AuthorMartin Hladík

Social media platforms are very important tools for any successful entrepreneurial effort. Given that there are 3 billion social media users around the world, it’s clear that these networks can help you promote your business, get in touch with your target audience and engage them, check on your competitors, and keep up with the latest trends from your industry. But don’t let that seemingly straightforward process of creating posts and publishing them deceive you – that’s just the final step preceded by a lot of research and planning. Here’s what every entrepreneur should know in order to take advantage of social media.

Know your audience

Understanding your audience is crucial for creating your messages and your overall social media approach. Detailed information about your potential customers will help you pick the right social media platforms and optimize your outreach. Also, it’s practically impossible to tailor the right content if you don’t know who you’re talking to and what their pain points and interests are. After you’ve established an overview of your target audience, you can set your goals and create social media and content marketing plan. Finally, using analytics is essential for identifying how your strategies are performing and whether they’re effective. That’s why it’s a good idea to hire a reliable social media monitoring agency and have all your KPIs tracked and analyzed.

Leverage storytelling

Many big companies use storytelling in order to attract their target audience and connect with them on a more profound level. Your social media followers want to know more about your company, which is why creating a comprehensive narrative can do wonders for the engagement. For example, the story about Nike’s first shoe, the Waffle Trainer, has become legendary and the company uses it to illustrate their culture of innovation, as well as their zest for growth and development. Make sure to include your audience in your story and to make it relatable if you want them to engage and interact with you.

Be responsive

This means that you should answer every single question and respond to every single comment and mention. Many companies tend to post their messages without any further follow-ups or interactions with their audience. Social media platforms are powerful tools for feeling the pulse of your audience and getting their opinion on your business. Don’t even think about deleting negative feedback because that’s completely unprofessional, not to mention that it will generate extremely bad PR. Instead of that, deal with those negative comments proactively, thank people for drawing your attention to the issue, and promise that you’ll look into it.

Provide value

This is a make-it-or-break-it factor that should be at the core of any effective social media strategy. It’s based on the psychological principle of reciprocity – when you give something of value to your audience, they will feel obligated to return you the favor. In other words, by producing helpful content which offers solutions to their problems, you provide your audience with something valuable, and what’s more important you don’t ask for anything in return. They’ll recognize your noble intentions and you’ll win their loyalty.

Be consistent

In order to keep your followers engaged, you need to post and share on a regular basis. But, being an entrepreneur means working crazy hours and it can be hard to keep everything under control. That’s why you need to use social media management tools which will allow you to schedule your posts in advance. The consistency also refers to creating your company’s image and defining a certain voice and tone. This means that you should have a set of guidelines about how you want to present your business on social media networks, and these guidelines should reflect your company’s values, mission, and culture. Being consistent will help you improve your visibility and recognition, as well as build customer loyalty.

These 5 tips can help you navigate the social media landscape and promote your business more easily.

Sources:
https://www.entrepreneur.com/article/290965
http://blog.marketwired.com/2014/03/06/top-social-media-skills-for-entrepreneurs/

https://www.entrepreneur.com/article/289363

https://socioboard.org/blog/what-every-entrepreneur-needs-to-know-about-social-media/

https://sieve.studio/contemporary-social-media-hacks/

http://www.businessinsider.com/nikes-first-running-shoes-were-made-in-a-waffle-iron-2015-7

https://www.thebalance.com/principle-of-reciprocity-marketing-3515502

https://mashable.com/2017/08/07/3-billion-global-social-media-users/#QsLfWDfFmaqN

There have been numerous studies over the years that have shown the value of good quality financial advice – not least, the fact that clients that receive it are, in general, significantly better off in retirement and much more financially protected during their life journey towards that point.

I was therefore very interested to see a recent survey that highlighted the serious issues that can arise when unadvised clients use guidelines or “rules of thumb” that are no longer valid. The survey, conducted by AEGON, made the point that income levels that used to be acceptable, and which many non-professionals still believe in, are now highly dangerous to their financial futures.

For instance, the survey stated that one in five people using a “rule of thumb” yearly retirement income of 4% will run out of money in 30 years – in other words, before they die in some cases. In addition, many of those individuals want and expect to pass assets on to future generations – many will not do so, or will pass on far less, with this sort of “planning” in place.

The report highlights the importance of personalised and professional financial advice, particularly regarding income rates and projections.

The “‘4% rule”, developed by US adviser William Bengen in 1994, has often been turned to as a guide for determining a sustainable level of retirement income. However, Aegon’s research has found that in today’s economic climate, a 65 year old with a low risk portfolio, taking 4% of the initial amount each year, has a one in five chance of running out of money within 30 years.

The report goes on to stress that professional advisers are well aware of the restrictions of using and relying on such guidelines and “rules”. They are generally extremely good at monitoring the situation for clients, on a regular basis, to ensure that warning signs are heeded early on. When one considers that some consumers are actually still using a higher guideline, of 5% per annum, this further highlights the dangers of “DIY” financial planning and the relative and significant value of professional advice.

Obviously not all advice has always been good, but with sensible and workable regulations ensuring that advisers operate within an appropriate framework, the vast majority of such advice will be highly positive for consumers in the future, as it has been in the past.

Article courtesy of FECIF

Written by

Paul Stanfield
Chief Executive at FEIFA / FECIF Secretary General

Experience Great Britain 2018 – visitors had a chance to get some of the experience of visiting Great Britain without the trouble of taking a trip. Malostranské náměstí in Prague transformed into a British Market on Friday, March 23, 2018.

This video is produced in cooperation with www.praguemorning.cz

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For more events in Prague, visit Prague TV’s English-language guide to the biggest and best happenings in Prague over the next few weeks. From theater, exhibitions, and gigs, festivals and comedy shows, if it’s new, it’s here – go on, dive in! For bars, clubs and more please visit our Nightlife in Prague section.

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Over-regulation of financial services in the European Union is a well-recognised fact, even among the bureaucracy in Brussels. The key feature of all those MiFIDs, IDDs or GDPRs, however, is not its devastating effect on the (small and medium-sized) businesses themselves, but its detrimental cost to the customer. It is here that hope resides. Hope that the savage regulatory movement will be stopped and reversed; by the man and woman in the street, should the whole circus get too costly for them. So, how much does the regulation really cost and where is the breaking point?

First, there are explicit costs. The direct amount of money your asset manager, for example, has to pay for new compliance officers, lawyers´ invoices and paperwork. These costs will often be intentionally underestimated by the regulators. Such as it was with the Czech transposition of the IDD directive, which claimed that “additional costs are fully appropriate when compared to industry earnings”. Mind you, this assertion is related to law with about ninety new paragraphs (!!!). But you, dear customer, should not be fooled by such commentaries – because in the end, YOU will pay all those costs, which will translate into your fees and charges.

Then there are implicit costs. Less visible, intangible “payments” related to market distortion caused by (over)regulation. Maybe the most important example: as the industry barriers and fixed costs begin to raise, because of new exams, codes of conduct etc., small and medium enterprises will be slowly pushed out of the market. This is no sci-fi, as the post MiFID II apocalypse on the German market already shows. What will the remaining market players do, after their smaller counterparts are gone? Yes, they will increase prices and margins. Again, this means higher fees and money lost. Your money.

Both implicit and explicit costs are often not reflected by the regulators in their cost-benefit assessments. This is done intentionally, as correct evaluation would totally prevent many colossal regulatory changes from happening. Nevertheless you, as the customer in the centre of things, should always account for the price of the protection that you are forced to enjoy. You might hear the argument that the fees are not raising, instead they are pushed down by disruption and technology changes. But without the regulation costs, they would decrease even faster. How can we determine that? Just create a price differential between a fully regulated service, such as a regular taxi, and its non-regulated disruptive counterpart – let us say Uber. In my home city of Prague, where the border between regulated and not regulated at all is almost perfect, Uber prices stand at about 35 – 50 % of the regulated taxi services. Yes, those services offering full regulatory protection will be happily avoided by masses of people migrating to Uber.

Of course, we can argue that asset management or life insurance is not like taxi services. Sure thing, but this example gives us an idea of what the “higher good” enforced on everybody by our regulators is worth. Coming back to the hope, mentioned earlier. That, in my opinion, resides in education of the general public about the costs imposed on them not by business itself, but by the regulatory “solutions”. People are sensitive to price even with structured products like funds, which the boom of ETFs shows. If we are able to explain that their money is wasted on inefficient paperwork and red tape, the change of course might be achieved. Is this doable? My colleagues at FECIF and I believe so.

Hence, the prime task for our advisory community is at hand.

By Jiří Šindelář, Deputy Chairman of FECIF

Source: FECIF

Have you been at your job for longer than you ever imagined? Most people with long careers have changed several jobs, moving up the ladder and sideways, chasing their dream position, office or team. You spend a third or more of your day at your job, so it’s quite important that you are satisfied with it and that you feel good while doing it. But if you’ve had a worm in your head for a while, telling you that you should look at a career change, these are the signs that will confirm your suspicions and help you let go:

Obligation as the main motivator

If you are constantly talking yourself into staying at your workplace because you can’t imagine how your team, work group or department will cope without you, or because you’ve been with the firm for a long time and feel like you owe them to stay, you should probably leave. As much as we like to think so, nobody is indispensable, and if your team was working well before, they will work well with a new member as well. And as for the company, you have given them all you have for all the years you’ve been there. No matter how well you know your boss and how many times you’ve been employee of the month, you should never feel like leaving the company is not an option. And if you like your company, but aren’t happy with your position, you can start negotiating about moving to a different job within the company.

You feel like your skills are underutilized

If you are giving your all to your job, meeting the quotas and requirements with ease, but still feel like you are not reaching your maximum potential, there’s something wrong. Perhaps your skills were a perfect fit for the job when you started, but as you’ve improved, you’ve outgrown your position. You can try modifying your work so it is more challenging (with the compensation to match, of course), or seek a job that will make you dust off the gears in your head. A job that doesn’t push you to learn more and become better is not a job you should be doing.

You’re scared of not finding a new job

People often stay at their jobs for much longer than they should out of fear that they won’t be able to find a new job quickly enough, and that their savings will run out. But that isn’t something you should be afraid of. You can start to work from home and earn money online while still at your job to increase your savings, and have something to fall back on through the period of finding a new job. There are plenty of jobs you can look at that have flexible times that you can fit into your schedule. Or, you can start searching in advance, and not quit your job until you’ve found a suitable replacement.

You don’t feel motivated or happy

Remember your first day on the job. You were probably quite nervous, but also excited. And as time passed, your nerves calmed down, but your motivation and hunger have remained, and maybe even grown. But if you don’t feel that motivation anymore, if you wake up in the morning and go to work just because you have to, then it might be time to admit that your job doesn’t bring you joy. And as they say, life is too short to do a job that doesn’t make you happy.

Your environment is toxic

Doing the job you love doesn’t mean much if you are in an environment that doesn’t make you feel good. If you greet your coworkers every morning thinking that you’d rather see anyone else in the world than have to sit with them for another day, you are not in the right place. Having people whom you can rely on, whom you respect and whom you enjoy working with is crucial for your happiness and productivity. No job is only done in a single company, and you can find a job in your niche in a company where you will have colleagues that suit you better. And if you simply don’t enjoy working with other people, you can try working from home or finding a place where you can work from your own office.

