business network magazine canada | nov -dec 2014

businessnetworkmag.com | #22 | Nov - Dec 2014

/ North America’s Rising Economic Star : Ontario

/ Business Opportunities Turkey & The Turkic World

/ Europe’s Debt Wish By Kenneth Rogoff Available free on iTunes

European Election 2014:Same old Noveltyby Giorgio Buttironi

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MG_TurkishReview_20x27_ilan.ai 1 4.06.2014 16:42

Editor's Letter By Giorgio Buttironi

Business Politics Business Network

Growing Green CitiesBy Michael Heise

The Right to be Forgotten: Protecting Privacy or Infringing Freedom of InformationBy Umit Utku

TCCC Hosted the Second Networking Dinner in Calgary

Europe’s Debt WishBy Kenneth Rogoff

European Elections 2014: Same Old NoveltyBy Giorgio Buttironi

Multicultural Mega Networking Event

What Enabled Bretton Woods?By Harold James and Domenico Lombardi

Canada-Turkic World Relations RevitalizesInterview with Vusal Babashov

Business Network

Business OppurtunitiesTurkey & the Turkic World

The Dispute Over Bank Asya: What Lies Ahead in Erdogan’s Turkey?By Giorgio Buttironi BN Back

North America’s Rising Economic Star: Ontrario Art & Lifestyle

Reflecting on the 2014 World CupBy Ilayda Yelkin

How to manage your time to build a high performance businessBy Rony Israel

Open-top McLaren 650S Spider joins 650S Coupé in Geneva global debut

Taking Systemic Risk SeriouslyBy Simon Johnson

Kyrgystan's most expensive film to premiere at Montreal festival

Why Invest in Brampton A People-Powered EconomyBy Sohail Saeed

The Power of Creative IllustrationRuss Tudor Photographs

Contents

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Awareness is Everything

Published bimonthly by Turkish Canadian Chamber of Commerce (TCCC)

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November - December 2014 TCCC Toronto Canada

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International Trade: From Start-up to Success

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The China PlanE C O N O M I C S O F A S U P E R P O W E R

Women’s Role In MENANew revolutions, old inequalities

The Rupee Rout:Is India Still Shining or Has It

Lost its Lustre?

The History of Democratisation:An Economic Perspective

Private Jets for all: Victor

businessnetworkmag.com | #22 | Nov - Dec 2014

/ North America’s Rising Economic Star : Ontario

/ Business Opportunities Turkey & The Turkic World

/ Europe’s Debt Wish By Kenneth Rogoff Available free on iTunes

European Election 2014:Same old Noveltyby Giorgio Buttroni

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9


The summer is usually a time of the year, often associated with rest and taking some ‘time off’ from everyday life. Some people go on a seaside holiday and tend to – perhaps on purpose – ignore the earthly affairs of this world, even just for a few weeks. And yet, this summer has insofar been rich with contentious discussions on economic and political issues, as well as important landmark events.

For instance, much controversy has arisen out of the latest ruling by the European Court of Justice on the so-called right to be forgotten, stating that search engines are required to remove search results concerning indi-vidual and companies if requested, upon the grounds of personal privacy infringement. Umit Utku explains the details of the ruling and argues whether this decision will help in protecting personal privacy or seriously impairs the freedom of information.

The EU’s political make-up has been shaken quite substantially after the recent European Elections, with a new parliament beginning its term of office on 1st July and electing the new President of the European Com-mission on 15th July. In this context, a big argument between European member states has arisen on the candidacy of Jean-Claude Juncker for the top EU job, with the United Kingdom strongly opposing his candidacy. Referring to a previous article on European Elections written in Issue 21, I personally look at the results of these elections and explain how there has not been a significant change in the dynamic of appointing the holder of the top EU office, despite an apparent variation in the process.

Kenneth Rogoff takes us through the intricate discourse of public debt across EU member states, explaining the deep conflict between rigorous economic policies of strict limits on government spending – as encouraged by Germany – and the growing cry for relaxation on these rules in order to stimulate growth.

Most of you are very new to the term “TURKIC WORLD." Umit Bay-ulken from Texas explains why entrepreneurs must hurry–up and com-plete their due-diligence regarding their entrance into this lucrative market called “Turkic World.”

The interview with Vusal Babashov titled "Canada-Turkic World Rela-tions Revitalizes" further supports and provides information on this topic. Moreover, there was an interview with Hon. Brad Duguid, Minister of Economic Development, regarding investments in Ontario.

We also cast our eye on Brazil, the emerging economy of South America and recent host of the 2014 FIFA World Cup, and look at this country in a particular manner. While several writers have focused on Brazil during the famous sporting competition, Ilayda Yelkin briefly guides us through the numerous challenges that Brazil will face following the end of the World Cup, which saw Germany triumph and Brazil exit in a rather unpleasant fashion .

I sincerely hope you enjoy the issue.

Giorgio ButtironiEditor-in-Chief

Editor’s Letter

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Business

Growing Green Cities

The future of the world’s climate will be decided in our cities. Urban areas already account for up to 70% of global CO2 emissions, and that share is likely to increase in the coming decades, as more people – billions more – move to cities, and as urbanization drives global economic growth. From the standpoint of both climate change and growth, the rise of cities represents a challenge and an opportunity.

The nexus between urban expansion and climate protection is infrastructure. Upgrading urban in-frastructure can drive economic growth and re-duce carbon emissions at the same time. But how will the world’s cities pay for new and greener infrastructure?

The good news is that mayors – in developed and developing countries alike – are no longer wait-ing for national governments to strike a global climate agreement. Not only Copenhagen, Lon-don, and Munich, but also Johannesburg, Rio de Janeiro, and Shanghai are drawing up their own environmental programs. Such plans are various-ly ambitious – ranging from wish lists to enforce-able targets – but the trend toward sustainable urban living is clear.

If cities are to reduce their carbon footprint, they will need massive investments in their infrastruc-ture. Three-quarters of rich countries’ CO2 emis-sions come from just four types of infrastructure:

power generation, residential and commercial buildings, transport, and waste management. Any urban sustainability program must therefore include a shift to renewable energy and combined heat and power stations, more public buses and trains, cleaner private vehicles, better insulation of offices, hospitals, apartment blocks, and other buildings, and smarter management of waste and water – along with much else.

Infrastructure investments are also necessary to cope with continued urbanization: by 2050, there could be as many people living in urban ar-eas as are alive today. And new infrastructure will be needed to maintain cities’ role as the drivers of economic growth: the world’s 600 major cities al-ready generate more than half of global GDP, and urban areas will contribute disproportionately to future wealth creation.

In all, around $2 trillion a year will be needed for the next 20 years to keep the world’s cities liveable and to reduce their carbon emissions. Where will this money come from?

Only a few cities are rich enough to upgrade their infrastructure on their own. Most cities – espe-cially in developed countries – cannot rely on more transfers from national governments. Public spending on infrastructure has plummeted in Eu-rope and the United States since the 1960s; and, with public budgets under strain, it is unlikely

to recover. Faced with a growing infrastructure-investment gap, cities will need more private in-vestment.

Banks have traditionally financed a large share of infrastructure outlays. But, six years after the start of the financial crisis, banks in many countries are still trying to repair their balance sheets, while new capital and liquidity requirements will make it more expensive for banks to finance long-term lending in the future.

Meanwhile, pension funds, insurance companies, and other institutional investors are increasingly investing in infrastructure. Unlike banks, they have long-dated liabilities, for which the long-term, predictable returns from infrastructure investments can be a good match. In an environ-ment of extremely low interest rates and frothy equity markets, infrastructure also looks like an attractive and reasonably safe alternative to stocks and bonds, yielding returns that can ultimately finance the pensions of the West’s aging societies.So far, however, institutional investors have in-vested relatively little in infrastructure, partly owing to shortcomings in the overall investment environment. For example, some governments have retroactively changed their policies for re-newables, which has made investors more cau-tious. Moreover, new capital requirements can make it very expensive for insurers to invest in infrastructure.

By Michael Heise / Chief Economist at Allianz SE

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Furthermore, many institutional investors do not yet have sufficient expertise to venture into infra-structure. And, because infrastructure is not yet a clearly defined asset class, investors often find it difficult to plan, assess, and manage their hold-ings in this area.

These obstacles apply to all infrastructure invest-ments. But urban infrastructure is at a particular disadvantage. For starters, many city officials have limited experience dealing with private investors, which can make it difficult to get fruitful part-nerships off the ground. More important, urban infrastructure projects tend to be small, dispersed, and diverse. For most private investors, the effort required to find, evaluate, and manage such pro-jects is far greater than the return that they can expect, which is why institutional investors often prefer large, more easily assessed projects such as wind parks, pipelines, or motorways.

If more private money is to flow into urban in-frastructure, the institutional setup must change. Very large cities can establish their own institu-tions to match infrastructure projects and inves-tors, as Chicago has already done through its Infrastructure Trust. For the rest, governments should create national institutions to support sus-tainable urban infrastructure investments.

Such “Green Cities Platforms” could start by pro-viding consultancy services, matching investors to projects, and serving as forums for knowledge sharing. They would then be well positioned to act as aggregators – packaging, standardizing, and marketing sustainable urban infrastructure pro-jects. At a later point, they could move on to raise money in the capital market and fund sustainable infrastructure alongside other investors.

If the barriers to private investment in urban in-frastructure could be overcome, the world would benefit from lower CO2 emissions, faster eco-nomic growth, and sounder retirement savings. This is a dialogue worth having.

