N°1 MARCH 2018 WWW.SWISSQUOTE.COM CHF 9.-
FINANCE AND TECHNOLOGY UNPACKED
CRYPTOCURRENCIES “What is happening is rather incredible”
INVESTMENTS Tesla and the dreamer’s paradox
MARKETING The pink tax syndrome
DOSSIER RECYCLING COMPANIES ARE COMING ROUND How the circular economy is transforming business models
EDITORIAL SWISSQUOTE MARCH 2018 Towards a world without waste
By Marc Bürki, CEO of Swissquote
s we were preparing this in the examples provided as part p. 40 issue’s special feature on of our special feature. A growing p. 34 the circular economy, three number of companies are choos- Abig-name companies announced ing to rent goods long-term rather (almost in sync) that they would than sell them (Philips, Michelin); be taking steps to become more other companies are building a loyal sustainable: between 16 and 20 customer base by offering repairs January, McDonald’s, Coca-Cola and (SEB) and still others are forming Evian unveiled, one after another, very networks to make sure nothing goes ambitious goals in terms of waste to waste (Statoil, Novo Nordisk). management. Coca-Cola plans to re cycle a bottle or can for every one it For now, these virtuous business sells worldwide by 2030. McDonald’s models are still few and far between announced that all of its packaging – but things can change fast! Will will be made from renewable sources companies that decide to stick to by 2025. Evian (owned by Danone) the ownership model be driven to ex announced a similar goal, saying tinction by the rental economy? Will that it will use only recycled plastic consumers refuse to accept prac- to produce its bottles by 2025. tices they consider unacceptable? Several examples have left their What are we to make of these mark on consumers recently: Epson laudable efforts? It appears that and Apple were both suspected of preserving natural resources and intentionally limiting the life of their reducing pollution are becoming products, and H&M was accused of important issues when it comes to burning tonnes of unsold clothes. the reputations of large companies. McDonald’s made no secret about it: In addition to the circular economy, in a press release, the company said we also decided to cover another that its decision was in response to popular topic in this issue: crypto- growing demand from its customers. currencies. Virtual currencies such as ether, ripple and litecoin – and, of The circular economy is about course, bitcoin – can now be traded more than just recycled packaging on Swissquote’s platform. We have though. It applies to all goods, the been receiving thousands of requests idea being to create an ecosystem each week for new account open- where each object is either repaired ings. We felt that this exceptional or transformed. In such a system, situation deserves an exceptional the notion of waste in the tradi- response. Paolo Buzzi, co-founder tional sense becomes obsolete. and CTO of Swissquote, will tell you more about it in this issue. p. 58 This model offers plenty of economic Big Bang Unico GMT. benefits, which you can read about Happy reading! Carbon case. UNICO automatic movement with GMT function. BOUTI U Interchangeable blue and black rubber G N U N U IC M TT strap by a unique attachment system. 3
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PUBLISHER TESLA Swissquote Chemin de la Crétaux 33 DOSSIER 1196 Gland – Switzerland T. +41 44 825 88 88 www.swissquote.com [email protected]
Manager RECYCLING Brigitta Cooper COMPANIES ARE EDITORIAL Editor-in-chief COMING ROUND Ludovic Chappex 62 Associate editor Bertrand Beauté
ENERGY Design director Natalie Bindelli and Caroline Fischer 72 CANA atelier graphique Route de Jussy 29 – 1226 Thônex 76 www.ateliercana.ch Editorial staff Stanislas Cavalier, Blaise Duval, Salomé Kiner, Jasmine Lecker, Martin Longet, Marie Maurisse, Grégoire Nicolet, Gaëlle Sinnassamy
Layout Natalie Bindelli, Caroline Fischer, Coralie Meder (CANA atelier graphique),
Cover CARS CANA atelier graphique 28 Photography 34 TRAVEL Thierry Parel, AFP, Keystone, iStockphoto, Newscom, Reuters
Editing (English version) Ose Ayewoh, Marco Simon TABLE OF CONTENTS Translation Technicis Finance 3. EDITORIAL 22. DIGITAL DOSSIER: RECYCLING 58. SWISSQUOTE 72. TRAVEL PRINTING, BINDING AND DISTRIBUTION by Marc Bürki Smartphone Interview with Itria Valley, Stämpfli Ltd. The world’s not flat, Western trash Wölflistrasse 1 – 3001 Bern payments take off 34. 50. CTO Paolo Buzzi: the whimsical www.staempfli.com 8. SCANS it’s circular no longer “Cryptocurrencies boot of Puglia Economic 26. INVESTOR China’s treasure are here to stay” ADVERTISING survey INTERVIEW 40. Three examples of the 76. CARS Infoplus AG Traubenweg 51, CH-8700 Küsnacht Education’s virtuous economy 56. Interview with 60. Cryptocurrencies: Kia Stinger: [email protected] 16. TRENDS slow shift Gunter Pauli, can you talk the talk? there’s a new WEMF Climeworks: the Swiss Personalities, to digital 44. blue economy guru grand tourer REMP 2016: 50,756 ex. Print run: 60,000 ex. company recycling CO nations, innovations 2 62. STOCK EXCHANGE in town 28. ENERGY Tesla and Nespresso takes 18. PORTRAIT Hydrogen: 48. the dreamer’s paradox 80. TRIED AND TESTED its coffee...green! Datacolor shows the plan B of Virtual reality its Swiss colours electric vehicles 66. MARKETING table football The pink tax syndrome SUBSCRIPTIONABONNEMENT CHF 40.-40 FOR pour 6 6ISSUES numéros www.swissquote.ch/magazinewww.swissquote.ch/magazine/f/ JÉRÉMY BIDON / TESLA KIA ISTOCK
4 5 60 YEARS OF ADVENTURE AND DISCOVERY
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agriculture RANKING MERGERS CONTINUE SCANS IN THE SEEDS MARKET THE TOP FIVE SEMI-CONDUCTOR SELLERS (in global market share)
1. INTEL robotics 15.7% ABB PARTNERS WITH KAWASAKI “We’re watching 2. SAMSUNG the Trump 11.7% 3. QUALCOMM administration’s 4.5% actions very SYNGENTA 4. SK HYNIX closely and When will the concentration of the 4.3% are preparing global seeds market end? Syngenta 5. BROADCOM announced in November that it acquired 3.8% to take every Dutch subsidiary Nidera Seeds from Chinese cereal giant Cofco for an step necessary, Source: Gartner, 2017 undisclosed amount. This transaction, $136 BN including which must still be approved by the The total spent by insurance legal action” competition authorities, will increase TOP FIVE US COMPANIES companies globally to pay for the Basel-based multinational’s posi- WITH THE MOST MONEY tion in South America, where Nidera is damage caused by natural IN OFFSHORE ACCOUNTS Rose Marcario, CEO of Patagonia, active. This merger is just one of the (in billions) and man-made disasters following US President Trump’s many acquisitions of the past few years in 2017, up 110% from the order to decrease the size of two from the industry’s top three: Syngenta, 1. APPLE previous year, according to natural national monuments Monsanto and DowDuPont. The trio con- $200.1 Swiss reinsurer Swiss Re. trols 55% of the market, according to 2. PFIZER This is the third highest Le Temps, and this market share could $193.6 amount ever recorded. bump up to 59% if the merger between 3. MICROSOFT Monsanto and Bayer is approved. $124 SYNN MON DWDP 4. GENERAL ELECTRIC $104 5. IBM $68.1 pharma ZUR ROSE IS PLAYING ITS CARDS RIGHT IN EUROPE Source: Oxfam, 2017
Zur Rose is hungry for more. The Thurgau-based group specialises in TOP FIVE VIDEO GAME CONSOLES mail-order prescription sales and is SOLD IN 2017 (in millions) increasing its presence in Germany. “We’re opening Demonstration of an The company, located in Frauenfeld ABB robot at a tech (TG), recently completed back-to-back a new store in trade show in Tokyo. acquisitions of Eurapon, a local pre- 1. PLAYSTATION 4 GALINA BUTOVA / SPUTNIK AFP GALINA BUTOVA China every scription distribution service provider, 13.8 Zurich’s ABB and Japanese indus- and promote their own robots and Vitalsana, a Dutch online pharma- 2. NINTENDO SWITCH 15 hours” trial group Kawasaki are part- independently, but they will work cy that is mainly active in Germany. In 8.5 nering to develop collaborative together on technical aspects and due time, Zur Rose, founded in 1993 3. XBOX ONE Howard Schultz, CEO of US and headed by Walter Oberhänsli, is coffee chain Starbucks, at robots, dubbed “cobots”. The two awareness campaigns aimed at 4.6 companies will share expertise NGOs, politicians and the general targeting all of Europe, where only 4% the grand opening of the biggest 4. NINTENDO 3DS and promote the benefits of public regarding the advantages of prescriptions are sold via mail-order, Starbucks in the world 4.3 in Shanghai cobots, which are currently used of this robotics technology. The according to Le Matin Dimanche. “For in the industry to assist human first result of the collaboration us, Europe is uncharted territory,” said 5. PLAYSTATION VITA workers and automate certain was a two-armed robot that was the CEO according to remarks reported 0.6 tasks. ABB and Kawasaki will presented in Tokyo at the end of by the Swiss daily.
both continue to manufacture 2017. ABBN 7012 ROSE ZUR ROSE Source: VGChartz
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SCANS video games WILL HARRY POTTER BE AS KICKSTARTER POPULAR AS POKÉMON GO?
Soon, meals with friends may be inter- rupted by a Basilisk, a Dementor or a Niffler. Following the incredible success of Pokémon Go – a mobile augmented reality game where players attempt to capture the most fantastical creatures “We don’t want to – Niantic is adapting Harry Potter in the compete with our same vein in partnership with Warner rivals in terms Bros. Very few details have been made of resolution and public as of yet, but the game’s objec- tive will be to “explore neighbourhoods pixels. When $155.5 BN and cities in the real world to uncover people play Mario mysterious artefacts, cast spells and Kart, they’re no The value of “green” bonds encounter legendary characters and longer focused on issued globally in 2017, animals from the Harry Potter universe a 78%-increase compared along the way.” The release date has the graphics” At King’s Cross PITTA to last year, according to not yet been announced. TWX Bernd Fakesch, general Climate Bond Initiative. station in London, platform 9¾ – a manager for Switzerland, Popular with investors, reference to the Germany and Austria PITTA “green bonds” allow Harry Potter series – at video game company investors to place has become a major Nintendo, in the daily The transformative autonomous their money in tourist attraction. Le Temps mini-drone
environmental projects. SHUTTERSTOCK It resembles the golden snitch that Quidditch players would try to catch in Harry Potter. But this
environment one is black. And it is very real. MICROSOFT WANTS TO SAVE THE WORLD Pitta is a spherical mini-drone WITH ARTIFICIAL INTELLIGENCE weighing 200 g and measures food only 17 cm in diameter. It can NESTLÉ IS BETTING ON NUTRITIONAL HEALTH “AI for Earth”: this is Microsoft’s new funds will “democratise” access to AI be transformed into an action programme, which seeks to “better un- and its abilities, putting the technology cam or a home security webcam. derstand and tackle the world’s climate in the hands of individuals and organ- Nestlé increases There are three detachable issues” with the help of technology. isations who are working to protect share buyback at modules and a charging station. At the One Planet Summit in Paris last the environment. While it is certainly a the behest of CEO The drone can fly piloted by an Paul Bulcke. December, the IT company announced worthwhile initiative, it is also an inex- “We don’t app, but can also be program- it would expand the project, investing pensive greenwashing technique for the need to be in med to follow a target autono- $50 million over the next five years. The Redmond-based company. MSFT mously. Autonomous flight can Switzerland to last up to 15 minutes in drone do business. mode and an hour and a half in action cam mode. There are no We’re very time limits in surveillance came- mobile and can ra mode, as Pitta will periodical- ly land on the charging station. work wherever” The camera films in 4K with 30 images per second. Gérard Delsad, managing director of oil trading group Vitol, quoted in L’Agefi following an NESTLÉ announcement from Swiss Nestlé announced the acquisition of food and drink segments,” said the Federal Councillor Simonetta Quebec-based firm Atrium, the global Vevey-based group (VD) in a press Sommaruga that she intends to leader for science-based health release. Atrium’s flagship brand, further regulate the industry products, for a price of $2.3 billion. Garden of Life, is the best-selling Bill Gates’ speech during the One Planet The acquisition “is proof of Nestlé’s natural supplement brand in the FUNDS RAISED AVAILABILITY Summit held in Paris desire to increase its growth in main- United States. In 2017, Atrium sales last December. stream health products, in keeping were expected to reach close to $537,000 APRIL 2018 with its focus on the fast-growing $700 million. NESN LUDOVIC MARIN / AFP LUDOVIC
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SCANS finance streaming GOLDMAN SACHS REFUSES TO CHOOSE THE MUSIC WAR ESCALATES BETWEEN PARIS AND FRANKFURT
“By making these changes, $209 BN The total of online I expect the time advertising spending people spend on globally in 2017,
Goldman Sachs CEO WOLF / KEYSTONE VALENTIN according to Magna Facebook and Lloyd Blankfein Global. For the first some measures during Donald The music streaming market is music lovers’ tastes. We also can’t time, online spending Trump’s visit with booming, but listening platforms forget the French platform Deezer, of engagement Chinese president exceeded television Xi Jinping last No- are losing profits and seeking which unveiled a service similar spending, which solutions. Apple spent $400 million to Shazam only a few days after will go down vember in Beijing. totalled $178 billion. to acquire Shazam, a music recog- Apple’s announcement. Spotify has JONATHAN ERNST / REUTERS JONATHAN In 2022, digital [...]. I also expect nition app. According to experts, partnered with Chinese media giant advertising is expected the objective is to redirect users Tencent in order to increase their The consequences of Brexit are Paris and Frankfurt. The number the time you to Apple Music, but also to take joint catalogue and strengthen to reach $348 billion, becoming increasingly appar- of employees involved was not advantage of the massive amounts their negotiating power with major while TV adspend do spend on ent. Goldman Sachs CEO Lloyd disclosed. Goldman Sachs is not of data generated by the app about players. AAPL is expected to Facebook will be Blankfein confirmed in an inter- the only company to do this. Bank remain stagnant. view with Le Figaro that the US of America decided to open a new more valuable” investment bank is planning to hub in Dublin, Ireland. UBS, which relocate some of its employees Mark Zuckerberg, employs 5,000 people in London, CEO of Facebook to continental Europe before the has stated that one-fifth of em- UK leaves the EU in March 2019. ployees could be relocated else- aviation “Brexit has forced us to decen- where. Note, however, that this THE PILATUS JET IS READY tralise our business,” he said. The number was eventually reduced. TO CONQUER THE SKY bank will have two European hubs: GS BAC UBSG Pilatus’ challenge was a success. The Nidwalden aviation company, which has until now specialised in propeller training devices, has created its first jet engine that is certified by European and American aviation authorities. The IPO PC-24, a ten-passenger business jet, is unique in that it can land on grass SMCP WANTS TO BREAK INTO and unpaved runways. This feature THE READY-TO-WEAR MARKET makes Pilatus a worthy rival against industry leaders Embraer from Brazil +7% The prêt-à-porter company dong Ruyi, was hoping to value and Cessna from the US. Given that the industry is doing rather poorly due to Annual growth of the global sex SMCP, which owns “accessible” the company at €2 billion. It the numerous second-hand jets on the toys market until 2020, worth luxury brands such as Sandro, purchased SMCP in March Maje and Claudie Pierlot, went 2016 from US investment market, Pilatus’ success is even more up to $30 billion according to impressive. The Stans-based company Technavio. The industry was public on Euronext Paris this fund KKR for €1.3 billion. autumn. The company raised With turnover of €900 million, (NW) had a very successful launch of hit hard by e-commerce, which €127 million and its capitali- SMCP is still far from com- its new jet, which sold at $9 million and The Pilatus PC-24: recently destroyed an important the only jet in the sation is now at €1.44 billion peting with industry giants already has close to 100 orders. market player: German company world that can take with a share price that has such as Inditex and LVMH, off and land on Beate Uhse, which opened the fallen slightly since the IPO. but it hopes to make a name unpaved surfaces like first sex shop in the world in 1962, SMCP’s majority shareholder, for itself by focusing on Asia’s grass and gravel.
