info suisse Oct-Nov 2010 - Chambre de Commerce Canado

Transcription

info suisse Oct-Nov 2010 - Chambre de Commerce Canado
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Publication of the Swiss Canadian Chamber of Commerce Toronto and Montreal
Publication de la Chambre de Commerce Suisse-Canadienne de Toronto et Montréal
October/November Octobre/Novembre 2010
Feature:
Energy
Reportage:
l’Énergie
www.swissbiz.ca
www.cccsmtl.com
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Publication of the Swiss Canadian Chamber of Commerce Toronto and Montreal
Publication de la Chambre de Commerce Suisse-Canadienne de Toronto et Montréal
FEATURE / REPORTAGE
Energy / l’Énergie
4 Changing the World One Solar Panel at a Time
7 Energy efficiency – is it optional?
9 Unis pour le développement durable d’une industrie gazière au Québec
BUSINESS AND OTHER NEWS
NOUVELLES ECONOMIQUES ET INFORMATION
15
17
18
23
26
28
32
Youth Mobility Program Canada-Switzerland
Bruno’s Tip – Never wrestle with a pig!
Karin’s Performance Solutions – The Key to Outstanding Results
Business News
Travel News
UBS – Public Debt: The Challenges Ahead
Trade Fairs
CHAMBER NEWS
NOUVELLES DE LA CHAMBRE
2
3
8
12
11, 15
19 & 22
17
20
22
22
25
President’s Message SCCC/Upcoming Events
Message du Président CCCS / Evénéments
Scholarship Fund
Member Profile / Profil d’un membre
New Members – SCCC
Nouveaux Membres – CCCS
SCCC Ontario – 2010 Golf Tournament
SCCC 2010 Gala Dinner Dance
SCCC Group Health Plan
Quote of the Month
CONTENTS / INDICE
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Swiss Canadian Chamber of Commerce (Ontario) Inc.
756 Royal York Road • Toronto, Ontario M8Y 2T6
Tel: (416) 236-0039 • Fax: (416) 236-3634 • E-mail: [email protected] • www.swissbiz.ca
BOARD OF DIRECTORS • 2009 – 2010
President / Director:
Hans Munger
Auto Motion Shade Inc.
400 Bentley Street; Unit 7-11; Markham ON L3R 8H6
Tel: 905-470-6198 x 33
Email: [email protected]
Website: www.automotionshade.com
Vice-President / Director:
Phillip Gysling
Mesh Innovations Inc.
174 Hallam Street, Toronto ON M6H 1X5
Tel: 416-871-8159
Email: [email protected]
Website: www.meshinnovations.com
Second Vice-President / Treasurer/ Director:
Urs Villiger
RE/MAX WEST REALTY INC.
1678 Bloor Street West, Toronto ON M6P 1A9
Tel: 416-562-7701
Email: [email protected]
Website: www.remaxwest.com/UVilliger
Secretary & Legal Counsel:
Bernard Lette
Lette Whittaker LLP
20 Queen Street West, #3300, P.O. Box 33, Toronto ON M5H 3R3
Tel: 416-971-4898
Email: [email protected]
Website: www.lette.ca
Past President / Director:
Ernst Notz
Nacora
2 Hunter Avenue, Toronto ON M6E 2C8
Tel: 416-784-2872
Email: [email protected]
Website: www.nacora.com
Directors:
Rudi Blatter
Lindt & Spruengli (Canada) Inc.
181 University Avenue, Suite 900, Toronto ON M5H 3M7
Tel: (416) 351-8566
Email: [email protected]
Website: www.lindt.com
Julien Favre
UBS
154 University Avenue, Toronto ON M5H 3Z4
Tel: (416) 345-7033
Email: [email protected]
Website: www.ubs.com/1/e/canada
Jean-Jacques Henchoz
Swiss Reinsurance Company
150 King Street West, # 2200, POB 50, Toronto ON M5H 1J9
Tel: 416-408 0272
Email: [email protected]
Website: www.swissre.com
Roger Hunziker
The Bata Shoe Museum
327 Bloor Street West, Toronto ON M5S 1W7
Tel: 416-979-7799 x 242
Email: [email protected]
Website: www.batashoemuseum.ca
Sandra Leuba (leave of absence)
136 Curzon Street, Toronto ON M4M 3B5
Tel: 416-616-4251
Email: [email protected]
Ronnie Miller
Hoffmann-La Roche Ltd.
2455 Meadowpine Boulevard, Mississauga ON L5N 6L7
Tel: 905-542-5522
Email: [email protected]
Website: www.rochecanada.com
Daniel Oehy
Swissmar
35 East Beaver Creek Rd, Unit 6, Richmond Hill, ON L4B 1B3
Tel: 905-764-1121
Email: [email protected]
Website: www.swissmar.com
Fabian Richenberger
Lombard Canada
105 Adelaide Street West; Toronto ON M5H 1P9
Tel: (416) 350-4399
Email: [email protected]
Website: www.lombard.ca
Urs Uhlmann
Zurich
400 University Avenue, 25th Floor, Toronto ON M5G 1S7
Tel: (416) 586-2959
Email: [email protected]
Website: www.zurich.ca
Andrea Von Moeller
B2-125 The Queensway; Toronto ON M8Y 1H3
Tel: (416) 907-8012
Email: [email protected]
Website: www.2marketinternational.com
Honorary Director:
Bernadette Hunkeler
Consulate General of Switzerland
154 University Avenue, Suite 601, Toronto ON M5H 3Y9
Tel: 416-593-5371
Website: www.eda.admin.ch
Liaison Officer Consulate General of Switzerland:
Philippe Crevoisier
Consulate General of Switzerland
154 University Avenue, Suite 601, Toronto ON M5H 3Y9
Tel: 416-593-5371
Email: [email protected]
Website: www.eda.admin.ch
Executive Assistant:
Patricia Keller Schläpfer – SCCC
756 Royal York Road, Toronto ON M8Y 2T6
Tel: (416) 236-0039 Fax: (416) 551-1011
E-mail: [email protected] Website: www.swissbiz.ca
Electronic Typesetting and Assembly:
Nancy Raitt @ corptype
Printed by: J. B. Deschamps
2
INFO SUISSE
Dear Members,
As the feature for this issue we chose “Energy”, which, I am sure
has kept many conversations alive and has stirred heated discussions amongst many of us for some time now. No day seems to go
by where there is not some news on energy conservation, energy
waste, energy cost and new sources of energy in any of the daily
newspapers, magazines and on the internet. Different aspects of
energy come up on a regular basis in our business environment
as well as in our private lives. Nowhere does this strike me more
than in Switzerland, where I am currently while writing this article:
lights turn on/off automatically as one enters a room, heating is either not yet turned on or
only very lightly (and no, A/C is not felt to the bones in any of the restaurants I have been,
contrary to Toronto, where often I feel like a piece of meat in a deep freezer!). It seems that
in a place where so many people are that conscious about energy, we automatically join “the
movement” – or feel guilty if our energy consciousness has left our mind by mistake for a
minute, like when a Swiss passenger in my car has to remind me to shut off the engine at a
long red traffic light or at a closed railway crossing!
Switzerland has in no small way been at the forefront of alternate energy for some time
now: from the Swiss solar mobile that made its trip around the world (with stop in Toronto)
to Bertrand Piccard’s solar powered plane “Solarimpulse” that flew throughout the night
on enough solar power from a day charge, Swiss companies and institutions have become
pioneers in this field. Just recently, a Swiss solar powered catamaran named “Planet Solar”
launched for her trip around the world (see more on this in the Travel Section in this issue).
All such spectacular searches for alternate energy sources should be applauded even though
they might not yet be commercially viable, but so should any small efforts that all of us have
the ability to undertake in trying to consciously save energy: maybe by simply reminding our
children to switch off the lights in rooms they just left, turning off the car engine instead of
idling for several minutes while running an errand or to forgo the so often seen 15 minute
car-warm-up on a cold winter day. We all have our own unique ways of contributing. It never
stops to amaze me how passionate some people can be when it comes to energy conservation, only to miserably neglect to walk the talk when it comes to their own wallet or effort.
By setting examples, we become leaders, contributing in our small way towards using and
managing our energy wisely.
I am looking forward to seeing many of you at our forthcoming Dinner & Dance on Saturday
20th November at the King Edward Hotel. It promises to be a magical night……!
Sincerely,
Hans Munger, President
2010 COMING EVENTS
November 20:
Gala Dinner Dance at Le Meridien King Edward Hotel
– Swiss Magic Night; Cocktails 7:00 pm, Dinner 8:00 pm
Further Information can be found on www.swissbiz.ca/upcoming_events
or (416) 236-0039
La Chambre de Commerce Canado-Suisse de Montréal Inc.
Swiss Canadian Chamber of Commerce (Montreal) Inc.
1572 Avenue Docteur Penfield, Montréal, Qué. H3G 1C4 • Tél: (514) 937-5822 • Fax: (514) 954-5619 • E-mail: [email protected] • Web site: www.cccsmtl.com
CONSEIL D’ADMINISTRATION / BOARD OF DIRECTORS
2008 – 2009
Présidente / President
Me Monica Schirdewahn
Avocate / Lawyer
Lette & Associés
Tel: (514) 871-3838, # 213
Fax: (514) 876-4217
E-mail: [email protected]
Secrétaire / Secretary
Mr. Raphaël Delacombaz
Director
UBS Bank (Canada)
Tel: (514) 985-8104
Fax: (514) 985-8128
E-mail: [email protected]
Vice-présidents / Vice-Presidents
Mr. Jean Serge Grisé
Conseiller en affaires publiques
Tel.: (450) 674-2251
E-mail: [email protected]
Mr. Olivier Schlegel
General Manager for Canada
Swiss International Air Lines
Tel: (514) 954-5600, # 6610
Fax: (514) 954-5619
E-mail: [email protected]
Trésorier / Treasurer
Mr. Othmar Widmer
Consultation Widmer
Tel.:(514) 290-4822
E-mail: [email protected]
Directeurs / Directors
Mr. Jacques Demont
Managing Director
Nespresso
Tel. : (514) 287-1222
[email protected]
Mr. Ch. Dubois
Conseiller de la Ville
Ville de Montréal (Arrondissement Pierrefonds-Roxboro)
Tel. : (514) 624-1488
Fax : (514) 624-1415
[email protected]
Me Jean-Marc Ferland
Avocat
Ferland, Marois, Lanctot
Tel.: (514) 861-1110
Fax: (514) 861-1310
E-mail: [email protected]
Mr. Moritz Gruber
Président
System Huntingdon Inc.
