Your SlideShare is downloading. ×
10 Changes for 2009
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

10 Changes for 2009

387
views

Published on

10 Changes to look out for in the world and in Asia in 2009

10 Changes to look out for in the world and in Asia in 2009

Published in: Technology, Health & Medicine

0 Comments
2 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
387
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
0
Comments
0
Likes
2
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. 10 changes for 2009
  • 2. !quot;#$%&$'(#$#)*$&#+(',*&#$(-$#)*$&.*/%*&$#)0#$ &1+2%2*&3$'(+$#)*$4(&#$%'#*55%,*'#3$61#$#)*$('*$ 4(&#$+*&.('&%2*$#($/)0',*78$$ 9)0+5*&$:0+;%'$ 2
  • 3. !!quot;#$%&'(')&& !quot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quot;#$%&'!*&'%)+!$.'!-%!)#'!&.-6%0!$4.-++!)#'! .'&(-%9!+<-E%&9!6%0'.+)$%0(%&!$%0!(%)'.<.'7%&!)#(+!4-%+)$%)!4#$%&'=! ! !F-.!5-.'!-%!4#$%&'9!4#'4B!-6)G!!! !>'?+()'G! !#H<GII,,,=?$)'+JKJ=4-5!! !D/-&G !#H<GII4#$%&(%&$+($+=?/-&+<-)=4-5! 3
  •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quot;#$%&'!*2R! S(47-%$.8!<6?/(+#'0!'3'.8!8'$.=!!! F-.!$!4-<8!-;!)#'!TUUV!*2R9!4#'4B!-6)G! W'$0(%&!W--5G!!#H<GII,,,=,<<=4-5I.'$0(%&.--5! 4
  • 5. !,--.)&*!F-.',-.0! !X$+)!8'$.1+!9)0',*<%#*!4$<)6.'0!+-5'!;6%0$5'%)$/!!4#$%&'+!)#$)!$.'!5$)6.(%&!(%! ! TUUY9!(%!+<()'!-;9!-.!+<6..'0!?8!)#'!!&/-?$/!0-,%)6.%=!!>'!0-465'%)'0!#-,!quot;#(%$! ! 5-3'0!@;.-5!;$.5/$%0!)-!)#'!,-./0!+)$&'1P!(%!)#(+!'0(7-%9!,'!4#$.)!#-,!quot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quot;#(%'+'!4#$.$4)'.!;-.!Z4.(+(+[!(%0(4$)'+9!)#'.'!(+! ?-)#!@0$%&'.1!$%0!@-<<-.)6%()81!(%!75'+!-;!).-6?/'=! !^.'3(-6+!0-,%)6.%+!#$3'!<.-064'0!3$+)!+,$)#'+!-;!4.'$73()89!$%0!5$%8!4-5<$%('+! #$3'!_-6.(+#'0!)#.-6&#!)#'5=!!L#'.'!(+!%-!.'$+-%!,#89!$.5'0!,()#!)#'!.(&#)! (%;-.5$7-%9!$%0!4#$%&'+9!?.$%0+!4$%%-)!+'(`'!9)0',*=(%'#&!$%0!)$B'!$!/'$0'.+#(<! .-/'!(%!TUUY=!!L-!O%0!-6)!#-,9!.'$0!-%a!!!!!!! 5
  • 6. L-<!JU!quot;#$%&'+!;-.!TUUY! J=! F.-5!)#'!0'4$0'!-;!&.''0!)-!)#'!$&'!-;!C?$5$! T=! F.-5!)#'!*5'.(4$%!0.'$5!)-!)#'!quot;#(%'+'!0.'$5! b=! F.-5!'44'%).(4()8!)-!+-?.(')8! K=! F.-5!S6?$(2'+N6'!)-!%-%0'+4.(<)!/6:6.8! c=! F.-5!'4-24#(4!)-!'4-24#'$<! d=! F.-5!4-%4.')'!e6%&/'+!)-!6.?$%!&$.0'%+! f=! F.-5!#(&#2.-//'.+!)-!</$8(%&!()!+$;'! V=! F.-5!$E)60'!)-!&.$7)60'!! Y=! F.-5!#(&#!)'4#!)-!+/-,!)'4#! JU=!!F.-5!+'4-%0!/(;'!)-!$6&5'%)'0!.'$/()8!! 6
  • 7. W'+B(%%'0!.'$/()8! bS!$03'.7+(%&! m-/6%)$.8!%26>12/2#?! M/-,!)'4#! m(.)6$/!$'+)#'74+! W6+74! m-/6%)-6.(+5! A26>12I$=&12C$! k%)'.%')!-;!)#(%&+! *6&5'%)'0!.'$/()8! @quot;16&#$/4! g--0(+5! Hquot;7+*quot;2%%quot;*/$! M'.(-6+!&$5'!5-3'5'%)! S'5$)'.($/(`'0!,-./0! g--03'.7+(%&! *Wg! j',!'.$! F/$+#!4$6+'+! ^.-+<'.()8!.'$4#! 3quot;G5$%%&@;1#;5$! 32/5+BC;*=5quot;2%2*D! >$)4#;6/!5$.B')+! i.$!-;!.'+<-%+(?(/()8! D(&!g(3'.+! k%+6.$%4'!?--5! g.$7)60'! ^/$+74!$3'.+(-%! h<?'$)! ^-/(74+!$+!$!4$6+'! L#.(Q('.!?'#$3(-.+! TUUY! *&'!-;!C?$5$! ^/$8(%&!()!+$;'! W'%)$/!46/)6.'! k%+<(.'0!8-6)#! A$3(%&! W(+B2$3'.+'! 81$quot;%;5$&>$52>4$5?! l-<'! quot;$%20-!46/)6.'! quot;#(%'+'!0.'$5! m-64#'.(+)$! i4-24#'$<! DnS! D/$4B/'! g.''%!A$.4#! quot;#(%$!^.(0'! @++1#;5quot;12%6! i4-2,$H! i4-20.(3'! W--;!&$.0'%+! j-%0'+4.(<)! D$4B!)-!?$+(4+! F0$quot;5/42#$/#;5$! i4-2*?+-.?'0! g.''%!W--Q-<! ! 3+*+/45+6quot;7/! M-?.(')8! !quot;/0&#+& /6:6.8 h.?$%!;$.5+! E$.5/$%0+! *&.-2#-6+(%&! /1quot;%%2/% ! g6'.(//$!g$.0'%'.+! h%;$%48!;--0! X-4$/!;--0+! h.?$%!&$.0'%+! D(-4/(5$7+5! !$%>+0$&:;<;5?! quot;.'0()!56%4#! D$4B!)-!?$+(4+! 8529quot;#$&6+6$*#%! *&.()'4)6.'! h%0'.&.-6%0!;$.5+! j'6).$/! m'.74$/!;$.5(%&! >'(&#)/'++! *(.!L.''+! A#quot;#;%&>;*%! g.''%!,$//+! :;<&+9$5=+%$! i0(?/'!/$%0+4$<(%&! g.''%!+<$4'+!
  • 8. 1 E5+6&#4$&J$/quot;=$&+C&K5$$=&& L+&#4$&MD$&+C&NOquot;6quot;& 8
  • 9. &L4$&@4quot;*D$& $@)*$A&%0&$)02*$6**'$0#$#)*$-(+*-+('#$(-$0$?*/0?*$(-$,+**?7$$ B%-*&#C5*&$;*+*$&1&#0%'*?3$0'?$046%D(1&$?*2*5(.4*'#$ .+(E*/#&$;*+*$+*05%&*?3$#)0'F&$#($6(++(;*?$4('*C$0'?$ 1'&1&#0%'065*$/('&14.D('$(-$'0#1+05$+*&(1+/*&7$$B%F*$#)*$ +*&#$(-$#)*$;(+5?3$#)*$A&%0&$0+*$'(;$-**5%',$#)*$*G*/#$(-$0$ /(55*/D2*$,5(605$,+**?H$&#(/F$40+F*#&$0+*$%'$-+**-055$0'?$ *I.(+#&$0+*$?(;'3$&(4*$A&%0'$*/('(4%*&$)02*$&1//146*?$ #($#)*$(J/%05$!+*/*&&%('8$+*05%#C7$ $i%)'.!D$.$4B!C?$5$=!!l(+!3(4)-.8!(%!)#'!hM!'/'47-%!5$.B+! 5-.'!)#$%!)#'!$+4'%+(-%!-;!$!%',!*5'.(4$%!<-/(74($%P!#'!(+! )#'!(4-%!-;!$!%',!'.$=!!L#'!*&'!-;!C?$5$!(+!+''%!$+!$!%',! ?'&(%%(%&9!%',!#-<'!;-.!)#'!'%3(.-%5'%)9!;-.!(%)'.%$7-%$/! .'/$7-%+9!;-.!8-6)#9!$%0!;-.!5(%-.(7'+=!k)!(+!$%!*&'!)#$)!;$.! ).$%+4'%0+!C?$5$!)#'!5$%9!$%0!(%!0-(%&!+-9!(+!#'(&#)'%(%&! $5?(7-%+!)#.-6&#-6)!)#'!*+($+=! 9
  • 10. L4$&J$/quot;=$&+C&K5$$=& K1+Oquot;11?& L#'!/$+)!JU!8'$.+!,'.'!5$.B'0!?8!.'4-.02 o! L#'!/$+)!JU!8'$.+!,'.'!5$.B'0!?8!.'4-.02 ?.'$B(%&!'4-%-5(4!(%0(4$)-.+9!+''%!?8!5$%8! ?.'$B(%&!'4-%-5(4!(%0(4$)-.+9!+''%!?8! $+!+(&%+!-;!':4'++!$%0!&.''0=!!! 5$%8!$+!+(&%+!-;!':4'++!$%0!&.''0! D'),''%!JYYV!$%0!TUUV9!-(/!<.(4'+!.-+'! p! C(/!<.(4'+!.-+'!;.-5!hMSqfU!)-!r6/8!TUUV! fUUs!)-!qJKf!$+!0'5$%0!-6)+).(<<'0! qJKf!%''0!0$)']!fUUs!! +6<</8=!!k%!)#'!+$5'!<'.(-0!#-6+'#-/0!0'?)! (%!)#'!hM!0-6?/'0!)-!qJc!).(//(-%=!!i3'%! p! j65?'.!-;!+6?<.(5'!/-$%+!$//-,'0!(%!)#'! )-0$89!)#'!,$.!(%!k.$N!4-%7%6'+!)-!4-+)! hM! )$:<$8'.+!!qJf!5(//(-%!'3'.8!#-6.=! p! quot;iC!;$)!?-%6+'+!$%0!':4'++!(%!?$%B'.1+! +$/$.('+!! L'%!8'$.+!$&-9!+6?2<.(5'!5-.)&$&'+!0(0%1)! ':(+)9!8')!)#'8!&.',!)-!$44-6%)!;-.!TJs!-;!$//! p! hM!+<'%)!qJU!?(//(-%!<'.!0$8!-%!)#'!k.$N! 5-.)&$&'+!(++6'0!(%!TUUf=!!L#'!+$5'!8'$.9!$! ,$.! +(%&/'!?$%B!<$(0!$!+)$&&'.(%&!qJK!?(//(-%!(%! p! hM!+'%)!qfcU!?(//(-%!<'.!8'$.!)-!A(00/'! ?-%6+'+!)-!e6+)!Tc9UUU!+)$t9!$3'.$&(%&!5-.'! i$+)!;-.!-(/! )#$%!#$/;!$!5(//(-%!0-//$.+!'$4#=! p! S-)24-5!'24-55'.4'!+)$)+! !! 10
  • 11. L4$&J$/quot;=$&+C&K5$$=& *5'.(4$%!#6%&'.!;-.!4.'0()!5'$%)!)#$)!(%!C4)-?'.! TUUV!)#'!0-//$.!+(&%!-%!)#'!;$5-6+!%$7-%$/!0'?)! 4/-4B!(%!j',!n-.B!#$0!)-!?'!<.(%)'0!-%=!k)+! <.'3(-6+!/(&#)?-:!+<$4'!,$+!%''0'0!;-.!$!%65?'.! $+!0'?)!<$++'0!)#.-6&#!)'%!).(//(-%!0-//$.+!=! 11
  • 12. quot;-%+65<7-%!(%!quot;#(%$G&+;#&+C&/+*#5+1& *+($%!4-6%).('+!,'.'!$)!)#'!;-.';.-%)!-;!)#'! 0'4$0'!-;!&.''0=!!! k%!TUUV9!quot;#(%$!.'</$4'0!*5'.(4$!$+!)#'!,-./01+! ?(&&'+)!<.-064'.!-;!&.''%#-6+'!&$+'+=!!k)+! (%+$7$?/'!0'5$%0!;-.!-(/!$%0!%$)6.$/!.'+-6.4'+! ).(</'0!+(%4'!JYYV!(%!-.0'.!)-!;6'/!$5?(7-6+! <.-e'4)+9!+64#!$+!)#'!5-+)!':<'%+(3'!C/85<(4+! '3'.!+)$&'0!$%0!)#'!4-%+).647-%!-;!)#'!?(&&'+)! $(.<-.)!)'.5(%$/!(%!)#'!,-./0=! Percentage of global oil consumption from China 12 % Consumption 10 8 6 4 2 0 1998 2000 2002 2004 2006 2008 1 2 3 4 5 6 7 8 9 10 11 Year L#'!'N6(3$/'%)!-;!;-6.!A$%#$H$%+! $.'!?6(/)!!'$4#!8'$.!(%!quot;#(%$=! 12
  • 13. P;$&K;quot;*D&Q;& & !(+!quot;#(%'+'!;-.!@A--%/(&#)!&'%'.$7-%1! ,#(4#!.';'.+!)-!)#'!+'&5'%)!-;!-;!quot;#(%'+'! 8-6)#+!,#-!+<'%0!'3'.8!+(%&/'!<'%%8!)#'8! '$.%!'$4#!5-%)#9!$%0!?-..-,!5-.'!)-! +<'%0!-%!/6:6.8!&--0+=! !k%!/$.&'!4(7'+!/(B'!D'(e(%&!$%0!M#$%&#$(9! 8-6%&!,#()'!4-//$.!,-.B'.+!$.'!,'//2B%-,%! ;-.!)#'(.!$?(/()8!)-!-3'.+<'%0=!*!.'4'%)! M#$%&#$(!g-3'.%5'%)!+6.3'8!.'3'$/'0! )#$)!-u4'!,-.B'.+!(%!)#'!4()8!+<'%0!$%! $3'.$&'!-;!T9cUU!86$%!<'.!5-%)#!p!$/5-+)! 0-6?/'!)#'!)-)$/!$3'.$&'!5-%)#/8!(%4-5'! (%!quot;#(%$=!! !! 13
  • 14. k%0($G!!52*D2*D&*$R&6$quot;*2*D&#+&#+<2/&Rquot;%#$! !A65?$(!065<+!VcUU!)-%+!-;!6%.'484/$?/'!.6??(+#!(%)-!/$%0O//!'3'.8!0$89!$%0! .'+(0'%)+!#$3'!)$B'%!)-!0-6+(%&!)#'!+()'+!,()#!<'.;65'!)-!5$+B!)#'!+)'%4#!)#$)! ,$Q+!-3'.!<$.)+!-;!)#'!4()8=! k5$&'G!*!@</$+74!?'$4#1!-;! .6??(+#!(%!A65?$(! k%0($%!4$.!6+'!(+!':</-0(%&9!,()#!J=c!5(//(-%!?'(%&!?-6&#)!(%! TUUV9!$/5-+)!$//!,()#!?-..-,'0!5-%'8=!!k%0($!%-,!.(3$/+!quot;#(%$! $+!)#'!,-./01+!;$+)'+)!&.-,(%&!4$.!5$.B'). !! 14
  • 15. M8M@&2%&*+R&C$$12*D&#4$&$S$/#& +C&$/+*+62/&6$1#=+R*& l-%&!v-%&1+!l$%&!M'%&!(%0':G!r$%6$.8!UV!p!r$%6$.8!UY! !! 15
  • 16. M11&+C&#4$&M%2quot;%&quot;5$& !M=!v-.'$! p! l$+!-%'!-;!)#'!/$.&'+)!<'.!4$<()$!! quot;S$/#$=& !0'?)+!-;!$%8!*+($%!4-6%).8! p! *!N6$.)'.!-;!()+!':<-.)+!0'<'%0'%)!-%!hM!$%0! !i6.-<'$%!).$0'! !r$<$%! p! M-%81+!N6$.)'./8!<.-O)!'%0(%&!TUUV!;'//!fTs!! p! l6&'!e-?!/-++'+!':<'4)'0!06'!)-!$6)-!$%0!'/'4).-%(4! (%06+).8!+/-,0-,%+! !quot;#(%$! p! ^.-e'4)'0!&.-,)#!-;!Vs!(%!TUUY9!)#'!/-,'+)!.$)'!;-.!$! 0'4$0'! !k%0($! p! ^.-e'4)'0!&.-,)#!-;!f=cs!(%!J+)!N6$.)'.!-;!TUUY!;.-5!Ys! /$+)!8'$.! !m(')%$5! p! ^.-e'4)'0!!Jbs!':<-.)!&.-,)#!(%!TUUY9!0-,%!;.-5!TY=cs! (%!TUUV! !A$/$8+($! p! ^.-e'4)'0!!b=cs!&.-,)#!(%!TUUY9!)#'!/-,'+)!.$)'!+(%4'! TUUJ! p! M6t'.(%&!;$//!(%!-<'.$7%&!.'3'%6'!;.-5!)#'!0'4/(%'!(%! <.(4'+!-;!4.60'!-(/! !M(%&$<-.'! p! F'//!(%)-!.'4'++(-%!(%!wJ!TUUY! !! 16
  • 17. L4$&%2#;quot;7+*&R211&O$&$<quot;/$5Oquot;#$=&O?&5$12quot;*/$&+*&$<>+5#%& L#'!,-./01+!?6+('+)!4-%)$(%'.! <-.)9!M(%&$<-.'9!&.',!?8!f=Js! (%!TUUV=!!D6)!)#'!&-3'.%5'%)! ':<'4)+!)#$)!TUUY!,(//!?'!)#'! <-.)1+!O.+)!8'$.!-;!%'&$73'! &.-,)#!+(%4'!TUUJ=! !!
  • 18. TUUYG! && L4$&MD$&+C&NOquot;6quot;& k%!r$%6$.8!TUUY9!(%!;.-%)!-;!$!4.-,0!-;! 5(//(-%+!$%0!Lm!$60('%4'!-;!?(//(-%+9! D$.$4B!C?$5$!,$+!+,-.%!(%!$+!^.'+(0'%)! -;!)#'!hM*=!!l(+!$..(3$/!5$.B+!5-.'!)#$%! )#'!<.'+'%4'!-;!$!%',!,-./0!/'$0'.P!()!(+! )#'!0$,%(%&!-;!$!4-5</')'/8!%',!&/-?$/! '.$=!!! C?$5$!'5?-0('+!%',!&/-?$/!$+<(.$7-%+9! $%0!4.(74$//89!$!+#(Q!$,$8!;.-5!)#'! <.'4'0(%&!0'4$0'!-;!&.''0!)#$)!#$+! 4$6+'0!+-!564#!#$.5=!! !! 18
  • 19. E5+6&#+&>+127/quot;*&#+&2*#$5*quot;7+*quot;1&4$5+& L-!4$<)6.'!)#'!+'(+5(4!&/-?$/! (5<-.)$%4'!-;!C?$5$1+!3(4)-.89!)#'! j',!n-.B!L(5'+!6+'0!$!Yd<)!;-%)!;-.!$! #'$0/(%'!2!-%/8!)#'!K)#!75'!(%!)#'!JcV! 8'$.!#(+)-.8!-;!)#'!<$<'.=!!! C?$5$!,$+!L(5'1+!@^'.+-%!-;!)#'!n'$.1!$%0!'3'%! $<<'$.'0!-%!)#'!4-3'.!-;!M<(0'.2A$%! !! 19
  • 20. 85$%%&2*&#4$&M%2quot;%& 5$Y$/#&#4$&*$R& D1+Oquot;1&$5quot;& 3M:MP AFM & FUJFM& 8TF:F88FUVA& LMFWMU& !quot;#$%&'()*+,'-$.%# /.0&1' XM8MU& FUJFM & FUJFM& FUJNUVAFM& #&1' 7./' !2.%3'4(*5*'+6*0 AFUKM8NHV& !!