Quitting a job is never easy, but when you start putting your health, happiness and success first, you will see that you have a lot more to gain than you’d ever have to lose, so think long and hard, and then make the best choice for yourself.

By Peter Minkoff

Peter is a lifestyle and travel writer at Men-Ual magazine, living between Ústí nad Labem and Antwerp. Follow Peter on Twitter for more tips.

The majority of people live really fast these days, having almost no time to stop and think if they’re really happy or not. If you’re one of those people, then you’re at the right place. Here are four useful tips on how to make yourself happier every day, so check them out and make that happen!

Just stop complaining

No matter how liberating it may feel at that particular moment, the fact is that complaining can be a double-sided sword simply because the more you complain, the more annoyed you actually become. Talking about things that make you nervous, angry, or scared is highly likely to make you feel even more nervous, angry, or scared, so be sure you stop paying that much attention to bad things and start noticing the good stuff. Boosting your long-term happiness can be a long process, so be sure you stop complaining and you’ll make a great first step. If you keep track of bad things only, the only input your emotions receive will be negative, which is why you can end up in an enchanted circle, not being able to feel and think positive.

Embrace healthy lifestyle habits

You’ve probably already heard that you are what you eat, so give your best to embrace healthy eating habits and you’ll see fantastic results in no time. First of all, you should stay away from processed foods that are rich in artificially added sugars, flavor enhancers, and empty calories, as these can bring more harm than good in the long run. Instead, turn to homemade meals and be sure you eat enough fresh fruits and veggies that are enriched with required vitamins, minerals, and antioxidants. Besides that, you should remember not to skip your breakfast, as this meal is the most important one throughout the day. If you skip it, you’re highly likely to indulge in delicious yet unhealthy fast foods later on, which can be really bad for both your health and your waistline.

Start working out regularly

Everyone knows that physical activity is highly recommended, but did you know that it can actually make you happier? Well, dopamine is known as a chemical that plays a huge role in our happiness, and it’s basically a neurotransmitter in the brain that’s responsible for pleasure and happiness. The fact is that we lose our stores of dopamine as we age, but there are still ways to increase it – and exercising is one of them. Working out on a daily basis can increase your dopamine production and, therefore, make you feel a lot happier, which is exactly what you should go for, no matter how tired you may be after a long day at work. However, if you aren’t a fan of crowded gyms and too many people in one place, you can always get quality gym equipment and start working out in the comfort of your own home. Trust us, it really works, so give it a try and you won’t regret it!

Establish your ‘me’ time

Having at least half an hour a day just for yourself isn’t a luxury – it’s actually a bare necessity which can make you feel inexplicably better, even if you found yourself in conflict with your coworkers or had a fight with your partner. However, a lot of people (especially mothers) find it really hard to make that happen, simply because they think others would see them as selfish people who take care just of their own needs and wishes. This is everything but true, as establishing your ‘me’ time can help you relax and unwind by doing what you love most – listening to your favorite music, reading a book, watching a movie, or taking a long walk. Just remember to always put yourself first, because the people around you will be happy only when you’re happy in the first place.

As you can see, there are a lot of great ways to make yourself happier on a day-to-day basis. You’ll see a magical improvement once you embrace healthy eating habits, start working out, establish your ‘me’ time, and stop complaining, so be sure to take one step at a time and you’ll see what we were talking about.

By Peter Minkoff

Peter is a lifestyle and travel writer at Men-Ual magazine, living between Ústí nad Labem and Antwerp. Follow Peter on Twitter for more tips.

By Adam Lewis

3D visual of a humanoid robot pointing/touching the screen

Commercial applications for artificial intelligence (AI) and robotics are on the rise, but is the sector offering very real investment potential or is it still the stuff of science fiction?

The recent release of the long-awaited sequel to Ridley Scott’s 1982 sci-fi classic Blade Runner has brought the far-reaching potential of AI back into the spotlight.

While we might not yet have reached the stage depicted in the film, where we need sophisticated machines to tell replicants and humans apart, robotics technology is expanding at a pace and fund management groups are getting in on the act.

In the past 12 months alone, three new funds have come to market, with Axa launching a Robotech fund in December 2016, Smith & Williamson unveiling a global thematic AI fund in July and, most recently, the October launch of the Polar Capital Automation and Artificial Intelligence Fund.

These funds follow on from the launch of the Pictet Robotics Fund in October 2016, and aim to capitalise on the growth of an industry expected to expand four times faster than the global economy in the next decade.

Are fund buyers and managers buying into the concept, or does the concept of making money from robotics and AI remain the stuff of science fiction?

Explaining the rationale for launching the Axa Framlington Robotech Fund last December, manager Tom Riley says the group was first approached to launch a fund for Japanese investors three years ago.

“Ourselves and a number of fund houses were approached about a robotics fund but they were thinking about traditional robots, namely those that go into car plants and operate heavy machinery,” he explains. “We had a discussion that lasted about 12 months, where we tried to explain the benefits of a broader robotics strategy, before we finally launched the fund.
“This meant thinking about industrial automation, changes in transportation, healthcare applications – such as robotics surgeries – and the enablers of this technology, such as semi-conductors, software and sensors.”

For Riley, when people first envisage robotics they think about traditional robots that would lead to a narrow investment universe for such a fund. Instead he says they deliberately designed something broader, not only to give a larger opportunity set but also to help provide more balance to an investor’s overall strategy.

The result is that since the two funds launched (the former launched in December 2015), the Robotech strategy has accumulated assets of $3bn (£2.28bn), of which $350m is held in the offshore AWF vehicle.

Riley says the fund is a combination of a traditional global growth and a tech fund. While 45% of the portfolio is invested in tech companies, the remainder is in industrials (30%), healthcare (12-15%) and consumerrelated stocks that feed into the theme.

Rise of the robots

Are enough fund buyers convinced by this development and, if so, what is the best way to get access to the asset?

Adrian Lowcock, investment director at Architas, admits technology is currently in a purple patch in terms of innovation and development, which he says creates some fantastic investment opportunities.

Article continues here…

By Oliver Aziator

If you are reading this article it means you are directly involved in the world of internet, this wonderful innovation has made it possible to connect everyone around the world directly. Through this innovation, the most promising new disrupt technologies have emerged for the future; Thus, the world of the blockchain. It is right to ask if the blockchain technology is a disruptive innovation? why is this novelle technology pacing slowly? This because the technology has only reached the required level of maturity wide mainstream use. What is a disrupting technology? It is the one that displays established technology and revolutionizes industry or ground shaking product that creates a completely new industry.

Today disruption, change and competition dictate the new paradigm for the banking industry, the financial institutions are no exception to the dynamics of industrial advancement which is driven by a fast-growing cost and great pressure. The implementation of the blockchain influences a lot of stakeholders in the financial services which include customers, employees, shareholders, investors, suppliers, industry associates, education institutions, government and non-governmental organizations. The banking world is involved in quick changes of digitalization, a potential cost and labor-saving instrument, the prospects for the global finance market are so appealing that many major financial institutions are investing millions of dollars to research on what will be the best way to implement it.

The high-priced and opaque involvement of a third party in a transaction is the main problem that has been solved by the creation of the Blockchain due to one centralized shared database. In the past, it was impossible because every transaction requires communications between two single databases and thence another authorized controlling layer was needed. A simplified example of remittance can be used in espousing the concept lucidly, your relative who wants to Transfer money from another country to you, but before you receive the money it might take hours perhaps days for you to be able to receive the said money.

This is because transferring money involved some other parties who must authorize and control the transactions. That kind of frustrating and arduous processes get vaporized under Blockchain. The blockchain is a conceptually stored and synchronized distributed ledger that enables safe and transparent transaction across its networks. Every party involved has an identical copy of the shared ledger that is used to record and store information of the asset such as monies and properties.

Every change to the ledger will be synchronized and copied almost directly and transparently to the network where it will be seen as a block. The blocks are linked by cryptographically. An example to illustrate how this works is a situation where A wants to send money to B. The transaction is represented online in a block without a middleman. After the block is sent to every party on the network, approval is given by nodes to validate every transaction. If the transaction is approved the block will be added to the chain which revises the permanent and transparent records of the transactions Finally, the money will move from A to B and this is done in few minutes.

The blockchain network relies on the decentralized systems making it attainable for one person or group of persons to get in control of it. This safe and transparent transaction is facilitated through a decentralized system of the payment system which is allowed by the blockchain technology. Hereby staring in the era that extends beyond financial capital market, global payment, Corporate Governance social institutions and democratic participation Before Digitalization every action in the traditional banking industry had to be done manually. The industry has homogeneously surfaced centralized data stored and many intermediaries linked, this result to poor customer service through complex clearing processes, large amount manual inspections, leaking personal information and high costs.

The practice of keeping ledgers dates back in centuries, the blockchain story started in 2008 when an anonymous person or group of persons with pseudonym Satoshi Nakamoto published a white paper which proposes an Electronic peer to peer cash system called Bitcoin The blockchain was originally developed to support bitcoin but now it is used for more than thousand cryptocurrencies which resulted in a long trail effect.

The said technology can be used in so many sectors such as cybersecurity, supply chain, forecasting, networking, insurance, private transport, online storage, charity, voting, government, energy, online music, retails, health care, real estate, crowdfunding and identification As explained earlier the blockchain technology eliminates the involvement of a third party in transactions, or as prof. Anis H. Bajrektarevic coined: “Hegemony or hegemoney, a debtor empire/s’ fiat-papers.”

This chain is disrupting the banking industry as secured, cut cost, reduce delay and it is hugely efficient. Because it is decentralized and permissionless, it can lead to more disruptions in the financial sector, especially in payment clearing. Recently international organizations as well as developed countries and other countries have been paying close attention to the blockchain technology and are exploring their application in various fields.

For the financial sector, a number of the international financial institution have begun to formally plan for the blockchain technology since 2015, Goldman Sachs and other banking Giants have established their own blockchain laboratories working in close collaboration with the blockchain platforms.

Major Financial Institutions have a relatively positive attitude towards studying and improving the beck and processing efficiency of the blockchain technology and place a significant emphasis on its potential to reduce operational cost. In fact, IBM predicted that in four years sixty-six percent of the banking industry will have commercialized the blockchain at a scale. What are our indigenous Africa banks or Ghanaian own banks doing about this? Will they be part of the sixty-six percent as stated in the prediction above, it is high time we start giving opportunities to the IT department in the banking Industry to study this new technology so that we rise to be counted. Other opportunities with this new technology are a point to point payment, sharing credit data, smart contract all this using the blockchain technology.

This technology can drastically reduce the manual intervention of supply chain in finance and employ smart contract or digitized procedures that rely heavily on paperwork, numerous intermediaries, high risk of illegal transactions, high cost and low efficiency. As transaction occurs simultaneously each transaction will need to be verified by all the nodes in the entire network which is harmful to speed this impact will become especially needy when the nodes in the blockchain increase.

Despite the permission-less and self-govern nature of the blockchain the regulation and the actual implementation of a decentralized system are problems that remain to be resolved, however, it is important to note that any beneficiary technology is accompanied by risks, therefore, the blockchain regulation is necessary and should be considered earnestly. The Financial industry is highly sensitive to technological changes.