went bankrupt. Chinese conglomerate Shan- emerging middle class. PILATUS
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chemistry CLARIANT IS STRUGGLING WITH ONE OF ITS SHAREHOLDERS $10,000
The price that one tonne of copper could reach in the next five to 10 years, compared to $7,000 currently. This is a Huntsman CEO result of the boom of electric Peter Huntsman (left) vehicles, according to an analyst and Clariant CEO Hariolf Kottmann from SP Angel quoted by last May in Zurich. financial company IG. Copper
SIGGI BUCHER / KEYSTONE is used to produce electric Clariant has a thorn in its side by the and three seats on the Board of vehicles, and finding new mines name of White Tale. As the majority Directors, which was refused. The is becoming difficult. shareholder of the Basel-based hedge fund’s intentions are unclear: chemicals company, the US hedge Clariant’s Board of Directors accuses fund raised its percentage to 20% White Tale of wanting to dismantle and derailed a 20 billion merger Clariant, while the fund claims to sharing economy transaction with Huntsman, a manu- want to preserve its independence. UBER AND AIRBNB ARE FACING facturer and distributor of chemical Whatever the case may be, manage- EVER-INCREASING REGULATIONS products located in Texas. Clariant ment has stated that it is working on was expecting synergies from the a new strategy to “create value” and merger. White Tale asked the Board claims to be open to acquisitions. of Directors for an independent The results are promising. strategic investigation of Clariant CLN HUN
THE FLOP “Golden Arches” creates bad UBER buzz in China This is the end of the blessed run with no McDonald’s changed its ately make sure that restau- regulations. Close to 10 years after they company name in China rants would keep the previ- burst onto the market, the pioneers of the sharing economy – Uber and Airbnb – are after the franchise was ous name. Like McDonald’s, now facing ever-increasing regulations acquired by a local con- an increasing number of everywhere they operate. In Paris, where glomerate. The US fast foreign companies have it is now illegal to rent an apartment food chain replaced the forgone transliteration on Airbnb for more than 120 nights, the Mandarin transliteration it for more original varia- number of reservations dropped 11.8% had previously used until tions of the brand name. in Q4 2017, according to Paris city hall. now (“Maidanglao”) with BMW went for “Baoma”, The California-based rental platform was “Jingongmen”, which trans- which means “prized disappointed. As always, what happened The classic in a new light lates to “Golden Arches”. horse”, whereas Coca-Cola in Paris served as an example for other USM Modular Furniture Haller now features The new name received chose “Kekoukele”, which French cities. As for Uber, it is now sub- revolutionary integral lighting: harsh criticism from translates to “delicious ject to the same regulations as taxis in cable-free, dimmable, energy efficient. Chinese social media users, happiness”. Microsoft Europe, according to a decision from the A true innovation – get inspired! who thought it was uncool. chose “Lingyin”, meaning Court of Justice of the European Union. www.usm.com McDonald’s had to immedi- “leading elite”. MCD This could result in serious problems for the ride-sharing company in Europe. Hamburg, London, Munich, , 14
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Prototype of “Pop.Up”, the flying car co-designed by Airbus and Italdesign that was the country unveiled at the 2017 GERMANY Geneva Auto Show.
Crisis? What crisis? “The German economy is very healthy,” said Clemens Fuest, president of the Ifo Institute for Economic Research in Munich, in a December press release. Ifo raised its growth outlook for 2018 the figure from 2% to 2.6%, a record high since JOHAN LUNDGREN 2011. “Many industries are flourishing, including construction, manufactured A travel pro at products and distribution,” according the helm of EasyJet to Ifo. Unemployment is at its lowest and is expected to drop below 5% in EasyJet has found a new CEO to replace Carolyn McCall – the next two years. This should make travel-industry veteran Johan Lundgren. Lundgren was for- the rest of Europe quite jealous... The merly deputy CEO at German travel company TUI, where he powerful German economy is even worked for 12 years. Lundgren first studied music and then more impressive, given that shifted towards economics, graduating from the Internation- the country is going through al Institute for Management Development (IMD) in Lausanne. a profound political crisis.
Population CYRIL ZINGARO / KEYSTONE The Swedish national will definitely have his hands full try- 83 million What made the economy ing to live up to his predecessor, Carolyn McCall. In her time so successful? Protect- the innovation at the low-cost airline from 2010 through 2017, the number ed traditional industries, TRANSPORT DRONES Per capita GDP Company of passengers grew by 60% (to 80.2 million in 2017), turno- in 2016 massive investments in new Airbus ver by nearly 70% (to £5 billion) and earnings before tax by $41,936 technologies, all-out roboti- 65% (to £408 million). The company’s stock, too, went sky- sation and a migration push “Hey, flying taxi!” Launch high at first, but has been oscillating for the past five years. Growth all had stimulating effects 2020 For Lundgren, three major challenges lie ahead. The first is in 2016 on the economy. That’s on Will the city skies of the future and the aircraft manufacturer has Boston highlights putting the shine back into the image of the airline, which 1.9% the one hand. On the other be filled with flying cars, like in stated it would like to start produc- the obstacles Projected cost is known more for its orange logo than its punctuality or its hand, this apparent success Metropolis or Blade Runner? Airbus tion as early as 2020. On-demand ride that he considers Not shared customer service. The second involves surviving in an in- Main economic masks a growing impover- and other transport players think so. service Uber is also interested. It has to be deal-break- creasingly competitive environment in which every airline is industries ishment of the population. The European company is working on entered into a partnership with NASA. ers for interurban offering low-cost options. The third and biggest thorn in the Machines, Since Angela Merkel took a self-driving electric aircraft that Boeing, in turn, recently acquired drone transport: unacceptable noise recently-hired CEO’s side, however, is automobiles, power in 2005, the number can take off vertically and transport Aurora Flight Sciences, a company (propellers create noise and wind), in- Brexit. Based out of Luton in northern electronics, of people living under the passengers in an urban environment. specialised in self-flying planes that creased security risks (no one wants pharma, London, EasyJet is hoping to do some poverty line has doubled. Dubbed “Vahana” (after a vehicle that has a Research & Development centre a mini helicopter to fall on their head) finance Position damage control by opening a branch Full employment was carries Hindu deities in Indian mythol- in Lucerne, Switzerland. It remains to and hacking threats. The engineer CEO of EasyJet in Austria, but everyone is still in the reached by expanding pre- ogy), this taxi drone is being devel- be seen if these projects will go from believes that the future of transport dark as to the specific after-effects of carious jobs, held mostly by women. oped by A3, the California subsidiary science fiction to reality. In Le Monde, could very well remain on the ground. Age Brexit. It’s a good thing that Lundgren The number of “working poor” and of Airbus. Testing is already underway researcher Carlo Ratti from MIT in AIR 50 is accustomed to flying blind. EZJ poor seniors has skyrocketed.
Nationality Swedish
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The Spyder probe, Datacolor’s bestseller used to calibrate the colours of screens. Datacolor shows its Swiss colours The astute Lucerne-based company is one of the top colour management specialists in the world
BY MARIE MAURISSE
he Swiss stock exchange One of the best examples is Hugo 12%-market-share in the global holds many little-known Boss, whose researchers use the colour management market and companies with thrilling Datacolor 800 spectrophotometer sells its products in more than Tprospects. Datacolor is a perfect to ensure that each piece of fabric 100 countries. In the latest annual example. In Switzerland, there is used to make a suit is exactly the report, published in October, Werner relatively little information on the same colour. This tool makes col- Dubach, chairman of the Board Lucerne-based company. Photo our matching much faster and far since 1981, was quite pleased with graphers, however, know it well; more accurate than visual assess- the rise in sales. In his opinion, Datacolor makes the Spyder range ments, which were used in the in- sales were boosted by low interest IN FIGURES of instruments that calibrate camera dustry for quite a long time. Since rates, which encouraged household lenses and computer screens so that the German brand offers customis- and company consumption. With the colours of the photographed able suits to fit customers’ needs, this success, he also announced 1 M 72.8 M 382 36 15 images are as close as possible Hugo Boss must assess colours increased dividends at 15 Swiss Number of people In dollars, Number of Number of active In Swiss francs, to what they are in real life. each time a new order comes in. francs per share, compared with in the world using 2016/2017 employees patents the dividend 13 Swiss francs the previous year. Datacolor’s Spyder turnover, up 5% across 25 per share Its motto? “Passionate for per- This good news affects him as well, sensors over a year countries in 2016/2017 fect colour”. Founded in 1970, as he personally holds almost 62% Datacolor made a name for itself Datacolor of shares. As he holds so many offers colour with state-of-the-art technolo- shares, there are less available on gies in a niche market: colour management the market, but this makes for good management. While the general training company stability. public doesn’t know much about this market, it is everywhere. to shop “Datacolor has an American heart, Datacolor isn’t just for photogra- employees a Swiss soul and an international phers. It mainly produces colour vision,” according to its website. management and assessment This is a perfect summary of the instruments for approximately In this industry, Datacolor’s rev- company. It was founded in the 10,000 companies in the textile enue is constantly growing. The United States, but its headquarters and apparel markets. company holds an approximate is in Lucerne and it has been listed YANNICK MEYER YANNICK
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on the Swiss stock exchange since The SpyderCube TH 1998. Current business activity allows photographers has been particularly prosperous to control the white 46 INTERNATIONAL in the East. Asia-Pacific is now its balance for file main market, making up more than calibration. 38% of sales. It’s only logical that Asia is Datacolor’s primary target: EXHIBITION OF the company’s biggest factory is in the Suzhou Industrial Park (SIP) in China.
The sales boom in Asia is enough INVENTIONS GENEVA to make up for the sluggish US market, which still makes up 27% of sales – but which dropped three of the Swiss points in the last financial year. To Under the patronage meet its objectives, Datacolor is Federal Government, of the State, the City focused on research and develop- of Geneva and of the World Intellectual ment, particularly in the decorative Property Organization WIPO paint and high-quality photography markets. These two markets are still smaller than textiles, but are expected to develop in the years to come, as they are an impor-
tant aspect of two strong trends BOB FOSBURY among consumers. In the paint market, for example, Datacolor offers its products to retail spaces and specialised shops in order to the shelves with products adapt- to shop employees and sells the help customers choose the most ed to customer needs. Datacolor “ColorReaderPRO”: software installed precise colour possible and to fill offers colour management training on a smartphone that can detect the exact colour reference based on a customer’s preferences.
ANALYST ADVICE In the photography industry, Datacolor refreshed its range of “A GREAT OPPORTUNITY” “Spyder” products, which can calibrate cameras, computer screens and René Weber of Vontobel is one of even more remarkable consid- enhance the spectrum of colours for the few analysts in Switzerland ering that Datacolor suffered a printers. The future seems bright for who follows Datacolor shares. drop in US sales,” said Weber. Datacolor, as it dominates a market Despite some difficulties, It even has enough capital for the expert believes that the acquisitions, but potential com- with little competition. US compa- company’s investments in panies that could be acquired ny HunterLab or German company Research & Development herald in this market are rare. That BYK-Gardner also produce spectro- intriguing innovations in the said, Datacolor’s business is not photometers, but they are not as future. “Over the last finan- risk-free, especially in emerging diversified. X-Rite, the world leader, cial year, Datacolor increased countries where it decided to is three times larger than Datacolor its Research & Development open satellites to develop direct spending by 20%. This explains sales. “The most recent satellite but less established in the textile why the profit margin before opened in Turkey, which is a po- industry than its Swiss main com- taxes, interest and amortisation litically unstable country,” said petitor. This could very well change. is lower. It’s a costly strategy, but Weber. The Zurich-based analyst But the Lucerne-based company is 11-15 aPril 2018, PALEXPO it provides a good base for the believes shares are currently fighting back by breaking into the company’s future growth.” at the “correct price” but could automotive market : Audi now uses still be a great opportunity. One portable Datacolor 45G CT instru- inventions-geneva.ch This decision is bolstered by thing to note is that there is not solid financial health, as a substantial amount of shares ments to analyse the tone variations Datacolor has no debt. “That’s available on the market. in the interior of its vehicles. DCN
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hen Julian goes into much less advanced.” According mobiles,” says Richard-Maxime a shop in Stockholm, to a Deloitte study published in Beaudoux, analyst at Bryan, Garnier where he lives, he never November, a mere 17% of the & Co. “It’s not a question of ’if’, Wstops to wonder whether he has Swiss population occasionally pay but ’when’. In my opinion, it’s going cash: “Most of the time, I pay with the via their smartphones, which is to take longer than we think.” Swish app on my smartphone. And slightly higher than the European for bigger purchases, I use my credit average (15%). That’s because widespread use card. Honestly, I rarely carry cash.” of mobile payments is up against various difficulties. “Consumers In Sweden, cash payments fell to less have used cash since time imme- than 15% of all merchant transac- “Banks and morial, and credit cards for the tions in 2016, compared with 40% governments will past 30 years,” says de Streel. in 2010. Credit cards and mobile “It won’t be easy to change their payments have taken over. Sixty per- promote smartphones habits, especially if they think that cent of Swedes use the Swish app, as a payment method” mobile payments don’t provide an which allows users to pay in most Grégoire de Streel, co-founder of BelCube added benefit over using cash. Why Smartphone shops with their smartphone. This would you take out your mobile at $ number will only continue to grow. the register when you can just take payments $ out your card? In the end, I think Will mobile payments beat out That said, experts all agree: the change isn’t going to come cash and credit cards to become cash-free payments are inevitable, from consumers, but from banks take off the universal payment method? especially because the technology and governments who will promote “Sweden and Denmark are the already exists. Near Field Commu- smartphones as a payment method.” exception in Europe,” says Grégoire nication (NFC) chips, which are The Swedish example is telling. In the de Streel, co-founder of Belgian now in all mobiles, make it possible late 2000s, a wave of bank robberies investment fund BelCube. “Swedes to pay for purchases by holding a spurred seven banks to develop the and Danes are very tech savvy and smartphone close to a payment Swish app and drastically reduce the quickly adopted these new tools. terminal. As a result, “we’re all number of ATMs in the country. As a $$ But other European countries are going to end up paying with our result, the number of robberies went As predicted for years, mobile payments are progressively becoming a credible successor to credit cards and cash. WILL BANK CARDS DISAPPEAR? Fierce competition pits various players against one another in this market. As of 13 January 2018, the new – the time for European banks to no longer be fees associated Payment Services Directive comply with the directive – this with card use, which will give a (DSP2) came into effect in the regulation will no longer apply. competitive advantage to mo- BY BERTRAND BEAUTÉ European Union. It will revo- “DSP2 will allow for telephone bile payments. Furthermore, lutionise the world of mobile numbers to be linked to a bank money transfers will be faster: payments. Currently, services account,” says Richard-Maxime currently merchants have to like Apple Pay and Samsung Beaudoux, analyst at Bryan, wait two days before receiving Pay must go through a credit Garnier & Co. “Companies such money from a payment via bank institution in order to use smart- as Google and Apple won’t have card, while mobile payments phones to make mobile pay- to go through intermediaries.” are immediate and come di- ments. Over the next 18 months An advantage is that there will rectly from the bank account.