  • 21. E5+6&>+127/%&#+&/quot;;%$& L#(+!$&'!5$.B+!$%!'3-/67-%!;.-5!<-/(74+! $+!$!?$0&'!)#$)!,$+!,-.%!)-!<-/(74+!$+! )#'!?(&&'+)!4$6+'!-;!)#'5!$//=!!j-,9! 4$6+'+!$.'!0(++'5(%$7%&!$4.-++!?-.0'.+! $%0!46/)6.'+!)-!;6'/!<-+(73()8!$%0!6%()'! <'-</'!(%!$!+-/'5%!,-./0=! D(//(-%+!4#$5<(-%'0!C?$5$1+!4$6+'9!$%0!3(4)-.8! ,$+!5')!,()#!.'/(';!$%0!'/$7-%!(%!'N6$/!5'$+6.'! !! 21
  • 22. k%!TUUY9!)#'!*&'!-;!C?$5$9!)#'! 4$6+'!(+!$+!+(5</'!$+!)#'8!4-5'G! @TMUKVZ! !! 22
  • 23. L4$&R+51=&2%&2*C$/#$=&R2#4&#42%&4+>$& ^$4B'0!?$.+!(%!D'(e(%&! F.('%0+!-;!)#'!i$.)#!(%!)#'!hv!+$(0! ZL#(+!(+!)#'!;$//!-;!)#'!D'./(%! +'.3'0!.'09!,#()'!$%0! )#$)!)#'!</$%')!#$0!Z$!564#!&.'$)'.! >$//!75'+!)'%[9!+$(0!F.'%4#! ?/6'!4-4B)$(/+=! 4#$%4'!-;!+644'++[!)#$%B+!)-!C?$5$! e6%(-.!5(%(+)'.!W$5$!n$0'! m-)'.!)6.%-6)!(%!)#'! L#'!O+#(%&!3(//$&'!-;! hM!'/'47-%!,$+!)#'! @C?$5$19!r$<$%!</$8'0! #(&#'+)!;-.!KU!8'$.+! /(3'!W-4B!@%!W-//!$//!%(&#)! k%!quot;6?$9!F(0'/! k%!r$B$.)$!,#'.'!C?$5$! quot;$+).-!+$(0!)#$)! /(3'0!$+!$!4#(/0]! C?$5$!,-6/0! )#-6+$%0+!<$.7'0!(%!)#'! Z(%4.'$+'!)#'! .$(%9!4#$%7%&!ZC?$5$x! <'-</'+1! C?$5$x[=! -<<-.)6%(7'+!)-! <.-&.'++[! ALm!*6+).$/($!(+! '%'.&(+(%&!)#'!%$7-%1+! A(4#'//'!D$4#'/'! ^.'+(0'%)!-;!quot;#(/'! $<$)#'74!8-6)#!?8! ?.-$04$+7%&!C?$5$1+! ,.-)'9!Z)#'!,-./0!(+! %-,!.(<'!;-.!$! (%$6&6.$7-%!?$//9! ;'$)6.(%&!/(3'!56+(4!$%0!$! .'%','0! +$)'//()'!/(%B6<!)-!v'%8$! 56/7/$)'.$/(+5[! j'/+-%!A$%0'/$!,.-)'! C3'.!#$/;!)#'!?$?('+!?-.%!(%! *;&#$%!^.'+(0'%)!l$5(0!v$.`$(! )#$)!%-,9!Z%-!<'.+-%! v'%8$!-%!)#'!0$8!-;!C?$5$1+! +$(0!Z)#'!,-./0!#$+!'%)'.'0!$! $%8,#'.'!(%!)#'!,-./0! 3(4)-.8!,'.'!%$5'0!'()#'.! %',!'.$9!,#'.'!4-/-6.!$%0! +#-6/0!%-)!0$.'!)-!0.'$5[! D$.$4B!-.!A(4#'//'!C?$5$=!! ')#%(4()8!0(+$<<'$.=[!! !! 23
  • 24. T+>$&C+5&quot;&6+5$&2*/1;%29$&R+51=& Zk%!$%!(%)'.4-%%'4)'0!,-./0!,#'.'!<'-</'!(%!)#'!;$.)#'+)!.'$4#'+!4-6/0!5-%()-.!)#'!<.'+(0'%7$/!.$4'!?/-,2 ?82?/-,9!5$%8!+).6&&/'0!)-!<6)!(%)-!,-.0+!)#'(.!+'%+'!)#$)!C?$5$1+!'/'47-%!5$.B'0!$%!(5<-.)$%)!)6.%(%&! <-(%)=[!!*++-4($)'0!^.'++! ZL#'!,-./09!;.-5!*/$+B$!)-!k%0-4#(%$9!(+!(%#$?()'0!?8!5'%!$%0!,-5'%!,#-9!/(B'!D$.$4B!C?$5$9!?'/('3'!)#$)! <'$4'9!$!?$/$%4'0!'4-+8+)'59!'N6()8!$%0!0(3'.+()8!$.'!<-++(?/'a>'!$.'!6+#'.(%&!(%!$!%',!,-./0!(%!,#(4#! +-4($/!(%)'&.$7-%!(+!)#'!%-.5[!*%0.',!X$59!j-.)#!*5'.(4$%!A'0($! Zk!.'$//8!)#(%B!)#(+!(+!&-(%&!)-!4#$%&'!)#'!,-./0[!*B(#(B-! A6B-#$5$9!/'$0!+(%&'.!-;!*%8-%'!D.-)#'.+!D$%0!(%!r$<$%! ZC?$5$!.'<.'+'%)+!#-<'9!.'%',$/!$%0!<.--;!)#$)!)#'! ?$..('.+!-;!$&'9!4/$++!$%0!.$4'!4-6/0!?'!).$%+4'%0'0=[!j^W! k5$&'G!*/5-+)!$!N6$.)'.!-;!$! 5(//(-%!<'-</'!/(%'0!)#'!+).'')+!-;! D'./(%!)-!+''!C?$5$=!!L#'8!.-$.'0! ,#'%!#'!+)$)'0!Zk!$5!$!4(7`'%!-;! )#'!,-./0[=! !! 24
  • 25. T+>$&C+5&#4$&$*925+*6$*#& Hope for the environment ZL#(+!(+!$!#6&'!+(&%$/!-;!'%4-6.$&'5'%)!;-.!)#'!,#-/'!(%)'.%$7-%$/!4-556%()8=[!!n3-!S'!D-'.9!#'$0!-;!hj! quot;/(5$)'!quot;#$%&'!M'4.')$.($)9!$Q'.!C?$5$!$&.''0!)-!+(&%!$!</'0&'!)-!.'064'!quot;CT!'5(++(-%+!+#$.</8!?8!TUTU=! Zk;!#'!(+!<.'<$.'0!)-!5$B'!$!+<''4#!$!?-/0!4-55()5'%)!y)-!4/(5$)'!4#$%&'z!#'!,(//!?'4-5'!$!#'.-!-;!)#'! </$%')9!;-.!&--0=[!r-#%!M4#'//%#6?'.9!X'$0(%&!quot;/(5$)'!M4('%7+)! Zk!?'/('3'!)#$)!,'!4-6/0!?'!'%)'.(%&!$!).$%+;-.5$73'!'.$! ;-.!'%3(.-%5'%)$/!<-/(74+=[!!r-'!v/'(%9!L(5'! C?$5$!#$+!</'0&'0!)-!.'064'!hM!quot;CT!'5(++(-%+! VUs!?8!TUcU9!$%0!)-!5$B'!)#'!hM!Z)#'!,-./0! /'$0'.[!-%!4/(5$)'!4#$%&'! !! 25
  • 26. T+>$&C+5&#4$&?+;#4& h%0'.!bU1+!4.'$)'0!5-.'!C?$5$! C?$5$!.'$4#'0!-6)!$%0!(%+<(.'0!)#'! 4-%)'%)!)#$%!-%'!<'.+-%!4-6/0! 8-6)#!)-!6%()'!$.-6%0!$!4$6+'!5-.'! 4-%+65'!(%!)#'(.!/(;'75'=!!L#(+! )#$%!$%8!<-/(74($%!(%!/(3(%&!5'5-.8=!! (%4/60'0!3(0'-+9!<-+)'.!0'+(&%+9!$%0! Cu4($/!n-6L6?'!3(0'-+!,'.'!3(','0! '3'%!56+(4=!!(L6%'+!#$+!.'/'$+'0!$%! JJU!5(//(-%!75'+9!$%0!)'%+!-;! $/?65!-;!)#'!?'+)!).$4B+!)#$)!,'.'! )#-6+$%0+!-;!3/-&&'.+!$00'0!)#'(.! 4.'$)'0!)-!+#-,!+6<<-.)!;-.!C?$5$=! -,%=!!!! f!5(//(-%!5-.'!6%0'.!bU1+!3-)'0!(%! C?$5$!$5$++'0!dUU9UUU!5'++$&'+! )#(+!'/'47-%!)#$%!)#'!<.'3(-6+! -;!+6<<-.)!;.-5!b=V!5(//(-%!$%0! -%'!(%!TUUK=!!C;!)#-+'9!$/5-+)! .(+(%&]!F$4'?--B!;$%+=!!L#'8!#$(/! fUs!3-)'0!;-.!C?$5$=!L#'!DDquot;! ;.-5!'3'.8!4-%7%'%)!-%!'$.)#=! <-//'0!8-6)#+!(%!TT!4-6%).('+9!$%0! ;-6%0!)#$)!(%!'3'.8!+(%&/'!-%'9! C?$5$!'%e-8'0!+6<<-.)!-3'.!#(+! .(3$/=! !! 26
  • 27. L42%&4+>$&5$%+*quot;#$%&2*&#4$&Cquot;%#B/4quot;*D2*D&M%2quot;%& D.(e!A-#$%!D#$5$!(+!$!5'5?'.! -;!k%0($1+!4-%&.'++!<$.)8=!!l'! <.'+'%)'0!C?$5$!,()#!$!TQ!)$//! +-/(0!?.$++!@5-%B'8!B(%&1!4#$.59! +$8(%&!)#$)!Z#'!yC?$5$z!,(//!?'! &--0!;-.!k%0($=[! l$3(%&!?''%!)-64#'0!?8!)'..-.(+5! (%!TUUV9!k%0($%+!$.'!#-<(%&!)#$)! )#'!*&'!-;!C?$5$!,(//!/'$0!)-! .';-.5+!4/-+'.!)-!#-5'=!!L#'!#-)! )-<(4!-%!k%0($%!Lm!(%!TUUY!(+! Z>#'%!,(//!k%0($!#$3'!()+!-,%! C?$5${[! !! 27
  • 28. [2*&X]*& L#'!*&'!-;!C?$5$!(+!%-)! /-+)!-%!)#'!quot;#(%'+'!'()#'.=!! L.$%+/$)'0!$+!@;-.&'!$#'$019! )#(+!5$%0$.(%!$0$<7-%!-;! )#'!%-,!(4-%(4!C?$5$! $.),-.B!+#-,+!)#$)!%-,! 5-.'!)#$%!'3'.9!quot;#(%$!(+! #-<';6/!)#$)!#'.!$5?(7-6+! )$.&')+!;-.!0'3'/-<5'%)!4$%! ?'!5')=! !! 28
  • 29. @4quot;*D$W+5=%& !C?$5$5$%($!! !k+!)#'!#8+)'.(4$/!&/-?$/!.'$47-%!)-!C?$5$1+!3(4)-.8=!!D(//(-%+! +6<<-.)'0!#(+!4$5<$(&%9!$%0!.'e-(4'0!,#'%!#'!,$+!$44-6%)'0!$+!)#'! 3(4)-.!(%!)#'!4-%)'+)=! !A--%/(&#)!g'%'.$7-%! !k+!)#'!&'%'.$7-%!-;!quot;#(%'+'!8-6)#!,#-!+<'%0!,$8!?'8-%0!)#'(.! 5'$%+!p!-Q'%!6+(%&!?-..-,'0!5-%'8!$%0!4.'0()!4$.0+!)-!?68!/6:6.8! &--0+=! !S(+4-2?$5$! !k+!)#'!%$5'!&(3'%!)-!$//!)#'!+<-%)$%'-6+!<$.7'+!4'/'?.$7%&! C?$5$1+!.(+'!)-!)#'!)-<=!!C%!k%$6&6.$7-%!0$89!)#-6+$%0+!-;!)#'+'! <$.7'+!,'.'!#'/0!$4.-++!)#'!,-./0=! =! 29
  • 30. !D.$%0!@4quot;*D$8+2*#& C<<-.)6%()8! */)#-6&#!)#'!5'0($!.'<-.)+!0--5!$%0!&/--5!$4.-++!)#'! ,-./09!)#'.'!(+!$%!$<<'7)'!$5-%&+)!4-%+65'.+!;-.! <-+(73()8=!!L#'!*&'!-;!C?$5$!(+!(%+<(.(%&!<'-</'!)-!#$3'!$! <-(%)!-;!3(',9!+''!$!?'H'.!;6)6.'9!$%0!)-!?'!)#'!4#$%&'! )#$)!)#'8!,$%)!)-!+''=! !D.$%0+!4$%!4$<()$/(+'!-%!)#(+!4#$%&'!?8!4#$%&(%&!)#'!)-%'! O.+)!$%0!;-.'5-+)!2!!$0-<7%&!$!5-.'!#-<';6/!0(+4-6.+'=! h<?'$)!-<75(+5!,(//!&$(%!<-+(73'!+6<<-.)!;.-5! 4-%+65'.+!,#-!$.'!4-%7%6-6+/8!?-5?$.0'0!,()#! 5'++$&'+!-;!@4.(+(+1!$%0!@5'/)0-,%1=!!D6)!?.$%0+!%''0!)-! $/+-!<6)!)#'(.!5$.B'7%&!0-//$.+!$&$(%+)!)$%&(?/'!$47-%+=!! >#$)!(;!D$%B!-;!*5'.(4$!+<-%+-.'0!+#'/)'.!<.-&.$5+!;-.! )#-+'!,#-!0';$6/)'0!-%!)#'(.!5-.)&$&'+9!(%+)'$0!-;! .6%%(%&!$!56/720-//$.!4-.<-.$)'!$0!4$5<$(&%{!*%0!+(5(/$.! )-!C?$5$9!?8!6+(%&!+-4($/!%'),-.B+!$%0!3(.$/!5$.B'7%&!)-! 4#$5<(-%!$!4$6+'9!?.$%0+!4$%!'%+6.'!)#$)!)#'8!0-%1)!e6+)! e-(%!$!0'?$)'9!)#'8!$4)6$//8!-,%!()=!! 30
  • 31. 2 E5+6&#4$&M6$52/quot;*&J5$quot;6& L+&#4$&@42*$%$&J5$quot;6& *0?6+)'.+9!TUUf! 31
  • 32. !L4$&@4quot;*D$& @)+(1,)(1#$#)*$#;*'D*#)$/*'#1+C$0'?$6*C('?3$#)*$ A4*+%/0'$?+*04$/0.D20#*?$0'$*'D+*$.50'*#7$$quot;#$;0&$#)*$ 50'?$(-$(..(+#1'%#C3$0$.50/*$;)*+*$0'C#)%',$/(15?$ )0..*'7$$$ j-,9!)#'!*5'.(4$%!0.'$5!(+!6%0'.!)#.'$)=!!k)+!'4-%-58!(+! (%!.'4'++(-%9!#-5'+!$.'!.'<-++'++'09!4-.<-.$7-%+!%''0! ?$(/-6)+!$%0!5'%!(%!)#'(.!)#(.7'+!$.'!'$.%(%&!/'++!)#$%! )#'(.!;$)#'.+!0(0=!!quot;-5<-6%0(%&!)#'!<.-?/'5!(+!$%!-3'.2 .'&6/$)'0!?6+(%'++!'%3(.-%5'%)!)#$)!+7_'+! '%).'<.'%'6.($/(+5=!!!! L#'!%',!#-5'!-;!4$%20-!46/)6.'!(+!quot;#(%$=!!L#'!%$7-%1+! ':</-+(-%!-%)-!)#'!,-./0!+)$&'!$)!)#'!C/85<(4+!+(&%$/'0! )#'!$..(3$/!-;!$!+6<'.<-,'.=!!L#(+!8'$.9!quot;#(%$!,(//!<.-<!6<! )#'!,-./0!'4-%-589!$%0!6%/(B'!?';-.'9!quot;#(%$!%-,!/--B+! )-!()+'/;!;-.!(%+<(.$7-%=!!k%!0-(%&!+-!()!(+!4$<)6.(%&!)#'! 0.'$5+!-;!?(//(-%+!$)!#-5'!$%0!$?.-$0=!! 32
  • 33. ^W4quot;#&F&4quot;9$&R2#*$%%$=&2*&@42*quot;&2%&quot;&>5+;=& >$+>1$_&2D*2#$=&O?&quot;&4;*D$5&#+&%;//$$=_&%quot;9+52*D& #4$&C5;2#%&+C&#4$25&/+*I=$*/$&`&quot;&O+1=&=$/1quot;5quot;7+*& +C&quot;&/+11$/79$&/quot;*B=+&#4quot;#&/+6$%&+*1?&#+&#4+%$& R4+&=quot;5$&#+&=5$quot;6&quot;*=&O$12$9$&2*&2#Za& S'?$+(+#!W-8!quot;#-,0#6.89!quot;#(%$!S$(/8! 33
  • 34. F*&5$/$*#&?$quot;5%_&#4$&M6$52/quot;*&=5$quot;6&4quot;%&#quot;0$*&quot;&O1+R& >#(/'!)#'!*&'!-;!C?$5$!5$.B+!$!&/-?$/!+#(Q!(%!$E)60'+!)-,$.0+!<-/(74+9!4-%+65'.(+5!$%0! )#'!'%3(.-%5'%)!$)!/$.&'9!$)!)#'!+$5'!75'!)#'!<.-5(%'%4'!-;!*5'.(4$!(+!%-,!4#$//'%&'0=! A+;5/$)&8$R&H$%$quot;5/4&`&F%&#4$&M6$52/quot;*&J5$quot;6&M129$&quot;*=&W$11b& 34
  • 35. !;#&C+5&4;*=5$=%&+C&62112+*%&+C& @42*$%$_&#4$&=5$quot;6&2%&c;%#&O$D2**2*D& quot;#(%$!(+!%-!/-%&'.!B%-,%!$+!@)#'!%':)!+6<'.2<-,'.19! ()!#$+!%-,!$..(3'0!;6//8!-%!)#'!,-./0!+)$&'=! @L#(+!(+!quot;#(%$1+!,$8!-;!+$8(%&!Z8'+!,'!4$%x[1!! p!quot;#(%$!S$(/89!TK)#!*6&6+)!TUUV! F-.!)#'!O.+)!75'!+(%4'!)#'!4-/0!,$.9!)#'!hM!0(0! %-)!)-<!)#'!C/85<(4+!5'0$/!)$?/'! 35
  • 36. E;$12*D&#4$&R+51=&$/+*+6?&2*&,--.& k%!TUUV9!quot;#(%$!?'4$5'!)#'!?(&&'+)! 4-%).(?6)-.!)-!&/-?$/!'4-%-5(4!&.-,)#=!!L#(+! 8'$.9!)#'!,-./0!(+!/--B(%&!)-!()!;-.!#'/<!/(Q(%&! %$7-%+!-6)!-;!)#'!46..'%)!0-,%)6.%=!! */)#-6&#!quot;#(%$!(+!%-)!(556%'!;.-5!)#(+! 0-,%)6.%9!A'..(//!X8%4#!'+75$)'!)#$)!(%! TUUY9!,#(/+)!)#'!hM!(+!(%!.'4'++(-%9!quot;#(%$!,(//! <.-3(0'!KUs!-;!)#'!'%7.'!</$%')1+!gS^! &.-,)#=! D/--5?'.&!.'<-.)'0!(%!r$%6$.8!TUUY!)#$)!quot;#(%$!#$0! -3'.)$B'%!)#'!hv9!F.$%4'!$%0!g'.5$%8!)-!?'4-5'! )#'!,-./01+!)#(.0!/$.&'+)!'4-%-58=!!!k)!(+!%-,!fU! 75'+!?(&&'.!)#$%!,#'%!/'$0'.!S'%&!|($-<(%&! 0()4#'0!#$.02/(%'!<-/(4('+!(%!;$3-.!-;!;.''2!5$.B')! .';-.5+!(%!JYfV=! 36
  • 37. 8+%2792#?&5;1$%&2*&@42*quot;& *!.'4'%)!+)608!?8!^',!W'+'$.4#!+#-,+!)#$)!$%!$+)-%(+#(%&!Vds!-;!quot;#(%'+'!$.'!#$<<8!,()#!)#'! 0(.'47-%!)#'(.!4-6%).8!(+!#'$0'09!6<!;.-5!KVs!(%!TUUT!$%0!5-.'!)#$%!$%8!-)#'.!4-6%).8!(%!)#'! ,-./0=!!k%!)#'!hM9!#-,'3'.9!-%/8!Tbs!$.'!$+!#$<<8=! 8$5/$*#quot;D$&R4+&quot;D5$$)&& ^F&quot;6&%quot;7%I$=&R2#4&#4$&=25$/7+*&6?&/+;*#5?&2%&4$quot;=$=a& d& A+;5/$)&8$R&H$%$quot;5/4_&,--e& 37
  • 38. J529$*&#+&O;21=&quot;&O$G$5&C;#;5$& L#'!quot;#(%'+'!X6%$.!j',!n'$.!(+!-%'!-;!)#'!/$.&'+)!#65$%!5(&.$7-%+!-%! )#'!</$%')=!!l6%0.'0+!-;!5(//(-%+!-;!quot;#(%'+'!.')6.%!#-5'!)-!)#'(.!3(//$&'+! ;.-5!)#'!4(7'+!)#$)!)#'8!#$3'!4#-+'%!)-!,-.B!(%!+-!)#$)!%',!&'%'.$7-%+! 4$%!+#$.'!(%!quot;#(%$1+!<.-+<'.()8=!! R#-6!M#-6#'%&!(+!)#'!@'5?-0(5'%)!-;!,#$)!,$+!-%4'!4$//'0!)#'! *5'.(4$%!S.'$5!?6)!5(&#)!%-,!?'!.'%$5'0!)#'!quot;#(%'+'!S.'$51=!!l'! ,-.B+!-%!?6(/0(%&!+()'+!(%!D'(e(%&9!)'%!#-6.+!$!0$89!+'3'%!0$8+!$!,''B9!cU! ,''B+!-;!)#'!8'$.=!!l'!0-'+!()!;-.!#(+!4#(/0.'%a!!quot;$)(.*$#)0#$('*$?0C$#)*C$ /0'$?*&%,'$,+*0#$61%5?%',&3$'(#$E1&#$61%5?$#)*4$5%F*$4*7$$@)*$-0'/C$ 0.0+#4*'#&$0'?$&;%&)$/0+&$(-$;*05#)C$<*%E%',*+&$4*+*5C$%'&.%+*$4*$#($ ;(+F$&D55$)0+?*+8$ M-6.4'G!L#'!L(5'+!@L#'!quot;#(%'+'!S.'$5!#$+!.'</$4'0!*5'.(4$+1=! 38
  • 39. J529$*&#+&O;21=&quot;&O$G$5&C;#;5$& *+!)#'!quot;#(%'+'!5-3'!)-!4(7'+!(%!+'$.4#!-;!$!?'H'.!/(;'9!)#'!&-3'.%5'%)!(+! )$B(%&!+)'<+!)-!'%+6.'!)#$)!<-+(73'!$%0!#$.5-%(-6+!'%3(.-%5'%)+!$.'! ?6(/)=!!quot;#(%$!(+!%-,!#-5'!)-!JTU!A'&$24(7'+!-;!5-.'!)#$%!JU!5(//(-%! (%#$?()$%)+!'$4#9!$%0!0'3'/-<'.+!$.'!?6(/0(%&!5-.'!)#$%!^'-</'1+!^$.B+! )-!(5<.-3'!/(;'+)8/'+=!!quot;(7'+!+64#!$+!S-%&)$%!<(4)6.'0]!$.'!/'$0(%&!)#'! ,-./0!(%!+6+)$(%$?/'!0'3'/-<5'%)=!!! 39
  • 40. Lquot;02*D&>52=$&2*&#4$25&+R*& F-.!8'$.+!quot;#(%$!#$+!?''%!;$5'0!;-.!()+!$?(/()8!)-!4-<8!0'+(.$?/'!&--0+! (%3'%)'0!(%!)#'!,'+)9!;.-5!)#'!l(^#-%'!(5()$7-%!-;!$%!(^#-%'9!)-!)#'! l-%&N(!lwS!,#(4#!?'$.+!$!+).(B(%&!.'+'5?/$%4'!)-!$!W-//+!W-84'=!!! 40
  • 41. Lquot;02*D&>52=$&2*&#4$25&+R*& 8+%2792#?&5;1$%&2*&@42*quot;& l-,'3'.9!'%-.5-6+!$03$%4'+!(%!'064$7-%!$%0!(%3'+)5'%)!(%!)'4#%-/-&89! .'+'$.4#!$%0!0'3'/-<5'%)!5'$%!)#$)!quot;#(%$!%-,!#$+!)#'!)--/+!)-!?'!$)! )#'!;-.';.-%)!-;!(%%-3$7-%9!0'3'/-<(%&!46E%&2'0&'!<.-064)+!-;!()+!-,%! ;-.!0-5'+74!$%0!(%)'.%$7-%$/!5$.B')+=!!quot;#(%$!(+!?'&(%%(%&!)-!/--B!)-! ()+'/;!;-.!(%+<(.$7-%=! *!/$?-.$)-.8!(%!M#'%`#'%!0'+(&%+9!)'+)+!$%0! 5$%6;$4)6.'+!#(&#!+<''0!O?.'2-<74!4$?/'+!! 41
  • 42. @4++%2*D&@42*$%$& k%!$!5$.B'0!4#$%&'9!quot;#(%'+'!4-%+65'.+!%-! /-%&'.!':4/6+(3'/8!$+<(.'!)-!,'+)'.%! /(;'+)8/'+!$%0!(%+)'$0!':<.'++!)#'(.!&--0! )$+)'!$%0!%$7-%$/!<.(0'!?8!4#--+(%&!)-! <6.4#$+'!quot;#(%'+'!?.$%0+=! 42