Tel.: (450) 264-6122
Fax: (450) 264-6066
E-mail : [email protected]
Mr. Olivier Rodriguez
Responsable service bourse
Mirabaud Gestion Inc.
Tel.: (514) 393-1690
Fax: (514) 875-8942
E-mail: [email protected]
Mr. Bruno Setz
Consultant
Tel.: (514) 767-5123
E-mail : [email protected]
Mr. Paul Wieser
PDG pour le Canada
Busch Vacuum Technics Inc.
Tel: (450) 435-6899
Fax: (450) 430-5132
E-mail: [email protected]
Directeur honoraire / Honorary Director
Mr. Claude Duvoisin – Consul général
Tel: (514) 932-7181
Fax: (514) 932-9028
E-mail: [email protected]
Liaison au Consulat général de Suisse
Mr. Markus Osterburg – Consul
Tel: (514) 932-7181
Fax: (514) 932-9028
E-mail: markus.osterburg@eda,admin.ch
Conseiller juridique / Legal Counsel
Lette & Associés
Tel: (514) 871-3838, # 213
Fax: (514) 876-4217
E-mail: [email protected]
Responsable de l’administration / Administration Officer
Mr. Andreas Kräuchi
Tel: (514) 937-5822
Fax: (514) 954 5619
E-mail: [email protected]
Chers Membres,
L’énergie: un des sujets les plus controversés de notre époque.
Nous en avons tous entendu parler dans les médias. Beaucoup d’entre nous
se sont faits une opinion et quelques un tentent même d’en limiter leur consommation. De par la chance que nous ayons au Québec de bénéficier d’une
abondance d’énergies de toutes sortes et de prix généralement bas pour
celles que nous utilisons au quotidien, ne courrons-nous pas par conséquent
le grand risque d’être théoriquement intéressés par le sujet mais moins
activement impliqués à faire une priorité de la recherche d’une solution ?
Montréal a récemment accueilli le Congrès Mondial de l’Énergie et ouvert le
dialogue entre des compagnies de partout dans le monde. Les compagnies suisses étaient représentées et ont partagé leurs impressions sur le congrès.
A un niveau différent, cette édition de l’Info Suisse amène la Chambre à participer également à ce
dialogue sur le sujet de l’énergie et fournit matière à réflexion de la part de nos rédacteurs sur les
différents aspects de ce thème.
Dans cette édition, nous pouvons lire des articles sur des sources d’énergie qui ont été un sujet chaud
récemment dans les nouvelles québécoises, apprendre sur quelques mesures qui sont déjà prises en
Suisse et être mis au défi sur ce que nous pouvons faire dans nos affaires pour économiser de l’énergie.
J’espère que vous apprécierez votre lecture et je nous souhaite à tous (moi comprise) que cela nous
permettra de poser des actes concrets dans nos vies personnelles et professionnelles dans le futur.
Cordialement,
Dear Members,
Energy: One of the most controversial topics of our time. We all hear about it in the news, many of us
have an opinion and some of us even try to reduce our spending of it. Lucky as we are in Quebec to
benefit from an abundance of energy from various sources, and the generally low price of the energy
that we use in our daily lives, are we not thereby at a greater risk of being theoretically interested in
the topic but less actively involved in addressing the issue as a priority item?
Montreal recently hosted the World Energy Congress and opened dialogue between companies from
all over the world. Swiss companies were represented and shared their feedback about their impressions of the Congress.
On a different level, this present issue of Info Suisse brings the Chamber into a dialogue regarding
energy, and provides thought-provoking input from our contributors on different aspects of the energy
theme.
In it, we can read about energy sources that have been a hot topic in Quebec news recently, learn
about some measures being taken in Switzerland, and be challenged as to what we can do in our
businesses to save energy.
I hope you will enjoy the reading, and wish us all (myself included) that it will bring us one step
closer to concrete actions in our personal and business lives in the future.
Sincerely,
Monica Schirdewahn
EVÉNÉMENTS / UPCOMING EVENTS
5 octobre 2010/
October 5th, 2010
Cocktail d’ouverture de la saison /
Season opening cocktail
13 octobre 2010 /
October 13th, 2010
Visite industrielle / Industrial visit
Busch Vacuum Technics
26 octobre 2010/
October 26th, 2010
Carrefour Europe / Carrefour Europe
Novembre / November
Soirée Fondue / Fondue Evening
INFORMATION et détails/and details : www.cccsmtl.com ou/or (514) 937-5822
O C T O B E R /N O V E M B E R
3
Energy / l’Énergie
CHANGING THE WORLD ONE
SOLAR PANEL AT A TIME
By Michael Zimerman of Group IV Solar
The era of cheap energy is over. The future
price of fossil fuels will be significantly higher
than that enjoyed by the previous generation. This is as much a function of resource
constraints as it is a matter of changing public
policy. Not only must we “reach-further” to
replenish the depleted marginal barrel of oil
reserves (for example, via expensive deepwater drilling or oil-sands production), but
we are also starting to ‘price in’ the true ecological and human cost of our carbon-based
economy. Specifically, burning a barrel of oil
or ton of coal has an effect on our natural
environment and increases our health care
burden via the pollution produced.
Within the realm of electricity generation, the public view of traditional fossil fuels
such as coal, oil and natural gas is decidedly
negative. Recent events in the Gulf region
are a prime example of this. Furthermore,
carbon-free alternatives to fossil fuels such
as nuclear power projects have decade long
lead-times, difficult licensing processes,
extremely high capital costs with a nearcertainty of cost overruns, face rising input
prices and require extensive human capital
which has collapsed since the nuclear heyday of the 1970’s. While the perception of
the operating safety of nuclear plants has
improved compared to the decade that
brought the Chernobyl disaster and Three
Mile Island, a long-term storage solution to
hazardous nuclear waste has proven elusive
thus far. Therefore in many cases, these
projects are still met by a skeptical if not
hostile public.
4
INFO SUISSE
Short-term effects of the recession notwithstanding, rising overall energy demand
is a reality as emerging economies assume
an increasingly important role in determining global energy balances. Indeed, between
2007 and 2035 the EIA estimates that
energy consumption in non-OECD countries
will grow over 84% compared to a paltry
14% in the developed world (Figure 1). To
put this in context, populations are forecast
to increase 30% and 13%, respectively. So
where will the energy production come
from to essentially drive this much-needed
increase in global standards of living? (Figure
2) In absolute terms, sadly the answer is
more oil, natural gas and especially more
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coal with these fuels accounting for roughly
70% of this increase.
While the renewable energy sector will
likely remain relatively small as a proportion
of overall energy production (<15%), renewables will be the fastest growing means by
which our hunger for energy will be satisfied
(Figure 3). There are several reasons behind
this trend. For example, in sharp contrast
to the nuclear example above, building a
solar photovoltaic (PV) plant is very quick
and straightforward. Additionally, rapidly
declining costs across the supply chain and
technological advancements means that
grid parity (where the cost of clean power
equals that of polluting technologies) will
be reached much sooner than generally
anticipated only a few years ago. However,
the factor perhaps most responsible for the
impressive growth trajectory of renewables
is the broad based support that the industry
enjoys. Public perceptions are extremely
favourable with solar considered to be
amongst the most desirable power sources
by US citizens for example.
Drivers of the above perceptions include
the fact that once installed solar PV is
soundless, nearly invisible, poses no health
or environmental hazard, produces zero
pollution, has the potential to make use of
otherwise low value real estate, induces a
sense of social good and, most importantly,
utilizes a limitless yet free fuel supply.
Furthermore, decommissioning a solar plant
after it’s 30 plus year life span is also simple
because most components of the system,
including solar cells, are entirely recyclable.
Planning for the long-term also ensures that
these projects have very little impact on
the host site making remediation virtually
painless, especially when compared to other
technologies.
Additionally, the production and consumption of electricity is often separated by
great distances: a suitable site for a hydro
dam may be in a remote location or the low
calorific content of a given coal deposit may
necessitate a mine-mouth type of operation.
The transmission and distribution system not
only results in significant electrical losses,
but it is also expensive to build-out, partly
because reliable service requires redundant
lines. Even with redundancy, disruptions in
one part of the grid can lead to outages
across a much wider range. There is therefore
a distinct advantage to generating power at
the location where it will be used. Rooftop
solar PV is a perfect example of how urban
centres, which represent some of the largest
electrical loads, can contribute to a relatively
more decentralized electric grid.
So the question remains: with the
tremendous growth potential found in the
renewables space, how can regulators
attract the investment needed to drive
project development and foster the highvalue “green collar” skills relevant to the
21st century? Because we still don’t have
a mature market for externalities such as
carbon or pollution and grid parity has yet to
be reached, free market forces will not propel us down this path. Clearly governments
will need to take an active role in creating
policies that conform to the principles held
by the public with respect to environmental
issues. This means some form of non-market
intervention which typically includes one or
more of the following: preferential pricing
through feed-in tariffs (FITs), favourable
tax treatments or investment tax credits,
tradable Renewable Energy Certificates or
setting specific targets for the percentage of
renewables in the overall energy mix.
History has shown that feed-in tariffs are
the most effective means of promoting sec-
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thinks, what drives it.
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O C T O B E R /N O V E M B E R
5
Energy / l’Énergie
toral activity with Germany being a prime
example of the successful implementation
of a FIT regime. Since Germany began its
FIT program in 2000, the domestic photovoltaic solar power industry had grown to
an international powerhouse with 9,677
megawatts of installed capacity by year-end
2009 (compared to 3,595 MW in Spain 2,628
MW in Japan, 2,108 MW in the US, Figure
4), 300,000 jobs created, Ð500M of annual
investment in equipment manufacture
facilities and an aggregate investment in
renewables totaling some Ð30B.
Ontario is the new kid on the block with
the May 14, 2009 passage of the Green
Energy Act (GEA) and FIT program launched
by the Ontario Power Authority. However,
amongst other facets of the GEA, the act is
the most ambitious regime for fostering the
development of renewable energy in North
America and demonstrates clear leadership
and commitment to this arena by policy makers. Currently, coal fired plants account for
18% of all of the installed power generation
capacity in the province of Ontario. However,
the provincial government committed to a
complete phase out of this form of electricity having passed legislation to this effect in
2005. 2,400MW has already been decom-
6
INFO SUISSE
missioned, another 2,012MW is scheduled
to go off-line this year with the remaining
4,488MW expected to be shuttered by 2014.
