda ZAM 3111 - fundraising activities on behalf of the charity over the running year. Christerbell Chipulu ZAM 2254 - Mashule Manki ZAM 2427 - Muchimba Akapelwa ZAM 2601 - Getrude Mwaba ZAM 2775 - Agnes Msipa ZIM 2947 - Domina Nyalusi TAN 3112 - Gift Mwape ZAM 2255 - Kangwa Clara ZAM 2428 - Amama Issah GHA 2602 - Butete Kakoma ZAM 2776In - Rodah KanyikaBus ZAM 2948 - RoseI nessChacha ZIM 3113 - Munkombwe Masupa ZAM 2256 - Emmeldah Mwamba ZAM 2429 - Chengetai Nyamukuka ZIM 2603 - Doroth Hogora TAN 2777 - Mwajuma Bwanga TAN 2949 - Memory Lubinda ZAM 3114 - In 2011, the organization that was awarded this distinction was Sophia Nalwamba ZAM 2257 - Blessed Mukanyanyi ZIM 2430 - Gift Namuchimba ZAM 2604 - Sandra Navile ZAM 2778 - Josephine Mutale ZAM 2950 - Devota Mwenda TAN 3115 - Annettyin Mulubwa ZAM 2258 - ChilesheAfrican Phiri ZAM 2431 - Florence Mutsina ZIM 2605 - Munalula Mwenda ZAM 2779 - Issaka Sanatu GHA 2951 - Sara Banda ZAM 3116 - Given Kalaba ZAM 2259 - Ailet Zingani ZIM 2432 - Polite Gadzani ZIM 2606 - Paulina Ayileoh GHA 2780 - Zalia Adam GHA 2952 - Thandanani Mhlanga ZIM 3117 - The Children’s Trust. It provides care, as well as education, therapy Esta Manase TAN 2260 - Benadette Kunda ZAM 2433 - Sikhulile Hlabangani ZIM 2607 - Priviledge Muumbe ZIM 2781 - Elizabeth Bazange ZIM 2953 - Eurita Mangisi ZIM 3118 - Pamela Muchinga ZAM 2261 - Hazel Ncube ZIM 2434 - Precious Gumbo ZIM 2608 - Bridget Mukuka ZAM 2782 - Hildah Mwasinga ZAM 2954 - Matrida Kasege TAN 3119 - Children’s Polite Dube ZIM 2262 - Svodai Maposa ZIM 2435 - Lwiza Sunga ZAM 2609 - Constance Mbilima ZAM 2783 - Yvonne Mudukuti ZIM 2955 - Ruth Mwila ZAM 3120 - and rehabilitation to children with multiple disabilities. It raised a Catherine Lukaki ZAM 2263 - Cecilia Mnyariwa ZIM 2436 - Abigail Chishala ZAM 2610 - Naney Bwlaya ZAM 2784 - Aneti Myinga TAN 2956 - Expelansia Tula TAN 3121 - Kumaiba Situmbo ZAM 2264 - Tia Salamatu GHA 2437 - Gracious Chilekwa ZAM 2611 - Emah Mandere ZIM 2785 - Queeniva Chanda ZAM 2957 - Chinyanga Tariro ZIM 3122 - Priscilla Kolala ZAM 2265 - Musenge Kwiya ZAM 2438 - Ndlovu Victoria ZIM 2612 - Gladys Bwalya ZAM 2786 - Iddi Safiatu GHA 2958 - Monica Mwinuka TAN 3123 - total of over 900,000 British pounds thanks to the program. Hellen Chanda ZAM 2266 - Salama Saga TAN 2439 - Monica Masimbira ZIM 2613 - Maan Janet GHA 2787 - Racheal Namukoko ZAM 2959 - Mashame Chipo ZIM 3124 - Mary Nakawala ZAM 2267 - Winfridah Bwalya ZAM 2440 - Mutsokonori Noreen ZIM 2614 - Julien Mwandila ZAM 2788 - Sarah Nanyinza ZAM 2960 - Havijawa Sengo TAN 3125 - Zainabu Mpegusa TAN 2269 - Memory Katemo ZAM 2441 - Bentula Msamba TAN 2615 - Diness Malama ZAM 2789 - Patricia Mungole ZAM 2961 - Roida Mvanda TAN 3126 - Mwangala Mafenyeho ZAM 2270 - Silvia Mumba ZAM 2442 - Elizabeth Kihoo TAN 2616 - Mulomba Misozi ZAM 2790 - Mundia Kombelwa ZAM 2962 - Easther Musonda ZAM 3127 - Nyasha Nzira ZIM 2271 - Leona Chitsapi ZIM 2443 - Zawadi Temba TAN 2617 - Kanyata Namangolwa ZAM 2791 - Ethel Mwansa ZAM 2963 - Oliva Mgimwa TAN 3128 - Initiatives Ivwananji Nanyinja ZAM 2272 - Nasra Kasunga TAN 2444 - Senelisiwe Sibanda ZIM 2618 - Aziza Mkinga TAN 2792 - Dina Nankamba ZAM 2964 - Abia Mgoli TAN 3129 - Muchini Abigail ZIM 2273 - Recheal Bwalya ZAM 2445 - Wamundia Nkamba ZAM 2619 - Haruna Ayi GHA 2793 - Farida Kiswila TAN 2965 - Mebho Muzavazi ZIM 3130 - Ntombizodwa mabhena ZIM 2274 - Mwiya Seke ZAM 2446 - Shylet Kaura ZIM 2620 - Juliet Nawelwa ZAM 2794 - Samantha Mwariwangu ZIM 2966 - Sharifa Muhenga TAN 3131 - Isabela Ngongo TAN 2275 - Ndumbazye Ncube ZIM 2447 - Sela Kiyeyeu TAN 2621 - Hyveen Chanda ZAM 2795 - Chabala Kasongo ZAM 2967 - Mary Nakamba ZAM 3132 - Nevisy Lihaya TAN 2276 - Ncube Patricia ZIM 2448 - Sikujua Kalolo TAN 2622 - Sophia Machona ZAM 2796 - Musah Habida GHA 2968 - Maria Mayemba TAN 3133 - UmbaFutures. Kaputungu ZAM 2277 - Fozia Musah GHA 2449 - Ziena Ngetwa TAN 2623 - Harriet Chiluba ZAM 2797 - Lenia John TAN 2969 - Euphresia Nyumbu ZAM 3134 - Sara Yuma ZAM 2278 - Mwelwa Manyando ZAM 2450 - Thelma Mupunga ZIM 2624 - Patricia Mofya ZAM 2798 - Jesca Kasosa ZIM 2970 - Mercy Dendera ZIM 3135 - Tamari Chuma ZIM 2279 - Nancy Lengwe ZAM 2451 - Maggie Lusambo ZAM 2625 - Grace Mukuka ZAM 2799 - Roiya Mboga TAN 2971 - Patience Ncube ZIM 3136 - Chola Mwenso ZAM 2280 - Mercy Mlambo ZIM 2452 - Christina Kapinga TAN 2626 - Patricia Mwango ZAM 2800 - Yvonne Chitanha ZIM 2972 - Portia Dube ZIM 3137 - in Asia Doreen Chikumba ZAM 2281 - Charity Chihando ZIM 2453 - Safia Sulemana GHA 2628 - Mahamadu Rahinatu GHA 2801 - Petronella Mpundu ZAM 2973 - Mwale Mutemwa ZAM 3138 - Wesega Zhou ZIM 2282 - Chikuta Namakau ZAM 2454 - Joseph Shylet ZIM 2629 - Majana Kabata ZAM 2802 - Agnes Lupala TAN 2974 - Febby Singogo ZAM 3139 - Pozeni Mpalanzi TAN 2283 - Mitchell Matsikidze ZIM 2455 - Tshuma Simenkosini ZIM 2630 - Gladys Kapela ZAM 2803 - Mary Malama ZAM 2975 - Chafesuka Nominabati ZIM 3140 - Tinago Jane ZIM 2284 - Annie Nondo ZAM 2456 - Ivy Biiwa GHA 2631 - Rudo Kutaika ZIM 2804 - Elinah Mpofu ZIM 2976 - Juleit Bwembya ZAM 3141 - Room to Read, which helps underprivi­ Nayunda Pumulo ZAM 2285 - Shyleen Nkosana ZIM 2457 - Kulwa Kamate TAN 2632 - Simonda Mutukwa ZAM 2805 - Farai Mombe ZIM 2977 - Oliva Mangwata TAN 3142 - Sharon Ngandu ZAM 2286 - Sikufele Mebelo ZAM 2458 - Chikonga Bundambo ZAM 2633 - Josephine Mulenga ZAM 2806 - Mwale Isabel ZAM 2978 - Leonida Kanzugula TAN 3143 - Vwanganji Nyimbiri ZAM 2287 - Moleen Murambiza ZIM 2459 - Vester Matshiya ZIM 2634 - Beth Ngwale TAN 2807 - Prisca Chiwila ZAM 2979 - Chimyama Mola ZAM 3144 - leged children get an education by Mumuni Maria GHA 2288 - Namkando Maimbolwa ZAM 2460 - Grace Bwalya ZAM 2635 - Muchindu Mukendami ZAM 2808 - Priscilla Chanda ZAM 2980 - Monde Kapula ZAM 3145 - Magreen Mwelwa ZAM 2289 - Margaret Musanta ZAM 2461 - Namate Kufanga ZAM 2636 - Jawuda Yakubu GHA 2809 - Buhlebenkosi Dube ZIM 2981 - Nakpecinka Fannam GHA 3146 - Beauty Kalunga ZAM 2290 - Sisasenkosi Lima ZIM 2462 - Fatia Maliga TAN 2637 - Chaukura Diana ZIM 2810 - Kafuti Kainga ZAM 2982 - Harriet Chanda ZAM 3147 - providing literacy programs, tutoring and Phenny Nalungwe ZAM 2291 - Musemo Ranganai ZIM 2463 - Mary Liywali ZAM 2638 - Agness Chilufya ZAM 2811 - Charity Chokera ZIM 2983 - Shelter Choga ZIM 3148 - Naomi Namwinga ZAM 2292 - Chilufya Kibinda ZAM 2464 - Mayani Chanda ZAM 2639 - Faiza Bukari GHA 2812 - Chiba Mainess ZIM 2984 - Lilian Yumba ZAM 3149 - Bridget Kasasa ZAM 2293 - Veronica Kiyeyeu TAN 2465 - Doris Chanda ZAM 2640 - Nokuthaba Mpofu ZIM 2813 - Barbara Lishandu ZAM 2985 - Brenda Nakamba ZAM 3150 - scholarships, was in focus during Limbo Kashibi ZAM 2294 - Rutendo Gomo ZIM 2466 - Nontobeko Khumalo ZIM 2641 - Norah Mukuka ZAM 2814 - Silume Namebo ZAM 2986 - Rabecca Yumbe ZAM 3151 - Musawenkosi Ncube ZIM 2295 - Sibusisiwe Nyakurai ZIM 2467 - Charity Ngirandi ZIM 2642 - Yvone Kasonka ZAM 2815 - Bridget Chileshe ZAM 2987 - Maririma Everjoy ZIM 3152 - Sara Kingarata TAN 2296 - Rodah Chibale ZAM 2468 - Zita Kalaluka ZAM 2643 - Chimuma Mbangu ZAM 2816 - Salifu Miila GHA 2988 - Adah Mwembe ZIM 3153 - a client dinner hosted in Indonesia by Nanalelwa Nosiku ZAM 2297 - Theodora Kunhe ZIM 2469 - Laari Regina GHA 2644 - Bitian Namiteeb GHA 2817 - Sarah Nakazwe ZAM 2989 - Exildah Makoleka ZAM 3154 - Hamida Kambalage TAN 2298 - Brilliant Moyo ZIM 2470 - Mapula Nalukui ZAM 2645 - Hijira Ngulugulu TAN 2818 - Isabel Siniwa ZIM 2990 - Sosala Asuya ZIM 3155 - Rabecca Matambiso ZAM 2299 - Goretty Kasongo ZAM 2471 - Linda Nyoni ZIM 2646 - Memory Chiwaya ZAM 2819 - Siphatheleni Ngwenya ZIM 2991 - Catherine Chasala ZAM 3156 - Credit Suisse. At the event, held in late Nomagugu Mpofu ZIM 2300 - Thelma Bwalya ZAM 2472 - Sophia Mapurisa ZIM 2647 - Mwiya Mushanukwa ZAM 2820 - Monde Monde ZAM 2992 - Emma Namukonda ZAM 3157 - Salamatu Tia GHA 2301 - Charity Mubanga ZAM 2473 - James Tamari ZIM 2648 - Itai Chinherera ZIM 2821 - Euphrasia Kunda ZAM 2994 - Catherine Chota ZAM 3158 - Olipa Namwale ZAM 2302 - Judith Chimfwembe ZAM 2474 - Clara Kafula ZAM 2649 - Cynthia Liyombe ZAM 2822 - Ravia Mwansa ZAM 2995 - Ruth Chisanga ZAM 3159 - 2 011, clients donated generously – over Zela Chimukwe ZAM 2303 - Agness Mwansa ZAM 2475 - Patience Tshuma ZIM 2650 - Sabata Kubukwa ZAM 2823 - Norest Bhikoko ZIM 2996 - Uzia Luwumbwa TAN 3160 - Jenipher Kasongo ZAM 2304 - Enesia Kulanga TAN 2476 - Matildah Mukabo ZAM 2651 - Faggie Nkhoma ZAM 2824 - Fuseini Amira GHA 2997 - Reprieve Magocha ZIM 3161 - Frola Samia TAN 2305 - Alice Machembe ZAM 2477 - Dainess Chingongo ZAM 2652 - Sara Badyogo TAN 2825 - mwase Rosemary ZIM 2998 - Sofiah Chikonde ZAM 3162 - 50,000 US dollars – towards strength­ Fungai