  • 43. @4++%2*D&@42*$%$& l-5'2&.-,%! 4-5<6)'.!?.$%0+! X'%-3-!$%0!l$+''! $44-6%)'0!;-.!5-.'! )#$%!#$/;!)#'!quot;#(%'+'! %-)'?--B!+$/'+!(%!TUUV! L#$%B+!)-!+).-%&! 0-5'+74!+$/'+9!M%-,! /$&'.!+6.<$++'0!D60! X(&#)!(%!TUUV!)-! ?'4-5'!)#'!,-./01+! 5-+)!4-%+65'0!?''.=! quot;#(%'+'!$<</($%4'! 5$B'.!A(0'$!</$%+!)-! )$B'!)#'!?$H/'!)-!()+! v-.'$%!$%0!r$<$%'+'! .(3$/+!(%!TUUY9!?8! -<'%(%&!cU!+)-.'+!(%! D'(e(%&!?8!r6/8! 43
  • 44. @4++%2*D&@42*$%$& M(5(/$./89!;-.'(&%!?.$%0+!,(+#(%&!)-!+644''0!(%!quot;#(%$!4$%!%-!/-%&'.!':<-.)!&/-?$/!$03'.7+(%&! 4$5<$(&%+!(;!)#'8!,(+#!)-!$H.$4)!4-%+65'.+=!!L#'8!56+)!<-+(7-%!)#'5+'/3'+!$+!,-3'%!(%)-!)#'! ;$?.(4!-;!quot;#(%'+'!+-4(')8=!!! quot;#.(+7$%!S(-.!/$6%4#'0!$!).$3'/(%&! ':#(?(7-%!-;!quot;#(%'+'!*.7+)+! (%4/60(%&!w6'%7%!M#(#9!R#$%&! |($-&$%&!$%0!>$%&!S6=!!L#'!,-.B! ':</-.'+!)#'!?'$6)8!-;!F.'%4#! ;$+#(-%!)#.-6&#!quot;#(%'+'!'8'+!$%0!(+! 46..'%)/8!-%!0(+</$8!(%!)#'!h//'%+! quot;'%).'!;-.!quot;-%)'5<-.$.8!*.)!(%! D'(e(%&=!!L#(+!(+!$!+)$.B!4-%).$+)!)-! <.'3(-6+!$03'.7+(%&!4$5<$(&%+! ;'$)6.(%&!g(+'//'9!$!4$64$+($%! +6<'.5-0'/! 44
  • 45. @4++%2*D&@42*$%$& & k%!TUUY9!M)$.?64B+!,(//!/$6%4#!$!%',!?.$%0!-;! 4-t''!&.-,%!?8!;$.5'.+!(%!quot;#(%$!p!$!O.+)!;-.!)#'! 4-5<$%8=!!M)$.?64B+!+$(0!)#$)!$Q'.!0(+).(?67%&! )#'!0.(%B!$4.-++!)#'!4-6%).8!()!#-<'+!)-!?.(%&!)#'! ?/'%0!)-!+)-.'+!$//!-3'.!)#'!,-./0=!!! k%!TUUV9!M)$.?64B+!-<'%'0!KU!%',!+)-.'+!(%! quot;#(%$9!,#(/+)!$%%-6%4(%&!</$%+!)-!4/-+'!dUU!(%! )#'!hM=!!quot;#(%'+'!':<$%+(-%!,(//!4-%7%6'!(%!TUUY=! 45
  • 46. E+5$2D*&O5quot;*=%&quot;5$&/1quot;6+52*D&C+5&quot;& >2$/$&+C&#4$&quot;/7+*& *5'.(4$%!*<<$.'/9!,#(4#!5$0'!()+!%$5'!(%!)#'!hM! /$.&'/8!?'4$6+'!()!?64B'0!)#'!5$.B')!).'%0!$%0!0(0!%-)! 5$%6;$4)6.'!<.-064)+!(%!quot;#(%$9!#$+!%-,!/$6%4#'0!(%! )#'!4-6%).8=! *5'.(4$%!*<<$.'/!(%!M#$%&#$(! 46
  • 47. V<>+57*D&@42*quot;&>52=$&#+&#4$&R+51=& Chinese brands go global j-!/-%&'.!0-'+!quot;#(%$!+-/'/8!':<-.)!5$%6;$4)6.'0! &--0+!0'+(&%'0!(%!)#'!,'+)=!!*+!4-%O0'%4'!&.-,+!(%! quot;#(%$9!/-4$/!?.$%0+!$.'!<6E%&!)#'(.!+)$5<!-;!)#'!,-./0! ?8!/$6%4#(%&!(%!)#'!5$.B')+!)#'8!6+'0!)-!(0-/(+'=!!! k%!$!O.+)!;-.!quot;#(%$9!)#'!+<-.)+,'$.!?.$%0!X(2j(%&!#$+!4#-+'%!)-!.$(+'!()+! ?.$%0!$,$.'%'++!-3'.+'$+!$%0!4-5<')'!$&$(%+)!j(B'!$%0!W''?-B!)#.-6&#! +<-%+-.+#(<!-;!hM!jD*!+)$.!$)#/')'+!M#$N6(//'!C}j'$/9!S$5-%!r-%'+9!$%0! quot;#64B!l$8'+=!!L#(+!)$B'+!$03$%)$&'!-;!quot;#(%$1+!%',2;-6%0!+)$)6+!$+!$! .'+<'4)'0!+<-.7%&!<-,'.!;-//-,(%&!)#'!C/85<(4!g$5'+!(%!D'(e(%&=! 47
  • 48. V<>+57*D&@42*quot;&>52=$&#+&#4$&R+51=& quot;#(%'+'!4$.!5$%6;$4)6.'.!g''/8!':<'4)+!)-!?64B!)#'! 0-,%,$.0!).'%0!(%!)#'!$6)-!4$)'&-.8!$%0!(%4.'$+'! +$/'+!?8!/$6%4#(%&!f!%',!/-,24-+)!5-0'/+!(%)-! '5'.&(%&!5$.B')+!+64#!$+!m(')%$5!$%0!A$/$8+($=!!! k%!TUUV9!g''/8!*6)-!+$,!0-5'+74!+$/'+!(%4.'$+'0! ?8!JJ=ds!,#(/+)!':<-.)+!-;!()+!4$.+!,'.'!6<!?8!fY=Vs! >$#$#$!0.(%B+! +644'++;6//8!/$6%4#'0! $4.-++!)#'!*+($+9!$%0!$.'! %-,!#-<(%&!)-!&$(%!$! ;--)#-/0!(%!)#'!hM! 5$.B')!?8!0(+).(?67%&! )#.-6&#!*+($%!+)-.'+=! 48
  • 49. L4$&K5$quot;#&@quot;#Rquot;10&+C&@42*quot;& quot;#(%'+'!4-6)6.'!#$+!)$B'%!)#'!;$+#(-%!,-./0!?8!+)-.59!,()#!0'+(&%'.+!+64#!$+!A$.B!quot;#'6%&9!R#$%&! R#$-0$9!r';'%!$%0!X(!|($-8$%!$//!.'4'(3(%&!<.$(+'!$%0!$H'%7-%!;.-5!(%)'.%$7-%$/!;$+#(-%!#-6+'+=! =!!! X$C$*&R+R%&quot;#&#4$&8quot;52%&Cquot;%42+*&%4+R& 49
  • 50. @42*quot;)&L4$&*$R&4+6$&+C&/quot;*B=+&/;1#;5$& ^'.#$<+!%-!4-5<$%8!'5?-0('+!)#'!+<(.()!-;!)#'!%',! quot;#(%'+'!S.'$5!5-.'!)#$%!DnS9!-.!ZD6(/0!n-6.!S.'$5+[=! L#'!M#'%`#'%2?$+'0!4-5<$%8!.-+'!)-!-%'!-;!)#'!,-./01+! /$.&'+)!5$%6;$4)6.'.+!-;!5-?(/'!<#-%'!?$H'.('+=!!DnS! %-,!</$%+!)-!6+'!()+!':<'.('%4'!(%!?$H'.8!5$B(%&!)-! ?'4-5'!)#'!,-./01+!0-5(%$%)!'/'4).(4!4$.!5$B'.9!/$6%4#(%& ! 5-0'/+!(%!quot;#(%$!?';-.'!)#'!'%0!-;!)#'!8'$.!;-//-,'0!?8!)#'! hM!$%0!i6.-<'!(%!TUJU=!!L#'(.!3(+(-%!+-!(5<.'++'0!)#'! &.'$)'+)!(%3'+)-.!(%!/(3(%&!5'5-.89!>$..'%!D6t')9!)#$)!#'! (%3'+)'0!qTbU!5(//(-%!(%!)#'!4-5<$%8!;-.!$!JUs!+)$B'=!!! *+!*5'.(4$%!4$.5$B'.+!.'N6'+)!&-3'.%5'%)!?$(/-6)+!)-!+)$8!$_-$)9! DnS!6%3'(/+!%',!5-0'/+!$)!)#'!TUUY!S').-()!A-)-.!M#-,=!!! 50
  • 51. @42*quot;)&L4$&*$R&4+6$&+C&/quot;*B=+&/;1#;5$& Architects L#'!$%8)#(%&!(+!<-++(?/'!-6)/--B!-;!)#'!quot;#(%'+'!(+! (%4.'$+(%&/8!$H.$47%&!;-.'(&%'.+!,#-!,$%)!)-!?'4-5'! <$.)!-;!)#'!quot;#(%'+'!S.'$5!)#.-6&#!.'$/(`(%&!)#'(.!-,%=! *5'.(4$%!g$&'!g$/(%&'.!;-6%0'0!#(+! &$5(%&!4-5<$%89!^-++(?(/()8!M<$4'9!(%!quot;#(%$! $Q'.!O%0(%&!)#$)!*5'.(4$%+!-3'..'&6/$)'9! -3'.)#(%B!$%0!-3'.</$%=!!l'!(+!%-,!+$8(%&! )#$)!0'3'/-<'.+!(%!quot;#(%$!$.'!?'H'.!)#$%!$%8! )'$5!#'!#$+!,-.B'0!,()#!(%!)#'!hM!?8!$%! S6)4#!$.4#()'4)!$%0!6.?$%(+)!W'5!v--/#$$+!,'%)!)-!quot;#(%$! @':<-%'%7$/!;$4)-.1=!!M-6.4'G!quot;#(%$!m-.)':! )-!;6/O//!)#'(.!3(+(-%!-;!)#'!'%-.5-6+!quot;quot;Lm!#'$0N6$.)'.+! (%!D'(e(%&!p!%-)!j',!n-.B=! 51
  • 52. @42*quot;)&L4$&*$R&4+6$&+C&/quot;*B=+&/;1#;5$& Zg.''7%&+!)-!$//!)#'!<'-</'!-;!58!%$7-%9!$%0!$//!)#'!<'-</'!-;!i$.)#x[! L#'!,-.0+!6H'.'0!?8!R#$(!R#(&$%&!-%!quot;#(%$1+!O.+)!+<$4',$/B!(%!TUUV=! quot;#(%$!#$+!;-6.!5-.'!M#'%`#-6!+<$4'! 5(++(-%+!46..'%)/8!</$%%'0P!)#'8!,(//! $++'5?/'!quot;#(%$1+!O.+)!@+<$4'! /$?-.$)-.8!5-06/'1!$%0!<'.5$%'%)! 0-4B(%&!+)$7-%9!L($%&-%&!J=! 52
  • 53. @4quot;*D$W+5=%& !DnS! !k+!)#'!4-.<-.$)'!'5?-0(5'%)!-;!)#'!quot;#(%'+'!S.'$5=!!A'$%(%&!@D6(/0! n-6.!S.'$5+19!)#'!4-5<$%8!(%3'+)'0!)#'!<.-O)+!(%!()+!4'//<#-%'! ?$H'.8!?6+(%'++!(%)-!W•S!)-!?'4-5'!$!5$e-.!</$8'.!(%!)#'!'5'.&(%&! '/'4).(4!4$.!5$.B')9!'3'%!$H.$47%&!)#'!$H'%7-%!-;!>$..'%!D6t')=! !M%-,!/$&'.! !k+!$!quot;#(%'+'!?''.!)#$)!#$+!?'4-5'!)#'!,-./01+!?'+)2+'//(%&!/$&'.9! #$3(%&!-3'.)$B'%!D60!X(&#)!(%!TUUV=!!L#(+!(+!?$+'0!$/5-+)!+-/'/8!-%! 0-5'+74!+$/'+=! !L($%&-%&!J! !k+!)-!?'4-5'!)#'!<'.5$%'%)!#-5'!-;!quot;#(%$!(%!+<$4'=!!k)!(+!$!@+<$4'! /$?-.$)-.8!5-06/'1!)#$)!(+!?'(%&!?6(/)!(%!+<$4'!?8!quot;#(%$1+!@M#'%`#-61! +<$4'!<.-&.$55'=! ~!quot;-(%'0!?8!D$)'+!JKJ! 53 =!
  • 54. !D.$%0!@4quot;*D$8+2*#& !C<<-.)6%()8! !*/)#-6&#!quot;#(%$!(+!%-)!(556%'!;.-5!)#'!'4-%-5(4! 5'/)0-,%9!()!#$+!?'4-5'!)#'!%',!#-5'!-;!)#'!4$%20-! 46/)6.'!&/-?$//8=! !j-,!(+!)#'!75'!;-.!quot;#(%'+'!?.$%0+!)-!4'/'?.$)'!)#'(.! 4-6%).81+!$4#('3'5'%)+!$%0!)-!'%4-6.$&'!/-4$/! '%).'<.'%'6.+!'=&=!3($!?.$%0'0!&.$%)!<.-&.$5+]!)-!<.-064'! 46E%&!'0&'!(0'$+!)#$)!,(//!?'4-5'!)#'!%',!&/-?$/!(4-%+=! A'$%,#(/'9!(%)'.%$7-%$/!5$.B')'.+!56+)!;-.&-!)#'! 4'%).$/(`'0!5$.B'7%&!$<<.-$4#'+!)#$)!$++65'!4$5<$(&%+! $%0!<.-064)+!4$%!?'!5'.'/8!Z/-4$/(`'0[!;-.!+644'++=! M)$.?64B+!<$(0!$!#(&#!<.(4'!?';-.'!()!.'$/(`'0!)#'!%''0!)-! ?.',!@5$0'2(%1!quot;#(%$!4-t''=!L-!+644''0!(%!)-0$81+!quot;#(%'+'! 5$.B')9!?.$%0+!%''0!)-!B%-,!%-)!e6+)!#-,!)-!<-+(7-%!)#'(.! <.-064)+9!?6)!$/+-!,#-!)-!'%/(+)!)-!)$/B!$?-6)!)#'5=!quot;#(%'+'! (%_6'%4'.+!$+!?.$%0!4#$5<(-%+!$.'!)#'!?'+)!,$8!)-!'%+6.'! )#$)!?.$%0+!4-%%'4)!,()#!?(//(-%+=!!F-.&')!g(+'//'x!!! 54
  • 55. 3 E5+6&$//$*#52/2#?& L+&%+O52$#?& 55
  • 56. L4$&@4quot;*D$& @)+(1,)(1#$#)*$?*/0?*$(-$,+**?3$0'?$-(+$#)*$.0&#$-*;$ C*0+&$%'$.0+D/150+3$*//*'#+%/$-0&)%('$#0&#*&3$?*&%,'$#+*'?&$ 0'?$*0D',$)06%#&$)02*$?(4%'0#*?7$$K0D',$(1#$0'?$ /('&14%',$.*/15%0+$2051*L0??*?$-((?$6*/04*$#)*$'(+43$ 0&$?%?$M1(+*&/*'#$/(5(1+&$0'?$.%4.*?$(1#$.0?&7$$$ L#(+!8'$.9!4-%+65'.+!$.'!/--B(%&!;-.!,$8+!)-!+$3'!5-%'8! $%0!)-%'!0-,%!':4'++=!!M-?.(')8!,(//!'%)'.!)#'!;.$8!$%0! ).$%+4'%0!'3'.8)#(%&!;.-5!)#'!4-/-6.+!$%0!;$?.(4+!6+'0!?8! ;$+#(-%!#-6+'+!)-!)#'!;--0!<'-</'!'$)!$%0!)#'! $.4#()'4)6.'!)#'8!$+<(.'!)-!/(3'!(%=! 56
  • 57. H$#;5*&#+&%26>1$&>1$quot;%;5$%& i44'%).(4()8!.6/'0!;-.!564#!-;!)#'!0'4$0'!-;!&.''0=!! C6)/$%0(+#!;$+#(-%9!-+)'%)$7-6+!5'$/+!$%0!<'46/($.! 3$/6'2$00'0!<.-064)+!,'.'!+-4(')$/!%-.5+=! l-,'3'.9!/(;'+)8/'!':<'4)$7-%+!$%0!<.(-.(7'+!#$3'! 4#$%&'09!$%0!(%!)#'!46..'%)!'4-%-5(4!4/(5$)'9! 4-%+65'.+!$.'!(%4.'$+(%&/8!+''B(%&!/(;'1+!+(5</'! </'$+6.'+=! hv!4-%+65'.+!.'_'4)!)#'!&/-?$/!(%4.'$+'!(%!.'+)$6.$%)!46/)6.'=! M-6.4'G!A()4#'//+!$%0!D6)/'.+!
  • 58. @++02*D&C5+6&%/5quot;#/4&R211&6quot;0$&quot;&/+6$Oquot;/0& & g-%'!$.'!)#'!0$8+!-;!<.'5(65!.'$08!5'$/+!$%0! .'&6/$.!0(%(%&!-6)=!!*44-.0(%&!)-!j('/+'%9!+$/'+!-;!.$,! 4--B(%&!5$)'.($/+!$.'!-%!)#'!.(+'!$+!+#-<<'.+!?68! 5-.'!_-6.9!+#-.)'%(%&9!-(/+9!$%0!'3'%!4$%%'0! +6<</('+=! */)#-6&#!)#'!5-73$7-%!5$8!?'!4-+)!+$3(%&+9!5$%8! ;$5(/('+!,(//!O%0!)#$)!4--B(%&!;.-5!+4.$)4#!(+!$/+-!$! +)'<!6<!(%!?-)#!)$+)'!$%0!%6).(7-%=!!Zquot;.'0()!56%4#[!(+ ! #'.'!)-!+)$8=! 58
  • 59. f*Cquot;*/?&C++=&2%&+*&#4$&52%$& F.-5!quot;-B'!,()#!$00'0!3()$5(%+!)-! 4#-4-/$)'!?$.+!,()#!$%!'%'.&8!?--+)9!)#'! <$+)!;',!8'$.+!+$,!$%!':</-+7-%!-;!3$/6'2 $00'0!;--0!$%0!?'3'.$&'!<.-064)+=!!j-,9! )#'!.')6.%!)-!)#'!B()4#'%!,(//!+(&%$/!$!+#(Q! (%!4-%+65'.1+!$E)60'+!)-!;--09!$%0! ,#-/'+-5'9!%$)6.$/!<.-064'!,(//!$&$(%!?'! +''%!$+!)#'!5-+)!#'$/)#8!4#-(4'=! L#'!+'4-%0!$%%6$/!Zh%;$%48! F--0!M#-,[!$!4'/'?.$7-%!-;! #$%05$0'9!6%;6++8!;--09! ,$+!#'/0!(%!j',!n-.B!/$+)! 8'$.=!!m(+()-.+!4-6/0!+$5</'! &--0+!;.-5!%'$./8!TU!-;!)#'! $.'$1+!?'+)!€6%;$%48€! <.-064'.+=!L.'$)+!(%4/60'0! 4-6%).8!<•)‚!,()#!,(/0! .$5<+9!?/$4B?'..8!(4'! 4.'$59!$%0!0(.'4)2).$0'9! +)-%'2&.-6%0!-.&$%(4! 4#-4-/$)'=! 59
  • 60. @+*%;6$5%&quot;5$&D+2*D&gOquot;/0&#+&Oquot;%2/%h& Source: McKinsey report on US consumer spending during previous downturns
  • 61. i+;/4$5&/;1#;5$&R211&#quot;0$&+S& m-64#'.(+)$+!$.'!$%!'5'.&(%&!&.-6<!-;!<'-</'9!0'+4.(?'0!$+! @+#-<<(%&!,$..(-.+1!,#-!4/(<9!0-,%/-$0!$%0!+#$.'!3-64#'.+! (%!-.0'.!)-!+$3'!5-%'8!-%!)#'(.!+#-<<(%&=!!m-64#('.(+)$+!$.'! %-,!+'E%&!6<!)#'(.!-,%!,'?+()'+!(%!-.0'.!)-!+#$.'!7<+!$+! ,'//!$+!3-64#'.+!,()#!'$4#!-)#'.=! m-64#'.5$)'!$%0!F--0!F.''?('+!$.'!?-)#!':$5</'+!-;! ,'?+()'+!,#'.'!4-%+65'.+!+#$.'!5-%'82-t!4-6<-%+!(%! -.0'.!)-!@+$3'!8-6.+'/;!.(4#1=!!A$%8!5-.'!,'?+()'+!+64#!$+! )#'+'!$.'!':<'4)'0!(%!TUUY=! 61
  • 62. H$/?/1$=&quot;*=&%$/+*=B4quot;*=&R211&O$&/++1$5&#4quot;*&$9$5& m(%)$&'!$%0!+'4-%02#$%0!<.-064)+!#$3'!?''%! &.-,(%&!(%!<-<6/$.()8!;-.!+-5'!75'!%-,=!!D6)!)#'! 0'+(.'!$5-%&+)!4-%+65'.+!;-.!?$+(4!;$+#(-%!,(//!+''! $%!':</-+(-%=!! C%/(%'!4-556%(7'+!(%! M#$%&#$(!%-,!-.&$%(+'! .'&6/$.!+'4-%02#$%0! 5$.B')+!+'//(%&!'3'.8)#(%&! ;.-5!<-+)24$.0+!)-!4-5(4! ?--B+=!!L#'8!$.'! A6e(!(+!%-,!+'//(%&!L2+#(.)+! 0-5(%$)'0!?8!)#'! 5$0'!;.-5!.'484/'0!8$.%! M#$%&#$('+'!8-6)#=! ?-)#!-%/(%'!$%0!(%2+)-.'+=! 62
  • 63. H$/?/12*D&H+?quot;1%&& 63
  • 64. A+O$5&6+*+/45+6quot;7/&/+1+;5%&R211&=+62*quot;#$& Cquot;%42+*&& >gMj!.'<-.)!)#$)!;$+#(-%!,(//!$/+-! )6.%!?$4B!)-!?$+(4+!(%!TUUY=!!L#'.'! ,(//!?'!$%!(%4.'$+'!(%!&$.5'%)+! .'_'47%&!4-/-6.+!)#$)!$.'!'$.)#8! $%0!Z6%).'$)'0[!+64#!$+!CB.$9! ?$B'0!4/$89!)'..$4-H$=!!^'.#$<+! .'_'47%&!)#'!&/-?$/!5--09!?/$4B! $%0!,#()'!,(//!$/+-!5$B'!$! 4-5'?$4B= F$6:!5-7;+!$%0! +6.;$4'+!,(//!?'! <-<6/$.!)#(+!8'$.9!$+! ,(//!,--0'%! $44'++-.('+.! 64
  • 65. E5+6j& jL+& F/6-.'+4'%)!<(%B! !!!!!!!!!!!!!!!!!!!!!!!!)-!_'+#!)-%'+! M#-<<(%&!(%!?'+)! !)-!+#-<<(%&!(%!/'(+6.'!,'$.! M#-,8!.'0! !!!!!!!!!!!!!!!)-!+-?'.!-.$%&'! *H'%7-%!&.$??(%&!&.'8! !!!!!!!!)-!6%0'.+)$)'0!+5-B'!
  • 66. Uquot;#;5quot;1&#$<#;5$%& ^-.)6&6'+'!4.$Q+5$%!quot;$./-+! */?'.)-!.'/'$+'0!)#(+!.'484/'09! +'4-%02#$%0!5$+)'.<('4'!(%!r$%6$.8 ! TUUY=!!k)!(+!$!;6//8!;6%47-%$/!3'+<$9! 4/$0!'%7.'/8!(%!,--0=! 66
  • 67. Vquot;5#41?&Cquot;O52/%& >gMj!$/+-!%-)'!)#$)!;$?.(4+!)#$)! /--B(%&!@6%)-64#'019!+64#!$+! 4.65</'0!5$)'.($/+9!,'//2,-.%!$%0! $4(0!,$+#'0!5$)'.($/+!,(//!.(+'!(%! <-<6/$.()8!)#(+!8'$.=! F$.52/(B'!<$H'.%+9!?.$!)-<+!$%0! 4.-4#')+!,(//!?'!,-.)#!$/-%&+(0'!$//! (%!-%'!+6()+!$%0!<8e$5$!<$%)+!!! 67
  • 68. Equot;%42+*&W$2D4#1$%%*$%%& @>'(&#)/'++1!;$+#(-%!,(//!)$B'!#-/0!(%!TUUY=!! L#(+!5$.B+!$!+#(Q!$,$8!;.-5!0$82&/-!4-/-6.+! $%0!#'$38!;$?.(4+!-;!/$+)!8'$.9!)-!?'!.'</$4'0!?8! 4-/-6.+!)#$)!;''/!/(&#)!+64#!$+!)#'!%$)6.$/!)-%'+! <.'3(-6+/8!.'<-.)'0]9!3$<-.!<.(%)+9!/'3()8! <$H'.%+!$%0!%$)6.'2(%+<(.'0!5-7;+=!M#''.!(+! ?$4B!(%!$!?(&!,$89!$+!$.'!+''2)#.-6&#!;$?.(4+9! ;'$)#'.+!$%0!+#$0-,8!'t'4)+=! 68
  • 69. H;%7/&quot;5/42#$/#;5$& D/(%&2?/(%&!?$4#'/-.!<$0+!,(//!5$B'! ,$8!;-.!5-.'!_':(?/'9!.6+74!$%0! 4-6%).82(%+<(.'0!$.4#()'4)6.'9! .'_'47%&!)#'!0'+(.'!-;!4-%+65'.+! )-!&')!?$4B!)-!?$+(4+!(%!TUUY=!! >()#!$!%-0!)-!<$.'020-,%9!_':(?/'! /(3(%&9!$.4#()'4)!L-5!v6%0(&!#$+! 0'+(&%'0!$!4/6+)'.!-;!#65?/'9!.6+74! #-5'+!-%!,#''/+=!L#'!>$//!M).'')! r-6.%$/!+$(0!)#$)!)#'!#-5'+!N0+*$#)*$ 0+/)%#*/#1+05$*O1%205*'#$(-$&0/F/5(#)$ 0'?$0&)*&$P$?*&%,'*?3$0&$('*$2%&%#(+$ .1#$%#3$;%#)$055$#)*$&%4.5%/%#C$#)0#$ 4('*C$/0'$61CQ!