To keep up with these changes, banks must invest more into research on the blockchain not forgetting the development and empowerment of its staff in knowing more about this new technology. Although the blockchain technology is still unregulated and it could have its limitations, banks would have to improve their position in the industry.

The banks will try to improve their payment systems and overcome information communication resulting in a better customer experience hence the blockchain will become the core underline technology of the financial sector in the future.

Oliver k. M. Aziator, Senior banking analyst and the Blockchain Advocate
aziatoro@gmail.com

Thursday, March 29 – Monday, April 2

Come relax and enjoy a traditional Easter with your family at Chateau Mcely. You can look forward to Easter customs, animals that are an essential part of spring and Easter, and a great program for kids of all ages. You can try creating a corn husk doll or a beeswax candle, decorating Easter gingerbread, making a figure of Moran the winter witch, and much more.

What We’ve Got Planned for the Weekend:

• A special Easter menu, served from Friday through Sunday
• Special menu on Easter Monday
• Live piano music Saturday and Sunday evenings

EASTER PROGRAM

Friday, March 30
From 6:00 p.m. – Children’s cinema

Saturday, March 31
10:00 a.m. – 12:00 p.m. – Easter craft workshops for children
1:00 – 4:30 p.m. – Easter animals in the English park
1:00 – 2:00 p.m. – Hands-on zoo
2:00 – 4:30 p.m. – Donkey rides for kids

Sunday, April 1
10:00 a.m. – 12:00 p.m.
Making a Moran (winter witch) with the children and learning about her symbolism for winter’s end
2:00 – 4:00 p.m. – Easter Traditions and Crafts for Young and Old
Decorating eggs in various ways
Making beeswax candles
Making corn husk dolls
Whip braiding demonstration
Decorating Easter gingerbread
Creating small floral decorations with the chateau florist

Monday, April 2
10:00 a.m. – 12:00 p.m. – Easter Treasure Hunt

For more information, click here.

By Élie Bellevrat and Kira West

Industrial heat makes up two-thirds of industrial energy demand and almost one-fifth of global energy consumption. It also constitutes most of the direct industrial CO2 emitted each year, as the vast majority of industrial heat originates from fossil-fuel combustion. Yet despite these impressive figures, industrial heat is often missing from energy analyses. That is why this year’s World Energy Outlook takes a deep dive in this important segment of our energy system.

While industrial heat demand – at all temperature levels – grows in the central scenario of the World Energy Outlook 2017, the underlying drivers are different depending on temperature requirements. Low- and medium-temperature heat (below 400 degrees Celsius) accounts for three-quarters of the total growth in heat demand in industry by 2040, driven by less energy-intensive industries.

This is a reversal of historical trends: in the last 25 years, high-temperature heat represented two-thirds of overall heat demand growth, driven by China’s rapid development of heavy industries such as steel and cement. That said, developing Asia continues to drive industrial heat demand growth in our outlook: the growth in low- to medium-temperature needs in this region alone represents about half of the global industrial heat demand increase in use to 2040.

Low-temperature heat use grows in most regions through 2040, except in the European Union and Japan. The outlook for high-temperature heat varies even more across regions, including among developing countries. It decreases in China with the country’s shift to a less energy-intensive development pathway, while it increases in India as the country becomes, by large distance, the main global driver.

As industrial heat demand continues to grow so does its share in energy-related CO2 emissions, accounting for a quarter of global emissions by 2040. Any efforts taken to reduce this global trend face unique challenges. First, industrial heat is often generated on-site, making it more difficult to regulate than a more centralized sector such as large thermal power generation. There is also limited policy focus in this area compared with other sectors.

Second, while heating needs for residential and commercial buildings are fairly standard, industrial heat encompasses a wide variety of temperature levels for diverse processes and end-uses. For instance, cement kilns require high-temperature, while drying or washing applications in the food industry operate at lower temperatures.

Different technology and fuel options are available depending on the required temperature level, but these are often not interchangeable. For example, low-temperature heat from a heat pump cannot be substituted for high-temperature heat from a gas boiler.

Today’s industrial heat demand relies mainly on fossil fuels, biomass and electricity, and only very small shares of renewable resources in certain sectors. Therefore decarbonisation would require a dramatic shift in how industrial heat is generated. Yet this goal is instrumental to following a low-carbon development pathway as defined in the Sustainable Development Scenario, a new global scenario providing an integrated way to achieve three critical policy goals simultaneously: climate stabilisation, cleaner air and universal access to modern energy. The best option for reducing energy use of industrial heat will depend on the specific use and required temperature.

In his seminal classic, Geopolitics of Technology, prof. Anis H. Bajrektarevic states: “…, the main problem with Green/Renewable (de-carbonized) energy is not the complexity, expense, or the lengthy time-line for fundamental technological breakthrough; the central issue is that it calls for a major geopolitical breakthrough. .. Ergo, oil (and gas) represents far more than energy. Petroleum (be it a finite biogenic mineral or not) is a socio-economic, psychological, cultural, financial, security and politico-military construct, a phenomenon of civilization … In a broader historical, more vertical or philosophical sense, the hydrocarbons and its scarcity phychologization, its monetization (and related weaponization) is serving rather a coercive and restrictive status quo than a developmental incentive. That essentially calls not for an engagement but compliance…”

Fuel switching can provide some benefit, for instance substituting gas for coal, but for more ambitious climate targets more transformative solutions are needed. For example, under certain conditions, electrification can be a low-cost and sustainable option ¬- heat pumps can be economical solutions for low- and medium-temperature needs. Electrification may also be possible for specific high-temperature industrial processes, such as electricity-based steel production. However the sustainability of electrification depends on broad decarbonisation of the power sector to actually reduce emissions at the system level.

Direct renewable heat sources such as solar and geothermal can also be economical for applications below 400 degrees Celsius, but they are not easy to integrate in all industrial facilities. Bioenergy can be used for high-temperature heat demand, but is resource-constrained and only economical and sustainable under certain operating conditions and in certain regions.

Industrial heat can be decarbonised through the deployment of carbon capture, utilization and storage (CCUS). This can include, for instance, technologies to remove CO2 emissions from flue gas before recycling the CO2 in industrial processes, such as for methanol production, or storing it permanently.

Finally, end-use efficiency, through the use of modern equipment, improved insulation or heat recovery, can reduce final demand before the heat is even generated – often, limiting overall heat requirements is the first strategy adopted, before taking actions to decarbonise remaining heat use.

Ultimately, widespread deployment of energy efficiency and a least cost mix of these options can point to a more sustainable future for industrial heat. Putting the appropriate regulatory framework in place will be key to ensuring that investments are targeted in a way that makes this future possible.

Élie Bellevrat and Kira West are the WEO Energy Analysts

Élie Bellevrat

Kira West

Early version of the text Clean and efficient heat for industry was published by the IEA.

If you are looking for a country which has plenty to do, then Germany is the answer! You will find many fantastic tourist attractions, and unique things and places to visit. The German National Tourist Board (GNTB) has taken many years to gather information on things that tourists want to see and do, and the country has earned the reputation for being one of the countries that people want to visit. Over 32,000 travellers named the country as their personal favourite place to visit. Whether you like museums and art galleries, historic buildings and landmarks, or eclectic shops and boutiques, Germany has something for everyone.

1. Neuschwanstein Castle

This world-renowned fairy tale castle is symbolic of romantic architecture, and tells the story of its owner Ludwig II. It is possible one of the most photographed sights in the country. After ascending to the throne, Ludwig was forced to cede power to the Prussians, and he then retreated to the castle.

There are among all the rooms, two magnificent halls to see. One is the Singers’ Hall, which is filled with banqueting tables and adornments. The sleeping quarters show a Gothic influence, and the throne room will dazzle you with the gold and blue decorations.

Another feature is the grotto where you will find little waterfalls and coloured lights creating the feelings of a mysterious cave.

You should allow a full day here, to see the castle and the surrounding gardens.

2. Oktoberfest

This is the world’s largest beer festival and travelling funfair. This event is normally held for 16 – 18 days in mid-September to first weekend in October. More than 6 million people from all over the world arrive to sample the beer and use the fairground.

You will find a good selection of foods ranging from roast pork and roast chicken, to sausages, pretzels, cheese noodles and potato pancakes. In fact, there is so much food, you will be hard pressed to decide what to eat!

This is a full day out, especially if you have children and want to spend time at the funfair.

See more here.

Article courtesy of Your RV Lifestyle.

The European Commission’s Strategy for the Western Balkans

The European Commission set a target date of 2025 for some of the Balkan countries to join. However, Brussels sees only Serbia and Montenegro as actual candidates. The door formally remains open to Albania, Bosnia-Herzegovina, Kosovo and Macedonia, but these countries have been put into a grey zone with no time frames and road maps. They have been put on hold with no tangible prospects for membership, left without any explanation of what makes them less valid candidates than Serbia and Montenegro, with these two being as poor, illiberal and undemocratic as the remaining four.

With a dose of instant cynicism, one might conclude that Serbia and Montenegro have been rewarded for their military aggressions on Bosnia and Kosovo, and Serbia’s permanent pressures on Macedonia, whereas the latter ones have been punished for being th

e former’s victims. However, a more careful look at the population structure of the four non-rewarded countries reveals that these, unlike Serbia and Montenegro, have a relative excess of Muslim population. So far, there have been dilemmas whether the European Union is to be regarded as an exclusive Christian club, bearing in mind the prolonged discriminatory treatment of Turkey as an unwanted candidate. After the European Commission’s new strategy for the Balkans, there can be no such dilemmas: the countries perceived by Brussels bureaucrats as Muslim ones – regardless of the actual percentage of their Muslim population – are not to be treated as European.

The resurrection of this logic, now embodied in the actual strategy, takes Europe back to its pre-Westphalian roots, to the faraway times of the Crusades or the times of the Siege of Vienna. It also signals the ultimate triumph of the most reactionary populist ideologies in the contemporary Europe, based on exclusion of all who are perceived as “others”. It signals the ultimate triumph of the European ineradicable xenophobia. Or – to put it in terms more familiar to the likely author of the strategy, the European Commissioner for European Neighbourhood Policy and Enlargement Negotiations, Johannes Hahn – the triumph of Ausländerfeindlichkeit.

Now, what options are left to the practically excluded Balkan countries, after so many efforts to present themselves as valid candidates for EU membership? There is a point in claims that some of their oligarchies, particularly the tripartite one in Bosnia-Herzegovina, have never actually wanted to join the EU, because their arbitrary rule would be significantly undermined by the EU’s rule of law. It is logical, then, that the tripartite oligarchy welcomes the strategy that keeps the country away from the EU membership, while at the same time deceiving the population that the strategy is a certain path to the EU. Yet, what about these people, separated into three ethnic quarantines, who believe that joining the EU would simply solve all their political and economic problems, and who refuse to accept the idea that the EU might be an exclusive club, not open to them? What are the remaining options for them?