Mhlangeni ZIM 2306 - Zuhura Mhongole TAN 2478 - Carol Machokocha ZAM 2653 - Rumbidzai Chapatarongo ZIM 2826 - Liness Nakaonga ZAM 2999 - Moyo Siziwe ZIM 3163 - Noris Chungu ZAM 2307 - Prudence Bwalya ZAM 2479 - Jane Namwizye ZAM 2654 - Akusia Gariba GHA 2827 - Theresa Kamanda ZAM 3000 - Masamu Mpande ZAM 3164 - Cathrine Dziva ZIM 2308 - Doomaak Jamant GHA 2480 - Praxidence Chanda ZAM 2655 - Doreen Mukwasa ZAM 2828 - Precious Chileshe ZAM 3001 - Mercy Chanda ZAM 3165 - ening Room to Read’s operations in Feddy Chonde ZAM 2309 - Pyelina Kasuga TAN 2481 - Maggie Mumba ZAM 2656 - Imusoka Nalishebo ZAM 2829 - Namasiku Kumoyo ZAM 3002 - Ngandwe Prudence ZAM 3166 - Imanga Nganga ZAM 2310 - Sikwanyi Namushi ZAM 2482 - Joyce Wissa TAN 2657 - Emmanuella Mubanga ZAM 2830 - Mary Kampamba ZAM 3003 - Nalishebo Likando ZAM 3167 - Brendah Mwape ZAM 2311 - Emeldah Katongo ZAM 2483 - Regina Filango TAN 2658 - Purity Mutale ZAM 2831 - Tagarira Tariro ZIM 3004 - Theresa Nyahunzvi ZIM 3168 - Sikumbeleti Mubulukwa ZAM 2312 - Elizabeth Sikanyika ZAM 2484 - Limpo Kufanga ZAM 2659 - Doris Mayuka ZAM 2832 - Elina Sakatwe ZAM 3005 - Feika Munmuni GHA 3169 - A resident at Centrepoint’s Berwick Street centre in Indonesia. The bank first partnered with Astridah Mulenga ZAM 2313 - Nipe Mgongolwa TAN 2485 - Sikitu Kibadu TAN 2660 - Silibaziso Nkomo ZIM 2833 - Judith Musonda ZAM 3006 - Mutanga Mwangala ZAM 3170 - Cindy Chaba ZAM 2314 - Sylvia Kalenga ZAM 2486 - Hellen Chisala ZAM 2661 - Kakoma Tumba ZAM 2834 - Memory Kasonkomona ZAM 3007 - Magaya Loryn ZIM 3171 - Navone Livinga TAN 2315 - Zulhatu Iddrisu GHA 2487 - Hilda Kitosi TAN 2662 - Fuseina Abukari GHA 2835 - Patience Bhokisi ZIM 3008 - Kamona Nangana ZAM 3172 - central London. Room to Read in 2005 following Hlengiwe Maphosa ZIM 2316 - Sandra Mutamiri ZIM 2488 - Hawa Kitambulio TAN 2663 - Catherine Kasalwe ZAM 2836 - Kufa Fungai ZIM 3009 - Mulima Alisheke ZAM 3173 - Naomi Msunza TAN 2317 - Lyness Mukalati ZAM 2489 - Mumba Mukube ZAM 2664 - Kwabena Jenifa GHA 2837 - Sisasenkosi Nyathi ZIM 3010 - Messiah Chipulu ZAM 3174 - Naisha Lukosi TAN 2318 - Shelter Billy ZIM 2490 - Loveness Siachilamba ZIM 2665 - Nash Matope ZIM 2838 - Nkumbula Harriet ZAM 3011 - Size Advantage ZIM 3175 - the devastating tsunami in Southeast ItInonge took Mukela courage, ZAM 2319 hard - Sandra work Mwale and anZAM Opportunity2491 - Shangao Nyemba International TAN 2666 - businessLeonida Kanzugula loan TAN for2839 Margaret- Mwengwe Chola Wangui ZAM 3012 - Sabina Sumka TAN 3176 - Munjanja Cathrine ZIM 2320 - Mohammed Mariam GHA 2492 - Maeresera Sarah ZIM 2667 - Gloria Nachula ZAM 2840 - Hadija Muhenga TAN 3013 - Sanelisiwe Sibanda ZIM 3177 - Lutty Nankonde ZAM 2321 - Anna Sibanda ZIM 2493 - Getrude Mhandu ZIM 2668 - Fiona Makoma ZIM 2841 - Chipo Matutu ZIM 3014 - Sitali Pelekelo ZAM 3178 - Asia. Credit Suisse is also involved in toAngeline open Zhou MamaZIM 2322Oscar’s - Lidia CaféNambela and ZAM create 2494 - aClemencia thriving Moyo business.ZIM 2669 - Now,Precious asKakoma a successfulZAM 2842 - Nakazwe entrepreneur, Zimba ZAM 3015 - Cecilia Nakamba ZAM 3179 - Namwamba Sililo ZAM 2323 - Heppines Petter TAN 2495 - Anzeni Kindole TAN 2670 - Fadzai Mbele ZIM 2843 - Masekela Jenny ZAM 3016 - Gladys Malupande ZAM Mirriam Mando ZAM 2324 - Nyambe Nawelwa ZAM 2496 - Zainabu Kuntelela TAN 2671 - CamfedGracious Korera is delightedZIM 2844 - toNanunyi partner Mbumwae withZAM 3017Credit - 3180 Suisse - other initiatives in the Asia Pacific region, MargaretHilda Mpagama is TANchanging 2325 - Melinda her ownChimfwembe worldZAM 2497 and- Lucia securing Nyikadzino aZIM better 2672 - futureAgness Musondafor herZAM family.2845 - Sarudzai Moyo ZIM 3018 - Charity Memory Mutsakani ZIM 2326 - Belita Shampale ZAM 2498 - Izukanji Nanyinza ZAM 2673 - Maureen Musukwa ZAM 2846 - Grace Mpantamato ZAM 3019 - Nkubula ZAM Sibongile Mushuku ZIM 2327 - Chiwisa Sibote ZAM 2500 - Njamba Boli ZAM 2674 - toEverlyn regenerate Nakawala ZAM rural2847 - communitiesMercy Mwale ZAMin Africa3020 - by3181 - including China’s Little Sisters preschool Bwalya Mwenya ZAM 2328 - Anny Kampamba ZAM 2501 - Ruth Chilambe ZAM 2675 - Nesia Manyanga ZIM 2848 - Mwela Chibamba ZAM 3021 - Sandow Ntombezihle Mpofu ZIM 2329 - Joyce Mbiligenda TAN 2502 - Ruth Chisanga ZAM 2676 - susen Malama ZAM 2849 - Patience Chama ZAM 3022 - Prinsilla Mercy Mulenga ZAM 2330 - Mawere Nyasha ZIM 2503 - Rabi Yakubu GHA 2677 - Bupe Bwalya ZAM 2850 - Lucia Kalinga TAN 3023 - GHA A Class Act program, which was supported by a ThroughMwila Chinga innovativeZAM 2331 - deliveryGladys Bwale channels,ZAM 2504 - likeMayumbelo cell Mwabange phone ZAM banking2678 - educatingGetrude and Chise mobile girls.ZAM banks,2851 Educated - Kokusima three womenBashagi million TAN invest 3024 - three3182 - Vera Nakamba ZAM 2332 - Precious Mwila ZAM 2505 - Mercy Nkamba ZAM 2679 - Kusumi Abrofo GHA 2852 - Stelina Mdenge TAN 3025 - Priscilla Currency Chondwa ZAM 2333 - Nothando Nyathi ZIM 2506 - Falitu Issahaku GHA 2680 - Yasinda Kihongosi TAN 2853 - Sidumisile Mpofu ZIM 3026 - Mudhuma ZIM Credit Suisse employees have school. 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As part of entrepreneursMwalye Mwense ZAM have2334 - accessBabbra Nyadowa to OpportunityZIM 2507 - Kelezo savings,Situmbeko ZAMloans 2681 and- timesZaituni insurance Kabokomore TANof products. their2854 - incomesConsilia Our Landamuka clientsback ZAM into 3027 their- 3183 - Prudence Muyunda ZAM 2335 - Sharon Kabwe ZAM 2509 - Mildred Maliti ZAM 2682 - Lusia Mkame TAN 2855 - Gloria Mulenga ZAM 3028 - Kudzai Tendai Muchecheti ZIM 2336 - Linda Chitalu ZAM 2510 - Grace Sililo ZAM 2683 - Mbututu Makando ZAM 2856 - Felistus Muzamba ZIM 3029 - Mpofu ZIM adopted a hands-on approach to refurbishing classrooms, painting the Half the Sky Foundation, it offers Janet Nakamba ZAM 2337 - Mumba Elizabeth ZAM 2511 - Amina Nongwa TAN 2684 - familiesBridget Chipanda than ZAM educated2857 - Poniso men.Sitali MakeZAM the3030 wise- 3184 - useMaggie theseNamonje powerfulZAM 2338 - financialJane Mwawa toolsZAM 2512to -buildChristine theirNakawala livelihoods ZAM 2685 - andPhemiah breakLubumbe theZAM 2858cycle - Enessof poverty.Muana ZAM 3031 - Naomi Mwale Airini Sanga TAN 2339 - Dzidzai Shuro ZIM 2513 - Zubeda Kisega TAN 2686 - Leona Mbanyele ZIM 2859 - Njivau Kashimbi ZAM 3033 - ZAM volunteering at a local school in and installing wiring, bringing in hope and a family environment to Romana Mpelembwa TAN 2340 - Prexides Mweni ZAM 2514 - Doricah Mhanje ZIM 2688 - investmentTsitsi Muzodha ZIMchoice, 2860 - educateNyaradzo Muchabaiwa a girl ZIM today.3034 - WillNasilele youMwilu partnerZAM 2341 with - Patience us toGunyule bring ZIM this2515 opportunity- Maureen Mumba toZAM more 2689 -womenMhiripiri Chokusara like Margaret?ZIM 2861 - Queeniva Musonda ZAM 3035 - Beauty Songiso ZAM 2342 - Martha Mutale ZAM 2516 - Kabukabu Mbembezi ZAM 2690 - Ruth Kabelenga ZAM 2862 - Palata Chilombo ZAM 3036 - Nassau, the capital of the Baha- modern computers and ordering Lucy Katebe ZAM 2343 - Winfridah Chanda ZAM 2517 - Chola Chalula ZAM 2691 - Yoosa Yennulon GHA 2863 - Brendah Mulenga ZAM 3037 - orphaned and abandoned children in Beatrice Nambeya ZAM 2344 - Harriet Namukonde ZAM 2518 - Previous Nkomo ZIM 2692 - Zambwe Mwale ZAM 2864 - Etina Msigwa TAN 3038 Namasiku Siyunda ZAM 2345 - elizabeth Ndoro ZIM 2519 - Prisca Chomba ZAM 2693 - Mevin Ngosa ZAM 2865 - - Florence Kasongo ZAM 2346 - Chola Mandalena ZAM 2520 - Chuma Saala ZAM 2694 - Racheal Swaba ZAM 2866 - Anxilla Makoni ZIM mas. They planned at first simply new desks. Besides these dona- China. Additionally, Credit Suisse – with a Ibrahim Sherifatu GHA 2347 - Mary Musonda ZAM 2521 - Pamela Mondwa ZAM 2695 - ToConstance make Mushopei a ZIMdonation 2867 - 3039 or to- find out Waab Minloom GHA 2348 - Constance Mubanga ZAM 2522 - Clementine Kwangiwari ZIM 2696 - Naomy Nankamba ZAM 2868 - Alwisia Luvanga TAN Liwoyo Mushoba ZAM 2349 - Kutemwa Mutonga ZAM 2524 - Alice Issahaku GHA 2697 - Sara Malingumu TAN 2869 - 3040 - to donate IT equipment and offer tions of time and assistance, the donation of almost 150,000 US dollars – empowerGiven Mulenga ZAM 2350 an - entrepreneurMwinji Nachembe ZAM 2525 - Constance today Mwamba ZAM 2698 - moreBeatrice Mamvuravisit www.camfed.orgZIM 2870 - Salifu Zalia GHA Harren Mukwasa ZAM 2351 - Furaha Mbwale TAN 2526 - Chuma Mubita ZAM 2699 - Exildah Bwale ZAM 2871 - 3041 - Muster MustermannMuster business lectures. But after project received 25,000 US dollars Airini Mlangwa TAN 2352 - Twaeni Kiwope TAN 2527 - Huruma Maponda TAN 2700 - Mangoma Enlight ZIM 2872 - Mubita Mukalisulu is also the largest corporate sponsor of |