This is the largest greenhouse gas reduction
initiative in North America. Under the auspices of the FIT program, it is not unrealistic
for the renewable energy industry to post
a compound annual growth rate of 15-20%
over the next 15 years to help fill this gap.
Additionally, the program aims to create
50,000 new “green collar” jobs by 2012.
Group IV Solar is an example of one
company that is an active participant in this
seismic shift in the industrial landscape of
Ontario. By pushing forward with the development of our two flagship solar farms, we
aim to supply the energy needs of over a
thousand homes which is the equivalent of
taking 1,800 cars off the road for 20 years.
Furthermore, the Group IV Solar mandate
extends beyond merely reducing our collective dependence on fossil fuels as 10%
of our profits support local charitable organizations. Indeed, but for the GEA and FIT
program, companies such as Group IV Solar
would not exist.
A common criticism of our peer group
is that we operate in a subsidized industry.
Insofar as the FIT rate is above market prices
this may be true, however these rates must
compensate for the higher cost of producing
power using renewable technologies while
providing a fair rate of return to the capital
that the government wishes to flow into
the sector. Furthermore, it is not commonly
appreciated that the oil industry currently
receives ten times the subsidies as renewables, or over half a trillion dollars per year.
Finally, FIT rates will inevitably come down
(and indeed they have already done so less
than a year after program launch) as costs
come down and it is this author’s sincere
desire that this industry be subsidy free— for
this would mean that we have reached grid
parity thus leaving the antiquated and dirty
technologies that have fueled the last 150
years of industrial development behind and
putting us on a path whereby future generations can freely share in the enlightened and
creative capacity of humanity with clean air,
earth and water.
Michael Zimerman has a B. Sc. From the
University of Winnipeg and an MBA from
the University of Toronto. Mr. Zimerman
worked at BMO Capital Markets in
commodity strategy before founding
■
Group IV Solar.
Vivian Doyle-Kelly,
President of
Eco-Watt Inc.,
a Montreal-based
energy consultancy.
ENERGY EFFICIENCY – IS IT
OPTIONAL?
by Marlene Shoucair
There is much discussion in the news
today about more efficient and “greener”
methods of energy generation – solar, wind,
geothermal, to name a few – but far less
time and focus are devoted to what is probably our single, greatest energy resource:
energy efficiency.
In a series of briefings on Capitol Hill
featured in a June 2010 article in Discovery
Magazine, James D. McCalley, electrical and
computer engineer at Iowa State University,
maintains that a stunning 57% of energy
ends up wasted. Referred to as the “low
hanging fruit” of the troubled energy sector, energy efficiency represents for many a
viable solution with a value proposition difficult to ignore. A major study by McKinsey
in the USA estimates that a $520 billion
investment could result in $1.2 trillion of
energy savings.
In Canada, rising energy demand coupled
with energy price increases is putting a
strain on consumers and businesses alike.
While there have been improvements,
efficiency measures have not kept pace with
the burgeoning demand. In a joint report
released by the 2007 Council of Energy
Ministers, it was estimated that between
1990 and 2004, the demand in Canada for
energy increased by 23%, while its energy
efficiency improved by an estimated 14%.
Consider, too, the impact of energy waste
in the form of unnecessary carbon emissions,
lost productivity, reduced profitability and
lack of competitiveness in difficult economic
times.
So, why aren’t CEOs more attentive to
energy efficiency? Most can’t spare the time
to become an efficiency expert, according
to Vivian Doyle-Kelly, President of Eco-Watt
Inc. – www.ecowatt.ca – a Montreal-based
O C T O B E R /N O V E M B E R
7
Energy / l’Énergie
certified energy consultancy. “Electricity
costs recur each year in operating budgets,
so they’re accepted as a “built-in” cost of
doing business.”
Add to that the fact that, for most, energy
constitutes about 2% of the cost of doing
business, so it’s not high on the priority list.
Yet, a small, risk-free investment in energy
savings yields one of the highest returns.
Amory Lovins, co-founder of the Rocky
Mountain Institute – an entrepreneurial
think tank that develops and implements
solutions for energy and resource efficiency –
contends that executives often forget where
saved overhead goes - straight to the bottom line. He cites an example of one Fortune
500 company whose engineer had cut $3.50
per square foot per year off energy costs in
one of the company’s plants. Hypothetically,
if they achieved the same result in their
92 million square feet of facilities worldwide, their total net earnings would rise by
over 50%.
A former CEO of one of the Financial
Post’s 50 Best Managed Private Companies
in Canada, Doyle-Kelly provides single, turnkey solutions to a market that is increasingly
receptive to the idea of changing the way it
uses – and misuses – its energy resources.
“Our experience is that efficiencies are
available in commercial and industrial applications, such as motors, lighting, refrigeration, and air conditioning, which will improve
the bottom line rapidly. This is achieved with
an energy audit and a cost-effective retrofit
project that will typically have an attractive
return on investment,” he confirms.
In Canada, there is support available for
audits and projects through Natural Resources
Canada’s Office of Energy Efficiency at www.
oee.nrcan.gc.ca and from utilities that also
provide incentives.
Eco-Watt begins by evaluating the facility as a whole and creating an energy plan
that reduces energy costs. It works with the
company’s electrical distribution system and,
simply put, it fixes the inefficiencies.
At an injection molding plant in Montreal,
for example, an Eco-Watt client experienced
a 7.7% decrease in annual kilowatt hour
consumption after treatment of its production machinery only. At a municipal sports
complex, a new lighting installation reduced
the cost of lighting by 56%.
In an industrial setting, where minimizing cost is ever more important, and in
commercial buildings, where owners can
achieve competitive advantage by reducing
tenant costs, energy efficiency is a smart
investment with a compelling ROI.
Still, adopting energy efficiency practices is largely optional…but for how much
longer? In the USA, legislation is taking
root that will remove the biases that favor
supply over efficient use, and environmental
taxes and stricter standards for appliances,
vehicles and buildings are also being implemented. Initiatives such as the 2,000 Watt
Society proposed by the Swiss Council of
the Federal Institute of Technology, which
G
aims to reduce the nation’s per capita consumption of energy, are also shifting global
perspectives.
It may not be the carrot or the stick that
ultimately determines our energy use practices, Doyle-Kelly believes. As the energy
debate continues to challenge the way we
think about energy, the groundswell of public demand for companies and products that
place a high importance on energy efficiency
will inevitably separate the leaders from
the pack.
Marlene Shoucair is a senior communications consultant based in Montreal
■
[email protected]
SCHOLARSHIP FUND
OF ONTARIO
The Swiss Canadian Scholarship
Fund of Ontario is pleased to offer
yearly scholarships. It is open to
members of the SCCC and the
Swiss Community in Ontario.
To find out more about the
availability and eligibility criteria,
please visit the Ontario Chamber’s
website at:
www.swissbiz.ca/scholarship
lobal relocation is a people business. At TheMIGroup,
our central theme has always been to train and empower our
people to deliver solutions that result in satisfied customers and
successful outcomes.
Contact us, we’d love to talk to you.
Toronto Office
Tel: 888-677-4650
[email protected]
www.themigroup.com
London, UK Hong Kong Atlanta Chicago Houston Los Angeles New York
Philadelphia San Francisco Calgary Montreal Toronto Vancouver
TheMIGroup’s Global Alliance of Relocation Service Providers
8
INFO SUISSE
Bridging
Continents
& Cultures
UNIS POUR LE DÉVELOPPEMENT DURABLE D’UNE INDUSTRIE GAZIÈRE AU QUÉBEC
Article écrit par l’Association pétrolière et gazière
du Québec (APGQ)
Moins de deux ans après sa fondation,
l’Association pétrolière et gazière du Québec
(APGQ) a réussi, par son dynamisme, à
rassembler autour d’elle, les forces vives
de cette industrie naissante au Québec.
L’APGQ regroupe des entreprises de tout
horizon (locales, nationales et internationales) qui agissent comme pionnières dans
l’exploitation des richesses énergétiques du
sous-sol québécois.
Si le Québec est aujourd’hui entièrement
dépendant pour ses besoins domestiques en
pétrole et en gaz, il peut entrevoir l’avenir
sous un jour différent. C’est pour ses réserves
de gaz de schiste, principalement, que le
Québec peut aspirer à devenir un producteur
de gaz naturel. Le Québec pourrait ainsi
diversifier son portefeuille énergétique qui
s’appuie aujourd’hui sur l’hydroélectricité.
C’est dans les basses-terres du SaintLaurent que se concentrent de véritables
réservoirs de gaz. On les appelle les Shale
d’Utica : une roche sédimentaire riche en
matière organique vieille de 450 millions
d’années. Le Shale d’Utica parcourt la vallée
du Saint-Laurent, entre Montréal et Québec.
Cette roche, peu poreuse, offre une faible
perméabilité. Les nouvelles techniques de
fracturation hydraulique permettent maintenant de stimuler ces shales afin de libérer
leur contenu en gaz. Les premières estimations établissent ces réserves à plusieurs
trillions de pieds de cubes de gaz naturel, de
quoi rendre le Québec autosuffisant durant
de nombreuses décennies.
L’APGQ, que préside André Caillé, autrefois
président de Hydro-Québec, la société d’État
régissant l’exploitation, le transport, la distribution et la vente d’électricité, estime que
les activités de ses membres et partenaires
pourraient générer des milliards de dollars
d’investissement – un milliard seulement au
cours des six prochaines années – si leurs
RÔLES D’INFORMATION ET DE
REPRÉSENTATION
projets connaissent le succès commercial
espéré. De quoi créer des milliers d’emplois
au Québec, des emplois de qualité et bien
rémunérés.
Quant aux retombées économiques,
elles sont évaluées à près de 300 millions
de dollars annuellement. Un scénario de
développement plus accentué ferait même
gonfler cette somme.
Jusqu’ici, les premières entreprises qui
ont fait preuve de vision en se lançant dans
l’exploration des shales gazéifères ont déjà
investi plus de 100 millions de dollars pour
confirmer ce potentiel énergétique. Et il
faut savoir que les premiers programmes
d’exploration remontent à 2008, seulement.
Les membres de l’APGQ se sont engagés
à mettre en place les moyens nécessaires
pour assurer une bonne communication
et la circulation des informations auprès
des gouvernements, des municipalités et
particulièrement auprès des citoyens concernés. Que ce soit individuellement ou par
le biais de l’association, l’industrie gazière a
tenu de nombreuses séances d’information
dans les communautés où se déroulent
les activités d’exploration. C’est un mandat
aussi délicat qu’essentiel puisque c’est la
première fois que le Québec est ainsi visé
par le développement d’un tel potentiel.