Formerly published on project-syndicate.org

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Business

Europe’s Debt Wish

Eurozone leaders continue to debate how best to reinvigorate economic growth, with French and Italian leaders now arguing that the euro-zone’s rigid “fiscal compact” should be loosened. Meanwhile, the leaders of the eurozone’s north-ern member countries continue to push for more serious implementation of structural reform.

Ideally, both sides will get their way, but it is dif-ficult to see an endgame that does not involve sig-nificant debt restructuring or rescheduling. The inability of Europe’s politicians to contemplate this scenario is placing a huge burden on the Eu-ropean Central Bank.

Overhang Debt

Although there are many explanations for the eurozone’s lagging recovery, it is clear that the overhang of both public and private debt looms large. The gross debts of households and financial institutions are higher today as a share of national income than they were before the financial cri-sis. Nonfinancial corporate debt has fallen only slightly. And government debt, of course, has risen sharply, owing to bank bailouts and a sharp, recession-fueled decline in tax revenues.

Yes, Europe is also wrestling with an aging popu-lation. Southern eurozone countries such as Italy and Spain have suffered from rising competition with China in textiles and light manufacturing

industries. But just as the pre-crisis credit boom masked underlying structural problems, post-crisis credit constraints have greatly amplified the downturn.

True, German growth owes much to the country’s willingness a decade ago to engage in painful eco-nomic reforms, especially of labor-market rules. Today, Germany appears to have full employment and above-trend growth. German leaders believe, with some justification, that if France and Italy were to adopt similar reforms, the changes would work wonders for their economies’ long-term growth.

Yet what of Portugal, Ireland, and (especially) Spain, all of which have taken significant steps toward reform since the crisis? All are still expe-riencing double-digit unemployment rates amid moribund growth, and, as the last International Monetary Fund Fiscal Monitor made abundantly clear, all still suffer from significant debt prob-lems.

The Vicious Circle

Debt overhang traps countries in a vicious circle. Exceptionally high public and private debts con-strain a country’s options and are indisputably as-sociated with slower growth, which in turn makes it difficult to escape a debt trap. Last spring’s campaign against anyone who dared to worry

about the long-run effects of high debt largely ig-nored the substantial academic literature, just as a remarkably similar recent challenge to Thomas Piketty’s research on inequality took no account of a larger body of evidence.

It is true that not all debt is created equal, and there is a strong case for adding more of it if the purpose is to finance highly productive infra-structure investments. Europe greatly lags many Asian countries in its efforts to expand the reach of broadband. Outside the Nordic countries, electricity networks are thoroughly Balkanized, and major efforts are needed to integrate them.

Raising debt for the purposes of significantly increasing or ensuring long-run growth makes sense, especially in an environment of low real in-terest rates. A similar argument can be made for expenditures aimed at improving education, for example to improve Europe’s underfunded universities.

Beyond growth-enhancing investment, however, the case for greater stimulus becomes more nu-anced. Brad Delong and Larry Summers have argued that in a repressed economy, short-term increases in borrowing can pay for themselves, even if the expenditures do not directly increase long-run potential. By contrast, Alberto Alesina and Silvia Ardagna argue that in an economy with a large and inefficient government, debt-

By Kenneth Rogoff / Professor of Economics and Public Policy at Harvard University

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stabilization measures directed at reducing the size of government can actually be expansionary.I admit to being an outsider to this debate. (The word “austerity” does not appear once in my 2009 book with Carmen Reinhart on the history of financial crises.) My general sense, however, is that both views are extreme. In general, neither pure austerity nor crude Keynesian stimulus can help countries escape high-debt traps. Through-out history, other measures, including debt re-scheduling, inflation, and various forms of wealth taxation (such as financial repression), have typi-cally played a significant role.

The Role of the European Central Bank

It is hard to see how European countries can in-definitely avoid recourse to the full debt toolkit, especially to repair the fragile economies of the eurozone’s periphery. The ECB’s expansive “what-ever it takes” guarantee may indeed be enough to help finance greater short-term stimulus than is currently being allowed; but the ECB’s guarantee will not solve long-run sustainability problems.Indeed, the ECB will soon have to confront the fact that structural reforms and fiscal austerity fall far short of being a complete solution to Europe’s debt problems. In October and November, the ECB will announce the results of its bank stress tests. Because many banks hold a large volume of eurozone government debt, the results will de-pend very much on how the ECB assesses sover-eign risk.

If the ECB grossly understates the risks, its cred-ibility as a regulator will be badly tarnished. If it is more forthright about the risks, there is a chance that some periphery countries might have dif-ficulty plugging the holes, and will require help from the north. One hopes that the ECB will be forthright. It is high time for a conversation on debt relief for the entire eurozone periphery.


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Business

What Enabled Bretton Woods?

The proximity of the 70th anniversary of the Bretton Woods conference, which established the World Bank and the International Monetary Fund, to historical anniversaries like the Allied landings in Normandy highlights just how ambi-tious its organizers were. Indeed, amid consider-able tumult, the conference aimed to create a sta-ble international monetary framework that could serve as a cornerstone of a peaceful global order. And it succeeded – at least for a while.

Bretton Woods retains a powerful fascination, with at least three recent books on the subject having achieved considerable commercial success. What makes an event in which a group of mostly men talk about money so intriguing?

Of course, there are some juicy incidentals, such as the dance of John Maynard Keynes’s wife, a Russian ballerina, that kept the US Treasury Sec-retary awake, and charges of espionage for the So-viet Union against the main American negotiator, Harry Dexter White. But the real drama of the conference lay in the systematic evolution of an institutional structure that underpinned global stability and prosperity for at least three decades.

Bretton Woods

The institutional vision was linked to a global se-curity system. Indeed, in the original agreement, the five large powers that would be represented

permanently on the IMF Executive Board were the United States, the United Kingdom, the So-viet Union, China, and France – the same coun-tries with permanent seats on the United Nations Security Council.

Even within this framework, the negotiations were challenging. So how did 44 disparate pow-ers, each seeking to protect its own national inter-ests, manage to agree on a new global monetary system?

According to Keynes, the key was a process of international deliberation and planning, led by “a single power or like-minded group of pow-ers.” By contrast, a 66-country “pow-wow” like the abortive World Economic Conference, held in London in 1933, could never be expected to produce an agreement. Keynes’s rival, Friedrich Hayek, went further, asserting that a successful, enduring order could not be negotiated at all; it had to be spontaneous.

The experience at Bretton Woods lends signifi-cant credence to Keynes’s assessment. While 44 countries were formally represented at Bretton Woods, the UK and especially the US were the dominant players.

The Success of Bilateral Initiatives

In fact, bilateral negotiations have enabled every

By Harold James / Professor of History and International Affairs at Princeton University Domenico Lombardi / Director of the Global Economy Program at the CIGI

In order to achieve an agreement of similar scale and influence, world

leaders - especially in the us and china - would need to be

under similarly high pressure.

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major success of large-scale financial diplomacy. In the early 1970s, when the fixed exchange-rate regime established at Bretton Woods collapsed, the IMF seemed to have outlived its function. But, by renegotiating the Fund’s Articles of Agreement, the US, seeking greater flexibility, and France, which sought the kind of predictabil-ity that the gold standard had provided, were able to revive it.

Later that decade, efforts by France, Germany, and the UK to confer on monetary policy failed miserably. But discussions between France and Germany – which remain the leading voices in debates on European monetary issues – were far more effective. Likewise, in the mid-1980s, when exchange-rate volatility gave rise to calls for pro-tectionist trade measures, the US and Japan found a solution involving exchange-rate stabilization.

Bretton Woods II?

Nowadays, international economic diplomacy is centered on the US and China. In recent years, an emerging debate has focused on whether the global economic system of the 2000s – in which export-oriented emerging economies essentially pegged their currencies to the dollar to obtain faster growth and accumulate foreign-exchange reserves at spectacular rates – effectively created a

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sort of “Bretton Woods II.” Could China and the US formalize such a system, with the renminbi playing a greater role?

The bilateral nature of the negotiations certainly implies that they have a chance. But there was another critical factor underpinning the success of the Bretton Woods conference: the global po-litical and security environment.

For starters, the conference occurred the month after the D-Day landings in Normandy, when the end of World War II seemed far closer than it turned out to be. There were also domestic considerations at work. As US Treasury Secre-tary Henry Morgenthau, Jr. stated in advance of the conference, “We felt that it was good for

the world, good for the nation, and good for the Democratic Party, for us to move.”

In order to achieve an agreement of similar scale and influence, world leaders – especially in the US and China – would need to be under simi-larly high pressure. A global pact would have to be an urgent necessity, rather than an attractive possibility.

The Importance of the “Crisis Factor”

What would convince Chinese leaders that they must rapidly reinforce the open global economy that enabled China’s export-driven economic rise? One such catalyst might be a financial crisis emanating from the country’s risk-laden shadow-

banking system. A contest for global leadership might serve that purpose as well. Or perhaps the stimulus will be fear that the world is sliding to-ward protectionism, with bilateral and regional trade agreements like the Transatlantic Trade and Investment Partnership deepening divisions be-tween their participants and the rest of the world.Bretton Woods demonstrated that it takes a ma-jor crisis to produce a political dynamic of re-form. Today’s world, for all of its troubles, is sim-ply not dangerous enough – at least not yet – for the countries at the helm of the global economy.