Frida Kaduma TAN 2353 - Dapi Rumbidzai ZIM 2528 - Siphesihle Mpofu ZIM 2701 - Lizzy Sichinga ZAM 2873 - ZAM 3042 - Maureen Namukoko ZAM 2354 - Mwaka Milupi ZAM 2529 - Petunia Shoko ZIM 2702 - Mujuru Revai ZIM 2874 - Agness Chibalo Credit Suisse Credit paying a visit to C.R. Walker High from the Credit Suisse Americas visitBlessings Ndlovu opportunity.org ZIM 2355 - Maria Nyirongo ZAM 2530 - Lilian Namukonda ZAM 2703 - Mutumba Kabukabu ZAM 2875 - ZAM 3043 - the Child’s Dream Foundation, which |

Grace Kalumbi ZAM 2356 - Makore Nyasha ZIM 2531 - Tatenda Chirawa ZIM 2704 - Pamela Ng’andwe ZAM 2876 - Rudo Sango ZIM Cynthia Mumba ZAM 2357 - Namakau Kwalela ZAM 2532 - Chama Cecilia ZAM 2705 - Juliet Namwila ZAM 2877 - 3044 - Nada Lusoko TAN 2358 - Chota Chileya ZAM 2533 - Nyoni Lorraine ZIM 2706 - Melda Mumpande ZIM 2878 - Zuweira Bugri GHA School, 20 volunteers took things Foundation. The employees will works to improve education and health Neema Ismail TAN 2359 - Nokuthaba Moyo ZIM 2534 - Ajara Salam GHA 2707 - Chisenga Kalunga ZAM 2879 - 3045 - Nyadzisai Tanda ZIM 2360 - Limbo Kapelwa ZAM 2535 - Winfredah Khuphe ZIM 2708 - Namwaka Maonga ZAM 2880 - Favourine Mulenga ZAM 3046 - Linyeta Ngebe ZAM 2361 - Mildred Chabala ZAM 2536 - Prosper Chisha ZAM 2709 - Belita Kibuga TAN 2881 - Emeldah Chanda ZAM 3047 - a step further by deciding to do continue to volunteer throughout care for children in Thailand, Cambodia, Muhau Nambunda ZAM 2362 - Victoria Mulenga ZAM 2537 - Florence Tailoka ZAM 2710 - Annie Malama ZAM 2882 - Mlotshwa Zine ZIM 3048 - Sikuniso Mwenda ZAM 2363 - Prudence Chisanga ZAM 2538 - Sara Musongo ZAM 2712 - Honester Shanungu ZAM 2883 - Moola Mwakui ZAM 3049 - renovations and repairs at the the year to support the school. This advert was made possible with the support of Credit Suisse. Myanmar and Laos. This advertising space was provided free by Credit Suisse. Camfed would like to thank the Financial Times for their support in this advertisement Foto: Muster Mustermann Muster Foto: Photos: Centrepoint Photos: >