  • 70. @4quot;*D$W+5=%& !quot;.'0()!A6%4#! !k+!)#'!%$5'!&(3'%!)-!)#'!':</-+(-%!(%!5-%'82+$3(%&!'$7%&!5')#-0+=! W'e'47%&!.'$08!5'$/+!$%0!+#6%%(%&!.'+)$6.$%)+9!4-%+65'.+!$.'! &-(%&!?$4B!)-!?$+(4+!$%0!4--B(%&!,#-/'+-5'9!+(5</'!5'$/+!;.-5! +4.$)4#=! !m-64#'.(+)$! !k+!$%!'5'.&(%&!&.-6<!-;!<'-</'!,#-!4/(<9!0-,%/-$0!$%0!+#$.'! 3-64#'.+!(%!-.0'.!)-!+$3'!5-%'8!-%!)#'(.!+#-<<(%&=!!m-64#('.(+)$+! $.'!%-,!+'E%&!6<!)#'(.!-,%!,'?+()'+!(%!-.0'.!)-!+#$.'!7<+!$+!,'//! $+!3-64#'.+!,()#!'$4#!-)#'.=! ~!quot;-(%'0!?8!D$)'+!JKJ! =! 70
  • 71. !D.$%0!@4quot;*D$8+2*#& !C<<-.)6%()8! !j-,!(+!%-)!$!75'!;-.!<-+(%&=!!L(5'+!$.'!)-6&#!$%0! 4-%+65'.+!$.'!,-..('0=!!D.$%0+!4$%!$<<'$/!)-!4-%+65'.+!?8! .'5-3(%&!$%8)#(%&!$++-4($)'0!,()#!':4'++!(%!)#'(.!<.-064)! /(%'9!(%4/60(%&!<$4B$&(%&=!!L#'8!+#-6/0!&-!?$4B!)-!)#'!?$+(4+! -;!)#'(.!4-.'!-t'.(%&9!$%0!(;!<-++(?/'9!-t'.!.$,!$%0!.'484/'0! 5$)'.($/+=! !quot;-%+65'.+!$.'!;''/(%&!4-5;-.)'0!?8!(5$&'+!-;!;.''0-59! %$)6.'!$%0!.6+74()8P!%-)!(%28-6.2;$4'!4.$`(%'++=!!D.$%0+!4$%! &'%'.$)'!-%/(%'!?6``!?8!+'/'473'/8!+''0(%&!4-+)!+$3(%&! -<<-.)6%(7'+!)-!3-64#'.(+)$+9!,#-!,(//!$5</(;8!)#'!5'++$&'! )#.-6&#-6)!)#'!?/-&-+<#'.'=! !L#(+!(+!$!&--0!75'!)-!,(%!)#'!#'$.)+!$%0!5(%0+!-;! 4-%+65'.+=!!D.$%0+!)#$)!4-5;-.)!)#'(.!4-%+65'.+!(%!)-6&#! 75'+!,(//!?'!4'/'?.$)'0!?8!)#'5!(%!&--0!75'+=! 71
  • 72. 4 From Dubai-esque To nondescript luxury 72
  • 73. L4$&@4quot;*D$& R(4*$#($&*2*'$&#0+$)(#*5&3$16*+L51I1+%(1&$&)(..%',$4055&$ 0'?$&(4*$(-$#)*$;(+5?Q&$,+0'?*&#$.+(.*+#C$?*2*5(.4*'#&3$ :160%L*&O1*$51I1+C$;0&$,5%S*+C3$(2*+&%T*?$0'?$%'LC(1+L -0/*H$15#+0$*I/51&%2*$0'?$*I.*'&%2*7$quot;'$#)*$A&%0&3$;)*+*$#)*$ 51I1+C$40+F*#$)0&$6**'$,+(;%',$-0&#*+$#)0'$0'C;)*+*$*5&*$ %'$#)*$;(+5?3$1'?*+&#0'?%',$)(;$#)*$'*;$&(6+%*#C$%&$ %4.0/D',$51I1+C$%&$*&&*'D057$$ >()#!)#'!.'4'%)!0-,%)6.%9!/6:6.8!(+!%-)!&-(%&!)-! 0(+$<<'$.!(%!)#'!.'&(-%9!?6)!()!,(//!)$B'!$!%',9!+4$/'02 0-,%!;-.5=!^'-</'!+7//!,$%)!)-!+)$%0!-6)!;-.!)#'(.!&--0! )$+)'9!?6)!6%/(B'!/6:6.8!(%!)#'!0'4$0'!-;!&.''09!)--!564#! -+)'%)$7-%!,(//!+''5!-6)!-;!</$4'=!!j-%20'+4.(<)!/6:6.8! ,(//!?'!$?-6)!$!<.(3$)'!5-5'%)!(%!75'9!<'.+-%$/!)-!()+! -,%'.9!)#$)!%''0!%-)!?'!-6).$&'-6+/8!-3'.<.(4'0!-.! ).'%08!(%!-.0'.!)-!<.-3(0'!$!/$+7%&!5'5-.8=!! 73
  • 74. Until recently, the sky was the limit In architecture, Dubai has been leading the race to the top! 74
  • 75. !2DD$5&Rquot;%&O$G$5& ^$/5!r65'(.$#9!5$%2 5$0'!(+/$%0+!(%!S6?$(! 75
  • 76. M5/42#$/#;5$&5$quot;/4$=&*$R&4$2D4#%&& ZL#'!>-./0[!5$%25$0'!(+/$%0+!(%!S6?$(=! 76
  • 77. 8529quot;#$&4+6$%&O$/quot;6$&%0?%/5quot;>$5%& k%!)#'!#'$.)!-;!A65?$(9!k%0($%! ?(//(-%$(.'!A6B'+#!*5?$%(!(+!?6(/0(%&! )#'!,-./0}+!O.+)!?(//(-%!0-//$.!#-5'=!! 77
  • 78. F*&quot;5#_&%;>$5%2k2*D&O$/quot;6$&quot;&C+56;1quot;&C+5&%;//$%%& JYYcG!r't!v--%+1+!&($%)!+)$(%/'++!+)''/!ZD$//--%! S-&[!5$0'!)#'!.--5!/--B!-6)!-;!+4$/'!$%0! (%3()'0!)#'!3(','.!)-!.'$++'++!)#'(.!'%3(.-%5'%)=!! 78
  • 79. TUUfG!S6)4#!$.7+)!F/-.'%7e%!l-;5$%! 4.'$)'0!)#'!&($%)!ZW6??'.!064B[! 79
  • 80. !A$5(#$(-$#)*$-0'&$(-$#)%&$)C.*+6(5%T*?$?*&%,'$&#C5*$;%55$6*$-(1'?$0+(1'?$#)*$ T?>$5O+12k$=&=$%2D*& ;*05#)C$U15-7$@)*$'*;$V%550$W(?0$&#(+*$-(+$X1;0%D$51I1+C$-0&)%('$+*#0%5*+$%'$ :160%$6C$Y0%4*$R0C('$0'?$#)*$.+(.(&*?$&#(+*$-(+$#)*$&04*$/(4.0'C$6C$W0+/*5$ #++0&+9$5& >0'?*+&$5(/0#*?$%'$<0)+0%'$0+*$#;($,((?$*I04.5*&78$$L#'!S$3(0!W'<-.)9!TUUV! A$.4'/!>$%0'.+!&$.&$%)6$%!Z)$?/'[!/$5<+=! ! 80
  • 81. N9$5B/+66$5/2quot;12k$=&quot;5#&quot;*=&=$%2D*& !quot;'$#)*$+*/*'#$6((43$&(4*$%'$#)*$51I1+C$%'?1&#+C$?*51?*?$#)*4&*52*&$%'#($ 6*5%*2%',$#)0#$#)*$4(+*$*I.*'&%2*$0'$%#*43$#)*$,+*0#*+$%#&$0..*05$#($#)*$ ;*05#)C3$+*,0+?5*&&$(-$O105%#C3$-1'/D('05%#C$0'?$&*+2%/*$*I.*+%*'/*78$$ L#'!X6:6.8!k%+7)6)'! MHL)&& JVAFKU) & K2quot;*#&%>++*&%/;1>#;5$_&O?&@1quot;$%& K2quot;*#&%>++*&O? & N1=$*O;5D&quot;*=&@++%c$&9quot;*& A#;=2+&X+O_&,--e& !5;DD$*_&'.ll& 81
  • 82. :;<&+9$5=+%$& k%!)#'!hM9!<6.4#$+'+!-;!/6:6.8!&--0+!,'.'! 0-,%!$!5(%02?-&&/(%&!bK=cs!;-.!)#'!O.+)! ,''B!-;!S'4'5?'.=!M-6.4'G!!A$+)'.4$.0}+! M<'%0(%&^6/+'!6%()=!$ 82
  • 83. V<#5quot;9quot;Dquot;*#&1;<;5?&2%&=$quot;=& !@)*$*/('(4%/$/+%&%&$%&$0$4(+05$0'?$.)C&%/05$ )(1&*/5*0'%',7$Z'D5$#)*$;(+5?$*/('(4C$,*#&$60/F$('$#)*$ +%,)#$#+0/F3$?*&%,'*+&$&)(15?$&#(.$;%#)$#)*$*I#+020,0'/*7$ 9+C&#05&3$&*O1%'&3$+)%'*&#('*&3$0'?$055$#)0#$%&$,5%S*+C$%&$ ?('*7$<5%',$&)(15?$6*$&#(..*?78$ v$./!X$&'.;'/0$ 83
  • 84. A;>$5Y;+;%&2%&+;#Z& [quot;$;0&$0$.+(?1/*+$(-$ 40#*+%05%#C$0'?$quot;$04$ 0&)04*?$(-$#)%&$-0/#7$ K2*+C#)%',$quot;$?*&%,'*?$;0&$ 1''*/*&&0+C78$ ^#(/(<<'!M)$.4B9!0'+(&%'.! B%-,%!;-.!#(+!5$++! 4-%+65<7-%!-?e'4)+! 84
  • 85. >()#!$%!'+75$)'0!JV9UUU!?(//(-%$(.'+!$%0!KKU9UUU!+6<'.2.(4#!56/75(//(-%$(.'+! (%!quot;#(%$9!)#'!quot;#(%'+'!4-%+65<7-%!-;!/6:6.8!&--0+!,(//!4-%7%6'!)-!&.-,!$)! !;#&1;<;5?&2%&*+#&=$quot;=& /'$+)!TUs!<'.!$%%65=!X$+)!8'$.9!5-.'!)#$%!#$/;!-;!$//!W-//+!W-84'!^#$%)-5! 4-6<'!,'.'!+-/0!)-!quot;#(%$1+!+6<'.2,'$/)#8!4/$++=! !M-6.4'G!quot;#(%$!X6:6.8!M655()!j-3'5?'.!TUUV! 85
  • 86. V*#$5)&U+*B=$%/52>#&1;<;5?& !=*(.5*$0+*$?*2*5(.%',$0$?%&#0&#*$-(+$*I#+020,0'/*$#)0#$ .+(4%&*&$#($0G*/#$&.*'?%',$('$*2*+C#)%',$-+(4$/0+&$0'?$#+02*5$ #($*5*/#+('%/&3$-0&)%('$0'?$)(1&*)(5?$,((?&78$$ >$//!M).'')!r-6.%$/9!A$.B')</$4'9!c)#!-;!j-3'5?'.!TUUV! 86
  • 87. W421$&#4$&6quot;2*%#5$quot;6&2%&D+2*D&Oquot;/0&#+& Oquot;%2/%_&1;<;5?&2%&D+2*D&Oquot;/0&#+&/1quot;%%2/%Z! >#(/'!)#'!/6:6.8!5$.B')!+)$.)'0!)-!;$//!$<$.)!(%!wb! TUUV9!l'.5'+!':<'.('%4'0!$%!(%4.'$+'!(%!+$/'+!$%0! +$,!()+!+#$.'!<.(4'!&-(%&!6<!Jd=fs!-3'.!)#'!<$+)!8'$.=! M-6.4'G!X6:(+)9!S'4!bJ+)!TUUV! 87
  • 88. :;<;5?&#+&O$&6+5$&O$%>+0$& g/-?$/!4-556%(7'+!$&&.'&$7%&!4$)'&-.('+!-; ! ?'+<-B'!/6:6.8!0'+(&%'.+!$%0!<.-064'.+!$.'! +)$7%&!)-!_-6.(+#=!C%/(%'!5'5?'.+#(<! 5-0'/+!'%+6.'!5'5?'.+!4$%!?'!+(&%'0!6<! ;.-5!'3'.8,#'.'!$%0!+#-<!;.-5!$%8,#'.'=! 88
  • 89. !quot;'$#)*$4%?&#$(-$#)%&$'0'/%05$/+%&%&3$40'C$;*05#)C$ /('&14*+&$0+*$-**5%',$0$#0?$?*-*'&%2*$06(1#$51I1+C7$ :;<;5?&#+&O$&6+5$&>529quot;#$& @)*C$0+*$&*5*/D2*5C$5((F%',$-(+$0$-*;$.50C-15$ %'?15,*'/*&$#)0#$#)*C$/0'$*'E(C$%'$.+%20/C$;%#)$-04%5C$ 0'?$-+%*'?&87$$ L#'!X6:6.8!k%+7)6)'$ 89
  • 90. :;<;5?&#+&#quot;>&6+5$&2*#+&C+101+5$& Zquot;--/)6.$/(+5~[!(+!$?-6)!&(3(%&!?.$%0+!$!4--/! ;$4)-.!?8!)$<(%&!(%)-!/-4$/!46/)6.'!$%0!.'&(-%$/! ;-/B/-.'!(%+)'$0!-;!&/-?$/(`'0!$%0!(0'%74$/! 0'+(&%!).'%0+=! Pattern by Klaus Haapanieri on an littala plate by Heikki Cirvola 90
  • 91. :;<;5?&#+&O$&6+5$&%;O#1$& !@)*$%'?1&#+C$;%55$4(2*$#(;0+?$0$.*+%(?$(-$&16#5*$51I1+C7$=*(.5*$0+*$,(%',$#($,($;%#)$ &(4*#)%',$4(+*$?%&/+**#$#)0#$('5C$#)*$/(''(%&&*1+$;(15?$F'(;$0'?$0..+*/%0#*78$ r6/('%!L-.%$.'9!hM!<.'+(0'%)!-;!/6:6.8!,$)4#5$B'.!m$4#'.-%!quot;-%+)$%7%=!! M-5'!0')$(/+!-;!)#'!DA>!gkj*! 4$%!-%/8!?'!+''%!,#'%!(%!6+'!-.! ,#'%!%''0'0=!! 91
  • 92. :;<;5?&#+&O$& 1$%%&%$52+;%& i06-$.0!X$.5$.$60!0($5-%0! .(%&!#$+!$!5$&%(;8(%&!&/$++!)-! +)$.'!$)!$!7%8!0($5-%0=! 92
  • 93. A#quot;#;%&>;*%& !quot;#$%&$0$D4*$;)*'$#)*$5(,(&$0'?$*,(&$(-$51I1+C$6+0'?&$;%55$&#0+#$ #($5((F$(5?L-0&)%('*?$0'?$.*(.5*$?*/%?*$#)0#$51I1+C$%&$'($5(',*+$ ?*'*?$6C$#)*$.1+/)0&*$(-$0$?*&%,'*+$.+(?1/#$61#$%&$ +*.+*&*'#0D2*$(-$&(4*#)%',$#)0#$%&$-0+$4(+*$.*+&('0578! j(4-/'!F$//9!F(3'?8F(Q8!*+($%!L.'%0+!4-%+6/)$%489!r$%6$.8!TUUY=! Alissia's totes are simple and sturdy bags printed with the trompe l'oeil image of a status purse.
  • 94. 86*07.9:$/%' !quot;--/)6.$/(+5! !k+!$?-6)!&(3(%&!?.$%0+!$!4--/!;$4)-.!?8!)$<<(%&!(%)-!/-4$/!46/)6.'!$%0! .'&(-%$/!;-/B/-.'!(%+)'$0!-;!&/-?$/(`'0!$%-%85-6+!0'+(&%!).'%0+=! !l8<'.?-/(`'0!0'+(&%! !k+!)#'!6+'!-;!B()+4#!'/'5'%)+!$%0!(5$&'.8!-.!+6..'$/!<.-<-.7-%+!)-! 5(:!$.)!$%0!0'+(&%!)-&')#'.!$%0!+'//!0'+(&%'.!<.-064)+!$)!$! <.'5(65=! !M)$)6+!<6%+~! !k+!$?-6)!5$B(%&!$!<.-064)!5-.'!;$+#(-%$?/'!?8!6+(%&!()!$+!$!,$8!)-! 5$B'!;6%!-;!).$0(7-%$/!+)$)6+!+85?-/+=! ~quot;-(%'0!?8!D$)'+JKJ 94
  • 95. D.$%0!@4quot;*D$8+2*#& C<<-.)6%()8! X6:6.8!(+%1)!$?-6)!?'(%&!)#'!?(&&'+)!$%0!5-+)!':<'%+(3'! $%8!5-.'=!!L#'!'4-%-5(4!4.(+(+!(+!4$6+(%&!<'-</'!)-!.'2 ':$5(%'!,#-!)#'8!$.'9!,#$)!)#'8!?689!$+!,'//!$+!,#$)! 4-%+7)6)'+!).6'!/6:6.8=!!! ^.-064'.+!-;!/6:6.8!,(//!#$3'!)-!-t'.!5-.'!)#$%!;$+#(-%9! +4$.4()8!-.!(//6+(-%+!-;!&.$%0'6.=!!!j-,9!)-!e6+7;8!$! <.'5(659!/6:6.8!?.$%0+!56+)!.'0(+4-3'.!&'%6(%'9!75'/'++! 3$/6'+!+64#!$+!N6$/()89!4.$Q+5$%+#(<!$%0!+'.3(4'=!! L-!.'3'.+'!<'.4'<7-%+!-;!&.''09!/6:6.8!?.$%0+!+#-6/0! ?'&(%!)-!&(3'!?$4B!)-!+-4(')8P!)#(+!4-6/0!?'!)#.-6&#! <.'+'.3$7-%!-;!46/)6.$/!;-/B/-.'!$%0!).$0(7-%=!!l-,!$?-6)! -<'%(%&!6<!$!#'.()$&'!4'%).'!)#$)!+#-,4$+'+!<.-064)! (%+<(.$7-%+!?8!/-4$/!4.$Q+5'%{!!k5$&(%'!$!W-/':! ':#(?(7-%9!-.!,'?+()'9!-;!;$5-6+!,$)4#'+!,-.%!?8!&.'$)! +)$)'+5'%!-;!)#'!<$+)=! 95
  • 96. 5 From eco-chic To eco-cheap 96
  • 97. L4$&@4quot;*D$& >)%5*$*/(L/)%/$;0&$055$06(1#$5((F%',$,((?$6C$?(%',$,((?3$ */(L/)*0.$%&$0$'*;$-(+4$(-$,+**'$/('&14*+%&4$4(+*$ /('/*+'*?$;%#)$&02%',$4('*C7$! D'(%&!&.''%!5'$%+!0(t'.'%)!)#(%&+!)-!0(t'.'%)!<'-</'!$%0 ! ,'!$.'!+''(%&!)#'!'5'.&'%4'!-;!$)!/'$+)!b!+'&5'%)+!-;! &.''%!4-%+65'.+9!;.-5!)#'!5-+)!$/).6(+)+!)-!)#'!5-+)! <.$&5$74G! 2!!L#'!?'/('3'.+G!,#-!)#(%B!'4-/-&8!(+!$!4$6+'!)-!4#$5<(-%! 2!!L#'!+#-,2-t+G!,#-!,'$.!&.''%!$+!$!,$8!)-!B''<!(%!+)8/'! 2!!L#'!+$3'.+G!,#-!&-!&.''%!$+!$!,$8!)-!+$3'!5-%'8! k%!)#'!4-%)':)!-;!)#'!0-,%)6.%9!)#'!&.''%!+$3'.+!+'&5'%)! (+!/(B'/8!)-!&.-,!)#'!5-+)!.$<(0/8=! 97
  • 98. T2%#+52/quot;11?_&#+;D4$5&76$%&4quot;9$& quot;1Rquot;?%&O$$*&quot;&/quot;11&C+5&C5;Dquot;12#?Z&
  • 99. L#'!.'4'++(-%$.8!4/(5$)'!(+!/(B'/8!)-!;-.4'!'3'%! &.'$)'.!4-%+65'.!4#$%&'!(%!.'/$7-%!)-!)#'! '%3(.-%5'%)!$+!<'-</'!+''B!,$8+!)-!+$3'!5-%'8=! V*925+*6$*#quot;1&/52%2%&m&I*quot;*/2quot;1&/52%2%&n&$/+B/4$quot;>& !$@)*$/1++*'#$/+%&%&$%&$05#*+%',$*2*+C('*]&$.&C/)*&$*2*'$%-$#)*C$0+*$'(#$ ?%+*/#5C$0G*/#*?7$@)*+*]&$6**'$0$+*05$/15#1+05$&)%^_$$`*5-L&1J/%*'/C3$('/*$#)*$ 40'#+0$(-$)%..%*&3$%&$'(;$-0&)%('065*78$$ S.!M#'(/$!v''&$%9!-;!quot;$5<?'//!v''&$%!X)0!).'%0+!4-%+6/)$%48! !! 99
  • 100. !;6.'.+:0:5#+'/:<0&=$0'#%'*++.).$*>07'5*#0%&$.*5'*++.?&*0+.':@'&6.' &6$#A#.$'(.6*B#:$%':@'&6.'7$..0'5:B.5.0&3')#,.'+=C07':=&'(:D)./'<*&.$' *0/'7$:<#07'B.7.&*().%E1'! >'%08!X('?5$%%9!quot;#(';!i:'4673'!$)!>MX!M).$)'&(4!W')$(/!4-%+6/7%&9! L#'!>$//!M).'')!r-6.%$/9!A$.B')</$4'9!c)#!-;!j-3'5?'.9!TUUV! !<1&%'*&&*&$(-$055$&%T*&$0+*$+*/(,'%T%',$#)0#$,(%',$,+**'$ /0'$&02*$4('*C3$(.*'$1.$'*;$02*'1*&$(-$+*2*'1*3$0'?$ )*5.$F**.$*4.5(C**&3$&)0+*)(5?*+&$0'?$/1&#(4*+&$)0..C78& >Mr9!L#'!quot;-/-.!-;!A-%'89!C4)-?'.!d9!TUUV! JUU!
  • 101. F*&o+5$quot;_&=25$/#&#+&/+*%;6$5&Cquot;56%&$*quot;O1$&>$+>1$&#+&%+;5/$& C5$%4&C++=&#4quot;#&2%&1+/quot;11?&%+;5/$=_&D5$$*$5&quot;*=&/4$quot;>$5Z& *&.(46/)6.$/!k%;-.5$7-%!i:4#$%&'!l$%+$/(5=-.=B.!0(.'4)/8!4-%%'4)+!4-%+65'.+!)-!/-4$/!<.-064'.+=! L#'!+'.3(4'!(+!$(5'0!$)!#-6+',(3'+!,#-!,$%)!)-!;''0!)#'(.!4#(/0.'%!4#'$<'.!$%0!;.'+#'.!;--0=!! !! 101
  • 102. K+2*D&K5$$*&2%&*+R&quot;&6$quot;*%&#+& O$2*D&I*quot;*/2quot;11?&%quot;99?& k%!TUUY9!Zg-(%&!&.''%[!,(//!?'!;6'/'0! <.(5$.(/8!?8!4-+)246E%&!$+!4-%+65'.+! +#(Q!;.-5!+#-<<(%&!)#'.$<8!?'#$3(-.+!)-! 4-%+65<7-%!$3'.+(-%=!! !7$..0&:5*&:F%'5#%%#:0'#%'&:':G.$' H:='<*H%':@'(.#07',#0/.$'&:'&6.' ?)*0.&'<#&6:=&'%*+$#I+#07'H:=$' %&*0/*$/':@')#B#07'*0/'<#&6:=&'#&' +:%>07'H:='5:$.E1' !! 102
  • 103. Aquot;92*D&6+*$?&quot;*=&6quot;#$52quot;1%&quot;5$& >5+6>7*D&quot;&5$%;5D$*/$&2*&JFP& JUb!
