N°2 MAY 2019 WWW.SWISSQUOTE.COM CHF 9.-

FINANCE AND TECHNOLOGY UNPACKED

MEDIA Tamedia is making moves

SPACE Walking on the moon once again

PETS Nothing’s too good for Fido

DOSSIER The bonanza How Facebook, Microsoft and Google are using

Linus Torvalds, creator of

CLOUDERA ELASTIC MONGODB ORACLE RED HAT TALEND WALLIX

EDITORIAL SWISSQUOTE MAY 2019

The future is open

By Marc Bürki, CEO of Swissquote

ere we are in 2019 and reassurance of knowing the latest market mainstay ­Microsoft innovations will always be available. is more popular than ever For example, more than 80% of ser- Hamong financial analysts. But al­ vices provided by Swisscom are now though its share price has been based on open source solutions. trending upwards over the past few years, it’s no thanks to Windows. This inevitable trend convinced IBM Few people know this, but the iconic to spend an astronomical $34 billion operating system now only generates in October to acquire Red Hat, a US barely 15% of Microsoft’s profits. company specialising in open source software. Earlier last year, Microsoft While it’s true that Windows is still spent $7.5 billion acquiring GitHub, the king in the regular PC ­market, another major US player in the indus- p. 28 open source software reigns ­supreme try. These companies developed a so- for servers and cloud services. lid business model based on sales of Linux, the most famous open source their solutions (since “open” doesn’t software, is running on millions of mean “free”), as well as training and servers used by web giants such support. Several similar companies, p. 40 as Google, Amazon, Facebook and all public, are profiled in this issue. eBay. In fact, a significant portion of Microsoft’s revenue now comes Beyond the commercial aspect of from cloud-based products and open source, our feature report also services running on... Linux. delves into its fascinating background­ p. 36 and history. For many, this movement Ironically, for a long time the open born in the 1980s champions a hu- source development model was the manist approach, in the sense that IT number one enemy of proprietary programmes are like a common good software giants, which eventually that everyone can use, study and mo- realised they couldn’t compete with dify. While open source has lost some the wealth of tools developed by com- of its benevolence, its spirit hasn’t munities. And for digital ­companies, disappeared completely. open source solutions provide enor-­ mous productivity gains and the Happy reading!

3 SWISSQUOTE MAY 2019 TABLE OF CONTENTS SWISSQUOTE MAY 2019

PUBLISHER 24 Swissquote PETS Chemin de la Crétaux 33 1196 Gland – T. +41 44 825 88 88 www.swissquote.com [email protected]

Manager Brigitta Cooper

EDITORIAL

50 Editor-in-chief Ludovic Chappex DOSSIER Associate editor 56 Bertrand Beauté CONNECTED HOME Design director THE OPEN Natalie Bindelli and Caroline Fischer CANA atelier graphique SOURCE Route de Jussy 29 – 1226 Thônex BONANZA www.ateliercana.ch Editorial staff Bertrand Beauté, Ludovic Chappex, Sophie Gaitzsch, Jasmine Lecker, MOON Raphaël Leuba, Martin Longet, Salomé Kiner, Angélique Mounier-Kuhn, Gaëlle Sinnassamy, Julie Zaugg Layout Natalie Bindelli, Caroline Fischer, Coralie Meder, Sarah Meylan 18 (CANA atelier graphique) TAMEDIA Cover Ian White / Getty Images Photography 28 72 Nicolas Righetti, AFP, Keystone, CADAQUÉS Getty images, iStockphoto, Newscom, Reuters Editing (English version) Ose Ayewoh, Marco Simon Translation TABLE OF CONTENTS Technicis Finance

DOSSIER : PRINTING, BINDING AND DISTRIBUTION 3. EDITORIAL 18. PORTRAIT 28. THE OPEN SOURCE 50. PETS 66. SWISSQUOTE Stämpfli Ltd. By Marc Bürki Tamedia’s brazen Nothing is too Don’t forget BONANZA Wölflistrasse 1 – 3001 Bern resistance good for Fido equities! www.staempfli.com 6. SCANS ADVERTISING Economic 24. CONNECTED HOME 29. Why open source has 40. Nine open companies 56. SPACE 70. CARS Infoplus AG survey The great promise already won Walking on the moon The Audi all Traubenweg 51, CH-8700 Küsnacht of smart home 46. Linus, the creator once again about watts [email protected] 14. TRENDS appliances 34. Essential software of Linux WEMF Personalities, packages 60. FASHION 72. TRAVEL REMP 2018: 52,335 ex. Print run: 60,000 ex. nations, innovations 47. A question of licences Lululemon, A surreal journey 36. A return the amazing power in the land of Dalí to source code 48. The auto industry of yoga goes open source 80. TRIED AND TESTED Pay up to destroy SUBSCRIPTIONABONNEMENT CHF 40.- pour 6 numéros everything CHF 40 FOR 6 ISSUES www.swissquote.ch/magazinewww.swissquote.ch/magazine/f/ ISTOCK / GAETAN BALLY, KEYSTONE / NASA BALLY, ISTOCK / GAETAN

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RANKING

SCANS FIVE RECORD-BREAKING biotech FINES IMPOSED BY THE EU CRISPR TREATS ON TECHNOLOGY FIRMS ITS FIRST PATIENT 1. APPLE US group CRISPR Therapeutics has $14.8 BILLION (IN 2016) announced that it has treated its first 2. GOOGLE patient using CRISPR-Cas9, an enzyme $5 BILLION (IN 2018) that edits genes in the DNA sequence. 3. GOOGLE CRISPR-Cas9 has been used to remove $2.7 BILLION (IN 2017) the gene responsible for thalassaemia, a blood disorder that stops oxygen from 4. INTEL $1.45 BILLION (IN 2009) being carried around the body. This an- nouncement immediately caused CRISPR­ 5. QUALCOMM “Blockchain Therapeutics’ share price to jump by $1.2 BILLION (IN 2018) 25%. Shares in other biotechs working technology is on CRISPR-Cas9 saw similar increases, ingenious but with Editas up by 5% and Intellia by 6%. Source : The New Economy Up until now, investors feared that they bitcoin has no would have to wait years until these THE FIVE US FASHION RETAIL unique value” therapies were brought to market. CHAINS THAT ARE CLOSING

ISTOCK CRSP EDIT NTLA THE MOST STORES Warren Buffett, (by number of physical stores that in an interview with CNBC. will be closed down in 2019 and 2020)

1. PAYLESS 2,000

robotics food 2. GYMBOREE AUGMENTED WORKERS LONZA CREATES THE INFANT 800 FORMULA OF THE FUTURE 3. GAP 230 4. SEARS 80 5. VICTORIA’S SECRET “We made a 53 principled Source : Yahoo Finance decision that

we’re not going THE FIVE LARGEST COMPANIES ISTOCK to withhold IN THE VIDEO GAMING INDUSTRY 1 million The US firm DuPont has developed an (by earnings generated from gaming technology from in the first three quarters of 2018) The number of barrels ingredient called Care4U which, when added to infant formula, can replicate institutions that of oil that ExxonMobil An exoskeleton 1. TENCENT almost 100% of the properties of breast predicts that it will designed by Ekso we have elected $15 BILLION Bionics. This device milk. However, it is Lonza – a company extract each day in the in democracies 2. SONY helps workers who based in , Switzerland – that will be Permian basin in Texas work with arms up DuPont’s exclusive provider of this ingre- to protect the $9.85 BILLION by 2024. Chevron also in the air. dient, which has been approved for use 3. APPLE

FORD freedoms estimates that it will in Europe and the US. Care4U’s primary $6.9 BILLION extract 900,000 barrels we enjoy” Robots are not going to replace humans Hyundai, Ford and Volkswagen have ingredient is oligosaccharide 2’-FL. This 4. MICROSOFT per day in 2023. Both for good – at least not in assembly line already started introducing exoskele- oligomer stimulates a newborn’s immune Microsoft CEO, $6.2 BILLION companies have revised work. More and more companies are pro- tons in factories in the US and Slovakia. system and aids digestion. Friesland- Satya Nadella, on the company’s 5. NETEASE their forecasts upwards viding their workers with exoskeletons According to ABI Research, the indus- Campina Domo, Abbott, Ingredion and augmented reality system $4.5 BILLION thanks to improvements that will help them perform repetitive trial exoskeleton market is set to total Nestlé have also recently marketed which the company supplied

in drilling techniques. tasks without injuring their backs and 300,000 units by 2028 and generate products based on oligosaccharides. to the US army. . joints or help them lift heavy loads. profits of $5.8 billion. DD LONN Source : Newzoo

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SCANS retail IKEA IS INNOVATING THANKS TO CEVA LOGISTICS KICKSTARTER

“They don’t have to care $4.4 ¥11.1 billion about the The amount that China’s legacy. They box office took in February don’t have to billion 2019 (1.7 billion Swiss francs). This is the highest care about the The monthly cost to the amount ever registered next generation US economy of the trade by the film industry war with China, according in a given country. In of gasoline in to a study carried out comparison, the US motors and so by the Federal Reserve box office generated they can really

and Columbia and LOGISTICS CEVA $479 million in the OBSBOT Princeton universities. The Zug-based company CEVA Logistics clients to order products online or in same period. focus on the US firms are often obliged has been selected by IKEA to operate a IKEA showrooms that have recently future” OBSBOT to absorb new import 96,000 sq. m mega-distribution centre opened in the city centre, and then to THE INTELLIGENT taxes themselves. on Staten Island in New York. The Swiss go and pick up their items from a distri- Herbert Diess, group will be responsible for implement- bution warehouse located on the out- CEO of Volkswagen, when asked CAMERA ing the Swedish furniture giant’s new skirts of the city. It’s a way of matching for his thoughts on Tesla. sales strategy. The aim is to encourage consumer purchasing habits. CEVA This mini camera, called Obsbot Tail, uses artificial intelligence algorithms. A sequence can be well-being started and stopped by a simple CBD COSMETICS ARRIVE pre-defined hand gesture. What’s IN THE SHOPS more, the user can choose a target for the camera to track and film cleanly from 40 metres away, At the end of 2018, the US Congress even when the target is moving, is revised the Farming Bill to legalise entertainment against a complicated background hemp-derived cannabidiol (CBD), an oil A KOREAN NETFLIX or if there is poor light. The cam- with slight psychoactive properties. IN THE PIPELINE era can move autonomously on its This sparked interest from companies base. It analyses filmed images in that are marketing cosmetics contain- Four South Korean telecommunications real time and then suggests which ing this substance. The Canadian com- companies (SBS, MBC, KBS and SK are the best sequences and offers pany Green Growth Brands has begun Telecom) have joined together to create to extract them. The Obsbot Tail to sell its line of Seventh Sense body a shared streaming service. Their aim is particularly suited to vloggers, creams in outlets of shoe retailer DSW is to rival Netflix, whose popularity is who are often both in front of and and has opened shops in three states. continuing to grow across South Korea. behind the camera, and for filming Its compatriot, Tilray, is developing a In September, the Netflix mobile app sports events. line of cosmetics specifically intended had 900,000 monthly users, three times for the US market. Many supporters of more than in 2017. The four compa- CBD in the US prefer consuming it top- nies will bring together their existing ically, rather than smoking or eating it. streaming platforms, Oksusu and Pooq, Employees of the GGB 2HQ and co-finance original content. They company Tilray also have pan-Asian ambitions, which at work. The they hope to make a reality thanks to Canadian company is now specifically partnerships developed by Pooq with its targeting the US FUNDS RAISED AVAILABLE Malaysian and Chinese counterparts, market. HK$3,192,752 APRIL 2019

iflix and iQiyi. TILRAY

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SCANS leisure transport HARLEY DAVIDSON TRIES ABB PROVIDES BATTERY CHARGERS TO ATTRACT YOUNGER FANS TO THE FIRST DRIVERLESS BUSES banking

MOZAMBIQUE ACCUSES The Volvo 7900 bus, equipped by ABB, has begun Three Credit Suisse bankers were to circulate in charged in the US for assisting “We need the streets of ­Mozambique’s former Finance Minister, Singapore. $12.8 billion Manuel Chang, with taking out hidden to hit a firm loans between 2013 and 2016 that The sum that BAT, Japan

bottom STACYC were used for maritime projects, includ- Tobacco and Philip Morris ing a tuna factory, at an over-inflated before we get Harley Davidson is having a hard time have been ordered to pay price. The accused are also suspected a neutral, reinventing itself. The majority of the by a Canadian court. These of having taken kickbacks. Mozambique, Milwaukee-based legendary bike man- damages were awarded one of the poorest countries in Africa, let alone a ufacturer’s clientele is white men over as part of a double class- was left with a debt of $2 billion, which positive cash the age of 50. Last year, sales fell by action lawsuit filed in 1998 led the IMF to suspend lending to the 6%, following a 7% decline in 2017. This by more than a million country and created a serious economic dynamic in decline convinced the manufacturer smokers due to the effects crisis. In February, the Mozambique gov- that business” that it needed to broaden its customer on their health. ernment also pressed charges. CSGN base. It has recently acquired StaCyc, Larry Culp, which manufactures electric bicycles CEO of GE, talking about for children, in the hope of winning over the energy division’s the next generation of potential Harley poor performance. Davidson fans. It has also introduced a series of bikes that are smaller and energy lighter, to attract women and people ABB A GAS EL DORADO IN THE MEDITERRANEAN living in major cities in Asia. HOG The first fully autonomous electric bus was unveiled in March in Singapore. It is the result of a partnership between Nanyang Technological University, Volvo and ABB. The Swiss group has provided the battery chargers for the vehicle. These chargers are capable of providing 300 kilowatts of energy, food enabling the battery to be recharged in just three to six minutes. The aim GOATS’ MILK IS THE NEW WHITE GOLD is to charge the batteries each time the bus arrives at the terminus so that passengers’ journeys are not interrupted. Two vehicles have currently The production been equipped with this technology, and will be rolled out for a full-scale centre of Redwood test. ABBN Hill Farm in Sebastopol (USA). This high-end firm was bought by Emmi in 2015. THE IPO $1,600 YIANNIS KOURTOGLOU / REUTERS LEVI’S IS EXPERIENCING ExxonMobil has discovered a gigantic The price per ounce of A RENAISSANCE gas field in the waters off Cyprus. Known palladium in March – a as Glaucus, this gas field may contain record. Demand for this The famous 501 manufac- last few years by investing between 142 and 227 billion cubic metres metal, which is used in turer entered the New York in non-denim and women’s of gas. In February, the Italian firm ENI catalytic converters in Stock Exchange on March 21, clothing lines as well as an and the French company Total had al- cars, has increased due raising $623 million. The US in-store customisation system ready found another giant deposit, named brand hopes to take advan- that enables customers to add ­Calypso, just off the coast of Cyprus. to stricter CO2 emissions EMMI tage of jeans being back in patches or embroidery to their These two fields are in addition to Zohr, regulations in several Emmi has seen its profits rise by 8.6% has become one of the company’s flag- fashion, which helped the jeans. Levi’s has also entered located in Egyptian waters and discovered countries. Stocks of the in 2018, with sales increasing by 2.8% ship products thanks to an ambitious denim market to grow by 4% into partnerships with cut- by ENI, and Leviathan and Tamar, in the mineral, mostly located to 3.45 billion Swiss francs. This per- acquisition strategy. Over the last few last year. The market is now ting-edge fashion brands such waters off Israel. These discoveries have in Russia, are also starting formance is due to the Lucerne-based years, Emmi has acquired Spanish firm worth $100 billion. Levi’s as Off-White and Re/Done. made the Eastern Mediterranean an El to run out. group’s decision to refocus on high Lacteos Caprinos, US-based companies saw its profits rise by 14% in The firm has been floated Dorado for gas, with sufficient resources value-added products – notably, goats’ Jackson-Mitchell, Cypress Grove and 2018, reaching $5.6 billion. on the stock market before, to supply a significant portion of south- milk. This delicate and rare product, Redwood Hill, and Swiss firm Le Petit Founded in 1853, the group from 1971 to 1985. ern Europe and North Africa’s energy prized by those allergic to cows’ milk, Chevrier. EMMN has reinvented itself over the LEVI requirements. XOM FP ENI

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SCANS raw materials CHINA’S DOMINATION OF THE COBALT MARKET

 A cobalt processing plant in Lubumbashi, Congo (16 February, 2018).

“There is definitely an Modèle spécial ever-present threat in the Audi A6 Avant Attraction Internet of Désormais dès CHF 59 830.– Things. It’s not just on the endpoint,

it’s also in the SAMIR TOUNSI / AFP Chengtun Mining, a Chinese mining mineral is one of the key components network, it’s group, is buying out Australian-based in lithium-ion batteries used in electric in the IoT, Nzuri Copper for $79 million. The group vehicles, sales of which have grown will be taking over a cobalt deposit that exponentially in China. Last year, Chinese and it’s in Nzuri Copper was preparing to mine in firms Citic Metal and China Molybdenum the Democratic Republic of the Congo also invested in cobalt mines in the DRC, the home” (DRC). This deposit should produce making Beijing a key player in the cobalt 3,700 tonnes of the metal per year. The mining industry. 600711 NZC Greg Clark, CEO of Symantec.