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from 110 in 2008 to seven in 2015, together to develop the Twint app, extremely valuable, because it according to the Swedish Bankers’ which eliminates bank-card fees provides information about the daily “SWISS PEOPLE ARE STILL Association. “For governments, cash (see interview with the company’s lives of consumers.” It remains to be is also a threat, because it’s the CEO, p. 25). But the Swiss start-up is seen what will win out. “People won’t VERY ATTACHED TO CASH” hardest form of payment to trace,” facing competition from new players abandon traditional banks, especial- Swiss payment service Twint is targeting one million users by 2019. says de Streel. “Governments are on the market, who until now weren’t ly because the market newcomers very interested in cashless pay- even part of the finance industry. don’t offer certain services such as Interview with Thierry Kneissler, CEO of Twint. ments in order to reduce fraud.” As mortgages,” says Stéphane Beyazian, for credit cards, banks no longer In 2011, Google launched Wallet, its analyst at Raymond James. “But encourage them, as they are expen- mobile wallet, in the US and was fol- they will increasingly use several sive to issue and banks must pay a lowed by Apple in 2014 and Samsung platforms, similar to how we have commission to intermediaries (Visa, in 2015. Even telecoms companies several accounts today. Traditional The result of the merger between impossible here: Swiss people are 20 payment applications on their Mastercard, American Express). are getting in on the action. In No- banks will be used for significant Twint and Paymit, the new Swiss very attached to cash. But we’ll smartphone, and then have to change vember, Orange launched transactions, while non-convention- mobile-payment system was suc- get there eventually. I’m convinced the app depending on the shop Orange Bank in France al players will serve as a wallet.” cessfully launched in spring 2017. that one day, everyone in the world, they’re in. In Switzerland, Twint has and announced upcoming It is supported by around 40 banks, including in Switzerland, will pay the most payment terminals installed. launches in Spain and McKinsey doesn’t agree and is including UBS, Credit Suisse, with their smartphones. In my opinion, I think that people Belgium. But the most warning traditional banks. In a Raiffeisen and PostFinance. CEO won’t make the switch to mobile advanced companies report published in October, the Thierry Kniessler invited Swissquote How long will that take? payments unless the apps offer an are in China. Alipay (a firm stated that internet giants Magazine to the company’s Bern At the end of 2017, Twint had more added value. Our app already includes subsidiary of Alibaba) are investing an increasing amount office to go over what the company than 600,000 users but that num- shop loyalty cards, such as Coop’s and WeChat Pay (owned in financial-transaction manage- has done over the year. The CEO is ber is rising quickly, with 40,000 to Supercard and savings coupons. by Tencent) have more ment. As they get involved with confident and believes that one day, 50,000 new downloads per month. than one billion users. payments, that could open the door everyone will pay via smartphones. Our goal is to have one million users For merchants, what is the ad- These two platforms to other more profitable services, But in the conquest of this growing by 2019. As for merchants, there vantage of using Twint? processed $2.9 trillion such as loans and insurance. market, Twint is up against giants are more than 50,000 Twint points Our system directly links customers’ in mobile transactions in Apple Pay and Samsung Pay. of payment throughout Switzerland. smartphones to their bank accounts 2016, which was more “No one wants an app that only Clearly, we need to increase that (ed. note: as long as the account is than any other platform makes payments, because that’s In countries such as Sweden number, but that means our clients with one of the 40 partner institu- in the world, according no different from a credit card,” and Denmark, 50% of the can pay with Twint when purchasing tions). As a result, merchants avoid to the 39th Statistical says de Streel. “Mobile payments population uses mobile payments. from many brands, such as Coop or the fees associated with bank cards, “GAFA aren’t developing Report on Internet Devel- will be accepted only if they are But it is much less widespread Digitec. Twint also allows users to which is not the case with competi- these services to make a opment in China, pub- one aspect in an overall experience.” in Switzerland. Why is that? make peer-to-peer transfers and tor apps such as Apple Pay. Further- lished in January 2017. In China, WeChat has become a They started earlier than we did! In online payments. more, our app can be a great mobile profit. They’re doing it to complete ecosystem where users Sweden, the Swish app was launched marketing tool for merchants. Not all collect more information “GAFA (Google, Apple, can do almost anything without ever in 2012 and in Denmark, Mobile Pay Aren’t you concerned by the brands have the means to develop a about their users” Facebook, Amazon) and leaving the app: chat with friends, has been available since 2013. But competition from Apple and platform such as the Supercard to in- BATX (Baidu, Alibaba, purchase tickets, pay an electric we just started with the new version Samsung, since their apps are crease customer loyalty. Twint gives Tencent, Xiaomi) aren’t bill, pay the bill at a restaurant, of Twint, which has been available available in Switzerland and offer them the opportunity to do so. developing these ser- and even take out a loan or obtain since April 2017. That said, there’s the same services as Twint? vices to make a profit – an insurance policy. “Everyone also a cultural difference at play. No. Like with the credit-card market, When do you expect to be So the road to mobile payments is mobile payments don’t bring in will fight to become the WeChat In Sweden and Denmark, people are several players will share the market. profitable? opening, and many companies are revenue. They’re doing it to collect of the Western hemisphere,” more used to electronic payments. Twint is focused specifically on We’re not releasing that information. interested. In Switzerland, around more information about their users,” predicts Grégoire de Streel. “In The Swedish and Danish governments Switzerland, by forging close Currently we’re not making a profit, 40 banks – including UBS, Credit says Richard-Maxime Beaudoux. time, we’ll probably see a su- are even considering officially doing relationships with merchants. End since we’re investing a lot to perfect Suisse and Raiffeisen – came “Consumer banking data is per-platform emerge.” away with cash, which would be clients don’t want to install 10 or the system.
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SWISSQUOTE MARCH 2018 ANALYSIS SWISSQUOTE MARCH 2018
ANALYSIS ISTOCKPHOTO THE VIEWPOINT OF SPECIALISTS
INVESTOR INTERVIEW Education’s slow shift to digital
It’s time for new technology to revolutionise education. But schools need funding and teachers need the skills to do this.
BY JASMINE LECKER
In the wake of biotech, medtech, cleantech and fintech, company Pearson, which designs multimedia Microsoft and Google have developed similar Even the finest learning tools are worthless now is the moment for education technology, or edtech. online platforms for classes. If classrooms tools. Teachers used to do this work them- if teachers don’t know how to use them. That The EdTechXGlobal research platform believes this new are equipped with tablets or computers, selves, but it’s increasingly difficult to keep said, even if the education industry were dig- and popular industry will expand 17% to $252 billion teachers can use these tools to teach the up due to rising student numbers in each italised to 5% in 10 years, revenue would still by 2020. Citibank says the edtech market presents “a class instead of using books. Content is far class. Furthermore, the budget allocated to be colossal. significant opportunity for investors with a greater risk more versatile. Students can delve into the schools in the US is results-based. Classroom appetite”. The market is definitely not for the faint of subject matter interactively with videos management systems are designed to improve Schools’ ability to adopt new education technology heart. As the founder of J.Gold Associates, a US-based and pictures. performance. is heavily dependent on public authorities. Which analysis and consulting firm specialising in new tech- countries and cities are the most progressive? nology, Jack E. Gold explains the roadblocks that stand Are these learning programmes already in use? A report from the research platform EdTechXGlobal Singapore and Hong Kong are at the forefront in in the way of an edtech boom. Yes. All academic publishers have gotten on and Ibis Capital stated that the global education this field. As far as Europe goes, Scandinavian board. Pearson is one of the biggest, but there market is worth $5 trillion, but only 2% of it has gone countries are ahead. But it’s hard to single out The term “edtech” is becoming increasingly popular. are others like Macmillan (editor’s note: a digital. To what extent can education be digitalised countries because education is largely depend- What does it mean exactly? subsidiary of the Stuttgart-based Holtzbrinck and how fast? ent on local decisions and circumstances. It’s a very broad field that encompasses all Publishing Group). Education can be 100% digital, but it won’t online technologies and systems devoted likely happen overnight. Digital expansion in to education. From a commercial standpoint, What about classroom management systems? this field will take time. There are two main the most lucrative segments in edtech are Classroom management systems are fully roadblocks. First of all, the majority of schools learning programmes and classroom mana integrated platforms used to manage all class barely have enough money to run themselves gement tools. settings and monitor the specific activity as it is, making it a real challenge for them to of each student. Teachers can use them to invest in new education systems. Secondly, JACK E. GOLD FOUNDER What do these learning programmes involve? communicate with parents, store documents, many teachers aren’t comfortable with the J.GOLD ASSOCIATES One example is from the British publishing and check attendance rates and progress. technology and haven’t been trained to use it.
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INVESTING IN HYDROGEN
HYDROGEN: Auto manufacturers devel- oping hydrogen cars, such as Toyota, Hyundai and Honda, aren’t necessarily good compa- nies to invest in, since there’s THE PLAN B no guarantee that this tech- nology will be used widely in the consumer vehicle market. “I recommend investing in Toyota, but for other reasons than the fact that it is develop- OF ELECTRIC ing hydrogen-powered vehi- cles,” said Peter Harrop, chair- man of the market research firm IDTechEX. “The railway industry, which includes com- VEHICLES panies such as Alstom, seem more promising.” However, the hydrogen industry isn’t just involved in transportation and many companies could benefit from technological de- velopments in hydrogen. First among them are traditional hydrogen producers such as Air Liquide and Linde. Howev- er, these companies could be outpaced in hydrogen produc- Transport experts are divided on tion by energy giants such as Total, EDF, Dutch Shell and fuel cell technology. While some Statoil, which are all becoming have no interest, others believe more interested. Hydrogen storage specialists such as it could be a future solution. McPhy could also benefit from Here is a closer look. the renewable energy boom: “Wind turbines and solar panels do not produce energy BY BERTRAND BEAUTÉ in a stable, regular way,” said Pascal Mauberger, CEO of McPhy. “As a result, excess en- ergy needs to be stored during production peaks. Converting the excess energy into hydro- gen would be a solution to this problem.” The gas produced ill hydrogen be- it. “We believe that hydrogen can development of this energy, espe- could then be injected directly come the fuel of play an absolutely essential role cially in transportation, by means of into the existing natural gas the future? Experts in the future energy transition,” a €1.4-billion-investment every year. network, or reconverted into have very different said Henri Poupart-Lafarge, CEO There are already a few hydro- electricity during consump- opinions on the subject. When asked of Alstom, in December 2017. gen-powered cars on the market tion peaks, or even used to W supply filling stations. about it in 2015, Elon Musk said the through dealerships, such as the Energy Observer, technology was “incredibly stupid”. In January 2017, thirteen com- Toyota Mirai launched at the end a mastless catamaran powered For Tesla’s visionary CEO, there’s no panies including Alstom, Toyota, of 2015, the Hyundai ix35, on the by hydrogen and future for hydrogen as a transport Honda, Hyundai, BMW and Daimler market since 2015, and the Honda renewable energy, solution because hydrogen produc- came together in Davos to create Clarity, available since 2016. Under set off last July for a six-year trip around tion consumes a lot of energy. But the Hydrogen Council. The goal of the bonnet of all of these models is
the world. other industry leaders fully support the initiative is to fast track the a fuel cell. Upon contact with oxy- JÉRÉMY BIDON
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gen, the fuel cell converts the gas in more than 400 million cars, 15 “The biggest problem with fuel cells to completely reinvent how cars are normal for an innovative model the fuel tank to electricity and the to 20 million trucks and 5 mil- is the cost of storing hydrogen,” designed in order to use them.” that is not widely distributed and NUMBERS exhaust is nothing but water vapour. lion buses powered by fuel cells explained Hans-Rudolf Hagemann, carries all of the development costs In short, this ultra-clean motor will be on the road by 2050. who has worked on this topic for In the meantime, the price of hy- to be expensive. But when volume could leave our old cars, with their 20 years at the University of Geneva. drogen cars is prohibitively expen- increases, the price will drop. In the 20% combustion engines and dirty emis- But not all experts believe this. “Since the gas is unstable, it must sive. The Toyota Mirai, whose name beginning, hybrid motors were ex- Percentage of diesel sions, in the dust. IHS Markit analyst Toru Hatano be compressed in the car’s fuel means “future” in Japanese, costs pensive. But then they were every- trains that will be doesn’t think fuel cell vehicles will tank at approximately 700 bars 65,000 Swiss francs, whereas where. I trust Toyota, the pioneer of replaced by hydrogen models by 2050, be mass-produced. “Volume will of pressure. This requires very Swiss consumers spend on average hybrid cars, to repeat its success.” or approximately remain limited, since for consum- expensive materials. Other less 40,000 Swiss francs on a new car. 28,000 locomotives According to the ers, there’s no valid reason to buy expensive technologies are being This doesn’t dissuade Mauberger, But to do so, Toyota will have to Hydrogen Council study, a hydrogen-powered car. Despite studied, such as storage in hydro- who is also CEO of McPhy Energy, overcome other obstacles, and building the necessary its advantages, the technology gen sponges (ed. note: metals that a company that develops hydrogen particularly the lack of infrastruc- does have some deal breakers.” trap hydrogen). But we might have storage solutions: “It’s completely ture. “There are very few – only 400 infrastructure would million require an investment Number of cars that of $20 to $25 billion could run on hydrogen yearly until 2030 in 2050
Compared to other eco-friendly ve- hicles, the advantages of hydrogen x 10 power are incredible. “Recharging Expected increase ROB LEVER / AFP in global hydrogen the battery takes the same amount consumption of time as filling a petrol tank: only by 2050, reaching three to five minutes, compared to 546 million tonnes the hours it takes to recharge a bat- tery powered vehicle,” said Pascal Mauberger, president of the French Association for Hydrogen and Fuel $2.5 Cells (AFHYPAC). “Furthermore, the trillion range of hydrogen vehicles is quite Expected turnover from comparable to gas and even diesel hydrogen in 2050 vehicles. Fully charged, hydrogen cars can travel anywhere from 600 to 800 km before needing to be recharged. This is two or three times 30 better than battery powered cars. million Toyota even unveiled a prototype Number of jobs that with a range of 1,000 km. As you could be created by can see, hydrogen offers consumers the hydrogen sector the same freedom as combustion by 2050 engines, but without the pollution.” ONLY ONE FILLING 6 STATION IN SWITZERLAND gigatonnes “Companies at the forefront of this technology are Hyundai, Honda, Annual drop in CO2 At CES, the emissions as a result Toyota, Ballard and Hydrogenics,” major consumer of hydrogen by 2050 said Peter Harrop, chairman of the electronics show market research firm IDTechEX. held in Las Vegas in compared to current January, Hyundai technologies According to the Hydrogen Council, introduced the these manufacturers could cap- Nexo – an SUV that Source: Hydrogen Council, ture a gigantic market. Indeed, offers a glimpse of McKinsey, November 2017 the next generation a report published in November of hydrogen-fuel-cell 2017 estimated that worldwide, vehicles.
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DR HYDROGEN TRAINS ARE vehicles,” said Harrop, “for two need to wait for a gas distribu- Alstom’s Coradia iLint, the only train ON TRACK reasons: one – they save a lot tion network to be built.” Trains in the world powered In the short term, building hydro- of money because it’s no longer are not a niche market, either. by a hydrogen gen-powered transport systems necessary to provide electricity In Europe, 25% of trains still fuel-cell, will be in circulation in could very well start with industries to the rails with expensive over- run on diesel, which works out Germany by 2021. other than mass consumer cars. head lines, and two – they can be to 1,500 trains in Italy, 3,000 in “Captive fleets, such as buses, used immediately, as there’s no the UK and 4,000 in Germany. trucks and taxis, are easier start- ing points,” said Pascal Mauberger. In Paris, a company by the name A hydrogen of Hype has put around 40 hydro- reservoir from a gen-powered taxis on the streets. Toyota prototype. Backed by industrial group Air Liquide, the start-up aims to have a fleet of 200 vehicles by 2020. Closer to home, Geneva-based SME Aaqius entered into a partnership with the Dubai airport in Novem- ber 2017. It will provide hydrogen technology to all the vehicles on the tarmac, including aeroplane trac- tors, buses, tankers and forklifts.
For the past several months, similar announcements have cropped up in all industries. A hydrogen-powered ship, 100% energy self-powered, is currently sailing around the world. More concretely, Alstom, whose railway subsidiary is now con- trolled by Germany’s Siemens as of late September 2017, unveiled a new fuel-cell-powered train in 2017 named Coradia iLint. The train is already a big success: Germany purchased 14 of the fuel-cell locomotives to replace its diesel counterparts for €200 million.
“I think fuel cells are a better fit
for the train industry than road JIM WEST / KEYSTONE
a few hundred – hydrogen filling gen pump in the country, opened taken the bull by the horns and built a stations in the world,” said Peter in 2016 by the Coop in Hunzen- large amount of recharging stations. IS HYDROGEN TRULY CLEAN? Harrop of IDTechEX. “That’s defi- schwil (AG), compared to more “Germany, Japan and California nitely not enough to make these than 3,000 petrol stations. “It’s a actively promote this technology,” Vehicles powered by hydrogen According to figures from Auto From a technical standpoint, cars feasible for individuals and it’s bit like the chicken-and-egg conun- said Hatano of IHS Markit. “But I (actually dihydrogen H2) only Moto magazine, producing this solution is possible but it certainly too expensive to develop drum,” said Mauberger. “If there’s don’t think it will lead to radical emit water vapour. But the gas enough hydrogen to power a car requires large amounts of elec-
infrastructure.” According to the no distribution network, we won’t change. Hydrogen will never outpace doesn’t naturally exist in its pure emits 100 g of CO2 per kilometre, tricity, which could come from Hydrogen Council study, building see a boom in hydrogen cars. But battery-powered electric cars.” state, so it must be produced. which is the same amount to renewable energy. The hydrogen the necessary infrastructure would if there are no cars, there’s no For the time being, Toyota has only That’s the major issue. Current- power a diesel engine. Compa- available at the Coop station in ly, 95% of hydrogen is produced nies such as Alstom and Toyota Hunzenschwil (AG) is produced require an investment of $20 to need to develop a network...” produced a few thousand of its Mirai from fossil fuels (petrol, natu- are well aware of the problem via electrolysis at the IBAarau $25 billion yearly until 2030. model and has set modest objec- ral gas and carbon), which are and want to use “green hydrogen” hydroelectric plant in Aarau, Switzerland has only one hydro- To rectify this, some countries have tives: 30,000 vehicles sold by 2020. inexpensive but cause pollution. produced by water electrolysis. which results in zero emissions.