  • 104. J$%2D*&2%&4$1>2*D&#+&92%;quot;12k$& $1$/#52/2#?&/+*%;6>7+*& i4-!>$H!0(+</$8+!)#'!$5-6%)!-;!'/'4).(4()8! ?'(%&!6+'09!)#'!4-+)!-;!'/'4).(4()8!$%0! $5-6%)!-;!4$.?-%!'5(++(-%+!;-.!$%8! #-6+'#-/0!$<</($%4'=! >$H+-%!+#-,+!#-5'-,%'.+!#-,!564#! '%'.&8!)#'8!$.'!6+(%&!(%!)#'(.!#-5'! )#.-6&#!?-)#!%65?'.+!$%0!4-/-6.+9!.$%&(%&! ;.-5!4--/!?/6'!;-.!+5$//!$5-6%)+!)-!.'0!;-.! #(&#!'%'.&8!4-%+65<7-%=!! 104
  • 105. E5+6&%/5$$*B%quot;9$5&#+&$*$5D?&%quot;9$5& D/$4B/'!(+!$!?/$4B'02-6)!3'.+(-%!-;!g--&/'=!!k)!+$3'+!'%'.&8!+(5</8!?8! #$3(%&!$!?/$4B!#-5'<$&'!(%+)'$0!-;!)#'!%-.5$/!g--&/'!,#()'=!!! 105
  • 106. Wquot;%#$C;1&2*/quot;*=$%/$*#&12D4#&& O;1O%&quot;5$&D+2*D&#+&O$&>4quot;%$=&& +;#&R+51=R2=$Z& *6+).$/($!$%0!k)$/8!?'4$5'!)#'!O.+)!4-6%).('+! )-!$%%-6%4'!$%!-6).(&#)!?$%!?8!TUJU!-%! (%4$%0'+4'%)!?6/?+=!k%!)#'!*+($+9!)#'! ^#(/(<<(%'+!$.'!$/+-!$H'5<7%&!)-!(%).-064'! 5'$+6.'+!)-!<#$+'!-6)!)#'!6+'!-;! (%4$%0'+4'%)!/(&#)!?6/?+=!! 106
  • 107. :+/quot;1&$*$5D?&*$#R+50%&$*quot;O1$& >$+>1$&#+&%4quot;5$&$*$5D?Z& w6..'%)!'%$?/'+!<'-</'!)-!0'3'/-<!+5$//! /-4$/!'%'.&8!%'),-.B+!(%!,#(4#!<'-</'! ':4#$%&'!'%'.&8!)-!5$:(5(`'!)#'!'u4('%48! -;!)#'!'%'.&8!)#'8!<.-064'=! 107
  • 108. A+pRquot;5$&/+6>quot;*2$%&quot;*=&/quot;5B6quot;0$5%&quot;5$&#$quot;62*D&;>&& #+&4$1>&>$+>1$&92%;quot;12k$&Dquot;%&/+*%;6>7+*& i4-GS.(3'!(+!$%!(%%-3$73'9!'$+82)-26+'!4-5<6)'.!$<</(4$7-%!0'3'/-<'0!?8!F($)!$%0!A(4.-+-Q9!)#$)! $%$/8+'+!4-%+65'.+1!0.(3(%&!+)8/'!$%0!#'/<+!)#'5!)-!6+'!/'++!;6'/9!.'064'!quot;CT!'5(++(-%+!$%0!+$3'!5-%'8=! !! 108
  • 109. 3;17*quot;7+*quot;1%&quot;5$&;%2*D&gK5$$*h& quot;%&quot;&Rquot;?&#+&%quot;9$&6+*$?&#++& !J:0/*F%'/.+#%#:0'&:'?=))':=&' :@'quot;K'#%'.L?.+&./'&:'%*B.'&6.' %&$=77)#07'+*$5*,.$'MNOPQQ' 5#))#:0'*'H.*$1E8$ !!
  • 110. L5quot;=27+*quot;1&>quot;/0quot;D2*D&2%&O$2*D&5$92%2#$=& #+&%quot;9$&%>quot;/$&quot;*=&5quot;R&6quot;#$52quot;1& j',)-%!+#-'+!<$4B$&(%&!(+!.'484/'0!;.-5!'&&!?-:'+=!X(B'!$%!'&&!4$.)-%9!)#'! 5-/0(%&!$00+!+).'%&)#!+-!8-6!4$%!+)$4B!)#'5!#(&#!;-.!4-+)2't'473'!0(+).(?67-%=! !! 110
  • 111. F/+*2/&>5+=;/#%&D$#& 3;17*quot;7+*quot;1%&quot;5$&;%2*D&gK5$$*h&quot;%&quot;&Rquot;?&#+&%quot;9$& 5$>+%27+*$=&quot;%&g$/+B/4$quot;>h& 6+*$?& >()#!)#'!A(%(!i!;-.!i/'4).(49!DA>! (+!.'<-+(7-%(%&!)#'!<.'5(65!/(H/'! A(%(!$+!$%!'%'.&8!'u4('%)!4$.=! !!
  • 112. o$?&>1quot;?$5%&quot;5$&2*9$%7*D&#+&6quot;0$& D5$$*&>5+=;/#%&6+5$&quot;S+5=quot;O1$& FoVM&K5$$*L$/4&E;*=! kvi*!(+!(%3'+7%&!qff! 5(//(-%!0-//$.+!(%)-!4/'$%! )'4#%-/-&8!+)$.)26<+!)-! 0'3'/-<!+-/$.!<$%'/+9! /(&#7%&!$%0!'u4('%48! 5')'.+=!S6'!)-!kvi*1+! +(`'9!)#'+'!&.''%!'t-.)+! 4-6/0!.'+#$<'!)#'!'%7.'! ;6.%()6.'!(%06+).8=! !! 112
  • 113. !5+0$*&C;5*2#;5$&D$#%&quot;&*$R&12C$& S6)4#!0'+(&%'.!r')+B'!0'!g.--)!<.-e'4)!ZA6/7</'!F$5(/8[!(+!0.(3'%!?8!$!+(5</'!$<<.-$4#G!)$B'!),-!-.!5-.'!?.-B'%! 4#$(.+!-.!)$?/'+!$%0!;6+'!)#'!%-%2?.-B'%!?()+!)-!<.-064'!$!%',9!;6%47-%$/!$%0!4-5</')'/8!6%(N6'!0'+(&%=! !! 113
  • 114. @42*quot;&2%&%$#&#+&1$quot;=&#4$&>5+=;/7+*&quot;*=& /+*%;6>7+*&+C&$/+B/4$quot;>&>5+=;/#%& *44-.0(%&!)-!M8%-3$)'9!ƒ!-;!$//!quot;#(%'+'!.'+<-%0'%)+!4/$(5'0!)#'8!?-6&#)!$! &.''%!<.-064)!(%!)#'!<$+)!8'$.P!dUs!?-6&#)!'%'.&8!'u4('%)!0'3(4'+P!fUs! .'064'0!6+'!-;!</$+74!?$&+!$%0!VTs!46)!<-,'.!4-%+65<7-%=!! M-6.4'G!ZL#'!k5<$4)!-;!quot;#(%'+'!quot;-%+65'.!^'.4'<7-%!-;!quot;/(5$)'!quot;#$%&'!-%! D6+(%'++[!?8!A'0($!^/$%%(%&!g.-6<9!r6/8!TUUV=! i$D$#quot;O1$%&quot;*=&%+1quot;5&>quot;*$1%&2*&;5Oquot;*&Tquot;*Dk4+;_&@42*quot;& 114
  • 115. !$/quot;;%$&@42*quot;&2%&9$5?&>+11;#$=_&@42*$%$& >$+>1$&quot;5$&6+5$&^$/+Bquot;O%+5O$=a& Kds!-;!quot;#(%'+'!$.'!'4-2$?+-.?'09! -.!3'.8!;-46+'0!-%!)#'!(++6'!-;! 4/(5$)'!4#$%&'!$%0!Ybs!?'/('3'! )#'8!4$%!4-%).(?6)'!)-!+-/3(%&!)#'! <.-?/'5=!! M-6.4'G!€L#'!k5<$4)!-;!quot;#(%'+'! quot;-%+65'.!^'.4'<7-%!-;!quot;/(5$)'! quot;#$%&'!-%!D6+(%'++9[!?8!A'0($! ^/$%%(%&!g.-6<9!r6/8!TUUV=! bJs!-;!quot;#(%'+'!4-%+65'.+! (0'%7;8!)#'!'%3(.-%5'%)!$+!$! #(&#'.!<.(-.()8!)#$%!)#'!'4-%-589! $!#(&#'.!<'.4'%)$&'!)#$%!)#'!h=M=! $%0!)#'!h=v=!M-6.4'G!X$%0-.! *++-4($)'+!M'<)'5?'.!TUUV!+)608! 115
  • 116. X'3'.$&(%&!D'(e(%&}+!+)$)6+!$+!)#'!C/85<(4!#-+)!4()89!$!8-6)#! 5-3'5'%)!+)$.)'0!(%!quot;#(%$=!C3'.!)#'!+655'.9!bT!6%(3'.+(7'+!$%0! E5+6&^H$=&3quot;5/4a&#+&^K5$$*&3quot;5/4a! c9UUU!+)60'%)+!<$.74(<$)'0!(%!)#'!g.''%!X-%&!A$.4#9!</$8(%&!-%! )#'!(0'$!-;!A$-!R'0-%&}+!€.'0€!/-%&!5$.4#!)-!&$/3$%(`'! '%3(.-%5'%)$/!4#$%&'!$4.-++!quot;#(%$=!! quot;#(%$}+!.$<(0!(%06+).($/(`$7-%!#$+!.'+6/)'0!(%!5$e-.!'%3(.-%5'%)$/!<.-?/'5+=! */5-+)!$//!)#'!%$7-%}+!.(3'.+!$%0!YUs!-;!6%0'.&.-6%0!,$)'.!(%!4(7'+!$.'!<-//6)'0=! Jd!-;!)#'!,-./0}+!TU!5-+)2<-//6)'0!4(7'+!$.'!(%!quot;#(%$=!! *(.!<-//67-%!(+!$!+'.(-6+!(++6'!;-.!TIb!-;!quot;#(%$}+!bbV!/$.&'+)!4(7'+9!! l$/;!-;!)#'!J=b!?(//(-%!quot;#(%'+'!<-<6/$7-%!/$4B+!$44'++!)-!4/'$%!0.(%B(%&!! M-6.4'G!>-./0!D$%B! 116
  • 117. 86*07.9:$/%' !i4-24#'$< !k+!$!%',!;-.5!-;!'%3(.-%5'%)$//8!;.('%0/8!<.-064)!-.!+'.3(4'!)#$)! +$3'!4-%+65'.+!5-%'8!?8!<.(%4(<$//8!'%$?/(%&!)#'5!)-!.'064'! ,$+)'=! !kB'$.4#()'4)6.'~ k+!$!B(%0!$.4#()'4)6.'!)#$)!(+!+6+)$(%$?/'9!4#'$<!$%0!5-06/$.!(%! %$)6.'!+-!)#$)!()!4$%!?'!<.'2;$?.(4$)'0!$%0!'$+(/8!0'2$++'5?/'09!.'2 6+'0!-.!.'484/'0=! !i4-2$?+-.<7-% !k+!,#'%!$!4-%+65'.!(+!+-!4-%4'.%'0!$?-6)!'%3(.-%5'%)$/!(++6'+!)#$) ! #'!?'4-5'+!,(//(%&!)-!4-%).(?6)'!5$)'.($//8!?8!4#$%&(%&!#(+!,$8!-;! /(;'!;-.!$!5-.'!'4-2;.('%0/8!/(;'+)8/'=! ~!quot;-(%'0!?8!D$)'+!JKJ! 117
  • 118. D.$%0!@4quot;*D$8+2*#& C<<-.)6%()8! L#'!46..'%)!'4-%-5(4!)6.5-(/!(+!5$B(%&!()!(5<-++(?/'!;-.! ?.$%0+!)-!4-55$%0!$!<.'5(65!;-.!?'(%&!&.''%=!!D6)!)#'! 6<+(0'9!(+!)#$)!5-.'!4-%+65'.+!5(&#)!'%0!6<!&-(%&!&.''%! ;-.!+$3(%&!5-%'8=!!! F.-5!+'//(%&!+6+)$(%$?(/()8!$+!$!4$6+'!)-!@?'/('3'.+1!-.!$+! ;$+#(-%$?/'!)-!@+#-,2-t+19!5$.B')'.+!%-,!%''0!)-!4-%+(0'.! 'N6$7%&!@&.''%1!,()#!@3$/6'!;-.!5-%'81!)-!$H.$4)!@+$3'.+19! )#'!%',!+'&5'%)!-;!&.''%!4-%+65'.+!,#(4#!(+!/(B'/8!)-! &.-,!)#'!5-+)!.$<(0/8=!!!S-!8-6!B%-,!,#(4#!&.''%!+'&5'%)! 8-6.!?.$%0!(+!&-(%&!$Q'.{! 118
  • 119. 6 From concrete jungles To urban gardens 119
  • 120. L4$&@4quot;*D$! >%#)$4(+*$#)0'$)05-$(-$#)*$)140'$.(.150D('$ab7b$6%55%('$ .*(.5*c$5%2%',$%'$/%D*&$-(+$#)*$+&#$D4*3$deef$40+F*?$#)*$ 0?2*'#$(-$#)*$1+60'$0,*7$$$ L-!5$B'!6<!;-.!)#'!/$4B!-;!%$)6.'!(%!4.-,0'0!6.?$%! '%3(.-%5'%)+9!(%#$?()$%)+!$%0!$.4#()'4)+!$/(B'!$.'!%-,!! (%4.'$+(%&/8!.'$<<.-<.($7%&!)#'!4(7'+!?8!O//(%&!)#'5!,()#! &.''%'.8=!!*.'$+!)#$)!6+'0!)-!?'!4-%4.')'!,$+)'/$%0+!$.'! ?'(%&!).$%+;-.5'0!(%)-!6%':<'4)'0!6.?$%!&$.0'%+=! 120
  • 121. L'/')6??('+!/(3'!(%!#(//8!L'/')6??8/$%0! :292*D&2*&4quot;56+*?&R2#4& *quot;#;5$&2%&$9$5?&02=h%&=5$quot;6j& !! 121
  • 122. k%!ZX-.0!-;!)#'!W(%&+[!9!l-??()+!/(3'!(%!Zl-??()-%[! jquot;*=&2*&$9$5?&Cquot;*#quot;%?& !! 122
  • 123. L4$&5+1$&+C&#4$&quot;5/42#$/#&2%&/4quot;*D2*D&C5+6&=$%2D*2*D& 4+;%2*D&#+&O;21=2*D&D5$$*&%>quot;/$%Z& quot;$/(;-.%($!*4$0'58!-;!M4('%4'!?8!W'%`-!^($%-! !! 123
  • 124. f5Oquot;*2%6&2%&$9+192*D&C5+6&O;21=2*D&Dquot;5=$*%&2*& #4$&/2#?&#+&O;21=2*D&/27$%&2*&quot;&Dquot;5=$*Z&& W$(%;-.'+)!0-5'!(%!)#'!quot;$/(;-.%($!*4$0'58!-;!M4('%4'! !! 124
  • 125. i$57/quot;1&Cquot;562*D& k%!$!%'$.!;6)6.'9!+B8!;$.5+!-.! 3'.74$/!;$.5+!<.-064(%&!;--0! $%0!,$)'.!;-.!4()8!(%#$?()$%)+! ,(//!?'!$+!4-55-%!$+!)#'! )#'$).'+!$%0!/(?.$.('+!,#(4#! <.-064'!)#'!46/)6.'!)#$)!;''0+! )#'!5(%0=! k..(&$7-%!,(//!4-5'!;.-5!O/)'.'0! +',$&'9!%-6.(+#(%&!$!,(0'! 3$.(')8!-;!</$%)+!&.-,(%&!-%! #80.-<-%(4!)'4#%-/-&8=! !!
  • 126. f*=$5D5+;*=&Cquot;56%& ^$+-%$!(+!$%!6%0'.&.-6%0!6.?$%!).$(%(%&!;$4(/()8!;-.! ,$%%$?'!;$.5'.+!(%!L-B8-!,#'.'!$!+N6$.'!B(/-5')'.!-;! +6?)'..$%'$%!+-(/!#$+!?''%!</$%)'0!,()#!.(4'9! 3'&')$?/'+9!;.6()+9!_-,'.+!$%0!#'.?+! !! 126
  • 127. f5Oquot;*&Dquot;5=$*%& h.?$%!;$.5(%&!(+!$!&/-?$/!<#'%-5'%-%!)#$)! +''+!<'-</'!+$3'!5-%'8!$%0!4$.?-%!'5(++(-%+! ,#(/+)!(%4.'$+(%&!)#'(.!(%)$B'!-;!#'$/)#8!;--0! ?8!&.-,(%&!)#'(.!-,%!3'&')$?/'+=! L#(+!<(4)6.'!,$+!)$B'%!?8!$!D$)'+!JKJ!quot;#$%&'!*&'%)!(%!M(%&$<-.'=! M(:!5-%)#+!$&-9!)#(+!&$.0'%!,$+!e6+)!$!6%B'<)!<$)4#!-;!&.$++9!%-,!)#'! -,%'.+!#$3'!+)$.)'0!)-!&.-,!)#'(.!-,%!3'&')$?/'+=! !!
  • 128. V=2O1$&1quot;*=%/quot;>2*D& i0(?/'!/$%0+4$<(%&!(+!)#'!</$%7%&! ,()#(%!4-556%(7'+!-;!$%8)#(%&! )#$)!4$%!?'!'$)'%=!L#(+!4$%! (%4/60'!3(%'8$.0+!$%0!-.4#$.0+!-;! '0(?/'!</$%)+9!;.-5!+<(4'+!)-! ;.6()+9!%6)+!)-!<-)$)-'+=!! !! 128
  • 129. MD5+B4+;%2*D& L#'!*&.-2l-6+(%&!4-%4'<)!?8! k+.$'/(!v%$;-!v/(5-.!*.4#()'4)+!(+!$! 4-5?(%$7-%!-;!#-6+(%&!$%0!6.?$%! $&.(46/)6.'=!L#'!?6(/0(%&!(+! 4-5<-+'0!-;!),-!<$.)+P!!$%! $<$.)5'%)!)-,'.!$%0!$!3'.74$/! &.''%#-6+'!;-.!46/73$7%&!4.-<+=! !! 129
  • 130. MD52#$/#;5$& L-!+$3'!)#'!jn!L.$(%!#(&#!/(%'!;.-5!0'4$89!$.4#()'4)!O.5!SMW!4-%3'.)'0!()!(%)-!$!<.-5'%$0'=! L#(+!@$&.()'4)6.'1!<.-e'4)!(+!)#'!?(&&'+)!<.-e'4)!(%!)#'!4()8!+(%4'!)#'!)6.%!-;!)#'!TU)#!4'%)6.8=!! !! 130
  • 131. !2+/126quot;7%6& D(-4/(5$7+5!(+!$?-6)!6+(%&!%$)6.$/!3'%7/$7-%!$+!$(.24-%0(7-%(%&!$%0!-<75(`(%&! )#'!?6(/0(%&1+!6+'!-;!%$)6.$/!/(&#)!)-!4.'$)'!$!4-%).-//'0!$!5(4.-4/(5$)'=! L#'!M-/+74'!-%!)#'!^$.B9!$!quot;#(4$&-!.'+(0'%7$/!)-,'.! L#'!<-.)$?/'!Z$(.!).''+[!?8!)#'! )-!?'!4-5</')'0!(%!TUJU9!(+!/()'.$//8!+#$<'0!?8!+-/$.! *.4#()'4)+!h.?$%!i4-+8+)'5+!$.'! $44'++=!k)+!+6.;$4'!(+!0'+(&%'0!)-!<.'4(+'/8!)#'! 4-3'.'0!,()#!</$%)+!)#$)!?.'$)#'! -<7565!$%&/'!;-.!KJ=c!0'&.''+!%-.)#9!,#(4#!$//-,+! $%0!.'/'$+'!#65(0()8!(%!)#'!$(.!)-! )#'!+6%!)-!'%)'.!)#'!$<$.)5'%)+!06.(%&!,(%)'.!;-.! ?.(%&!)-&')#'.!/-4$/!4(7`'%+!$%0! <$++(3'!+-/$.!,$.5(%&!$%0!B''<+!()!-6)!06.(%&!)#'! B''<!)#'5!4--/=! +655'.!)-!.'064'!$(.24-%0(7-%(%&!6+$&'=!! !! 131
  • 132. M-6)#!D'$4#!(+!$!4-55'.4($/!$%0!.'+(0'%7$/!4-5</':!?8! F-+)'.!„!^$.)%'.+9!)-!?'!/-4$)'0!%':)!)-!D$)'+!JKJ!(%! M(%&$<-.'=!L,-!)-,'.+!,()#!+/$%7%&!;$4$0'+!,(//!4$)4#! ,(%0!$%0!0(.'4)!$(.!_-,!)-!&.-6%02/'3'/!+<$4'+!,#(/'!$! /$.&'!}'%3(.-%5'%)$/!O/)'.}!4$%-<8!)#$)!4-3'.+!-<'%! +<$4'+9!,(//!<.-3(0'!+#'/)'.!;.-5!)#'!'/'5'%)+!$%0!0.$,! $(.!46..'%)+!)-!4--/!)#'!$.'$!?'%'$)#!()=!! !! 132
  • 133. K;$5211quot;&Dquot;5=$*2*D& 133 g6'.(//$!&$.0'%'.+!O&#)!)#'!)8.$%%8!-;!)#'!4-%4.')'!(%!)#'!6.?$%!e6%&/'!,()#!</$%)+! $%0!_-,'.+!$(5'0!$)!?.(%&(%&!?$4B!&.''%'.8!(%!&.(5!<$.)+!-;!)#'!4()8=! New image – whole screen
  • 134. K5$$*&Wquot;11%! g.''%!,$//+!$.'!)#'!3'.74$/!3'.+(-%!-;!$!&.''%! .--;=!L#'8!<.-3(0'!$!6%(N6'!;$…$0'!-%!':)'.(-.! -.!(%)'.(-.!,$//+!,#(/'!(%4.'$+(%&!$(.!N6$/()89! $?+-.?(%&!+-6%0+9!$%0!$00(%&!$!+).(B(%&! $'+)#'74!'/'5'%)=!! !! 134
  • 135. K5$$*&H++p+>%! W'4'%)!.'+'$.4#!#$+!+#-,%!)#$)!)#'!$3'.$&'!4()8!+).'')!<.-064'+!)--!5$%8! +756/(!;-.!)#'!#65$%!?.$(%!)-!4-<'!,()#!,#(/'!'3'%!+5$//!0-+'+!-;!%$)6.'! (5<.-3'!5'%)$/!;6%47-%(%&=!M-6.4'G!h%(3'.+()8!-;!A(4#(&$%!+)608!& !! 135
  • 136. K5$$*&H++p+>%! S(+4-%%'4)'0!;.-5!%$)6.'!$%0!/(3(%&!(%!$%!(%4.'$+(%&/8!3(.)6$/!'%3(.-%5'%)9!<'-</'! ,(//!+''B!.'4-%%'47-%!)-!<'-</'!$%0!%$)6.'=!g.''%!.--Q-<+!,(//!<.-3(0'!6.?$%! 0,'//'.+!,()#!)#'!%'4'++$.8!&.''%!+<$4'!)-!?.'$)#'9!0$80.'$5!$%0!+-4($/(`'=! ^$.B(%&!D/-4B!W--;!g$.0'%9!w6''%+)-,%9!M(%&$<-.'! !! 136
  • 137. K5$$*&H++p+>%! *00(%&!$!/$8'.!-;!3'&')$7-%!-%!)#'!)-<!-;!?6(/0(%&+!(%+6/$)'!)#'5!?'H'.!$%0! )#'.';-.'!.'064'!)#'!.'/($%4'!-%!#'$7%&!+8+)'5+!-.!$(.!4-%0(7-%(%&=!L#(+!5$8!'$+'! &/-?$/!,$.5(%&!?8!.'064(%&!)#'!6.?$%2#'$)2(+/$%0!'t'4)!4.'$)'0!,#'%!0$.B24-/-.'09! (5<'.5'$?/'!+6.;$4'+!$?+-.?!#'$)!'%'.&8!$%0!.$0($)'!()!?$4B!(%)-!)#'!$(.=!! !! 137
  • 138. 86*07.9:$/%' !*&.-2#-6+(%&! !(+!$!#-6+(%&!<.-e'4)!,()#!$!&.'$)'.!<6.<-+'G!)-!<.-3(0'!)#'!+<$4'!$%0! 4-%0(7-%+!)-!&.-,!;--0!;-.!4-%+65<7-%!?8!)#'!/-4$/!4-556%()8!! i0(?/'!/$%0+4$<(%&! !!!!!!!!!!!k+!)#'!6+'!-;!;--02<.-064(%&!</$%)+!(%!)#'!.'+(0'%7$/!!!! !!!!!!!!!!!/$%0+4$<'=!L#'!(0'$!(+!)-!<.-064'!;.6()+!$%0!3'&')$?/'+!! !!!!!!!!!!!;-.!#-5'!6+'!(%!$!/$8-6)!)#$)!$'+)#'74$//8!</'$+(%&=! g6'.(//$!&$.0'%(%&! k+!$!;-.5!-;!%-%3(-/'%)!0(.'4)!$47-%!?8!&.''%!$473(+)+!,#-!)$B'!-3'.! $%!$?$%0-%'0!<('4'!-;!/$%0!,#(4#!)#'8!0-!%-)!-,%!)-!&.-,!4.-<+!-.! </$%)+=!L#'!(0'$!(+!)-!)-!.'4/$(5!/$%0!;.-5!<'.4'(3'0!%'&/'4)!-.! 5(+6+'!$%0!$++(&%!$!%',!<6.<-+'!)-!()!)#$)!?'%'O)+!)#'!4-556%()8= !=! 138
  • 139. D.$%0!@4quot;*D$8+2*#& C<<-.)6%()8! quot;(7'+!$.'!5-.'!4.-,0'0!)#$%!'3'.9!$%0!)#'(.! 4/$6+).-<#-?(4!(%#$?()$%)+!$.'!)$B(%&!$!+)$%0=!L#'8!+''B! %$)6.'!)-!'+4$<'!;.-5!4-%4.')'!,$+)'/$%0+=!!! j-,!5-.'!)#$%!'3'.9!<'-</'!$.'!/--B(%&!;-.!4#'$<9!&.''%! $%0!4#''.;6/!,$8+!)-!'%e-8!)#'5+'/3'+=!D.$%0+!%''0!)-! /'$3'!)#'!4-5;-.)!-;!)#'(.!$(.24-%0(7-%'0!'%3(.-%5'%)+! $%0!+')!$?-6)!6+(%&!&.''%!+<$4'+!+-!)#$)!<'-</'!4$%!&')!$! ?.'$)#'.!;.-5!)#'!4()8=!!F.-5!4(%'5$!6%0'.!)#'!+)$.+9!)-! .--Q-<!&$.0'%!<$.7'+!$%0!<(4%(4+!(%!)#'!<$.B9!?.$%0+! +#-6/0!5$B'!6+'!-;!6.?$%!&$.0'%+!$+!%',!)-64#<-(%)! -<<-.)6%(7'+!)-!4-%%'4)!,()#!)#'!4.-,0=! 139
  • 140. 7 From high-rollers To playing it safe 140
  • 141. L4$&@4quot;*D$! U(5?$/+*?%#$/0+?&3$51I1+C$)(5%?0C&3$&)(..%',$&.+**&$0'?$ +%&FL#0F%',$;*+*$E1&#$.0+#$0'?$.0+/*5$(-$5%-*$-(+$*2*'$#)*$ 4%??5*L/50&&*&7$$B%-*$;0&$,((?$-(+$#)*$.0&#$-*;$C*0+&3$*0&C$ *2*'3$0'?$#)*$60'F$6050'/*$;0&$'*2*+$+*055C$0'$%&&1*$;%#)$ .50&D/$#($#)*$+*&/1*7$ k%!TUUY9!4-%+65'.+!,(//!?'!564#!5-.'!.(+B2$3'.+'=!!i3'%! )#-+'!,#-!4$%!$t-.0!)-!B''<!+<'%0(%&!)#.-6&#-6)!)#'! 0-,%)6.%!,(//!.'2'3$/6$)'!)#'(.!?'#$3(-6.!$%0!46)!-6)! 5$%8!6%2%'4'++$.('+=!!L#'!*+($+!,(//!.')6.%!)-!)#'(.!-/0! +$3(%&+!#$?()+!$%0!,#$)!(+!-,%'0!,(//!?'!<.-)'4)'09!$+! )#'!<'.(-0!-;!O%$%4($/!;.(3-/()8!&(3'+!,$8!)-!O%$%4($/! 4-%+'.3$7+5=!!! 141
  • 142. @+*%;6$5%&R$5$&1292*D&#4$&=5$quot;6& L#.-6&#-6)!)#'!0'4$0'!-;!&.''09! 4-%+65'.+!?.6+#'0!.(+B!$+(0'!$%0!'%e-8'0! /(;'+)8/'+!)#$)!,'.'!,$8!$?-3'!)#'(.! <#8+(4$/!5'$%+=! !@)*$+%/)$;*+*$'(#$#)*$('5C$('*&$ /('&14%',$/('&.%/1(1&5C$%'$+*/*'#$C*0+&7$ @)*$4%??5*$/50&&3$6%',*%',$('$/)*0.$ /+*?%#3$05&($#+*0#*?$%#&*5-7$@)(&*$/('&14*+& $ ;*+*$6*'*/%0+%*&$(-$-05&*$;*05#)3$0'?$ #)*C$;*+*$5%2%',3$5%#*+055C3$5%F*$4%55%('0%+*&78$ A$.+#$/!quot;-#'%9!4#(';!(%06+).8!$%$/8+)!;-.! j^S!g.-6<! A$++'+!N6'6'!)-!&')!(%+(0'!g644(9!TUUV! !!