THE FLOP Iqos: the cigarette that isn’t any safer than its competitors The pitch was promising: Iqos 72 hours. This research showed cigarettes, which heat tobacco that Philip Morris’s new system, rather than burning it, were which was first marketed in $865 million meant to allow smokers to in- 2014, caused the same distress The amount of revenue dulge in their vice without dam- in lung cells as a classic ciga- generated by eSports last aging their lungs. A study pub- rette. It is a significant blow to year. In 2019, the industry lished in March in the European the tobacco giant, which has in- is set to make $1.1 billion. Respiratory Society review just vested heavily in marketing its The number of spectators put paid to this dream. Austral- system and has opened dedicat- will also continue to grow, audi.ch/attraction ian researchers exposed lung ed stores. The system is current- with Newzoo estimating cells to smoke from ­Marlboro ly used by 6.6 million people. that numbers will increase and Iqos cigarettes for PMI Audi A6 40 TDI quattro S-tronic, 204 ch, 4,6 l/100 km, équivalent essence: 5.2 l/100 km, 122 g CO₂/km (Ø des véhicules neufs: 137 g/km), mise à disposition d’énergie: 20 g CO₂/km, from 395 million to catégorie de rendement énergétique: A. Prix de vente brut: CHF 72 300.–/modèle illustré: Gris Vésuve Métallisé, jantes en aluminium coulé avec design à cinq doubles rayons, 454 million. Gris Contrasté, partiellement polies, taille: 8,5 J x 19 avec pneus 245/45 R 19, phares LED Matrix HD avec clignotants dynamiques, vitres teintées (vitrage Privacy), pack Extérieur S ine, prix de vente brut: CHF 83 350.–, déduction de la prime spéciale CHF 9850.–/CHF 9990.–, déduction de la compensation CHF 2623.–/CHF 3081.–, prix à payer: CHF 59 830.–/ CHF 70 300.– pour le modèle illustré. Tous les prix s’entendent TVA incluse. Action valable pour les contrats de vente conclus entre le 1.3 et le 30.6.2019. Prix conseillés par l’importateur. Valable pour tous les véhicules importés par AMAG Import SA. 12 SWISSQUOTE MAY 2019 TRENDS SWISSQUOTE MAY 2019 TRENDS DR

the country PAPUA NEW GUINEA

The Tiger of the Pacific the figure BOB SWAN Papua New Guinea is an isolated country in the middle of the Pacific but is flush with natural resources. Intel picks a financial ace According to the World Bank, its economy is set to take off in 2019, For the first time in its history, Intel forecasting 5% growth this year, the innovation Company has a boss who does not have an and 3% to 4% over the next few THE HIGH-TECH PILL Novo Nordisk Title engineering background, and his years. Exports of oil, gas, palm oil CEO of Intel name is Bob Swan. The 58-year-old and minerals (copper, gold, nickel Launch Age New Yorker is tasked with making and cobalt) are expected to rise. The Tortoise shell-shaped devices within the next 58 sure that the chip manufacturer country will also benefit from the 10 years keeps its leading position alongside high price per barrel. Infrastructure The Danish pharmaceutical group bottom of the stomach, the curved the medicine Nationality Nvidia. Competition has become has been refurbished in its capital Novo Nordisk, collaborating with the side is always pointing upwards. before it can Estimated cost American increasingly vigorous with Chinese Port Moresby in the wake of the Massachusetts Institute of Tech- Out of the other side pops a tiny take effect. not shared manufacturers HiSilicon, Tsinghua Asia-Pacific Economic Cooperation nology, has developed a swallow- needle made of solid, compressed This method of Annual salary Unigroup and Shenzhen Huiding summit meeting held able high-tech device that could insulin. Stomach acid dissolves the administering $4.68 million Technology, but Intel now also there in 2018. Roads and replace the insulin injections that sugar surrounding it, and it settles the drug will mainly be useful for faces competition from its own Population the airport were upgraded, diabetics are subjected to. Its shape into the stomach’s lining to deliver older people who develop diabe- clients, including Google, ­Facebook, 8.2 million and hotels and a confer- is inspired by the leopard tortoise, insulin directly into the bloodstream. tes late in life and are not used Apple and Amazon, which have started making their ence centre were built. A an African species that can flip to injecting insulin. Trials on pigs own chips. As CEO, Mr Swan will have to sustain GDP per capita 7.5 magnitude earthquake back over by itself if it ends up on This innovation prevents the are already under way, and testing the breakneck growth of the division that produces $2,340 that struck in February its back. When the device hits the stomach juices from digesting on humans should begin shortly. processors for cloud computing, which has reached 2018 took a heavy toll 14% in the past five years. Bob Swan has extensive Growth on mining infrastructure, experience in finance. After studying economics, he +0.3% (2018) which is just now being joined General Electric in 1985. He moved on to hold rebuilt. The country is several posts as CFO, including at Northrop Grumman, Main economic also cripplingly indebted HP and eBay. In 2016, he was appointed CFO of Intel, industries to China: it owes nearly and at the end of January this year, he became CEO. oil, gas, $590 million to Beijing, mining, palm oil, i.e. one-fourth of all its farming cross-border debt.

14 15 318302 | Montblanc | Ad | Reconnect / 1858 Green Geosphere | CH | Swissquote Magazine | 400 x 260 mm | bleed: t5,blr |bleed: x260 mm |400 Magazine |Swissquote |CH / |Reconnect |Ad Geosphere 3183021858 Green |Montblanc

39° 35’ 0.478” S 71° 32’ 23.564” W Reconnect. 5 mm |en 5 mm Montblanc 1858 Geosphere montblanc.com PORTRAIT SWISSQUOTE MAY 2019 PORTRAIT SWISSQUOTE MAY 2019

1.01 BN Tamedia’s 2018 revenue brazen in Swiss francs. 1,332,000 Number of readers resistance of 20 Minuten.

Swiss media companies are suffering from the decline in 3,594 Number of employees. print media and the collapse of the advertising market. But with a successful diversification strategy, 69.11% particularly with classified Percentage of shares ad sites, the Zurich-based held by the Coninx company stands out from family, owner of the rest. Tamedia.

BY SOPHIE GAITZSCH

amedia is no stranger Tamedia’s Paid Media segment, which to headlines. In 2018, includes paid newspapers such as the the front pages were Tages-Anzeiger and the Tribune de filled with stories Genève, is by far the company’s most about the company on important segment, but its revenue what was not its best day. Editorial and profitability keep falling. The rise Tboards consolidated, employees laid of the internet has led to a decline in off, the end of the paper version of newspaper readership and a dramat- the iconic French-language daily ic drop in advertising revenue. In less Le Matin, strikes, the departure of than a decade, profits from advert the editor-in-chief of the Tribune de sales in Swiss newspapers are down Genève: massive restructuring at by 50%, falling from 2.4 billion Swiss the Zurich-based newspaper giant francs in 2009 to 1.1 billion Swiss sparked public debate about the francs in 2017, according to figures future, diversity and quality of the from the Swiss Foundation for Adver- press in Switzerland. Some believe tising Statistics. the criticism is justified and Tamedia should have shown more considera- Fierce tion to its journalists and the sensi- “In this context, Tamedia is the most tivities of the country’s regions. But durable media group,” says Philippe from a financial perspective, most Amez-Droz, media economist at the

observers agree that these cost University of Geneva. The company’s JÜRG STUKER reductions are a logical decision. Chairman of the Board, Pietro Supino

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– who represents the fifth genera- 20th century, the company acquired With that, Tamedia was a national ANALYST ADVICE tion of the Coninx family that owns heavyweights in the magazine press giant. With the 2018 acquisition of ­Tamedia – is closely involved in its industry such as Schweizer Familie Basel daily Basler Zeitung, it is now “A LOT OF MONEY FOR operations. “He has taken a silo and Annabelle, and founded the present in all major economic regions THE DIGITAL TRANSITION” management approach and doesn’t Sunday weekly SonntagsZeitung. in Switzerland. hesitate to make fierce moves But business really picked up in In 2018, Tamedia saw its revenue and restructure things that aren’t the late 1990s. Classified adverts grow by 3.7% compared to the working,” adds Amez-Droz. In 2018, and television previous year, reaching 1.01 billion the company’s revenue was up 3.7%, Tamedia diversified significantly in Swiss francs. But its net profit reaching 1.01 billion Swiss francs, This successful the 2000s. It acquired classified ad fell 23.9% to 129.5 million Swiss with an operational margin (EBITDA) diversification sites such as ricardo.ch, homegate. francs, due in particular to the fall in revenue from print advertising. of 20.4%. By way of comparison, fails to address an ch and jobs.ch, as well as meeting Despite the drop in profit available Tamedia’s main competitor Ringier underlying question. scheduling platform Doodle and to shareholders, dividends have also made 1 billion Swiss francs in How does Tamedia internet television site Zattoo. “There remained unchanged. Tamedia revenue, but had an operational are three main channels for selling has not provided forecasts for margin (EBITDA) of 11% in 2017. see the future of adverts on the internet: search en- the current financial year. its dailies and gines, social networks and classified The group’s annual results are in How did the company get to where magazines? advert sites,” says Matthias Künzler, line with predictions from analyst it is today? Let’s take a look into its a professor specialising in Swiss Daniel Bürki, who covers the past. The history of Tamedia began Tamedia went public on the Swiss media at the University of Applied company at . all the way back in 1893, the year exchange in 2000 and acquired the Sciences HTW Chur. “Tamedia doesn’t “Tamedia’s digital activities, with the Tages-Anzeiger was founded as free 20 Minutes and Bern dailies have access to the first two, as platforms such as homegate.ch, are a general newspaper independent Bund and Berner Zeitung. In 2009 it they are monopolised by American doing very well. In this segment, Tamedia has a very successful from political parties – a novelty acquired Edipresse, the Lausanne digital giants. So it focused on the portfolio. But these successes are at the time, and the paper quickly group that owned the major papers third, and was very successful.” In overshadowed by the hardships in became popular with readers. In the in French-speaking Switzerland. 2018, the Market Share and ­Equity the Paid Media segment, which is under increasing pressure. I was Tamedia's elegant surprised by the investment of premises on 30 million Swiss francs over three Werdstrasse in years in the newspapers’ digital Zurich. TAMEDIA development. It’s a lot of money, though it’s obvious that Tamedia has to act in order to accelerate the digital transformation of its press businesses. Investors also penal- ­segment brought in 252 million group in the advertising market.” ised the company for this deci- Swiss francs for Tamedia – a quarter Last year, Tamedia also took a sion.” The day that the 2018 figures were announced, Tamedia shares of its total revenue – and remains majority stake in Neo ­Advertising, fell 4.27% on the Swiss exchange. its most profitable. a Geneva-based company specialising The drop was too significant to be in exterior advertising – signage, both caused by the figures alone, ac- Recently, Tamedia’s ad offensive analogue and digital, in public spaces. cording to Bürki. He is “neutral” has increased even further. In 2016, in terms of recommending shares. its competitor Ringier partnered Digital subscriptions with Swisscom and SSR to create But this successful diversification advertising firm Admeira. Faced with fails to address an underlying ques- this partnership – and even though tion. How does Tamedia see the fu- and diversity. Tages-Anzeiger is SSR has since stepped down – the ture of its dailies and magazines? Is ranked behind its two competitors Zurich group made moves. In 2018 it it focusing too much on profitability across all of these categories. But acquired Goldbach, which made three at the expense of quality? According it is notably the lack of diversity Tamedia journalists quarters of its turnover of 511 million to an annual study on the quality of that hinders the Tamedia daily: with (Le Matin, 24 hours, Swiss francs through selling tele- Swiss media published by the Uni- the consolidated editorial boards, Tribune de Genève and 20 minutes) on vision adverts. “Until then, Tamedia versity of Zurich, the ­Tages-Anzeiger, the proportion of shared articles th strike in Lausanne didn’t have access to this outlet, its flagship paper, is ranked 17 , far has now risen to 62%. According (4 July, 2018). The which offers remarkable high-level behind NZZ or Le Temps. To arrive to Pietro Supino, “concentrating Zurich publisher stability,” says Künzler. “It can now at their ranking, researchers judged resources improves quality, even increased budget cuts last year. offer a cross-media approach and publications on four criteria: rele- though ­diversity suffers.” But the become the best-positioned media vance, perspective, professionalism authors of the study believe that VALENTIN FLAURAUD / KEYSTONE VALENTIN

20 21 PORTRAIT SWISSQUOTE MAY 2019

tions are less reliable than paper subscriptions,” says Künzler. “Studies show that half of all digital subscrib- ers don’t renew after one year.”

30 million for innovation Serge Reymond, head of the Paid Media segment at Tamedia, is nevertheless confident. He high- lights the fact that revenue from digital subscriptions increased 50% in 2018, but does not share the amounts. Furthermore, newspaper subscriptions exceeded the 100,000 mark. “We’re convinced that people are ready to pay online for quality content.” Over the next three years, Tamedia will spend 30 million Swiss francs to “accelerate and support the digital transformation” of its papers. Twenty million Swiss francs will go towards improving the pa- pers and their editorial processes. “This includes reviewing production modes in order to satisfy readers who consume information on their A high-tech working environment at mobile phone, such as offering Tamedia's headquar- more videos, infographics and ters in Zurich. The audio content.” group makes digital content its priority. Tamedia will also continue to develop

GAETAN BALLY / KEYSTONE BALLY GAETAN what it calls “augmented journalism”, or the personalised production of content based on algorithms. During diversity in itself is a sign of quality. For now, the sale of adverts on news- the referendum on 25 November, the They believe that the homogenisa- paper sites and online subscriptions Tobi tool produced nearly 40,000 tion of topics and perspectives is are unable to overcome the trend. articles in mere minutes. This initi- problematic, particularly from a dem- ative attracted more than 100,000 ocratic standpoint, and that there readers, who received detailed in- is an increased risk of journalistic “Digital subscriptions formation about the election results errors because of reduced scrutiny are less reliable than in their commune. “We want to use across publications. paper subscriptions, this technology for various votes and elections, as well as for sports The decline in print media continues half of all digital results and economic information. relentlessly. “For the time being, subscribers don’t It’s not about replacing journalists, print is still an essential product for renew after one year” but rather it’s about allowing them brand positioning and a company’s Matthias Künzler, professor in Swiss media to use artificial intelligence to identity,” explains Philippe Amez- at the University of Applied Sciences HTW improve the quality of the content Chur. Droz from the University of Geneva. and to produce it more efficiently.” The classic in a new light “And there is still a generation of In terms of sales, Tamedia will allo- USM Modular Furniture Haller now features people who are willing to pay 400 or A total of 24% of subscriptions cate an additional 10 million Swiss revolutionary integral lighting: 500 Swiss francs a year to receive to Tages-Anzeiger are digital, 23% francs to “better take advantage of cable-free, dimmable, energy efficient. their newspaper in their letterbox. for the Tribune de Genève, 13% for the incredible potential of technol- A true innovation – get inspired! But the concentration of titles is 24 heures and 16% for Finanz & ogy to win readers.” The challenge: www.usm.com expected to continue, as is the ho- Wirtschaft. These numbers aren’t identifying what readers are willing Visit our authorized sales partners or mogenisation of content.” likely to change: “Digital subscrip- to buy and when. TAMN our USM Showrooms in Berlin, Bern, Düsseldorf, Hamburg, London, Munich, New York, Paris, Stuttgart, Tokyo 22

usm_swissquote_hallerE_pult_E.indd 1 01.02.18 12:56 CONNECTED HOME SWISSQUOTE MAY 2019 CONNECTED HOME SWISSQUOTE MAY 2019 ISTOCK

or 10 years now, we’ve chips (ed. note: these electronic tags Show in Las Vegas, a Mecca for been hearing promises of emit a signal that is automatically those working with consumer tech- the “smart” fridge that recognised by a receiver) rather than nologies. “The only way to overcome can detect when a butter manually scanned barcodes, but the this problem would be to standardise Fshortage is looming or yoghurt is price of this technology is too high products at the global level,” says getting low, and then automatically compared to that of food products. the Frenchman. He also identifies yet places an order at the local super- It’s not a cost-effective solution.” another pitfall: “For it to be worth- market. Many have boasted about while, such a system must operate this fabulous fridge that will prevent at 100%, that is, no product can be us from waking up one fine morning left out – because if consumers have and realising we have forgotten to to start sorting what the fridge does buy milk. But it still does not exist, and doesn’t recognise, it becomes THE GREAT PROMISE and it probably never will. This case even more complicated than before.” alone illustrates all the challenges facing the connected home appli- SIMPLICITY AND ADDED VALUE ance market. In short, the smart fridge is the OF SMART HOME prime example of what doesn’t work. “I’ve been writing about the Internet It doesn’t meet the three key criteria of Things for 10 years and ended a household appliance needs to meet up scrapping the fridge example,” “All the players to have a chance of becoming a kitch- APPLIANCES chuckles Oliver Bäcker, Senior Man- involved would en essential: standardisation, ease ager in the digital division of audit of use and added value for the user. and consulting firm Deloitte in have to agree Although first announced years ago, Switzerland. The specialist points on standards” This is why few products thus far connected household appliances have been out that the two main reasons be- Oliver Bäcker, senior manager of have established themselves as a Deloitte Digital in Switzerland slow to enter homes. But manufacturers hind its failure are a lack of stand- permanent fixture in homes. The leg- have not yet had their last word. ardisation and an excessive cost. endary robot vacuum cleaner is per- And the shelves full of products haps the one that has had the most