Entre la banque fondée à Genève en 1819 et la marque désormais présente sur 3 continents,
il y a tout un monde de nouvelles opportunités pour nos clients. Mais c’est toujours avec
la même volonté d’excellence que Mirabaud peut, aujourd’hui, vous faire profiter de
ses compétences sur un large territoire de produits et services financiers : gestion privée et
institutionnelle, fonds traditionnels et alternatifs.
/UVERTUREÀQUILIBRE
MIRABAUD Gestion Inc. Yves Erard
MIRABAUD Canada Inc. Olivier Rodriguez
1501, avenue McGill College Bureau 2220
T +1 514 393-9748 F +1 514 393-1828
Montréal (Québec) H3A 3M8
www.mirabaud.com
O C T O B E R /N O V E M B E R
9
Energy / l’Énergie
Pour l’industrie, ce devoir de communiquer,
qu’elle assume avec la plus grande transparence, lui permettra de mieux faire connaître
les pratiques en vigueur au Québec et
renseigner le grand public sur les méthodes
qu’envisage d’employer l’industrie pour
développer ce gaz naturel enfermé dans
la couche sédimentaire des basses-terres
du Saint-Laurent. D’ailleurs, une campagne
d’information a été lancée en septembre
2010, illustrant que l’industrie désirait
s’implanter dans le plus grand respect des
occupants du territoire.
Les entreprises qui se retrouvent au
sein de l’APGQ sont de toutes tailles,
certaines étant des entreprises publiques
à capital-actions inscrites sur les parquets
boursiers canadiens, d’autres dont le capital
est fermé et privé. La présence de sociétés
de l’Ouest canadien où l’extraction de gaz
est concentrée actuellement au pays, ou
encore de compagnies américaines témoigne de la qualité des gisements découverts
au Québec.
10
INFO SUISSE
L’APGQ a tenu en 2009 sa première
Conférence annuelle qui a su rassembler
quelque 300 participants. Ce fut l’occasion,
tant pour les entreprises gazières actives
au Québec que pour les fournisseurs de
services, de se réunir et d’échanger sur le
développement futur de cette filière énergétique québécoise.
La deuxième Conférence annuelle se
tiendra les 25 et 26 octobre 2010 et déjà
le nombre d’inscriptions dépasse celui de
l’année dernière ce qui confirme le développement de cette industrie au Québec.
Pour alimenter les discussions qui auront
cours pendant cette Conférence annuelle,
un grand nombre d’invités internationaux
y participeront afin de bonifier et diversifier
les sources des connaissances.
Au rang des conférenciers invités, on
compte la ministre des Ressources naturelles et de la Faune et vice-première ministre
du Québec, Mme Nathalie Normandeau, la
présidente et chef de la direction de Gaz
Métro, Mme Sophie Brochu, et des dirigeants
d’entreprises fort respectés comme M. Mike
Wood, de Talisman, M. Trevor Sloan, de Ross
Smith Energy et M. Robert Cluff, de The
Discovery Group. Ces derniers traiteront des
défis techniques que représente l’exploitation
des Shales d’Utica ou les gaz de schiste hors
Québec, d’approvisionnement en gaz en
Amérique du Nord et des investissements
nécessaires pour l’exploitation des nouvelles
sources de gaz naturel.
La Conférence offre aussi à tous ceux
qui œuvrent dans cette industrie, un volet
exposition qui sert de vitrine pour présenter
les produits, services et informations sur le
gaz. La superficie dédiée à cette fonction a
été élargie cette année afin de satisfaire la
forte demande.
UNE CHANCE UNIQUE
Bien sûr, l’APGQ garde le cap sur son objectif
principal : le Québec doit saisir cette chance
unique de diversifier son bilan énergétique
et permettre le développement d’une industrie qui contribuera à son essor économique
pour les décennies à venir.
À ce jour, la consommation annuelle
de gaz naturel au Québec avoisine les 215
milliards de pieds cubes, accaparant ainsi
environ 12,6 % de la consommation énergétique totale. Au Québec, c’est surtout le
secteur industriel qui est friand de gaz (55
% de ses besoins) et dans une moindre
mesure le secteur commercial (31 %). Le
secteur résidentiel, bien que son poids de la
consommation générale soit bien moindre
(11 %), connaît une croissance significative
depuis l’année 2000.Présentement, c’est
l’Ouest canadien, au moyen de gazoducs,
qui achemine la matière première jusqu’au
Québec, là où Gaz Métro prend le relais afin
de la distribuer aux quatre coins de la province à tous ceux qui privilégient cette source
d’énergie.
Ce mode de transport a bien sûr un
impact environnemental, mais surtout un
coût financier. Le prix du gaz naturel facturé
aux consommateurs québécois est un des
plus élevés en Amérique. On peut donc
extrapoler qu’une production domestique de
gaz commercial culminerait à un fléchissement des prix, rendant les installations
des utilisateurs industriels et commerciaux
beaucoup plus compétitives, au bénéfice de
l’emploi et de la richesse individuelle et collective. Au final, le Québec marquerait son
indépendance pour son approvisionnement
futur.
Les avantages ne sont pas qu’au niveau
économique mais aussi au niveau de
l’environnement. En effet, le gaz naturel,
lorsqu’il remplace le charbon ou, comme
c’est plus souvent le cas au Québec, quand
il remplace l’utilisation du mazout, il
représente une très importante réduction
des gaz à effet de serre. Le gaz naturel, ne
n’oublions pas, se veut l’énergie fossile la
plus propre et l’accord de Kyoto l’a d’ailleurs
identifié comme une solution afin de réduire
les émissions de gaz à effet de serre en
Amérique du Nord.
C’est donc en s’appuyant sur ces faits
et surtout sur les communautés qui les
accueillent que les membres de l’APGQ sont
unis pour le développement durable d’une
industrie gazière au Québec.
■
WELCOME NEW MEMBER
SCCC (ONTARIO) INC.
New Personal Member:
Barbara Sutton
Neuchâtel Junior College
44 Victoria Street, Suite 1310
Toronto, ON M5C 1Y2
416-368-8169 ext 223
[email protected]
http://www.njc.ch
Visit a Lindt Outlet Boutique
and discover a wide selection of irresistible
Lindt Chocolates and gifts at delectable deals.
Mississauga Lindt
Warehouse Outlet Boutique
7090 Kennedy Road
Mississauga, Ontario
905.696.8143
Scarborough
Lindt Outlet Boutique
2250 Markham Road
Scarborough, Ontario
416.292.4029
Etobicoke
Lindt Outlet Boutique
The Queensway Commons
1557 The Queensway
Etobicoke, Ontario
416.255.1388
Kitchener
Lindt Outlet Boutique
Tulane Power Centre
4500 King Street East, Unit 4
Kitchener, Ontario
519.650.9141
Toronto Eaton Centre
Lindt Boutique
Sears - Sublevel 1
290 Yonge Street
Toronto, Ontario
416.593.7719
Pointe-Claire
Lindt Outlet Boutique
Méga Centre des Sources
58, boul. Brunswick, unité B
Pointe-Claire, Québec
514.695.3392
Ottawa
Lindt Outlet Boutique
1763 St. Laurent Blvd.
Ottawa, Ontario
613.260.5898
Brossard
Boutique Outlet Lindt
Quartier DIX30
7200 boul. du Quartier, unité 45
Brossard, Québec
450.678.8176
www.lindt.com
O C T O B E R /N O V E M B E R
11
Member Profile
MARCHÉ INTERNATIONAL –
THE COMPANY
Marché International is one of the leading
gastronomy companies specializing in highquality dining concepts at highly-frequented
locations. Marché International is a 100 %
subsidiary of Mövenpick Holding, a multinational hospitality group based in Switzerland.
The core business of Mövenpick is:
•
Gastronomy = Marché International
• Hotels & Resorts
•
Wine Retail
•
Food Licence Product
Its brand names “Marché® Freshness
Restaurant”, “Marché® Natural Bakery”,
“Cindy’s Diner” and “Mövenpick Restaurants”
are know the world over and the company
presents a well-rounded and top-class
offering at airports, highway rest stops,
centrally-located train stations and city center locations.
International. The first steps that needed to
be undertaken involved decentralization and
streamlining. A vast majority of these early
energies were spent on the development
of new products and on the training of the
staff – areas that were soon recognized as
the key points for the new structure. This
new concept for success included on the one
hand the offering of only few ingredients,
but on the other hand, these articles should
be of the highest possible quality, seasonal
in nature and, wherever possible, regional
in their source. Simple recipes should be
eloquently prepared and include a clear
reference to the company’s Swiss ancestry.
Another step toward a successful re-launch
of the company was the rekindling of the
concept of “RDT”: Research Development
Training. This involved the decentralized
development of new products. Carefully
selected locations acted as “test kitchens”
for two or three centrally-defined themes.
As soon as the new recipe is ready for its
debut, employees from other restaurants
would arrive in order to pick up on the
know-how of the product developers.
Since October 1, 2009 the division
Marché International includes besides the
Mövenpick Restaurants at airports and highways the classic Mövenpick Restaurants in
the city centers.
SUCCESSES AND AWARDS
Thanks to the strict and consistent implementation of this freshness and quality strategy,
Marché International, with its Freshness
Concept Marché®, has won numerous
awards from within the gastronomy industry, customer recognition prizes and tests.
Among these were not only their selection
as one of the two best rest stops in Europe
(ADAC) and the best rest stop anywhere in
the world (BBC Group), the best gastronomy
concept in Germany, the best rest stops in
Austria and the best rest stops in Switzerland.
In 2008, Marché International received the
highly-coveted German Gastronomy Prize
for the most successful re-launch and the
repositioning of the Marché® brand name.
The jury’s comments, when they explained
MARCHÉ® – YESTERDAY AND TODAY
The first Marché® restaurant was opened in
1983 in Stuttgart, Germany, and this also
meant the birth of a completely new kind
of dining experience, one that would inspire
an entire gastronomy industry across all of
central Europe - the restaurant as a market
square. After a strong start and a period of
rapid expansion, the situation deteriorated
quickly. The lack of strategy for continued
development and the necessity to make
dramatic compromises in the conceptual
design always have their consequences.
In 2003, the Mövenpick Holding Board of
Directors decided in favor of a major restructuring campaign and charged Oliver Altherr,
the newly appointed CEO of the company, to
direct the independent business unit, Marché
12
INFO SUISSE
FINECAST
High Precision Machining / Machinage de Haute Précision
Our consultative approach, our complete solution-based machining service, and
our innovative abilities in technological multi-sector industries continue to expand
our horizons.