They cannot launch a comprehensive revolution and completely replace the tripartite oligarchy by their democratic representatives. Still, they can press it to adopt and conduct a multi-optional foreign policy, oriented towards several geopolitical centers: one of them may remain Brussels, but Washington, Moscow, Beijing, Ankara, Tehran, and others, should also be taken into account. For, a no-alternative policy, as the one which only repeats its devotion to the EU integrations without any other geopolitical options, is no policy at all. In this sense, the presented EU strategy has clearly demonstrated the futility of such a no-alternative approach: regardless of how many times you repeat your devotion to the EU values, principles and integrations, the EU bureaucrats can simply tell you that you will never play in the same team with them. However, such an arbitrary but definite rejection logically pushes the country to look for geopolitical alternatives. And it is high time for Bosnia-Herzegovina’s people and intellectual and political elites to understand that Brussels is not the only option on the table, and that there are other geopolitical centers whose interests might be identified as convergent with the interests of Bosnia-Herzegovina. Still, all of them should first demonstrate the ability to identify the interests of Bosnia-Herzegovina, which means that they should first recognize it as a sovereign state with its own interests, rather than someone else’s proxy.

Author Zlatko Hadžidedić

By Zlatko Hadžidedić
Article courtesy of IFIMES

Traveling with children can be a incredibly fun or incredibly stressful, depending on whether you have them under control.

Tips for the Plane

1. Don’t forget to pack wet wipes! The plane is crowded and it’s hard to keep getting up from your seat to wash up the kids in the plane restroom. So, the next best bet is bringing along your own cleaning device.
2. Don’t forget the emergency pull ups and diapers. This tip is vital. Make sure to toss some in your carry-on bag. Even if the flight is super short and you don’t think you need spare diapers…you can never predict when there are delays or if your plane is stuck on the runway.
3. To make the flight go faster for the kids, make sure to bring games and activities to keep them busy. Although, try to keep the game super simple and compact. Avoid a puzzle with a million pieces that will most likely get lost aboard the plane or a noisy toy that will annoy all the other passengers.
4. Pack each child their own carry-on bag. You can put each kid’s games and spare clothes in their own bag. This alleviates you having to carry ALL the kid’s items and being forced to over stuff your own carry-on bag. This is a great tip to stop the kids from bringing a million different toys because they know they must carry their own toy in their own carry-on bag. A fun tip is to pack each of the kid’s carry-on bags for them and don’t let them see the items you pack them. You can run to the dollar store and throw in cheap toys, coloring books and simple games. It will be a fun surprise and keep the kiddos busy on the plane.
5. Check-in as early as possible! Traveling with kids takes much more time than flying solo or with a group of adults. This confirms that you and kids won’t be separated on the plane and that your seats are next to each other.
6. If you are traveling with a stroller or car seat then it will have to go through the w-ray machine. Prepare yourself by removing all your belongings from them. Kids that are old enough to walk usually must take off their shoes just as adults do. It’s a good idea to dress the little ones in shoes that are easy to slip on and off to make this process a bit quicker and less stressful.
7. When packing your carry on it’s vital to remember the TSA 3-1-1 rule. Any liquids, gels or aerosols must be in a container 3 ounces or less and these items must fit inside a 1-quart size Ziploc type bag. Each passenger can have one bag. When you go through security they will ask you to remove the bag so that they can run it through the x-ray machine. This rule doesn’t apply to baby food, breast milk or formula.
8. A similar tip is to check to see if there are any available seats that may not have been open at the point of your flight purchase. If you didn’t buy a seat for you toddler, since usually children under 2 can sit on your lap, simply ask if there are empty seats. Usually the answer will be no, but it is worth checking!
9. This tip is a bit of a challenge BUT if possible, try to book flights during the hours of the day. Choose flights at normal times that your kids would normally be awake. Flying in the middle of the night can be a bit risky. Two things can happen…either the kids peacefully go back to sleep once on the plane which is the best-case scenario OR they are too giddy and excited about getting to the destination and do not sleep at all. This might make them grumpier later since they are missing their normal sleep time. No one wants to deal with bratty kids especially during your vacation.
10. Make the kids use the airport restroom before you board the plane. It’s no fun to get on the plane, settled in your seat and then having to immediately jump up to get the kids to the restroom on board the plane…the situation becomes even worse if the kids can’t hold it and there’s a line for the plane bathroom. Also consider limiting the amount of fluids the kids chug down right before the flight. This will help cut down on restroom trips and save you the struggle.
11. Explain how the airport will work. It’s important to explain security checks with the kids so that they aren’t afraid when walking through the metal detectors and so they aren’t terrified by all the people in uniforms. So just explain everything to the kids if this is their first flight. Let them know what to expect from the security process by telling them how it’s to ensure everyone’s safety while they are flying.
12. Keep the kids comfy while traveling by dressing them in comfortable clothes. Keep layers in mind when dressing (this applies to you as well). Planes are hot, cold or sometimes just right, but you never know what you will run into. It’s easiest to make sure each kid has a jacket and hey you can even use the jacket, roll it up, and use it as a pillow.

Read the rest here.

Article courtesy of Your RV Lifestyle.

Luggage can make a big difference in your travels. The space in your luggage dictates what clothes and items you will have available during your trip. A broken handle or a bag that is too big to be a carry-on can cause inconveniences every time you have to take a flight.

Before you take your next trip, ask yourself a few questions about how and why you travel. Someone who is always on the go for business and someone who is taking a cross country road trip will have different luggage needs. The answers to the questions will help to create your top priorities when picking out luggage. Once you’ve answered the questions below, look through the list of features to consider and keep them in mind as you are shopping.

Why Are You Traveling?

Business Travel

Organization and professionalism are key for business travelers; important documents and laptops need to be kept safe while moving from place to place. Business travelers are usually on the move every few days, and the cost (and hassle) of checking luggage may get overwhelming. Finding luggage that can fit easily into the overhead compartment allow business travelers to get on and off their flight without waiting for their baggage to be checked or to arrive. Business travelers may use their luggage more often than families who are going on occasional vacations; the luggage must be durable and can withstand different types of roads and sidewalks.

There are many types of business travel, but one factor that separates business travel from any other sort of travel: your suit. Business casual can be folded and organized with the rest of your clothes, but your best suit should be packed in a separate garment bag with hangers.

Backpacking

The word “luggage” may conjure up the mental image of a suitcase, but long-term travelers may also want to consider bringing just a backpack. “Backpacking” commonly refers to outdoor adventures like hiking or camping, but has become a hot trend in traveling. Young people often carry only a backpack as they spend weeks or months on holiday traveling through different countries and cities around the world. Travelers who enjoy camping and other outdoor adventures also prefer backpacks than be carried rather than rolled throughout the desert or jungle.

As backpacking has become a trend, more brands and varieties of backpacks have appeared on the market. Light travelers may benefit from a small 16 liter pack, but bags can reach up to 90 liters for very serious and experienced backpackers. Some of these backpacks can fit as carry-on luggage. If your trip consists of moving every few days from hostel to hostel, and taking buses and trains over cars and planes, you may want to consider a sturdy backpack for your luggage.

Family Vacation

Many parents find it easier to buy smaller suitcases for their children, but consolidate luggage when they are taking a flight. Younger children may get fussy about carrying a suitcase, so being able to fit their luggage inside yours saves the stress of carrying two or three suitcases at a time. When you have to carry luggage for at least three people, organization is key. Look for luggage that has many pockets and built-in organization.

Multiple people can benefit from luggage sets. Some luggage comes in two to five piece sets of matching luggage that look alike and often can be packed within each other for easy storage. Often, buying these sets will save you money over buying individual pieces. If you want to identify luggage easily, find a set that has bright patterns; trying to grab every grey luggage in baggage claim may result in an unfortunate mix-up.

Moving

When your child is heading out to boarding school or college, they will need to move their clothes and belongings into their dorm room or new apartment. Larger suitcases make it easy for all of your child’s clothes, bedding, and decor to be moved in just one trip. If your child is moving across (or out of) the country, consider buying collapsible luggage that is easy to store in a closet for when the child has to move back at the end of the year.

Read the rest of the article here.

Article and photos courtesy of Your RV Lifestyle blog.

There’s nothing wrong with going on vacation to relax, see something new, and get away from a busy everyday life. However, there’s something special about wanting to not just see new places but also get a taste of their local cuisine and experience a part of their culture in this unique way. So, if you consider yourself to be a food lover, and you’re looking for an inspiration for your next travel destination, here are some places that offer delicious food you should definitely taste at least once in your lifetime.

Prague

Prague’s food is just like its culture ‒ with a strong respect for history and with a bit of innovation. Like many other Eastern European countries, the Czech Republic is famous for its bread dumplings. Moreover, if you do find yourself in Prague, make sure to try Svíčková ‒ the traditional dish made of sirloin steak, vegetables, and plenty of bread dumplings. If you’re looking for something more on the sweet side, try Trdelník ‒ rolled dough wrapped around a stick, grilled, and covered in sugar and walnuts. One of the best things about Prague is that none of these things is too expensive, so you can eat as much as your heart desires ‒ and it will desire a lot once you taste all the delicious Prague’s food.

Bologna

When somebody mentions Italy, most people first think of pizza, spaghetti, and ice cream. And while those things truly are great in Italy, they are far from everything that this country has to offer. In Italy, Bologna is known as “the fat one”, and it’s easy to see why once you taste its cuisine. You will find that it offers some of the finest dishes in the country, including the famous “Bolognese” sauce, mortadella, parmesan cheese, black truffles, porcini mushrooms, Parma ham, and much more.

Paris

Besides being the city of love, it is also one of the best destinations for food lovers. Famous for its blue cheeses, delicious croissants, crusty baguettes, and of course, the French fries, there is something for everybody in Paris. If you get a chance, make sure to try Tarte Flambée ‒ a tasty pizza-like dish with warm cheese, crispy crust, and caramelised onions, served straight out of a brick oven. And to top it all off, Paris has the fantastic collection of wines that will make every meal that much tastier.

New York

If you prefer having plenty of options and enjoy the glamour of a big-city life, then look no further than New York. The amazing catering in NYC is one of the best in the world, and considering how innovative the chefs in this city are, it’s not hard to see why. From fancy restaurants to tasty street food, you will definitely find something that will satisfy all your needs and desires. Don’t miss out on trying the classics, like oysters at Grand Central Oyster Bar, or Magnolia Bakery’s banana pudding. If you prefer something simpler, like pizza, John’s of Bleecker Street is a true pizza paradise. With all the options available, visiting New York would undoubtedly be a memorable experience.

Belgium

If you prefer sweet food, then you can’t call yourself a true foodie until you visit Belgium and try its traditional waffles. These sweet and crispy waffles are the perfect snack while walking the streets of this stunning city or simply relaxing on a nice evening. Also, everybody knows that the best chocolate in Europe comes from Belgium, so you haven’t really visited it until you try its chocolate. You can go on a chocolate tour, or simply walk into any chocolate store and taste this delicious treat that you will not be able to get enough of.

Barcelona

Some of the most famous Spain’s gifts to the world are paella and tapas, so if you have already tried and enjoyed those, you will surely enjoy Barcelona. You can find delicious croquettes at almost every corner, so don’t hesitate to indulge in this fried potato goodness while exploring this breathtaking city. Spain is also famous for its quality ham, so if this is your cup of tea, then you will definitely love every moment spent in Barcelona.