BY JASMINE LECKER “First of all, all the players involved, imported from around the world far-reaching success. “This product from agri-food companies to appli- complicates the situation, as Olivier sells very well and many companies ance brands, would have to agree Ezratty notes. For 14 years, this offer it,” explains Ezratty. Much like on standards for identifying foods,” independent consultant has been its gardening counterpart: the robot explains Bäcker. In practice, the writing a particularly exhaustive lawnmower. “I had one, but stopped ideal solution would be to use RFID report on the Consumer Electronics using it because it didn’t work well

24 25 CONNECTED HOME SWISSQUOTE MAY 2019 CONNECTED HOME SWISSQUOTE MAY 2019

on rough ground,” admits the French THE FRIDGE THAT YOU THE OVEN WITH ITS EYE devices together. “Everything consultant. “It was also very slow CAN CHECK REMOTELY ON THE PRIZE needs to be manageable from a and left grass behind, which I had single platform,” says Oliver Bäcker to pick up.” from Deloitte Digital. All manufac- NAME RB7500 turers are working on this, from Currently, it’s the kitchen in which COMPANY SAMSUNG the German Siemens – which has innovations are becoming the most Price: CHF 5,999 promised to have all of its appli- widespread and the most ­compelling, ances connected by 2020 – to the with food processors proving very Swiss V-Zug, owned by the listed successful. Almost all major brands group Metall Zug. For its software, sell them in one form or another. The the Zug-based company has set its device, often equipped with scales, sights on the German-Swiss plat- works by listing the ingredients and NAME JUNE OVEN form digitalSTROM, which recently the quantities to be added, and then COMPANY JUNE merged with Belgian company prepares the dish all by itself. The Price: $599 (only Smart Control. This group’s objec- star in this field is the Thermomix available in the US) tive is to establish itself as the SAMSUNG JUNE by the German group Vorwerk (see European leader in smart homes. inset on this page). It might not order yoghurt by itself, but the Samsung The connected oven by June – a Californian start-up fridge is bursting with technological features. For founded in 2015 – operates in a similar way to pressure Essentially, the owner of a V-Zug instance, its three internal cameras allow you to view cookers. With an internal camera, it can supposedly the shelves remotely. It also has a touchscreen tab- recognise over 50 food categories and suggest the most washing machine can receive a noti- let fitted in its door, called Family Hub, with various suitable cooking setting. A specially-designed app fication on their tablet or phone via apps (such as a calendar, recipes, notes, photos, etc.). provides users with remote control, gives them access a dedicated app, alerting them when Meanwhile, LG is marketing a refrigerator whose door to the camera and notifies them when the food is ready. the washing cycle is about to end. becomes (partly) transparent when you knock on it Electrolux had also announced an oven fitted with a This same app can also notify the twice, thus allowing you to check its contents without camera, but there is no sign of it today. user when dinner is ready and can having to open it. even adjust the heating. The devices are connected via the house’s Wi-Fi “The robot network. Since late 2018, connectiv- ity is no longer an option for V-Zug vacuum cleaner customers. “This is a standard sells very well THE STAR OF ALL THE ROBOT VACUUM function for all product lines,” says PRESSURE COOKERS CLEANER THAT SEES ALL marketing manager Jasmin Riesen. and many The digitalSTROM platform is com- companies NAME THERMOMIX patible with Google, Amazon, Philips, offer it” COMPANY VORWERK Siemens and Logitech products, Olivier Ezratty, specialist independent Price: CHF 1,450 but not Samsung or LG, which use consultant in connected devices other ecosystems (SmartThings and SmartThinQ). “At the moment, there In a similar vein, Ezratty highlights is no platform that can connect all the smart oven from Californian systems,” notes Bäcker. “This is a start-up June. He also mentions very big challenge.” the sous vide cooking machine from Anova, another start-up from San NAME PURE I9 There remains another major chal- Francisco, which was bought by the COMPANY ELECTROLUX lenge – data protection. Networking Swedish giant Electrolux in 2017. Price: CHF 1,199 home appliances opens a window VORWERK As for fridges, you can now find ELECTROLUX into the home. “Customers still them with touchscreen tablets built approach connected devices with into their doors and internal camer- No idea how to prepare a soufflé? Do your pasta Electrolux was the pioneering brand of robot vacuum caution,” admits Riesen. “There is as. In the culinary field, the cultural bakes look like soups? “Be guided” by the Thermomix, cleaners. Its Trilobite was the first to come on the market certainly scepticism surrounding as proclaimed by its manufacturer. An absolute star in 2001. Nearly 20 years later, the Swedish giant has aspect plays an important role. For of “smart” kitchen robots, the Vorwerk pressure made many changes to its product. The company’s newest data.” However, the marketing man- instance, the majority of rice cooker cooker can help you create more than 4,000 recipes creation, the Pure i9, has an embedded 3D vision system ager believes that consumers will be sales are, unsurprisingly, in Asia. by following the instructions on the screen. It weighs, that allows it to see “all opportunities” (sic) and to get convinced by the benefits over time, mixes, simmers, stirs, heats – you name it, it does around obstacles. Its triangular shape enables it to clean and that this will become the norm, ALL TOGETHER NOW! it. This lucrative device alone generated €1.1 billion corners more efficiently – and naturally, it’s linked to as in other industries. “Can you think Beyond adding smart functions, the in sales in 2017, more than a third of the German an app, meaning it can be controlled remotely. of any TVs today that don’t include other big challenge is ­networking company’s revenue. a Wi-Fi connection module?”

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Dossier prepared by : Bertrand Beauté, Ludovic Chappex and Martin Longet

DOSSIER WHYWHY OPENOPEN SOURCESOURCE HASHAS ALREADYALREADY WONWON Around since the 1980s, open source software is ubiquitous these days: on our phones, on our computers and on the web. Today, the market is worth billions of dollars.

BY BERTRAND BEAUTÉ

hirty-four billion dollars – 34. Essential the amount sounds absurd software TTfor a company that produces packages ad-free code that can be download- ed for free. But that is what IBM 36. A return to source code paid for Red Hat back in October. Founded in 1993 in Raleigh, North 40. Nine open Carolina in the United States, companies the firm – which is listed on the New York Stock Exchange – pro- 46. Linus, the creator vides open source software. Unlike of Linux , such as the Microsoft Windows operating A question 47. system, the source code of these of licences computer programs is open to any­ 48. The auto industry one. In other words, anyone can goes open source read it, change it and redistribute

JORG GREUEL / GETTY IMAGES it (see glossary, p. 31).

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TOP “It’s a bit similar to food,” says long gone when Steve Ballmer, then GLOSSARY Pierre-Yves Gosset, director of CEO of Microsoft, said “Linux is a CONTRI­ ­Framasoft, a non-profit organi- cancer,” and likened free software sation that develops open source to communism. That was in 2001. Open Source the ethical and philosophical free of charge and proprietary, BUTORS software. “You have ready-made Since then, despite being the ulti- In simple terms, open source tenets held by the Free Soft- meaning its source code is meals – proprietary software – mate defender of closed software, refers to any software program ware Foundation. The term patented and cannot be ac- TO OPEN whose ingredients you’re vaguely the tech giant has come to embrace whose source code is freely “free” in this definition does not cessed. Examples of closed SOURCE* aware of and that you can’t change. open source. In June 2018, the licensed, granting users the mean free of charge, as nothing source : Adobe Reader, Then you have free software and Redmond-based firm bought the right to use, distribute and prevents its commercial sale. Internet Explorer, Google Maps. open source software programs, open source software development change the software. In practice, Company where you know what all the ingre- platform GitHub for $7.5 billion open source can be interpreted Source code Closed source software Employees dients are, where they’re from and and joined the Linux Foundation, in various ways depending on Source code refers to code Also called proprietary software, how they were prepared. Plus, you which finances the development of context and, in particular, on written in a programming closed source refers to any can change them, improve on them the Linux kernel operating system, the licences used. language before it is compiled software whose source code to suit your taste, and share them in 2016. and executed on a computer, is not available or is protected with friends.” Free software similar to how a recipe is used by copyright. In practice, And Microsoft is not the only one. This software ensures users to prepare a meal. this software is distributed All the long-standing industry have the freedom to study, in executable form (machine giants are now dealing in open change and redistribute the Freeware language) without the ability Days seem source. For example in 2010, the software. These freedoms are As the name indicates, freeware to study or change its source MICROSOFT long gone American firm Oracle, known for legally and technically guaran- can be distributed and used at code (programming language) 5,308 its proprietary enterprise software, teed through access to the no cost to the user. But freeware and therefore to understand when Steve bought Sun Microsystems, which source code. Free software is may differ from free and open what it really does. Examples Ballmer, developed the open source pro- almost always open source, but source software in that the of closed source software: then CEO of gramming language Java, available the notion also encompasses software can be both available Microsoft Office, Windows. Microsoft, under a free licence, for $7.4 billion. said “Linux IBM / RED HAT ** Only after its beginnings, rampant 3,114 is a cancer” with utopian and charitable ideas, very efficient production mod- “Microsoft did a complete 180. of developers. They use them for did open source software program- el. “It’s a long and costly process They realised that by sharing the their non-differentiating aspects, mers figure out a business model. for a company to develop pow- recipe they can build better quality i.e. where there is no competi- Ever since it was started in the Red Hat, for one, is a very profitable erful software on its own,” says programs faster and cheaper,” says tion,” says IT consultant Raphaël 1980s by the American Richard company. It started out distributing Stéphane Fermigier, co-chairman Gosset from Framasoft. “They are ­Bauduin, founder of the Free and GOOGLE Stallman in response to the patents a free version of Linux, developed of France’s French National Council now the world’s biggest contributors Open Source Developers’ European 2,322 filed by big software developers like as an alternative to Microsoft soft- for Open Source Software (CNLL) to open source. But it’s also slightly Meeting (FOSDEM) held every year Microsoft, the free software move- ware. Then the firm split its range and CEO of the software develop- for show, because they’re not ready in Brussels. ment has grown steadily. Main- in two, developing a paid version, ment company Abilian. “But if you to open-source the code of their INTEL 1,070 stream users, the extreme vast called Red Hat Enterprise Linux AS release your code freely online, a star products, like the Windows Silicon Valley firms also signifi- majority of whom use Windows (RHEL), which co-existed along- community of developers will get operating system and Microsoft cantly benefit from open source. and Mac OS (operating systems side the free version (Fedora). Red together and work on developing it. Office suite.” Facebook jokingly said in a post AMAZON owned by Microsoft and Apple), are Hat also provides paid services, The openness brings much faster published in 2006 on its official 971 not always aware of it. But these including integration, training and and less costly innovation.” page something everyone already programs are now everywhere. support. In 2018, the paid business knew: “Mark Zuckerberg didn’t ALIBABA They form the basis of Android, the generated turnover of $2.9 billion The system is so efficient that it write all of Facebook in his dorm 687 operating system from Google that for the company. has pushed traditional developers It's as if room at Harvard. (Sorry, Mark, powers most smartphones, in cars to use it for their own products. tech giants your secret is out). He had a lot FACEBOOK such as Tesla, BMW and Mercedes, “If traditional, big-name software For example in 2014, Microsoft found a of help [... from] open-source and 647 and in computers aboard the developers like IBM are buying announced that it was open-sourc- FREE RECIPE free software. Without it, there’d International Space Station (ISS) pure open source players like Red ing its .NET Framework ecosys- be no Facebook,” the company TENCENT and Airbus flight simulators. Hat, it’s obviously to take over their tem, and one of its trademark wrote. The same could be said of 614 direct competitors before they software programs is set to follow Google, Amazon or Twitter, which Open source has a particularly become too big,” says Gosset. “But suit in March 2019: the Windows use abundant amounts of open *Ranking of top contributors based on the number dominant position in web infra- that’s not the only reason. It’s also 10 calculator. “Our goal is to build source modules. of employees officially active on GitHub, the largest community of open source software, in 2018. structure, the Internet of Things because the best developers and an even better user experience in “Industry giants have clearly un- and the cloud. It has become so codes are now in open source.” partnership with the community,” derstood the advantages of ‘shared To go back to the food analogy, it’s **IBM rose considerably in the ranking with the acquisition of Red Hat. omnipresent that the days seem Open source has evolved into a Microsoft said on its official . digital goods’ built by communities as if tech giants found a free recipe

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concocted by the developer commu- to sustain their business model Pierre-Yves Gosset. “The open nity, then added a secret ingredient due to competition from GAFAM source movement has won, be- Key to sell it as a ready-made meal and (Google, Amazon, Facebook, Apple, cause virtually all proprietary pro- generate substantial profits. That Microsoft),” says Bauduin. A case grams contain fragments of open approach is starting to irritate open in point, the French gem Mandriva source software, but unfortunate- strengths source developers. In August 2018, (formerly Mandrakesoft), which ly nothing has really changed for Redis Labs, which develops the developed the Mandriva Linux open the end user. Windows and iOS popular open source database man- source operating system, closed its are still closed, and Android is of open agement system NoSQL, sounded doors in 2015. To avoid the same only partly transparent. From that the alarm. fate, Redis Labs has decided to standpoint, open source hasn’t place some of its modules under a managed to assert its philosophy.” source “[Some cloud providers are tak- proprietary licence to keep them Bar some rare exceptions, such as ing] open source projects and from being picked up by the big the browser Firefox, VLC media Open source solutions have notable advantages MORE INNOVATIVE repackaging them into competi- player or the LibreOffice suite, end leaguers without anything in re- compared with their proprietary equivalents. SOFTWARE tive, proprietary service offerings. turn. MongoDB and Confluent, two users (individuals, businesses, A five-point summary. 4 Cloud providers contribute very other open source leaders, made governments) use few open source There are hundreds of thou- little (if anything) to those open similar moves in 2018. programs. Why? “For individuals, sands of open source projects on source projects,” the American open source programs are less sites like GitHub, GitLab, Gogs or firm wrote. “Instead, they use accessible than their proprietary SourceForge. It would be absurd their monopolistic nature to derive counterparts,” says Gosset. “And to pretend that they are all good hundreds of millions [of] dollars in the business world, no IT man- quality. Most have also been in revenues from them. Already, "End customers ager has ever been punished for abandoned halfway for lack of an this behaviour has damaged open (businesses and choosing IBM as a service provid- audience. But unlike proprietary source communities and put some governments) are er. It’s choosing continuity over software, developed by a limited number of employees, success- of the companies that support them increasingly open source, which is perceived ful free software attracts a out of business.” Basically, Redis turning to open as riskier.” strong community of developers source" LOWER COSTS Labs doesn’t want big-name cloud around it, enabling the more rapid providers to make more money Marc Palazon, chairman of the Syntec Marc Palazon, chairman of the Contrary1 to popular opinion, open development of programs. This is than the original designer, in this Numérique Open Source Committee Syntec Numérique Open Source source software does not mean the principle of open innovation, case Redis. ­Amazon Web Services, and CEO of Smile Committee and CEO of Smile, free. Open source solutions still drawing in experts from across Google Cloud Platform, IBM and has a more tempered opinion: involve costs, which may materia- the world. Microsoft Azure, which all use “Although there is a clear shift lise at the point of sale, during use Redis, were the main targets in its towards concentration, as seen or maintenance. But the overall bill proves to be much lower than with statement. THE SHIFT IS PICKING UP PACE in the recent takeover of Red Hat a proprietary equivalent. The average user hasn’t been af- and GitHub, there are still a lot “It’s now harder for small devel- fected by these upheavals. “That’s of pure open source players out PROGRAMS opers that only do open source where the paradox lies,” says there. And there will be more BUILT TO LAST of them because end customers 3 (businesses and governments) What happens when a proprietary are increasingly turning to open software publisher goes out of SECURITY SWISSCOM: business or decides to abandon source solutions to avoid having to FIRST A TEXTBOOK CASE pay for proprietary software.” one of its products because it is not viable? Clients find them- 5 “Security through obscurity is not TAILOR-MADE selves trapped, with a product A report published by Report­ a good solution.” Supporters of Like many technology companies, explains: “Open-source solutions are that will never be updated again. Buyer in February 2018 esti- TOOLS open source are convinced that Swisscom bases most of its infra- significantly faster and less costly 2 Open source solutions are not mates that the global market hiding a program’s source code to structure and services on open- to deploy than proprietary software, Access to the source code of an an eternal guarantee, but they for open source services will protect it from computer pirates is source solutions. This is the case for while enabling the latest innovations IT program means it can be mo- address this issue. If the publisher not an attractive option. The argu- its main server, Swisscom TV and the to be implemented on an ongoing grow from $11.4 billion in 2017 dified as you like. For companies, disappears, the community can ment goes: letting the community Internet box, which run on GNU Linux. basis. Our cloud services, for exam- to $32.95 billion in 2022. These this is an opportunity to perso- then continue to develop programs audit software by analysing its The national provider says it applies ple, are based on the open-source amounts may look paltry in rela- nalise or customise software, to where the code is open. Further- source code means weaknesses the 80/20 rule, i.e. 80% open-source applications Cloud Foundry and Open- tion to the overall IT market, but adapt it perfectly to their own more, these generally adhere to can be identified. In practice, software and 20% proprietary devel- Stack.” And there's more: Swisscom is they are growing, and at an annual needs. Where­as adaptations to standards better and it is easier research shows that free software opments tailored to specific needs. increasingly relying on open-source rate of 23.65%. Maybe it isn’t so proprietary software are often at to add plug-ins, which makes them has a similar security level to Jacques Van der Merwe, principal hardware, particularly for its selec- best limited, and at worst totally compatible with most proprietary far-fetched to wonder if one day, proprietary equivalents. security architect at Swisscom, tion of network components. open source software could very excluded by the publisher. solutions. well take over for good.