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Business

Business Opportunities

Umit BayulkenSr.Vice President IB Global Resources Inc. Texas

Turkey & the Turkic WorldFor many years now, Turkey is very well known as an open market with huge potential for invest-ments and production. Turkey has one of the fastest growing economies in the world and the bridge between the East and the West. Turkey is the next transportation hub for transiting energy, industrial manufacturing, auto industry, and acts as a physical distribution center to and from Eu-rope and the world.

Turkey is the Gateway to Caucasus, Central Asia and Far Eastern Asia

Turkey with financially sound and excellent banking system (praised by IMF, WB) provides great financial services to every business in every nation.

Every major corporation that has a manufactur-ing or distribution facility in Turkey states that they are “happy as a clam." Some of the big names are: GE, TOYOTA, GOOD YEAR, AL-STOM, SHELL, MERCEDES-BENZ, FORD, and hundreds more. Therefore, I will not get in to the details of investing or establishing business in Turkey.

Now, I feel most of you are very new to the term “TURKIC WORLD." I will try to make it easy for you to understand the term and the sovereign nations who are part of this world. Present sover-eign Turkic nations (Turkish or TURKIC speak-ing countries) are Azerbaijan, Kazakhstan, Kyr-

gyzstan, Turkmenistan, Turkey and Uzbekistan. The Turkic world also encompasses other nations who are part of the Russian Federation as "au-tonomous" states. In short, we can comfortably state that when we talk about Turkic markets, we are talking about 250-280 million consumers and six major SOVEREIGN nations and many other nations within central Asia and Eastern Europe.

A market which is huge, with fantastic opportu-nities

While I was in the area, I was always wonder-ing where major US corporations (except few oil companies) were. Why they were not in the re-gion? Then, I realized that other than major oil companies, the US business, in general, did not have enough knowledge of the market place. De-spite the fact The BISNIS Department of U.S. Department of Commerce were trying very hard to promote business relations with this region, some think tanks were channeling business peo-ple according to their own beliefs, which proved to be completely wrong. On the other hand, companies that had detailed knowledge were do-ing brisk business through their distributors such as, Poultry Farms, Kraft foods, Coca Cola, Pepsi, the tobacco industry, John DEER, International Harvester, ADM, Monsanto, HP Computers, Dell Computers, XEROX & IBM machines just to name few, yet major service companies in the oil & gas sector, pipe manufacturers, drill-ing equipment manufacturers, offshore platform

Business potential in

Turkic world and Turkey is very attractive and profitable.

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builders, heavy construction & industrial con-struction companies were not there with them full force.

Time is of the essence. In a few years (the latest by 2020) markets within Turkic countries will be saturated and filled by British, German, Chinese, Korean, Malaysian, Russian, Indian, Pakistani, as well as Turkish manufactured goods, services and construction companies. Despite the fact that most of these nations' businesses represent U.S. business interests by “agency or licensed manufac-turing in technology," as the locals in those coun-tries say, “It is not the real thing.” Therefore, I would urge entrepreneurs to hurry and complete their due-diligence regarding their entrance into this lucrative market called “Turkic World."Present needs in these focus market countries can be classified in five major sectors:

- Energy (oil & gas upstream, downstream) & Distribution- Power Gen & Power Transmission- Food industry (manufacturing & all subsectors)- Service Industry (all subsectors)- Industrial Infrastructure & Mining (pulp & pa-per, various textile mills, food packaging, equip-ment, etc.)

The importance of these nations for the world is paramount. Except for Turkey, these nations were part of the former Soviet Union and were the major suppliers of raw materials for the Soviet Union. Now they are free and independent, and they are developing fast and looking for reliable markets for their natural resources as well as look-ing to procure western technology and consumer goods.

Natural resources of Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan (natural gas and Shale oil) are globally known. Today, some of the natural gas sold to Europe by Gazprom (a Rus-sian Company) is procured from Turkmenistan and Kazakhstan. For many decades, Kazakh ag-riculture products combined with Ukrainian agriculture products fed the Soviet Union. Gold mining in Kazakhstan and Uzbekistan are leg-endary. There are many opportunities available in mining, energy services, manufacturing, and con-sumer goods for business leaders who are looking

Kazakhstan

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to expand their markets globally and enjoy the fruits of it. In early 2015 a new era will begin in transportation of goods from Europe to central Asia and on to Peoples Republic of China.

Imagine for a moment that you will be able to place your 40 or 45 foot containers on a rail wagon in the heart of Europe and ship it to your clients without changing a rail wagon or transfer-ring your containers to another carrier and avoid-ing multi-handling costs and without politically motivated, customs delays or artificially created documentation problems and most of all the con-gestion of the northern route. The SILK ROAD rail system will commence service as of 2015. Routing will be Europe to Istanbul (trains will go through “MARMARA-RAY” Rail Tunnel under-neath the Istanbul straits connecting European and Asian surfaces on the Asian side and continu-ing on to Georgia- Azerbaijan –Turkmenistan (passing Caspian Sea via rail car ferry) –Uzbeki-stan- Kazakhstan- Kyrgyzstan- Mongolia- China. This huge initiative and completion of the pro-ject by Turkish authorities in tandem with Geor-gian- Azeri- Turkmen governments and with oth-er inner central Asian governments involvement will make global trade a lot easier, a lot faster and much more economical for all the nations and the world. In addition to SILK ROAD, this rail connection will serve key Middle Eastern nations such as Iraq, Syria, Kuwait, and so on.

Another upcoming business opportunity is Duty-Free-Zone & distribution facilities that are in the official programs of the Turkic world’s govern-ments. Turkey already has 21 operational DFZ's. Azerbaijan and Turkmenistan are contemplating to establish the similar DFZ zones to enhance business opportunities.

In summary, business potential in Turkic world and Turkey is very attractive and profitable. All it takes is an educated first step. Present business opportunities in the Turkic world are just the tip of the iceberg. American business with a vision should make a move now to answer the needs of this rapidly growing region and to actively pro-mote future opportunities.

Baku, Azerbaijan

Istanbul, Turkey

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Business

North America’s Rising Economic Star:

Ontario

BN Magazine interviewed Brad Duguid, Minister of Economic Development, Employment and Infrastructure on the economy of Ontario.

Can you give us an outlook of econo-my here in Ontario in perspect ive of Investment Environment?

Our government is proud of our track record of attracting foreign direct investment. We are the number one jurisdiction in North America for foreign direct investment capital. The province attracted US $7.2 billion dollars in foreign capital investment that’s more than any other jurisdic-tion in North America.

Ontario is fourth in North America for num-ber of FDI projects attracted, with 95 projects in 2013. Only California, New York and Texas placed ahead of Ontario. Considering that these states have much larger populations than On-tario, our performance is impressive. As part of our Going Global Trade Strategy, we are actively working on diversifying our exports to key mar-kets worldwide, including Turkey.

What are the s ignif icant industr ia l sectors in Ontario?

In the last ten years, software and IT services was the leading sector for FDI projects into Ontario, but the automotive original equipment manufac-turing (OEM) sector accounted for the largest number of FDI jobs created in Ontario. In terms of business activity, manufacturing pro-duction accounted for the largest number of FDI jobs in Ontario (42,722) followed by research and development (11,433). The top three sec-tors for FDI projects into Ontario in 2013 were software and IT services (20%), business services (11%) and communications (11%). What incentives and opportunit ies Ontario provides to the international investors?

Global companies continue to choose Ontario as the platform for their North American growth plans because Ontario has been fostering a climate that is conducive to business, even as the global economy remains unstable. We are working with companies and communities to create conditions

Ontario has been successfully forging strategic partnerships with businesses, both local and foreign, thus making the province more globally competitive.

One of the reasons Ontario has been so successful is that we understand that

forging strategic partnerships with

businesses, both local and foreign, makes

us more globally competitive.

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so that our key industries can continue to succeed and thrive. We also continue building on our fundamentals: A skilled workforce, Cost com-petitiveness, Modern, efficient infrastructure, A culture of innovation and Cutting Red Tape.

Q. How important do you think the cooperat ion of Turkey and Ontario in terms of business and investment?

Ontario is working to increase our trade relation-ship with Turkey. In terms of specific numbers, in 2013, Ontario exported over $113 million in goods to Turkey. Top exports include machinery, soybeans and aircraft and auto parts.

During that same period, Ontario imports from Turkey exceeded $717 million in goods. Top im-ports included gold and monument stone. Over the last few years, Ontario has organized a num-ber of trade missions to Turkey in sectors such as clean tech, ICT and mining.

In November 2013, the Ontario Ministry of Re-search and Innovation signed the MOU with the Ministry of Science, Industry and Technology of Turkey to support and expand bilateral coopera-tion in the areas of research and development and science and technology. We are committed to building a stronger trade relationship with Tur-key. In addit ion to investment, Ontario is known for i ts natural resources and minerals how can you describe this?

Ontario remains a leading jurisdiction for the mineral exploration and production o in North America and the top jurisdiction in Canada to demonstrate the growth in our mining sector, the value of mineral production in 2003 was $5.7 bil-lion; 2013 saw the value reach $9.8 billion. There are 26,000 direct jobs because of the mining sec-tor.. There are an additional 50,000 jobs associ-ated with the manufacturing and processing.