Notre approche consultative, notre service d’usinage à base d’une solution
complète et nos capacités novatrices dans les industries multi-sectorielles
continuent à développer nos horizons.
________________________
208 Migneron
Saint-Laurent, QC
H4T 1Y7
________________
www.finecast.ca
Tel : 514-331-0322
Fax : 514-331-0261
[email protected]
their reasons for selecting Marché International, included: “CEO Oliver Altherr has successfully and positively ‘infected’ more than 3,500
employees with the same passion he feels for the product and has inspired them to conjure their top levels of performance.”
Address of the
business sector
Marché Restaurants Schweiz AG
Alte Poststrasse 2
CH-8310 Kemptthal
Management
Oliver Altherr, CEO
Hermann Ircher, CCO
Burkhard Kahre, CFO
Markus Greiner, Director Operations
Ownership
Geographical emphasis
100% Mövenpick Holding AG
Locations
Outlets*
(per 15 August 2010)
Switzerland (market leader)
Germany
Austria
Slovenia (market leader)
Norway (market leader)
Hungary
Croatia
Asia (Singapore, Indonesia,
South Korea, Malaysia)
Canada
Total
36
30
3
17
11
7
8
52
109
12
18
14
9
18
7
3
122
8
3
243
* (each business presence can offer different business concepts)
Business concepts
Marché® Restaurants, Marché® Natural-Bakery, Marché® Bistro, Cindy’s
Diner, Mövenpick Restaurants, Highway hotels, hotels, travel shops,
Burger King®, Gosch, coffee & bar concepts at airports, motorways and
in towns.
Total sales 2009
Marché International
Sales own and leased operations
Sales management and
franchise Operations
Total sales 2009
Mövenpick Restaurants
Sales own and leased operations
Sales management operations
Seats 2009
Hotel rooms 2009
CHF 334.9 Mio.
CHF 315.6 Mio.
CHF 19.3 Mio.
CHF 91.8 Mio.
CHF 70.3 Mio.
CHF 21.5 Mio.
36,973
464
Number of guests 2009
34.7 Mio (excluding management
and franchise outlets)
Total number of employees (FTE*)
3868
*FTE = full-time equivalents per 31.12.2009
O C T O B E R /N O V E M B E R
13
An investment in research
is an investment in hope.
Roche is a leader in the research and
development of pharmaceutical and
diagnostic solutions that look beyond
today’s horizons and make a profound
difference in people’s lives.
Working in partnership with healthcare
practitioners from across the country,
we have opened the door to countless
new possibilities in the discovery,
treatment and management of acute
and long-term disease.
www.rochecanada.com
Registered Trade-Mark of Hoffmann-La Roche Limited
14
INFO SUISSE
Youth Mobility Program Canada – Switzerland
It gives young Canadians, aged 18 to 35,
the opportunity to easily obtain a temporary
work permit and thus gain hands-on experience, improving their knowledge of the languages, culture and society of Switzerland.
In order to be eligible for the program, the
applicant must be:
YOUTH MOBILITY PROGRAM
CANADA-SWITZERLAND
The Youth Mobility Program CanadaSwitzerland aims at facilitating the mobility
of young skilled professionals and students
between Switzerland and Canada offering
them the opportunity to gain work experience abroad. Whatever profession or trade,
a work experience for a period up to 12
months is accessible under this program
between the two countries.
- a Canadian citizen between the age of
18 and 35 and reside in Canada and
- have a secondary education and have
completed a 2-year training, or
- study at a post-secondary institution, or
- have completed post-secondary studies
Employment must be in the field of studies or activity in which the applicant has
received training. Trainees must be paid in
accordance with the rates that are customary locally and in the industry.
To find out more about the Youth Mobility
Program and about the procedure for
application, please visit the following
website: http://www.eda.admin.ch/eda/
en/home/reps/nameri/vcan/canott/
ymp.html
■
WELCOME NEW MEMBER
SCCC (ONTARIO) INC.
New Corporate Member:
Kuno Lischer
Georg Fischer Piping Systems Ltd.
2392 Ravine Gate
Oakville, ON L6M4R1
kuno.lischer@georgfischer.com
www.georgfischer.ca
The forces of nature can strike at any time.
Let’s discuss how to plug our defenses.
As the Earth’s climate is changing, so are the frequency and intensity of floods and storms. What’s the answer: retreat from the
most hazardous locations? Protect vulnerable areas with sea walls, drainage systems and better building codes? Or take measures
to transfer the financial risk and rebuild? All we know at Swiss Re is that, as our climate changes, we must adapt apace. Which is
why we’re helping countries and communities develop strategies to protect themselves against the forces of nature. Risk is the raw
material we work with; what we create for our clients is opportunity.
Plug into www.swissre.com
O C T O B E R /N O V E M B E R
15
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16
INFO SUISSE
Bruno’s Tip
Never wrestle with a pig!
I learned a long time ago never
to wrestle with a pig.
You get dirty and the pig likes it.
– Cyrus Ching
NEVER WRESTLE WITH A PIG!
By Bruno Gideon
I was at a dinner party when my neighbour
suddenly turned to me and in a loud and
angry voice commented about something I
had said earlier. I got hot under the collar
but resumed with my meal as if nothing
had happened. Why was I able to diffuse
this potentially tense situation? Because I
remembered a quote that I had read a few
days earlier. Here it is:
Some people get angry for whatever
reason. So let them be angry – there is
nothing we can do about it anyway. But if
an angry person irritates and annoys you, be
careful not to fall into the provocation trap,
because this is often their ultimate motive.
When someone is angry and tries to pick a
fight with you, that is entirely their problem
and you are free to choose, either to join
the battle, which I would advise you not to
do, or to ignore it. If you refuse to fight, the
other party has no chance and the provocation trap remains empty.
If someone aggressively insults you, it’s
not easy to keep your composure because
you are personally involved and are getting
angry. But what can you do in such a situation? Take a few deep breaths and then tell
the other party in plain language that you
won’t be drawn into a fight but that you are
willing to discuss the matter later, but only
in a factual way. That gives them time to
cool down. But what if it doesn’t? Well, that
is their problem, not yours.
Are you about to fall into a provocation
trap? Think of the quote above. It will put a
smile on your face. And you can’t fight if you
smile, right?
Born in Switzerland and founder of the
Swiss retail chain Pick and Pay, Bruno
Gideon now lives in Toronto. His free
weekly newsletter “Bruno’s Minute”
has become very popular and is read
by several thousand subscribers in
20 different countries.
Many SCCC members have already
subscribed to it and like it a lot. It is
motivational, inspiring, always positive
and absolutely free.
To sign up for it, go to www.brunogideon.
com or contact Bruno directly by email at
[email protected].
■
BIENVENUE AUX NOUVEAUX MEMBRES
CCCS (MONTREAL) INC.
Individual members / Membres individuels
M. Philip Sigrist
Strategic Account Manager
Meggitt Sensing Systems Energy Group
5650 Thimens Blvd.
St-Laurent, QC H4R 2K9
Tel. 514.956.0918
Fax. 514.956.9610
www.meggitt.com
[email protected]
Mrs. Lara Berguglia
Nespresso B2C Coordinator
2045 rue Crescent
Montreal, QC H3G 2C1
Tel. 514.287.1222
www.nespresso.com
[email protected]
M. Guy Bachmann
Real Estate Broker
RE/MAX ROYAL (JORDAN) Inc.
315 boulevard Brunswick, # 333
Pointe-Claire, QC H9R 5M7
Tel. 514.630.7324
www.go-remax.com
[email protected]
141 Adelaide Street West, Suite 203
Toronto, Ontario
M5H 3L5
Telephone: 416 777-0123
Fax: 416 777-0308
For your investment needs please contact:
Werner Joller
David Ratcliffe
President
Managing Director
www.hottinger.com
O C T O B E R /N O V E M B E R
17
Ka r i n’s Pe r for m a nce S o l ut i o n s
T h e Key to O u t st an d i n g Res u lts
Karin Lindner
THE KEY TO OUTSTANDING
RESULTS
by Heidi Garcia
How many people do you think enjoy true
job satisfaction? How many people dread
the thought of Monday morning? How many
people are willing to go the extra mile? How
many people have the opportunity to do
what they do best every day? How many
people believe that they have little choice
in the matter?
Looking back on my career in the field of
Human Resources, I wish I knew then what I
know now. I worked as the Director of Human
Resources in a large, multi-national organization. I had a department of eight people
working with me directly and twenty-eight
human resources managers indirectly at
various divisions around the world. I had a
great team of people and yet, looking back,
I am sure that we could have accomplished
so much more if I would have focused more
on identifying and building their strengths
rather than trying to get them to improve
their weaknesses.
Sometimes we get so busy in the
day-to-day grind that we overlook selfdevelopment. You may read about seminars
or workshops that you’d like to attend but
you think, “I just don’t have the time”, or
“maybe next time”. Many times, there will
be no next time. The best person you can
invest in is yourself. How can you lead others if you are not continually learning and
improving your own skills and abilities? Take
my advice, invest in yourself!
18
INFO SUISSE
I believe that it’s hard enough to figure
out what you do really well. Once you do,
you should capitalize on it and become the
best you can be in that particular area. There
are areas in which I will never excel, so
why would I want to put time and energy
into something that, at the end, will only
improve marginally?
Isn’t it true that when you do something
well, you enjoy it more, it seems to come
naturally. It does not take a lot of effort, and
you can easily excel. It doesn’t necessarily
feel like work and it is so much more fulfilling and rewarding. On the other hand, trying
to work outside of your areas of strength can
zap your energy, productivity and drive. This
can also erode your self-confidence and can
lead to a number of other serious issues
such as depression, drug and alcohol abuse,
and in some cases, even violence at work
and at home.
Sadly, most organizations keep track of
their employees’ skills, knowledge, and
work experience but ignore their talents.
According to a recent survey conducted
by Towers-Perrin of 86,000 employees
worldwide, 19% are disengaged and 64%
are only moderately engaged? Do you know
that companies lose $350 billion a year due
to employee disengagement? These statistics
are staggering. Can you imagine what the
work environment would be if people were
actually working in jobs that they enjoy,
where they know they are adding value
and making a difference, in jobs that allow
them to do what they do best every day?
Employees would be happier and healthier.
Productivity would skyrocket, turnover rates
would drop, customer satisfaction would
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increase, innovation and creativity would
flourish, and companies would be more
profitable.