Food is not there just to satisfy your appetite and take care of your biological needs; it is a way to connect with another culture. If you agree, then make sure to visit some of the above-mentioned destinations and experience their culture not just through sights and sounds but also through the rich taste of their local cuisine.

By Peter Minkoff

Peter is a lifestyle and travel writer at Men-Ual magazine, living between Ústí nad Labem and Antwerp. Follow Peter on Twitter for more tips.

Are you ready for an adventure? There are so many different forms of travel: backpacking, cruises, long-term travel, etc. No two trips are the same, and each trip will provide you with unique memories and exciting adventures that you can share with your friends and family back home. Whether you are taking a trip to see family and friends for the holidays, or want to explore new countries across the world, traveling can be an enriching and memorable experience.

We have all spent hours looking at pictures of gorgeous beaches, luxury resorts, and cool road trips. Before you book, know that travel isn’t always Instagram-worthy. Flights may be delayed, you might run into scams, and you may dip into your budget more than you had originally planned. A battle with food poisoning or lost luggage can certainly put a damper on your trip. Luckily, travelers before you have gone through similar experiences and know how to avoid snafus while traveling. Do not worry; with proper planning, and the following travel tips from travel experts, you can make the most out of your travels and experience the vacation or trip of a lifetime.

Enjoy the next 50 tips for traveling, including flying, taking a road trip, traveling with children, and traveling overseas.

Tips for Planning Your Trip and Booking Accommodation

1. Get the Best Deals on Hotel Rooms

In order to score a great deal on a hotel room, you may have to be patient, be flexible, and do your research. Travelers have many different strategies and tricks for getting the best hotel room for the lowest price. For example, booking 24-48 hours may get you a lower rate, as you’re booking during the hotel’s cancellation time frame. If you sign up ahead of time on websites that alert you of price drops, you will get an instant notification when the hotel is available at the best price. Checking in at the end of the day, and discreetly asking for a corner room, will also give you the best chance of getting an upgrade for the same price.

2. Make Friends (And Save Money) By Staying in a Hostel

If you are a young solo traveler, staying in a hotel can get lonely. Meet fellow travelers at youth hostels, which offer cheap accommodation in private or dorm rooms. The quality of the rooms or amenities may not match a 5-star resort, but many hostels have communal areas or activities where travelers can mingle and enjoy a drink.

Hostels are (usually) not available for travelers over the age of 50, but solo travelers can meet people through a variety of websites or apps.

3. Consider Housesitting for Free Accommodation

If you are flexible with travel dates and where you would like to stay, consider house sitting or pet sitting. There are a handful of websites that offer a subscription program in order to search and apply for house sitting jobs. Most of these jobs are in the suburbs, but if you own a car or do not mind taking public transportation, you can get a nice house or apartment with little to no cost.

4. Check The Dates Of Your Trip For Public Holidays

Different countries have different religions and holidays that may affect your travel plans. In some cases, the rates for accommodation may be higher, or hotels will book up fast. Other holidays may affect the hours of popular tourist sites or local businesses. In some countries, religious holidays may affect the sale of alcohol. On the other hand, visiting a country or city while they celebrate a big holiday can be very enriching and make your trip more special. Plan your trip accordingly, and know what to expect when you arrive during a holiday season.

5. Read Blogs or Visit Social Media For Inspiration

If you pop your destination into Google, you may find a handful of the same restaurants, sites, and hotels in the first page of results. Dig a little deeper and get recommendations from Bloglovin or other blogging platforms. Bloggers, especially bloggers with smaller followings, are more likely to give accurate and authentic information about what it is like to travel; if they are paid by a tour or company to promote their product, they should disclose that information throughout their blog posts.

You can also use social media to find local gems and hidden spots. Searching through Instagram by specific locations or hashtags will show you pretty sites and great restaurants that you might not find on big travel websites.

Tips for Packing

6. Know the Weather and Culture of Your Destination Before Packing

In order to properly pack for your destination, do some research about your destination and your itinerary. Check how hot, and also how humid, the weather will be during your trip. If you are traveling during a “rainy season,” you will want to pack more breathable clothes and waterproof shoes. If you are packing for colder weather, you will have to pack layers.

Also consider the culture and dress codes of the area you are visiting. In a country like Thailand or Cambodia, you will need to cover your shoulders and knees in order to visit a temple. Sandals or shorts may also be prohibited if you want to go to a nice restaurant or bar.

7. Choose Luggage That You Recognize

A square black suitcase can be hard to find at baggage claim, and harder to identify if your luggage gets lost. Bring a unique suitcase or backpack with bright colors or patterns. Take a picture of your suitcase before you check it, just in case it gets lost. If you do need to pack a more common suitcase, add a bright luggage tag or tie a ribbon around the handle to easily identify the bag.

8. Pack Solid Cosmetics When You Can

If you want to limit your luggage to a carry-on, you will have to limit the amount of liquids you bring with you, including shampoos and shower gels. Purchase solid cosmetics to get through airport security without throwing anything away. If you need to pack smaller liquids, make sure they will comply with the 3-1-1 rule. These liquids should be kept in a Ziploc bag just in case they spill or burst in transit.

Article courtesy of Your RV Lifestyle.

Read the rest of the article here.

It is widely known that Europe’s ageing population is a problem for EU Member States. Quite simply, people are living longer and this impacts on the sustainability of State pension systems, referred to as the first pillar. Member States may attempt to address this issue by raising State pension ages and increasing the number of years that people need to qualify for a full State pension. However, this then impacts on the standard of living that retirees can expect to attain, unless additional provision is made.

In some Member States, employees may benefit from occupational pension schemes that are sponsored by their employer. These are known as second pillar schemes and if a promise of a defined benefit pension related to salary and service is on the horizon, then this is highly advantageous. However, employers too are feeling the strain of funding such promises and so are increasingly closing defined benefit schemes and putting in place alternative defined contribution plans. There is no benefit promise and the employee will get whatever the eventual ‘pension pot’ purchases. In short, the risk of meeting the target benefit is passed on to the employee.

Third pillar pensions are also ‘money purchase’ and these sit on top of the first and second pillars. Voluntary by nature, these plans can make the difference between a comfortable or a poor retirement. Such additional pensions may also provide a ‘bridge’ to State retirement pension commencement, if the benefits can be accessed before the State retirement age. However, without appropriate and regulated advice, the saver may find out all too late that their aspirations for a financially secure retirement are not met. Saving sufficient amounts and investing the monies wisely are both essential requirements, but so too is taking advice.

Pension entitlement is a complicated subject. Regular reviews with the adviser should be carried out to check that the ‘pension pot’ is on target to achieve objectives. Generic on-line advice is unlikely to be enough, particularly if the person has accumulated several ‘pension pots’. Moreover, if a person has had a cross-border career, how does the ‘pension pot’ acquired in one State dovetail with one in another State? How are the State pensions earned in each Member State impacted by the EU State pension co-ordination rules? How do the diverse tax rules across Member States affect the outcome for the saver? These are just a few of many questions that should be addressed by the adviser – a robot cannot do this!

In June last year, the European Commission launched its proposal for a Regulation on a pan-European Personal Pension Product (PEPP), as a third pillar pension. In States where the first and second pillar systems are not well-developed, the PEPP may offer a solution for citizens who may be facing a poorer retirement. In other States, the PEPP should provide more choices to its citizens.

Whilst the PEPP initiative is welcomed, the Regulation as drafted, already presents some barriers to becoming a successful cross-border pension arrangement. The PEPP has the potential to contribute to the Capital Markets Union, but only if the barriers are overcome. Regulatory and fiscal rules diverge between the 28 Member States and so pragmatism and co-operation are needed to reach a solution. If the tax incentives are insufficient, and subject to change after an arrangement has commenced or even harmonised, the PEPP is unlikely to succeed.

The PEPP Regulation proposes a limited number of investment strategies be made available by PEPP providers. This includes a “safe investment option”, as a default option, which should provide a capital guarantee. The merit in capital guarantees for pension products is questionable, as these are expensive to provide. The result being that to support the capital guarantee (if in fact a real guarantee can be provided – and by what institution?), this would require low-yielding investments and consequently at retirement, the capital may be insufficient to provide an adequate level of income to supplement other pensions. Thus, the reference to a “safe investment strategy” could be misleading to the saver.

However, rather alarming is the proposal that the PEPP saver can waive the right to receive advice, if he/she selects the default investment option. It is arguable that PEPPs should not be sold on a non-advised basis, even in these circumstances. The Regulation as currently drafted could lead to the saver losing purchasing power, since an obligation to provide inflation-proofing has not been included.

Furthermore, the impact of national pension entitlements, varying decumulation options and retirement ages, particularly if the PEPP saver has cross-border accumulated benefits, strengthens the need for the PEPP saver to receive appropriate professional advice. Hopefully, the European Commission will also come to this conclusion.

Daphne Foulkes,
Partner, The Spectrum IFA Group and FECIF Board Member

Article courtesy of FECIF

Image Source: ČTK

A hat made in honour of Jiří Raška, the 1968 Olympics ski jumping champion, that is the highlight of the 2018 Winter Olympic collection, is reported to be hugely successful. With just over two weeks to go to the start of the Winter Olympics in South Korea the hat is sold out and Alpine Pro, the company that produced the Czech Olympics outfit, is scrambling to put several thousand more pieces on the market ahead of the games.

The hat dubbed “Raškovka”, made in the Czech national colours of red, white and blue, closely resembles the hat in which Jiří Raška won his first gold in ski jumping at the Olympics in Grenoble in 1968. It was sold out just weeks after hitting the market and is clearly the most successful item of the Czech Winter Olympics collection for 2018.

Spokesman of the Czech Olympics Committee Tibor Alföldi says the committee is delighted with the positive response and has ordered another 25,000 pieces made ahead of the games. When the Olympics outfit was launched late last year the Chairman of the Czech Olympics Committee Jiří Kejval said it had been chosen to motivate the Czech Olympics team to successes such as that achieved by Raška.

Jiří Raška’s grandson Jan Mazoch, also a former ski jumper, says the hat is the perfect way to honour his grandpa’s memory on the 50th anniversary of his memorable performance in Grenoble that won him his first gold in ski jumping. “Even though today I would never take a jump wearing that hat, it is simply too dangerous,” Mazoch told the news site Idnes. He knows what he is talking about -in 2007 he took a bad fall after which he was in a coma for several days. The accident led to the end of his career a year later.

The original hat with which Jiří Raška won the Olympics in Grenoble ended up in the hands of an enthusiastic fan, but many of Raška’s trophies and other hats and memorabilia are exhibited in a museum in his home town of Frenštát po Radhoštěm. Raška was named the best Czech skier of the 20th century in a 2003 poll of journalists and members of the Czech Skiing Association.

Source: http://www.radio.cz/en/section/business/raskovka-hat-from-czech-olympics-collection-becomes-huge-hit

Photograph by Zanyasan

Bangkok – Imagining peace is a noble concept but what does it take to achieve it?

Where does peace begin?

In modern day Southeast Asia, this can trace back to the 8th of August, 1967 where five foreign ministers of Indonesia, Malaysia, the Philippines, Singapore and Thailand joined hands to create the Association of Southeast Asian Nations or what became known as ASEAN.