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Essential software KEY FIGURES packages $33 bn Among the thousands of actively developed free and open-source VLC MYSQL The projected value of the open software packages, only a handful are known to the general public. source services market in 2022, vs. $11.4 billion in 2017. Here are some examples: The multimedia The king of BY MARTIN LONGET reader databases Completely free and distributed MySQL is a database management $50 bn+ under a GNU GPL licence, the software package and essential The value of mergers/acquisitions multimedia reader VLC is available web tool, which is often found used and stock exchange listings on nearly 20 different platforms, alongside the Apache web server in the open source segment and the programming language including macOS, Windows, GNU/ in 2018 alone. Linux, Android and even Apple TV. PHP. It was developed by Oracle VLC was developed by VideoLAN, Corporation, and is unique in that it a French non-profit association, is available both under GPL licence and is appreciated for its light and proprietary licence, depending +7.2% on whether it is distributed with an footprint, ease of use, and wide The increase in the use open-source product or a proprie range of functionalities. - of open-source solutions FIREFOX LINUX APACHE HTTP SERVER tary one. by companies in Switzerland between 2015 and 2018. The alternative The developer's The star web to Google friend server Chrome This is the largest open-source This free web server software, 80% Firefox was developed by the Mozilla software project, both in terms of created in 1995, manages HTTP The percentage of US companies foundation as a successor to the its size and its age. Linux consists requests, i.e. it provides local web that used at least one open-source defunct Netscape and since its of an operating system kernel, i.e. pages for remote clients, who log software package in 2015, launch in 2002, the web browser with a program that manages the com- in most often with web brows- according to a large-scale study the red fox has become a serious munication between software packag- ers. Apache is published by the conducted among thousands free software alternative to Internet es and hardware, and allocates the Apache Software Foundation, and of companies. Explorer, which had a near-monopoly system resources (memory, pro- runs on nearly 35% of the top on the market. Firefox achieved 30% cessing power) between other com- 1,000,000 most-visited ANDROID LIBREOFFICE market share in 2010 but has since plex and fundamental tasks. Linux and 44% of all known websites. Its 1911 lost ground to Google Chrome, which was initially developed as a hobby by main competitor for a number of has become the number-one web Linus Torvalds, a 22-year-old Finnish years is Nginx, another open-source The SMARTPHONES’ The free The date of the first open source browser in the world. IT student. Little by little, it became HTTP server. OS office suite project, when US car manufactu- increasingly professionalised until it rers, with Henry Ford at their head, was a key element of the open source The operating system developed by LibreOffice is an open-source, free- launched an initiative for sharing universe. Today, dozens of companies, Google is used on more than 80% of-charge alternative to Microsoft­ patents with no royalties. including Microsoft, Google and IBM, of smartphones worldwide. Based Office. It is an office suite pre- participate in its development. The on the Linux kernel, and distributed viously derived from OpenOffice.org.­ complete operating system associ- free in its pure form, in practice With a word processor, a spread- ates the Linux­ kernel and programs Android is delivered with a set of sheet package, an equivalent to 25 m developed by the GNU project in the proprietary software packages, PowerPoint and a drawing tool, The number of lines of code form GNU/Linux, of which there exist such as certain integrated Google LibreOffice is available on a wide included in the Linux kernel at the hundreds of different variants, known services and applications that are range of platforms, including end of 2017. It is modified at a rate as “distributions”. specific to different developers. Windows, macOS, GNU/Linux of 8.5 corrections per hour. and Android.

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hen, one beautiful Until the late 1960s, machines to computer programs. Proprietary day in 1980, the were rare and expensive, and code, software thus became the norm, and new Xerox printer in considered little more than an orna- paved the way for significant profits the MIT artificial in- ment, was virtually never sold. The for a large number of companies in a Wtelligence laboratory suffered yet an- narrow range of backgrounds among rapidly expanding market. Business- other paper jam, , a early users – primarily members es such as Microsoft, IBM, Adobe and young programmer aged 27, thought of academic circles, for whom the Apple benefited greatly, guarding he would solve the problem as he sharing of knowledge was the norm their patents jealously and enjoying had always done: by directly modi- – encouraged code’s exchange and the protection of legions of lawyers. fying the machine’s code. But there modification. It was in this context was a problem – the manufacturer that the term “hacker” was born, a Enter Richard Stallman, the MIT had not made the printer’s source nickname later appropriated by rogue programmer frustrated by his Xerox code available, and the engineer who users of a future era. printer and its proprietary code. had programmed the machine was bound by non-disclosure clauses that prevented him from sharing it. Two key events eventually acted And so Stallman threw himself into as catalysts in the distribution the fight of his life: an IT crusade to defend and promote free software. of free software: the creation of Linux, and the widespread adoption This famous story highlights the of the internet face of the free software movement in its early years: a community of But this period of relative freedom Leaving his job permanently in libertarian programmers faced with was not to last. “With the rapid order to found the Free Software A return code’s growing inaccessibility under development of computing and the Foundation (FSF) in 1985, Stallman the protection of trade secrets. “In emergence of portability, it became – better known by his initials RMS – the early days of computer science, profitable for small companies to developed the fundamental concepts to source the concept of ‘proprietary’ code did reuse their code to market com- of his philosophy, in particular the not exist,” recalls Raoul Delpech, a petitive machines, cheaper due to four freedoms that would define partner at Linagora, a leading French the cost savings of these software free software: the freedom to run free software publisher. “Code was developments,” explains Delpech. the program, whatever the purpose; code regularly shared by manufacturers of “Faced with this risk, made great- the freedom to study its operation huge infrastructures, who relied on er by the expanding PC market, and adapt it to the user’s needs; the feedback from customers in order to computer manufacturers stopped freedom to redistribute copies (even Before becoming the norm, free access to source improve their settings and fix various disclosing their software source for a fee); and, finally, the freedom to code for computer programs was long considered bugs. This wasn’t born of a desire code and imposed non-disclosure improve the program and distribute a utopia for dangerous activists. We take a closer to do good, it was simply a form of clauses on their developers.” these improvements. Combining pragmatism; in any case, there was no words with action, Stallman and his look at this development within the IT world. real software market back then, nor A drastic development in American supporters launched the GNU project, the concept of portability. So it was law came in 1984 with the Computer aiming to create an operating system BY MARTIN LONGET impossible to design code exchanges Software Protection Act, which composed entirely of free software. between users of different machines.” extended the concept of copyright But the real conceptual ­revolution MIKE MCGREGOR / GETTY IMAGES

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came in 1989, when Stallman Though the foundations of free soft- of a complete and entirely free op- recognised the competitive advan- an open-source operating system. certain peripheral devices. “How- published the first version of his ware were laid in the late 1980s, the erating system. GNU/Linux was born tages of collaborative development. Microsoft too has joined in on a ever, from a technical point of view, licence, the GNU General movement concerned only a small – and with it, an initial ecosystem of Ultimately, they had no choice but to massive scale, for fear of becoming this opposition no longer has any Public License (GNU GPL). “Copy­ number of enthusiastic supporters technical distribution and support, as follow and support the movement,” completely outdated and overlooked real impact. Today, free and open- left uses the legal norm of copyright and activists. Information technology, well as a significant ideological clash explains Stürmer. by young talent, who learn their source licences are almost all 100% to protect free software,” explains which was undergoing a period that is still relevant today. trade using open technologies. Open compatible,” says Delpech. Delpech. “Free software is published of significant growth among both The reason? Open source had become source has won, that’s for sure.” under a licence that guarantees the businesses and the general public, so omnipresent that overlooking it It looks like free and open-source four fundamental freedoms, under remained almost entirely under posed a considerable risk for compa- Yet there remains a fundamental software has a bright future ahead one condition: any distribution of the the thumb of proprietary software. “When open nies in the IT industry. “Today, open opposition between the supporters of it: “In Switzerland, the use of open same program or a modified version Two key events eventually acted source is the technological founda- of free software and those of open source is increasingly prevalent in must guarantee the same freedoms as catalysts in the distribution of source started tion of just about everything on the source, resulting in frequently bitter the banking and pharmaceutical to others.” In other words, copyleft free software: the creation of Linux, to grow, internet,” adds Raoul Delpech. “The confrontations, be it over terminolo- industries,” notes Stürmer. “We are ensures the preservation of free and the widespread adoption of companies GAFA companies built their success gy – the FSF categorically refuses to living in a new period of acceler- software, whilst enabling legal action the internet. like Microsoft on open source, and continue to be be associated with open source – or ation,” agrees Delpech. “For the against non-compliance with the GNU initially felt major contributors. For instance, 85% fundamental issues, such as the adoption rate of these technologies, GPL licence through copyright law. “By the early 1990s, the GNU project of smartphones run Android, itself use of proprietary code for access to the only way is up.” had already successfully developed a threatened" range of software products, but it still Matthias Stürmer, head of lacked a central piece, a core to make the Research Center for Digital it a fully-functional operating system,” Sustainability at the University explains Dr Matthias Stürmer, head of Bern and vice-president of the Research Center for Digital at CH Open A WORRYING American Richard Sustainability at the University of Stallman, father and CONCENTRATION Bern and vice-president at CH Open, idol of free software. a Swiss organisation that aims to pro- “In the late 1990s, free software Here at a photo Good news or bad news? IBM’s session for New mote free and open-source software. began to attract interest from busi- Scientist magazine. takeover of Red Hat, shortly This missing piece was the kernel, ness circles,” explains Stürmer. “The after Microsoft’s acquisition of GitHub, triggered many a fundamental element controlling term ‘open source’ was coined then, questions among suppor- access to the various components of because the political implications of ters of free software, some of an operating system, be they hard- free software and the Free Software whom see these purchases as ware or software. Foundation scared away investors.” the death knell for the open- Unlike the FSF, supporters of open source model. “We are cur- It was then that Linus Torvalds, a source emphasised the practical ad- rently witnessing a concentra- tion of the market – and this 21-year-old computer science student vantages of access to source code, is just the beginning. Further from Finland, published online the including reduced development costs takeovers are soon to come,” code of a rudimentary operating and improvements in quality and explains Marc Palazon, chair- system developed during his spare efficiency. Taking a more pragmatic man of Syntec Numérique’s time, asking for feedback from other approach, they permitted the use of Open Source Committee and developers (see portrait on p. 46). less restrictive licences, allowing CEO of Smile. “These mergers must be carefully monitored, Very soon, the project gained a great combinations of free and proprietary as new owners may be temp- deal of support, with users contribut- code (see p. 47). ted to change the model by ing to it on a voluntary basis. Linus ‘closing’ code – though I must decided to publish his kernel under The rapid development of the internet say I don’t set too much store the GNU GPL licence the following gradually encouraged the use of free by this hypothesis. year. “This decision enabled the licences and collaborative approach- "If Microsoft or IBM were to rapid development and distribution es, and free and open-source soft- take such a step, the develo- of the Linux kernel and its transfor- ware gained more and more ground per community could simply mation into a fully-fledged operating with developers – a cause for concern respond by creating a fork, i.e. system, thanks to the programs among traditional software publish- new software created from the developed by the GNU project,” ers, Microsoft in particular. Eventu- code that existed before the continues Stürmer. ally, the Redmond firm changed its takeover.” Companies acquired attitude and embraced the move- for billions would then lose all value. The combination of the Linux kernel ment: “When open source started to and the software published by the grow, companies like Microsoft initially GNU project represented the creation felt threatened, but before long they MIKE MCGREGOR / GETTY IMAGES

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FOUNDED 2007 MongoDB HEADQUARTERS NEW YORK (US) OPEN A cold snap EMPLOYEES 1,000

for databases TURNOVER (2018) COMPANIES $267 M Business was booming. In 2018, accompany the database. But tired November to remove CAPITALISATION 9 shares of MongoDB went up by of seeing many firms like Amazon MongoDB from pro- $7.8 BN From pure open source firms to traditional more than 240%. This enthusiasm offering their clients the NoSQL da- grams on the next MDB IT companies, all tech players benefit from from investors demonstrates the tabase without paying MongoDB, the version of its operat- open source software. We feature some company’s revenue growth – turn- company decided to revisit its busi- ing system and the Open Source Ini- of the best. over was up nearly 75% in 2018 ness model. On 16 October 2018, it tiative (OSI), the industry’s umbrella BY BERTRAND BEAUTÉ compared to the previous year and established a new licensing system organisation, stated that “MongoDB MongoDB products had very strong to protect itself from “big cloud pro- was published under a non-ap- potential. The company, listed on the viders that want to capture all the proved licence and therefore was Nasdaq, distributes the very popular value without giving anything back no longer an open source software.” Elastic open-source database MongoDB, to the community.” It was a critical blow to the com- which was downloaded more than pany: if the developer community The super 40 million times since the company Companies providing public access turns its back on MongoDB, a fork (a search engine started. MongoDB’s clients include to a service using the software will new software created from the free big names such as Adobe, Amazon, now be required to make public the code) could be created and become AstraZeneca and eBay. entire code used to operate the a competitor for the database. With It was the early 2000s in London. software suite, which includes FOUNDED 2012 software, including user interfaces, this in mind, analysts are split: half Shay Banon, then unemployed, Elasticsearch, Logstash, Beats Until recently, MongoDB generated backup software, etc. Following advise purchasing shares whereas HEADQUARTERS spent his free time developing a and Kibana, remains entirely open AMSTERDAM (NL) revenue from its paid services that this decision, Red Hat announced in the other half recommend holding. search engine to help his wife or- source, the company sells addi- EMPLOYEES ganise her impressive list of digital tional paid modules under a pro- 1,100

recipes. He created Elasticsearch prietary licence. These, along with TURNOVER (2018) for her and published the code in revenue from technical support $160 M open source. The developer com- and services, are the company’s CAPITALISATION munity loved it and downloads were sources of income. $6.4 BN off the charts. ESTC Since its creation in 2012, Elastic Banon decided to co-found ­ products have been downloaded Elastic in 2012 to develop an open more than 350 million times. But software suite around Elastic- this success hasn’t yet made it to CLOUDERA It was a major transaction in the After the merger, the new company search. The system is able to find the company’s bottom line. Listed US open source world. In ear- will still have a direct rival: the most relevant information on the New York Stock Exchange The king ly October 2018, Cloudera and US-based MapR. It is also up from a gigantic mass of data since October 2018, Elastic isn’t Hortonworks announced their against cloud mastodons (Amazon, spread across thousands of serv- making a profit yet. During financial of big data merger, which should be finalised ­Microsoft and Google primarily) ers. For example, Elasticsearch year 2018, the company recorded a in Q1 2019. The merger ends the which also have solutions similar can find the two most suitable loss of $52.7 million for a revenue of battle between these two direct to Hadoop. The new entity gener- Tinder profiles and match them, $160 million (+80% over one year). competitors for providing solutions ated approximately $760 million or give an Uber driver the most Elastic is up against the proprietary FOUNDED that can analyse colossal amounts in revenue (Q3 2018), with more efficient route for a client. solutions of competitors such as 2008 of data. Cloudera and Hortonworks than 2,500 clients. It is hoping Amazon, Google and Splunk. Most HEADQUARTERS both offer versions of Hadoop, an to save $125 million per year Besides Tinder and Uber, Elastic analysts recommend purchasing PALO ALTO (US) open source software managed by in synergies. Is that enough to has other big name clients such shares, with a target of $95 per EMPLOYEES the Apache foundation that has compete with its rivals? Every- as Netflix, Cisco, NASA and the share in three months, compared 3,000 become a standard in the big data one is asking the same question, New York Times. While Elastic’s to $82 at the end of March. TURNOVER (2018) $479.9 M universe. In addition to its free especially as the two compa- CAPITALISATION version, Cloudera also sells paid nies have significant operating $3 BN extensions to manage launches, losses ($78 million for Cloudera, CLDR configurations and security. $55 million for Hortonworks).