Have you ever noticed that highly successful people are doing what they love to
do and it’s usually what they are naturally
good at? Take a look at Steve Jobs, Oprah
Winfrey, Steven Spielberg, Warren Buffet, Sir
Richard Branson, Wolfgang Puck, Dr. Mehmet
Oz, and the list goes on. What’s their secret?
They have discovered their passion, their
natural gifts, talents and abilities - in other
words - their strengths. Could that be the
key to achieving outstanding results? In a
nutshell, YES!
What can you do to build a strengthsbased organization?
Based on my experience and what I have
learned, I recommend that you:
• Take the time and effort to hire the right
people in the first place.
• Get to know the people who are currently working with you on a personal
level. Don’t just rely on what’s on their
resume. They may have unique abilities
and experiences that you may not be
aware of that could not only add great
value to your organization but could also
be a great motivator for them.
• Do not just focus on a job description.
Job descriptions make people task
oriented instead of outcome oriented.
What are the 3 or 4 expected outcomes
of the job? What strengths are required
to fulfill the job requirements? Ensure
that you have the right person in the
right job.
• Invest training time and money on educating employees about their strengths
and together work on ways for them to
capitalize on their strengths. It will be a
win/win.
• Do not fall into the “Peter Principle”
by promoting people up the corporate
ladder and out of their areas of strength.
Do not set people up to fail.
What can individuals do to find their
strengths, to be more productive, more
fulfilled, and more successful?
•
Make a detailed list of the various jobs
that you’ve had. What elements of those
jobs did you enjoy most? Review your
list and identify the common threads these are your strengths.
• Consider what things you do naturally
well, things that come easily to you.
What things fuel your passion, creativity,
drive? What things keep you engaged
and excited about work?
• When you start to discover your
strengths, reinforce them with regular
practice and learning.
• Invest in yourself to reach your fullest
potential. Take the initiative and lead
your life, don’t let your life lead you.
Find or carve out a role that draws on
your strengths every day.
In order to achieve outstanding results,
companies will have to become more
sophisticated and more efficient when it
comes to capitalizing on the strengths of
their employees. Individuals will also have
to take the time to discover their unique
strengths and abilities. In so doing, companies will be stronger and more profitable
and people will be happier and healthier.
Isn’t it so worth the effort?
Heidi Garcia is a Human Performance
Specialist, working for and with KARICO
Performance Solutions located in
Richmond Hill, Ontario. Karin Lindner is
the founder and owner of KARICO and her
mission is to “help organizations and individuals in manufacturing environments to
become the best they can be by positively
impacting their ROI (Relationships,
Outcomes and Improvements)”. Karin
can be reached at 1-647-401-5274 or by
e-mail at [email protected]; you
may also visit her website at
www.karicosolutions.com
■
WELCOME NEW MEMBER
SCCC (ONTARIO) INC.
New Personal Member:
Hans Maurer
L&P Bluebridge Inc.
27 Charnwood Place
Thornhill, ON L3T 5H2
416 817 6781
[email protected]
O C T O B E R /N O V E M B E R
19
Chamber News
Information de votre chambre
SCCC ONTARIO – 2010 GOLF
TOURNAMENT
The SCCC annual golf tournament took
place on September 13 at the beautiful
Meadowbrook Golf & Country, which has
been a popular venue for the past 3 years.
This year’s tournament was once again a full
success, with over 90 golfer/dinner guests
attending. We were fortunate to enjoy a
warm and sunny day, aside from a brief
shower, which delayed the shotgun start by
a few minutes. For the second consecutive
year, we were honored to have Ambassador
Baumann join us for golf and dinner, and
were happy to welcome, for the first time,
Consul General Ms. Bernadette HunkelerBrown, who joined us for dinner along with
her husband Mr. Nigel Brown.
Various activities on and off the course
were offered, such as the “Chalet Suisse”
on Green #11. Three charming ladies from
the Swiss Club, Paula Rico, Beatrice Gunter
and Josie Vischer, served Raclette and white
wine, graciously sponsored by Lombard
Insurance and Switzerland Cheese, accom-
panied by the sounds of yodel and cow
bells. Equally popular was the delicious
Gelato Fresco chocolate ice cream on #18,
which was kindly sponsored by Lindt &
Sprüngli. Nespresso was present again this
year with Alex and Kiki doing a tremendous
job serving great Espressos and Cappuccinos
throughout the entire event. Another treat
were the freshly baked muffins offered by
new Marché, which re-launched its innovative restaurant in August. Also appreciated
was the support of Nestlé with their dona-
Successful logistics is a question of creativity
Your business requires a service provider that understands and listens to your unique logistics requirements, then translates that
understanding into efficient logistics solutions. Kuehne + Nagel combines 117 years of global strength and experience in
international transportation and logistics with comprehensive information technology solutions. Our worldwide network of sea and
air logistics, road and contract logistics provides you with a flexible and evolving infrastructure making your business competitive
in the global marketplace.
Looking forward, Kuehne + Nagel will continue to build upon a strong foundation and tradition of providing service excellence in
international transportation and logistics with a clear focus on providing IT-based supply chain solutions.
Sea & Air Logistics
Road Logistics
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email: [email protected] www.kuehne-nagel.com
20
INFO SUISSE
Special Services
Asset Management. The prize was presented
by Olivier Schlegel, General Manager of Swiss
in Montreal, who made the much appreciated
trip to Toronto, together with his playing partners Catherine Dupasquier, Simon Caviezel
and Raphael Delacombaz.
The golf committee would like to sin-
tion of spring water, chocolate treats and
coffee. Also much appreciated by all was the
registration gift by The Fifth Grill & Terrace,
a $50 gift certificate to be used for a great
dining experience.
Before and after golf, the players had the
chance to participate in a putting contest,
which was co-sponsored by Andrea Von
Moeller of 2Market International. A big
‘thank you’ also goes to Kuehne + Nagel
for offering the hole-in-one on #12, to
Meadowbrook for sponsoring the “Beat the
Pro Shop” contest on hole #14 as well as to
Roche, for their sponsorship of the delicious
BBQ lunch.
New this year was a buffet-style instead
of a sit-down dinner, allowing the guests to
mingle and meet in a casual setting. After
dinner, the various raffle prizes and awards
were presented.
Congratulations to all the winners of this
year’s golf contests:
cerely thank all its numerous sponsors, big
and small, for their continued support of
the SCCC golf tournament! A big thank you
also goes to all the volunteers, who were
an essential part in making this day a success: Yasmin Stanton for creating graphics
and promotional material, Kathy Utigard and
Heidy Attenborough for assisting with registration and on and off course activities Alvin
Gozum for doing the photography as well as
the “Raclette ladies” as mentioned earlier.
Last but not least we would like to thank
all our members and guests who participated in this exciting event; we hope to see
you again in 2011!
SCCC Golf Committee:
Hans Munger, Ernst Notz, Rudi Blatter,
Julien Favre, Andrea Von Moeller and
Patricia Keller-Schläpfer
■
Winning Team (18 Holes): Leonard Tracey,
Rick Barker, Sal Cozzoli and Steve Scaini
(with a score of 59)
Longest Drive – Ladies: Catherine Dupasquier
Longest Drive Men: Brian Burchert
Closest to Pin – Ladies: Catherine Dupasquier
Closest to Pin – Men: Bruno Arnold
Straightest Drive – Ladies: Jennifer Arezes
Straightest Drive – Men: Raphael Delacombaz
Putting Contest: Meinrad Meerkamper
(by draw, same score as Simon Caviezel and
Norm Eckler)
The lucky winner of this year’s grand
prize (2 return business class tickets to Zurich
generously sponsored by Swiss International
Airlines and an 8-day first class train pass
for 2 in Switzerland sponsored by Tourism
Switzerland) was Werner Joller from Hottinger
O C T O B E R /N O V E M B E R
21
Chamber News
Information de votre chambre
NEW SERIES OF EVENTS AT
SCCC MONTREAL.
We would like to create the opportunity for
our members to showcase their company to
fellow members or also non-members. It will
give all the opportunity to get to know each
other’s activities better and exchange ideas.
We will do this so-called “company visit”
at different times during the season and
announce it by e-mail and on our web-site.
The organization and agenda is entirely up
to the organizing company. These visits will
normally take place in the afternoon or early
evening. Busch Vacuum Ltd starts the series
on October 13 at 4 pm at their premises in
Boisbriand.
We do hope that many more members
will open their company doors for us to visit.
NOUVELLES SÉRIES D’ÉVÉNEMENTS À LA
CCCS MONTRÉAL
Nous souhaitons donner l’opportunité à nos
membres de présenter leur entreprise à leurs
pairs mais également à des compagnies non
membres. Ceci permettra de mieux connaître
les activités de chacun et d’échanger des idées.
Nous tiendrons ces “visites d’entreprise”
à différents moments pendant la saison, que
nous annoncerons par courriel et sur notre
site internet. L’organisation et le programme
seront entièrement préparés par la compagnie-hôte. Ces visites se tiendront habituellement en après-midi ou en début de soirée.
La société Busch Vacuum Ltd débutera cette
série le 13 octobre 2010, à 16h00, à leurs
locaux de Boisbriand.
Nous espérons que vous serez nombreux
à suivre leur exemple et à nous ouvrir les
portes de vos entreprises pour une visite.
WELCOME NEW MEMBER
SCCC (ONTARIO) INC.
New Non-Resident Member
Klaus Koeppen
CIBC Wood Gundy
300 - 150 Caroline Street South
Waterloo, ON N2L 0A5
519 588 5338
[email protected]
22
INFO SUISSE
Do you know..........?
Through your membership in the SCCC, you
can join a group health insurance plan
The country’s leading benefit program for small business
•
•
•
•
Covers businesses with up to 35 employees, including one person firms
Is open to all industries
Never targets an individual firm for a rate increase or cancellation
Offers a full range of benefits, including coverage normally reserved for
big businesses
• Pools claims for price stability
Discover the wide range of benefits available to you, such as Health and
Dental, Critical Illness coverage, Short & Long Term Disability income replacement
and more!
For more information, contact Patricia Keller Schläpfer at the SCCC or visit
www.chambers.ca.
ENJOY AN ELEGANT EVENING IN A
RELAXED ATMOSPHERE
Saturday, November 20, 2010
Le Méridien King Edward
37 King Street E, Toronto
Cocktails 7:00 pm, Dinner 8:00 pm
Black Tie
R.S.V.P. by November 8th
SCCC 2010 GALA DINNER DANCE
Business and Other News
Nouvel les economiques et information
By Location Switzerland
QNECTIVE AG: GLOBAL MOBILE
COMMUNICATION WITHOUT SECURITY
RISKS
(PR Newswire)
Secure, encrypted mobile communication
is becoming more and more important for
business. This year, innovative company
Qnective AG, Zurich is set to launch a practical solution called Qtalk secure, which will
enable encrypted and therefore highly
secure communication for telephone calls,
chats, data transfers and SMS.