  • 143. @4$quot;>&/5$=2#&C;$11$=&#4$&=5$quot;6& D$%B!-;!quot;#(%$!0$)$!+#-,+!)#$)!?'),''%! TUUf!$%0!TUUV9!)#'!%65?'.!-;!4.'0()! 4$.0+!(%!quot;#(%$!.-+'!?8!Ybs!)-!JUc!5(//(-%9! $%0!,()#!JUc!?(//(-%!86$%!+<'%)!-%!)#'5=! L#(+!#6&'!6<)$B'!,$+!'%4-6.$&'0!?8!)#'! &-3'.%5'%)9!$+!*+($!L(5'+!.'<-.)'0G!!! N<*%E%',3$F**'$#($*'/(1+0,*$?(4*&D/$ &.*'?%',$0'?$+*?1/*$#)*$/(1'#+C]&$ ?*.*'?*'/*$('$*I.(+#&$#($,*'*+0#*$ ,+(;#)3$;0'#&$beg$(-$+*#0%5$&05*&$#($6*$ 40?*$#)+(1,)$/+*?%#$0'?$?*6%#$/0+?&$%'$ 6%,$/%D*&$6C$'*I#$C*0+3$-+(4$heg$0#$#)*$ *'?$(-$deeiQ$ M-6.4'G!!quot;#(%$!M)-4B+!h<!-%!quot;.'0()!quot;$.0+9!TUUV! k)!(+!%-)!6%6+6$/!;-.!6.?$%()'+!(%!)#'!*+($+! )-!-,%!),-9!)#.''9!-.!'3'%!;-6.!4.'0()! 4$.0+!)-!+6+)$(%!)#'(.!@5(//(-%$(.'1! /(;'+)8/'+=! !! 143
  • 144. !;#&42D4B5+11$5%&quot;5$&D$q*D&R+552$=& quot;-%+65'.!4-%O0'%4'!0'4/(%'0!$4.-++! )#'!*^*quot;!.'&(-%!(%!wK!TUUV9!,#(4#! %-,!.$%B+!)#(.0!(%!)#'!,-./0=!!M-6)#! v-.'$!(+!)#'!/'$+)!4-%O0'%)!4-6%).8!(%! )#'!.'&(-%9!$%0!5$%8!-)#'.!4-6%).('+! #$3'!+''%!+#$.<!;$//+=! quot;-%O0'%4'!(%!L#$(/$%0!0.-<<'0!?8!b! <-(%)+!)-!'%0!)#'!8'$.!$)!df=c!$&$(%+)! $!.'&(-%$/!$3'.$&'!-;!Vc=J]9!quot;#(%$1+! /'3'/!(+!)#'!/-,'+)!+(%4'!)#'!M*WM! -6)?.'$B!(%!TUUb9!$%0!M(%&$<-.'!#$+! ;$//'%!$%!'%-.5-6+!TT!<-(%)+!)-! '(&#)#!</$4'!(%!)#'!.'&(-%=! `(1+/*_$j%*5&*'$!! M4'%'+!+64#!$+!)#(+!(%!M(%&$<-.'!5$8! ?'4-5'!$!)#(%&!-;!)#'!<$+)!?'4$6+'!)#'!4()82 +)$)'!#$+!.'4-.0'0!()1+!/-,'+)!4-%+65'.! 4-%O0'%4'!(%!#(+)-.8!! !! 144
  • 145. 81quot;%7/&quot;9$5%2+*& @+*I=$*/$&2*&#4$&%?%#$6&2%&>1;66$7*D&r&#45$quot;#$*2*D&r&Cquot;/$&%quot;92*D& L#'!&/-?$/!O%$%4($/!4.(+(+!(+!4$6+(%&! *+($%!4-%+65'.+!)-!.'2'3$/6$)'!)#'(.! <.(-.(7'+=!!h%/(B'!(%!)#'!,'+)9!()!(+!+7//! .'/$73'/8!6%4-55-%!;-.!#-5'+!)-!?'! .'<-++'++'0!$%0!5-+)!/-4$/! 4-.<-.$7-%+!$.'!+7//!(%)$4)9!#-,'3'.! )#'.'!(+!$!;'$.!$4.-++!)#'!*+($+!)#$)! )#'!,-.+)!(+!8')!)-!4-5'=!!!quot;-%+65'.+! $.'!%-!/-%&'.!$H.$4)'0!?8!)#'!;$B'! @5(//(-%$(.'1!/(;'9!(%+)'$0!)#'8!$.'! 4#--+(%&!)-!+<'%0!-%/8!)#'!5-%'8! )#'8!'$.%9!$%0!+<'%0!()!5-.'!,(+'/8=! !! 145
  • 146. 81quot;?2*D&2#&%quot;C$& *!j('/+'%!+)608!6%0'.)$B'%!(%!wK!TUUV!+#-,+!)#$)!M(%&$<-.'$%+!</$%!)-!+/$+#!;.(3-/-6+! ':<'%0()6.'=!!k%!'3'.8!5'$+6.'9!)#'8!(%)'%0!)-!46)!0-,%!+<'%0(%&!5-.'!)#$%!)#'!&/-?$/!$3'.$&'=! Source: Nielsen Global Consumer Confidence Survey, 2008 !! 146
  • 147. 81quot;?2*D&2#&%quot;C$& M<'%0(%&!-%! ':).$3$&$%4'+9!+64#!$+! -6)2-;!#-5'! '%)'.)$(%5'%)!$%0! #-/(0$8+9!,(//!?'!46)!?$4B! $%0!.(+B8!(%3'+)5'%)+!(%! +)-4B+!$.'!+''(%&!$! 0'4/(%'=!!*)!)#'!+$5'! 75'9!M(%&$<-.'$%+!,(//! </$8!()!+$;'!$%0!</$%! $#'$0!?8!<6E%&!5-%'8! (%)-!(%!+$3(%&+!$%09! (%4.'$+(%&/89!.'7.'5'%)! ;6%0+=! Source: Nielsen Global Consumer Confidence Survey, 2008 !! 147
  • 148. Aquot;92*D&2%&6quot;02*D&quot;&/+6$Oquot;/0& l(+)-.(4$//89!*+($%+!#$3'!?''%!?(&! +$3'.+=!!l$3(%&!/(3'0!)#'! @5(//(-%$(.'1!/(;'!;-.!$!,#(/'9!)#'! *+($+!,(//!+''!;.(3-/()8!+4$/'0!?$4B! $%0!$!.')6.%!)-!+$3(%&!,(//!'%+6'=!! i3'.8!+(%&/'!4-6%).8!(%!)#'!@L-<!JU! <6E%&!(%)-!+$3(%&+1!(+!0.$,%!;.-5! )#'!*+($+9!,()#!$%!$3'.$&'!-;!dKs! +$8(%&!)#(+!(+!#-,!)#'8!,(//!6+'! )#'(.!0(+<-+$?/'!(%4-5'=!!L#(+! 4-5<$.'+!)-!Kds!&/-?$//8=! Source: Nielsen Global Consumer Confidence Survey, 2008 !! 148
  • 149. @+*%;6$5%&quot;9+2=2*D&52%0& k%!r$<$%9!.(+B8!(%3'+)5'%)!).6+)! ?$/$%4'+!#$3'!;$//'%!?8!KUs!+(%4'! wJ!TUUV=!!>#(/+)!)#'8!)65?/'09! 0'<-+()!?$/$%4'+!$)!?$%B+!,'.'! +7//!.(+(%&!?8!ds!(%!S'4'5?'.!@UV=!! k%!$00(7-%9!)#'.'!(+!%-,!r^nJfY! ).(//(-%!-;!0'<-+()+!(%!r$<$%!^-+)9! ,#-!(+!+''(%&!$!.'%','0!.(+'!(%! 0'<-+()+!$Q'.!/-+(%&!$.-6%0!r^nJU! k%!r$<$%9!(%3'+)5'%)!).6+)! ).(//(-%!<'.!8'$.!(%!+$3(%&+!;-.!)#'! ?$/$%4'+!#$3'!;$//'%!?8!KUs!+(%4'! <$+)!O3'!8'$.+!)-!+':('.! wJ!TUUV=!!>#(/+)!)#'8!)65?/'09! (%3'+)5'%)!-<<-.)6%(7'+!,()#! 0'<-+()!?$/$%4'+!$)!?$%B+!,'.'! 564#!#(&#'.!.(+B+!$++-4($)'0=! .(+(%&!?8!ds!(%!S'4'5?'.!@UV=!!k%! $00(7-%9!)#'.'!(+!%-,!r^nJfY! ).(//(-%!-;!0'<-+()+!(%!r$<$%!^-+)9! ,#-!(+!+''(%&!$!.'%','0!.(+'!(%! 0'<-+()+!$Q'.!/-+(%&!$.-6%0!r^nJU! ).(//(-%!<'.!8'$.!<.'3(-6+/89!(%! +$3(%&+!)-!+':('.!(%3'+)5'%)! -<<-.)6%(7'+!,()#!564#!#(&#'.! .(+B+!$++-4($)'0=! !! 149
  • 150. F*%;5quot;*/$&O++6& k%+)'$0!-;!?-..-,(%&!5-.'9! 4-%+65'.+!$.'!+)$.7%&!)-!<.-)'4)! ,#$)!)#'8!#$3'=!!*!)-)$/!-;!YfV=K! ?(//(-%!86$%!hMqJKb!?(//(-%]!(%! (%+6.$%4'!<.'5(65+!,'.'! 4-//'4)'0!/$+)!8'$.9!$!e65<!-;!bY=J! <'.4'%)!;.-5!$!8'$.!$&-9!)#'!quot;#(%$! k%+6.$%4'!W'&6/$)-.8!quot;-55(++(-%! +$(0!8'+)'.0$8!-%!()+!>'?+()'=! k%!+<()'!-;!(++6(%&!$!<.-O)+!,$.%(%&9!quot;#(%$!X(;'}+!<.'5(65! .'3'%6'!.'$4#'0!WAD!TYc=d!?(//(-%!hMqKb!?(//(-%]!/$+)! 8'$.9!.'<.'+'%7%&!$!(%4.'$+'!-;!cUs!;.-5!TUUf9!quot;#(%$! v%-,/'0&'!.'<-.)'0=! !! 150
  • 151. H2%0&quot;9$5%2+*& F/8?'9!$!hv2?$+'0!$(./(%'9!(+!'/(5(%$7%&!)#'! .(+B!(%3-/3'0!,()#!?--B(%&!$!_(&#)!$%0! <.-3(0(%&!4-%+65'.+!,()#!$!.'$+-%!)-! <6.4#$+'=!!i3'.8!_(&#)!?--B'0!(%!r$%6$.8! TUUY!4-5'+!,()#!;.''!.'06%0$%48! (%+6.$%4'=!!L#(+!5'$%+!)#$)!$%8-%'!,#-! ?--B+!$!_(&#)!$%0!)#'%!/-+'+!)#'(.!e-?!,(//! &')!)#'(.!5-%'8!?$4B=! !! 151
  • 152. 81quot;**2*D&quot;4$quot;=& j-)!-%/8!$.'!+'%+(?/'!+#-<<'.+!46E%&!-6)! ':4'++!$%0!'/(5(%$7%&!.(+B9!)#'8!$.'!.'2 '3$/6$7%&!)#'!%'4'++()8!-;!'3'.8!<6.4#$+'! )#'8!5$B'P!'3'%!-%'+!)#$)!$.'!$t-.0$?/'=!! D8!-%/8!<6.4#$+(%&!-%/8!,#$)!(+!$?+-/6)'/8! %'4'++$.89!4-%+65'.!+<'%0(%&!(+!+#(Q(%&! ;.-5!@,$%)+1!)-!@%''0+1=$ j-!/-%&'.!0-!<'-</'!?68!,()#-6)!)#(%B(%&!-;! )#'!4-%+'N6'%4'+=$ !! 152
  • 153. H$*#quot;1&/;1#;5$&%#5$*D#4$*%& >#8!?68!+-5')#(%&!)#$)!&')+!6+'0!-%4'!-.! ),(4'{!k%!TUUY9!5-.'!<'-</'!,(//!?'!.'%7%&! (%+)'$0!-;!-,%(%&=! W'%)2$2)-8!M(%&$<-.'!$//-,+!<$.'%)+! (X')n-69!$!(+!,'?+()'!)#$)!#--B+!hM! )-!<.-3(0'!)#'(.!4#(/0.'%!,()#!6<2)-2 4-%+65'.+!6<!,()#!.'%)$/!.')$(/'.+=!! 0$)'!)-8+9!$%0!.')6.%!)#'5!,#'%! M-!;$.9!dJ9UUU!?6+(%'++!#$3'!+(&%'0! )#'8!$.'!-6)&.-,%!0''5'0!?-.(%&!?8! 6<!;-.!)#'!+()' )#'(.!4#(/0= j-!X-%0-%'.!(+!'3'.!5-.'!)#$%!c! L#$)D$&k>$%)=4-5!0'/(3'.+!6/).$! 5(%6)'+!,$/B!;.-5!$!M).'')4$.=!!D8! #(&#2'%0!#$%0?$&+!$%0!+6%&/$++'+!)-! ?--B(%&!)#'!4$.!-%/(%'9!0.(3'.+!&$(%! ,-5'%!,#-!+7//!4.$3'!)#'!5(//(-%$(.'! $44'++!)-!3'#(4/'!,()#!)#'(.!4$.09!$%0! /--B9!?6)!#$3'!+#6%%'0!)#'! +)$.)!)#'!(&%(7-%!,()#!$!<.'2'5$(/'0! 5(//(-%$(.'!/(;'= ^kj!%65?'.= !! 153
  • 154. M&5$#;5*&#+&6quot;G5$%%&/;1#;5$& k%!)#'!*+($+9!)#'.'!#$+!?''%!$! 5$.B'0!(%4.'$+'!(%!)#-+'!,#-! 0(+).6+)!'4-%-5(4!(%+7)67-%+=!! i5-7-%$/!+'46.()8!(+!%-,!.6/(%&! )#'!.'&(-%9!$%0!+-!<'-</'!$.'! 4#--+(%&!)-!</$8!+$;'!?8!+$3(%&! )#'(.!5-%'8!$%0!B''<(%&!()!,#'.'! )#'8!4$%!+''!()G!6%0'.!)#'!5$H.'++=! *44-.0(%&!)-!)#'!i4-%-5(4!S$(/89!5-.'!)#$%!O3'! ).(//(-%!WAD!(+!(%!<.(3$)'!#$%0+!(%!quot;#(%$9!-;!,#(4#! -%/8!$?-6)!b!).(//(-%!(+!#'/0!?8!?$%B+=!! !! 154
  • 155. Aquot;C$&2%&D++=& L#'!0'+(.'!)-!B''<!5-%'8!,#'.'! ()1+!B%-,%!)-!?'!+$;'!(+!/'$0(%&! )-!+#$.<!.(+'+!(%!)#'!+$/'!-;!+$;'+=! !quot;#]&$&%4.5*k%-$#)*+*$%&$0$50/F$(-$ /('?*'/*$%'$60'F&3$.*(.5*$61C$ &0-*&$0'?$.1#$#)*$/('#*'#&$('$ #)*%+$)(4*$%'&1+0'/*k>*]2*$ &**'$0$di$.*+$/*'#$%'/+*0&*$%'$ &05*&$0'?$%'O1%+%*&$(2*+$#)*$50&#$ -(1+$;**F&3$%'$.0+D/150+$-(+$ )%,)*+L,+0?*$&0-*&$#)0#$ %'&1+0'/*$/(4.0'%*&$0..+(2*$-(+$ 50+,*+$&14&78$ W6++!W'$0'.9!AS!-;!X'(&#!M$;'+!(%! r$%6$.8!TUUY=! !! 155
  • 156. V9$*&#4$&%;>$5B52/4&quot;5$&D+2*D&1+RB52%0& l(&#2%')!,-.)#!k%0($%+!$.'! ,()#0.$,(%&!)#'(.!5-%'8!;.-5!+)-4B+9! '3'%!/-,!.(+B2.')6.%!(%3'+)5'%)+9!$%0! )6.%(%&!)-!/'++!)6.?6/'%)!4-55-0()82 ?$+'0!-<<-.)6%(7'+!+64#!$+!&-/0=!! >#(/+)!)#'!<'.4'%)$&'!-;!(%3'+)-.+! <6E%&!)#'(.!5-%'8!(%!+)-4B+!;'//!;.-5! fKs!)-!cVs!?'),''%!wb!$%0!wK!TUUV9! (%3'+)5'%)+!(%!&-/0!+B8.-4B')'09!;.-5! KTs!(%!wb!)-!Yfs!(%!wK=! `(1+/*_$9(44(?%#C$l'5%'*3$deem$ !! 156
  • 157. Kquot;6O12*D&1+%$%&2#%&1;%#$5& V*=&+C&52%0?&O$4quot;92+;5)&3quot;/quot;;&r&C+5$2D*&4+12=quot;?%& E5+6&I*quot;*/2quot;1&quot;=9$*#;5$&#+&I*quot;*/2quot;1&/+*%$59quot;7%6& Macau suffered its third straight month of casino revenue declines as the Asian offshore gambling Mecca saw numbers drop 5.8 percent in December from a year ago. quot;#(%'+'!*6)#-.(7'+!$.'!/--B(%&!(%)-!)#'! <-++(?(/()8!-;!.'/$:(%&!)#'!46..'%)!.6/'+! /(5(7%&!)#'!$44'++!-;!quot;#(%'+'!4(7`'%+!)-! A$4$6=!!L#(+!(+!(%!.'+<-%+'!)-!<.'0(47-%+!)#$)! )#'!@*+($%!m'&$+11!.'3'%6'+!4-6/0!?'!0-,%!$+! 564#!$+!JKs!)#(+!8'$.9!;-//-,(%&!$!f=bs! .'0647-%!(%!wK!TUUV!p!<'$B!+'$+-%!;-.! A$4$6=!!L#'+'!0'4/(%'+!.'_'4)!#-,! 4-%+65'.+!$.'!%-,!5-.'!'$&'.!)-!</$8!()!+$;'! )#$%!.(+B!)#'(.!5-%'8!(%!$!&$5'!-;!4#$%4'=! `(1+/*_$:*1#/)*$<0'F3$deem$ !! 157
  • 158. 81$quot;%;5$&>$52>4$52$%&quot;5$&=$/5$quot;%$=& H2%0?&O$4quot;92+;5&2%&O$2*D&%/quot;1$=&Oquot;/0& V*=&+C&52%0?&O$4quot;92+;5)&3quot;/quot;;&r&C+5$2D*&4+12=quot;?%& L#'!4-5?(%$7-%!-;!#(&#!-(/!<.(4'+9! E5+6&I*quot;*/2quot;1&quot;=9$*#;5$&#+&I*quot;*/2quot;1&/+*%$59quot;7%6& '4-%-5(4!6%4'.)$(%)89!$%0!$!0'+(.'!)-! </$8!()!+$;'9!(+!4$6+(%&!4-%+65'.+!)-!.'2 '3$/6$)'!)#'(.!</'$+6.'!<'.(<#'.8P!)#$)! (+9!)#'!0(+)$%4'!%''0'0!)-!).$3'/!(%! -.0'.!)-!;''/!$+!)#-6&#!-%'!(+!-%! #-/(0$8=!!*+!$!.'+6/)!-;!)#'!%65?'.!-;! @6?.$%!&$.0'%+1!4.-<<(%&!6<9!(%!5$%8! 4$+'+!)#'!</'$+6.'!<'.(<#'.8!#$+! .'$4#'0!`'.-9!,()#!<'-</'!-<7%&!)-! #-/(0$8!$)!#-5'9!-.!@+)$84$7-%1=$ quot;#(%'+'!*6)#-.(7'+!$.'!/--B(%&!(%)-!)#'! <-++(?(/()8!-;!.'/$:(%&!)#'!46..'%)!.6/'+! /(5(7%&!)#'!$44'++!-;!quot;#(%'+'!4(7`'%+!)-! A$4$6=!!L#(+!(+!(%!.'+<-%+'!)-!<.'0(47-%+! )#$)!)#'!@*+($%!m'&$+11!.'3'%6'+!4-6/0!?'! 0-,%!$+!564#!$+!JKs!)#(+!8'$.9!;-//-,(%&!$! f=bs!.'0647-%!(%!wK!TUUV!p!<'$B!+'$+-%! ;-.!A$4$6=!!L#'+'!.'0647-%+!.'_'4)!#-,! quot;-%+'.3$73'!+<'%0'.+!$.'!4-5<-6%0(%&!$%!$/.'$08!0(.'! 4-%+65'.+!$.'!%-,!5-.'!'$&'.!)-!</$8!()! +()6$7-%!;-.!)#'!,-./01+!$(./(%'+=!!k%!TUUY9!5$%8!$(./(%'+!,(//! +$;'!)#$%!.(+B!)#'(.!5-%'8!(%!$!&$5'!-;! &.-6%0!</$%'+!$%0!46)!4$<$4()8!)-!.'5$(%!<.-O)$?/'=!!$ 4#$%4'=! `(1+/*_$:*1#/)*$<0'F3$deem$ !! 158
  • 159. 86*07.9:$/%' !A$H.'++!46/)6.'! !k+!0'.(3'0!;.-5!)#'!*+($%!).$0(7-%!-;!B''<(%&!5-%'8!6%0'.! 5$H.'++'+!(%+)'$0!-;!(%!?$%B!$44-6%)+=!!j-,9!$+!).6+)!(%! O%$%4($/!(%+7)67-%+!'??+!$,$89!4-%+65'.+!(%!)#'!*+($+!$.'!$&$(%! B''<(%&!)#'(.!5-%'8!$)!#-5'=! !^/'$+6.'!<'.(<#'.8! !k+!)#'!0(+)$%4'!)#$)!$%!(%0(3(06$/!%''0+!)-!).$3'/!(%!-.0'.!)-!@&')! $,$8!;.-5!()!$//19!-.!)-!;''/!$+!)#-6&#!)#'8!$.'!-%!#-/(0$8=!!*+!$! .'+6/)!-;!</$8(%&!()!+$;'!(%!@UY9!5$%8!4-%+65'.+1!</'$+6.'! <'.(<#'.('+!$.'!.'064(%&!)-!`'.-=!!k%+)'$0!-;!).$3'//(%&!-3'.+'$+9! )#'8!@+)$84$7-%1=! !M)$84$7-%! !k+!$!4#-(4'!?8!$!4-%+65'.!)-!)$B'!$!#-/(0$8!(%!)#'(.!#-5'!)-,%=!! j-,!)#$)!&.''%!+<$4'!(+!?'(%&!$473'/8!0'3'/-<'0!(%!5$%8!4(7'+9! ':<'4)!+)$84$7-%+!)-!.(+'!(%!TUUY=! 159