There are over 35 advanced mineral projects in Ontario and mine construction is under way at about 6 of these. New mine construction is un-derway at the Hollinger Mine in Timmins; at the Cochenour project in Red Lake; and a mine ex-pansion project is underway at North American

Palladium’s Lac des Iles Mine. Our government is committed to smart and sustainable resource development.Having served as a Minister in Ontar-io what would be your advice for the incoming trade miss ion from Turkey and Kazakhstan in November?

Events such as the Connect-Canada 2014 Busi-ness and Investment Forum which is organized by the Turkish Chamber of Commerce is taking place in Ottawa and Toronto allows businesses to explore business and investment opportunities. And we actively support Ontario companies to become successful exporters.

Our Going Global Trade Strategy is helping more companies -- especially small- and medium-sized business -- export to more global markets, help-ing to create jobs in Ontario.

Our programs and services support new and ex-perienced exporters. They include one-on-one market consulting, exporter education seminars and workshops, outbound missions including participation in exhibitions in developed and

emerging markets, incoming buyer programs, in-market support through In-market Trade Devel-opment Representatives in key emerging markets, and financial support through the Global Growth Fund program administered by the Ontario Chamber of Commerce.

My ministry takes the lead in branding the prov-ince internationally and developing customized business programs to help generate impressive results. Can you describe the role of international cham-bers especially Turkish Canadian Chamber of Commerce for the economical developments of Ontario.

International Chambers of Commerce help build awareness and partnership between jurisdictions. As Minister, I look forward to working with the Turkish Canadian Chamber of Commerce.

Brad Duguid, Minister of Economic Development

24

The Title

Mario Costeja González filed a complaint in 2010 with the Spanish Data Protection Agency (AEPD) against three principal parties: La Van-guardia Ediciones SL (a Spanish Daily News-paper), Google Spain and Google Inc. When his name was researched on the popular search engine, two specific items contained an attach-ment redirecting to a newspaper’s feature – dated back to 1998 – advertising a real-estate auction for his house, which had been repossessed due to impending debts.

The Case

Mr González argued that the attachment in ques-tion mentioning his debts was no longer relevant because they had been fully settled. According to him, the presence of this out-dated attachment was infringing his privacy rights and consequent-ly requested the removal or alteration of this item. The AEPD rejected the complaint against La Vanguardia stating that the publication in ques-tion was lawful, but upheld the complaint against Google Spain and Google Inc. In an attempt to challenge the AEPD’s decision, Google Spain and Google Inc. brought the case to the National High Court of Spain, which then referred it to the Court of Justice of the EU (ECJ). These questions concerned whether the 1995 Data Protection Di-rective also applied to search engines. Another issue regarded whether this directive applied to

Google Spain because the company’s data pro-cessing servers are actually situated in the United States, outside EU jurisdiction. And finally, it was also asked whether an individual person can plea for the removal of his or her personal data from public access via a search engine – a request promptly identified as ‘the right to be forgotten’.

The ECJ Ruling

On 13th of May 2014, the ECJ presented its de-liberations on the matter:

First, concerning the jurisdiction of EU legisla-tion, the ECJ stated that if a branch or a subsidi-ary of a search engine is located in any member state, EU laws will apply for that company within the borders of the Union regardless of the loca-tion of the servers.

Second, regarding the applicability of Data Pro-tection Directive to search engines, the ECJ stat-ed that search engines are controllers of personal data and therefore compelled to follow European law, when handling such information. Since the directive applies also to search engines, the ‘right to be forgotten’ becomes automatically valid in this case.

Third, and most crucially, the ECJ ruled that an individual has the right – under certain specific

circumstances – to request the removal of a link concerning private data information. This right only applies if such data appears to be inadequate, irrelevant, inaccurate or excessive. The ECJ ex-plicitly remarked that the right to be forgotten is not unconditional, but must be balanced vis-à-vis other fundamental rights such as the freedom of expression and the media.

Protecting Individual Privacy

Although social media made it look like an en-tirely new principle, the ‘right to be forgotten’ has been legally binding for the past two decades since the enactment of the Data Protection Di-rective. The ruling confirmed the applicability of this directive to search engines such as Google and – considering the fame of this firm – the rul-ing received such extensive coverage. It could be argued that this ruling is just an update to the directive resulting from the technological ad-vancements witnessed over the last two decades such as the appearance of search engines. After all, Google was founded only in 1997. Several ex-perts argue that individuals should be entitled to ‘the right to be forgotten’ and monitor carefully the information concerning themselves on the Internet, especially if out-dated and inaccurate. In the case of Mr González, and many others that have already advanced complaints to Google, the information was either not relevant anymore or

24

The Right to Be Forgotten: Protecting Privacy or Infringing Freedom of Information?

Politics

By Umit Utku

25


out-dated. In some cases, such obsolete informa-tion could influence key aspects of personal lives such as an individual’s employability.

Infringing the Freedom of Information

On the other hand, there are concerns that this ruling could provide justification for certain in-dividuals or companies to remove negative infor-mation about them, regardless of whether such information is perfectly accurate or legally rel-evant.Recently, the link to an article concerning the resignation of an investment banker during the salient moments of the financial crisis has been removed from the list of search results on Google, after a successful petition had been filed with the firm. Robert Peston wrote this article, which the BBC published in October 2007, analysing the problems faced by Bank of America – Mer-rill Lynch and mentioning the resignation of its CEO, Stanley O’Neal. Protesting against the re-

moval of the link, the renowned BBC columnist claimed that – by taking this course of action – Google “kills journalism”. The Times also reacted with outrage writing that the ECJ ruling will help the rich and powerful to censor embarrassing but truthful information about them. Mr O’Neal claimed that he had no knowledge of the request to remove this specific link from search results.

Google has revealed that requests for removal of links are: a politician seeking re-election, a con-victed child pornographer, and a doctor who re-ceived negative reviews from patients. Professor Adam Thierrer – a media expert at George Mason University – stated that the ‘right to be forgotten’ should be relabelled as the ‘right to censor and re-write history’.

Challenges

If you wanted to remove a link to an article about yourself, what steps do you need to take? You

would have to contact Google and ask for the re-moval of this personal data. Google would then have to decide whether your request is in line with the ruling and decide whether to remove the link. If the company refuses such request, then it is possible to go to court over the matter. This ruling is likely to impose a considerable burden on how search engines operate in Europe. Jour-nalists may also be indirectly affected, since most requests have hitherto led to the removal of links to articles and blogs.

Simon Hughes MP recently stated at a parlia-mentary committee hearing that he was against restricting access to information. “I don't think we want the law to develop in the way that is implied by the ECJ judgment, which is that you close down access to information in the EU which is open in the rest of the world. We do not agree with the present text”, he remarked during the hearing. Ever since the ruling, 70,000 requests to take down circa 250,000 links from

27


27

Google’s European search engine subsidiary have been recorded. The company is currently receiv-ing 1,000 requests each day that have to be scru-tinised by its lawyers.

Daring the Internet’s Quicksand?

Privacy is a topic acquiring more importance each day, due to our ever-increasing amount of time spent on the Internet. We shop, store our credit card numbers, communicate, and keep other sen-sitive information online. It is therefore almost inevitable that legislation safeguarding personal privacy needs to expand its scope alongside any new technological development. However, the re-affirmation of ‘the right to be forgotten’ brought with itself more questions than answers. Why should search engines be responsible for articles published by third parties? How are they sup-posed to establish whether something is out-dat-ed? After all, something that is irrelevant today may well become the opposite tomorrow. The reason why a lot of people, as well as firms, are still confused about this ruling lies in its ambi-guities. Although likely to work in favour of in-dividuals and companies, it will prove extremely burdensome to search engines and journalists. The ruling does attempt to acknowledge freedom of speech, but does so in a rather unusual way. It is like allowing a library to keep determinate books while – at the same time – deleting their respective entries from the catalogue, thereby making it nearly impossible to find what you are looking for.

28

The Title

Just before the polls, I took the liberty of analys-ing the upcoming elections for the European Par-liament in this magazine. Besides sharing some common facts, I also illustrated the novelties in the upcoming election following the ratification of the Lisbon Treaty in 2009. New provisions for the election of the President of the Euro-pean Commission, and the consequent choice of spitzenkandidaten by various party groups, figured chiefly among them. An important ques-tion was left open before the polls opened, would these elections be the ‘same old story’ or would they represent a ‘significant novelty’ in the history of the European Union. It is time to find out.

The Electoral Surge in Euroscepticism

This parliamentary election will be remembered for the strong surge in support for Eurosceptic parties across member states. Besides the victory of the United Kingdom Independence Party in Britain – having topped the ballot with 27.5% of the vote – other member states have witnessed upsetting events as well. The victory of the an-ti-immigration National Front in France with 24.8% of the vote came as a terrible blow to both the incumbent Socialist government and the main centre-right opposition.

Despite the magnitude of these results, the Eu-ropean Parliament (EP) still counts a significant majority of MEPs favouring pro-European val-

ues. The three oldest party groups – including the European People’s Party, the Alliance of Socialists and Democrats, and the Alliance of Liberals and Democrats – alone account for 479 out of 751 seats in the EP, roughly equivalent to 63%. On the other hand, Eurosceptic MEPs have increased significantly after the last election in comparison to the previous parliament. The most prominent anti-federalist party groups are the European Conservatives and Reformists, the European United Left, and the Europe of Freedom and Direct Democracy. The ECR opposes a federal-ist EU and advocates the repatriation of certain key powers back to the member states, while the EUL opposes the current framework of neo lib-eral monetarist policies in the EU. The EFDD is by far the most Eurosceptic group because, contrarily to the former two, it opposes outright any further move towards deeper EU integration. While only 148 MEPs could be regarded as Euro-sceptic before this election, the number increased to 222 MEPs (almost 20% of the entire assem-bly). Moreover the ECR has become the third largest group in Strasbourg with 70 MEPs, which is not too bad counting that the group itself is only five years old.