Lawyers, enterprises in the financial
sector, emergency services and other organizations and individuals place the highest
security demands on their mobile communications. The comprehensive security solution
Qtalk secure was developed specifically to
meet these needs. Industrial spies and others engaged in criminal activity are thereby
denied means of illegally procuring and
viewing information in the area of mobile
communications. Despite maximum protection against interception, the solution offers
excellent voice quality, a high level of userfriendliness and simple integration in the
existing infrastructure.
and “data transfer” functions are available
for all desktop clients such as Windows XP,
Vista, Windows 7 and all mobile clients such
as Blackberry OS 4.6 and higher, Symbian,
Android and iPhone.
The development of Qtalk secure is highly
advanced and will be available to interested
companies and individuals in the 4th quarter
of 2010.
ABB HIGHLIGHTS MID-TERM GROWTH
OPPORTUNITIES AT CAPITAL MARKETS
DAY
ABB, the leading power and automation
technology group, highlighted the significant
growth opportunities it sees in the modern-
ization of the world’s power grids, its expansion into the discrete automation sector, and
the convergence of power and automation
demand across its business portfolio.
“ABB today has a highly dynamic and
balanced automation and power technology
portfolio and geographic market balance,”
said ABB’s CEO Joe Hogan at the company’s annual capital markets day in Zurich,
Switzerland. “The power of our portfolio
helped us during the economic crisis and
will help us grow as our markets recover.”
Hogan said over the past 12 months, ABB
has improved operationally and become
more market focused by realigning its automation business and introducing a dedicated
MAXIMUM SECURITY ON VARIOUS
COMMUNICATION CHANNELS
Qtalk secure encrypts calls, chats, data transfers and SMS messages via mobile phones,
smart phones and PCs. Highly secure
encryption and decryption are based on the
Diffie-Hellmann 4096 bit, Elliptic Curve 384
bit and AES 256 bit modules. Qnective AG
offers the solution as a comprehensive “box
solution”, which contains the preconfigured
software for the server and devices (clients).
The software clients communicate with each
other via their own server and are independent of mobile providers, despite the
use of low-cost data networks (access via
EDGE, UMTS, HSDPA and Wi-Fi). Qtalk secure
can be used for a multitude of devices and
can be seamlessly integrated in the existing infrastructure. The “telephony”, “chat”
O C T O B E R /N O V E M B E R
23
Business and Other News
Nouvel les economiques et information
marketing and technology function for high
growth opportunities. The company has also
made new investments in production facilities and research and development. “We
are today in a great position to benefit from
the most important market trends in the
industry, such as energy efficiency, industrial
productivity, changing power requirements
and the continuing strength of emerging
economies,” Hogan said.
CFO Michel Demaré provided a brief
update on the current business environment, saying that demand trends seen in
the second quarter remain unchanged. “Our
short-cycle businesses continue their robust
recovery, but the long-cycle infrastructure
business still faces headwinds,” Demaré
said. “The company’s cost savings program
remains on track to deliver $3 billion in cost
reductions by the end of 2010.” Although
the third quarter EBIT margin is traditionally
weaker than Q2 due to a different business
mix, ABB expects its Q3 2010 revenues in
local currencies and EBIT margin adjusted
for derivative transactions and restructuringrelated costs to be higher than in the same
quarter in 2009.
In the medium term, political action to
reduce global CO2 emissions will continue
to drive demand for renewable energies.
However, the need to integrate energy
sources such as wind and solar power into
existing electricity grids is also creating significant business and technology challenges
for its power customers. Peter Leupp, head
of ABB’s Power Systems division, described
how the company can address these issues
through its combined expertise in the areas
of alternating and direct current power
transmission, grid IT solutions and, increasingly, power storage.
ABB also outlined the strategy to grow
its Discrete Automation and Motion division, which was created at the beginning
of 2010 as part of the realignment of its
automation businesses to better tap future
growth opportunities. Divisional head Ulrich
Spiesshofer explained the company’s aims to
increase its share in a market of more than
$100 billion growing 5-10 percent a year.
24
INFO SUISSE
In addition, the company described
how it is meeting growing demand for
both power and automation solutions in
infrastructure markets with good long-term
growth potential, such as renewable energies, rail and water, smart grids and data
centers. By targeting these sectors with
integrated solutions that include both power
and automation technologies, ABB intends
to play a leading role in these markets over
the long-term, said Brice Koch, head of ABB’s
Customer and Market Solutions team.
ABB (www.abb.com) is a leader in
power and automation technologies that
enable utility and industry customers to
improve their performance while lowering
environmental impact. The ABB Group of
companies operates in around 100 countries
and employs about 117,000 people.
WISEKEY NOMINATED BY THE WORLD
ECONOMIC FORUM (WEF) AS ONE OF
THE GLOBAL GROWTH COMPANIES
WISeKey, the leading eSecurity and Digital
trust company, has been nominated by the
Insurance
Risk Management
Zurich HelpP int
We provide claims handling specialists
for those not-so-special moments.
Zurich HelpPoint is here when you need more than just insurance. That’s why the
moment you need help, we engage a deeply experienced claims team with an
understanding of your company and your specific needs. They can quickly assess
the damage and start the recovery process right away. We understand that besides
repairing physical damage, a quick response restores what you need just as much; your
confidence. For more details about Zurich HelpPoint, visit www.zurich.com
Here to help your world.
Because change happenz®, Zurich® and HelpPointTM are trademarks of Zurich Insurance Company Ltd
World Economic Forum as a Global Growth
Company. The World Economic Forum’s
Global Growth Companies (GGC), founded
in 2007, nominates leading enterprises from
around the world that have the potential to
become tomorrow’s industry leaders and a
driving force of economic and social change.
The GGC Community has admitted, as of June
2010, 250 companies from over 50 countries
and from all sectors. These rapidly growing
emergent multinationals are supported by
the GGC as they navigate new geographies,
markets, cultures and regulatory systems to
become a major driving force in social and
economic development.
The GGCs, Technology Pioneers and
Young Global Leaders are the three pillars
that form the Forum’s Community of New
Champions. Companies selected as Global
Growth Companies must demonstrate an
annual growth rate exceeding industry
and regional average by 15%, a minimum
turnover between US$ 100 million and
US$ 5 billion depending on the industry, a
demonstrated growth potential, the capacity and intent to build a global business and
exemplary executive leadership.
WISeKey is the global leader on Digital
Identification and Trusted Secure Electronic
Transactions over the Internet. WISeKey’s
disruptive technology and business model
excel at knowing the digital identification and
transaction market, staying close to customers, and using this technology to contribute
to the Web and communications over the
long term by improving every kind of trusted
data exchange. We are honored that the
World Economic Forum has again nominated
WISeKey as a Global Growth Company this
year. This nomination is the recognition that
WISeKey is making a profound contribution
to securing the Net and to allowing hundreds
of million of users equipped with WISeKey
technologies to perform highly secure electronic transactions over the Internet” said
Carlos Moreira, founder and CEO of WISeKey.
“This recognition is also proof that Geneva,
Switzerland is emerging as one of the hottest places in the world to start and develop
a tech company.”Mr. Pierre-François Unger,
Minister of the Department of Economy and
Health added that, “Geneva is in itself a sort
of natural incubator that allows innovation
that stems from our specialized schools to
be brought to the forefront in the creation of
new technologically advanced companies.”
WISeKey was also part of the founding
members of the World Economic Forum’s
Community of Global Growth Companies,
formed in 2007 to engage dynamic highgrowth companies with the potential to be
tomorrow’s industry leaders and to become
a driving force of economic and social
change. The Global Growth Companies will
be meeting at the “Summer Davos” in Asia’s
Annual Meeting of the New Champions
2010 Tianjin, People’s Republic of China
■
13-15 September.
RESCUE OF THE EUROPAWEG TRAIL
THROUGH THE CREATION OF A
NEW ATTRACTION
The Europaweg trail leads from Saas-Fee
to Zermatt at a high and almost uniform
altitude. The Europaweg trail is very well
known worldwide, and is also very popular.
The view, the altitude and the quality of the
trail are unique. Five years ago, however,
the artificial passageway by the Grabenufer
(trench bank) above Randa had to be closed;
it could no longer withstand the forces of the
pressure of the mountain. Thanks to a new
suspension bridge, the Europaweg trail can
now once again be used over the whole of
its original route.
■
Quote of the Month
Leadership is the ability to get
extraordinary achievement from
ordinary people.
by Brian Tracy
WATERFRONT COTTAGE ON GEORGINA
ISLAND, LAKE SIMCOE $264,500.00
Spectacular Sunsets in coveted part of Georgina
Island in Lake Simcoe. Cheerful Open Concept 3
Bd/1 Bath with Cathedral Ceiling, airtight inserted
Woodstove, Loft with Lakeview, winterized. Huge
wrap around Deck, very quiet and peaceful.
Landscaped. Private Dock. Gardenshed and
Marlies McKee, Realtor, Sutton Workshop. Only 1 hr to City. Building on Cement
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Group Incentive Realty Inc.
Water System. No Taxes just Landlease expires
Tel. 1-705-739-1300 or
2052, 5 year Term $3000.00 annual Fee to Oct.
1-866-871-1151 31, 2013.
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http://www.youtube.com/watch?v=ksKl9YFninc
O C T O B E R /N O V E M B E R
25
Travel News
SWITZERLAND TOURISM: AUTUMN AT
MYSWITZERLAND.COM
Switzerland’s most varied and bountiful time
of year begins just as summer is drawing to
a close. In the autumn, nature can be experienced with all five senses: as ripe vineyards,
brightly colored forests, the musty fragrance
of mushrooms and the rustling of leaves.
And for food lovers, especially, the autumn
has plenty to offer. Numerous wine fairs as
well as cheese, chestnut and wine festivals
make this time of year a real feast for the
palate. Suggestions and tips are divided
into “Autumn Events“, “Autumn walks“,
“Excursions” and “Culinary Regions”. For
more information: http://www.myswitzerland.com/en/home/herbstferien.html
The “UNESCO Destination Switzerland”
brochure was published in September 2010.