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WALLIX Oracle The goldsmith Prince of of cybersecurity darkness

FOUNDED In March 2018, French company of which is shared in the cloud “If an open source product be- Then Oracle acquired the Solaris 2003 Wallix won the “2017 Bossie: The with external providers, the comes sufficiently good, we take operating system, as well as HEADQUARTERS Best of Open Source Software company needs different access it, simple as that. For example, we OpenOffice, the MySQL database PARIS (FR) Award” for its Awless CLI application. levels depending on the employee went after the Apache software and the programming language EMPLOYEES This award, given by benchmark (internal or external). The proprie- when it became better than our Java. Most of its portfolio went 100 magazine Infoworld, recognises tary software suite Wallix Admin- own service. The big advantage of under a proprietary licence just TURNOVER (2018) € 12.6 M the best open source solutions in Bastion can do this. More than open source is that no one really after the acquisition of Sun the world. Launched in February 400 companies, including Dassault owns it – a company like Oracle Microsystems, except for MySQL: CAPITALISATION € 58 M 2017, Awless CLI is a command Aviation, McDonald’s and Michelin can take it for free, include it in Oracle decided to develop two

ALLIX line interface for steering tasks in use the software. one of its own products and charge versions, one open source and Amazon Web Services (AWS) that for support, and that’s what we the other proprietary. also strengthens the infrastruc- In 2018, Wallix generated will do.” In a 2006 interview with tures’ security and administration. €12.6 million in revenue, up 9% the Financial Times, Larry Ellison, Fleeing this upheaval, Solaris compared to financial year 2017. co-founder of Oracle, summed up employees created a fork called FOUNDED 1977 Founded in 2003 in Paris, Wallix But the company’s shares weren’t­ Oracle’s open source strategy in Illuminos and OpenOffice engi- HEADQUARTERS develops cybersecurity software as lucky: its value dropped to just a few sentences: use open neers created LibreOffice. While REDWOOD (US) and specialises in managing and one-third of its highest point source to generate as much cash Oracle also contributes to Linux, EMPLOYEES protecting “privileged” access. in February 2018. But analysts as possible. it has a very bad reputation in the 137,000

In other words, when a company believe Wallix will recover and they open source world. Larry Ellison, TURNOVER (2018) processes sensitive data, some recommend purchasing shares. In 2010, the US giant acquired whose fortune was estimated at $39.83 BN Sun Microsystems, an older com- $52.2 billion by Forbes Magazine CAPITALISATION pany known for its many open in 2017, is nicknamed LPOD: $190 BN source projects, for $7.4 billion. Larry, Prince of Darkness. ORCL

MICROSOFT Proprietary software giant since done an about-turn to become change lines of code, contributes to One example: several Xbox gaming Microsoft isn’t yet ready to make the top open source contributor the development of open source soft- console emulators are hosted on The its flagship products, such as the on GitHub, ahead of Red Hat and ware. GitHub has nearly 28 million GitHub. These homemade programs FOUNDED (almost) Windows OS, open source. But Google. Before joining Microsoft, developers that work collabora- allow users to play Xbox games on 1975 180° shift it would be an understatement Satya Nadella worked for Sun tively on more than 60 million open their PC without purchasing the HEADQUARTERS to say that the Redmond com- Microsystems, one of the pioneers source projects. With this acquisi- console sold by... Microsoft. If the US REDMOND (US) pany has made a radical change of open source. tion, Microsoft became a key player giant removes these conflicts, the EMPLOYEES 135,000 to its procedures under Satya in the industry. developer community could leave Nadella, CEO since 2014. The In June 2018, Microsoft acquired and join another software forge, TURNOVER (2018) $110 BN company was strongly opposed the main free software forge GitHub But it remains to be seen if it will such as GitLab. But letting these

CAPITALISATION to open source software under for $7.5 billion. This platform, an clean up GitHub. In fact, many lines developers go would be against $900 BN Steve Ballmer, CEO of Microsoft essential resource for developers of code on the platform conflict Microsoft’s best interests. It will be MSFT between 2000 and 2014, but has around the world who freely ex- with its own commercial interests. an interesting dilemma to follow.

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FOUNDED 2005 Talend HEADQUARTERS REDWOOD (US)

EMPLOYEES The data 1,000

processor TURNOVER (2018) $204 M

CAPITALISATION Virtually unknown by the general data for better analysis. With the of its software that $1.54 BN public, the French start-up Talend rise in big data, many companies include additional TLND is now an important company receive huge amounts of data on functionalities, in Silicon Valley. Listed on the their clients or suppliers. Talend’s support, train- Nasdaq since 2016, the company tools, which are distributed via ing and assistance using the left Suresnes in Île-de-France and open source, allow for a company’s tools. Talend’s clients include Air moved to Redwood, California, data to be used more easily in France-KLM, Bayer Pharmaceu- a city that is more fitting for its order to maximise its benefits. ticals and Domino’s Pizza. Most international ambitions. But its analysts recommend purchasing original mission hasn’t changed: it Like Red Hat, the company gener- shares, which dropped in late 2018 Google seeks to homogenise and process ates revenue from the paid versions but are starting to pick up again. Tempted to restrict access

Google’s experience with open available source code doesn’t source software is a bit similar include the company’s flagship to Dr Jekyll and Mr Hyde. On one products like Google Maps, Gmail hand, the Mountain View group and Google Play, which are all un- exists today in large part because der a proprietary licence. Without of open source software, such as these products, Android’s poten- Linux or MySQL. It built its empire tial would be significantly limited. on these tools (in fact, Alphabet, Furthermore, most telephones use FOUNDED Google’s parent company, widely proprietary forks from Android that 1998 contributes to many open source are modified by the builders. HEADQUARTERS Red Hat MOUNTAIN VIEW (US) projects). On the other hand, Google keeps its sensitive products under “Google changed its approach,” EMPLOYEES The global leader 99,000 proprietary­ licences. said Pierre-Yves Gosset, head of

TURNOVER (2018) the Framasoft association. “It went Legend has it that Red Hat got its titor to proprietary solutions such $136.82 BN For example, Android, the opera- from being an outsider that kept name from one of its founders, as Windows (Microsoft). Red Hat CAPITALISATION ting system used in nearly 80% its software as open as possible Marc Ewing, who often wore a red is growing quickly and revenue $852 BN of smartphones around the world, to being a dominant player that’s hat at university. Twenty-five years increased year over year, reaching GOOG is entirely open source. But the trying to restrict access.” later, the company has become $2.9 billion in 2018, up 21% a major player in the IT world. As compared to 2017 for a total of proof: IBM paid $34 billion to ac- $472 billion in profits. FOUNDED 1993 quire Red Hat in October 2018, one

HEADQUARTERS of the most expensive acquisitions Comparatively, the older IT player RALEIGH (US) ever made in the industry. IBM has been on the decline for EMPLOYEES several years. With this acquisition, 12,600 Little known to the general public, IBM hopes to reverse the trend and TURNOVER (2018) Red Hat specialises in developing strengthen its cloud services. It $2.9 BN and distributing open source soft­ remains to be seen if a partnership CAPITALISATION ware, particularly its own version between a traditional company and $32.11 BN of the famous Linux operating a young innovative start-up will RHT system, an open source compe- be successful.

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LINUS: the creator A Question of Linux of Licences From computer science student to emperor of Far from being a legal no-man’s-land, Linux, Linus Torvalds is the open-source software is legally protected incarnation of the rising by dozens of licences of varying levels power of open source: a of restriction. We take a closer look. geeky hobby becomes a BY MARTIN LONGET multibillion-dollar industry. We take a closer look. the vertical style (a cathedral) that BY MARTIN LONGET many large companies use. But de- spite this impression of chaos, Linux’s management is highly organised, I’m building a free operating with specialised developers often system (just a hobby, nothing employed by large IT companies who big or professional). I’ve been are responsible for entire sections of “working on it since April, and it’s the kernel. But Linus Torvalds has the almost ready.” This message from last word on everything. A California ot all software can be for the first time in 1989 by Richard into proprietary software for resale.” founder Linus Torvalds, posted resident since 1997, (he has been a open source. Assum- Stallman, the founder of the Free It is understandable, then, that on 25 August 1991 on Usenet (a was then just a prototype quickly US citizen since 2010), he is officially ing such a status first Software Foundation, this licence some companies, siding with com- forefather of the internet), is the garnered enthusiasm from many employed by the Linux Foundation, a Nrequires a licence that has been introduced the concept of copy­ mercial logic, prefer more permis- beginning of the Linux adventure. It fans who encouraged him to contin- non-profit institution that develops duly approved by the community. left. The inverse of copyright, this sive licences, such as MIT, Apache describes what will be the project’s ue his work. and promotes Linux. The recognis- authorisation by the software’s 2.0 and BSD. These licences place defining features: free, full access es over 80 licences, of which only a creator allows users to freely modify, very few restrictions on the distribu- to the source code, and community handful is used in the vast majority redistribute and market the software. tion of software, making it possible development. of cases. “Choice of licence is never for users to generate greater profits. Linus Torvalds surprised his world a trivial issue, as it determines what Apple is emblematic of this prac- last September when he apologised Nearly 30 years later, the Linux kernel users will be able to do with the Apple is tice. Although a large part of macOS is the basis of the vast majority of for his “unprofessional” behaviour source code,” explains Pierre-Yves (the operating system on which the IT servers in the world, as well as all Gosset, director of the Framasoft emblematic company’s computers run) derives Android phones and millions of smart association, a publisher of free soft- of this from the FreeBSD kernel, Apple – objects. Its eccentric creator Linus The development was exponential, Famous for his directness and bru- ware. Indeed, contrary to popular be- practice perfectly legally – markets it under a Torvalds is still at the helm, exercis- accelerated by community partici- tal, often personal insults against lief, software that is open-source is proprietary licence. This is possible ing a theoretically unlimited personal pation made possible by the internet developers he deems incompetent not necessarily royalty-free or open because the BSD licence authorises power thanks to his falsely ironic and the adoption of the GNU GPL or companies like Nvidia, which to redistribution without conditions; the integration of the original code title “benevolent dictator for life”. free licence in 1992: with just over he castigated for lack of collabora- everything depends on the licence But there is one condition that users into proprietary software. 10,000 lines of code in its first tion, Linus Torvalds surprised his used. A variety of complex factors must respect: to uphold these rules The source of this international published version, the kernel grew world in September 2018 when he are behind the large number of for others. Thus, a company that In practice, large-scale projects saga was the solitary pastime of a to over 300,000 lines in 1995 and apologised for his “unprofessional” licences in existence, but they can chooses to publish its modifications generally call for a variety of Finnish computer science student, approximately 25 million today. behaviour. He announced he would generally be divided into two broad to a GNU GPL software must do so licences, depending on the parts who was then 21 years old. Seeking take a few weeks off to get help groups: “restrictive licences” and under the GNU GPL licence. Violating that constitute them. Android is a to better use the capacities of his Chronicling the smashing success of “understanding people’s emotions “permissive licences”. this principle runs the risk of provok- good example of a hybrid project: new processor (an Intel 80386) this decentralised project in his 1998 and responding to them in an ing legal action, just as a violation its Linux kernel is published under but unable to afford the exorbitant book The Cathedral and the Bazaar, appropriate way”. Since then, Linux Among restrictive licences, the of copyright would. “This type of GNU GPLv2, but Google keeps the price of a UNIX licence (the system Eric Raymond, an American devel- has adopted a new code of con- most common is the GNU General licence prevents people and compa- complementary applications, the used at his university), Torvalds oper who co-created the term “open duct with the goal of humanising Public License (GNU GPL), which nies from taking ownership of work famous Google Mobile Services, began to develop his own operating source”, described Linux’s horizontal relationships between employees dates back to the early days of the produced by others,” says Gosset. in proprietary format – meaning system. To his great surprise, what organisation (a bazaar), in contrast to and avoiding behavioural abuse. free software movement. Written “Source code cannot be integrated their source code is kept secret.

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lon Musk knows how And indeed, other auto manufacturers tor of electrification programmes, to get attention. Just after have followed in Tesla’s footsteps. in 2015. “As an industry, we need disappointing results were to collaborate while we continue released, the charismatic to challenge each other.” Efounder of Tesla tweeted on 31 Janu- ary 2019: “All our patent are [sic] be- Toyota, on the other hand, is focused long to you”. While this announcement on a competing technology: hydrogen made headlines and helped to eclipse fuel cell batteries. The Japanese Tesla’s difficulties, it’s not exactly new company has made 5,600 electric news. In fact, the Palo Alto manufac- vehicle-related patents available – turer released all its patents back in subject to certain restrictions – until June 2014. On its official blog, Tesla "Patents serve 2020, when the company plans to said it was committed to not going merely to stop sharing its knowledge for free. after competitors who wanted to use stifle progress, The Japanese manufacturer, which its technology “in good faith”. entrench the sells the Mirai (a hydrogen electric positions of giant car), has invested heavily in this “Patents serve merely to stifle pro- corporations technology. Hoping for a return on gress, entrench the positions of giant and enrich its investment, it needs to optimise corporations and enrich those in the those in the all the relevant technical aspects legal profession, rather than the actual legal profession, and establish a network of hydrogen inventors,” wrote Musk, who admitted rather than the charging stations. To do so, Toyota that he did obtain patents before actual inventors" is relying on co-innovation, a process this: “At Tesla, we felt compelled to Elon Musk, CEO of Tesla that helped make hybrid vehicles create patents out of concern that so successful. To use the patents, the big car companies would copy engineers must notify Toyota, which our technology and then use their favours players in its ecosystem and massive manufacturing, sales and encourages its partners to provide marketing power to overwhelm Tesla. In May 2015, Ford announced it would other innovations in exchange. The auto We couldn’t have been more wrong.” release 650 patents associated with electric vehicles to other manufactur- “It started in the IT world, but open Translation: it’s better for Tesla to be ers. “Innovation is our goal. By sharing innovation will spread to many indus- industry is copied in order to propagate its own our research with other companies, tries,” says Marc Palazon, president of standards, rather than fail at imple- we will accelerate the growth of elec- the Open Source committee at Syntec menting them alone. In Tesla’s case, trified-vehicle technology and deliver Numérique, “because this method of going open the number of available recharging even better products to customers,” research and development reduces stations is still largely inadequate. Its explained Kevin Laydon, Ford’s direc- costs and accelerates progress.” supercharger can recharge a Tesla­ S source in only a few minutes (270 km range in 30 minutes), so by making the supercharger patent available to the The concept of open source isn’t just for the public, Tesla has scored double. It means that competitors have every OPEN SOURCE HARDWARE IS EVERYWHERE IT world. In June 2014, Elon Musk announced that interest in adopting Tesla’s standard, Tesla patents would be available to everyone. and as such, they will contribute both Open data, open cloud, open the blueprints and build it in their It’s a very deliberate strategy that other auto to the cost of launching recharge government... After breaking into garage. Similar examples abound stations and to the electric car boom, the software world 30 years ago, in every field. They include: manufacturers are now following. open source is now ubiquitous, Arduino’s open source electronic which will ultimately benefit Tesla. including for physical materials. microcontroller boards, smart- At the 2017 CES in Las Vegas, phones from Finnish start-up BY BERTRAND BEAUTÉ Opening its patent portfolio also Renault surprised everyone with Necunos and 3D printers such as means that Tesla can share the cost- its POM concept car. Designed in the RepRap models. The approach ly investments that are needed to partnership with Italian start- is sometimes philosophical and launch electric vehicles. “We believe up OSV (Open Source Vehicle) sometimes purely commercial, that applying the open source philo­ and UK-based firm ARM for the but always focuses on benefiting software, the small electric car from contributions from the com- sophy to our patents will strengthen is entirely open source, which munity. It's a way to encourage rather than diminish Tesla’s position means that anyone can download open innovation. in this regard,” said Musk.

48 49 PETS SWISSQUOTE MAY 2019 PETS SWISSQUOTE MAY 2019

Nothing is too good for Fido The pet market is growing spectacularly, particularly in emerging countries. Pet owners will spare no expense to provide their furry friends with organic patés, hotel stays and even heart transplants.

BY JULIE ZAUGG

t’s an ordinary shopping street in China. In the heart of Foshan, an industrial city between IGuangzhou and Shenzhen, the street is home to a variety of shops built into faux historic buildings that still smell like fresh paint. All of these shops are for pets. There is a bun- galow selling puppies and kittens in the window, a veterinarian and an accessories shop overflowing with studded collars and booties for dogs printed with Burberry plaid. There’s even a spa for animals.