  • 160. D.$%0!@4quot;*D$8+2*#& C<<-.)6%()8! k%!)-0$81+!.(+B2$3'.+'!'%3(.-%5'%)9!?.$%0+!%''0!)-!'%74'! 4-%+65'.+!)-!/(3'!$!+$;'.!/(;'+)8/'9!.$)#'.!)#$%!)'$+'!)#'5! ,()#!@5(//(-%$(.'!/(;'1!<.-064)+!$%0!+'.3(4'+=! A$.B')'.+!+#-6/0!)#(%B!-;!%',!;-.5+!-;!(%+6.$%4'+!)#'8! 4$%!7'!)-!)#'(.!<.-064)+!p!/--B!$)!.')6.%!&6$.$%)''+9! +<-%+-.(%&!+$3(%&+!+4#'5'+!$%0!6+(%&!?'H'.!5-%'8! 5$%$&'5'%)!$+!<$.)!-;!)#'(.!quot;MW!'t-.)+=! L#'!75'!#$+!4-5'!;-.!?.$%0+!)-!#'/<!4-%+65'.+!+$3'9! .$)#'.!)#$%!+<'%0=! 160
  • 161. 8 From attitude To gratitude 161
  • 162. =!! L4$&@4quot;*D$& >)%5*$0n#1?*$;0&$055$06(1#$'?%',$&#0#1&$#)+(1,)$ /('&14.D('3$,+0D#1?*$%&$06(1#$'?%',$)0..%'*&&$(1#&%?*$ /('&14*+%&4$(+$0#$5*0&#$-**5%',$,+0#*-15$-(+$;)0#$('*$&*55&3$ 61C&3$40F*&3$#+%*&3$#+0?*&$(+$&)0+*&7! quot;#$//'%&(%&!75'+!,(//!+''!<'-</'!4.$3(%&!5-.'!<-+(73'! (0'$+!)#$)!+<.'$0!$!4#''.=!F.-5!quot;MW!)-!6<?'$)! $03'.7+(%&9!&.''%!'t-.)+!)-!&--03'.7+(%&9!4-%+65'.+!$.'! &-(%&!)-!+''B!5-.'!'5<$)#89!&'%'.-+()89!<-+(73()8!$%0! .'4(<.-4()8!;.-5!<'-</'!$%0!?.$%0+=!F.-5!.'<'%)$%)! ?(//(-%$(.'+!)-!)#'!5$%!-%!)#'!+).'')9!$473(+5!(+!&-(%&!)-! ?'4-5'!5$(%+).'$5=! !X%&&%',$#)*$/*%5%',8$^#-)-!+'.('+!?8!F.'0!A6.$5=! D'!#$<<8!)-!#$3'!$!.--;!$?-3'!8-6.!#'$0!P2]! 162
  • 163. !2112+*quot;25$& M/792%6& W(4#$.0!D.$%+-%!,$+! %$5'0!quot;(7`'%!-;!)#'!n'$.! ?8!)#'!h%()'0!j$7-%+!;-.! #(+!'4-2$03-4$48!$%0! 4-55()5'%)!)-!;6%0(%&! &.''%!'%'.&8!+-/67-%+=! !! 163
  • 164. L4$&D1+Oquot;1&%$quot;5/4&C+5& 5$=$6>7+*&2%&+*& ^-+)24.(+(+9!0-(%&!&--0!,(//!?'4-5'! $!,$8!)-!+$/3$&'!.'<6)$7-%!$5-%&! 0(+4.'0()'0!,'$/)#8!<'-</'=! l-,'3'.9!D(//!g$)'+!$%0!>$..'%! D6t')1+!'%).8!(%)-!?(&2/'$&6'! <#(/$%)#.-<8!#$+!%-,!4.'$)'0!$! %',!/'3'/!-;!+4.67%8!;-.!(%'t'473'! <#(/$%)#.-<('+!)-!0'/(3'.!.'+6/)+=!! !! 164
  • 165. F*#$5*$#&2%&6quot;02*D&+*12*$& quot;/792%6&6quot;2*%#5$quot;6& D1+Oquot;11?& & c Zquot;$6+'+[!(+!-%'!-;!)#'!5-+)! <-<6/$.!F$4'?--B!$<</(4$7-%! quot;$6+'4$+)!(+!)#'!'N6(3$/'%)!-;!n-6L6?'!;-.!<'-</'!,#-!,$%)!)-!?.-$04$+)! -.!+#$.'!4$6+'2.'/$)'0!3(0'-+=!! !! 165
  • 166. @42*quot;h%&3$&K$*$5quot;7+*&2%& #;5*2*D&2*#+&#4$&W$&K$*$5quot;7+*& quot;#(%$1+!ZX(H/'!i5<'.-.+[!$.'!$!.'+6/)!-;!)#'! 4-6%).81+!ZC%'!quot;#(/0!^-/(48[!(%+7&$)'0!(%! )#'!/$)'!JYfU1+=!*/+-!B%-,%!$+!)#'!ZA'! g'%'.$7-%[9!)#'+'!8-6%&!<'-</'!#$3'! '%e-8'0!/$3(+#!<$.'%)$/!$H'%7-%!$%0! 0'0(4$)'0!;$5(/8!.'+-6.4'+=!*+!$!.'+6/)!)#'8! #$3'!?'4-5'!0'5$%0(%&!4-%+65'.+=!! Source: WGSN !! 166
  • 167. U+R_&^:2G1$&V6>$5+5%a&quot;5$& O$/+62*D&^!2D&K29$5%a&& Youth Are Becoming Big Givers But now Chinese 167
  • 168. F*&3quot;1quot;?%2quot;_& $<>$/#quot;7+*%&C+5& D1+Oquot;1&O5quot;*=%&quot;#&#4$& 1+/quot;1&1$9$1&quot;5$& 42D4$5&#4quot;*&$9$5Z& !=*(.5*$41&#$0/#77$@)*C$;('Q#$?%*$%-$#)*C$ ?('Q#$?+%'F$9(/0L9(5087$F-.5'.! A$/$8+($%!^.(5'!A(%(+)'.!A$#$)#(.! A-#$55$0!4$//+!;-.!$!?-84-H!-;!hM! <.-064)+!(%!$!<.-)'+)!$&$(%+)!k+.$'/=! !! 168
  • 169. @;55$*#&/4quot;11$*D$%& quot;5$&>;q*D&quot;& >5$62;6&+*& >+%279$&#42*02*D& D1+Oquot;11?Z& ^'<+(!%',!/-&-!(+!$//!$?-6)! 6%$06/)'.$)'0!<-+(73()8 ! 169
  • 170. 8$+>1$&quot;5$&?$quot;5*2*D&C+5&6+5$&>+%2792#?_& 5$/2>5+/2#?&quot;*=&D5quot;7#;=$&C5+6&+#4$5%_& #4$6%$19$%_&=$%2D*$5%_&@VNA_&O;%2*$%%$%& quot;*=&O5quot;*=%Z& “Halfull” by Kay Rosen 170
  • 171. K++=quot;12%6&& s#4$&+>>+%2#$&+C&9quot;*=quot;12%6t& g.$u7!B%(E%&! ~!quot;-(%'0!?8!D$)'+!JKJ!
  • 172. i+1;*#+;52%6& W()`2quot;$./)-%1+!g(3'!D$4B!g')$,$8+!<.-&.$5!&(3'+!#-)'/!&6'+)+!)#'!-<<-.)6%()8!)-!3-/6%)''.! )#'(.!75'!)-!(5<.-3'!$%0!$++(+)!)#'!/-4$/!4-556%()8!(%!,#(4#!)#'8!$.'!3$4$7-%(%&=!! 172
  • 173. L#'!4-%3'.&'%4'!-;!5-?(/'9!+-4($/!5'0($!$%0!-%/(%'2;6'/'0!46/)6.'!-;!(%0(3(06$/+!,#-!+#$.'9! &(3'9!'%&$&'9!4.'$)'!$%0!4-//$?-.$)'!(%!/$.&'!%65?'.+!(+!&-(%&!)-!5$B'!<-++(?/'!)-!(%+)$%)/8! E1quot;%4&/quot;;%$%& $%0!4#'$</8!-.&$%(`'9!.$(+'!5-%'89!-.!&$)#'.!$H'%7-%!-%/(%'!$%8,#'.'!(%!)#'!,-./0=!
  • 174. @5+R=%+;5/$=&/1$quot;*2*D&$S+5#& k%!TUUV9!S'%5$.B}+!W-+B(/0'!F'+73$/! <.-5-)'0!)#'!+/-&$%!€X'++!L.$+#†A-.'! A6+(4€!(%!()+!'t-.)!)-!4-%).-/!)#'! /'Q-3'.!&$.?$&'=!M<'4($/!.'0!&$.?$&'! ?$&+!,'.'!#$%0'0!-6)!)-!;'+73$/2&-'.+! ,()#!.',$.0+!;-.!'$4#!?$&!4-//'4)'0=!! 174
  • 175. @5+R=%+;5/$=&/quot;;%$&2=$quot;%& X$+)!8'$.9!g--&/'!/$6%4#'0!^.-e'4)!JUJUU9!'%4-6.$&(%&!! )#'!<6?/(4!)-!+6?5()!(0'$+!)#$)!#'/<!-)#'.!<'-</'9!,()#!! )#'!5-+)!#'/<;6/!4-%4'<)+!'3'%)6$//8!?'(%&!(5</'5'%)'0!! ,()#!$!+#$.'!-;!hMS!JU!5(//(-%=!! 175
  • 176. 32/5+&C;*=5quot;2%2*D& „b!%'),-.B!4-5?(%'+!':'.4(+'!$%0!4#$.()8!$%0!#'/<+!4-%+65'.+!&')! 4-.<-.$)'!+<-%+-.+#(<!;-.!)#'(.!'3'.80$8!':'.4(+'!$473(7'+=!i3'.8! 't-.)!?'4-5'+!$!;6%0.$(+(%&!'t-.)!;-.!)#'!4$6+'!-;!)#'(.!4#-(4'=!!
  • 177. K29$&#+&D$#& C.$%&'!W-4Bquot;-.<+!&(3'+!$,$8!;.''!4-%4'.)!74B')+! )-!8-6)#!(%!':4#$%&'!-;!$!;',!#-6.+!-;!3-6%)''.(%&=! Zn-6!4$%1)!?68!$!74B')9!8-6!#$3'!)-!'$.%!()[=!! 177
  • 178. K$#&#+&D29$& F-.!'$4#!#-5'!()!+'//+9!quot;$/(;-.%($!'4-26.?$%! 0'+(&%!O.5!Xr!h.?$%!<$8+!;-.!$!%',!#-5'!(%! D6.B(%$!F$+-!?8!;6%0(%&!)#'!4-5</')'!).$(%(%&! -;!$!/-4$/!5$+-%=! 178
  • 179. !$2*D&;%$C;1&O?&%4quot;52*D&+*$h%& 2*C5quot;%#5;/#;5$& quot;-/$!/(;'!(+!quot;-4$2quot;-/$!5'++$&'!(%!$!?-H/'=!quot;-4$!quot;-/$!6+'!)#'(.!':)'%+(3'! 0(+).(?67-%!4#$%%'/+!(%!0'3'/-<(%&!4-6%).('+!)-!0(+).(?6)'!.'#80.$7-%!+$/)+!)-! )#'!<'-</'!)#$)!%''0!)#'5!0'+<'.$)'/8=!! 179
  • 180. J$%2D*&C+5&#4$& ;*>52921$D$=& !@)*$40E(+%#C$(-$#)*$;(+5?Q&$?*&%,'*+&$-(/1&$055$#)*%+$*G(+#&$ ('$?*2*5(.%',$.+(?1/#&$0'?$&*+2%/*&$*I/51&%2*5C$-(+$#)*$ +%/)*&#$heg$(-$#)*$;(+5?Q&$/1&#(4*+&7$j(#)%',$5*&&$#)0'$0$ +*2(51D('$%&$'**?*?$#($+*0/)$#)*$(#)*+$meg87$$ S.=!^$6/!^-/$B9!k%)'.%$7-%$/!S'3'/-<5'%)!i%)'.<.(+'+=! 180
  • 181. Generosity beyond charity Red Bull Academy 181
  • 182. j(B'!g$5'!quot;#$%&'.+!(+!$%!-%/(%'!4-5<'77-%! !5quot;*=&D$%#;5$%& )#$)!4#$//'%&'+!8-6%&!+-4($/!'%).'<.'%'6.+!)-! 4-5'!6<!,()#!,$8+!)-!Z/'3'.$&'!+<-.)!;-.!<-+(73'! +-4($/!4#$%&'!(%!)#'!/(3'+!-;!&(./+!$%0!,-5'%=[! 182
  • 183. K++=9$57%2*D& j-.)#/$%0!^.-;'++(-%$/!-6)0--.!$<<$.'/!.'4'%)/8!&$3'! $,$8!;.''!4$<+9!&/-3'+!$%0!+4$.3'+!-%!.-6&#/8!cU! ?(//?-$.0+!)#.-6&#-6)!)#'!4()8!-;!g.$`=!X64B8!<$++'.+2 ?8!4-6/0!+%$&!$!;.''!$44'++-.8!$+!,'//!$+!)#'!4#$%4'! )-!).8!()!-6)!$%0!)'//!'3'.8-%'!$?-6)!()=! 183
  • 184. f>O$quot;#&quot;=9$57%2*D& quot;'.)$(%!?.$%0+!#$3'!0'4(0'0!)-! <-B'!;6%!$)!)#'!.'4'++(-%a!)-! $3-(0!$!&/-?$/!0'<.'++(-%=! 184
  • 185. f>O$quot;#&quot;=9$57%2*D& *6+).$/($!(+!6+(%&!)#'!.'4'++(-%!)-!5$B'!$!<-(%)!$?-6)!'$7%&! X$5?!quot;#-<=!L#'!'t-.)!(+!<$.)!-;!$%!-3'.$//!}C0'!)-!X$5?}! 4$5<$(&%!)#$)!#$+!?''%!.6%%(%&!;-.!8'$.+=!! http://www.youtube.com/watch?v=JzBG4k8aTus 185
  • 186. K292*D&5quot;*=+61?& X'$0(%&!quot;#(%'+'!'2)$(/'.!S$%&S$%&=4-5!&(3'+!?$4B!)-!! ()+!46+)-5'.+†$%0!'%4-6.$&'+!)#'(.!3(&(/$%)!$H'%7-%!)-! )#'!+()'†?8!.$%0-5/8!$++(&%(%&!-%'!#-6.!$!0$8!$+!! ZX64B8!L(5'[!(%!,#(4#!$//!<6.4#$+'+!5$0'!,()#(%!)#$)!! #-6.!$.'!;.''!-;!4#$.&'=! 186
  • 187. 86*07.9:$/%' !m-/6%)-6.(+5! !k+!$!%',!;-.5!-;!)-6.(+59!,#'.'!).$3'/'.+!)$B'!75'!-6)!-;!)#'(.! 3$4$7-%!)-!(5<.-3'!$%0!$++(+)!)#'!/-4$/!4-556%()8!)#$)!)#'8!$.'! 3(+(7%&=! !g--03'.7+(%&! !k+!)#'!6+'!-;!).$0(7-%$/!$03'.7+(%&!-6)/')+9!'&!?(//?-$.0+9!)-! 0(+).(?6)'!;.''!5'.4#$%0(+'!)-!<$++'.+2?8=!! 187
  • 188. D.$%0!@4quot;*D$8+2*#& C<<-.)6%()8! >#(/'!$E)60'!,$+!$//!$?-6)!#$3(%&9!&.$7)60'!(+!$?-6)! ?'(%&!$%0!&(3(%&G!?'(%&!5-.'!&.$)';6/9!5-.'!&'%'.-6+9! 5-.'!(%!)6%'!,()#!<'-</'!$%0!-%'1+!'%3(.-%5'%)=! *+!<'-</'!/--+'!)#'(.!e-?+!$%0!;$()#!(%!4-%+65'.(+59! ?.$%0+!,-6/0!?'!,'//!$03(+'0!)-!)#$%B!<'-</'!;-.!)#'(.! ?6+(%'++=!!k)!(+!75'!)-!+#(Q!@/-8$/)8!<.-&.$55'+1!)-!@4$.(%&! <.-&.$55'+1!$%0!;-.!?.$%0+!)-!$/+-!+#-,!5-.'!&.$7)60'! 3(+2‡23(+!)#'(.!46+)-5'.+=!!*+!$473(+5!?'4-5'+! 5$(%+).'$59!?(&!(0'$+!$%0!?(&!(0'$/+!$.'!e6+)!%-)!&--0! '%-6&#9!-%'!%''0+!?(&!$47-%+=!A$.B'7%&!(+!$?-6)!,#$)! 8-6!0-!%-)!,#$)!8-6!+$8=!L-!?'4-5'!$!).6/8!4$.(%&!?.$%09! 4-5<$%('+!,(//!%''0!)-!4.'$)'!<.-064)+9!+'.3(4'+!$%0! +8+)'5+!)#$)!N6'+7-%!)#'!).$0(7-%$/!$<<.-$4#!-;!?68(%&! $%0!<.(3$)'!-,%(%&!$%0!(%+)'$0!'%4-6.$&'!+#$.(%&!$%0! /'$+(%&!)--=! 188
  • 189. 9 From high tech To slow tech 189
  • 190. =!! &L4$&@4quot;*D$& $@*/)'(5(,C$)0&$%'5#+0#*?$*2*+C$0&.*/#$(-$/('&14*+&Q$5%2*&3$ #($#)*$*I#*'#$#)0#$'(;$40'C$-**5$#)0#$#)*C$0+*$(2*+L+*5%0'#$ 0'?$(2*+L*I.*/#0'#$(-$)%,)$#*/)$,0?,*#+C7$$quot;#$%&$/51S*+%',$ #)*%+$5%2*&$0'?$6*/(4%',$0$'1%&0'/*7!! !M/-,!)'4#!(+!)#'!.'+<-%+'=!!F-//-,(%&!)#'!TUUY!;$+#(-%!).'%0! )-,$.0+!+-?.(')89!)'4#!0'+(&%!,(//!?'&(%!)-!+(5</(;8!$%0!0.$,! (%+<(.$7-%!;.-5!.6+74()8!$%0!%$)6.'=!!j',!<.-064)+!,(//!?'! +(5</'!$%0!75'/'++!(%!4#$.$4)'.!'%+6.(%&!)'4#%-/-&8!,(//! $&$(%!4-5</'5'%)!)#'!/(3'+!-;!!4-%+65'.+9!.$)#'.!)#$%! 0(4)$)'!)#'5=!!! 190
  • 191. V<>$/7*D&#++&6;/4&C5+6&#$/4*+1+D?& >()#!)#'!<.-/(;'.$7-%!-;!)'4#%-/-&8!(%)-!'3'.8! $+<'4)!-;!)#'(.!/(3'+9!4-%+65'.+!-Q'%!/--B'0!)-! )'4#%-/-&(4$/!$03$%4'+!)-!?'H'.!)#'(.!/(;'=! 191
  • 192. J$>$*=2*D&#++&6;/4&+*&#$/4*+1+D?& L#'!)8<(4$/!?6+(%'++!).$3'/'.+!?$&!(+!4/6H'.'0!,()#!&$0&')+9!4$?/(%&!$%0! <'.(<#'.$/+9!5$B(%&!<.'3(-6+/8!+(5</'!)$+B+!5-.'!4-5</(4$)'0=! 192
  • 193. ZD8!/(3(%&!-6),$.0/8!5-.'!+(5</'9!,'!$.'!(%,$.0/8!5-.'!.(4#[! S6$%'!i/&(%9!F-6%0'.9!m-/6%)$.8!M(5</(4()8!M-4(')8!!! fTs!-;!hM!quot;-%+65'.+!,(+#!)-!@0'24/6H'.!)#'(.!/(3'+1! `(1+/*_$<+0%'o*&*+2*$o*&*0+/)3$deef$ 193
  • 194. A26>12/2#?&%$11%& 194
  • 195. A26>12/2#?&2%&76$1$%%& M(5</(4()8!,$+!%-)!(%3'%)'0!?8!*<</'9!()!#$+!$/,$8+! ?''%!)#'!5$%).$!-;!0'+(&%'.+=!!l-,'3'.9!5-.'!)#$%! $%8!-)#'.!)'4#!4-5<$%89!)#'8!#$3'!'5?.$4'0!()! 195
  • 196. A26>12/2#?&2%&O$2*D&$6O5quot;/$=& ^#(/(<+!#$3'!.'<-+(7-%'0!)#'(.!-t'.(%&!$.-6%0!+(5</(4()8!$%0!'$.)#/(%'++=!!C%/8!<.-064)+!)#$)!'%$?/'! +(5</'!/(3(%&!$.'!.'/'$+'0!-%)-!)#'!5$.B')9!$%0!4-%+65'.+!$.'!4.-,0+-6.4'0!;-.!)#'(.!-<(%(-%+!-%! +(5</(4()8!3($!)#'(.!,'?+()'= !! !`%4.5%/%#C$%&$'(;$#(1/)%',$*2*+C#)%',$;*$?(7$ quot;#$%&$%4.+(2%',$(1+$%''(20D('$.+(/*&&3$(1+$ +*50D('&)%.&$;%#)$/1&#(4*+&3$0'?$(1+$06%5%#C$ #($0S+0/#$0'?$+*#0%'$#05*'#78$ ^#(/(<+!,'?+()'! 196
  • 197. f176quot;#$&%26>12I/quot;7+*)&&L4$&O25#4&+C&%1+R&#$/4& !B*&&$&.**?$-(+$6*S*+$5%2%',7$ @0F%',$0$6+*0F$%'$0$?*40#*+%05%&*?$ ;(+5?7$`(^3$M1%?$#*/)'(5(,%*&$ +*2%&%#$'0#1+05'*&&$0'?$0$ &%4.5%*?$5%-*$.)%5(&(.)C7$`#C5*$%&$ 05&($%'&.%+*?$6C$#)*$%'?1&#+%05$ 0*&#)*D/&$(-$50&#$/*'#1+CQ&$ ?*&%,'*+L*',%'**+&7$R*02C3$ .*0/*-15$-(+4&$/15D20#*$0$&(5%?3$ +*0&&1+%',$*5*,0'/*7$@)*$)(1&*$%&$ #0F%',$('$?*.#)$0'?$;*%,)#3$ ;(+5?&$0;0C$-+(4$#)*$+*0?CL#(L ?%&/0+?78! F.$%…-(+!D'.%$.0!-%!M/-,!L'4#! L#'!+/-,!)'4#!5-3'5'%)!/$6%4#'0!$)!@A$(+-%!')!C?e')1!TUUV!(%!^$.(+! 197
  • 198. L26$1$%%&#$/4)&L4$&Hquot;7+*quot;2%%quot;*/$& L#'!.$7-%$(++$%4'!(+!$!%',! 0(.'47-%!(%!0'+(&%!)#$)!$(5+!)-! 4.'$)'!+(5</'9!75'/'++!)'4#%-/-&8! )#$)!<'-</'!'%e-8!+<'%0(%&!75'! ,()#=!!k)!$(5+!)-!':60'!+(5</(4()8! ?8!#(0(%&!)#'!)'4#%-/-&8!?6.('0! ,()#(%!-?e'4)+=! 198
  • 199. H;%7/2#?&6quot;0$%&#42*D%&1++0&%26>1$5& i3'%!$03$%4'0!+-Q,$.'!+64#!$+!^#-)-+#-<!4$%! ?'!5$0'!)-!/--B!+(5</'!,#'%!0(+7//'0!0-,%!)-! )#'(.!?$.'!+(5</(4()89!$+!)#(+!$,$.02,(%%(%&!D$)'+! JKJ!$0!+#-,+=! 199