32 33 CIRCULAR ECONOMY SWISSQUOTE MARCH 2018 CIRCULAR ECONOMY SWISSQUOTE MARCH 2018 ISTOCK DOSSIER THE WORLD’S NOT FLAT, IT’S CIRCULAR The circular economy is still in its early stages, but it’s getting more and more attention from governments and the private sector. And for good reason: it offers numerous benefits from both an environmental and an economic standpoint. BY BERTRAND BEAUTÉ AND LUDOVIC CHAPPEX
40. Three examples of the virtuous ake, make, consume, economy dispose – that’s the old business model. Today it’s Climeworks: the Tall about preserving resources by 44. Swiss company developing the “circular economy”.
recycling CO2 The concept has become very popular lately, almost like a fad. 48. Nespresso takes Numerous conferences from Davos its coffee...green! and Brussels all the way to Beijing have been organised to address the 50. Western trash no longer issue. But what exactly is the circu- China’s treasure lar economy? “The circular economy goes far beyond just recycling,” says 56. Interview with Adrian Deboutière, project manager Dossier prepared by Gunter Pauli, at Institut de l’Économie Circulaire Bertrand Beauté, blue economy Ludovic Chappex in Paris. “It’s all about transforming and Martin Longet guru the economy into an ecosystem
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where nothing is lost; where the very a global change. McDonald’s, Evian concept of waste no longer exists. and Coca-Cola all kicked off 2018 ECO-LINGO Products nearing the end of their life with ambitious announcements. CREATING A WORLD are repaired, reused or transformed The fast-food giant wants to recycle into something else. This is the end packaging at all of its 37,000 restau- To educate its WITHOUT WASTE customers about of traditional recycling as we know it. rants by 2025. For now, they’re only recycling, Coca-Cola Almost a form of failure when there’s 10% of the way to reaching that goal. commissioned this no longer a solution.” Coca-Cola said that it will recycle sculpture from LINEAR ECONOMY artist Porky Hefer. one can for each beverage sold by Named “Elliot”, This model currently So it’s a green utopia, then? Not 2030. Evian (owned by Danone) will this work consists reigns supreme all over really. According to a 2015 study by only use recycled plastic in its bot- of 4,200 empty the world. Raw mate- the consulting firm Accenture, if the tles by 2025. And these companies Coca-Cola crates, rials are used to create weighs 27 tonnes consumer goods, but once circular economy is fully put in place, aren’t alone in making an effort to and is 18 metres these goods have been it could generate $4.5 trillion in ad- become more sustainable. high (Cape Town, used, they end up in land- ditional revenue worldwide by 2030. South Africa). fills or incinerated. New But measuring the impact of such a raw materials are then radical paradigm shift is very difficult, “Things are really used to manufacture the so that figure should be taken with same product, and starting to change. the process continues. a grain of salt. Currently, only 9% of the resources needed to keep the People are getting economy running are reused in some back into good habits” way, according to the Circularity Gap Adrian Deboutière, project manager at Institut de l’Économie Circulaire RECYCLING Report, a study presented and pub- Rather than being lished at the Davos Forum in January. dumped or incinerated, waste is converted back The rest – roughly 85 billion tonnes – into raw materials that is taken from nature. “The circular economy isn’t just can be reinjected into the a buzzword,” says Alexandre Affre, production cycle to manu- But things are getting better. In director of the Industrial Affairs facture new products 1993, Patagonia was the first clothing department of BusinessEurope, brand to use a waste product as a an association that represents raw material, producing a fleece jack- European companies. “We’re seeing CIRCULAR ECONOMY et made from plastic bottles. Since a very strong dynamic right now.” Products nearing the then, the California-based company end of their life are always has been collecting PET bottles, unus- “This isn’t just greenwashing or repaired or reused, be- able manufacturing waste and worn- marketing,” says Adrian Deboutière of coming a resource for a out clothing to develop its products. the Institut de l’Économie Circulaire. number of sectors. The cir- cular economy therefore Others are following suit: brands like “Things are really starting to change. restricts the overuse of Adidas and H&M have also launched People are getting back into good non-renewable resources. lines of clothing made from waste. habits and making an effort to reduce waste. Scarcity means that “Just a few years ago, people would give us funny looks whenever we’d BLUE ECONOMY The blue economy takes mention the circular economy,” said the circular economy a Nicolas Hulot in June last year. The step further, using local former television presenter and cur- resources and emulat- rent French Minister of Ecological and ing nature’s processes Solidarity Transition added: “Today, the 60% to manufacture goods concept is gaining traction and start- The proportion (biomimicry). This model ing to have a much bigger positive enables the ecosystem of waste produced to adapt according to impact.” In the political sphere, the in the European its needs while moving European Commission presented its Union that is towards a zero-waste package of measures on the circular neither recycled objective. economy in December 2017. nor reused In the private sector, more and more Source: The Ellen MacArthur Foundation companies are showing support for JOHN HICKEY-FRY
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companies have a financial incentive “Our planet’s resources are not un- duce their dependence on rare-earth B2C, consumption is even becoming to reduce their consumption of ener- limited. But that’s not the only rea- imports. One solution was to try to SWITZERLAND: A MOUNTAIN OF WASTE more and more linear. Over the past gy and raw materials.” son why people are starting to pay use those resources more efficient- 10 years, the lifespan of electronic more attention,” says Alma Dufour ly, and reuse them where possible.” “Switzerland is the ing (83%), paper (81%) appliances has been steadily declin- Because the situation is becoming of the association Friends of the world champion of and batteries (70%). But ing. We’re still incentivising people urgent. According to the Circularity Earth. “In 2010, when China decided The circular economy can be summed recycling.” We hear that the country recycles to replace them.” Gap Report, extraction of the plan- to limit its rare-earth exports, which up by the 4R strategy: reduce, reuse, phrase all the time, but only 10% of its plastics, it’s not entirely true. versus roughly 50% in et’s underground resources jumped are highly coveted in the high-tech remake, recycle. In order for it to work, Figures from Eurostat Germany. Plus, Switzer- The prime example, of course, is twelvefold between 1900 and 2015, sector, the price of some of those manufacturers need to be thinking show that Switzerland land is the third-big- Apple. The brand has been taken to and is forecast to double again by chemical elements shot up 2,000%. about the entire life cycle of a product recycled 52.7% of its gest waste producer in court in several countries for having 2050. With such intensive extrac- That caused a huge shock world- as early as the initial design phase. urban waste in 2015. Europe, generating 720 intentionally reduced the life of its tion, raw materials are becoming wide, like the one caused by OPEC’s This is called ecodesign. Michelin, That’s pretty good – but kg per capita in 2016. products and is doing everything it scarcer and prices are going up unilateral decision to increase oil for instance, developed lorry tyres it’s far behind Germa- Norway (754 kg) and can to make its products impossible – not to mention the disastrous prices in the 1970s. Countries like whose outer tread can be replaced ny’s 66.1%, the best in Denmark (777 kg) top to repair, or repairable at exorbitant Europe. Switzerland the list. Germany and environmental and climate-related Germany and Japan decided that, for twice and whose frame can be re- performs well when it Luxembourg fare much prices. “There’s a major problem in consequences. economic reasons, they would re- used (a process called “retreading”). comes to recycling glass better, both generating terms of information. Companies don’t bottles (93%), alumini- about 620 kg per capita want to share the design of their de- um (91%), PET packag- each year. vices for trade-secrecy reasons. But this makes them very hard to repair,” says Dufour. “Patents are a nuisance for the circular economy.”
Thanks to this technology, a tyre 2015, the retreading market in the And yet, according to a 2015 study can last up to 660,000 km, versus European Union fell 20%, according by McKinsey, the circular-economy 120,000 km for lower-end models. to the Ernst & Young study. model has halved the cost of produc- According to a 2016 study by Ernst & ing mobile phones, by collecting old Young, this technology consumes 70% To avoid this problem, companies devices. They are disassembled, and less material, which is great news need to completely change their their materials are reused – including because rubber is a scarce material. business model and transition from rare metals, which are becoming an ownership model to a services extremely valuable. model. The idea is to sell the use of an object, rather than the object itself. Michelin has developed a The challenge rental service for its tyres, where for companies users pay for each kilometre trav- elled (see page 42). This model is turning to the spreading to all sectors. Belgian circular economy company Tale Me, for instance, rents clothing for pregnant women and is to reinvent their for children under the age of six. business model “This system is really appealing,” says Adrian Deboutière. “The compa- ny retains ownership of the object it 80% has produced. So it has an incentive The main challenge for companies to make it last as long as possible The turning to the circular economy is to maximise profits. Plus, the rental proportion to reinvent their business model so system ensures predictable returns that they can maintain their revenue over the long term.” of electronic while selling less. Michelin’s re- waste that is treaded tyres have a longer life, but And yet, while this model is growing not recycled are more expensive. While their price in business-to-business (B2B) mar- per kilometre is more or less in line kets, it is having a tougher time win- on the global with that of a normal tyre, the pur- ning over the general public (B2C). level In 2016, 44.7 million chase price is too high for transport “People are aware that this is im- tonnes of e-waste Source: UN were generated companies, who are more focused on portant, but we haven’t seen much
worldwide. ISTOCK the short term. Between 2010 and change yet,” says Alma Dufour. “In
38 39 CIRCULAR ECONOMY SWISSQUOTE MARCH 2018 CIRCULAR ECONOMY SWISSQUOTE MARCH 2018
1 Repairs to build client loyalty Some companies are doing the exact opposite of programmed obsolescence and extending the lifespan of their products by improving “repairability”
hile legal action was parts for 40,000 models are stored taken against companies at a location in Faucogney-et-la- such as Epson and Mer (France) where 1,500 packages Apple, who were ac- are sent out to 60 countries every Three Wcused of purposefully shortening the day. Once the stock is all shipped lifespan of their products to sell the out, SEB creates parts on demand latest models, other companies are using 3D printers. For the com- doing the opposite. SEB, the world pany, which made 500,000 repairs examples leader in small household applianc- in 2016, this strategy increases es, is aiming to extend the lifespan client loyalty and satisfaction. of its products. How? With massive investments in “repairability”. In this Other companies have developed age of overconsumption, it’s a risky similar business models. Caterpillar of the virtuous bet but not completely absurd from a and Renault have established financial standpoint. “Every product “re-manufacturing” programmes. that we can repair is a sale that The companies recycle used parts isn’t going to our competition,” said and offer to repair clients’ prod- economy Alain Pautrot, director of after-sales ucts to like-new condition (with the service as quoted in Le Figaro. same guarantees). After collecting 120 unusable motors, Renault Concretely, SEB is designing its new was able to rebuild 100 motors in products so that they can be easily perfect condition that were then repaired. The company is commit- sold for less than a new motor. ted to offering replacement parts for 10 years after the products are sold. This “product repairable for 10 years” guarantee applies to all COMPANIES the group’s brands (SEB, Rowenta, TO WATCH Moulinex, Calor, Krups and Tefal) SEB sold in all countries since 2017. SK Several companies have moved beyond But in order for this model to work, RENAULT repairs cannot be more expensive RNO the circular economy by transforming their than buying a new model. SEB has CATERPILLAR business model. We take a closer look established a clear price policy: CAT at three landmark strategies. replacement parts cannot be sold for more than half of what a new BY BERTRAND BEAUTÉ product would cost. The replacement
40 41 42 2 S that includestheinstallation,main and itsB2Bclientssignalease The Dutchcompanyownsthelights companies wassolelybasedon “In thepast,turnoverforlightbulb the Institutdel’ÉconomieCirculaire. Adrian Deboutière,projectmanagerat and economicperspective,” said efficient frombothanenvironmental “This typeofsolutionisfarmore energy-efficient servicepossible. lighting companytoprovidethemost the union,whichencourages energy usage,Philipscompensates period, ifNUSgoesoveritsexpected over 15years.Duringthe15-year included afixedmonthlypayment install thelights,ascontract have tomakeaheftypayment its Londonoffices.Theuniondidn’t with Philipsforthe785lightsin 2014, theNUSsignedacontract (NUS) intheUK,forexample.In Take theNationalUnionofStudents many advantagestothismodel. when thecontractisup.Thereare tenance andremovalofthelights extend thelifespanoftheirequipment By sellingfunctionalityratherthanaproduct,companiescan subscriptions arethefuture Leasing, notbuying: offered thistoitsclients. visionary idea.Philipshas a might seemcrazy,butit’s ell light,notlightbulbs.It CIRCULAR ECONOMY - tyres. Xeroxnowsellsquantities by kilometreratherthanpurchase aeroplanes) topayasubscription its keyclients(fleetsoftrucksand fields. Michelin,forexample,allows This strategyisusedinseveral results instablelong-termrevenue. tends tocreateloyalclientsand Philips isthattheleasingsystem a contractisup.” Anadvantage for this costispassedontothemwhen and recyclableproducts,because looking tomakeeasilyrepairable bulbs last.Furthermore,Philipsis tend toincreasethelongerlight profits. Butwiththismodel,margins a shortlifespaninordertomaximise best interesttomakeproductswith So inaway,itwasbrands’ sales. of printedpagesratherthanprinters. RENT COMPANIES TO WATCH MICHELIN PHILIPS XEROX
PHI1 XRX
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SWISSQUOTE MARCH2018 SWISSQUOTE 3 K 1950s. Atthetime,Danish phenomenon; itallstartedinthe industrial symbiosis.It’snotanew the firstexampleofeco-friendly world cometoseeforthemselves companies’ waste.Themodelisnowusedaroundtheworld. first industrialsymbiosisexperiment,wherecompaniesreuseother In Kalundborg,Denmark,approximately15companiesarepartofthe another’s treasure One person’strashis came togetherallofasudden and In the1970s,fourcompanies emitting vapourintotheatmosphere. while theelectricpowerplantwas vapour itneededforitsprocesses, had aboilertoproducethewater rid of.Furthermore,NovoNordisk waste thatwasverycostlytoget ating largeamountsofgypsum–a the coalplantnextdoorwasgener its plasterpanels.Atthesametime, rock) fromSpaininordertomake sive amountsofgypsum(atype Gyproc, forexample,importedmas chimneys andcontradictions. ing industrialarea,fullofsmoky Nordisk). Inshort,itwasabor pharmaceutical company(Novo facturing factory(Gyproc)anda (Asnaevaerket), aplastermanu (Statoil), acoal-firedpowerplant year. Thefirstwereanoilrefinery since the portremainsice-freeall large companiesinthecity lish government decidedtoestab Here, experts from around the expertsfromaroundthe Here, Sea with50,000residents. city onthecoastofNorth alundborg isasmallDanish - - - CIRCULAR ECONOMY
- - with eachother. Theyeastmud the groupandsignedagreements Other companiesslowlybeganjoining began discussing“waste”exchanges. Growth Institute. Green study bytheGlobal accordingresources, sary to a tional profitsbyreducingneces generated $1.68millioninaddi sions by6.48milliontonnesand symbiosis reducedCO out between2005and2014.The al symbiosisprojectswerecarried areas. InSouthKorea,197industri a modelforseveralindustrial Kalundborg hasbeen a primeexample, Presented as er’s treasure. trash isanoth one person’s the ideathat materials with ter, energyand exchange wa 15 companiesthat includes approximately Kalundborg’s symbiosis phuric acidmanufacturer. Today, the oilrefineryisusedbyasul manufacturer andthesulphurfrom act asrawmaterialsforacement the flyingcindersfromcoalplant to feedpigsataneighbouringfarm; produced byNovoNordiskisused - - 2 emis - - NOVO NORDISK SAINT-GOBAIN - - COMPANIES TO WATCH
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SGO STL SWISSQUOTE MARCH2018 SWISSQUOTE
43 SWISSQUOTE MARCH 2018 CIRCULAR ECONOMY SWISSQUOTE MARCH 2018
Climeworks, a he weather is horrendous is delivered directly to the con- start-up, aims to in early January: sheets sumer during the day and stored capture 1% of global of icy water slam the few in liquid form at night. The concept pedestrians that dare to is simple: the ventilator takes in CO2 emissions by venture outside. Even the ambient air through a filter made 2025. We visit the TZurich countryside, which is usually of porous materials (granulates) roof of the Hinwil rather bucolic, is plunged into grey, that retains the CO2 and releases incineration morose gloom. purified air into the atmosphere. MONEY plant, where the The filter is then heated to young company “The weather is great today, they’re 100 degrees and the collected CO2 has implemented more efficient when it’s cold and becomes concentrated. the world’s first humid,” said Daniel Egger, head of commercial Marketing & Sales at Climeworks AG. “They” are 18 huge ventilators “All estimates are predicting solution to capture that go by the name of DAC-18 a huge increase in carbon atmospheric CO . 2 (Direct Air Capture), installed on the dioxide needs in the coming BY MARTIN LONGET roof of the Hinwil incineration plant years” since May 2017 in three rows of six. Daniel Egger, head of Marketing The ventilators take in ambient air & Sales at Climeworks to extract the CO2. IS IN This setup, the first of its kind in Capturing carbon dioxide in the the world, is the result of several atmosphere and reselling it seems years of research and prototypes, obvious, but it has never actually and the start-up’s first commer- been done before. “The technology cial application. “Carbon dioxide has existed for a long time,” said is taken in by the ventilators, and Louis Uzor, from Marketing & Sales then reconditioned and used by a at Climeworks. “It is often used
neighbouring farm as fertiliser,” to purify CO2 produced by humans said Egger, pointing at a big green- in confined spaces, such as in house a few hundred metres away. submarines, but until now it wasn’t Each ventilator can capture up to advanced enough to capture the 2.5 tonnes of CO per day, which gas in a useful way.” THE AIR 2
The Hinwil incineration plant, capped by
Climeworks CO2 ventilators (4 January 2018). THIERRY PAREL
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Christoph Gebald and Jan Uzor. The technology is already par- gravity of the climate change companies like Climeworks are par- Wurzbacher, two engineers ticularly appealing to regions that situation, which should lead to ticularly well-positioned to benefit
and alumni from ETH, founded don’t have access to a local CO2 profound legislative changes, such from this future market, which I Climeworks in 2009 with the belief production, such as Japan. as a requirement for factories to believe will be very promising.” that capturing carbon dioxide could have carbon-neutral emissions.” be economically viable. Private But reselling atmospheric carbon Forced to limit their impact on Already, new start-ups are breaking investors got involved, including dioxide isn’t the only advantage the environment, industries that into the market and developing the Zurich Cantonal Bank, and after of Climeworks’ technology. “Our create pollution should be equipped their own prototypes. Examples
several prototypes and proofs of core business and our mission is to with CO2 sensors like the ones include Global Thermostat in the concept, the Hinwil installation is help reduce carbon dioxide in the Climeworks offers. The company’s US and Carbon Engineering in the first commercial agreement atmosphere,” said Egger. “The cap- pioneer status should guarantee it Canada, of which Bill Gates is an
for the start-up, which has since tured CO2 doesn’t necessarily have a top spot in the market in the fu- investor. “We’re thrilled that com- become an SME with approximately to be sold. It can also be stored ture: “Switzerland has a particularly petition is growing, because we 50 employees. Choosing to set up permanently in the ground,” such favourable framework for developing don’t want to be the only company
the installation on the roof of an in- as in Iceland, where Climeworks CO2 extraction technologies,” said around. This market needs new cineration plant was deliberate: “We is currently launching a new fleet Queen. “Public authorities are very players in order to progress,” said need a heat source of 100 degrees of ventilators. “We believe that a aware of the problems associated Egger. “Our industry is like the au-
to heat the filters and collect the huge market will develop with CO2 with climate change and atmos- tomobile industry in the 1910s; the CO2,” said Uzor. “At Hinwil, we can extraction for permanent storage pheric pollution and are actively technology is functional and ready directly use the heat that the plant in the coming years, as countries encouraging companies to develop to go, though still slightly rudimen- produces naturally.” Furthermore, continue their environmental com- solutions. Technologically speaking, tary, but the concrete prospects Climeworks’ first client, Gebrüder mitments with new legislation,” said Switzerland is at the forefront of are still limited. We’re on the brink Xxx Meier Primanatura (a farm that pur- Egger. In the short term, Climeworks CO2 extraction research and of a new era.”