Credit Suisse bulletin 1/12 42 Corporate Responsibility Corporate Responsibility 43 Photos: Flavio Gerber

01 01 Children with learning disabilities in Zambia are given the opportunity to attend classes thanks to the inclusive education­ program run by Leonard Cheshire Disability.­ 02 02 Will Kelvin Zimba be an artist one day? Despite his learning disability he goes to school.

elvin Zimba is nine years old. “First of all, we had to learn to recognize dis- He is a bright boy who loves abilities, to understand them and to find ways ball games. He is also proud of developing each child according to his or and happy to be able to at- her abilities,” Mercy Sakala explains. This tend school. Kelvin lives with wasn’t always easy. “In the beginning, we a learning disability. When found it difficult to include these children in Khe writes, he uses only short, uniform, wavy our teaching,” Mercy recalls. “But it became lines. “He has his own language,” says his much easier thanks to the training in Inclu- teacher Mercy Sakala. “Whether it’s English, sive Education Leonard Cheshire Disability maths or music, Kelvin writes everything us- provides.” Education Project in Zambia Text: Joy Bolli ing wavy lines, repeated over and over.” She Inclusive Education tells us that she’s proud of this boy who is ­determined to learn. “We give Kelvin more oral Inclusive education aims to teach disabled and tasks than written assignments. That way, he non-disabled children at the same time. This can progress alongside his classmates.” is done through providing physical accessi- Inclusive Education bility in the schools, training teachers and One in Ten Children working closely with the parents themselves. In Zambia, only 10 percent of children with disabilities have the ­opportunity to attend school. In Zambia, it is estimated that only one in ten By doing so, it promotes the inclusion of chil- Leonard Cheshire Disability, a partner organization of Credit Suisse, makes it possible children with disabilities attend school. There dren with disabilities and their parents into for these children to participate in classroom education, and thus be fully included in society. continues to be a stigma and discrimination the lives of the communities. “What’s > around disability and this leads to some chil- dren being kept at home rather than being able to attend school. Just as importantly, “Just because people lack of accessible classrooms and trained have a disability, it doesn’t teachers means children with disabilities are mean they should unable to receive the benefits of education. Kelvin is one of 47 disabled children who at- be hidden from society.” tend lessons at the Kazemba Basic School. Miyoba Hamuhuma bulletin 1/12 Credit Suisse Credit Suisse bulletin 1/12 The Credit Suisse Global Education Initiative was launched in 2008 with with 2008 in launched was Initiative Education Global Suisse Credit The bulletin 1/12 44 Credit Suisse Global Education Initiative Education Global Credit Suisse through a Disability Cheshire Leonard supported London. CreditSuisse College www.credi work is underpinned by campaigns to change attitudes and policies, as well as well as policies, and attitudes change to by campaigns underpinned is work grant awarded in 2 in awarded grant livelihoods, education, inclusive quality to access disabilities with people support managed locally independent, with and UK the in works Disability Cheshire Leonard Disability Cheshire Leonard quality of their their of quality the improve to and education to access better with adults young and children development For more information, please visi please information, more For adults adults a disability and development research center run jointly with University University with jointly run center research development and a disability health and rehabilitation services and a voice in andhealth services rehabilitation their societies. The charity’s name. Together Cheshire the share whom of many countries, 50 over in partners the the turn, in that, organizations development and disability 300 over support they objective of improving educational opportunities for about 45,000 young for about 45,000 of improvingobjective opportunities educational

all over the world through partnerships with selected international international selected with all over partnerships world through the Corporate Responsibility Corporate

Credit Suisse Credit t - suisse.com/responsibility/focusthemes organizations. Geared to local needs, the programs aim needs, to to local provide Geared organizations. educational opportunities. educational 0 11 as part of its Education Initiative. Education 11 its of part as the work of Leonard Cheshire Disability in Zambia. For further further For Zambia. in Disability Cheshire of Leonard work the www.credi about film a short watch can you code QR the scanning By information, please visi please information,

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Leonard Cheshire Disability All childrenAll benefit when trained teachers oftrained the teaching methods.teaching study and play together. play and study disabled and non-disabled disabled and non-disabled Kazemba primary school school primary Kazemba in applying different different applying in

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Photos: Flavio Gerber

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C 1 When Olympian Cathy Olympian When Freeman retired from the worldof Cathy FreemanCathy Foundation 46 bulletin 1/12 Suisse Melbourne office recently.Suisse office Melbourne main“The Pathways to to Pathways felt like a natural place for Cathy to start. to for Cathy place likefelt anatural tween Indigenous and non-Indigenous chil Indigenous non-Indigenous and tween One of the largest Indigenous communities communities Indigenous largest of the One use her profileas agold medalist to make a difference Cathy got to work to set up the Cathy Free Cathy setthe up to work to got Cathy CFF CFF Ms Freeman said, when visiting the Credit Credit the visiting when said, Freeman Ms rate and and rate in an area shein area an felt passionate about – Indigenous education. competitive running, she thought how hard about she could story to something that was of great mean of great was that something to story man Foundation ( Foundation man mately 90 clear aim, to bridge the education gap be gap education the aim, bridge to clear children of Palm Island explore their talents, in mind, this With in Australia. community disadvantaged most fourth the considered pathways to success. It does this by deliver this does It success. to pathways Success dren in Australia, and to provide them with with them provide to and Australia, in dren dreams.” their fulfill and school in achieve greatest motivation behind setting up the up setting behind motivation greatest a minimum national standard, Palm Island is Island Palm standard, a minimum national driver was the fact that that fact the was driver grade grade ing to me me to ing education,”– Indigenous is that and approxi to home is island the Australia, in , 000 The Cathy Freeman Foundation has a very avery has Foundation Freeman Cathy The With an unemployment rate of more than than of more rate unemployment an With