The pet market has exploded in China in recent years, much like in many other emerging countries. In the west and Japan, growth is sus- tained as well. “In 2018, this market reached $125 billion worldwide,” JÉRÔME PIERSON / GETTY-IMAGE

50 51 PETS SWISSQUOTE MAY 2019 PETS SWISSQUOTE MAY 2019

A surfing competition for dogs FIVE-STAR MENU at Imperial Beach (California). “Cat and dog owners have begun nies such as Nestlé are consid-

MIKE BLAKE / REUTERS to reproduce for their pets some of ering insect proteins in order to the behaviours they have adopted be more environmentally friendly,” for their own food,” said Leslie May, said Koertner. founder of Pawsible Marketing. “This trend makes owners grav- Several start-ups have launched itate towards natu­ral, organic, subscription services and pet local and environmentally friend- owners can have a complete menu ly ingredients.” Furthermore, a delivered to their door each week contaminated wheat flour scandal for their four-legged friend. “These in 2007, which led to renal failure menus can be adapted based in many cats and dogs, made pet on breed, weight and poten- owners much more vigilant when tial allergies,” said the expert. it comes to feeding their pets, Last year, Nestlé acquired meal explained May. service Tails.com, which has 100,000 customers in the UK. As a result, it is now common to see cat food made from New Pet shop chain Petco has equipped THREE FIGURES Zealand lamb, dog food from wild 300 of its locations with kitchens. salmon and sweet potatoes, or “It will offer fresh meals prepared even vegetarian patés made from on the spot for pet owners to buy organic vegetables. “Some compa- when they leave work,” said Cooper. $95 BN

The total global expenditure on the purchase of pet food by their owners. In Europe, it reached 20.5 billion

CREDIT euros in 2017.

said Jared Koertner, an industry spe- als and ageing baby boomers are and made several acquisitions. In cialist at Euromonitor. “Growth has ready to spend unlimited amounts 2018, this segment made up 14% +27% averaged 6% in the last five years.” on their companions. of sales for the Vevey-based group, reaching 12.8 billion Swiss francs, The increase in This good performance is the result up 4.5%. This booming market has spending on pets in of a double phenomenon. “As the also attracted companies that have 2017 in China, to a total population ages, more and more “Dogs are no traditionally focused on human food. of $27 billion. seniors find themselves alone at In 2018, General Mills acquired Blue home,” said Philip Cooper, an expert longer just Buffalo, the pet food and sup- in the pet market. “Simultaneously, something kept plement manufacturer. US-based millennials are having children later.” attached to J.M. Smucker acquired Big Heart Pet 68% These two population groups are Brands and Ainsworth Pet Nutrition. filling the void with pets that they a leash” Even Amazon has thrown its hat The percentage of Philip Cooper, expert in the pet market treat like a substitute for a baby. into the ring, selling $1 billion worth households in the of pet food in 2018. There’s also a United States that have “Dogs are no longer just some- handful of start-ups that sell their a pet, compared to thing kept attached to a leash in This has not gone unnoticed by in- products directly to consumers. 56% thirty years ago. the back of the garden, but rather dustry giants. Mars, the global leader In Europe, 80 million a pampered member of the family (but not listed publicly), and Nestlé, But the pet market is not only households have a pet. that sleeps in the same bed as its a close second, have grown their experiencing strong growth –

owner,” he said. And both millenni- range of pet products in recent years it is reorganising. PETCO

52 53 PETS SWISSQUOTE MAY 2019 PETS SWISSQUOTE MAY 2019

PUT A STENT IN YOUR CAT ISTOCK

“Not long ago, when your pet was Less dramatic but just as profit- sick or ageing, you would put it able, tools to monitor pet health to sleep and cremate it,” said are also on the market. Example: BRENDAN SMIALOWSKI / AFP BRENDAN pet expert, Philip Cooper. “Now, Toletta, a smart litter that can there is a wide range of complex calculate a cat’s weight and urine interventions and palliative care volume every day, so owners can available.” Cooper was offered a monitor for urinary infections chemotherapy treatment priced or obesity. at $15,000 when his dog got can- cer. Putting in stents, open-skull Eager to capitalise on this market, surgeries and transplants have “Mars acquired several veterinary also become common. hospital chains, including VCA in the US, Linnaeus in the UK and This evolution has been encouraged Anicura in central and northern Eu- by increasingly powerful diagnostic rope,” said Jared Koertner, industry tools, such as MRIs and ultra- specialist. Investment fund JAB is sounds, as well as health insurance expected to acquire a majority IN CHINA, DOGS ARE products for pets. For deceased stake in another brand called NO LONGER EATEN pets, many vet clinics now offer Compassion-First Pet Hospitals. xxx funeral services and provide grief Walmart will also open pet clinics Emerging countries have only counselling, all paid by the hour. in its stores. recently began to appreciate pets. “This phenomenon is particularly striking in China,

ISTOCK India, Russia and Latin America, regions where the economy is doing quite well and there’s an emerging middle class and a large population,” said Cooper. In 2018, Nestlé’s Purina brand recorded double-digit growth in A canine viewer emerging countries. In Mexico of the American alone, it generated more than channel DogTV, available via online 1 billion Swiss francs. streaming for $9.99 per month. Until recently seen as an exor- bitant luxury in countries where some of the population did not AN APP TO TALK TO YOUR DOG have enough to eat, pets are now seen as a symbol of pres- But the services industry has holidays, send it to a fitness DogTV, a California-based com- tige. In 2017, residents of China seen the strongest growth in or yoga class, or pay for a mas- pany, offers a television programme spent an average of 5,016 yuan the last few years. “There are now sage with aromatherapy oils. The for dogs that owners can leave on per household for their pets, services that will watch, walk or SpotOn app can call a taxi that when they’re not home. Finding which is double the minimum groom your dog or cat at home,” is equipped to carry pets. Some Rover can find a lost dog, thanks to wage in the country, according said May. Most of these services even have seatbelts for dogs a facial recognition algorithm. to the platform Goumin. use an app, such as Wag or and cats. DogVacay, and services can be Apps encouraging romantic or China is particularly fond of ordered in just a few clicks. There are also several online friendly matchmaking between small breeds, such as pomera- services to check up on your dog dog or cat lovers are also boo- Veterinary hospitals, nians and Japanese shibas, as as well as related The most devoted owners can or cat from afar, feed it via an ming. Last year, Nestlé acquired services, are well as giant breeds such as even put their pet up in a luxury automatic distribution system, French platform Wamiz, where multiplying. Tibetan mastiffs. In Russia, cats hotel while they go on their own and even interact with it on Skype. pet owners can interact online. are very popular.

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astronauts to the moon again soon. said Francis Rocard, director of the Chinese expeditions are small, even “The United States will return to solar system exploration programme non-existent. China is just repeating the moon, and we’re going to do it at CNES, the French Space Agency what the Soviets and Americans sooner than you think!” tweeted in Paris. According to experts, did in the 1960s and 1970s,” said Walking on the Jim Bridenstine, head of NASA, in the quest for prestige and hegem- Rocard. “But the country is moving November 2018. onic concerns have been and still fast, and their schedule is on target. are a primary motivation for many They want to access deep space With 12 astronauts having already countries, including China. In other and the moon is an excellent step- moon once again set foot on the moon between 1969 contexts, particularly for the United ping stone to get there.” The Chinese and 1972 and more than a hundred States, there are economic goals programme is planning for manned missions to space completed, why in mind. missions to the moon by 2030. After years of being forgotten, exploring the moon is back is there such renewed interest in in the spotlight. While there is much talk about China’s the moon? “Scientific research isn’t As the first country to land on the So what is the United States up the primary goal of these missions,” moon in the 21st century, China to? “For the Americans, the chal- plans, many other countries have their own projects and chose the Earth satellite as its first lenge is completely different,” said the United States is leading the pack. entry into space exploration. “Both Rocard. “They’ve known how to get China and India believe that space to the moon for decades.” So why go BY BERTRAND BEAUTÉ technology is key to their national back? “With the end of the Interna- pride,” said Isabelle Sourbès-Verger, a tional Space Station (ISS) planned specialist who studies space policies for 2024, NASA really needs a new at the Centre Alexandre Koyré in project,” said the astrophysicist. “It Paris. “China believes that all great is doing everything it can to make ne small step for mankind, ings are of interest again, exactly European Space Agency (ESA) and nations have access to space. So sure the US space industry doesn’t but a big step for China. 50 years after Neil Armstrong set ArianeGroup (a subsidiary of Airbus it created an ambitious exploration crumble, since it is a huge sector in On 3 January 2019, the foot on the moon in 1969. and Safran) signed a study contract programme. But China can’t start OChang’e 4 probe lander touched in January 2019, with the goal of complex missions right away, simply down on the far side of the moon. In addition to China, both Japan launching a mission to the moon because it doesn’t have enough This is a first, which brings to mind and India recently completed a by 2025. But as always, Uncle Sam experience.” COMPANIES other space accomplishments. lunar orbit and are now planning is the most ambitious of all (see Abandoned for decades, moon land- a moon landing. In Europe, the inset on p. 57). NASA plans to send Following Chang’e 4’s successful TO WATCH “NASA is doing landing, the Chinese probe will take For investors, the relaunch of everything it can a sample of the moon in 2019 and the US space programme could to make sure the then return to Earth. This has al- be an opportunity. According to ready been done by other countries. an October 2017 study, Bank US space industry “The scientific results gained from of America predicted that the doesn’t crumble, overall value of the space indus- try will soar from $329 billion since it is a huge in 2016 to $2,700 billion in sector in the 2045. Many companies will United States” benefit, including some well- Francis Rocard, director of the solar system known industry giants such exploration programme at CNES as Northrop Grumman, Boeing, Lockheed Martin, Raytheon, Thales and Airbus. But less- er-known companies will also play a role, such as Moog, which develops aerospace control systems, and United Technolo- gies, which designs space suits for NASA, among other things. Investors can also consider ex- change-traded funds (ETF), such as the iShares US Aerospace & Defense ETF (ITA). ISTOCK

56 57 SPACE SWISSQUOTE MAY 2019 SPACE SWISSQUOTE MAY 2019

Takeoff of the the United States that creates rev- contract that could reach $14 billion Chang’e 4 lunar enue for companies and thousands of with Space X, Boeing, Orbital ATK A NEW COLD WAR? spacecraft at the Xichang Satellite jobs. The space industry lobbyists are and Sierra Nevada to deliver sup- During the Cold War, the United States was focused Launch Center pushing very hard to keep it alive.” plies to the International Space on satellites and rockets from the USSR. It was quite (southwest China) on Station (ISS). For its mission to the mutual. But recently, a new rivalry has appeared in 7 December 2018. The United States has stated that moon, NASA announced in Novem- the space industry: Beijing versus Washington, as if it wants to send an astronaut to ber 2018 that it had selected nine China had replaced the USSR. But it would be wrong to think that China has the same kind of power. Mars, but such a voyage is exor- companies (Astrobotic, Deep Space “Hypernationalism justifies aerospace spending. bitantly expensive and isn’t even Systems, Draper, Firefly, Intuitive The United States is essentially saying: ‘Watch technologically possible at the Machines, Lockheed Martin, Masten out! China is catching up, we must speed things moment. So NASA has to take a Space Systems, Moon Express and along’. And Xi Jinping’s regime has every reason to different direction for now: “Dur- Orbit Beyond). These companies could let people believe that China will outpace the US. ing the Obama administration in share up to $2.6 billion over 10 years “Clearly, the US is exaggerating the idea that China 2015, the US decided to launch a to develop the necessary equipment. is its main competition in order to finance space return mission to the moon, with projects,” said Isabelle Sourbès-Verger, a specialist the questionable argument of using To make the LOPG a refuelling who studies space policies at the Centre ­Alexandre it to prepare for a voyage to Mars,” station on the way to Mars, some Koyré in Paris. “But in reality, while these two recalled Sourbès-Verger. In reali- companies are already considering countries are playing the same sport, they’re not in ty, NASA built a moon orbit space using the moon’s natural resources. the same league. China cannot outpace the United States.” As proof, have a look at the numbers. The station, dubbed the Lunar Orbital Shackleton Energy, for example, OECD estimated China’s secretive civilian and Platform-Gateway (LOPG) which is developing a project to extract military space budget at $8.4 billion in 2017. That’s could eventually serve as a refu- and refine the moon’s polar ice quite far from the $48 billion spent yearly by the elling station for shuttles heading to convert into fuel. “Many NASA United States. to Mars. The process has already researchers are wondering if it begun, and the first modules are is even possible,” said Rocard. Compared to these two giants, other countries are falling behind. With a budget of $2 billion for its scheduled to launch starting in “Personally, I don’t really believe it. civilian component, the Russian programme is 2022. A manned mission in lunar Exploiting moon ice seems a very barely hanging on. “Everyone’s waiting for Russia’s orbit is also planned for 2023. complex endeavour, since it’s at space sector to either crumble or take off again, but the bottom of a very deep crater at it’s just stagnant,” said Sourbès-Verger. With no To build shuttles, landers and -200°C. It would be more feasible national pride to contend with, Europe lacks strate- necessary equipment, NASA will to take water from the surface of gy and will most likely support the US programme. call on the private sector in order to hydrated asteroids.” Whatever the India, on the other hand, is focused primarily on useful space – that is, on satellites – with a yearly keep its own Research & Develop- solution will be, mining operations budget estimated at $1.9 billion. ment costs down. “We want multiple on the moon and its asteroids will suppliers to compete for the work,” open new economic possibilities said Bridenstine, director of NASA. In in space and are already inciting January 2016, the agency signed a dreams of interstellar voyages. JIANG HONGJING / AFP

Important dates in space exploration

Russian probe Luna 9 Neil Armstrong and Buzz successfully completes Aldrin become the first people First landing on the NASA plans to send a team the first soft landing to walk on the moon as part far side of the moon by to land on the moon for the on the moon. of the Apollo 11 mission. Chinese lander Chang’e 4. first time since 1972. 1958 1966 1968 1969 1972 2019 2022 2028 After 2030

Russian probe Luna 1 With Apollo 8, the United Apollo 17 marks the end of During the US EM-2 mission, China plans to send completes the first States completed the first the Apollo programme. No spaceship Orion will be placed in its own astronaut flyover of the moon. manned flight around human has walked on the orbit around the moon with three to the moon. the moon. moon since that mission. astronauts on-board.

58 59 FASHION SWISSQUOTE MAY 2019 FASHION SWISSQUOTE MAY 2019

A Lululemon yoga class at Vancouver’s Stanley Park (October 27, 2018).

Lululemon, the amazing IN FIGURES power of yoga 426

The number of Lululemon retail outlets in the world. Twenty years after its creation, the Canadian technical athletic apparel brand continues its irrepressible growth. After conquering North America, it has now set its sights $4 BN on Europe and Asia. We revisit its story. The expected revenue in ANGÉLIQUE MOUNIER-KUHN 2020, compared to 2.65 billion in 2017. 13,400

The number ho would have It attracted its of employees worldwide imagined that customers by in January 2018. when the yoga organising yoga and clothing specialist fitness classes in its Lululemon Athletica arrived on the / AFP ERNESTO DISTEFANO W own retail outlets stock market back in 2007, its shares 1998 would be so popular among investors? Now a member of the NASDAQ-100, the The year the company company has seen its value increase was founded. tenfold since its initial public offer- Lululemon Athletica’s success story appeal to women who practised centre in Geneva. The enterprising tional loud styles of Nike, Adidas and ing. Its capitalisation is now close to combines all the ingredients of the yoga, which, at the time, was a niche genius of Chip Wilson is evidenced Reebok, allowing it to impose high $20 billion. Better still, while American entrepreneurial sagas often ana- sport overlooked by major equipment by his creation of the brand just as a prices without getting any pushback. stocks staggered in 2018, Lululemon’s lysed by business school students. manufacturers. second yoga wave was about to take share price soared by 55%, a rare ray The company was founded in 1998 in over the entire planet, instigated by Similarly, the Canadian company of sunshine in a disrupted retail sector. Vancouver, Canada’s cool and trendy “Ever since the first wave of peace- a flock of trendy celebrities. avoided buying into the standard mar- With a 20% increase since the begin- equivalent to San Francisco. Its ful protests that gave it a boost in keting techniques of sports brands. own retail outlets or nearby build- ning of the year, the stock seems to be founder, Chip Wilson, was a competi- the 1970s, yoga maintained a some- The small shop in Vancouver, which It used neither fashion muses nor fa- ings. Everything was aimed at turning challenging the laws of market gravity. tive swimmer who made a name for what uncool, hippie image. People transformed into a yoga studio in mous athletes to make itself known. one-off subscribers into uncondition- The overwhelming majority of analysts himself selling clothing for snow- practised yoga in baggy trousers, the evening, sold technical cloth- Instead, the brand adopted an astute al followers. The unassuming logo, in the Thomson Reuters consensus boarding fans. The young entrepre- which may have been practical but ing with subtle stitching, gradually marketing strategy that promoted a kind of stylised, fluid omega sign, still recommend it for purchase, de- neur launched his Boogie Pants, a were also very ugly,” says Stephane being offered in a range of pastel rarity and relied on a vertical system. was designed as a sort of tribal mark spite some reservations (see Analyst’s pair of black trousers that was both Bonvin, a fashion consultant and colours. This sober design was how It attracted its customers by organ- to show belonging to the exclusive Advice on p. 63). tight and comfortable, in a bid to the co-founder of the Yogartamis Lululemon stood out from the tradi- ising yoga and fitness classes in its “Lululemoners community”.