Diverse in nature and disperse in geography, ASEAN has achieved much within the course of fifty years. The Association has grown in size of its membership and expanded to reach ambitious mandates. In 2015, ASEAN Economic Community was created to promote free movement of people, goods and ideas.

Economic integration was just the beginning.

Coated in a long and wordy text and signed on 17th November 2011, the Declaration on ASEAN Unity in Cultural Diversity strived toward achieving “people centred and socially responsible integration,” a socio-cultural integration in short.

Inspired by the European Union, creating one market was not enough for ASEAN. The Association is driven to “forging a common identity”. It is hoped that through such effort, peace, mutual understanding and harmony will be fostered in Southeast Asia.

A common identity for more than 600 million people?

A little lofty.

Perhaps.

To achieve this aspiration, the Shared History Project in Southeast Asia was launched by UNESCO-Bangkok Office with funding from the Republic of Korea in 2013 to create a new history curricular to be taught and learned across ASEAN by 2018.

The project brought together historians, educators and researchers across the region to search for common grounds of what aspect of history to teach and how to teach it.

It is all for a higher purpose and a better future.

As the late Secretary General of ASEAN, Dr. Surin Pitsuwan, persuasively said: “it is a better history education that will produce and provide a strong foundation for understanding where we have come from and to guide us into the future where we are going, as individuals, as local communities, as nation states, as a greater sub-regional grouping”.

Ideally speaking, a Shared History should be welcomed with an open arm. A project so inspiring that it aims to mitigate nationalism and bridge differences across the nations.

In an interview with Dr. William Brehm of Waseda University, he offered insight into this new architecture to build peace in ASEAN. There are many challenges to translate a Shared ASEAN.

Firstly, who will write these new memories? How can a consensus be built amongst people with diverse cultural heritage, background and social memories?

If history is written by the winners – who are the winners in ASEAN?

In ASEAN, disputes and conflicts amongst nations are not memories of things past, rather they are confounding issues aggravating daily hatred across countries within the region. Border dispute amongst nations is the case in point. As professor Anis H. Bajrektarevic already warned in his luminary policy paper ‘No Asian cenutr… “any absolute or relative shift in economic and demographic strength of one subject of international relations will inevitably put additional stress on the existing power equilibriums and constellations that support this balance in the particular theater of implicit or explicit structure.” Therefore, funded by the Thailand Research Fund, Akkaraphong Khamkhun of Thammasat University counted as many as 20 ongoing territorial disputes in ASEAN. These conflicts are between Malaysia and Brunei, Laos and Cambodia, Indonesia and the Phillippines.

This is not to mention the infamous Preah Vihear dispute that cuts deep wounds between Thailand and Cambodia.

While the wounds are still fresh, how would these stories be told? Whose stories, precisely?

Secondly, how can a Shared ASEAN formed when countries are deeply founded with nationalistic sentiment, where overt nationalism is propagated in and outside of classrooms, where the sense of hatred to “the other” is instilled for students.

The villain of one country, is the hero of the other. Myanmar – Thai historical text books are the prime examples on this. Thai kings are always the heroes for Thailand, while Myanmar kings are presented often and always as the villains.

Vice versa.

This is what a well-known Thai historian Thongchai Winichakul called “negative identification.”

For centuries, each country in ASEAN, is guilty for inflicting negative identification for others to elevate a sense of pride for themselves. It is easier to teach who is “us”, when you know who is “them”.

ASEAN is not alone in striving to form a new memory of themselves. In the case of Africa, Dr. Brehm argued that the Shared History project took as long as 35 years to be successful.

“Dated back to UNESCO’s 1964 General History of Africa project. That project created a set of eight volumes articulating a shared history of Africa. Huge disagreements among the various national historians prolonged the project; it took 35 years before all eight volumes were published.”

If a country is an imagined community, said Bennedict Anderson in his polemic book the Imagined Community, by schools, common language and mass media, is it possible, Dr. Brehm asked, for the UNESCO and ASEAN enthusiastic idealists to dream of a new common identity for 600 million people who speak more than hundreds of languages and dialects?

Is it possible that a common understanding can be reached and harmony can be fostered through a new kind of text book, new knowledge and new understanding to promote something as elusive as a regional identity?

Dr. Brehm is a little sceptical: “So long as education is organized by nation-states, history and historical memory will always promote nationalism and national identity. Everything else will be secondary or retro-fitted for the main purpose.”

Difficult but does that mean impossible?

Surely a Shared textbook is useful and much needed intervention to cement a mutual understanding amongst ASEAN students. For political, historical and educational reasons, however, this project requires careful consideration, time and resources to ensure that a new generation of ASEAN will be peace loving rather than nationalistic hawkish. Having a multilateral organization like UNESCO to promote history lesson offers a humble step toward regional peace.

Where does peace begin?

It begins with mutual understanding.

More importantly, it has to begin now.

In cooperation with IFIMES

Written by Lao Rattana

“The plan to renovate Chateau Mcely was born fifteen years ago and from the very beginning we were guided by higher principles. Our aim was to deliver more than a high-quality hospitality service – we wanted to enrich the lives of our employees, guests, investors, suppliers and the wider community, and in doing so to improve our little corner of the world. To fulfill this mission we boldly embarked on creating an elegant yet supremely comfortable chateau resi­dence infused with an atmosphere of enchanting beauty, tranquil­ity and impeccable service delivered with loving care.

I am often asked for the secret behind the magic of Chateau Mcely. It took me a while to find the right answer to what may appear an easy question. The Mcely Magic flows from our tireless pursuit to live our mission and values and from our ceaseless attention to detail.”

Inéz Cusumano—Owner, Chateau Mcely

Chateau Mcely rises from the bucolic landscape of the St. George Forest, a mystical woodland shrouded in ancient legends. For the past eleven years the chateau has been an oasis for the weary traveler, a place always poised to rejuvenate the body and soul, stimulate all senses, and guide you to your inner core. It is a magical place once almost lost to decay were it not for a successful and ambitious young wom¬an who succumbed to its magic. Like the castle from the fairy tale Sleeping Beauty, Chateau Mcely lay dormant for nearly 50 years under a veil of overgrown greenery before Inéz Cusumano came to its rescue. But unlike in the fairy tale, it was a woman who led the chateau’s awakening from its deep slumber, not prince charming, though she was more than aided by her loving husband Jim and their amaz¬ing team of collaborators, most particularly, husband and wife Vlastimil and Eva Plch.

The story began in 2001, when Inéz visited the chateau almost by chance while prospecting properties for an American friend and im¬mediately fell under its spell. Although the idea of purchasing and renovating the chateau seemed foolish at best, Inéz felt pulled by a mystical force. She recalls being greeted by the groundskeeper as though he had always known her and had been patiently waiting for her to return and take the helm. And she instinctively knew every nook and cranny of the crumbling residence owned previously by the Thurn and Taxis noble family, who had hosted literary luminaries like Rainer Maria Rilke and Mark Twain within its once splendid halls.

Turning the former Thurn and Taxis chateau into its current state of glorious elegance took five years of very hard work and steely determination. Guided by Inéz’s vision, the renovation project was driven by key values: care and love for oneself and others, respect for cultural heritage, col-laboration, and environmental sustainability, values that were bound to assure the success of this grand endeavor. Windows were soon adorned with hydrangea floral prints on sumptuous curtains, the grand staircase shone with a new luster, and corridors were filled with the sound of busy hands and feet. All renovations were care¬fully planned and particular consideration was given to the chateau’s heritage and to sustainability. Interior elements that could be saved were lovingly restored to their former elegance, and new pieces, de¬signed by the Czech designer Oto Bláha, were commissioned from Czech craftsmen and craftswomen.

The team’s hard work was rewarded in 2006 when the gates opened to a five-star hotel that was to become a jewel in the crown of the Czech hospitality scene. It was then that the power of Inéz‘s vision and the tireless efforts of the team that supported her were fully unveiled. Every little detail, so carefully planned and considered, fell into its loving place – it was as if some magical force had brought together elements that were always meant to coexist. Soon after the opening the Inéz and Jim‘s vi¬sionary approach of incorporating environmental sustainability into every aspect of the renovation project earned Chateau Mcely the international recognition of the World‘s Leading Green Hotel, the first five-star hotel to receive the green label in the Czech Republic and the second such hotel in all of Europe. The same magical force that cast its spell over Inéz Cusumano many years ago has since drawn a team of talented employees who have become devoted to Chateau Mcely’s vision of making a difference through lovingly-delivered ser¬vice. The atmosphere of love and kindness permeates the chateau and it is thus no surprise that a number of marriages have emerged from partnerships formed between employees, and that the Mcely family has been blessed by the arrival of new life over the years.

Elegant Interiors

Conceived by designer Oto Bláha, the interior is colorful and beautifully varied, inviting you to explore faraway lands, experience the seasons, and discover the lives of personalities past and present (See Figure 1). Regal gold and cream dominate the color palette, carefully com¬plemented by ebony black and sage-flower purple, which seam¬lessly connects the chateau’s interior to the gardens beyond. Other organic motives abound, with gorgeous murals of garden scenes featuring golden birds, and heavenly hydrangea blossoms skillfully imprinted on curtains, upholstery and the walls.

Although Chateau Mcely appears compact from the exterior, the interior tells another story. The ground level includes three inter¬connected halls, one of which was the original chateau theatre, and a lush covered patio that bridges the space between the chateau’s interior and its beautiful grounds. A grand staircase leads to the cen¬tral Golden Hall on the first floor, the energetic core of Chateau Mcely and the preferred place for wedding ceremonies and other important celebrations. The first floor also houses suites named after the world’s continents that beckon the would-be explorer to dis¬cover new lands with ease and in comfort. The second floor pays homage to the passage of time with rooms dedicated to the twelve months and a wing honoring famous historical personalities, some of whom once walked the halls of this splendid residence. The third and final floor invites you to explore the stars in the chateau’s roof-top obser¬vatory and peruse rare old texts in an extensive tower library.

Edible Park

In the summer months the park at Chateau Mcely transforms into an enormous gift box wrapped in a purple ribbon of sage. The glo¬rious expansive grounds are a treat for all senses, taste included. A path fringed by juicy blueberries waiting to be picked leads you to a refreshing lake filtered by natural filtration, a sauna, and the spa’s Honey Rotunda, where guests can indulge in therapeutic rituals. The path continues along the lake and guides your meandering feet to a place infused with the fragrance of herbs. This is the treasure of the Mcely kitchen, the place where ingredients for delectable dishes are plucked fresh from the herb garden or the edible flower beds. And in a quiet corner hides an eerie cave once used for storing vegetables and today serving as the chateau’s smokehouse.

Within sight of the edible garden are the tennis courts and various exercise equipment laid out among the trees, inviting guests to stretch their muscles in the fresh air. Guests are also encouraged to exercise the traditional way – by putting on a pair of gumboots and tending to the gardens, or perhaps planting a tree – a beautiful Cha¬teau Mcely tradition. Children find delight at the nearby children’s playground, complete with a playhouse for princesses.

