The Credit Suisse Magazine Since 185 Issue 3 Aug./Sept. 200 International Edition N orth Greenland Join Gerry Hofstetter on a Light Art Expedition Elves in Iceland More Than Just Folklore to Northerners Hans-Ulrich Meister The CEO Credit Suisse Switzerland Microfi nance What Five International Experts Have to Say Outlook Will We Seek a “Bubble Repetition”? Nobel Laureate Krugman On the Financial Crisis Experience the Arctic. Some moments in life are unrivalled. The M/V Prince Albert II penetrates deep into areas that other ships are unable to reach. Experience the adventure of a real expedition and enjoy breathtaking natural spectacles coupled with the stylish comfort of luxurious travel. Silversea - expeditions of the highest calibre. EXPEDITION CRUISES IN THE ARCTIC THE M/V PRINCE ALBERT II Norway & Svalbard, intensive 9 July ‒ 19 July 2010 Tromsø ‒ Magerøy Island ‒ Skarsvag (North Cape) ‒ Bear Island ‒ Svalbard ‒ Longyearbyen From Norway, the M/V Prince Albert II sets course for the North Cape and Bear Island and then on to the glaciers, fjords and polar bears of Svalbard with its main island Spitsbergen. Experience nature up close ‒ on Zodiak excursions or during walks through the green tundra of this unique group of islands. • 10 nights in an Adventurer Class Suite • Exclusive all-inclusive service • English and German spoken on board From $ 5371.- p.P.* • Lectures and readings in English and German incl. 35% Silver Sailing Savings Iceland, Greenland and the Canadian Arctic 7 September – 25 September 2010 Reykjavik – Vestmannaey Island – Skjoldungen – Prince Christian Sound – Qaqortoq – Hvalsey – Arsuk Brae – Iqaluit – Akpatok Island – Saqlek Fjord – Battle Habour – L’anse aux Meadows (Newfoundland) – Twillingate – St. John’s Massive glaciers that calve mighty icebergs. Isolated Inuit settlements, whose inhabitants brave the harshness of nature. A rich marine animal kingdom with imposing whales, agile seals and perhaps even polar bears. All of this awaits you on a unique journey through Greenland and the Canadian Arctic. • 18 nights in an Adventurer Class Suite • Exclusive all-inclusive service • English and German spoken on board From $ 8542.- p.P.* • Lectures and readings in English and German incl. 40% Silver Sailing Savings *Travel to and from the port is not included in the price. We would be glad to personally advise you. Additional travel dates and categories upon request. Further information and bookings: Kuoni Concierge Bellevueplatz 5 CH-8024 Zurich Tel. +41 (0)44 224 33 00 E-mail: [email protected] www.kuoni.ch Editorial 3 The North has many faces. If you talk about the North to an Argentinian, he’ll gush about the subtropical rainforest at the Iguacu waterfalls, the dusty Andean plateaus, the saguaro cacti at the Quilmes ruins and the heat of the Salinas Grandes del Noroeste salt desert. The landscape is out of sync: The North of Argen- tina fairly accurately mirrors a European’s associations with the South, which in itself would have yielded an intriguing bulletin story. But this time, we have decided not to broaden the thematic focus to include as many surprising angles and per- spectives as possible, but instead to confine the topic – the North – to a very narrow geographic framework. Our stories are situated almost exclusively above the Arctic Circle, where often in summer the sun never truly sets. For the purposes of this publication, we’ve defi ned the North as a geographic point of orientation and terminus. We spoke to the explorer and entrepreneur Frederik Paulsen, who has repeatedly visited the point where East, West, and even North converge, and South is the only direction remaining: the North Pole. We then accompanied the Swiss light artist Gerry Hofstetter on his expedition to the glacier at Ilulissat, Greenland, where he projected spectacular images onto icebergs to raise awareness about the urgency of addressing climate change. The North is also a place where people live. We visited the indigenous people of the Arctic regions, the Inuit, in the Canadian territory Nunavut, who carve a path that straddles the wilderness, tradition and modernity. And, of course, we have included a report on legendary Nordic creatures: Although the Icelanders are an independent-minded nationality, over 80 percent would rather not rule out the existence of elves, just to be on the safe side ... “The fascination with the North is not something you can put into words – you have to experience it,” says Frederik Paulsen. We’ve made an attempt to do so, never- theless. Enjoy a cool respite from the summer’s heat and let the new bulletin take you to the faraway world of the fascinating North. On a concluding note, good news from the editorial office: At the end of June, bulletin was awarded two silver medals at the 10th congress of the Best Corporate Publishing forum in Berlin, in the categories “finance and insurance” and “inter- national communication.” We are particularly honored in view of the high caliber of the 600 international magazines in the running. Daniel Huber, bulletin Editor-in-Chief Gold Winner Gold Winner Award Recipient Photo: Cédric Widmer h r.c nge www.we .ch ger www.wen Contents 5 Credit Suisse 30 _ Hans-Ulrich Meister Interview with the CEO of Credit Suisse Switzerland 34_ Summer of Art Inspiring exhibitions in Lugano, Zug and Martigny 36 _ New York Philharmonic New Music Director Alan Gilbert takes over the baton 37 _ Gstaad Palace Award goes to fl agship of the fourth-leading export sector in Switzerland 38 _ Celebrity Economist Sweden’s Kjell Nordström speaks at Swiss Export Day 39 _ Chess The oldest chess club in the world invites 10 champions to Zurich board meeting 40 _ Salzburg Festival Nordic singers and targeted efforts to promote young talent 42 _ Maria Stuart The new artistic director of the Schaupielhaus Zurich stages Schiller 43 _ Ilulissat Photographs by Joël Tettamanti for the Zurich branch offi ce 44 _ Uetlihof 2,000 new workplaces in the energy saving extension 45_ ICRC Information campaign 150 years after the battle of Solferino North In summer, the Far North holds a virtually magical appeal. Its vastness and tranquility offer scope for Dossier Microfi nance relaxation, but also adventure – and scenic, cultural and 48 _ Microfi nance An expert interview on the human secrets to discover. opportunities and limitations of microfi nance 52 _ Africa How social entrepreneurial ventures are changing the face of a continent 6 _ Orientation The North plays a cardinal role in terms 54 _ Yunus Professor Muhammad Yunus plans to of culture as well as geography. eliminate poverty through microcredits 8 _ Arctic Territory In Canadian Nunavut, the Inuit live Economy between modernity and icy wilderness. 58 _ Marketing Mobile advertising set to soar 14 _ Light Art Gerry Hofstetter of Switzerland illuminates 61 _ Outlook As the world economic crisis begins icebergs in Greenland as a visual wake-up call to the world. to abate, will we seek the “Bubble Repetition”? 22 _ Legendary Creatures Elves have a fi rm grip on Iceland. 62 _ Opportunity Knocks Why a recession can They are perfectly peaceful – that is, unless provoked … prove to be the entrepreneur’s best friend 64 _ America Will the US resume its status as 26 _ Exploration Frederik Paulsen plumbs the depths of the global economic power? North Pole seabed in a Russian diving capsule. 67 _ Infl ation Why we need it and the new role c of central banks Leader 70 _ Paul Krugman An exclusive interview with the Nobel laureate in Economic Sciences , Michael Kessler | Photo: Photodis Service 43 _ Masthead 69 _ Good to Know The Forest Stewardship Council (FSC) sets the standard for environmentally and socially responsible forest management. Swiss paper (Z offset, with 30 % FSC component), from European pulp, produced by Cover photo: Frank Schwarzbach Ziegler Papier AG, Grellingen (ISO 14001-certifi ed). Your link to our know-how: www.credit-suisse.com/infocus North T he north, one of the four cardinal points of the compass, has captivated humans since the dawn of time. The direction is revered in numerous ancient cultures, ranging from the Egyptians to the Chinese. It also plays a prominent role in modern cartography, where the north features at the top of most maps. Introduction North Text: Dorothée Enskog generally corresponding to the hues of corn. The various native American tribes assigned these colors differently, with the Aztec One of the seven wonders of the ancient world, the Great for instance attributing the color black to the north and the Pyramid of Giza, is aligned almost exactly with the North Pole. It Cherokee indicating it with the color blue. Other cultures did not is believed that the ancient Egyptians monitored stars in the use compass directions, instead relying on other indications. On Little and Big Dipper to calculate the exact direction. They as- Hawaii, for instance, directions were described as toward the sociated north with eternity and the afterlife, where the pharaoh’s sea or on the seaside (makai), or toward the mountains or inland spirit would travel after death. The ancient Greeks also revered (mauka), while in ancient Egypt, directions were defined as upstream north, with Mount Olympus – being their most worshipped or downstream. mountain and where the principal gods of Greek mythology Geographic Versus Magnetic North resided – symbolizing the north. In Dynastic China, the emper- ors were believed to derive their power from the dragon god at When it comes to navigation, a vital distinction must be made: that the celestial North Pole. In Nordic mythology, the god of sea the geographic and magnetic north are not identical. The geographic and water, Njord, derives his name from the word north.