The Spitzenkandidaten Process

Article 17.7 of the Treaty on European Union, after the modifications applied by the Lisbon Treaty, explains how “Taking into account the

28

The ritual might be different in

appearance, but the substance of

the process remains unchanged

European Elections 2014: Same Old Novelty

Politics

By Giorgio Buttroni

29


elections to the European Parliament and having held the appropriate consultations, the European Council, acting by a qualified majority, shall pro-pose to the European Parliament a candidate for President of the Commission”.

This means that – for the first time since 1979 – the political makeup of the European Parliament is determinant in electing the holder of the high-est office in the EU. Prior to the elections, each EP party group formally designated a spitzenkan-didat (top candidate) for President of the Com-mission in an effort to create a more direct link between the popular vote and the future makeup of the Commission. Since the European People’s Party secured the highest number of seats in the EP, many argued that its top candidate – Jean-Claude Juncker – has a legitimate mandate to be the next Commission President, in accordance with Article 17.7 of the TEU.

The Election of Jean-Claude Juncker

On 15th July 2014, a large majority in the EP elected Jean-Claude Juncker as President of the European Commission. The former Prime Min-ister of Luxembourg, who was supported by 422

out of 751 MEPs, will formally succeed the in-cumbent president José Manuel Barroso in No-vember 2014.

Nevertheless, Juncker’s bid for the commission’s presidency has not been devoid of controversies and opposition by more Eurosceptic leaders. His candidacy was most notably opposed by David Cameron (British Prime Minister) and Viktor Orban (Prime Minister of Hungary). The prin-cipal reasons for this opposition lie in Juncker’s political credentials, as well as the belief that the wording of the TEU has been interpreted in a manner that increases the power of the European Parliament, thus taking it away from the member states.

Having served as President of the Eurogroup (Council of Finance Ministers of the Eurozone) throughout the recession, Juncker has acquired a reputation as an insider to European institutions; moreover he has never made a secret of his fed-eralist credentials. With Juncker as Commission President, a successful renegotiation in the rela-tionship between the EU and the UK – involving the repatriation of certain policy areas to West-minster – might very well be in jeopardy. Quite

plainly, Jean-Claude Juncker represents an idea of Europe that a majority of the British people and several other individuals across the continent have firmly rejected.

The other controversy surrounds the ‘narrow’ in-terpretation of Article 17.7 of the TEU, which does not literally state that the top candidate of the largest EP party group must become Com-mission President. On the contrary, the treaty affirms that the electoral results must be taken into account before putting forward a candidate. The spitzenkandidaten process is the result of a parliamentary initiative by a majority of party groups and does not have a firm legal basis in the treaties, besides the requirement of parliamentary approval for the selected presidential candidate.

Same Old Novelty

Thinking carefully about the whole matter, very little has changed in the dynamics of the selec-tion process for the top EU post. Certainly, there have been efforts to make the process look more in line with the relative majority of votes across Europe, but the mechanism remains awfully fa-miliar. Rather than having heads of state and gov-

31


ernment selecting an unelected bureaucrat, we find ourselves with a bunch of party officials se-lecting another unelected figure for Commission President. The ritual might be different in appear-ance, but the substance of the process remains unchanged from previous examples. Instead of elected heads of state and government hammer-ing out a compromise candidate, we now have often unelected party officials selecting a partisan figure with a well-defined agenda.

Looking at the spitzenkandidaten process, it is worth posing once again the question: is it the same old story or are we dealing with a significant novelty? My reply would quite frankly be: “it’s the same old novelty”. Although several observ-ers have hailed the advent of spitzenkandidaten as a democratic turn in EU’s institutions, it seems fair to say that little has actually changed in sub-stance. The democratic deficit of the European Union is still wide open.

PARTY GROUP MEPS

EUROPEAN PEOPLE'S PARTY 221

PROGRESSIVE ALLIANCE OF SOCIALISTS AND DEMOCRATS 191

EUROPEAN CONSERVATIVES AND REFORMISTS 70

ALLIANCE OF LIBERALS AND DEMOCRATS FOR EUROPE 87

EUROPEAN UNITED LEFT - NORDIC GREEN LEFT 52

GREENS - EUROPEAN FREE ALLIANCE 50

EUROPE OF FREEDOM AND DIRECT DEMOCRACY 48

NON-ATTACHED MEPs 52

European Parliament (2014 - 2019)

EUL (52)

GREENS (52)

S & D (191)

ALDE(67)

EPP(221)

ECR(70)

EFDD(48)

N-A(52)

33

businessnetworkmag.comBusiness

The great management theorist Peter Drucker once said, “Time is the scarcest resource and un-less it is managed nothing else can be managed.”

It is critical for entrepreneurs to organize their days to make sure they’re doing the right things at the right time. That takes discipline—but the payoff will be less stress and a better managed, more successful company.

As an entrepreneur, time is the one element you can’t buy or borrow - it’s a resource you have to manage very carefully.

I was an entrepreneur myself for many years, and here is some food for thought for business owners to organize their days more effectively:

PLAN YOUR DAYS AHEAD

Before leaving the office in the evening, take the time to create a detailed to-do list for the next day. You should assign blocks of time for working on specific tasks and activities on your list. The next morning, you’ll be ready to hit the ground running.

EXPECT THE UNEXPECTED

You know they’re coming: those unforeseen events that eat up your time. I strongly recom-mend reserving one hour in the morning and one hour in the afternoon for putting out fires. But to make this work, you have to resist the temptation

to drop everything to deal with emergencies and wait until the time you set aside to attack them.

BLOCK OUT TIME FOR STRATEGY

At the beginning of the year, you should reserve time in your calendar for weekly, monthly, quar-terly, semi-annual, and annual planning sessions.

• Friday afternoon is a good time to look at what you’ve accomplished during the week and look ahead to next week’s activities.

• Monthly and quarterly sessions are for digging progressively deeper into the company’s finances, looking to understand the reasons for variances from budget and planning how to adjust. You should also be reviewing operations, product de-velopment, customer feedback, employee perfor-mance, and competitor activities.

• Semi-annual sessions are for updating the stra-tegic plan, and once a year it’s budget time.

It’s important to block those times off - if you don’t, when the time comes for that activity, there will be an emergency and you will postpone it and procrastinate.

GET TOUGH WITH DISTRACTIONS

Email and phones are a constant source of dis-traction and temptation. Checking your inbox or calling an associate are often procrastination dis-

guised as work. These activities break your con-centration, interfering with the important work you have to do. I recommend you reserve 10 to 15 minutes an hour for email and phone calls.

PROFIT FROM LUNCH TIME

Many entrepreneurs, especially those with an in-troverted nature, prefer to eat their lunch at their desk or slip away for a solitary bite. For me, this is a mistake. Lunch is a time when you can learn and deepen relationships with people who are important to your business. As an entrepreneur, you should make the effort to break bread each day with a varying cast of people including em-ployees, customers, suppliers, competitors, and potential partners.

The bottom line is that to be successful, entrepre-neurs have to become good managers and that starts with managing one’s self.

Don’t forget! The business becomes successful when you transform yourself into a profes-sional manager, and that means you have to change your attitude and focus on what you need to do, not what you like to do.

How to manage your time to build a high performance business

Time is an entrepreneur’s most precious resource,learn how to make the most of it

By Rony Israel / Business Consultant - Toronto, Business Development Bank of Canada

34

Business

Taking Systemic Risk Seriously

There are two leading views about the world’s financial system. The first, heard mostly from ex-ecutives at leading global banks and their allies, is that the system is safer than it has ever been. Ac-cording to this view, the events that led up to the global financial crisis that erupted in 2008 cannot happen again; the reform process has succeeded.By contrast, a growing group of current and for-mer officials continues to express concern about current and potential future risks in the United States, Europe, and globally. US Treasury Secre-tary Jack Lew made such an argument in a re-cent congressional testimony, in the context of explaining why the Financial Stability Oversight Council (FSOC) should be allowed to consider whether any kind of firm or activity could pose a risk to the broader system.

And a striking new voice has joined the fray – Kara Stein, a commissioner at the Securities and Exchange Commission (SEC). Stein delivered a far-reaching speech in June, in which she argued that systemic risk must become a more central re-sponsibility for financial-market regulators.

Systemic risk refers to problems that spill across different kinds of firms and markets, often in un-expected ways and sometimes very quickly. Per-haps the most prominent example from 2008 is the way that the failure of the investment bank Lehman Brothers risked brining about the immi-nent collapse of the insurer AIG, while also lead-

ing to intense pressure on money-market mutual funds.

Jeremy Stein (no relation to Kara Stein), until re-cently a governor of the US Federal Reserve Sys-tem, has suggested that forced “fire sales” of assets are one important way that risks are transmitted. When asset prices fall as a result of such selling, the solvency of other firms can be affected – even if the creditworthiness of the underlying asset has not really changed.

Bank regulators are starting to take these issues more seriously – an encouraging change from the 1990s and early 2000s, when the Fed was among the cheerleaders for unfettered financial innova-tion, without adequate consideration for systemic risk.