The spiritual centre of the Chateau Mcely park is the meditation garden built in 2015. Conceived as a natural chapel dedicated to peace and tranquility, the meditation garden is centered around a beautiful stat¬ue of a mother and child celebrating a mother’s unconditional love. It has a platform that is often used for meetings or yoga classes. A quiet moment in the meditation garden contemplating the beauty of the gently swaying leaves is nothing short of perfect tranquility.

Exquisite Dining

Chateau Mcely’s Piano Nobile restaurant is a true gem of culinary delight (See Figure 2). Led by Executive Chef Honza Štěrba, the restaurant was named the ‘Best Restaurant in the Czech Republic’ for 2014 by Mau¬rer’s Grand Restaurant Guide for its imaginative, delectable menu. A leading force of Chateau Mcely’s ‘green’ agenda, the kitchen prides itself on being able to source many ingredients literally from the back steps. Herbs grow in the kitchen garden below the cha-teau, blueberries dot the path towards the lake, and stunning rose petals are carefully handpicked for delicious ice cream. Ingredients that cannot be grown or made in the Mcely kitchen are sourced from local farmers, including prized cheeses, sausages, baked goods and jams. And to complete the green cycle, all kitchen scraps are collected and served to chickens or rabbits raised by the employees or neighbors. In Chateau Mcely’s award-winning kitchen, absolutely nothing goes to waste.

Essential Mcely Bouquet

When Inéz Cusumano left the big city at the start of the Chateau Mcely story, she was welcomed by a rich bouquet of scent. The tradition of herbalism proved to be deeply rooted in the local area, including the time-honored practice of collecting the fabled nine flowering herbs around the time of St. John’s feast day (See Figure 3). The nine magical herbs, believed to heal all manner of ills, inspired Inéz to learn from the living memories of old herbalists and to create a line of organic cosmetic products under the label Mcely Bouquet (See Figure 4). These unique cosmetics are blended in the chateau’s own alchemical laboratory from nearly ninety different ingredients and are used in its award-winning spa and are available to its guests (See Figure 5). They are also used and offered by several luxury hotels, such as Prague‘s Mandarin Oriental.

A Castle For Every Princess

Inéz was in the process of birthing a child while rebirthing Chateau Mcely. Her and Jim’s daughter, Julia was born one month after the chateau opened its doors in 2006. So it‘s no surprise that there is a strong imprint for young princesses to share in, including a Princess Suite and numerous custom-made products for young royalty. It all started when Inéz authored an enchanting fairytale storybook entitled Princess Nely of Chateau Mcely. Modelled after Julia’s fantacies, the book has become a big seller, published in both Czech and English. It’s no surprise that one of the most popular events of the year is Gathering of the Princesses, which takes place every September.

Making a Difference

The Chateau Mcely family continuously directs its loving and tireless efforts to fulfill Inez’s vision—to make a difference in the world by making a difference in the lives of the chateau’s guests, employees, partners and the broader commu¬nity. The team has created a magical retreat which has brought tremendous joy and comfort to countless visitors from all over the world. Many have pronounced their love for each other within the chateau walls and have returned with the children they were blessed to receive. Important life events have been honored and celebrat¬ed here, and weary executives have gained greater clarity of life’s true purpose under the loving care of the Chateau Mcely family. The team works diligently and creatively to consistently reinevnt their enterprise so that it may continue to enrich the lives of all who are drawn to experience its magic.

By Helena Stiessová

About the Author:

Helena Stiessová is Editor for SOFFA Magazine (www.soffamag.com), the first slow living magazine in the Czech Republic. This story is based on her experiences at Chateau Mcely (www.chateaumcely.cz/en)

FIGURES:

Fugure 1: The two-story Presidential Suite in the tower has decor typical of that used in all of the suites and rooms throughout the chateau.

Figure 2: A popular place for meals or drinks, this scenic, year-round climate-controlled patio is located adjacent to chateau’s main dinning room in its Piano Nobile Restaurant.

Figure 3: Inéz Cusumano and the Chateau Mcely Team gather local healing herbs as well as essential oils from around the world to create Mcely Bouquet natural cosmetic products.

Figure 4: Mcely Bouquet natural cosmetics are produced in the chateau’s laboratory using ancient alchemical techniques.

Figure 5: Guests are pampered in an award-winning spa with Mcely Bouquet natural cosmetics.

The Czech Republic recently ratified the Paris climate accord and became its full-fledged party on Saturday, November 4, committing to decreasing greenhouse gas emissions by 40 percent in 2030 as compared to 1990.

The Paris climate accord, which replaced the Kyoto Protocol, was signed by 169 countries, including all EU member states. The Czech Republic is the last EU country to have ratified it.

“It is symbolical that, after lengthy debates in the Chamber of Deputies, the Czech Republic completed the ratification and will become a party to the accord exactly one year after the Paris climate agreement took effect,” Environment Minister Richard Brabec (ANO) has written.

The Environment Ministry considers the climate deal’s goal to be well attainable, as emissions are being decreased thanks to massive insulation of buildings under the New Green Savings subsidy programme and under the Operational Programme Environment (OPE), thanks to the increase in the share of renewable sources and smart measures in villages and towns, such as promotion of electro mobility.

After 2020, however, more dynamic steps need to be taken to decrease emissions, the ministry stated.

Environmental organisations are calling for cutting of the country’s dependence on fossil fuels. Seven Czech environmental agencies have stressed in their press release that cutting emissions more rapidly would make the air cleaner and create jobs in clean industrial sectors to replace those in the fossil fuel energy industry and even boost the machinery and construction industries.

Apart from decreasing emissions, the Paris climate accord also defines ways of adaptation to climate change and of cooperation with developing countries.

The organisations would like the Czech Republic to significantly increase its aid for this purpose.

Source: Prague Monitor

SPECTRUM

The SPECTRUM exhibition shows many aspects of one single media. The presented artists are connected by friendship and a sincere relationship to painting. They more or less share the same path through life and meet without confrontation, but in full respect and tolerance towards their different approach of painting. The intergenerational and intergender meeting of Matěj Lipavský, Anna Neborová, Igor Korpaczewský, Kristýna Šormová and Kateřina Štenclová, who all have studied classical painting at Prague’s Academy of Fine Arts, create a various and complementary range of contemporary visual media, from realistic inclination to abstraction, without any narrow thematic limit.

The painter KATEŘINA ŠTENCLOVÁ belongs to one of the few Czech painters who is systematically and nearly exclusively committed to abstract painting. She took part in many international symposiums and was awarded the « Créateur d’aujourd’hui » price of Fédération Nationale de la Culture Française. She also attended many important exhibitions (for example Perfect Tense, Painting today, Jízdárna Pražského hradu, 2003-4 ; Contemporary Czech painting, NTK gallery, Prague, 2012) and presented her works on her own : « Limit of the event » , National Gallery, Veletržni Palác, Prague, 1999 ; « Selected Affinities », Czech Center, New-York, 2001 ; « I paint, therefor I am », French Institute, Prague, 2015. Her main expressive tools are plain colours, the relationship between geometrical and organic surfaces, gesture, the painting support. Her paintings have no symbolic or narrative content, they are dominated by structures of expressive colours, while an important rôle is being played by the gesture and an actual connection to lyrical abstraction.

And others…

FOCUS

NATÁLIE ROUČKOVÁ studied at the Academy of Fine Arts in Prague in the studios of Jiří Černický, Stanislav Diviš and mostly Mariana Karel. Her education began at a young age, as she grew up with the work of her father, Pavel Roučka. Her paintings are not just artwork to her, but a fundamental part of who she has become as a person and as an artist. In addition to her father, his colleagues such as Václav Bláha, Michael Rittstein, Ivan Ouhel and Jiří Šalamoun have also influenced Natalie’s views on art and daily things from her earliest years.

And others…

DOUBLE E-GO

LUMOS cooperated at artists shows in Germany, Macedonia, Croatia, Italy, Czech Republic, Bulgaria. She graduated in 2013 at the Academy of Fine Arts in Ljubljana and she received many prizes and recognitions for her work in painting in Slovenia. She lives and works in town Ptuj (Slovenia) where she developes her ideas and offers a dialogue about social matters with the public. She works with younger population as well, where she tries to encourage the authentic way of expression during her workshops.

And others…

A FOOT IN PRAGUE

XÉNIA BERGEROVÁ, a young artist is daring enough to be carried away by new modern tendencies building up her own manifestation on firm foundations of her experience fighting the colours and shapes of her perception of the world, understanding the organic growth of art. She is open to variety of motivational that surrounded her in direct reality and stimmuli or various influences of methaphorical language of subjective worlds. In her art, she blends her life experience and culture of painting making it one personal and exceptional artistic language. The fundamental compositional key is equivalent presentation of reality and abstract world. In other words, in the cosmos of her pictures, cobalt, or the feather of a peacock share the same significance as well as figural scene or an invoice. They are of equal importance and radiate peculiar polyphony, uniqueness, and distinctive, original perception of the world. Levitation of harmonies of the reality and pure abstraction are typical features of Bergerova´s ´no gravity´ compositions. With restrained chastity, she reveals her desire for cosmogony, and the ethereal.

And others…

SHINING STARS

PEDJA DJAKOVIĆ was born in Derventa, Yugoslavia. After the completion of his secondary school studies in Belgrade he came to Prague where he was admitted to the Academy of Fine Art. He lives and works in Prague. The essence of his work oscillates between neo-cubism and poetic expressionism. Since the original figural motifs, images of historical scenes and musical atmosphere go to the symbolism of shapes and direct observation of reality. The images reflect the emotional tension and deny the artist’s vital nature.

And others…

Vania Franceschelli

If I consider my personal experience as a financial advisor and, more generally, the provision of investment services to citizens, I can envisage two concepts for the future of our professional activity: investor protection and financial education. On the one hand, investor protection underpins trust in the financial system as a whole; in this sense, the rules applying to our activity play a key role, especially if we consider the incoming entry into force of MiFID II (January 3rd 2018). On the other hand, education means fostering financial literacy and making citizens feel engaged in their investment decisions. This is particularly true for the young, i.e. tomorrow’s savers.

Financial advice has both an economic and a social value. Financial education, being pivotal in delivering this social value, can be described as a process which enables the citizen to enhance her/his knowledge of financial concepts and products, understand the risk-return trade-off and find the most suitable solutions.

I believe that all relevant stakeholders (European and national authorities, investment firms, financial advisors and their associations) should give great prominence to the need to improve financial literacy among investors. I consider that this issue can be developed along three complementary lines. Firstly, it is important to recognize the role of all the initiatives on financial education that are promoted in each European State by private associations and parties. Financial literacy may be also enhanced by recognizing the role of financial advisors in building long-term relationships with their clients. Finally, financial education shall encompass the benefits of new technologies: online tools can be used to collect information about the investors and enable them to understand their need for investment advice, i.e. human interaction with an advisor.

With regard to the role of private initiatives on financial education, Italy provides some positive examples. Since 2009, ANASF and PROGeTICA have been organising Economic@mente® – Metti in conto il tuo futuro, a financial education programme for high school students, whose results are a source of great personal satisfaction. Economic@mente® aims to provide students with a set of skills, based on their personal experiences, in order to teach them how to manage their future savings throughout their life by means of simulations, practical classes and tests.