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When Chip Wilson’s company went steps ahead. “Lululemon created Lululemon’s public on the NASDAQ stock mar- an outfit to suit a new lifestyle that Athletica Store th ket less than 10 years after its was emerging,” explains Bonvin. on New York’s 5 Avenue has become creation, it posted $150 million “When athleisure became main- a fashion mecca. in net earnings and had already stream, the brand didn’t need to fight opened 59 shops in Canada and the competition. It was a pioneer, the United States. But it was only in so it was already on the market,” the early stages of its explosive rise adds Florence Allday, an analyst at – a new tidal wave was about to Euromonitor International. Accord- hit the fashion market. A combina- ing to the market research provider, tion of streetwear and sportswear, growth in global athleisure clothing “athleisure” (a contraction of the sales further rose to 8.1% between words “athletics” and “leisure”), 2017 and 2018. arose at the turn of the decade. This category of clothing, originally de- signed for the gym, is now also suit- Lululemon has able for the office, recreation or even a private viewing of an art exhibition, diversified its so it closely takes its cues from the income sources luxury goods industry. The Wall Street by offering men’s Journal nicknamed this new style the “wear anywhere” apparel. products, which will soon represent These fast-fashion pieces began a quarter of causing trouble for luxury fashion its sales houses thanks to the fact that every brand had turned to this new trend of chic jogging bottoms and train- ers. But with its carefully designed The enthusiasm of Lululemon’s

cuts and top-quality materials, the shareholders is down to the compa- RICHARD B. LEVINE / KEYSTONE Canadian brand was already several ny’s ability to ride this trend to an

ANALYST’S ADVICE increase in sales, despite the con- sified its income sources by offering siderable reshuffle in its manage- men’s products, which will soon An artistic “STRONG INTERNATIONAL installation ment – not to mention Chip Wilson’s represent a quarter of its sales. The featuring Lululemon POTENTIAL” provocative and angry outbursts. ultimate recognition came at an yoga pants, at the Could this be the first wobble in No stranger to controversy, he has exhibition in which the Museum of Museum of Modern the almost unanimous opinion not held a position in the company Modern Art in New York selected the Art in New York that has prevailed until now? (January 28, 2018). since 2015 but remains the largest original Boogie Pants as one of the On 19 February, Simeon Siegel, individual shareholder and regularly 111 garments and accessories that an analyst at Nomura Instinet, demoted the Lululemon stock to criticises Lululemon’s strategy. have had the greatest impact over “neutral”, with a price target of the last century. $157: “We believe it is still one of While developing its online retail the best options in the retail sec- business (accounting for almost In total, the brand’s revenue for tor, but we think this is already a quarter of its sales), the compa- 2018 is expected to reach nearly reflected in its current price.” ny turned its sights on Australia, $3.2 billion, bringing it even closer Since its one-year low, the share price has increased by nearly Europe and now Asia. It has to the goal it sets out with each of 94%. “In the longer term, there 426 retail outlets worldwide and its results publications: to surpass is every indication that man- continues to open a dozen new the 4 billion mark in 2020. The agement will achieve its target stores per quarter. The Zurich shop, Lululemon success story has a bright of $4 billion in revenue,” says which opened in 2016, is one of future ahead of it. Unless, of course, Siegel. He explains that the com- 11 locations in Europe to date. In athleisure shows signs of running out pany still has strong internation- al growth potential, but its pros- New York, the flagship store on Fifth of steam, or the competition steps pects in the North American Avenue is expected to double in size into the breach and ultimately ends

2019 MOMA, N.Y. market are more limited. this year. Lululemon has also diver- up overshadowing it.

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THE FUTURE OF FINTECH IN THE SPOTLIGHT AT EPFL Founded in 2018, the CMTA will “TOKENISED SECURITIES hold its first public conference on 6 June 2019 in partnership with the EPFL’s Center for ARE NOW POSSIBLE UNDER Digital Trust (C4DT). The event will take place at the SwissTech Convention Center in Lausanne, SWISS LAW” focusing on the outlook for DLT on capital markets. Find out more at The issuing of tokenised securities is becoming a tangible cmta.ch reality. This game-changing new rule will benefit both startups and investors. Jacques Iffland, a lawyer at Lenz & Staehelin, explains.

Isn’t it because they’re more complex than a traditional ICO that tokenised debt and istributed ledger technology, or ments can be issued with each has cleared up since then. Professor equity securities took so long D DLT, is branching out from cryp- transaction. There are no standards. Hans Caspar von der Crone from to emerge? tocurrencies and ICOs. DLT is well And that’s a problem for institu- the University of Zurich, one of the The transactions are no more com- on its way to fundamentally reshap- tional investors. They not only have most renowned experts in Swiss plex, at least not in Switzerland. The ing the infrastructure of capital to look at the issuer and its business corporate and commercial law, authorities generally call for further markets, making them more acces- model, but also the exact rights confirmed that Swiss companies can details on ICOs, to make sure that sible to startups and SMEs. Jacques associated with the instrument. The already tokenise shares under Swiss the tokens issued do not qualify Iffland, a lawyer who specialises in effort required to wade through that law. And that statement formed the as deposits, which would require capital markets at Lenz & Staehelin, analysis is often disproportionate. basis used by the CMTA to design its authorisation. These issues are which co-founded CMTA (see inset, blueprint for tokenisation. Mt Pelerin irrelevant to the issuance of to- opposite), enlightens us about these It would be a whole new situation used this blueprint to be the first kenised securities because the legal ground-breaking changes. if, instead of being tailor-made for company to tokenise its shares in framework is clear. Several private banks are will the liquidity of these each transaction, the rights lined late 2018. members of the CMTA. Why instruments develop? How can distributed ledger up with those granted with tradi- Of course, a public offering of se- are these institutions interested A stock exchange, in the legal technology facilitate company tional instruments traded on capital curities may involve the publication in tokenised securities? sense of the term, is not required for financing? markets, such as equity and debt of a prospectus, i.e. a document for Investing in innovation and unlisted a secondary market to develop for These days, only large companies instruments. Institutional investors which its authors are legally liable. companies is a big draw for private tokenised securities. Swiss law now can trade on stock markets. Startups know those inside out. Issuers can OBJECTIVES OF THE CMTA The importance of the prospectus banks. In today’s low-rate environ- lets banks create their own trading and SMEs don’t have access to them. reach institutional investors by should not be under-estimated, but ment, the need to find higher-yield- platforms and develop an equity or Distributed ledger technology can using distributed ledger technology The Capital Markets and Technolo- nor should it be overblown. There’s ing investments is increasingly ur- debt securities market. The securities simplify the infrastructure of capital to issue traditional instruments, gy Association (CMTA) aims to develop nothing surprising about asking a gent. Hunting down the next unicorn traded on these platforms are not markets and thus reduce the cost which is not theoretically the case initiatives to facilitate the use of company that is raising large sums is an attractive prospect for private listed but simply admitted to trading. of issuing securities. In essence, with an ICO. distributed ledger technology on capi- of money to provide information banking clients. But investing in an That’s a key distinction. Listing means DLT lets organisations work around tal markets, create standards, and, in about its business, financial position unlisted company is currently so substantially higher requirements for doing so, make things more comfort- certain logistical constraints, such So, traditional instruments and intended use of the funds. The complex that it can be incompatible issuers. So these platforms offer a able for investors. This non-profit was as going through central securities traded on capital markets, like rampant lack of credibility on the ICO with some management strategies. useful alternative to stock exchanges, set up in 2018 by Swissquote in depositories. shares and equities, can be market is mainly because issuers did Tokenisation can simplify all that including for tokenised securities. partnership with Lenz & Staehelin issued in token form? not release adequate information. A by facilitating trading in equity and and Temenos AG, and with the Wasn’t that supposed Yes, and the issue was debated for well-defined legal framework that debt securities. support of the École Polytechnique JACQUES IFFLAND to be the case with ICOs? some time. Swiss legislation had clearly determines responsibilities Fédérale de Lausanne (EPFL). LAWYER With an ICO – as it’s generally clearly not planned to allow for to- is in fact a positive development No stock exchange currently LENZ & STAEHELIN defined – different types of instru- kenisation. But the legal landscape for investors. lists tokenised securities. How

64 64 65 SWISSQUOTE SWISSQUOTE MAY 2019

DON’T FORGET EQUITIES!

While interest rates in Swiss francs are at their lowest, equity markets are still appealing to investors. WE

nterest rates in Swiss francs are loyal customers. This could mean investment universe. Then, some in- I virtually zero. This has been the situ­ companies in pharma, finance, or the vestors do what we call stock picking: ation in Switzerland for several years auto industry, for example. Further- they watch for a particular stock to now. In this economic environment, it more, I suggest looking at the return. drop and then buy at the most oppor- GOT is still possible for investors to build Many companies pay a high dividend, tune moment. Others go step-by-step, profitable portfolios, for example by with a return higher than 2.5%. investing at regular intervals – every selectively investing in equities. We get month, for example – in stocks they some expert advice from Jürg Schwab, What about tech companies? have chosen in advance. In this way head of trading at Swissquote. It’s a very interesting sector that ap- they reduce the risk of systematically peals to many of our clients. But don’t buying too high. Why is now a good time forget that many companies in this to invest in equities? industry are already valued very highly, Whatever method you choose, it is One of the best reasons is the level of since the market has already antici- better to continue investing during interest rates in Swiss francs, which pated their future growth. periods of economic uncertainty. This is close to zero because of the SNB’s approach often proves to be profitable: policies. This situation is likely to Which currencies should investors can benefit from stock mar- continue for some time. Keeping lots we invest in? ket lows to seize opportunities. HIGH! of money in a savings account isn’t the For Swiss investors, equities in Swiss The Swiss Derivative Awards has just named our “Cannabis” best option in this context, especially francs are the safest bet, as there is What about profit-taking? considering inflation. Conversely, no exchange risk. Nonetheless it’s also It’s important to periodically take certificate as Best Equity Product. Investing in cannabis has been investing in equities can lead to good to diversify your portfolio with profits. We can go step-by-step here attractive returns. There are currently some equities in euros and dollars, too. When a security is performing formally declared a great idea! excellent medium-term investment which can also increase the potential extremely well and the company’s opportunities with a moderate risk. return of your portfolio. future is still promising, selling half of the position is often a good option. What criteria should be taken Is there a particular way into account for this type of in which we should invest? investment? How to invest is a very personal ques- First, we recommend choosing equi­ tion. But let’s say it’s better to have a JÜRG SCHWAB ties with a low or average volatility. strategy – ideally it is good to build a HEAD OF TRADING It’s better to focus on solid companies well-diversified portfolio. The standard SWISSQUOTE that sell quality products and have approach is to first determine your swissquote.com/cannabis

66 FREE TIME SWISSQUOTE MAY 2019

FOCUS KLAR FIREFOX THE DEFENDER Developed by Mozilla, this app is simply App Store a version of Firefox designed to respect TO READ, Google Play personal data and equipped with an Free arsenal of tools to fight against tracking. TO DOWNLOAD Advertising trackers, statistical cookies and other social network spy buttons are automatically blocked, and users can erase all of their history with a single tap of the finger. As a bonus, free from these THE BIG FOUR many invasive connections, browsing is THE CURIOUS PAST AND often faster! PERILOUS FUTURE OF THE GLOBAL ACCOUNTING MONOPOLY By Ian D. Gow and Stuart Kells (La Trobe University Press, 2018) REMOTE FINGERPRINT UNLOCK AN ALTERNATIVE With more employees than the Russian TO PASSWORDS army has soldiers, the “Big Four” Google Play Entering a password to unlock your PC (Deloitte, PricewaterhouseCoopers, Free screen can be tedious, especially when CHF 40.- Ernst & Young and KPMG) are bastions you have to do it several times a day. of the global economic system. This So, why not do it by simply opening the book by Ian D. Gow, professor at the Uni- camera of your Android smartphone with versity of Melbourne, and Stuart Kells, a gentle touch of the finger? This is what author of a landmark study on publishing Remote Fingerprint Unlock offers. It is a house Penguin Books, brilliantly tells the free and very easy-to-use app. Warning: fascinating story of the Big Four’s rise to it only works with Windows. status amidst fierce struggles, triumphs and defeats. It is a must-read for those interested in the past and future of the RADIO GARDEN financial auditing sector. 1,001 RADIO STATIONS IN THE PALM OF YOUR HAND App Store Making the radio available on the internet Google Play is nothing new and had already intro- Free duced billions to a certain Mark Cuban in THE AGE OF 1999, just before the burst of the internet SURVEILLANCE bubble. Twenty years later, Radio Garden CAPITALISM is offering something a little different: THE FIGHT FOR A HUMAN FUTURE access to thousands of stations around AT THE NEW FRONTIER OF POWER the world, simply by choosing broadcast By Shoshana Zuboff points around the world. This refreshing (PublicAffairs, 2019) and fun app will help you to clear your mind and discover new horizons. According to American researcher CHF 20.- Shoshana Zuboff, inventor of the “surveil- A unique world. An unforgettable time. lance capitalism” concept, the centralisa- BOUNCER Imagine a place which offers almost everything except appointments, stress and the hectic pace of tion and constant collection of personal LESS INTRUSIVE APPS data has made the prediction – and the every day life. There is such a magical place – the Grand Hotel Heiligendamm with its six classical Setting permissions for smartphones is control – of human behaviour a profitable rather black and white, and lacks nuance style buildings, also known as the ‚White Town by the Sea‘. activity. In this detailed and well-argued Google Play – for example, sharing a single photo book, she describes how the emergence CHF 1.- with an app without giving it permanent of this “Big Other” is a threat to democra- access to your entire library. Bouncer Grand Hotel Heiligendamm · 18209 Bad Doberan-Heiligendamm · Germany cy and freedom. addresses this, granting temporary or Telefon: +49 38203 740-7676 · [email protected] · www.grandhotel-heiligendamm.de one-time access for occasional uses. Any authorisation granted is revoked once the task is complete.

68 CARS SWISSQUOTE MAY 2019 CARS SWISSQUOTE MAY 2019

These include most, if not all, navi- advertised range therefore includes sets of sporty driving and several gation commands, including temper- regular energy recovery. minutes of heated seats before the ature and driving modes. Your smart- battery runs dry in the middle of a phone has a dedicated location and remote valley. And while the actual can be induction-charged. All that’s range starts to run short after left to do is set the ionising temper- more than 300 km (consumption ature, trust the backup cameras and Some test runs of 23.7 kWh/100 km in WLTP cycle slide your thumb across the gear in ruts and spring increases to about 28 kWh/100 km selector to D... snow put the on hilly terrain), the Audi has yet another card to play: its ability to In Latin, “audi” means “listen!” We all-wheel-drive take shortcuts thanks to off-road did, and the car runs almost silently to the test mode that raises the body off the – the only sound was a soft hissing ground by a few centimetres. Some noise during acceleration and brak- test runs in ruts and spring snow ing. The double-glazed windows, air put the all-wheel-drive to the test: suspension and quality assembly all Priced at 12,200 Swiss francs while there is no mechanical link work together to create a profound- higher than the Audi, the imposing between the axles, the e-tron can ly quiet environment. The e-tron Tesla X, with a 100 kWh battery, escape a tricky situation thanks continues to pleasantly surprise offers more than 100 kilometres of to its precise electronic con- the senses with haptic feedback range, which is quite significant. nections. It is proof that today’s screens, automatic steering – if That said, with 95 kWh, the e-tron electric vehicles can make sparks you happen to let go of the steering already allows for a few solid fly on any terrain, in any form. wheel – and a smoothness found only in electric motors.