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2007 Credit Suisse Credit approximately nine out of out nine approximately was to put my name and my and my name put to was people including an estimated estimated an including people small, remote tropical Palm tropical small, remote Island, about about Island, parents were born on the on born were parents athy’s grand and mother in far-north Queensland. Queensland. far-north in from plane light Townsville CFF ). the anutshell “In I want to help the help to want 15 minutes by minutes 10 of of 7 th th ------www.credi moreLearn about our commitment: social four Palm Island staff members who work who members staff Island four Palm tablished office on Palm Island. Island. Palm are on There office tablished rewards students who reach key criteria with with key reach criteria who students rewards comes, recognizing those who meet key meet who those recognizing comes, camps camps – Vic the Sydney, in and Melbourne achievechildren and attend who at school. port in in port Pro Horizons isthe havior. of these One education milestones and rewarding and milestones thoseeducation out education positive encouraging and gramme – which incentivizes, recognizes and recognizes gramme – incentivizes, which be and literacy attendance, of school eas ar the on focus which programs, education the deliver and community the with directly interstate camps. With Credit Suisse’s Credit With sup camps. interstate at promoting aimed programs targeted ing

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“These camps open up a whole new world world new a up whole open camps “These The support from Credit Suisse will also pro also will Suisse Credit from support The Given the tropical nature of the island, the island, of the nature tropical the Given torian ski resort town of Mount Buller, of Mount town includ resort ski torian vide positive role models to highlight the highlight to models role positive vide such as Sydney or Melbourne for these Sydney Melbourne or as such support programs. Striving to Achieve Brings Results camps may be a far-off dream. Some chil Some dream. a far-off may be camps mentoring providing to barbecues community but the notion of traveling to capital cities cities capital to of traveling notion the but by enough, Townsville significant be would get on a plane or ferry to leave the island. the leave to ferry or aplane on get to required don’t shoes dren the own even erything ranging from cooking sausages for sausages cooking from ranging erything and horizons for these wonderful children. horizonsand for wonderful these important role education plays in creating a creating in plays education role important idea of playing in snow is a world away. aworld is snow in of playing idea ing the help of volunteers to assist with ev with assist to of volunteers help the ing For many of these children, going to near to going children, For of many these Text: Elizabeth Rudall Text: Elizabeth 0 1 - - - - -

03 for males, and and for males, ture mortality and a young age distribution, distribution, age ayoung and mortality ture term, rewarding children for improvements at educational or year the throughout ties education that traordinary. recognize They Officer Sonya Stephen. “The changes we see we Stephen. Sonya changes Officer “The years. years. born Typically, Australians Indigenous support is very welcome. Palm Island itself itself Island Palm welcome. very is support which usually last for about for about last usually which with Island to volunteer either at sporting activi atsporting either volunteer to Island brighter future,”brighter said have a life expectancy at birth of at birth have expectancy alife age of age school- of each end at the ceremonies award results.” brings achieve to striving and is characterized by high fertility, prema- fertility, by high is characterized behavior. and literacy,in The attendance acamp, from return they once kids these in period the in Employees will be invited to travel to Palm to travel to invited be will Employees 35

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Australia Australia Helping the children of One of the camp excur camp of the One Back to the roots: Cathy Cathy roots: the to Back their talents, achieve in achieve talents, their teers. teers. Credit Suisse offices offices Suisse Credit the at Freeman Cathy Palm Island to explore Livingstone and school and fulfill their sions to Mount Buller Buller Mount to sions dreams. with Credit Suisse volun Freeman on Palm Island. in Sydney. CEO CEO Photos: Ross Bird Photography David David

- - The partnership officially commences in Jan in commences officially partnership The forts so we can make a real difference in the difference make a real we can so forts tional patterns. patterns. tional the schools, elders, council, police and com and police council, elders, schools, the together, it’s an opportunity for create usto together, it’s opportunity an epitomizes that organization an toward tralia, involved. to get to looking really “We are pro also while programs, these support to suc achieving and work incredible taking to creating magic together.” magic creating to Livingstone said. said. able be to excited are Livingstone “We Cathy Freeman Foundation is very proud and proud is very Foundation Freeman Cathy CFF CFF CFF reverse some long entrenched intergenera viding our staff with the opportunity to opportunity the with staff our viding stone. “We are channeling our funds ef and help and students to incentive an as serving aholistic of com provide and “whole schools same period. wonderful change in this great country of country great in this change wonderful merit, attitude and their desire to achieve, to desire their and attitude merit, re with community the facing issues major the identify to Island Palm on leaders munity munity” approach to achieve positive results results positive achieve to munity” approach It’s not just an opportunity for work to us opportunity It’s an just not cess,” Suisse Credit underprivileged children,”underprivileged Living Mr said honored to have a partner in Credit Suisse. Credit in have to apartner honored Aus in efforts for charity our afocus provide uary organization.” great this with involved become pectations. Island Palm two of the structure ucational Rewarding School Achievements and finding the way to tackle the issues and issues the way tackle to the finding and outcomes educational and children to gards ours. We’re very thankful, and We’re and ours. thankful, very for education of supporting our mission over the born population Australian overall approximately is ing school achievers since since achievers school ing ing them to achieve goals beyond their ex their beyond goals achieve to them ing lives of Indigenous Australian children.” Australian of Indigenous lives area. The needy and important vitally this in “The Cathy Freeman Foundation is under is Foundation Freeman Cathy “The Ms Freeman this sentiment: echoed “The 2 Horizons Programme has been reward been has Programme Horizons programs are incorporated into the ed the into incorporated are programs 0 12 and staff are already being invited invited being already are staff and CFF CFF Corporate Responsibility Corporate 6–17 16 works in partnership with with in partnership works CEO years less than the , Australia, David , Australia, 2009 Suisse Credit ı I look forward , based on , based bulletin 1/12 47 ------

48 Corporate Responsibility Corporate Responsibility 49

Roundtable Interview: Willy-Andreas Heckmann Why do sustainable investments and sustainably managed companies “Companies no get so much more public attention now when compared to ten years ago? Giles Keating: Environmental, Social and longer have Governance (ESG) issues are nothing new. You can look back to the entrepreneurs with a social conscience in Britain’s Industrial the luxury of time” Revolution who reacted to poor labor condi- tions by building quality homes and provid- ing services to their employees. And look at the health, safety and environmental Giles Keating, John Tobin and Stefan Keitel discuss how to legislation that every country has developed integrate an analysis of environmental, social and governance over the decades, often in response to poor (ESG) issues into the investment process. They also explain ESG activities by companies! What is new why total assets incorporating ESG analysis currently exceed is the speed with which ESG failings, actual 6 trillion US dollars globally. or perceived, get publicized, be it via con- ventional means or social media, as well as the ability of groups to leverage such issues. That in turn mobilizes consumer and gov- ernment reactions more swiftly, ultimately making investors more sensitive. Companies no longer have the luxury of time. They need to have proactive ESG strategies in place to avoid issues, and they need procedures for rapid, high-level responses when something does happen. It’s natural for investors to focus on companies that are prepared. How can doing business sustainably directly affect a company’s business strategy and profitability? John Tobin: Let me start by pointing out that sustainability goes with responsibly managing the environmental aspects of the business. Environmental sustainability is key, but it doesn’t exist in a vacuum. Environmental sustainability and financial sustainability are closely connected. A company conduct- ing business sustainably generally does so because it has made a strategic decision to focus on the longer term, and it is mak- ing a clear statement that it seeks to man- age environmental risks responsibly by min- imizing their long-term impacts. But, it is also saying that it seeks to produce con- sistent, strong returns year after year, rather than simply aiming to maximize returns in the very short term, even at the cost of