The programme consists of courses held at school by ANASF associates who are specifically trained and qualified as teachers for the project. Since 2009 and 2011 I have been, respectively, a teacher and a regional manager for Economic@mente® in my region, Emilia Romagna, for a total of six courses in 13 classes. To this day, at national level, Economic@mente® is active in 302 schools, 1,251 classes in 81 provinces and 19 regions.

Considering my personal experience, I believe that European and national institutions should acknowledge the value of these initiatives and support their implementation. I am confident of this possibility. In Italy a first step in this direction has already happened: a Committee on financial education has been recently created by the Government, aiming at programming and coordinating all the initiatives in this field.

Source: FECIF

Written by: Vania Franceschelli,  FECIF Board Member and Regional Manager of the ANASF financial education programme

Serpentine road at Tianmen Mountain National Park, Zhangjiajie, Hunan, China 2014

Libya has the most deadly roads in the world, according to a study from the World Health Organization (WHO).

With information from 180 countries around the world, WHO determined that low-income countries have the highest rate of road traffic fatalities. About 90 percent of all road deaths occur in these low-income countries, even though they only have about half of the world’s vehicles.

For every 100,000 people in Libya , there are an estimated 73.4 road traffic deaths. The next most dangerous country was Liberia, with a death rate of 33.7.

The chances of dying in a road crash in Africa are 26.6 out of 100,000—the highest in the world. Next on the list are Eastern Mediterranean and Western Pacific countries, with respective fatality rates of 19.9 and 17.3.

On the opposite end of the spectrum, the least deadly roads are those found in Western Europe.

And meanwhile, in the U.S., the most dangerous states for drivers are Montana and Arkansas, according to data from the Auto Insurance Center. However some of the danger is avoidable: According to the data, the largest number of traffic deaths in these states were caused by not wearing a seatbelt.

According to WHO, someone dies on the road every 25 seconds. That’s about 1.2 million people per year. The organization hopes to halve the global number of deaths and injuries from road traffic crashes by 2020 by encouraging countries around the world to improve their road safety legislation.

The Netherlands-Czech Chamber of Commerce (NCCC) is pleased to introduce Linda Veenman, M.A., who became its new Executive Director on 1 November 2017.

Linda was raised bilingually, by Dutch father and Czech mother, and spent most of her life in the Netherlands. She has worked in several positions there, from lecturer and coach to author/freelancer, and managing director for her sustainability foundation.

Linda Veenman, M.A., Executive Director of Netherlands-Czech Chamber of Commerce (NCCC)

Linda has been living in Prague for the past three years, working in real estate.

“I am very excited about this opportunity to make use of my diverse working experience from both countries. I look forward to actively developing the Chamber’s potential and working closely with the NCCC Board members, to meet the needs of NCCC members in the best possible way,” says Linda Veenman.

“I believe our members will strongly benefit from Linda’s knowledge of both cultures and languages. I am convinced she will contribute substantially to strengthening the position of NCCC towards the Dutch-Czech business community. The Board of Directors will actively support Linda in her pro-active approach, and in extending the portfolio of services offered in response to frequent contact with our members,” adds Pavel Iványi, Chairman of the Board of Directors of the Netherlands-Czech Chamber of Commerce.

Linda Veenman will be supported by Iva Šímová, who is returning to NCCC to work part-time during her maternity leave. Klára Manová (Řezníčková) will leave the chamber in the near future, to start her maternity leave.

About NCCC:

The Netherlands-Czech Chamber of Commerce (NCCC) is a non-governmental, non-profit organization composed of Dutch, Czech and international companies, individual entrepreneurs, and NGOs. The ultimate objective of the NCCC is to realize activities in order to support, promote and interconnect its members and to help them realize their business goals. NCCC acknowledges the concept of Corporate Responsibility and assists its members in this field, too.

PragueConnect.cz (Source: PR NCCC), Prague 02.11.2017

UK investors want their portfolios managed by humans rather than robots, according to Legg Mason’s 2017 Global Investment Survey.

One third of UK investors polled in the survey (34%) said portfolio construction should be human-led and supported by technology, while 22% believe it should only be performed by humans, with no interaction from technology.

Despite the surge in use of robo-advice over recent years, it would appear UK investors are yet to be convinced by full automation when it comes to constructing investment portfolios.

Just 5% said the development of an investment portfolio should be left purely to technology and only 14% said technology should take a leading role.

While artificial intelligence solutions have become more common across financial services, the report, which surveyed 15,300 individuals around the world, revealed that reluctance among high net worth investors remains.

Over half (64%) of the respondents said a human-led or human-only approach was favoured when creating a financial plan. Only 16% said it could be created solely by technology, or as part of a technology-led solution.

Alexander Barry, head of UK sales at Legg Mason, argued that as technology continues to develop in sophistication, there will be scope for advisers to utilise automation.

He said: “Clearly, for UK investors, advice from a human is still of paramount importance, and this is unlikely to change for some time.

“Even in countries around the globe, like the US, where robo-advice and automation in financial services has been around longer, human interaction in some form or another remains crucial to the majority of clients.”

Source: FECIF

The Foundation of Independent Financial Advisors (FIFA) is a body representing Advisors and Distributors of Mutual Funds in India, commonly known as Independent Financial Advisors (IFAs).

During my recent meeting with FECIF I realised the common vision that both associations have for their members, investors, consumers and the industry. Financial intermediation is facing a regulatory backlash on a global scale, which is generally unwarranted.

Excessive and unwarranted regulatory backlash

Post the 2008 global financial meltdown, regulators across the world have been pushing forward a number of regulatory changes aimed at eliminating conflict of interest, providing greater transparency and enhanced disclosures. Unfortunately, what has been lost sight off is that the problems that led to that meltdown were from different segments of the financial markets; namely the housing/mortgage market, alternative investments and excessive leverage by the large investment banks and financial institutions – not the advisory sector or mutual fund industry.

Even in India, the mutual fund industry emerged relatively unscathed during the global economic crisis and was able to weather the effects of the global meltdown and fulfill all of its obligations to its customers. Despite having  no material evidence of any wrong doing by our industry or miss-selling by intermediaries, post 2008, the Indian regulator (Securities Exchange Board of India – SEBI) also pushed for a number of significant regulatory changes  with a view to micro regulation of financial market intermediaries.

Mistaken belief that fee based advice is the only way ahead

According to SEBI and some other global regulators the client engaging with the advisor is in the best position to properly assess the value of that advisor’s services and pay him accordingly. They also believe that financial intermediaries remunerated by commissions which are embedded in the cost of the products do not provide the right advice because of a conflict of interest. Regulators have an apprehension that the presence of a commission-based fee structure has led financial institutions and intermediaries to focus on maximizing commission incomes at the expense of the investor. Globally regulators have formed an opinion that there is a conflict of interest when an advisor receives commission from the product provider rather than receiving a fee directly from the investor and this has to be eliminated rather than managed.

Thus SEBI and a few other global regulators are considering a ban on commissions and are working towards only allowing a fee based service.

September, 2016 Consultation Paper

In September 2016 SEBI published a consultative paper proposing migration to a fee based system from a commission based one by banning distributors from giving advice to investors. There was a clear objective to unbundle mutual fund products, and migrate from an embedded, ‘commission-based’ distribution scheme to a non-embedded, ‘fee-based’ intermediation. The paper proposed a time period of 3 years for the intermediaries to compulsory migrate from being commission based advisors/distributors to become fee based advisors.

FIFA was at the forefront in engaging with all stakeholders and making representation on this subject.

Our representations highlighted the likely negative outcomes on a total ban on commission based distribution:

• Advice gap – retail investors will be orphaned.
• 75% p.a. increase in the total cost to investors.
• Dramatic fall in the number of intermediaries

Increase in cost to investors

This is evident from FIFA’s study of expense ratios of 25 countries. The findings of this study have previously been presented to SEBI and highlight the fact that the average expense ratios in countries with a fee model is 2.77% whereas it is 2.02% where commission models still exist. Thus an increase in cost to the investor of 0.75%!

Similar plans to herd and regulate advisors under a single regulatory regime in the UK, the Netherlands, and Australia have witnessed a contraction in the distribution channel and a migration of remaining advisors/ distributors towards the wealthier clients.

International Advisory Board

SEBI has an International Advisory Board (IAB) whose role is to guide SEBI and, in doing so, bring in the global experiences and rising developments and challenges. In the meeting of the IAB in January 2017, it recommended that commission-based as well as a fee-based approach to investment advisory should co-exist for the time being. The transition from commission to a fee based approach has to be gradual and after a thorough impact analysis. It urged SEBI to study the impact of migration to fee-based advisory models under RDR (Retail Distribution Review) in the UK, FOFA (Future of Financial Advice) in Australia, and robo-advisory models.

The compulsory migration of commission based advisors/distributors to become fee based advisors was then put on hold.

New proposals

However, in July 2017 SEBI came out with fresh proposals to separate the advice and sales/execution function, with fee based advisors entitled to give advice and commission based distributors only able to sell and execute but not give advice.

Proposed regulations ignore reality

These current and proposed regulations ignore the ground realities and the way the advice profession has been structured globally and in India. The investment advisory profession is predominantly a comprehensive service of advice, sales and execution. Execution would include purchase of the appropriate products. It also requires an ongoing service and hand holding. Currently In India, and across many countries, most intermediaries are remunerated through embedded commissions which are paid out of the cost that investor incurs on his investment rather than paying fees separately.

In India individual intermediaries are known as Independent Financial Advisor (IFA) and they are independent of any one product provider. It is essential to understand the dual role that an IFA has been performing. A role which includes an investment process of advice, sales, and service.  For his services he is compensated by the product provider from the cost that is charged to the investor.

In India, since the introduction of the RIA regulations, only 730 entities have registered, clearly indicating the lack of adoption of the fee-only model. Today there are some 86,000 entities registered with AMFI providing advisory services, a majority of them (more than 80000) categorised as IFAs.

Reports indicate that nearly 80 percent of IFAs sell other financial products in addition to mutual funds – for example, life insurance, small savings, general insurance. Most IFAs typically sell the mutual funds of five or ten asset management companies (AMCs).

Financial intermediaries also include the national and regional distributors who typically have a more organized and formal setup compared to IFAs with many of them having their own branch network, sales force, and online channel. In addition, many of them aggregate some of the sub-brokers’ business.

It would seem that the small number of registrations of Registered Investment Advisors is leading to measures by the regulator to force people to shift. Our concern is that the shift will be negative for the industry at large.

It is necessary that regulators the world over must evaluate the cost they are imposing on investors on account of their perception and fear of miss-selling because of conflicts of interest. What needs to be acknowledged first and foremost is that the financial intermediary enables the investor to achieve his financial goals. The focus has to shift on achieving investor outcomes and away from the mode of intermediary compensation.

Suggested Framework

To truly empower the investor they must be given the choice to invest on their own or through a financial intermediary. If they opt for the latter they then need to be given the option of how they remunerate the advisor, whether by way of fees or embedded commission.

Similarly advisors must be given the freedom to offer the investor a fee based or an embedded cost based service.

The regulator should not be making these choices or eliminating any of these options. Reducing the available choices to the consumer is never in their interest in the long run. The free market system will allow the most efficient model to grow and prosper.

Source: FECIF

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