But securities regulators also need to start think-ing along the same lines – and this is where Kara Stein wants them to go. For example, the SEC has traditionally thought about adequate equity capital in a regulated business, primarily as the amount needed to help compensate customers in the event that individual firms fail. But it would be much better, as Stein suggests, to think about equity capital from a systemic perspective – that is, how much loss-absorption is needed to pre-vent some form of a cascading confidence crisis.Similarly, regulators should start to think about how and when the structure of particular finan-

cial transactions creates a potential systemic risk. For example, short-term funding markets in-volve the supposedly safe business of borrowing against the collateral of tradable securities, which is a mainstay of how broker-dealers finance them-selves. Unfortunately, as we discovered during the financial crisis, such markets can become less liq-uid or even dry up completely when lenders start to fear unforeseen problems, either with borrow-ers or with the assets that they pledge as collateral.The systemic risks in this case do not necessarily lie with an individual firm; rather, the issue is the way in which a particular market has come to op-erate. Stein has some detailed and credible ideas about how to make such operations less risky for the system as a whole.

More broadly, however, her point is that we need the FSOC to be able to do its job – to look for and assess all kinds of potential systemic risks. This needs to be done as a technical matter, not as part of the political process.

Not everyone at the SEC is as sensible as Stein. There is also some friction among the various regulators in the US, and we surely need more coordination across national borders – including with Europe. But the real danger is that powerful lobbies, working through members of Congress, are pushing back hard against the FSOC and its mandate.

By Simon Johnson / Former Chief Economist of the International Monetary Fund


35

No one likes scrutiny, of course. And everyone in the asset-management industry seems to fear being put under the Fed’s microscope, which is what happens if the FSOC determines that a business is systemically important.

The nature of externalities means that financial firms do not care about the costs that they may create for others. Big and small firms can create a wide variety of externalities, and these have to be examined carefully and dispassionately – exactly as Stein is recommending.

And yet, though assessing systemic risk is a tech-nical matter, there is ultimately and inevitably a political question. The FSOC can figure out where the risks are lurking, but will it be allowed to do its job? If not, when the next crisis comes, those who opposed the FSOC’s proper function-ing will bear the lion’s share of the responsibility.


No one likes scrutiny, of course.

36

Politics

Canada-Turkic World Relations Revitalizes

Q: Anatolian Heritage Federation held the first Turkic Canadian Convention last year. Next convention is around the corner. What would like to say in general about Turkic con-ventions?

Until last year, we, on annual basis were organ-izing, Annual Friendship Receptions at the Par-liament Hill. If I am not mistaken we held about six Hill receptions in the past. As of last year, we expanded scope and scale of the Hill gatherings to a full-day convention, which comprises panel sessions, luncheon and gala reception. Turkic Ca-nadian Convention is intended to be an eminent gathering that brings together a wide range of stakeholders from Canada and Turkic nations--Turkey, Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan¬—including minis-ters, parliamentary members, senior government officials, senators, emissaries, leading policy mak-ers, academics, leaders of Turkic diaspora, busi-nesspersons, experts, private sector stakeholders, representatives of multinational corporations and etc. Last year’s convention was a great success with the participation of two federal ministers, more

than 25 MPs, four ambassadors and well over 200 prominent guests from Canada and abroad. Also, chair and four members of the Turkey-Canada Friendship Group at the Grand National Assem-bly of Turkey honoured us with their attendance. Moreover, Hon. Andrew Scheer, Speaker of the House of Commons was keynote speaker of the 2013 Convention Gala Reception.

Q: What are the objectives of these conven-tions? Canada and Turkic countries are unknown to each other and current relations between Canada and Turkic nations are well under its true poten-tial. Just to give you an example, Canada has per-manent diplomatic mission in two out of the six Turkic countries. Similarly, three out of six Turkic countries have permanent diplomatic representa-tion in Canada. These quick facts can give you some idea on current level of the bilateral diplo-matic relations. In this sense, Turkic conventions create an important platform whereby both sides get an opportunity to know each other more. We believe there is a big room for the cooperation

in international politics, energy, construction, trade, technology transfer and transportation sec-tors and this convention is important avenue to explore the potential partnership areas and posi-tively contribute to the current bilateral relations and political, social and economic ties between Turkic countries and Canada.

Q: What is the focus of the convention?

Main theme of the convention is Strategic Part-nership, Trade and Development. Energy could be another aspect that we can look into in the future as Canada and Turkic Countries have rich hydrocarbon reserves and export oil and gas to the world market. We invite nationally and in-ternationally renowned experts to convention to share their vision with key stakeholders from Canada and abroad. This year’s convention pro-gram will feature the following: Luncheon with keynotes, Networking Breaks, three Panel Ses-sions concerning Canada's Economic Diversifi-cation and Trade with Eurasia, Canada Strategic Partnership and Cooperation in Central Asia and the Caucasus and Silk Road Initiatives and

Bridging Ottawa to Astana, Toronto to Istanbul, Montreal to Bishkek and Vancouver to Baku.

BN Magazine Interviewed Vusal Babashov, Vice President of the Anatolian Heritage Federation

37


a Gala Reception which will bring together dig-nitaries, prominent guests from Canadian soci-ety, delegations from Turkic countries attending the convention and many more. On additional note, following this convention, Connect Canada business forum will be held in Toronto, which is an excellent complement to the convention and great opportunity for the businessmen from US, Turkey, Azerbaijan, Kazakhstan and Canada to explore and possibly sign trade deals.

Q: Do you partner with other parties in organ-ization of the convention?

We work very closely with Embassies of Turkey, Azerbaijan and Kazakhstan in Canada. In addi-tion, we cooperate with business chambers such as Turkish Canadian Chamber of Commerce (TCCC), Turkish Confederation of Businessmen and Industrialists (TUSKON) and Silk Road Business Association of Azerbaijan. Media spon-sors for the convention are Turkish Review and Business Networking (BN) magazine and Today’s Zaman daily. Finally, we work together with The NATO Council of Canada to promote this event. Q: Are you optimistic about future of the Canada and Turkic World relations?

First of all, it is a big mission for all of us as a Turkic Canadian. Civil society can play a facilita-tor and catalyst role and make contributions to the current relations to certain extent. We can-not witness ultimate success without support and engagement of the political, diplomatic and busi-ness stakeholders. As a civil society organization, we will continue to do our part despite several difficulties. In the near future, we would like to organize country-specific conventions such as Azerbaijan-Canada Convention in Baku. Coun-try-specific conventions will stimulate mutually beneficial and strategic cooperation and further strengthen the bonds established at the Turkic Canadian Conventions in Ottawa. In sum, there is a long way to go, however in my humble opin-ion, we can observe solid improvements if all ac-tors are involved in process and strive to make a positive change.

We can observe solid improvements if all actors are involved in process and

strive to make a positive change.

Vusal Babashov, Vice President of the Anatolian Heritage Federation

90 - 10080 - 8970 - 7960 - 6950 - 5940 - 4930 - 3920 -2910 - 190 - 9No data

Highly Corrupt

Very Clean

2012 CPI Score

© 2013 Transparency International. All rights reserved.

CORRUPTION PERCEPTIONS INDEX 2013The perceived levels of public sector corruption in 177 countries/territories around the world.