The brochure contains information on the ten
Swiss World Heritage Sites and the Entlebuch
Biosphere Reserve. Download your copy at
www.mySwitzerland.com
SWISSTOPO: FREE MAPS OF
SWITZERLAND
Regional maps in their entirety are now
available online at Swisstopo. Each rock,
each Alpine hut, and each trail is entered in
the maps at a scale of up to 1:25,000
The maps are found at http://map.geo.
admin.ch. Every visitor to this website can
plan his own hikes and tours free of charge,
for even hiking trails can be accessed.
The routes are color-coded and divided
into hiking trails (yellow), mountain trails
(red) and alpine trails (blue). The maps can
be printed in A4 format, so that they can be
carried along.
Besides all hiking routes, the Swiss
Confederation will in the future make all
geo-data accessible online.
PLANET SOLAR – THE FIRST VOYAGE
AROUND THE WORLD IN A SOLAR BOAT
The ship “Planet Solar” is a catamaran,
covered with solar cells. Although the largest solar-powered boat in the world has an
impressive size, it is completely soundless
and good looking.
The aim is a voyage around the world in
2011, with stops along the Equator, where
the sun’s rays are the strongest. This over
50,000km voyage will have an average
speed of 7.5 knots (14km/h) and will take
160 days to complete.
Planet Solar is a ship equipped with traditional technology and is now available in
the market. Solar Planet wants to prove that
renewable energy and technology, which
improve energy efficiency, are dependable
and highly productive. http://www.planetsolar.org/index.en.php
■
Switzerland is a small
country. Less than one hour,
and you’re off.
–
SHORTCUTS, SWISS MADE.
–
Short walking distances and perfectly harmonised flight schedules mean that nowhere in Europe is it quicker and easier to change from one plane
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SWISS.COM
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055_300_HUB_191.77x127_InfoSuiss1 1
INFO SUISSE
20.3.2007 14:36:49 Uhr
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Business and Other News
Nouvel les economiques et information
PUBLIC DEBT: THE CHALLENGES
AHEAD
DEBT, DEBT EVERYWHERE
April 2010
UBS research focus
Prepared by UBS AG and published in one of their
recent “Research Focus” reports.
Over the last 12 months, we have witnessed
a very strong rally in global equity and fixed
income markets and all major economies
have returned to growth. The financial crisis
that started in 2008 and the subsequent
global recession appears to be fading into
history. However, it is dangerous to think
that all is well now and that we can simply
go back to business as usual. The crisis has
left us with different legacies, one of which
is the dramatic increase in public debt in
most of the advanced economies.
To understand the present economic
issues, it is important to consider the historical context – the last two decades were
characterized by above-average levels of
economic growth, partly fuelled by credit
policy. While this was arguably necessary
to prevent further malaise, public debt has
reached levels that have never been seen in
peacetime history.
In coming months and years, governments
all over the world will have to find ways to
deal with the debt. The task is enormous
and will have to be undertaken against a
backdrop of adverse trends, most noticeably
weak economic growth and sharply rising
social costs. Importantly, in dealing with the
challenges of high and rising public debt, we
think that governments will adopt policies,
and high levels of government spending.
The boom (and subsequent bust) in equity
markets encouraged a rapid increase in compensation within certain private sectors and
led many public sector workers to demand
parity. Generally speaking, many developed
world governments and their citizens spent
more money than they earned. As such,
when the credit bubble well and truly burst
in 2008, governments stepped in to prevent
systemic breakdown and support economic
growth. This led to unprecedented increases
in government spending and loose monetary
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INFO SUISSE
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either by choice or by force, that have not
been seen in many decades. We argue that
the traditional tools of austerity and growth
will be insufficient for the developed world
to lower its debt burden. Inflation, which
some believed to be dead for good, could
make a comeback as ballooning government deficits and the prospects for social
discontent make the cutting of government
budgets a difficult process. Thus, faced with
the politically unpalatable austerity route –
governments in tandem with their central
banks maybe more inclined to take the inflation route. Also, the risk of sovereign default,
something that was once unthinkable for
advanced economies in the post-war period,
will probably be a lingering fear in the coming years.
For investors, all this will have profound implications. How will economic
performance be affected? Are developed
world government bonds still safe haven
investments? What investments will protect
portfolios if price inflation were to accelerate
again? These are some of the questions that
we deal with in this publication. Overall, our
goal is for investors to be able to consider
the long-term implications of government
debt and position their portfolios accordingly
for future growth.
Insufficient growth and unfavourable
fundamentals
Over the past 20 to 30 years, debt reduction policies involved a mixture of public
spending cuts and measures to increase
tax revenue. Importantly, such policies
really only worked if economic growth was
strong as well. In addition, such periods of
fiscal austerity were often accompanied
by falling interest rates and revenues from
one-off privatizations of public assets. Going
forward, most advanced economies with
high debt-to-GDP ratios will face much less
favourable conditions under which to reduce
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their debt. Fiscal austerity will certainly play
a role, especially in the initial phase of fiscal
consolidation. In the long term, we think
there is a risk that economic growth will not
be sufficient to support a sustainable reduction in debt ratios. In addition, the current
low interest rates are likely to rise in the
future, thus adding to the financing burden
of governments. Finally, in many advanced
economies fiscal consolidation will have to
take place against a backdrop of rising agerelated expenditure, meaning that structural
Continued on page 31
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HIGHLIGHTS FROM THIS REPORT:
The financial crisis and the recession that
followed have had profound effects on the
global economy. One legacy of the crisis is the
sharp increase in public debt in practically all
advanced economies, which will present formidable challenges for policymakers going
forward. Debt ratios have reached peacetime
records and may continue to drift higher if
no decisive action is taken. What is more,
current estimates suggest that debt ratios
are about to cross a threshold above which
debt itself becomes a drag on growth.
The drastic steps to consolidate public
finances that governments will need to
take will have far-reaching implications for
economies and financial markets.
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INFO SUISSE
Business and Other News
Nouvel les economiques et information
Continued from page 29
reforms of social systems will also have to
be contemplated.
Inflation, deflation and sovereign default
Although the more traditional fiscal austerity
measures will likely be important, we think
the toolbox for dealing with adverse public
debt dynamics will have to include options
that have not been seen in the developed
world in three decades. Thus, after the so
called “Great Moderation“ – that saw strong
and stable growth coupled with low inflation
over the last few decades – we think that the
developed world‘s debt problems could see
a return of higher inflation in some regions
and outright deflationary policies and the
prospect of sovereign default in others. We
think countries that have full control of their
monetary policy and currency will find it difficult to resist the temptation to let inflation
help erode their debt burden. This applies
primarily to the US and the UK. In contrast,
inflationary policies are not an option for
Euro zone economies – at least not under
current institutional arrangements. Thus,
these countries will have to exercise extreme
fiscal austerity, and even adopt deflationary
policies to cut wages and prices across their
economies to promote growth and thereby
reduce their debt burden. However, success
is far from certain and investors should not
rule out the risk of some form of default
scenario or partial fiscal restructuring in one
or more of the advanced economies.
Winners and losers
The road back to economic stability and fiscal
sustainability is likely to be long and burdensome. However, where there are risks there
are also opportunities – investors are well
advised to remain diligent, alert and well
diversified. The possible long-term inflation
implications in the US and UK suggest that
investments in inflation-linked bonds and/
or real assets (real estate, commodities and
equities) are advisable.
Within the Euro zone, likely austerity
measures may hurt domestic consumption
– so international diversification of equity
and corporate bonds should be considered.
The traditional pricing model for G7 debt
assumes an almost insignificant probability
of default. We do not believe this will be the
case going forward – due to the spiralling
levels of government debt. Markets have,
arguably, not yet priced in this risk as historically low bond yields are still offered on government debt. We have long-term concerns
for certain developed world government
debt or, at the very least, believe investors
should be compensated for holding this risk.
The long-term investment winners are likely
to be countries that have not had such an
explosion in government debt levels. The
obvious candidates are emerging markets,
which face less structural debt challenges
and are supported by higher economic
growth. We are also positive on commodities, due to their value as an inflation hedge
and expected price increases driven by
emerging market demand.
The full UBS Research Focus report can be
viewed and downloaded from the SCCC
website. Please go to www.swissbiz.
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SWITZERLAND CENTRE FOR
TRADE FAIRS/ LA SUISSE –
PLACE DE FOIRES
High End-Zurich
Date: 22-OCT-10 to 24-OCT-10
High End-Zurich is one of the biggest
exhibition for music sector. This trade show
will attract many visitors from related
industry under single roof at the Hotel
Movenpick, Zurich. The event will showcase
classical and modern musical instruments.
For three days the show is being organized
by High End Society Marketing GMBH.
Venue: Hotel Movenpick, Zurich, Switzerland
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Basel Autumn Trade Fair
Date: 23-OCT-10 to 31-OCT-10
Basel Autumn Trade Fair A Product Fair, A
Consumer Magnet and an exhibition with a
soaring degree of awareness amongst the
shoppers. Autumn Trade Fair is a unique
opportunity to participate in, guaranteeing
maximum impact and product visibility.
Venue: Basel Exhibition Center, Basel, BaselStadt, Switzerland
Classic Car Fair St.Gallen
Date: 24-OCT-10 to 24-OCT-10
Classic Car Fair St.Gallen will showcase spare
parts for vintage cars and motorcycles,
literature, model cars, tools, complete
vehicles. This is one of the biggest exhibition
in the region for related industry. This is one
day event held on 24th October 2010.
Venue: Olma Messen St.Gallen, St. Gallen,
Switzerland
IFAS Zurich
Date: 26-OCT-10 to 29-OCT-10
IFAS-Medical & Hospital Equipment
Exhibition is the crucial platform for the
Swiss medical industry and public health
service. It is the only show in Switzerland
where you will see a complete range of
new and innovative products and services
in medical technology and IT equipment,
diagnostics, rehabilitation, nursing and
consumer medicine.
Venue: Zurich Exhibition Center, Zurich,
Switzerland
Gebaudetechnik Schweiz
Date: 27-OCT-10 to 28-OCT-10
Gebaudetechnik Schweiz is an International
exhibition for modern building services
and engineering industry. This one of the
premier exhibition in Messe Luzern, which
will be held between 27-28 October 2010.
For 2 days this event is being organized by
EasyFairs SA/NV.
Venue: Messe Luzern, Luzern, Switzerland
Suisse Caravan Salon
Date: 28-OCT-10 to 01-NOV-10
Suisse Caravan Salon is the largest national
exhibition for motor homes and caravans.
This is the 43th edition of the session and
will be held between 28th October to 1st
November 2010. This four days trade show
is being organized by B. E. A. Bern Expo.
Venue: BEA Bern Expo, Bern, Switzerland
32
INFO SUISSE
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