chases the carbon gas) is nearby, isn’t expecting individual usage, TINA STURZENEGGER which facilitates the delivery of the such as solar panels installed on final product. homeowners’ roofs: “Our technology is primarily geared towards indus- Now that Climeworks has proven trial use, but at the same time, we that its technology is effective, the are considering possible solutions
company hopes to install new CO2 for individuals.” extraction platforms in Switzerland and around the world.
Largely unknown to the public, car- “Switzerland has a bon dioxide is a raw material that particularly favourable has several industrial prospects, framework for developing SWISS START-UPS COUNTING ON THE ENVIRONMENTAL REVOLUTION such as in agrifood – for example CO extraction in making carbonated drinks – as 2 well as in pharma or synthetic fuel technologies” TYRE RECYCLING AQUAMA PLUS MAT manufacturing. “All estimates are Wendy Lee Queen, professor at EPFL SOLUTIONS Home-made detergents Recycled solar panels predicting a huge increase in carbon The second life of tyres dioxide needs in the coming years,” Why purchase expensive de- In line with the circular economy said Egger, whose enthusiasm is Wendy Lee Queen, a professor at Two billion tyres are thrown away tergents that are bad for the and sustainable development, certainly not dampened by the EPFL (École polytechnique fédérale every year and processed in often environment when you could Plus MAT, a Vaud start-up from freezing rain. This outlook would de Lausanne) and an expert in deplorable conditions. With this make them yourself ? This novel EPFL, builds solar panels from facilitate reselling the carbon functional inorganic materials, in mind, Staffan Ahlgren and idea is what drives Aquama, an silicon waste. Silicon is the main
dioxide collected from the air. The agrees: “The CO2 extraction industry Pierre Kladny founded Tyre Re- Aubonne-based start-up that gives component of photovoltaic cells. price for captured CO2 is signifi- needs appropriate legislation to cycling Solutions in Gland (VD), a both consumers and companies Thanks to a new technology cantly higher than market price, grow and become profitable.” The start-up aiming to make recycling the chance to produce their own developed by Plus MAT, up to 90% which is currently dominated by the engineer, who works on filters made tyres profitable. The idea is that detergents and disinfectants of silicon waste produced when
gas and petrol industry, and CO2 is of extremely porous material that a machine will cut the tyre into with only salt, water and electri- solar panels are cut can be reco- a by-product of petrol. “We expect she hopes can be used in cars in three flat pieces, which are then city. Founded in 2013, the com- vered and used to make new cells. Christoph Gebald to reduce our CO2 production costs the near future, is rather optimis- treated using innovative tech- pany already has several clients, An advantage is that the recove- two- or threefold starting with the tic about the industry’s evolution: and Jan Wurzbacher, niques to extract various compo- including Swiss communes, red silicon is much less expensive leaders and
nextH&M generation of reactors,” said “Countries now understand the co-founders of nents such as steel wires, synthe- Geneva Airport and companies than silicon made from sand. Climeworks. tic fibres and rubber powder. such as EasyJet.
46 47 CIRCULAR ECONOMY SWISSQUOTE MARCH 2018 CIRCULAR ECONOMY SWISSQUOTE MARCH 2018 Nespresso takes its coffee...green!
and coffee grounds to improve its November 2017 – estimates that environmental performance,” says coffee cultivation and preparation Landolt. But Sylvain Allard remains have a bigger impact on the envi- sceptical: “They’re making an effort ronment than packaging. Quantis to recycle, which is admirable. But concluded that capsules are the that’s only the tip of the iceberg. most eco-friendly choice, because In reality, most people don’t bring too much coffee is often dosed in their capsules. The majority end when using filters. It’s not the first up in the bin and are not recycled.” time Nespresso has teamed up with According to figures provided by Quantis. The Nestlé subsidiary also Nespresso, half of all capsules sold commissioned a report from the in Switzerland are recycled. That fig- company in 2011 – the conclusions ure is much less in other countries were the same. though (the Swiss company has remained somewhat vague on this “I don’t think too much coffee is point). While Nespresso capsules dosed using a moka pot,” says Allard. are sold in 62 countries worldwide, “And let’s be serious, any system only 39 of those countries have a that generates packaging on an dedicated recycling system. industrial scale is not a step in the right direction.” That’s also the opin-
NESPRESSO ion in Hamburg. In 2016, Germany’s second biggest city banned coffee capsules and plastic bottles from its Nestlé’s subsidiary is trying hard to make In 2016, administration, saying they produce sure its capsules are recycled. But do Hamburg banned too much waste. capsules do more harm than good? panies are producing packaging In Switzerland, for instance, the for every single cup of coffee!” company collects used capsules at coffee capsules The answer to such a dilemma may BY BERTRAND BEAUTÉ 2,700 collection points throughout from its just lie in an alternative option. Since But Nestlé has heard it all before. the country. The capsules are sent administration 2015, the Italian coffee roaster In response, the company under- to a factory operated by Barec in Lavazza has been selling composta- are for anything else with of consumers worldwide. It was a scores its environmental policy: Moudon (canton of Vaud), where the ble and biodegradable capsules, the your coffee? Some cream? stroke of marketing genius. But the “We use aluminium for our capsules aluminium and coffee grounds are Zurich firm Mycoffeestar has been Or maybe a heaping moun- success of coffee capsules comes because it’s the best material for separated. The metal is then sent to selling refillable stainless-steel tain of waste? Individual at a hefty cost: their environmental protecting the freshness, taste foundries in neighbouring countries, But are capsules really better for capsules (which are compatible with Ccoffee capsules were first released impact is catastrophic.” and quality of our coffee prod- where it is melted down and used to the environment than filter coffee Nespresso machines), and many by Nespresso in 1986 – and they ucts,” says Fridolin Landolt, Market make other products, such as bicy- machines and Italian moka pots? small companies have been offering completely changed the way we According to France 2, over nine Operations manager at Nespresso. cle frames and car parts. The coffee “The Nespresso system optimises biodegradable models, such as Car- drink coffee. “They were a big hit,” billion aluminium capsules are sold “But it’s also a material that can grounds are sent to a biogas plant the amount of water, coffee and asso in Geneva. For now, the global says Professor Sylvain Allard, who worldwide each year. That’s nearly be recycled over and over again. in Henniez (Vaud), where they are energy needed to make each cup,” market is dominated by the alumin- specialises in packaging at the 40,000 tonnes of aluminium – or four The aluminium from used capsules transformed into biogas and then says Fridolin Landolt. “It makes ium products of Nestlé, the only School of Design at Université du Eiffel Towers! “It’s absurd,” says is recycled and reused. And we are electricity. Lastly, the digestate – a efficient use of resources.” listed company in the sector…fol- Québec à Montréal (UQAM). “In just Sylvain Allard, whose feelings are always trying to get more and more by-product of biogas – is spread on lowed closely by the Dutch company a few years, Nespresso and other shared by most independent ex- of our customers to participate in the surrounding fields. The firm Quantis was hired by Jacobs Douwe Egberts, which offers companies, such as Keurig in the perts. “In today’s world we’re trying our recycling programme. In doing Nespresso to analyse the impact of capsules in aluminium or plastic US, were able to offer high-qual- so hard to reduce the amount of so, we are stepping up our contri- “Nespresso supports and promotes several different coffee-preparation depending on the brand (Senseo, ity coffee to a much larger group packaging we use – but these com- bution to the circular economy.” the recycling of both aluminium methods. The study – published in Tassimo, L’OR, Keurig).
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Western trash no longer China’s treasure
The number one waste importer in the world unexpectedly decided to ban “foreign garbage”. An upended global recycling industry has to think fast.
BY MARTIN LONGET AND BERTRAND BEAUTÉ
housands of containers con- gesting ports, and the plastic bottles they carry – carefully separated by households for Trecycling – incinerated along with tonnes of other waste. This is the scenario Europe could be facing in the coming months. Why? Because China has decided to refuse two dozen kinds of waste as of March A sorting centre
REUTERS / STRINGER 2018 (see inset p. 52). It’s a real in Hefei City, Anhui Province, wake-up call for recyclers all over China. the world.