But most importantly, the e-tron handles with surprising ease, feeling almost weightless. The lowest possible centre of gravity CARS makes this four-wheel drive vehicle very easy to manoeuvre despite its weight of 2,490 kilos empty, E-tron, the Audi all about watts as it is perfectly balanced on the two axles. With 300 kW (408 hp) BY RAPHAËL LEUBA under the hood, passing other cars is easy. The supercharged torque The Ingolstadt manufacturer’s first electric vehicle boasts (664 Nm), available instantly, can effortless style, which makes its features all the more smooth out every bump in the road spectacular. Our tester was head over heels. and easily ascend even the steep- est gradients with no effort. It is also possible to tow 1,800 kilos. lectric vehicles aren’t all over cific platform, with a flat central And when going downhill, the mo- E the roads yet, but they have out- lithium-ion battery and two elec- tors switch to generators, recoup-

grown their reputation of glorified tric engines on the axles. The only ing up to 70% of the electric input, THE ALTERNATIVE bumper cars at a carnival. Instead, clear give-aways that this is not a which Audi claims is a record. Man- electric vehicles are adventurous, combustion engine are the grille, aging the intensity of the energy supercharged influencers such as slightly tilted open to increase recovery with the paddle shifters JAGUAR I-PACE, THE 2019 CAR OF THE YEAR ENGINE: the e-tron 55 quattro. Available at aerodynamics (Cx 0.27), and the on the steering wheel becomes sec- For its first foray into electric vehicles, Jaguar designed a INDUCTION, 95 KWH BATTERY the AMAG dealership in Bienne for connection flap moulded into the ond nature as you continue to drive. refined hatchback touring car with quality safety features HORSEPOWER: a test run, the Audi electric cross- front left flank. Light pressure on the brake pedal (AWD) and performance. Its two engines generate 294 kW 300 KW (408 HP) IN BOOST MODE over was the star of the showroom. also activates the “brake motor” (400 hp) and 696 Nm. This is more than enough to rocket ACCELERATION: It looks like a mix of the Q5 and As for the interior, Audi aficionados which encourages proactive driving. the 2.2 tonne I-PACE from 0 to 100 km/h in 4.8 seconds. 0 TO 100 KM/H – 5.7 SEC. the Q8, proof that Audi is impervi- will feel right at home. Like the With a WLTP consumption of 22 kWh/100 km (2.4 L petrol PRICE: ous to the stylistic exuberance of Q8, the digital “Virtual Cockpit” is The disc brakes only kick in during equivalent), its range exceeds 400 km. STARTING AT CHF 89,900 BMW (i3) and Tesla (X). The long accompanied by two OLED touch- hard braking, slowing the kinet- Price: starting at CHF 82,800 4.9 m silhouette rests on a spe- screens in the centre console. ic energy with heat. The 417 km

70 71 TRAVEL SWISSQUOTE MAY 2019 TRAVEL SWISSQUOTE MAY 2019

TRAVEL This land is my inspiration. I am “ one with the sky, the sea, and the rocks, forever bound to A walk on the Portlligat where all my raw truths and my roots took shape. I am at home only in this place. Everywhere surreal side in else is just a place to rest.” Dalí says it all. It was the small fishing village of Portlligat, a stone’s throw Dalí’s favourite from Cadaqués, that fed the crea- tivity of this iconic surrealist.

region But it is not an easy village to reach. From the plain of Figueres, 140 km While the surrounding coastline has been largely taken over by north of Barcelona, there is only mass tourism, the fishing village of Cadaqués, a very special one road to the village of Cadaqués, destination for the painter Salvador Dalí, has retained its pictorial with just 2,600 inhabitants. It is a charm. Follow in the footsteps of the master. place where you can easily imagine Don Quixote chasing after his imag- BY SALOMÉ KINER inary foes. The arid, winding road to the village is lined with caper bushes and olive trees. At certain points, you can catch a glimpse of a bright blue eye staring up at you from below: the Mediterranean Sea and its waves breaking on the jagged rocks. But it is only by starting at the bottom of this series of hairpin bends that you will see the whitewashed houses stand out against the red mountain.

Before the road was built in 1930, Cadaqués was completely cut off from the rest of the world, making it inaccessible. For a long time, its unique location made it a haven for pirates and privateers who would seek shelter there after coming CADAQUÉS under attack from ships. In 1543, hungry for revenge, the fearsome MADRID Turkish pirate Barbarossa (a.k.a. Redbeard) set fire to Santa Maria church. It was rebuilt by fishermen SPAIN to once again reign over the village, and its altarpiece is still one of the most beautiful in Catalonia today. RUDIMENCIAL / ISTOCK

72 73 TRAVEL SWISSQUOTE MAY 2019 TRAVEL SWISSQUOTE MAY 2019

It can be reached by strolling Salvador Dalí’s house elBulli chefs, revisits the convivial The Figueras in Portlligat, today through the steep, narrow streets concept of tapas and welcomes its museum, dedicated to a museum. of Cadaqués, along which your nose customers in a tree-filled courtyard. Dalí and surrealism. will succumb to the sweet smell When the sun is out, take a walk Giant eggs adorn the entire perimeter of bougainvillea, your wallet will to the Chiringuito de la Mei luxury of the building. fall victim to local craft shops and beach bar and enjoy your dinner with your eyes will be mesmerised by your feet in the water while watch- the whitewashed houses and their ing the truly magnificent sunset. In blue shutters. Cadaqués, city of light, colours are reinvented every night and offer up a spectacular natural show. The painter of The island atmosphere of Cadaqués owes a lot to its environment. melting watches The Cap de Creus Natural Park is the largest protected area in Catalonia. avidly protected This rocky area is the easternmost his little corner point of the Iberian Peninsula. Its sharp hilly terrain is shaped by the of heaven tramontana wind which constantly JEAN-PIERRE DALBÉRA creates the extraordinary forms that Dalí treasured. Like all geographic ex- tremities, you feel like you’ve ­arrived

ALBERTO G ROVI THREE UNMISSABLE MUSEUMS at the end of the world. Leave your While the Costa Brava has surren- As is the case with all places syn- In the evening, enjoy an aperitif at vehicle at the foot of the lighthouse 1. THE PORTLLIGAT his wife, Gala, and promised dered to the siren song of major ur- onymous with good living, Cadaqués the Blau Bar, where the tables are and continue along the GR92 coastal MUSEUM-HOUSE her a palace. He fulfilled this ban tourism projects, Cadaqués has holds many culinary delights. Visitors arranged in a circle around a hun- path by foot. Take what you need and In 1930, Dalí bought his first promise in 1969 when he remained miraculously untouched. can start the day at the Mallorquina dred-year-old tree. For dinner, food- head down the path, between the fisherman’s hut in the cove of bought the castle of Puból. Its architecture, born of Gothic bakery with Taps Dolços fresh out ies will find what they are looking brambles and prickly pears, which Portlligat next to Cadaqués. The medieval house was inspiration and maritime practicality, of the oven. These spongey cakes, for in the historic centre. Compartir, leads to a remarkably­ beautiful cove. This estate would expand run down and its garden a over time with other small wasteland, but the couple is a scene that Dalí spent his whole soaked in syrup and sprinkled with the latest creation of three former Gaze upon the snow-topped peaks of was seduced by the romantic life painting. Nestled together, the icing sugar, melt in your mouth like a Mount Canigou standing out against houses, an olive grove and a sculpture garden. André ruin. Dalí led the residence’s little houses with their ochre roofs, fluffy cloud. At lunchtime, why not the sea on the horizon, let yourself Breton, Marcel Duchamp, restoration and decorated it shaded terraces and pointed chim- eat at Es Baluard overlooking the bay be lulled by the cicadas singing in the René Magritte and Luis with frescoes and personal ney pots, tumble down the hill to the with a view of the port and sailing scrub, and soak up the shimmering Buñuel came to stay in this sculptures. Respectful of his waterfront. This popular ­esplanade, boats. This family-owned restaurant, rays of sunlight bouncing off the disorientating, labyrinthine wife’s rest, he only visited lined with bars, restaurants and which opened in 1967, offers the GETTING THERE crystal-clear waters. building, a true reflection upon Gala’s handwritten invitation. When she died terraces, comes alive after the catch of the day served up on small Return flights to Barcelona from of the artist and the streets Zurich start at 200 Swiss francs of the village. in 1982, her remains were traditional siesta and remains astir tasting dishes. It also has a particular From “The Great Masturbator” transported by Cadillac to per person, and 80 Swiss francs until late into the night. talent for anchovies. (1929) and “The Spectre of Among its unusual features the castle, where she is in- from Geneva. From Barcelona, Sex Appeal”­ (1934) to “Othello terred. The museum-house take the train to Figueres (1 hour are a stuffed bear guarding Dreaming Venice” (1982), so many the entrance, a hatched egg opened to the public in 1996. 58 minutes), then bus 12 to of Dalí’s paintings were directly overlooking the terrace and Cadaqués (1 hour). Alternatively, a giant Christ made of litter 3. THE FIGUERES View on the creek rent a car in Barcelona. inspired by the rocks at Cap de of the Cap de Creus Creus. The­ painter of melting collected from the beach. THEATRE Natural Park. There is also a projection From drawings, sculptures, watches avidly protected his little room which offers a fascinat- and paintings, to jewellery corner of heaven. It is thanks ing documentary on the site’s and personal belongings, to his undying love for this small history. A word of warning: more than 1,500 Dalí pieces PLACES TO STAY the museum is very popular, can be seen in this museum, L’Horta d’en Rahola This family Catalan town that it has been so visits are to be reserved built by the artist himself on hotel has seven ­immaculate rooms, preserved from tumultuous real- estate programmes. Since Dalí’s in advance. the site of the former munic- a swimming pool and a garden, ipal theatre. death in 1989, almost nothing has Soirée tango au perfect for a typical Mediterranean 2. THE GALA DALÍ Museo del Vino. experience. changed. It is as if he had used the Access and opening hours CASTLE MUSEUM-HOUSE salvador-dali.org/en/museums/ ALBERTO G ROVI last strokes of his brush to draw Dalí was madly in love with Starting at 150 Swiss francs per night an aura of immutable protection for two people. hortacadaques.com around this small marina.

74 75

SWISSQUOTE MAY 2019 BOUTIQUE SWISSQUOTE MAY 2019

BOUTIQUE BREATHTAKING SOUND

With its soft glow, the LSPX-S2 at first appears to be a kind of futuristic candle. However, and quite importantly, it can fill a room with sound. With a battery life of eight hours, the new Sony glass speakers project music at 360 degrees. Compatible with both Bluetooth and Wi-Fi, the system can also connect to Spotify with the mere press of a dedicated button. sony.com CHF 699.-

TIME FOR EROTICISM

Unafraid to defy convention, IN GOOD SHEETS A CLEAN, FULLY-CHARGED ­Ulysse Nardin has created a se- SMARTPHONE ries of watches in collaboration To ensure you can sleep with with Milo Manara, the famous peace of mind, Pfister has Don’t be fooled by its design Italian author of erotic comic created a collection of sustain- – far from holding flowers, books. Presented in polished able bed linen, signed by the this Lexon vase acts as a TRAINERS OF THE FUTURE stainless steel and rose gold, Swiss designer Alfredo Häberli. wireless charging station for the 10 limited edition Classico The Seebach line is entirely smartphones. Designed by Thirty years after the release of Back to the Future Part II, models feature the underwa- biodegradable, from the organic the duo of Italian designers the American equipment manufacturer Nike launches the ter romantic adventures of a cotton fabric to the pigments, Manuela Simonelli and Andrea trainer version of its famous self-lacing shoes, the Adapt BB. mermaid and an Earthwoman on including the threads, the label Quaglio, the 17.5-centimetre Cables can be used to adjust the tightness around the feet, the dial. Each reproduction of the and even the buttons of vegetable high container has another through buttons located on the soles. And, even better, the original paintings is numbered ivory, which can be reintroduced secret advantage: integrated system can be controlled via a smartphone application. and signed. into the natural cycle without LED UV technology that cleans nike.com ulysse-nardin.com leaving any waste materials. smartphones of bacteria! pfister.ch $350 CHF 26,900.- lexon-design.com From CHF 24.95 (pillowcase) CHF 89.95

ART À LA CARTE

Meural, a start-up based in New York, THE GREEN RECORD PLAYER is reinventing the art of interior de- sign with the digital Canvas system. In keeping with the philosophy of the American To change the painting on display, label House of Marley, the Stir It Up record player is you won’t need a hammer and nails – produced using eco-friendly materials. Its base is just swipe the image. With Wi-Fi con- composed of ­­a natural bamboo upper panel and a nectivity, the frame contains an 8 GB fabric-covered MDF support made from hemp, organic hard drive on which you can save a cotton and recycled plastic bottles. Its platter mat playlist of works pre-selected from is composed of recycled silicone, and the turntable the label’s application or . is made from recycled aluminium. meural.com thehouseofmarley.com From CHF 649.- CHF 269.90

76 77 SWISSQUOTE MAY 2019

BOUTIQUElogerie GEEK

FIDO UNDER SURVEILLANCE

Invoxia’s GPS Pet Tracker is a small tag that fits on a dog’s or cat’s collar. It can be used to find pets at all times via an app. Owners can receive a notification when their furry friend goes beyond a predetermined area. As a bonus, the app can detect time spent running or walking, and it even monitors sleep quality. invoxia.com CHF 149.-

POWER GAMING

Want to play high-resolution games on your PC? Corsair has a high-end turnkey solution for you. It is com- pact – less bulky than a traditional mini tower. The design, quality and performance are all top notch. The One i160 model is equipped with the Nvidia GeForce RTX 2080 Ti graphics SWISS PROPERTY DEVELOPMENT card, the most powerful on the market. The cooling fans are very discreet, even while playing, which is rare for this type of machine. This abundance of power comes at a price: more than 4,000 Swiss francs, monitor not included. corsair.com CHF 4,299.- INVEST IN A LUXURY SWISS PROPERTY DEVELOPMENT

THAT OFFERS APARTMENTS WITH SOUTH-FACING PANORAMIC PRICES FROM CHF 1’400’000.- SECURE CRYPTOCURRENCIES VIEWS OVER LAKE LA GRUYÈRE AND THE PREALPS French company Ledger is launching the Ledger Nano X, successor to the famous Ledger Nano S, of which more We are proud to offer a selection of exclusive and spacious 1-4 SALES TO FOREIGN NATIONALS AUTHORISED bedroom apartments and penthouses ranging from 80 to 360 AS SECONDARY RESIDENCE than one million copies have been sold around the world. sqm, as primary or secondary residences. Ledger’s offline cryptocurrency storage solution, renowned for its reliability, has made the company a leading player on The resort masterplan comprises an 18-hole golf course (71 par), a 7/7 REAL ESTATE SALES OFFICE the market. The Nano X inherits the design of its prede- 5-star hotel with 85 rooms and 30 residences, a unique 3’000 sqm FROM 10 AM TO 7 PM cessor but stands out with its more intuitive, easy-to-use Wellness-SPA, 3 restaurants, and a lake-side private beach club. interface. Another notable new feature: users can manage ROUTE DU CHÂTEAU 3 CH 1649 PONT-LA-VILLE their cryptocurrencies­ via their smartphone using Bluetooth. Golf Resort La Gruyère is located only 1.5 hours away from Geneva SWITZERLAND Ledger has announced it will be available from April. and Zürich airports, which have excellent international links. ledger.com T. + 41 (0)26 413 92 92 CHF 140.- Welcome to Golf Resort La Gruyère - a new and unique resort in golfresort-realestate.ch Switzerland. [email protected]

78 TRIED AND TESTED SWISSQUOTE MAY 2019

TRIED AND TESTED PAY UP TO BREAK EVERYTHING BY MARTIN LONGET BE Swissquote Magazine tested Switzerland’s FAST only Rage Room: a room where visitors can go crazy destroying everything around them with bats and hammers. We give you a look inside. NEVER hards of glass fly in all 50 Swiss francs, so we received amount of negative energy. Some directions as I methodical- a small box containing mostly objects were almost impossible to AND S ly swing my baseball bat. dishes and bottles, as well as an smash, like the dead printer. Even “Go on, give it all you’ve got!” my electronic device. We could also after hitting it multiple times with friends encouraged, unrecognisa- pick from the immense pile of the mallet, it was still too solid. NICOLAS RIGHETTI ble in their blue jumpsuits, faces leftover debris, which included Sadly the branding was destroyed, hidden under protective masks computer monitors and pieces of so there’s no way of congratulating and ski goggles. Bottles, glasses, furniture. Everything would even- whichever manufacturer creat- plates and other dishes, completely tually be sorted and recycled, the ed such a hardy machine… If you FURIOUS destroyed, fall into a thousand company assured. decide to try it out, I suggest the pieces, joining the giant pile of baseball bat, which is light and (ON FOREX). debris left by previous visitors. easy to handle, perfect for bashing bottles and shattering dishes. Hit turbo speed on Forex. Trade with confidence and control This scene of pure demolition is My pent-up rage the Rage Room, a room furnished After a few minutes of intense thanks to the quality execution of the Swiss leader in online banking. dissipated quite specifically for breaking things at smashing, there was no more Take a test drive! the EVADE Escape Game’s Lausanne nicely, and I material left for us to destroy. We location. The concept? A place paid an extra 30 Swiss francs for a for people to destroy all sorts of particularly liked second box that was decimated objects, including bottles, furni- the heavy mallet just as quickly. ture and electrical appliances in a half-padded room whose battered We left the session exhausted and walls bear witness to the violent dripping with sweat, but frankly destruction that occurred within. I must say that destroying things speaking the quantity and variety was quite satisfying, especially of materials to smash was a bit For the destruction itself, a after spending an hour stuck in lacking… Pro tip: bring your own variety of tools are available: a traffic on the way there. My pent- box of things to destroy. It will cost baseball bat, of course, but also a up rage dissipated quite nicely, 10 francs more, but you won’t run large mallet, hammers and a few and I particularly liked the heavy out of material, and you’ll gain the big iron bars. We opted for the mallet, because it left no items satisfaction of destroying your “Super Rage” package priced at intact and using it required a large own items… or maybe your ex’s. swissquote.com/forex

80 TO BREAK THE RULES, YOU MUST FIRST MASTER THEM. INFRARED PHOTOGRAPHY

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