SCORE

0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80-89 90-100 No data

Very Clean

Highly Corrupt

21 Ireland 72

22 Bahamas 71

22 Chile 71

22 France 71

22 Saint Lucia 71

26 Austria 69

26 United Arab Emirates

69

28 Estonia 68

28 Qatar 68

30 Botswana 64

31 Bhutan 63

31 Cyprus 63

33 Portugal 62

33 Puerto Rico 62

33 Saint Vincent and the Grenadines

62

36 Israel 61

36 Taiwan 61

38 Brunei 60

38 Poland 60

40 Spain 59

61 Oman 47

61 Slovakia 47

63 Cuba 46

63 Ghana 46

63 Saudi Arabia 46

66 Jordan 45

67 Macedonia (FYR) 44

67 Montenegro 44

69 Italy 43

69 Kuwait 43

69 Romania 43

72 Bosnia and Herzegovina

42

72 Brazil 42

72 Sao Tome and Principe

42

72 Serbia 42

72 South Africa 42

77 Bulgaria 41

77 Senegal 41

77 Tunisia 41

80 China 40

1 Denmark 91

1 New Zealand 91

3 Finland 89

3 Sweden 89

5 Norway 86

5 Singapore 86

7 Switzerland 85

8 Netherlands 83

9 Australia 81

9 Canada 81

11 Luxembourg 80

12 Germany 78

12 Iceland 78

14 United Kingdom 76

15 Barbados 75

15 Belgium 75

15 Hong Kong 75

18 Japan 74

19 United States 73

19 Uruguay 73

RANK COUNTRY/TERRITORY SCORE RANK COUNTRY/TERRITORY SCORE

41 Cape Verde 58

41 Dominica 58

43 Lithuania 57

43 Slovenia 57

45 Malta 56

46 Korea (South) 55

47 Hungary 54

47 Seychelles 54

49 Costa Rica 53

49 Latvia 53

49 Rwanda 53

52 Mauritius 52

53 Malaysia 50

53 Turkey 50

55 Georgia 49

55 Lesotho 49

57 Bahrain 48

57 Croatia 48

57 Czech Republic 48

57 Namibia 48

RANK COUNTRY/TERRITORY SCORE

80 Greece 40

82 Swaziland 39

83 Burkina Faso 38

83 El Salvador 38

83 Jamaica 38

83 Liberia 38

83 Mongolia 38

83 Peru 38

83 Trinidad and Tobago

38

83 Zambia 38

91 Malawi 37

91 Morocco 37

91 Sri Lanka 37

94 Algeria 36

94 Armenia 36

94 Benin 36

94 Colombia 36

94 Djibouti 36

94 India 36

94 Philippines 36

94 Suriname 36

102 Ecuador 35

102 Moldova 35

102 Panama 35

102 Thailand 35

106 Argentina 34

106 Bolivia 34

106 Gabon 34

106 Mexico 34

106 Niger 34

111 Ethiopia 33

111 Kosovo 33

111 Tanzania 33

114 Egypt 32

114 Indonesia 32

116 Albania 31

116 Nepal 31

116 Vietnam 31

119 Mauritania 30

119 Mozambique 30

119 Sierra Leone 30


119 Timor-Leste 30

123 Belarus 29

123 Dominican Republic

29

123 Guatemala 29

123 Togo 29

127 Azerbaijan 28

127 Comoros 28

127 Gambia 28

127 Lebanon 28

127 Madagascar 28

127 Mali 28

127 Nicaragua 28

127 Pakistan 28

127 Russia 28

136 Bangladesh 27

136 Côte d´Ivoire 27

136 Guyana 27

136 Kenya 27

140 Honduras 26

140 Kazakhstan 26

140 Laos 26

140 Uganda 26

144 Cameroon 25

144 Central African Republic

25

144 Iran 25

144 Nigeria 25

144 Papua New Guinea 25

144 Ukraine 25

150 Guinea 24

150 Kyrgyzstan 24

150 Paraguay 24

153 Angola 23

154 Congo Republic 22

154 Democratic Republic of the Congo

22

154 Tajikistan 22

157 Burundi 21

157 Myanmar 21

157 Zimbabwe 21


160 Cambodia 20

160 Eritrea 20

160 Venezuela 20

163 Chad 19

163 Equatorial Guinea 19

163 Guinea-Bissau 19

163 Haiti 19

167 Yemen 18

168 Syria 17

168 Turkmenistan 17

168 Uzbekistan 17

171 Iraq 16

172 Libya 15

173 South Sudan 14

174 Sudan 11

175 Afghanistan 8

175 Korea (North) 8

175 Somalia 8

#stopthecorrupt www.transparency.org/cpi

41

With a population of 595,000, Brampton is the ninth largest city in Canada and the third largest in the Greater Toronto Area (GTA). It is also the second fastest growing city in Canada, averaging growth of 4.2 per cent per year (or 18,000 new residents per year). Adjacent to Canada’s largest airport, Toronto Pearson International, Bramp-ton is home to the largest intermodal railway ter-minal in Canada and has immediate access to an extensive network of trans-continental highways. Brampton also has a successful, diversified econ-omy and is home to more than 8,600 businesses. Seventy two per cent of Brampton’s economic base is comprised of service-producing compa-nies and 28 per cent is comprised of goods-pro-ducing companies.

Awards/Designations

• A $650 million (CDN) municipal organization. Achieved an “AAA” credit rating designated by Standard & Poor’s, seven consecutive years.

• Voted Top 10 American Cities of the Future - Best Business Friendliness and Best Infrastruc-

ture. Mid-sized City 2013/14. FDI Magazine (Fi-nancial Times London).

• First City in the GTA and one of only 10 in North America to be designated an International Safe Community by the World Health Organiza-tion (WHO).

Proximity to Market

Brampton is a prime location that offers a multi-tude of real-estate options for companies looking to locate in the GTA. Brampton is at the hub of North America’s transportation network. Talent and Education

At 34.7 years, Brampton has the lowest median age among Canada’s largest cities. Brampton resi-dents represent more than 209 different cultures and speak more than 89 languages. This young, educated, and multicultural work force of over 190,000 strong continues to grow at a rate of 4 per cent annually. Brampton is home to 25 pri-vate career colleges and schools, with 19 post sec-ondary educational institutions within an hour’s

drive. Many of the country’s most innovative and intelligent individuals are located in and around Brampton. Sheridan Institute of Technology and Advanced Learning and Algoma University’s sat-ellite campus are located in Brampton. The GTA has the highest concentration of post-secondary institutions in Canada.

A Vibrant Community

Brampton is a well planned city with a rich his-tory and cultural heritage. It offers an unparal-leled quality of life with access to excellent health care, education, transit, recreation, and arts and culture opportunities.

Experience Brampton’s fast-growing, people-powered city economy and what it can do for you at peoplepoweredeconomy.ca

Why Invest in Brampton A People-Powered Economy

Impressive business growth rates, combined with low average annual operating costs, living costs make Brampton a choice location to live and do business.

Sohail Saeed, Director of Economic Development & Tourism /

City of Brampton

[email protected]: 1.888.381.BRAM E: [email protected]

Twitter: Brampton EcoDev

42

Politics

The Dispute Over Bank Asya: What Lies Ahead in Erdogan’s Turkey?

After being suspended for five weeks, Bank Asya resumed trading on 15th September 2014. Opening at 1.10 TRY (Turkish Liras), shares plummeted to a minimum of 0.64 TRY within three days. Between 15th and 17th September, Bank Asya shares lost 40% of their initial value hitting an all-time low and causing uncertainty for investors. A week later, the market’s verdict was more benign; after opening at 0.69 TRY, shares increased by 28% to a maximum of 0.96 TRY on 26th September.

Corruption Scandals

The dispute between President Erdogan and Bank Asya started when the police arrested ap-proximately a number of government officials on allegations of corruption and bribery. The inquest led to the confiscation of 40 million Liras (£10 million) and the implication of Baris Guler and Kaan Caglayan – sons of government ministers holding key policy portfolios (interior affairs and the economy).

Erdogan, who was Prime Minister at the time, re-placed almost half his ministers in a government reshuffle over Christmas. But the most surprising reaction came shortly after when a governmen-tal decree removed 350 police officers, targeting particularly the financial crimes unit. Fethullah

Gulen – the self-exiled scholar who leads the Hizmet movement – wasted no time in labelling these measures as a judicial power grab to bury the investigations.

Erdogan hit back saying that Hizmet sympathis-ers unleashed the investigation into officials of the AKP (the ruling Justice and Development Party) seeking to topple the democratically elect-ed government of Turkey. From this moment on, the government – helped by sympathetic media outlets – embarked upon a crusade against com-panies founded by Hizmet members or sympa-thisers.

Bank Asya’s Story

Bank Asya is Turkey’s largest Islamic lender and was founded in 1996 by Hizmet followers. The movement advocates a different vision of Islam with a sympathetic eye for the role of science and interfaith dialogue, spreading its message through networks of schools and businesses. The move-ment possesses schools in over 140 countries and counts millions of members worldwide, involved in different sectors such as education and finance.

The government’s attacks have affected the bank’s reputation over the last ten months. Throughout the second quarter of 2014, Bank Asya lost 25%

of its cash deposits because several state-owned and pro-government firms have withdrawn more than 4 billion TRY (£1 billion) from the lender. The government revoked Bank Asya’s license to collect taxes on behalf of the state in August 2014. Additionally, talks over a possible takeover bid between Bank Asya and Qatar Islamic Bank failed and Borsa Istanbul added to the lender’s troubles by imposing a five-week trading ban on its shares.

Erdogan vs. Bank Asya

Ahmet Beyaz (CEO of Bank Asya) has dismissed the smear campaign by stating that the lender is in overall healthy status. Beyaz underlined how Bank Asya’s capital adequacy ratio is around 20%, while the average value for other banks rests at 14-15% and the minimum legal threshold in Turkey is set at 12%.

President Erdogan has repeatedly stated that the bank has already failed and threatened the Bank-ing Regulation and Supervision Agency (BDDK) for not taking appropriate action against Bank Asya.

Erdogan’s behaviour is cause for concern, not least because Turkish Banking Law affirms the independency of the BDDK and forbids any-

The dispute between Erdogan’s government and Bank Asya has reignited in September

following the lifting of a five-week trading ban imposed by Borsa Istanbul – Turkey’s

stock exchange authority. The ever-growing interference of the executive into the market

regulatory system raises a number of questions on the country’s future.

By Giorgio Buttironi

43


political official from exerting influence over its decisions. Furthermore, it envisages harsh pen-alties for anyone who intentionally damages the prestige of a bank.

By interfering vehemently with the BDDK and approving a negative campaign against the Islam-ic lender, which led to the withdrawal of capital support by state-owned companies and the fail-ure of two takeover bids, Erdogan has de facto violated each of the abovementioned provisions and opened the government up to legal action.

Cause for Reflection

There are of course greater considerations to be drawn from this dispute on different aspects. Po-litically speaking, the disregard for the rule of law by the President of Turkey casts a shadow over the worsening condition of Turkey’s democratic system. With an opposition Republican People’s Party (CHP) unable to tackle Erdogan’s populist message and appeal with the majority of voters, the government’s current behaviour does not pro-vide for positive prospects in the nearby future. From an economic standpoint, Erdogan’s actions vis-à-vis the BDDK are not likely to be greeted with warmth by foreign investors. In such an unhealthy environment, foreign investment may well decline and it will be more difficult to make the case for attracting other businessmen and firms to invest in Turkey.