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COMPANIES TO WATCH A look at the key players “We knew that China was going The EU sold 8.2 million tonnes of Genneviève. We are soliciting other But now that China is worried them for years. I’ve always sup- in waste management to pass new laws on the matter, cardboard and 2.6 million tonnes foreign markets such as Turkey, about protecting its environment, it ported finding solutions here,” but this ban announced all of a of plastic to the Middle Kingdom India and Indonesia, but their infra- no longer wants to be the world’s says Werner Annaert, director sudden to the WTO in July of 2017 in 2015. “If China is no longer an structure and needs cannot begin dumping ground or the West’s of Go4Circle, Belgian Federation VEOLIA took everyone by surprise,” says option, tonnage is set to plummet,” to offset China’s decision.” answer for any and everything it of Enterprises of the Circular Leader of the pack Simon Ellin, CEO of The Recycling highlights Pascal Genneviève, presi- doesn’t want. The reason China is Economy. “We can look at China’s Veolia is the world leader in water Association. “This decision will have dent of the paper recycling branch banning foreign garbage is allegedly decision as a problem because it’s and waste management and is serious consequences for the UK of FEDEREC, the French federation due to abuse by certain service pro- going to make things difficult for looking to take advantage of and Europe. We are going to have a for recycling companies. viders. The government explained one or two years, but I prefer to see growth in markets linked to recy- waste crisis.” This is also the case in its filing with the WTO “that large it as an opportunity to improve the cling. The company processed 45 million tonnes of waste in the US, where China’s ban will Manufacturers are desperate. Suez, amounts of dirty wastes or even European recycling channel. I think worldwide in 2016 (all categories have a “devastating impact” ac- for one, sells 50,000 tonnes of hazardous wastes are mixed” in there are a lot of companies like combined) and wants to boost its cording to Robin Wiener, president waste to China every year. Like its the rubbish being shipped to China. Van Werven, Suez and Veolia (see revenue from recycled plastics of the Institute of Scrap Recycling peers, the Paris-based company Frankly, western recyclers are going opposite) that have understood fivefold by 2025. Veolia shares Industries (ISRI). will have to find other solutions, to have to clean up their garbage if the importance of expanding their rose by over 35% in 2017. Ana- but they certainly won’t be easy they want China to change its tune. recycling capacities here.” lysts at Goldman Sachs lowered For years, China has been buying in the current climate. “Europe their recommendation mid- waste in mass from the West in doesn’t have the recycling capacity “I think China’s decision is perfectly Just three months after the notice January from “buy” to “hold”, order to recycle it, thereby acquir- to absorb the remaining amounts it reasonable. European companies from China, in October of 2017, saying they felt that the stock’s ing raw materials for its factories. won’t be able to export,” explains “I think China’s decision have had a bad habit of sending Veolia CEO Antoine Frérot announced value had reached its limit. their poorly separated plastic to an ambitious programme. The HEADQUARTERS: PARIS (FR) is perfectly reasonable. EMPLOYEES: 163,000 European companies REVENUE (2016): €24.39 BN have had a bad habit VIE of sending their poorly Ferrying manufac- SUEZ separated plastic tured goods from The other French giant MUCH STRICTER STANDARDS to them for years” China to the rest Suez is number two worldwide Werner Annaert, director of Go4Circle of the world, cargo ships sail back from in water and waste management, In 2015, China imported near- first stage. The ban will enter Europe and the behind Veolia. The company wants United States laden to up its processing of plastic ly 50 million tonnes of waste into force on 1 March 2018, with waste. waste to 600,000 tonnes by 2020, of all kinds, mainly from the and will include eight kinds of versus 400,000 currently. The key US, Europe and Japan. But plastic, such as PET and PVC, for Suez will be to take advantage that figure is about to fall as well as cardboard and tex- But what are the consequences? of growing demand for recycled through the floor. In July tiles like wool and cotton. For For reusable waste, prices are plastics. Each year, European 2017, the Chinese government waste that has been through plummeting and quantities are piling countries produce roughly 50 announced to the World Trade stage two, the Chinese gov- up in the Western world without million tonnes of plastic waste, Organization (WTO) that it ernment has set very strict buyers. “The situation is critical,” only 25% of which is recycled planned to ban 24 types of rules: only batches of plastic, says Simon Ellin. “Part of the waste in Europe. Suez is expanding its recyclable waste which were cardboard and papers with will have to be incinerated to reduce operations in metals recycling regularly imported as of then. impurities weighing less the excessive stock,” he maintains. and announced in January that it The problem is “primary recy- than 0.5% of the total weight This may seem counter-intuitive in will build a plant in Ghent’s port cling”. There are two stages in will be accepted, whereas an era when recycling is believed to area (Belgium) for processing up to 12,000 tonnes of non-fer- the recycling process. In the the European standard for be a means of preserving the planet’s rous metals (aluminium, copper, first stage, waste is separated paper is 1.5%. “The thresholds resources. “It’s a shame – we are lead, etc.). After falling in recent taking a huge step backwards,” and recovered or discarded. China set were not as harsh months, the stock could pick In the second stage, materials as we feared,” the Bureau claims Genneviève. “By pulling out up again. are washed and crushed. Ad- of International Recycling on waste imports, China is actually HEADQUARTERS: PARIS (FR) ditionally, plastics are melted emphasises, “but they are a leaving behind significant quantities EMPLOYEES: 83,900 down. China’s ban involves far cry from what industry of waste that come mainly from REVENUE (2016): €15.32 BN mostly waste materials that players consider to be feasible the products it exports! In a way, SEV have only been through the or acceptable.” it made sense to return these re- sources back to their origin for recycling.” ISTOCK
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GEM CO China’s rising star company – number one worldwide After launching in 2001, Gem Co in water and waste management ISTOCK is on its way to becoming a major – plans on boosting its plastic recy- player in the recycling industry. cling revenue fivefold to €1 billion The company has invested more by 2025. The bulk of the initiative than ¥10 billion over the past (worth €600 million) will take place decade to build 16 recycling plants where over three million in continental Europe, where Veolia tonnes of waste are processed will increase production capacity at each year. And Gem Co does not its three pre-existing sites and open intend to stop there. It wants to two new plants. become the biggest recycling company in China – and eventu- ally the biggest in the world! HEADQUARTERS: SHENZHEN (CN) EMPLOYEES: 6,000 REVENUE (2016): ¥7.782 BN 002340 ¨
RENEWI A leader in Europe Renewi – unlike heavyweights such as Veolia – has focused its operations solely on recy- cling, and its business is mainly concentrated in Europe. The “The ban is company recycled over 14 million tonnes of waste in 2017 (plastic, history in the paper, glass, etc.), making it one making. Europe of Europe’s leading recyclers. Analysts recommend holding will be impelled on to the stock, as its valuation appears to be good. to increase their HEADQUARTERS: MILTON KEYNES (UK) Septèmes- EMPLOYEES: 7,000 local processing les-Vallons, near REVENUE (2017): £779 M Marseille (2017). RWI capacities” Many parts of Simon Ellin, Europe are facing CEO of The Recycling Association a lack of resources in managing their waste. BIFFA UK company on the rise Biffa is number two in waste management in the United King- dom, behind Veolia. The company During the same period, the Suez plastic in Europe is too low. Com- “Some companies are making whatsoever to support the use respect, we see the ban as history suffered from worries over Brexit Group announced in November panies that manufacture consumer efforts, but it’s not enough,” Annaert of recycled materials.” in the making,” asserts Simon Ellin, when it went public at the end that it has signed a joint-venture goods prefer new packaging be- argues. “We don’t have time to wait CEO of The Recycling Association. of 2016. The stock has rebound- ed since then, and analysts still agreement with LyondellBasell to cause the currently weak oil prices 50 years. Lawmakers need to inter- On the bright side, China’s brutal “European recycling companies will recommend it as a “buy”. Why? manufacture high-quality recycled make it cheaper,” he points out. vene to increase the use of recycled ban could whip Western govern- be impelled to increase their local Because Biffa will likely benefit plastics at the Sittard-Geleen site materials by manufacturers. But ments into shape. Logically, it processing capacities, the sector from the weak infrastructure in the Netherlands. But there are a few good initiatives things aren’t headed in that direc- wouldn’t make sense to tell their will have to change the way it uses in the UK, where more waste out there; Renault’s new cars tion. Everyone’s talking about the citizens to make more effort to plastic and authorities will have to is currently produced than can According to Werner Annaert this is and Coca-Cola’s plastic bottles, circular economy, and the European separate plastics and cardboard find a way to promote the use of be processed. good news, but now the challenge for example, are made out of 36% Commission even set ambitious when these materials may end up recycled materials. If that happens, HEADQUARTERS: HIGH WYCOMBE (UK) will be to make the factories profita- and 34% recycled materials, waste sorting goals in its most being incinerated anyway for lack we will definitely see China’s deci- EMPLOYEES: 7,500 ble. “The current demand for recycled respectively. recent report, but it has no plans of viable recycling avenues. “In that sion as a good thing in 10 years.” REVENUE (2016): £830.3 M BIFF
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INTERVIEW
traordinary advance. Considering that billions of tonnes of stones come out of Chinese mines every year, you don’t have to be a successful busi- “Less pollution nessman to understand that this is a very financially viable concept. Last year, Lung Meng produced one billion tonnes of paper. Of course, traditional paper producers around is still pollution” the world will lobby against it, saying that it’s not really paper so that the product doesn’t destroy their market... So as you can see, Often introduced as the Steve Jobs of sustainable politics isn’t the right way to coun- development, Gunter Pauli advocates for completely ter these tactics. Instead, the right clean industrial manufacturing approach is for companies to find a way to break into the market. BY LUDOVIC CHAPPEX Can you give an example? In terms of the stone paper, China is a clear prospect for Lung Meng, since the country has very little water. The Chinese government has hen we told Gunter Pauli existing model we have today. As and they want to be recognised taken advantage of the opportunity, that we were going to an example, we can make paper from for it. From an ethical perspec- declaring that every school in the feature the circular econ- stone rather than cellulose, as we tive, this is questionable. A BLUE ECONOMY THEORIST country will use this paper starting omyW in this issue and asked for an do today, since it’s absurd to cut next year. By 2038, all paper used interview, he instantly agreed, a down billions of trees when our forests What’s stopping companies Belgian national Gunter Pauli invented the blue economy concept – a in China will be produced this way. testament to his spontaneous, are so essential to our future. from being part of the model that maximises the potential of local resources and the recycling of organic waste into various goods. Pauli, 61, is an entrepreneur frank nature. Fresh off a plane from blue economy? and die-hard ecologist who has founded several companies. He also So is China a leading Cape Town to Abu Dhabi, the blue Large companies are very risk established the Zero Emissions Research and Initiatives (ZERI) example of the right thing economy guru (see inset oppo- averse. They function like the foundation in Japan back in 1994 and the first World Congress on the to do? site) explains his radical vision of “Large companies communist party did in the 1960s. Blue Economy in Madrid in 2013. Gunter Pauli has authored around Need and crisis situations often an economy in line with nature. Everything is planned, controlled, 20 works on the economy and, perhaps more surprisingly, 365 children’s give rise to innovation. China function like the audited, etc. But it’s not a total fables now translated into dozens of languages. He continually receives has little water and a lot of communist party did invitations to speak all over the world. Pauli holds a degree in Economics How is the blue economy different loss. I’ve seen some encouraging from the University of Antwerp (formerly Loyola University) and an pollution. Currently, the Chinese from the circular economy? in the 1960s” work being done so far. Italian MBA from INSEAD in Fontainebleau. political class is very much The goal of the circular economy coffee company Lavazza uses cap- aware of the efforts being made. isn’t a radical paradigm shift. In- sules made from thistle polymers. Did you know that the budget stead, it develops progressively. It’s The capsules are biodegradable for environmental education in an economy that adapts to and adds in soil, warm water and seawater. China quadrupled last year? to the existing model. We’ll still re- Isn’t the development of the So Lavazza has found a commer- to recycle. Of course, Nespresso this. Let’s go back to the example use and recycle, of course, but fun- circular economy already cially effective way to create an recycles part of its aluminium of paper made of stones: after How are things in Europe damentally there isn’t a huge con- a step in the right direction? alternative to aluminium capsules. capsules, but we need more than 20 years of research, Chinese and the United States? ceptual change. The problem is that It’s important to understand that Nespresso still uses aluminium that for a sustainable economy. company Lung Meng developed a Since there are thousands of if we change things only slightly, less pollution is still pollution. because the touch and colours technique that creates paper from lobbyists in Brussels and Washington, we’re not going to achieve the In other words, doing less harm are important for their marketing Do you consider Lavazza to stone dust mixed with polyethylene. it’s tough to overhaul the current sustainability that the planet really is still doing harm. And yet compa- strategy (see article on p. 48). The be part of the blue economy? This process doesn’t use water or systems. Europe and the United needs. Conversely, the blue economy nies today are announcing that problem isn’t the capsule but the I don’t think so. Entrepreneurship cellulose, and the resulting paper States are falling behind when it is a complete departure from the they’ve reduced their pollution fact that aluminium is difficult plays quite a significant part in can be recycled forever! It’s an ex- comes to the blue economy.
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“CRYPTOCURRENCIES ARE HERE TO STAY”
The frenzy around virtual currencies shows no signs of dying down, to the point where Swissquote Bank is hardly able to time, as cryptocurrencies lend transaction time. Other currencies, people will see it as an attack on their keep up with the onslaught of requests to open accounts. themselves well to technical analysis. including ethereum, are far quicker. freedom. What we’re observing is that Moreover, these assets are traded 24/7. approaches will vary noticeably Interview with Paolo Buzzi, Chief Technology Officer Do you plan to offer new depending on the country. Japan has and company co-founder. Personally, would you invest cryptocurrencies soon? shown itself to be the most liberal, in cryptocurrencies? Absolutely. We want to expand our recognising cryptocurrencies as legal Yes, in all the kinds available on offerings to up to about 10 cryptocur- tender for payments, and even our site, with a preference for bitcoin rencies. It will depend on two factors: creating its own cryptocurrency. At and ethereum. what our clients ask for and what will the other extreme, China has more or be possible from a legal point of less announced its intention to leave Speculative bubble or finance revolu- highly of their potential and their rencies is relatively hard to learn. What is your opinion when it view. In principle, FINMA (ed. note: the cryptocurrency in an orderly fashion tion? The debate between cryptocur- advantages, while others say it’s This is the first roadblock. In addition, comes to ripple, which has been Swiss federal authority responsible for and then return when rules have been rency supporters and naysayers has a bubble. What do you think? given that the fortunes of bitcoin marketed as the “currency of monitoring the financial markets) put in place. As for France, it is just gotten started. Paolo Buzzi, I think that cryptocurrencies are here are not linked to the real economy, banks” and which has caused plans to classify all cryptocurrencies pushing for a debate on cryptos Swissquote Bank’s CTO, thinks virtual to stay. What is happening is rather but solely to the law of supply and quite a stir? on the same level as bitcoin. during the next G20 summit. currencies are here for the long haul. incredible. We can look at what’s been demand, the rules of logical thought The ripple network (RippleNet) allows Here is a closer look. happening as a form of rebellion based on economic fundamentals very quick interbank transactions, and Currently, Swissquote clients If the global economy crashed, against the establishment, owing to the don’t apply. For this reason, lots of for this reason, we’re interested in invest and withdraw their profits could cryptocurrencies become According to a recent survey fact that cryptocurrencies cannot be people – whether rightly or wrongly following its development. As for the in euros or dollars. Will “wallets” a safe investment? conducted in Great Britain, manipulated by a centralised authority. – do not recommend investing in currency itself, its proprietary non- for storing cryptocurrencies be Anything is possible. Bitcoin could two-thirds of millennials plan Rules created with bitcoin are intended cryptocurrencies. As it stands, it must open-source format disturbs me, but available in the future? very well play such a role. This on investing in cryptocurrencies to be public and transparent. These be said that people who invested in that’s a purely personal opinion. This We do not currently allow to send or ultra-risky asset could turn into a safe in 2018. Did you ever imagine rules are written in the algorithm and bitcoin a year ago, when its value was cryptocurrency seems less transpar- receive bitcoins because of the risk investment. We have witnessed it this kind of tidal wave? cannot be modified. Here, the central $400, can be satisfied with their ent to me than the others, but it has of money laundering. To offer such a recently in Zimbabwe, where locals When we started work on this project banks, who usually issue money, are investment today. And that’s leaving garnered quite a following. service, the origin of cryptocurrencies trying to protect themselves against in 2016, we realised that there was replaced by the algorithm itself. It’s aside the early adopter geeks who must be traced. Tools exist for this and hyperinflation and finding it difficult major interest simply by listening to a really interesting concept. bought bitcoin five years ago... Of the cryptocurrencies offered it is probable that we will offer such a to obtain US dollars have turned people. But it is true that the general by Swissquote (bitcoin, bitcoin service soon (provided FINMA authoris- to bitcoin. passion for it far surpassed our expecta- Actually, do you think that Do Swissquote clients invest cash, ethereum, litecoin, ripple), es it). However, for the moment, our tions. It remains to be seen whether traditional frames of reference more for speculation or to which are the most promising? clients aren’t asking for it. They use this trend will last long-term. Given are still valid when it comes keep their cryptocurrencies It remains to be seen which of the cryptocurrencies for investment. that the market for cryptocurrencies to cryptocurrencies? Or, to put long-term? currencies will dominate. That’s the is very volatile, with high highs and it another way: do economists We still don’t have enough perspective, big question. Currently, bitcoin still Will the possibility of regulations low lows, some people panic and really know what they’re talking but it seems that lots of people are has many advantages: it’s a well- or future bans threaten the quickly liquidate their positions. Others, about? choosing to hold on to their positions. established currency, one that has launch of cryptocurrencies? on the contrary, love it and see it as a For people who learned and applied These investors consider bitcoin to be been well audited since 2009 and There are, in fact, a lot of unknowns chance to do a little shopping... economics during the previous a new class of assets that is decorre- which is secure. We can’t say the same when it comes to regulations. It century, they had to understand how lated from the markets. Certainly, for the countless other cryptocurren- remains difficult to measure their PAOLO BUZZI When it comes to cryptocurrency, bitcoin worked when it came on the there are also clients who are interest- cies that pop up nearly every day. The impact. But I think regulators will find CHIEF TECHNOLOGY OFFICER we read and hear all manner of scene... And this isn’t an easy thing, ed in short-term gains more than main disadvantages of bitcoin remain it difficult to directly oppose the SWISSQUOTE BANK things. Some economists speak as the technology behind cryptocur- anything. They’re having a grand old the limited supply and length of cryptocurrency movement. Many
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CRYPTOCURRENCIES: CAN YOU TALK THE TALK?
Having trouble keeping up with the latest cryptocurrency lingo? Here’s a crash course.