> Photo: Cedric Favero, Getty Images longer-term profitability. >

bulletin 1/12 Credit Suisse Credit Suisse bulletin 1/12 Today, con positive make must businesses John Tobin:John And there’s an issue of risk, as companies that there’s companies And as of risk, issue an 50 bulletin 1/12 for the environment, and the community but tities are of capable doing positive things to its social or environmental goal. However, goal. environmental or social its to ten rather small) social enterprises atone enterprises social small) rather ten the different stakeholders. transparent discourse and provides an over an provides and discourse transparent what did to. simply abusiness days when The or spill oil an as such events, adverse sudden to Giles Keating: Keating: Giles compa contrary: the Quite Keating: Giles tributions to society and create a sound and asound create and society to tributions Philanthropic money is ratings on the other end. All of these en of these end. All other the on ratings view of how it generates long-term value for value long-term generates of it how view social license to operate. As society seeks to seeks society As operate. to license social stable environmentstable if they are to keep their which they work, can perform better over a better perform can work, they which contributions to society, a business initiates a initiates society, to a business contributions in environment physical the and communities By producing reports describing company describing By producing reports behave responsibly. responsibly. behave have low have low by governments. punished and by consumers those respect that governance good with nies pure philanthropy through unlisted unlisted (and through of philanthropy pure public the crisis, financial of the out itself pull have higher public broader the and holders period of time than those that ignore such ignore that those than of time period social, and governancesocial, corporate invest corporate practices on sustainability on sustainability practices corporate monitor to increasingly companies producecorporate already companies an underperformance inan exchange underperformance issues? ally larger) companies that have good have good that companies larger) ally listed to (and usu spectrum, of the end regu shareholders, clients, with dialogue open of the understanding obtaining aand clear to banks, particular in businesses, expects conditions. labor of poor accusations and profits sufferas their actionsare rejected managed company amount to accepting expectations of businesses than they used they than of businesses expectations each has a different approach to the future. the to approach adifferent has each ments and philanthropy? ments responsibility reports. What is motivating reports. responsibility latory bodies, politicians and others in society. in others and politicians bodies, latory and afair in engaging entails athand issues gone. are should, it what than rather could, it sales see might firms latter Those issues. for a clean conscience? aclean for Over 80 percent of global Fortune 500 500 Fortune global 80 of Over percent Part of establishing a solid basis of trust of trust basis a solid of establishing Part What is the link between environmental, environmental, between link the is What Doesn’t investment in a sustainably- Corporate Responsibility Corporate

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“Environmental “Environmental This combination of scalability and finan and of scalability combination This John TobinJohn focused on social and environmental aims environmental and social on focused they may be a better vehicle than either a either than vehicle a better may be they they but enterprise, social or acharity than to combine those admirable end-objectives end-objectives admirable those combine to sustainability is key is sustainability with good good with with a model of financial sustainability. So, sustainability. of financial amodel with gone then (even and spent is formoney an but it does not charity or a social enterprise when it comes comes it when enterprise asocial or charity areas, some in that means sustainability cial companies is not. Listed money charitable away in that self-renewing inasense be can channeled intochanneled projects). exist in a vacuum.” a in exist and also aim to be financially sustainable. scale alarge on operate to able likely are endowment fund that endures, its income is income its endures, that fund endowment it is not really sustainable because charitable charitable because sustainable really not is it if you put money into a social enterprise, it enterprise, a into social money you put if On the other hand, social enterprises aim enterprises social hand, other the On ESG ESG scores are of course less less of course are scores

John Tobin, as the global head of Public Policy Policy - of Public head John Sustainability global Tobin, the as Affairs at Credit Suisse, is responsible for managing environmental environmental managing for responsible is Suisse, Credit at Affairs John Tobin Giles Keating Giles Global Chief Investment Officer Asset Management and Private Banking Private and Management Asset Officer Investment Chief Global for cross-border financial business.for cross-border Suisse in Suisse Management of Asset Officer Investment Chief Global is Keitel Stefan Giles Keating heads Private Banking Research at Credit Suisse and and Suisse Credit at Research Banking Private heads Keating Giles Clifford Chance in New York, where he was mainly responsible responsible mainly was he York, New in where Chance Clifford Committee, as well as Co-Head of the product area Global Global area product of the Co-Head as well as Committee, Management Asset Global the and Committee Investment Global Stefan Keitel Multi-Asset-Class-Solutions ( Multi-Asset-Class-Solutions chairman of the Investment Committee. Prior to joining Credit Credit joining to Prior Committee. Investment of the chairman vice- and Group, Strategy and Economics Global of the chairman and social issues. He joined Credit Suisse in 2002 from from 2002 in Suisse Credit joined He issues. social and and Private Banking at Credit Suisse, chairman ofthe chairman Suisse, Credit at Banking Private and is responsible for research groups in Asset Management. He is He Management. Asset in groups research for responsible is in 20 in Head of Policy Public Head - Affairs Sustainability Head of Research Private Banking and Asset Management Asset and Banking Private Research of Head 0 1 from Securities. Prudential

1986 he was a research fellow at London Business School. Business London at fellow aresearch was he 1986 - Catastrophes like Fukushima Stefan Catastrophes Keitel: turbulence, awareness of sustainable in of sustainable awareness turbulence, market current and recent the With ties. to providing benefits to the community and community the to benefits providing to vestments has also gained importance. In importance. gained also has vestments short-term towards favoring longer-term favoring towards short-term some cases, is already part of the investment investment of the part already is cases, some in and history along has investing sustainable investments. sustainable with innovative, but unproven technologies. technologies. unproven but innovative, with ments on the environment and communi and environment the on ments creasingly the focus has shifted from the from shifted has focus the creasingly Elsewhere in Europe, especially Scandinavia, Scandinavia, especially in Europe, Elsewhere process by law. process by public driven Therefore, a sustainably managed company? managed company? a sustainably ing market in sustainable investments, investments, ing market in sustainable alternative energy projects and companies companies and projects energy alternative invest is of their impact the what question to investors caused Horizon or Deepwater demand in Switzerland is closing the gap. the isclosing Switzerland in demand recording 40 recording 40 per year in growth percent improving our physical surroundings. our physical improving ing does not mean just focusing on high-risk high-risk on focusing just mean not does ing invest sustainable that aware increasingly interest in sustainable investments, a rising investments, in sustainable interest the main drivers of this trend? trend? this of drivers main the as see you do What years. four last the Switzerland is the world’s fastest grow world’s fastest the is Switzerland In what sense is Credit Suisse Suisse Credit is sense what In growing are Switzerland, in also Investors, MACS ). He joined Credit Suisse Suisse Credit ). joined He

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Photos: Eva-Maria Züllig | Manjt Jari | Martin Stollenwerk “Low “Low John Tobin:John vulnerable.” At Credit Suisse we take economic, environ economic, take we Suisse At Credit financial, to future generations. In connec In generations. future to financial, start Suisse finances. Credit That’s when taking part in the discussions around the around discussions the in part taking the and in society our role about thinking is be thinking this, sustainability with tion what capital, deploys it of where impacts the way in the into sustainability incorporate to be has sustainability which in manner the tinue to assess and adjust our business mod business our adjust and assess to tinue Giles Keating Giles Credit Suisse took the strategic decision decision strategic the took Suisse Credit Credit Suisse is managed sustainably, and sustainably, is managed Suisse Credit responsibility is key to our long-term success. key is long-term our to responsibility think is about sustainability that recognize with both carefully, more much working risks with associated risks social and ronmental regulatory landscape. As a firm we will con will we a firm As landscape. regulatory world on how to constructively redefine the redefine constructively to how on world to need only not we that understood widely focused it ismanaged organization the which mental and social aspects into account when when account into aspects social and mental impact the consumption, energy manages conducting business because we believe that believe we because business conducting organization. the within mainstream coming clients to improve their environmental man organization of the fabric of the part come may make companies may make companies Beyond top management and afew special and management top Beyond bank’s operations are very small compared to compared small very are bank’s operations agement and with other banks to agree on agree to banks other with and agement Initially, when interesting. isover very time are viewed by others as acting responsibly. acting as by others viewed are we that also responsibly, but act we ensure of our regulatory environment and actively actively and environment of our regulatory corporate to approach all-encompassing an envi atthe carefully more alot looking ed of a impacts social and environmental direct direct other and travel, recycling, of business it how footprint: environmental own its on industry standards to manage these risks. these manage to standards industry impacts of our activities. It is becoming is becoming It of activities. our impacts leave resources, both environmental and we that ensuring and term longer for the ing its business and activities managing those operations. of business our impacts industries it supports, and what projects it projects what and supports, it industries ist teams, many of our employees are now are of many our employees teams, ist Of course, this also includes being aware being includes also this course, Of the that evident became time, it Over Finally, we are now at the stage where we where stage Finally, at the now are we ESG ESG ways which in many are There scores scores