  • 200. H;%7/&#++1%&C+5&quot;&%26>1$5&12C$& M/-,!)'4#!0'24/6H'.+!/(3'+! ?-5?$.0'0!,()#!#(&#2)'4#! 4-5</(4$7-%+=!!k)!(+!0'+(&%1+! )$B'!-%!+-?.(')8!(%!TUUY=! 200
  • 201. 3quot;02*D&#$/4*+1+D?&6+5$&4;6quot;*& M/-,!)'4#!0.$,+!(%+<(.$7-%! ;.-5!%$)6.'!)-!$00!,$.5)#!)-! ).$0(7-%$//8!4-/0!)'4#%-/-&8=! 201
  • 202. L$/4*+1+D?&2*%>25$=&O?&*quot;#;5$& @quot;$/5!)'4#1!)$B'+!()+!(%+<(.$7-%!;.-5!)#'!,(0'.! ,-./09!$%0!$(5+!)-!?'!/'++!(%)'.;'.(%&!)#$%!#(&#!)'4#=! ! L#(+!$//-,+!<'-</'!)-!/(3'!$!5-.'!#$.5-%(-6+!/(;'=!!! L#(+!$/$.5!4/-4B!5$B'+!%-!+-6%0=!!k%+)'$09!()!,$B'+! <'-</'!;.-5!)#'(.!+/65?'.!?8!(5()$7%&!)#'!+6%!$%0! O//(%&!.--5+!,()#!/(&#)=! 202
  • 203. A1+R&#$/4&D29$%&>$+>1$&76$&#+&#42*0& L'4#%-/-&8!0'+(&%!N&)(15?$5*02*$+((4$-(+$ %40,%'0D('$0'?$*2(F*$.(*D/$%'#*+0/D('&Q$$ X-.(+!m$%&'/0'.9!M/-,!)'4#!0'+(&%'.! 203
  • 204. 86*07.9:$/%' !M/-,!)'4#! !k+!$!%',!4$)'&-.8!-;!+-Q9!_6(0!)'4#%-/-&('+!)#$)!$.'!'$+('.!)-! 6+'9!5-.'!%$)6.$/!$%0!)$47/'!$%0!$(5!)-!?'!/'++!(%)'.;'.(%&!)#$%! #(&#!)'4#=!! !quot;$/5!)'4#! !!!!!!!!!!k+!$!$!B(%0!-;!)'4#%-/-&8!?-.%!;.-5!+/-,!)'4#9!)#$)!<.-5-)'+!! !!!!!!!!!!%$)6.$/9!4$/5'.!)'4#%-/-&('+!'=&=!+6%!/(&#)]!)-!<.-5-)'!! !!!!!!!!!!#$.5-%(-6+!/(3(%&=! ! !$ 204
  • 205. D.$%0!@4quot;*D$8+2*#& C<<-.)6%()8! k)1+!564#!'$+('.!)-!5$B'!+-5')#(%&!4-5</(4$)'0!)#$%!)-! 5$B'!+-5')#(%&!+(5</'=!!*%0!.(&#)!%-,9!)#'.'1+!+-!564#! &-(%&!-%!(%!4-%+65'.+1!/(3'+9!564#!-;!()!0.(3'%!?8!)'4#9! )#$)!)#'.'1+!$!#6&'!0'+(.'!;-.!+(5</(4()8=!!! L'4#%-/-&8!)#$)!4/6H'.+!$%0!.'N6(.'+!':)'%+(3'!(%+).647-%! 5$%6$/+!(+!-6)=!!F6%47-%$/()8!$%0!+(5</(4()8!$.'!(%=!!D.$%0+! +#-6/0!%-)!;-46+!-%!)#'!?'//+!$%0!,#(+)/'+!-;!)'4#%-/-&89! .$)#'.!+'//!)#'(.!+(5</(4()8=!!L(5'!$%0!75'!$&$(%9!.'+'$.4#! +#-,+!)#$)!4-%+65'.+!-%/8!6+'!JUs!-;!$!&(3'%!)'4#%-/-&8! 06'!)-!()+!4-5</':()8!p!,#(4#!?.$%0!,(//!0-!+-5')#(%&! $?-6)!()!O.+){! D.$%0+!+#-6/0!$/+-!4#$//'%&'!)#'5+'/3'+!)-!)#(%B! 0(t'.'%)/8!$?-6)!Z(%%-3$7-%[=!L-!4-%+65'.+9!5-.'! %$)6.$/9!4$/5!$%0!#$.5-%(-6+!)'4#%-/-&8!5(&#)!e6+)!?'!)#'! /$)'+)!$03$%4'5'%)!)#'813'!?''%!,$(7%&!;-.=! 205
  • 206. 10 From second life To augmented reality 206
  • 207. L4$&@4quot;*D$& `*/('?$5%-*$;0&$06(1#$5%2%',$0'$%40,%'0+C$5%-*$('5%'*$0'?$ /(''*/D',$#($.*(.5*$2%+#1055C$1&%',$020#0+&7$>)%5*$%#$ -(1'?$&(4*$+*05L5%-*$0..5%/0D('&3$%#$'*2*+$-155C$6+%?,*?$#)*$ ,0.$6*#;**'$#)*$('5%'*$0'?$#)*$(p%'*$;(+5?7$ *6&5'%)'0!.'$/()8!(+!$?-6)!4-%%'47%&!,()#!$60('%4'+!?8! O%0(%&!,$8+!)-!(55'.+'!<'-</'!(%!$/)'.%$)'!,-./0+!)#$)! <.-3(0'!.'$/!4-%)'%)!2!'3'.8)#(%&!;.-5!'%)'.)$(%5'%)!)-! '064$7-%=!! F.-5!bS!Lm+!)-!&$5(%&2(%+<(.'0!.'+)$6.$%)+9!$/)'.%$)'! .'$/()8!&$5(%&!*Wg]!)-!)#'!+'.(-6+!&$5'!5-3'5'%)9! .'$/()8!(+!(%4.'$+(%&/8!?''%!Z$6&5'%)'0[!)#$%B+!)-!%',! </$ˆ-.5+=! 207
  • 208. i25#;quot;1&quot;$%#4$7/%&quot;5$& $*#$52*D&#4$&5$quot;1&R+51=& quot;-5<6)'.!(4-%+!$.'!%-,!<$.)!-;! <-<!46/)6.'!$%0!)#'!'3'.80$8! 0'+(&%!/$%&6$&'=! www.bates141.com
  • 209. i25#;quot;1&D++=%&/quot;*& *+R&O$/+6$&5$quot;1& >()#!g')L#'5k%9!F$4'?--B!6+'.+! 4$%!+'%0!.'$/!_-,'.+!$%0!4$%08!)-! )#'(.!3(.)6$/!;.('%0+=! 209
  • 210. ^'&&8!A$(/!$//-,+!<'-</'!)-!+'%0!.'$/!<-+)4$.0+!)#.-6&#!+%$(/!5$(/=! !
  • 211. H$quot;1&D++=%&2*%>25$& *$R&925#;quot;1&D++=%& R((2*+$/+*0#*?$0$?*&F#(.$20/114$/5*0'*+$#($ ?*4('&#+0#*$#)*$&#+(',$.(;*+$(-$#)*$q+**4(D('$ 20/114$/5*0'*+7$:(/&$C(1$;0'#$#($+*4(2*$'($ 5(',*+$)02*$#($6*$?+0,,*?$#($#)*$6%'$#)*$R((2*+$ !&1/F&8$#)*4$+%,)#$%'#($%#7$
  • 212. L4$&^F*#$5*$#&+C&L42*D%a& 2%&*+R&quot;9quot;21quot;O1$& L(B()$&!+'.3(4'!'%$?/'+!$%8-%'!)-!/(%B!$%8)#(%&! )-!)#'!-%/(%'!,-./0!6+(%&!WFkS=!L#'!+'.3(4'! '%$?/'+!<'-</'!)-!)$&!.'$/!,-./0!-?e'4)+!/(B'! ?6+(%'++!4$.0+!,()#!$%!-%/(%'!,'?<$&'!-.! $<</(4$7-%+!$%0!)-!5$B'!)#'5!$44'++(?/'!,()#!$ ! +(%&/'!)-64#=!
  • 213. N*12*$&6+9$%&+u2*$& L,-%'+!(+!$%!-%/(%'!56+(4!+'.3(4'!)#$)!4.'$)'+!$!75'/(%'!-;!)#'!56+(4!<'-</'!/(+)'%!)-!-%/(%'=!h+'.+! 4$%!+#$.'!)#'(.!75'/(%'+!$%0!0(+4-3'.!%',!56+(4=!L-%8!^/$8'.9!?6(/0+!</$8/(+)+!;.-5!56/7</'! 75'/(%'+=!>#'%!5'5?'.+!$..(3'!$)!$!4/6?!)#$)!6+'+!L-%8!^/$8'.9!)#'!).$4B+!)#'8}3'!5-+)!.'4'%)/8! /(+)'%'0!)-!4$%!?'!(5<-.)'0!)-!)#'!Sr}+!</$8/(+)=!!
  • 214. H$quot;12#?&2%&%#quot;57*D&#+& 1++0&9$5?&=2S$5$*#& L#'!M6%!quot;$%-<8!?8!quot;#.(+)-<#!v/'55)!<.'+'%)'0!$)!)#'! TUUV!A(/$%!F6.%()6.'!':#(?(7-%!5$.B+!)#'!O.+)!75'!)#$)! <#-)-.'$473'!)'4#%-/-&8!#$+!'3'.!?''%!(%4-.<-.$)'0!(%)-! $%!$.4#()'4)6.$/!+).64)6.'=! 214
  • 215. V<>$52$*/2*D&quot;&*$R&5$quot;12#?& *)!)#'!0$.B!.'+)$6.$%)!(%!D'(e(%&9!<'-</'!'$)!(%!)-)$/!0$.B%'++=!>$()'.+!,'$.!%(&#)! 3(+(-%!$%0!5-?(/'!<#-%'+!-.!'3'%!/65(%-6+!,$)4#'+!$.'!<.-#(?()'0=! D8!+)$.3(%&!)#'!+'%+'!-;!3(+(-%9!8-6.!-)#'.!+'%+'+!$.'!+756/$)'0!)-!;6//!$/'.)!$%0!+-! )#'!;--0!)$+)'+!/(B'!()1+!%'3'.!)$+)'0!?';-.'=! 215
  • 216. A*$quot;02*D&2*#+& %+6$+*$h%&5$quot;12#?& lDC1+!Zm-8'6.[!4$5<$(&%!#$0!$!5$++(3'!-6)0--.! <.-e'47-%!-%)-!)#'!+(0'!-;!$!?6(/0(%&!)-!.'3'$/!$%! (%)'.(-.!.(;'!,()#!0.$5$74!$47-%=! 216
  • 217. @5$quot;7*D&quot;&*$R&5$quot;12#?& M<-.'!(+!$!3(0'-!&$5'!)#$)!$//-,+!$! </$8'.!)-!4-%).-/!)#'!0'3'/-<5'%)! -;!$!+<'4('+!;.-5!()+!?'&(%%(%&+!$+! $!6%(4'//6/$.!-.&$%(+59!)#.-6&#! 0'3'/-<5'%)!$+!$%!(%)'//(&'%)!$%0! +-4($/!4.'$)6.'9!)-!(%)'.+)'//$.! ':</-.$7-%!$+!$!+<$4';$.(%&! 46/)6.'=! 217
  • 218. H$%02**$=&5$quot;12#?& */)'.%$)'!.'$/()8!5$+B!4-%4'<)!;.-5!F.-&!S'+(&%!,-6/0!/')!<'-</'!-;!)#'! ;6)6.'!'+4$<'!)#'!#$.+#!.'$/()8!-;!$!0--5'0!</$%')!?8!$6&5'%7%&!-.! .'</$4(%&!,#$)!)#'8!+''9!+5'//9!$%0!#'$.!,()#!+'%+-.8!(%<6)+!-;!)#'(.!-,%! 4#--+(%&=!k%+<(.'0!?8!)#'!(0'$!-;!5$B(%&!)#'!,-./0!$<<'$.!$!?'H'.!</$4'9! )#(+!+#-,+!#-,!)#'!75'+!,'!$.'!/(3(%&!(%!$.'!).-6?/(%&=! 218
  • 219. vJ&2%&*+R&quot;*&quot;=9$57%2*D&5$quot;12#?& L#'!$0!;-.!)#'!%',!Akjk!quot;$?.(-!0(.'4)+!8-6!)-!$! ,'?+()'!)#$)!.'%0'.+!$!bS!5-0'/!-;!)#'!4$.!(;!8-6! </$4'!8-6.!5$&$`(%'!(%!;.-%)!-;!$!,'?4$5=!k)1+!/(B'!$! 5(%($)6.'!+#-,.--5!(%!)#'!<$/5!-;!8-6.!#$%0+=! 219
  • 220. vJLi&#+&O$/+6$&6quot;2*%#5$quot;6&& >#'.'!+'3'.$/!8'$.+!$&-!)#'!/$)'+)!)'/'3(+(-%!+')+!,'.'! #$(/'0!$+!ZlSLm!.'$08[9!$!#$%0;6/!-;!Lm!5$B'.+!$.'!%-,! )-67%&!5-0'/+!)#$)!$.'!ZbS!.'$08[=! 220
  • 221. vJ&2%&O$/+62*D&quot;&6quot;2*%#5$quot;6& >5+=;/7+*&#$/4*2w;$& L#'!4$+)!-;!D'-,6/;!(%4/60'0!.'$/! 4'/'?.(7'+!/(B'!*%&'/(%$!r-/('!$%0! *%)#-%8!l-<B(%+!?6)!)#'!,#-/'! 5-3('!,$+!4-5<6)'.!&'%'.$)'0! (%+)'$0!-;!?'(%&!+#-)!-%!O/5=!k)! ,$+!$3$(/$?/'!)-!?'!3(','0!(%! kA*|!bS!$%0!+)$%0$.0!TS!;-.5$)=! 221
  • 222. T+11?R++=&2%&Oquot;*02*D&+*&vJ& C+5&C;#;5$&O1+/0O;%#$5%& S'+<'.$)'!;-.!$%8)#(%&!)#$)!4$%!.'3(3'!()+!0,(%0/(%&! ;-.)6%'+!4$6+'0!?8!)#'!4-//$<+'!-;!#-5'!SmS!+$/'+9! l-//8,--0!#-<'+!Z*3$)$.[!?8!r$5'+!quot;$5'.-%!† )#'!O.+)!-;!$!+).(%&!-;!bS!?/-4B?6+)'.+†!,(//!B(4B2 +)$.)!)#'!#-5'2bS!).'%0=!! 222
  • 223. Enhanced reality Carcade game M1#$5*quot;#$&H$quot;12#?&Kquot;62*D&sMHKt& 2%&O$/+62*D&>$59quot;%29$& Zquot;$.4$0'x[!(+!$%!€$6&5'%)'0!.'$/()8!(%2 4$.!3(0'-&$5'€!0'+(&%'0!?8!$.)! +)60'%)+!(%!D'./(%=!h+(%&!$!,'?4$59!)#'! /$%0+4$<'!(+!4$<)6.'0!$%0!(%4-.<-.$)'0! (%)-!)#'!&$5'!()+'/;9!/'E%&!8-6! %$3(&$)'!8-6.!6.?$%!'%3(.-%5'%)!,()#! $!/(H/'!+<$4'4.$Q=! www.bates141.com
  • 224. M1#$5*quot;#$&5$quot;12#?&2%& quot;;D6$*7*D&92%;quot;1& /;1#;5$& W$0(-#'$0}+!%',!3(0'-! ;-.!€l-6+'!-;!quot;$.0+€9!0(0! %-)!6+'!%-!4$5'.$+!?6)! +-5'!bS!</-E%&! )'4#%-/-&('+!)#$)! 4-//'4)'0!0$)$!$?-6)!)#'! +#$<'+!$%0!.'/$73'! 0(+)$%4'+!-;!-?e'4)+!$%0! <'-</'!)-!4-5'!6<!,()#! )#'!(5$&'+=!! 224
  • 225. M;D6$*7*D& Svjn!4'/'?.$)'0!()+!TU)#!?(.)#0$8!,()#!$!&/-,2(%2)#'20$.B! L#(+!+B'/')-%!)$H--!(+!(%3(+(?/'! Cquot;%42+*& ;$+#(-%!+#--)!)#$)!+''5'0!-6)2-;2)#(+2,-./0!$%0!&$3'!$! (%!%-.5$/!/(&#)9!?6)!3(+(?/'! 5-0'/!$%!')#'.'$/9!$/5-+)!$/('%!<.'+'%4'=!! 6%0'.!?/$4B!/(&#)=! 225
  • 226. M;D6$*7*D&#4$&quot;5#%& 226
  • 227. M;D6$*7*D&>quot;57/2>quot;7+*&#+&&/quot;;%$%& ZC<'.$7-%G!M/''<'.!quot;'//[!(+!$!+<82)#'5'0!<6``/'! &$5'!(%!$(0!-;!quot;$%4'.!W'+'$.4#!hv!,#(4#!(+!<$.)!-;! )#'!ZM'.(-6+!&$5'!5-3'5'%)[=!
  • 228. M;D6$*7*D&6;%2/& n'$.!R'.-!(+!$%!$.)8!$/)'.%$)'!.'$/()8!&$5'!*Wg]!?$+'0!-%!?$%0!j(%'!k%4#!j$(/+!4-%4'<)! $/?65!-;!)#'!+$5'!%$5'=!n'$.!R'.-!)$B'+!</$4'!(%!TUTT!$%0!€4-6/0!?'!$?-6)!)#'!'%0!-;!)#'! ,-./0[=!L#'!5$..($&'!-;!)#'!<-<!$%0!&$5'.!$'+)#'74+!<.-3(0'!%',!$3'%6'!;-.!$.7+)'+!)-! ':<.'++!)#'5+'/3'+!$%0!%',!,$8+!;-.!/$?'/+!)-!5'.4#$%0(+'!$.7+)'+=! 228
  • 229. M;D6$*7*D&6+92$%& F-.!L#'!S$.B!v%(&#)1+!3(.$/!4$5<$(&%9!Kc!;$%+!,'.'!.'4.6()'0 ! )-!e-(%!r-B'.1+!$.589!'$4#!.'4'(3(%&!$!4$B'!(%!,#(4#!$!#(00'%! 4'//!<#-%'!4-6/0!?'!6+'0!)-!4$//!;-.!)#'!%':)!4/6'=!
  • 230. X$6%4#'0!;-.!)#'!TUUV!M655'.!C/85<(4+9!ZL#'!X-+)!W(%&[9!.'3-/3'+! M;D6$*7*D&quot;=9$*#;5$& $.-6%0!$!O47-%$/!C/85<(4!+<-.)!)#$)!3$%(+#'0!T9UUU!8'$.+!$&-!$%0! O3'!$)#/')'+!,#-!#$3'!.'$<<'$.'0!(%!)#'!<.'+'%)=!k)!,$+!0(+4.'')/8! +<-%+-.'0!?8!A4S-%$/01+=! 230
  • 231. M;D6$*7*D&=2*$B2*& & M''B(%&!)-!4$<()$/(+'!-%!)#'!+644'++!-;!)#'!Z>-./0!-;!>$.4.$Q[!(%!quot;#(%$9!$! quot;#(%'+'!?6+(%'++5$%!-<'%'0!$!.'+)$6.$%)!(%+<(.'0!?8!)#'!3(0'-&$5'=! 231
  • 232. M;D6$*7*D&O;%2*$%%& *//M)$)'!k%+6.$%4'!k%M(&#)! <.-&.$5!6+'+!-%/(%'! 3(0'-&$5'!)'+)+!)-!(0'%7;8! +$;'!-/0'.!0.(3'.+=[r','/! S(3'.G!S(3(0'0!*H'%7-%[9! )'+)+!)#'!</$8'.}+!$?(/()8!)-! ).$4B!56/7</'!5-3(%&! -?e'4)+!$)!-%4'!)-! ':).$<-/$)'!)#'!6+'.1+! 4-5<')'%48!)-!).$4B!5$%8! 3'#(4/'+!-%!)#'!.-$0=!
  • 233. 86*07.9:$/%' !*Wg! !k+!$%!$/)'.%$)'!.'$/()8!&$5'!)#$)!)$B'+!</$4'!(%!.'$/275'9!(%3-/3'+! 56/7</'!5'0($!$%0!6+'+!)#'!.'$/!,-./0!$+!$!</$ˆ-.5!)-!)'//!$!+)-.8! )#$)!6%;-/0+!0'<'%0(%&!-%!<$.74(<$%)+1!$47-%+=!^/$8'.+!-Q'%!,-.B! $+!$!4-556%()8!)-!$%$/8`'!)#'!+)-.8!$%0!4--.0(%$)'!.'$/2/(;'!$%0! -%/(%'!$473(7'+=!! !M'.(-6+!&$5'!5-3'5'%)! !k+!)#'!6+'!-;!3(0'-!&$5'+!;-.!'064$7-%!$%0!+-4($/!<6.<-+'+!.$)#'.! )#$%!<6.'!'%)'.)$(%5'%)=!! ~!quot;-(%'0!?8!D$)'+!JKJ! 233
  • 234. D.$%0!@4quot;*D$8+2*#& C<<-.)6%()8! h<!6%7/!.'4'%)/89!5$.B')'.+!,'.'!/'$.%(%&!$?-6)! 4-%+65'.+1!Z.'$/!/(;'[!$%0!)#'(.!Z+'4-%0!/(;'[9!$%0!#-,!)-! 4-556%(4$)'!-%/(%'!-.!-‰(%'=!F$4)!(+9!?.$%0+!%''0!)-! '5?.$4'!)#'!%',!4-5</':()8!-;!Z$6&5'%)'0!.'$/()8[=!! D8!6+(%&!3(.)6$/!)'4#%-/-&89!&$5'+!-.!bS9!?.$%0+!4$%!?.(%&! $00'0!3$/6'!)-!4-%+65'.+1!'3'.80$8!/(;'9!#'/<(%&!)-! '064$)'!$+!,'//!$+!)-!'%)'.)$(%!)#'5=!L#'!0(3(0'!?'),''%! ,-./0+!(+!&-%'9!$%0!?.$%0+!56+)!%-)!-%/8!&$(%!$!;--)#-/0!(%! ?-)#9!?6)!).8!)-!(5<.-3'!-%'!,()#!)#'!-)#'.=! 234
  • 235. AMiV&LHVVAx&& JN&UN&8HFUL&LTFA&HV8NHLx&& HVMJ&FL&NU&PNfH&@N38fLVH&A@HVVU&8:VMAV& sMUJ&HVJf@V&LTV&:f3FUNAFLP&LN&AMiV&VUVHKP&yBt& E+5&6+5$&2*C+56quot;7+*_&>1$quot;%$&/+*#quot;/#)& J$%25$$&:26&& @+5>+5quot;#$&@+66;*2/quot;7+*%& =$%25$$Z126zOquot;#$%'('Z/+6& W$O%2#$)&&&4G>)rrRRRZOquot;#$%'('Z/+6&& !1+D)&&&&&&&&&&4G>)rr/4quot;*D2*Dquot;%2quot;%ZO1+D%>+#Z/+6&&&&&&&& 235

×