ALL-IN DUMP torical technique consists of funds, similar to an IPO, is used REFILL of a cryptocurrency, whose value Investing all your money in a Sharp drop in the value of a cryp- spreading negative information when a new cryptocurrency Buying a new quantity of a you hope will appreciate soon. single, highly promising cur- tocurrency. Dumps are frequent about a product to influence is launched. In an ICO, investors cryptocurrency that you already In recent years, the value of rency. An extremely risky move, in this highly volatile market. other people. This form of prop- Xxxare issued digital tokens. own, because you believe it is some altcoins has increased by but sometimes undertaken by aganda is particularly common undervalued. Careful investors tens of thousands of percentage investors on the forums: many FIAT on cryptocurrency forums. LAMBO watch for dumps and dips in points. That’s why investors’ people have claimed to have Refers to standard paper money This term has become an internet order to refill. expectations are sometimes so gone “all-in on ether” recently. (dollar, euro, etc.). HOLD meme. Many cryptocurrency fans high… “I went all-in on Ripple, This term is commonly used by like to say – some more jokingly SCALPING and I hope it goes to the moon.” ALTCOIN FOMO traders. It refers to a strate- than others – that they’ll buy a The art of the speculator, Abbreviation for “alternative Acronym for fear of missing out. gy where the investor holds Lamborghini once they strike referred to here as the scalper. WHALES coin”. This term refers to any This form of anxiety is common a position – in this case, a it rich. This technique consists of buy- There are many theories about cryptocurrency other than nowadays and has been known cryptocurrency – for a long ing and selling a cryptocurrency whales circulating on the fo- bitcoin. There are roughly 1,500 to drive people to make impulsive time without worrying about PANIC SELL over short periods of time, to rums – sometimes even conspir- to date. investment decisions, particular- short-term price fluctuations. An impulsive decision to take advantage of price fluctu- acy theories. Whales are inves- ly buying high. “Holders” need to be calm and sell your cryptocurrency after ations. The best, of course, is tors with a lot of capital whose ATH patient, unlike “scalpers” (see a sharp drop in price. The when you can sell high and orders can have a big impact The highest value ever reached FORK below). The variant “Hodl” is big correction in January, after buy low. on prices. by a cryptocurrency. Buying at The fork is a change in the rules also widely used. This term the strong performance at the ATH (all-time high) is a bad governing a cryptocurrency. first appeared in a hilarious the end of December, caused SHITCOIN idea, with potentially disastrous A minor, backward-compatible message posted by an irate – a major panic sell. This symp- Refers to an altcoin consid- consequences. Case in point: change is called a soft fork. A and much inebriated – investor tom is more common in new ered to be worthless. Although the widespread drop in prices major change that’s not compat- on an online forum in 2013. investors, and is hardly ever products like this abound in the in January after the ATH in ible with older software is called He made the typo (hodl) while a good decision. cryptosphere, there is no solid December. a hard fork. For instance, bitcoin writing an angry message after consensus. A shitcoin to some cash is a result of a hard fork of the sudden drop in the price PUMP may seem like a promising invest- DIP bitcoin. of bitcoin. The opposite of dump. This term ment to others. Drop in price after a sharp describes a sudden substantial increase. A dip is often a great FUD ICO (and, unfortunately, often short- TO THE MOON time to buy. Just remember: Acronym for fear, uncertainty Abbreviation for initial coin lived) rise in the price of Another meme. This expression BTFD (buy the f****ing dip). and doubt. This famous rhe- offering. This method of raising a cryptocurrency. refers to the supposed potential
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At its plant in Fremont, California, Tesla is manufacturing the Model 3, which should enable the company to break into the mass market.
the capital intensity of the Tesla model will produce a lower return Tesla and on investment vis-à-vis the top car manufacturers, ” wrote Philippe Houchois in a note published in November. The analyst from Jefferies – a global investment bank – rec- the dreamer’s ommends selling your positions in Tesla, as the pessimistic price target values the stock at $240, versus paradox its current value of $350.
The car manufacturer’s value is based more on Despite being plagued by a series of belief than economic production delays and cash-flow problems, logic. Some people this car manufacturer is still managing even talk about it like to entice the market. a religion BY JEAN-CHRISTOPHE PIOT AND BERTRAND BEAUTÉ
How can this difference be ex- plained ? In a report published in early January, the digital innovation analysis firm Faber Novel gave one possible explanation : in addition to pure economic data, “ Tesla is all about a vision. The company isn’t just a commercial venture – it’s a philosophy. With its vision for a better
TESLA world, Tesla attracts, captivates and involves all of its stakeholders : he troublemaker of the car price to plummet... but not Tesla. Despite successive delays, a Renault, who are in-profit and pro- investors, customers, employees, industry is starting to make On Wall Street, the company’s stock sustained lack of profitability and duce 6.4 and 3 million cars every year the media and believers alike. This a habit of this. On Wednesday only shed 2% in the wake of the the fact that the company is haem- respectively, compared to Tesla’s ambitious vision is the engine driving T3 January, Elon Musk announced press conference and then rebound- orrhaging cash, Tesla is still highly output of 76’230 cars in 2016. the Tesla adventure. ” further production delays for Tesla’s ed to normal levels. favoured by investors. Its market Model 3 electric car – a car that is capitalisation stands at more than And the repeated warnings issued In other words, the car manufac- considered crucial to the company’s The California-based company $50 billion. Tesla is also more by analysts do not seem to dampen turer’s value is based more on future. The news would have caused is creating a curious paradoxical highly sought after than renowned the enthusiasm for the brand. “In belief than economic logic. Some any other car manufacturer’s share effect on the stock market. car manufacturers like Ford and the long term, we still think that people even talk about it like a
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UNREALISTIC NUMBER OF VEHICLES TARGETS? MANUFACTURED PER YEAR
2012 Elon Musk revealed the 2,650 second-generation of $888 million and $675 million respectively. The accounting situation Tesla Roadster in January. The does not appear to be sorting itself In 2016, Tesla forecast the $200,000 car out: production of the Model 3, in production of 500,000 vehicles should be in circulation by 2020. Musk’s own words, is “a nightmare” by 2018. This ambition has now and analysts are sceptical about the been pushed back to 2020 but 2013 objectives announced by the compa- many analysts doubt that the 22,450 ny (see infographic on p. 64). They company will reach its objective believe that Tesla will be forced to recapitalise or borrow to increase before 2025. its production.
2014 WORLDWIDE AUTO SALES 31,650 IN 2016 “Appetite for a certain stock is often accompanied by a poor understanding 2015 of the risks” 50,650 Christopher Nicolas Dembik of Saxo Bank
Rather than focusing on this prob- 10.3 BILLION 10.18 BILLION 10 BILLION 76,230 lem, Tesla’s CEO prefers to increase VW Toyota GM Tesla 2016 the number of projects. In addition 76,230 to announcing the delays hitting Units sold the production of the Model 3, Musk also presented a prototype for a
TESLA/UPI/NEWSCOM futuristic lorry. This is an expensive MARKET CAPITALISATION distraction for the company and its IN APRIL 2017 CEO, who, in addition to wanting to religion. Some of Tesla’s most ardent How, then, can the Palo Alto-based past and present, but low if you be- revolutionise the automotive sector, 2017 supporters, such as Adam Jonas, company continue to survive amidst lieve in Tesla’s future.” Nevertheless, aims to go to Mars (SpaceX) and 101,300 analyst for Morgan Stanley, believe the deluge of new electric models as Christopher Nicolas Dembik – construct a futuristic high-speed that Elon Musk’s company “is not produced by prestigious car com- head of macroeconomic analysis at train (Hyperloop) that would run just a car manufacturer” but a con- panies such as Mercedes, VW, Audi, Saxo Bank – points out, “appetite between New York and Washington. cept that will really establish itself Volvo and BMW? And which of these for a certain stock is often accom- Watch out for overconfidence on the market, in the same way that manufacturers represents serious panied by a poor understanding of though... “When investors expect the iPhone turned the GSM market competition for Tesla? the risks”. significant growth, a high valuation upside down. is not out of the ordinary,” explains
68 51 48 Faced with this challenge, Tesla And there are certainly risks. In its Yann Olivier, portfolio manager 164 The sceptics, on the other hand, seems to prefer to remove any 15-year history, Tesla has never at Aesope. “But when companies VW Toyota GM Tesla claim that all the car manufacturers doubts. In April 2017, Elon Musk made a profit and has been bailed are happy to sell a dream that is 2020 are now getting into the electric decided to send a daring tweet to out eight times in the last seven disconnected from all economic In billions of euros 500,000? vehicle market and that Tesla’s his 12 million followers: “Tesla’s years by its shareholders. In 2015 reality, then we are talking about window of opportunity has closed. stock is obviously high based on and 2016, the company made losses a bubble.”
64 65 MARKETING SWISSQUOTE MARCH 2018 MARKETING SWISSQUOTE MARCH 2018
oop City in Lausanne. In the study was conducted by the City a moisturising strip, which the ’Bic supermarket, the “men’s of New York at the end of 2015. The Twin Lady’ doesn’t have. Therefore, The razors” and “women’s hair Department of Consumer Affairs our recommended sales price for Cremoval” aisles are a few metres compared close to 800 products the ’Bic Comfort 2’ is higher than apart from each other. The men’s from 35 categories and concluded the price for the ’Twin Lady’,” said aisle is blue, green, yellow and that women pay on average 7% more Benjamin Durant, in an email from orange. The women’s aisle is entire- than men for comparable products. the French group. In our email, ly pink. Both aisles have dispos- Personal hygiene, apparel, health however, we noted that the “Bic pink tax able razors, but not for the same products and children’s toys are Comfort 2” was sold at a lower price price. The “Bic Twin Lady” pack the areas in which the pink tax is than the “Twin Lady”, not at a higher for women includes 10 two-blade particularly high. More recently, price... Furthermore, in addition to razors for 4.45 Swiss francs. In the Germany’s Federal Anti-Discrimi- being less expensive, men’s dispos- men’s aisle, the “Bic Comfort 2”, nation Agency published an inves- able razors are also higher quality a pack of 15 two-blade razors, tigation in 2017 on products and compared to women’s razors. costs 4.95 Swiss francs. That’s services. The report determined syndrome a much better deal. What’s the that price disparities are highest difference between the two ra- in hairstyling and dry-cleaning. zors? “Nothing,” says a sales- “Gender disparity person. “It’s all packaging.” THE MANUFACTURER’S FAULT can favour women or We asked Coop and Bic where the men, depending on Can a product be more expensive price difference came from for if it comes in a pink package? The disposable razors. Coop blamed the the product” pink tax is irking female consumers manufacturer. “The sale price is everywhere from Paris to New York. set relative to the purchase price Women pay more than men for certain comparable They don’t understand why they that we pay to the supplier,” said Beyond this specific example, it products. Widely criticised, this “tax” isn’t actually should have to pay more than men for Ramón Gander, spokesman for Coop. is very difficult to show evidence a price increase just for women, but rather a result comparable goods and services just He declined to give further details. of the pink tax. It all depends on because they have X chromosomes. Bic justified the prices, saying they the products in question. “Gender of gendered marketing. Social media is full of examples of were a result of differences in the disparity can favour women or men, unequal prices, complete with photos products, and stated it does not depending on the product,” according BY JASMINE LECKER and hashtags to support the outrage. set or encourage price differenc- to a report from the French gov- es between men’s and women’s ernment. In Switzerland, where no Several studies have confirmed razors with comparable features. studies have been conducted on the phenomenon. The authoritative “The ’Bic Comfort 2’ (for men) has the subject, the Price Surveillance
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authority criticised the fact that razor, think it’s made for them and try to bridge the gender gap with so much gender marketing. It’s women’s apparel is subject to higher purchase it, without realising that unisex collections (while simulta- more effective than ever.” Indeed, customs duties than men’s apparel. they paid too much for it. Market- neously pushing incredibly gen- Hasbro was able to pull market This bizarre disparity is due to the ing is largely based on consumer dered marketing campaigns) but share away from Mattel and its fact that back in the day, men’s spontaneity and ignorance.” these initiatives are feeble and famous Barbie by focusing on clothing was made from heavier isolated. For Elisabeth Tissier- toys for girls. The former publi- fabrics than women’s (as a result, A VICIOUS CIRCLE Desbordes, the situation isn’t going cist warned: “If we don’t become packages of women’s clothing were Pink has been associated with wom- to change anytime soon: “Just look aware of the dangers of gender taxed more, as they contained more en and blue with men as a result of at toy catalogues; I’ve never seen marketing, nothing will change.” articles of clothing). “With the decades of gender marketing. This Federal Council’s recent decision is similar to the idea that women to get rid of all customs duties on need a different shampoo for each industrial products, this problem hair type and colour, as well as will finally be resolved,” said Beat conditioners and hair lotions. These Niederhauser, a deputy of the Price inventions, which are also available Surveillance authority. “As for for men, were hammered home PRODUCT COMPARISONS other potential disparities between so much that they have since been comparable products for men and internalised. It’s a vicious circle. women, such as razors for example, “The more we differentiate based on DISPOSABLE RAZORS it is up to market competition.” gender, the more demand there is for gendered products and demand cre- SEGMENTATION ates supply,” said Tissier-Desbordes. CHF 4.45 CHF 4.95 The pink tax is a hot topic be- cause it is a part of the fight for gender equality. While the true extent of the pink tax remains “Look at toy catalogues; debatable, “segmentation”, the I’ve never seen Pack of Pack of type of marketing that the tax 10 Bic Twin Lady 15 Bic Comfort 2 comes from, is well-known. H&M chose to break so much gender two-blade razors two-blade razors “The idea is that the more a product the codes with a marketing. It’s more unisex collection seems to fit the needs of consum- to dispel any effective than ever” PERFUME suspicion of tariff ers, it can be sold for more money,” Elisabeth Tissier-Desbordes, professor said Elisabeth Tissier-Desbordes, discrimination. of marketing at the École supérieure CHF 92.90 CHF 75.90 professor of marketing at the École H&M de commerce in Paris supérieure de commerce (ESC) business school in Paris and an expert on the subject. “For example, because it meets a specific need.” consumers believe the products glue used for shoes can be sold at The same principle applies for pink were designed specifically for them Bic, with its pens for women and a higher price than standard glue, products targeting women: female and are willing to pay a higher price, pink razors, is one of the biggest even if women could find practical- offenders when it comes to gender ly the same products in the men’s marketing. But all cosmetics brands, Eau de toilette Eau de toilette aisle, but in a different colour. including Nivea, Korres and Vichy, Jean-Paul Gaultier Jean-Paul Gaultier SWITZERLAND DOESN’T WANT TO REGULATE divide up their products “for men” Classique 50 ml Le Male 75 ml “If women want to pay more for pink and “for women”, which is then In March 2016, former socialist national councillor products, that’s their own fault. continued by distributors such as Jean Christophe Schwaab introduced a legislative pos- LOTION tulate requesting the Federal Council to analyse the Instead of complaining, they simply the Swiss online pharmacy Zur Rose. need to buy products made for men.” Some manufacturers such as Axe, price disparities between comparable consumer goods CHF 17.60 CHF 15.90 and services for men and women. In the event inequal- This retort comes up every time the owned by Unilever, pay close atten- ities were found, he also asked the government to pink tax is discussed. But it’s not tion to setting the same price for propose ways in which to remove the “inexplicable” quite as simple as that, according to men’s and women’s deodorant when disparities. He based his request off the 2015 study Tissier-Desbordes: “When we pur- they are comparable, but products by the New York City Department of Consumer Affairs that was mentioned in this article. The Federal Council chase products, we place a certain often aren’t exactly identical, so did not pursue the investigation, stating that there amount of trust in the merchant. they can be sold at different prices. Weleda Weleda men’s are enough “sound business practices, particularly a We can’t spend all our time com- refreshing moisturising clear price display” to counteract gender marketing. paring every product, otherwise we Other companies, such as clothing moisturiser 30 ml lotion 30 ml would go crazy. Women see a pink giants H&M and American Apparel,
68 69 FREE TIME SWISSQUOTE MARCH 2018
UNROLL.ME SAY GOODBYE TO UNWANTED TO READ, NEWSLETTERS Free What’s worse than receiving messages App Store, and newsletters from organisations that TO DOWNLOAD Google Play you don’t even remember giving your e-mail address to? Having to unsubscribe one by one. Unroll.Me compiles a list of T all the subscriptions with your e-mail ak ur e to address, so you can easily unsubscribe. the virtual SECRECY WORLD By Jake Bernstein (Henry Holt and Co., 2017)
INVESTIGATING ALARMY THE PANAMA PAPERS AN ALARM THAT REALLY In April 2016, the Panama Papers WAKES YOU UP unveiled information on more than Free If you’re someone who needs five differ- 200,000 offshore companies, after App Store, ent alarms to get you out of bed in the 11.5 million documents were leaked Google Play morning, Alarmy is for you. To stop the From from the archives of Panama law alarm, the app makes you take a photo of firm Mossack Fonseca. Until the CHF 28.- somewhere in your apartment, shake the Paradise Papers, it was the largest phone or solve a maths problem. By the leak of documents ever reported in time you do so, you’re up! the media. The investigation was led by 109 members of the International Consortium of Investigative Journalists (ICIJ) in 76 countries. US journalist Jake Bernstein, a Pulitzer prize winner, was INSTABRIDGE one of the senior reporters in the inves- WI-FI ANYTIME, ANYWHERE tigation, which he describes in this book. Many people have mobile contracts with Free unlimited internet. But you still need App Store, to find Wi-Fi to connect to the internet Google Play while abroad. Instabridge finds free THE CASE AGAINST Wi-Fi networks. Your phone connects EDUCATION automatically, with no password needed. By Bryan Caplan The Swedish app includes one million (Princeton University Press, 2018) hotspots around the world. WHY THE EDUCATION SYSTEM IS A WASTE OF TIME AND MONEY After destroying the “myth” of the rational voter and exposing the “egotisti- ADOBE SCAN cal” reasons for having more children, THE ULTIMATE SCANNING APP From “anarcho-capitalist” Bryan Caplan has a Finding a good app to scan documents CHF 37.- new book tackling the education system. often seems impossible. Adobe recently He criticises the fact that the primary Free THE CHEDI PENTHOUSES App Store, launched its own app, which we have purpose of education is not to strengthen Google Play found to be extremely effective, easy students’ knowledge, but to “certify” The Chedi Penthouses combine the exclusivity of a private home with the amenities of the most elegant to use and well-designed. Thanks to their intelligence. In a provocative way, very simple conversion to PDF and au- and luxurious hotel in the Alps. When it comes to the interior layout and finishing of your penthouse, he suggests cuts to education resources you can let your imagination run free. Our architects and designers will work with you to realise your personal wishes, and promotes professional training, tomatic text-recognition, this app will since he believes that teaching practi- become indispensable. whether one-of-a-kind master bedroom, stylish library, expansive private spa landscape cal skills is more valuable for students or private hideaway with guest rooms for your friends. to excel compared with their peers. Sizes range from 189 m² to 616 m²
Contact us for more information or visit us in Andermatt (Switzerland). Phone +41 41 888 77 99, [email protected] www.andermatt-penthouses.ch 70 SWISSQUOTE MARCH 2018 TRAVEL SWISSQUOTE MARCH 2018 ISTOCKPHOTO
TRAVEL Itria Valley, the whimsical boot of Puglia Linking the European continent with the Mediterranean Sea, Puglia is a wonderful way to discover Italy at its PUGLIA traditional finest
BY SALOMÉ KINER
enice has rococo charm, shelter mischievous elf families. Rome has intimidating The minuscule farms get their name history and Puglia has from a construction technique from addictive beaches. the prehistoric era that has with- VSpread over several provinces, with stood the test of time. Built with dry an incredible coastline and beautiful limestone and whitewashed, some countryside, Itria Valley is a hotspot trulli date back to the 17th century of architectural marvels and gas- but remain intact and functional tronomic wonders. even today. They were so success- ful at that time because they could With their cone-shaped roofs, trulli be easily taken down to evade real houses seem to be spouting soil to estate taxes...