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“Increasingly focus has has focus “Increasingly Services. This is an independent Swedish independent an is This Services. Stefan Keitel: Stefan Keitel: tion, we take positive positive take we tion, the strategy. overall their tial investment process for sustainable man for sustainable process investment tial yields a very valid stock selection for equities. for equities. selection stock valid avery yields regular basis, basis, regular valuing stocks in order to select the best eq best the select to order in stocks valuing have they when over time yield better vide selection according to to according selection universe the is fund equity for this selection of part as in place principles sustainability compa of individual behaviors sustainable we are using research from from research using are we make sure we have an independent filter, independent suremake have we an In addition, we are continuously improving continuously are we addition, In count in order to select the best-in-class best-in-class the to select inorder count the meeting companies forcess the Responsible Global Equities companies with measurable exposure to to to exposure measurable with companies Research company that focuses solely on solely focuses that company Research simple. for ourstock Fund very basis The uities from the remaining universe. In addi In universe. remaining the from uities here. described previously businesses. To weapons or alcohol bacco, pro companies that We convinced nies. are step, we asecond In research. best-in-class established we houses, Equities Fund? Equities Stefan Keitel integrate the analysis of sustainability integrate the analysis of sustainability el in order to generate sustainable earnings earnings sustainable togenerate in order el of the of the dates and funds. In order to benefit from the from benefit to order In funds. and dates all companies that are not compliant with with compliant not are that companies all integrate to order in methods valuation our toapproach the investment which process, process of the Global Responsible Responsible Global the of process in this changing environment. ings and certifies the appropriateness of the appropriateness the certifies and ings valuation proven and ourfunded add to intend research of external experience long-term favoring long-term long-term favoring factors into the investment process? investment the into factors sustainable investments.” sustainable towards short-term fromshifted the We then bring in our own experience in experience own our in We bring then Can you describe the investment investment the describe you Can What is Credit Suisse doing to doing Suisse Credit is What UN UN MSCI MSCI Global Compact regulations and all and regulations Compact Global All Countries Index. We Index. exclude Countries All

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Even millionaires go bankrupt. Danish entrepreneur and venture capitalist Morten Lund found that out firsthand after the Internet calling software Skype went down in 2009 and took every penny with it while sinking. A year after filing for bankruptcy he was back on his feet. Now, the 37-year old is making money again, but taking a more controlled approach.

Interview with Morten Lund – Inventor of Skype, and Entrepreneur “I want to change the world …

bulletin: In 2009 you had millions at the bank. Skype and that was the smartest move I could have made in that What went wrong? particular case. My advisors said I shouldn’t, but my stubbornness Morten Lund: I went wrong. And so did the newspaper I invested earned me a fortune. I would also never finance something with in. It was a very simple business: A free paper that went to a my personal guarantee again. That was stupid, but at the time it million homes in Denmark every morning. Too simple. People really showed people that I was serious. liked it so naturally it became the country’s biggest newspaper. You would have been kicking yourself if you had Well, what killed it? taken that advice on not investing in Skype. It must have Advertising. Although we sold the most advertising space of any been the jewel in your investment portfolio and it has paper in the country, we still couldn’t cover the massive cost of revolutionized the way we communicate. What was your delivering a million newspapers each day. We were 66 percent of role in its success? the way but at one point during the financial crisis it became My job was to keep it as simple as possible. Unlike ICQ, an earlier obvious that we were not going to succeed. We had to get out and but also successful calling and chatting software that was packed stop spending other people’s money. It was a tough choice but with features, Skype consists of a clean user interface and I decided to take the hit and then figure out how to restructure. superior sound quality and that’s what people want. While ICQ is How did you restructure? packed with fancy features, we made them uncomplicated and The first four or five months were weird. I had to send myself simple to use. e-mails to check if the server was actually working because You mean the user experience made Skype everything, all business activity, literally stopped. After a while, the international hit it is today? getting back on top became a challenge similar to those I had Boiled down, its success can be attributed to the combination of faced in my experience with start-ups. I had to get myself a talented technology team, brilliant software and simplicity. out of bankruptcy and through it as fast as I could. Luckily too, Furthermore, as a peer-to-peer network, each user acts as an Denmark has some pretty fair bankruptcy regulations. individual server rather than all users calling over one central, Your name was already well known in overworked unit. The technical nitty-gritty is complex but on the entrepreneurial circles. It must have been tough surface it’s this infrastructure that makes the software so fast, to open up and say, “Hey, I’m bankrupt.” as if you were on the telephone. This also made it very cheap to I actually make a living from it now. I charge a fortune to speak at roll out so we could offer it to the world free of charge. Everyone events about the dos and don’ts of investing and the lessons likes freebies, so that also played a big role in its success. I learned. But I don’t do it only to pay the bills; I’m serious about And the market reacted positively from the word go? the topic. That’s why I blog about it as well, it’s a bit like therapy The timing couldn’t have been better. Once the technology was for me and at the same time I can help other people – three birds ready the market was suddenly there, too. Laptops with sound with one stone. To the rest of the world, however, it seems to card slots and speakers became popular and those components be a shock that someone would ever admit that they are bankrupt, combined with our software turned laptops essentially into just or, in my case, were bankrupt. very big phones with screens. The early computers, those huge Will you tell us some of the dos and don’ts for free? old machines, had no integration whatsoever. You needed special, I’m trying to make a living here! Here are a couple of tips: Do expensive speakers and an engineer to make it all function. listen to advice. I should have listened to more people and made All of a sudden, and fortunately for us, everything appeared in my investments following a different logic. But that’s not how a single, easy-to-use package at just the right time: the stars,

Photo: Peter Sorensen Peter Photo: entrepreneurs tick. However, I didn’t take advice on investing in moon and our software were suddenly aligned. > bulletin 1/12 Credit Suisse Credit Suisse bulletin 1/12 … and I will do it with software.” with … it do will I and

Photo: Peter Sorensen | Illustration: Istockphoto That is a big one. Strategically speaking, it’s easy: If you’re If it’s easy: into speaking, one. Strategically abig is That You want to focus on a couple of companies, rather rather companies, of acouple on You focus to want Almost. Almost. While it can sometimes be difficult for people around me, you around for people difficult be sometimes can it While thing is that that is thing Get my attention and prove something. I’ll then take all the all I’ll something. take prove then and my attention Get to be huge success stories. They are based on software that software on based stories. are They success huge be to positioned well are Both network. business world’sopen the first rich, was successful at it for some time and then got thrown back thrown got then and time for some atit successful was rich, responsibility to pay for my friends’ apartments and all kinds of kinds all and payfor to my apartments friends’ responsibility realized that you can’t buy everything you want. You want. you have to can’teverything you buy that realized views on philanthropy? Sounds like the familiar saying, like saying, familiar Sounds the brains.” money than “more make choices: You must choose between that fancy camera, nice camera, fancy that You choices: make between choose must made me sharper. Along with with sharper. me made Along me or my work, great great my or opinion.me work, have an – they that means it more fun because because fun more It’s all really just a cover-up. acover-up. just It’s really all It also has to be something that that something be to has also It companies: Everbread, a travel search company, search and atravel Everbread, Tradeshift,companies: I I I I I use their credit cards to make purchases over the Internet, for Internet, over the purchases make to cards credit their use of a lot people Nowadays business big – cupcakes. really not so projects at the same time. Right now, time.Right I’m same atthe two on focusing projects people are crazy; they don’t know how to handle their money. their don’t handle to they how know crazy; are people know I’ll be very rich soon, but it’s nice to be brought back brought it’s be to but soon, nice rich I’llknow very be became clear when knowledge however, inject ideas into peoples’ heads that make them go home go them make that heads peoples’ into however, ideas inject philanthropy it has to be profitable, business-driven and aggres and business-driven profitable, be to has it philanthropy From the perspective of Morten Lund today, what’s it like it what’s today, Lund Morten of perspective the From of bells I’llof to. bells listening be kind the are those and online business example. huge signals That into the cupcake business, but I need money money Ineed but business, cupcake the into out the right structure and way to do things. Doing less is actually actually is less Doing things. way do to and structure right the out down to reality. Not everyone tries that. tries everyone Not reality. to down other crazy things. things. crazy other being in the shoes of a multimillionaire? shoes in the being down to earth and understand the value of money again. It has It again. of money value the understand and earth to down generally learn to live with it. with live to learn generally okay. be would model role afunny being but model, a role and say,and job, office this “Stuff everybody uses, everybody needs and they make lives easier. lives make they and needs everybody uses, everybody it was my duty to do so. It just goes to show that newly rich rich newly that show to goes so. just do to It my duty was it jacket or posh hotel room. You room. hotel jacket posh or three. one,not get funnyThe than dozens now. Is the focus strategy working? working? strategy focus now. the Is dozens than to invest in my business idea? my business in invest to you convince to do to Ineed do What going. get to want to make cupcakes and have fun with it.” with have fun and don’t cupcakes make to likewant people If as seriously too me took people other if disappointed be would companies. more start to love would rules. the me taught nobody so rich wasn’t born and cash wants everyone because ridiculous, sounds this know You use the word word You the blog. your use on alot “focus” eBay. to Skype of sale the You from amint made Speaking of big business, what are your are what business, big of Speaking go to decide and home go Ido that imagine So Do you consider yourself to be a role model? arole be to yourself consider you Do choices? make to able being from you prevented rich Being I had it all, so so all, it had I I have and use it to decide whether the idea is worth it. worth is idea the whether decide to it use have and was just your average Joe Bloggs who tried to be silly be to tried who Bloggs Joe your average just was I I can keep better control of what I’m of what control doing. better keep That can I paid for every dinner dinner for every paid had money invested in more than than more in invested money had I couldn’t imagine why it wouldn’tcouldn’t it why my imagine be I 99 am trying to control myself but myself control to trying am I want to revolutionize the world. the revolutionize to want I percent of the population, population, of the percent understand and that screams screams that and understand I just have to figure figure to have just I attended and and attended