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origins, which reflect the various states of its heritage, date back to 7th century BC. But on first glance, visitors are struck most by Ostuni’s white walls and small winding roads. The city is impossible to resist and PUGLIA BY BIKE travellers will get wonderfully lost in its streets. But not for long: all routes seem to lead towards the Bicycle tourism is booming in Gothic cathedral, the protective Puglia, where pedalling is an symbol of this fortified city. At the excellent eco-friendly choice top, the 360-degree panorama is in this region that still sees la definitely worth the climb. dolce vita and its relaxed pace reign supreme. Puglia Cycle Tours offers several options for all types of riders: one week guided tours, led by a profession- GETTING THERE al (min. 6 people), self-guided Flights to Brindisi from Zurich tours with luggage delivery and hotel reservations included, or or Geneva start at 150 Swiss the “bike&trulli” package, with francs per person. week-long lodging and a GPS filled with ride ideas suitable SLEEP for a day or a half-day. Starting The 100- Piazza della Libertà NINA TRULLI RESORT at 500 Swiss francs per week. AARON_PETERSON million-year-old (“freedom plaza”) in Only 5 km from the sea, this Castellana Caves. www.pugliacycletours.com the city of Ostuni. village of trulli homes sur-
GUGLIELMI rounded by vineyards was once a countryside monastery and To truly experience the rural cabins, REVIVE YOUR SENSES coastline is surrounded by the simple tastings to experiences in a is a master of slow living. visit their original community in IN A MASSERIA Adriatic Sea on the east and the traditional workshop. At Masseria Starting at 250 Swiss francs Itria Valley, where entire villages of Puglia is not only the Caribbean Ionian Sea on the west – it is also Salinola, visitors can even help har- per night and per person. trulli point their cone-shaped roofs of Italy, where its 800 km of varied the pantry of Italy’s boot. Everything vest olives, mould cheese and learn Open from March to November. towards the radiant sky of southern grows here: fennel, asparagus, to prepare orecchiette, small pasta WWW.NINATRULLIRESORT.IT Italy. In Alberobello, the trulli capital, rosemary, chicory and rocket fields in the shape of an ear that can also several lookout points provide a blanket the entire valley. Thanks to be enjoyed at the hotel restaurant, welcome respite from tourist bou- millions of ancient olive trees, the accompanied by vegetables from the LA MASSERIA CERVAROLO This 16th century farm has tiques and offer an astounding view A traditional trullo region of Puglia is the largest olive hotel’s organic garden. of the white stone houses covering from the Alberobello oil producer in Italy. And lest we forget received EU Ecolabel status the hills. It is a stark contrast to region. cheese: mozzarella and burrata With its Tuffeau limestone steeples, and includes a restored church, the red soil of the scrubland, where tastings are a ritual passage during Borgo Egnazia is a gem of architec- bougainvillea, cacti, a pool and fertile resources produce delicious local visits. tural wonders spanning 70 hectares. furnished trulli. wine and olive oil (Puglia has around This premium village is perfect for Starting at 200 Swiss francs 65 million olive trees, all between The best way to taste these various family trips. Amenities include a per night. Open from March 100 and 500 years old). flavours is to spend a night at a Kid’s Club, private guides that are to November. masseria. These traditional farmhous- all from Puglia, a personalised spa, WWW.MASSERIACERVAROLO.IT The Castellana grotto, a mere 20 km es, which were fortified to protect mini-golf and tastings of vintage away, is also worth a visit. Rumour farmers from potential invaders, wines, which all make for a high-end MASSERIA SALINOLA has it that it was formed one hundred have since been renovated and now immersion travel experience. Starting at 180 Swiss francs million years ago. The (guided) tour offer a range of original lodgings, per night. is an incredible odyssey where from a charming rustic cabin to all A NIGHT OUT IN AN IMMACULATE visitors descend 60 m below the the comforts of modern living. CITY WWW.MASSERIASALINOLA.IT earth on a 3-km trail through a Ostuni looks more like a Greek land- labyrinth of otherworldly tunnels Many masserias have become scape than an Italian postcard. But BORGO EGNAZIA with galactic ceilings and pre- agro-tourism sites and offer many La Citta Bianca, perched atop three Starting at 260 Swiss francs served fossils that tell the stories activities for tourists to explore hills, is a perfect example of Italy’s per night. of the grotto. local resources, ranging from architectural surprises. The city’s WWW.BORGOEGNAZIA.COM ISTOCKPHOTO
74 75 CARS SWISSQUOTE MARCH 2018 CARS SWISSQUOTE MARCH 2018
AUDI A5 SPORTBACK: THE BENCHMARK Very close to the Audi S4 in performance, the S5 Sportback adds a touch of style with its low lines and its hatchback boot. The 3.0 TFSI engine generates 354 HP. The quality of the workmanship and its appearance match Audi’s usual standards; in other words, top-notch. From CHF 84,500.- THE COMPETITION
CARS BMW 440I XDRIVE GRAN COUPÉ: THE ALTERNATIVE A little less powerful than its current rivals, the high-end version of the Series 4 There’s a new grand tourer Gran Coupé range also relies on its design to seduce potential customers. The in town 326 HP of its six-cylinder 3.0 l engine are nothing to sneeze at. Comfort, sportiness, versatility: the BMW has hardly any weaknesses. From CHF 72,600.- LOOK OUT, THE KIA STINGER IS SHAKING THINGS UP
BY BLAISE DUVAL
re you looking for a GT se- well as its potential resale value, model, Kia subjected it to a convincing sion filtering means that the drive is Kardon hi-fi with 15 speakers, etc.) A dan with roughly 400 HP, should pass on this one. For anyone test at the end of January, pitting it incredibly comfortable. “Sport” mode, are included in the base price. The four-wheel drive if possible, built whose top priority is the intrinsic on a closed course against a BMW logically, ups the level of the game only premium option? Metallic paint. for sport and kitted out with all qualities of a vehicle, swipe right... 640i and a Porsche Panamera, no and limits the car’s movements with the options and gear currently Because yes, the Kia Stinger is less. The result? The Stinger domi- panache. As for “Sport+” mode, which We recommend it for people who’d like in style? And all for less than objectively an excellent GT, far nated the BMW and made a credible turns off the anti-skid function, it’s to be relatively discreet. Without going 60,000 Swiss francs...seriously? superior to what its DNA and its showing against the Porsche in most ideal for trips to the racetrack. too far, the original lines of the Stinger price would have you believe. of the tests (acceleration, weaving are in sharp contrast with its traditio- Incredible but true: Kia has the in and out, G-force numbers collec- The interior layout won’t dazzle nal interior. The result? An unconven- goods. Virtually unknown in Europe for ted) conducted under guidance from you with its originality, borrowing tional, assertive look from all angles, over 10 years, the Korean manufactu- The Stinger independent firm AMCI Testing. here and there from the style of its which doesn’t look like anything we’ve rer has come out swinging with the German counterparts, in particular seen before, except perhaps the latest Stinger. This four-door car, developed dominated If validating the extent of these the Mercedes-style air vents. But it Jaguar sedans. The impression made from scratch, is a showcase of tech- BMW and made abilities on the open road remains gets the job done, and is very func- is that of a large, low, powerful car. nological prowess for the ambitious a credible unfeasible, the feeling once you’re tional and overall well finished. The One that thumbs its nose at SUVs. Asian brand, which has declared behind the wheel nevertheless driving position is optimal, well served war on premium German classics showing against confirms the Stinger’s athletic by numerous (electric) adjustment What remains is the question ENGINE: V6 3.3 L BITURBO such as the Audi S5 Sportback Porsche gifts. The V6, with its high torque, opportunities, except for drivers taller of reliability, as with any new POWER: 370 CH / 510 NM and the BMW 440i Gran Coupé. moves with plenty of force at all than 1.95 m, who will find the Kia a vehicle. Kia, which has definitely 0 TO 100 KM/H: 4.9 sec speeds, allowing the car to go from bit low. And, it must be specified, that thought of everything, offers PRICE: CHF 59,200 Let’s be clear: drivers who care A believer, from the start, in the 0 to 100 km/h in less than five se- all the luxuries (autonomous cruse a guarantee of seven years or about the name on their car, as dynamic potential of its flagship conds. In “Comfort” mode, suspen- control, 360-degree camera, Harmon 150,000 km. Who can top that?
76 77 SWISSQUOTE MARCH 2018 BOUTIQUE SWISSQUOTE MARCH 2018
BOUTIQUE ROBOT PROJECTOR
Keecker responds to voice commands, moves independently, AUDEMARS ON YOUR WRISTS plays music and projects films, photos and video games from anywhere in the house. Developed by a French start-up, this For the launch of the Royal Oak Frosted Gold, Audemars 39-cm-tall robot has an HD projector, a 4.1 audio system and Piguet designed six cufflinks inspired by the legendary a 360-degree camera that can be used for interior surveillance watch. With the same octagonal shape and hexagonal from a mobile phone. face, the stainless steel, rose gold and yellow gold www.keecker.com cufflinks are decorated with the “Tapisserie” motif, seen From CHF 2,090.- on the Brassus watchmaker’s cult timepiece. Available in blue, black and silver. www.audemarspiguet.com From CHF 1,600.- EXPEDITION-TESTED
Explorer Paul-Emile Victor called on Savoy-based Arpin to outfit him for SOLAR BAG SWISS VERMOUTH his Arctic expeditions. The weaving company, which is celebrating its Want to become self-sufficient The name comes from a Corsican bicentennial anniversary this year, with solar energy? This village not far from Ajaccio. And wanted to pay tribute to Victor with is what Zurich-based yet, red or white, Alata is produced a capsule collection. With materials start-up Sakku offers, with in Martigny using wine from Valais such as Etoffe de Séez, fur, breathable bags designed and produced vineyards fortified with grape brandy fabric and PrimaLoft quilted fabric, in Switzerland that can power infused with a variety of aromatic the artisan weavers combined natural smartphones, GPS, tablets plants. This local, contemporary materials and new technologies to and other electronic devices. reinterpretation of vermouth revives design a stylish jacket ideal for freezing We particularly like the Freo the star aperitif of the 19th century. temperatures. model, which can be worn as a www.alata.love www.arpin1817.com shoulder bag and which comes CHF 24.- CHF 1,049.- with a detachable solar panel that can be used separately. www.sakku.ch CHF 390.-
SCANDINAVIAN BAR THE ART OF REDUCING NOISE Using traditional Scandinavian design, Nordic interior decor brand US-based Bose has built a solid reputation for its Bolia creates products that are noise-cancelling headphones. Its wireless in-ear minimalist and chic, bringing beauty QuietControl 30 headphones are the successor to the to noble materials. One of its best- very popular and high-quality QuietControl 20, which sellers is the Oliver Drinks cabinet, are not wireless. They are very effective and comfor- in smoked oak or walnut. Designed table to wear, especially when on public transport or by Bertil Stam for the Danish brand, at work. The sound quality when listening to music is it hides all good mixologists’ essential also excellent. items with style. www.bose.ch www.bolia.com CHF 259.- CHF 1,149.-
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TRIED AND TESTED VIRTUAL REALITY TABLE FOOTBALL BY STANISLAS CAVALIER
Kynoa Studios, a start-up in Geneva, has developed a new type of table football. Swissquote Magazine got a go on its first prototype. Open new horizons to your friends. h, table football...it was with four handles on each side. Also five minutes of play (with a cou- all the rage once upon like the original game, you could ple of technical errors thrown in), a time. Teenagers would play one-on-one or as a four. But Switzerland annihilated France, 8-2. Aspend whole afternoons spinning that’s where the traditional aspects their teams of footballers rath- ended, the 22 footballers giving The final whistle went and it was er than hanging out in the school way to four Oculus Rift headsets. time for a debrief. Unsurprisingly, playground. Frenzied matches, like VR table football is nothing like sold-out concerts, were the place “Put on a headset and grab the its illustrious predecessor. Just to be, tucked away in the back of controllers,” urged Kynoa’s CEO, Flor- as well! Virtual reality opens up a smoky café. Balls made of cork, ence Prini Saggio. With the headset new possibilities and it would be illegal wheel spinning, jarring, tic-tac on, the scenery immediately changed; a shame not to make the most passes...So many memories for the I was no longer in an open space of- of them. Only using the control- aficionados of table football, the nos- fice but thrown into a huge futuristic lers brings back memories of talgics and fans of the “foos”. It has stadium. I turned my head and saw the table football of days gone many followers, and I’m one of them. crazed supporters and countless by. As for the rest, it’s more like details, all of which makes you feel a video game. The merging of So, when Kynoa Studios asked me like you’re really “there”. So, we’re on these two worlds is nonetheless to test the first virtual reality the pitch, and my Swiss players are a success, even though a few (VR) table football, I jumped at about to oppose the French team, teething problems still need to the chance, albeit with a little controlled by our photographer. be fixed, such as the two crash- apprehension. How could you es that made the game freeze. possibly transform a game which, The whistle blows and the game THIERRY PAREL at least in my experience, is synon- is underway. The digital players Following a demonstration in ymous with beer and friends, into are attached to rods and a player the Balexert shopping centre in Share your trading experience today. pixels? To find out, I headed to controls them by turning handles, Geneva in February the VR table Kynoa’s studios on Route des just like in traditional table foot- football will be available to buy Jeunes in Geneva. It came as ball. But with the headset on, the from March, for a measly 95,000 no surprise that this company’s action is heightened and bonus Swiss francs (€81,000 approx.). offices looked nothing like the old features make the game even livelier. “VR table football has been de- Refer a friend and you will both receive cafés of my younger years. It was I particularly enjoyed the multiball signed for shopping centres that CHF 100.- of Trading Credit*. more an open space with rows feature, inspired by Pinball, which want to attract families with a and rows of computer screens. involves playing with three balls fun activity. It could also be used The VR table football was at the at once. With goal after goal, my in gaming arcades,” explains Prini back of the room. At a glance, colleague was powerless against Saggio. Servette Football Club has it looked like a traditional table the supremacy of the Swiss! After also shown interest in the game. swissquote.com/referral See offer conditions See offer *
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