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“Skype’s beattributed can to the success That made me confident, perhaps a little too confident, and and confident, too alittle perhaps confident, me made That Above all, people. It’s fascinating to see five weird guys get guys weird five see to It’s fascinating people. all, Above Some technology geeks who have geekswho technology Some outlining been the infrastructure family. that’s okay because that’s because okay topic: How do you actually make a person rich out of philanthropy? of philanthropy? out rich aperson make actually you do How topic: they didn’t. too, I’mthey guys of Unlike those a some from not them forget about the value of family. value the But about forget them makes has aperson of money amount the together. Sometimes the hard times in in times hard the together and grow a crazy idea into something massive, something massive, something into idea acrazy grow and together your job. The good thing about the work I’m work now, my the doing sharing your about job. thing good The Philanthropy is a serious thing for the givers and the getters and getters the and givers for the thing Philanthropy aserious is Compared to some of the guys guys of the some to Compared My family and my girlfriend, Josephine. They carried me through me Josephine. carried They my girlfriend, and family My very intellectual or wealthy family, wealthy or but intellectual very viral. viral. addictive. That’s highly student, an equipment company selling caps and T-shirts for and caps T-shirts selling company equipment an student, success. brilliant software and simplicity.” and software brilliant sive within the niche you want to go. to not, you’ll If want you niche the have abunch within sive my first sizable business with a couple of mates when when of mates acouple with business sizable my first were the only people available, not because they are passionate passionate are they because not available, people only the were messed up. You get too much attention, too much love, too much love, much too up. too Youmessed attention, much too get my own right. Compared to my heroes, however, my to heroes, no, I’m Compared right. a not own my I’m nothing. Although I’m Although nothing. combination of a talented technology team, technology talented combination of a But they also probably think that I’m completely nuts and I’m nuts that think completely probably also they But From being an only child, although it does make you a little alittle you make does it although child, only an From being I graduates. We secured We secured graduates. over two years when when years over two and a few politicians – game-changing people. Compared to them to Compared people. – afew politicians and game-changing experience that you can’t ask for more than a loving, supporting supporting aloving, than for can’t you more that ask experience of the online world. world. online of the get more than just rich on honor. But in general it’s an impossible it’s impossible honor. an on general in rich But just than more get they because there are who plot the running of volunteers about it. That simply won’t work. Passion means everything. everything. it. means won’t simply Passion That work. about always knew do it with software. experiences and knowledge, is that we can travel around travel can we that is knowledge, and experiences of everything and you think there’s think you and can’t you have. or do nothing of everything downhill depending on how you look at it, from there. from atit, look you how on depending downhill it’s very important that it provides a chance for the givers to givers for the achance provides it that important it’s very that you are successful? youthat are successful? have no problem stating that that stating problem have no Sounds like the Skype story. Would you say you Would story. Skype the like Sounds Where does your happy-go-lucky attitude come from? from? come attitude happy-go-lucky your does Where heroes? your are Who What’s really important to you now? now? you to important really What’s What are you about? passionate

Interview: Cushla K. I would someday do something influential. influential. something do someday would 2009 I I also look up to people like Richard Branson Branson like Richard people to up look also I dared, I was was . It wasn’t like. It hard, losing hell, just don’t actually aspire to get to that level, that to get to aspire don’t actually

Sherlock 95 percent of that market in Scandinavia Scandinavia in market of that percent 19 I years old. It all went uphill,or went all It old. years stepped out and tried something tried and out stepped I I want to change the world and and world the change to want went to high school with, yes. with, school high to went I still became successful in successful became still I can say from firsthand firsthand say from can

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56 Leader Keeping Federer Fit At the age of 30, Roger Federer remains in peak condition. Much of the credit for that goes to Pierre Paganini, who has known Federer since he was 13 years old and whose role goes well beyond fitness coach.

He’s the bald guy in the baseball cap. Federer in 1994 as a promising 13- Behind the spectacles is a keen mind year old. The pair has worked together and a self-effacing demeanor. Pierre on a private basis since August 2000. Paganini is not one to grab the spot- At the end of that year, he drew up a light. In the more than 11 years he’s three-year plan for Federer, then 19, helped Roger Federer stay in peak form, that provided the foundation for his rise he’s seldom been seen courtside – even to tennis stardom. The chemistry has al- then, it’s usually in a crouch, as though ways been good. “Roger is a fantastic person trying not to draw attention to himself. “I don’t and that makes working with him so much eas- want people to focus on me,” Paganini says, who ier,” says Paganini. “He’s an artist who knows the rarely gives interviews. He abhors coaches who put them- value of hard work.” Paganini has been a member of Federer’s selves in the spotlight. “In the end, it’s the player who goes out onto innermost circle for years. His opinion is often sought and always the court. Just look at soccer. Sometimes the only name you hear respected. He is aware of how lucky he is. “We can speak freely, is the coach’s. I think that’s wrong.” At 54, Paganini is still strong nobody bothers us and that helps enhance the quality of the work.” and wiry. Never an elite athlete, certainly not a world-class tennis The Right Thing at the Right Time player, he and Federer played tennis only once. That seems to have been enough: “I ran around for about 10 minutes and never even Since 2003, Pierre Paganini has also worked as the private trainer saw the ball!” of Stanislas Wawrinka, Federer’s Davis Cup partner and fellow “Paga,” as his friends call him, lives in Zermatt and Dubai. He doubles gold medalist at the Beijing Olympics. He works with trains regularly with Federer in the United Arab Emirates, planning Federer between 140 and 160 days each year, and devotes about to use that as a base for travel with his wife, Isabelle, also a fitness 70 days to Wawrinka. The ingenious programs consisting of three or coach. Born in Zurich, his late father Rõé was a pianist who also four basic blocks distributed throughout the year can be adjusted at opened music schools in Switzerland. His mother, Maria, was a short notice should, for example, a player need to deal with minor professor. In his youth Paganini was also musical, starting at age 4 injuries. Paganini’s work usually is done far away from tournaments. with the violin. But he always loved sports. “I remember watching “Doing the right thing at the right time,” is one of his mottos. “The the 1970 World Cup final between Brazil and Italy. My co-workers dosage is enormously important,” he says. “Roger is very good at were interested in what was happening on the field. I was the only listening to what his body is telling him. You have to do things when one wondering what had gone on before the match.” His early clients they produce the greatest benefit.” included tennis player Marc Rosset, the gold medalist from the At 30, Federer has to train differently. “Anticipation and planning 1992 Olympics, with whom he worked for 17 years, along with the have become more important, especially now that he’s the father of Maleeva sisters, Manuela and Magdalena, both world-class players, two young children. That’s a real challenge,” says Paganini. “But,” he and later Ana Ivanovic. In 1991, he began working with the Swiss adds, “in tennis you’re not old at 30. Someone who has played 1,000 Davis Cup team, continuing until 1995 before returning again from matches may not have the stamina that they used to have, but they

2003 to 2008. The method developed by him is still used today at certainly know their way around the court. And in this sport, it’s MustermannMuster

| an intensive training center in Bienne, Switzerland. often the small things that make the difference. The key thing is to adjust the planning and to establish the right balance between Working With an “Artist” Who Values Hard Work preparation, tournament play and recovery time. I’m absolutely cer- He was among the drivers when Swiss Tennis set up a new program, tain that as long as Roger wants to play tennis and stays fit and Foto: Muster Mustermann Muster Foto: “Tennis/etudes,” to develop young players, through which he first met healthy, he’ll play extremely well.” Text: Marco Falbo Photo: Jack Flash, Getty Images > bulletin 1/12 Credit Suisse