Recep Tayyip Erdogan, President of Turkey

44

McLaren Automotive has now released images and full information for the convertible version of its latest model, the McLaren 650S, unveiled at the 84th International Geneva Motor Show. The McLaren 650S Spider is a no compromise open-top high performance sports car offering the same performance, handling and driver enjoyment, with the addition of a two-piece retractable hard top. The latest model is shown in Tarocco Orange, a new addition to the McLaren colour collection, developed with technology partner AkzoNobel.

The McLaren 650S Spider is mechanically identical to the 650S Coupé and is fitted with the unique McLaren M838T twin turbo V8 engine, producing 650PS (641 bhp) and 678 Nm (500 lb ft). This means a 0-100 km/h (62 mph) sprint of 3.0 seconds, identical to the Coupé, and 200 km/h (124 mph) is reached in 8.6 seconds, only 0.2 seconds shy of the fixed-head model. Maximum speed is 329 km/h mph (204 mph). Fuel consumption and emissions remain the same for the 650S Spider, returning 24.2 mpg (11.7 l/100km) on the EU combined cycle and 275 g/km.

Most competitors do not offer high performance iterations as convertibles due to the compromises that invariably plague open-roof cars. These models will be heavier and have substantially less torsional rigidity, to the detriment of handling and ride.

The carbon fibre MonoCell chassis at the heart of the McLaren 650S requires no additional strengthening or reinforcing in open-top guise, and gives the 650S Spider identical handling and ride, and virtually identical straight-line performance figures. The overall weight of the 650S Spider is 1,370 kg (dry), an increase of only 40 kg over the Coupé, with this additional mass coming from the Retractable Hard Top and roof mechanism, and is less than any other car in its class.

The two-piece Retractable Hard Top can be automatically raised or lower in less than 17 seconds, and can be activated while stationary or at any speed up to 30km/h (19mph).

As with the 12C Spider, the 650S Spider uses a heated glass rear window, operating independently of the roof. With the roof down, the rear window acts as a wind deflector, reducing cabin buffeting. Roof up, the rear screen can be lowered to allow more engine noise – and driving drama – into the cabin, and for a semi-open top driving experience even when it is raining. When down, the roof is stowed beneath a body-coloured hard tonneau cover incorporated in the twin rear buttresses. With the roof raised, the area beneath the tonneau cover can be used as additional luggage space.

Rather than being a stripped out road racer, the 650S Coupé and 650 Spider models are fitted with a high level of luxury equipment as standard. Carbon ceramic brakes sit behind unique ‘650’ lightweight alloy wheels shod with Pirelli P Zero™ Corsa tyres, IRIS satellite navigation with Bluetooth telephony, DAB digital radio in Europe (SIRIUS satellite radio in North America), wireless tethering, audio streaming and voice control are all fitted as standard, and the cabin is fully trimmed in Alcantara.

Art & Lifestyle

Open-top McLaren 650S Spider joins 650S Coupé in Geneva global debut

46

Art & Lifestyle

Kyrgystan's most expensive film to premiere at Montreal festival

The World Premiere of the Kyrgyz film Kurmanjan Datka Queen of the Moun-tains took place at the Montreal World Film Festival in the section Focus on World Cinema.

The film, written, directed and co-produced by Sadyk Sher-Niyaz, is a histori-cal, epic drama, set in 19th century Central Asia, telling the true story of Kur-manjan Datka, a strong willed woman, who becomes the ruler of her country and saves the nation from total destruction.

Speaking to the Hollywood Reporter, Sher-Niyaz said “It’s the story of a young woman who is forced into an arranged marriage but escapes, flees to the moun-tains and falls in love with the local chief Alymbek, whom she marries. When he is killed by political rivals, she becomes the “queen of the mountains” and a key figure in the national struggle, when the Russians invade.”

Produced by production companies, Kyrgyz Film and Aitysh Film on digital Red Epic film, the film was shot on location in various parts of Kyrgyzstan and also in St. Petersburg, Russia.

The Producer and MP Zhyldyzkan Dzholdoshova from Kyrgyzstan came to see the screening of his film Queen of the Mountains starring Kyrgyz actor Elina Abai Kyzy at the Montreal Film Festival. While they were in the country the delegates were wel-comed by Anatolian Heritage Federation. Later during their trip the delegates also had a meeting at Nile Academy with the Canadian-Kyrgyz citizens and talked about the Turkish schools in their own country.

Elina Abai Kyzy, Queen of the Mountains starring Kyrgyz actor

48

Art & Lifestyle

The Power of Creative IllustrationFor some people art is a more than a discipline, it is a life mission. In these times, art comes in different and sometimes quite peculiar forms. Russ Tudor, renowned cartoon artist, confessed how he had an obsession with art during his childhood. “I was like a sponge, I soaked up every artist I could, from Picasso and Mondrian to Steadman and Scarfe”, Tudor admitted.

Constantly engaged in painting and drawing, Tudor explains how he began to appreciate the immense power of creative illustration, which can be every-where and able to reach large audiences. “For me photography captures the truth, while creative illustration manages to seize the untrue aspects of life and show the world in a different light”. “Whether it is a caricature of a politician or a critique on the art world, illustration is the perfect medium to make a courageous statement”, Mr Tudor added.

Russ Tudor’s works has been published in several renowned publications throughout the world, ranging from the Wall Street Journal and the Telegraph to Vanity Fair and the Tattler. He stated that, through his works, he strives to be humorous and entertain people while simultaneously encouraging them to pose important questions.

Russ Tudor summarises best the power of creative illustration in one short yet effective statement: “Life is rarely what we perceive it as”.

Visit Russ Tudor’s website to learn more about his artworks at http://www.russtudor.com/

50

Network

Turkish Canadian Chamber of Commerce (TCCC) Calgary branch has organized its second networking dinner. Members of the Turkish Commu-nity living in Calgary and people who are interested in trade opportunities with Turkey have gathered at the Anatolian Cultural Centre. Mehmet Dur-mus, executive director of TCCC Headquarters, presented the new trade possibilities.

He introduced the trade missions coming from Turkey to attend the trade forum in Toronto, right after the Second Annual Turkic Canadian Conven-tion held in Ottawa. In addition, he invited attendees to the largest busi-ness matchmaking organization of the world, which is TUSCON’s annual Business Forum held in Istanbul.

Turkish Canadian Chamber of Commerce ( TCCC) participated in Mega Networking Event organized by Toronto Board of Trade. The event took place in Royal Ontario Museum.

TCCC members had an opportunity to connect entrepreneurs from di-verse and vibrant business communities. Through this event TCCC mem-bers gained an advantage of meeting with various collaborators through an evening of casual networking and business development.

Canada Pakistan business council, Belgian Canadian Business Cham-ber, Toronto Hispanic Chamber of Commerce, Indo-Canada Chamber of Commerce and Association of Chinese Canadian Entrepreneurs were among the other participant of Chamber of Commerce’s.

Multicultural Mega Networking Event

TCCC Hosted the Second Networking Dinner in Calgary

51


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Back

REFLECTING ON THE

2014 WORLD CUPBy Ilayda N. Yelkin

The 2014 FIFA World Cup in Brazil turned out to be an extremely exciting and peculiar sporting event. We have witnessed a series of unexpected events: the early exit of high calibre teams (e.g. Spain, England, Italy, and Portugal); the surpris-ing performance of Costa Rica; and most nota-bly, Brazil’s crushing defeat in the semi-finals to Germany. However, this competition has been associated with more than just football and was a contentious discussion topic before it even started. Excessive spending for world cup in-frastructure by the government caused a lot of resentment, since such money could have been directed towards more meaningful purposes. Violent protests taking place during the 2013 Confederations Cup, which usually serves to test the infrastructures ahead of the major competi-tion, brought these problems to light last year. Following the end of the World Cup, which saw Germany deservedly earning its fourth title, the country is going to face several challenges. Let us take a closer look to these problems.

It is going to be challenging for Dilma Rousseff (President of Brazil) to justify why such a consid-

erable amount of public finances was disbursed for the World Cup, when the country faces more pressing humanitarian and social needs. This is a considerable problem for the government, espe-cially with the presidential elections approaching in October 2014. For instance, according to the Brazilian Newspaper O Globo, the equivalent of US$270 million has been spent for the construc-tion of the Arena da Amazonia in Manaus. This is quite a considerable amount of money, espe-cially considering that this stadium – built on purpose for the World Cup – only hosted four of-ficial games in the group stage. Additionally, the remote location of Manaus – almost impossible to reach by road – makes it difficult to properly use the stadium at the height of its full capac-ity after the World Cup. This is just an example of how hard it might be for President Rousseff to justify, from a political viewpoint, such exces-sive spending for sporting infrastructure instead of concentrating on sector with greater need for investment.

This competition was supposed to be Brazil’s victorious march through the World Cup in

their own country. Instead, it turned out to be one of the most dramatic events of this country’s football history. While Brazil’s upsetting depar-ture shocked many observers both at home and abroad, it is worth wondering whether this de-feat will affect the country’s struggle with some of its key socio-economic problems. It is common knowledge that Brazil has undertaken significant improvements over the last ten years, the country still has a very high level of inequality between its richest and poorest inhabitants and counts an ethnically diverse population. Personally speak-ing, I still believe that a Brazilian world cup vic-tory would have allowed the country to find the necessary sense of hope and courage to tackle its socio-economic challenges more effectively.

Overall, this edition of the World Cup gave us in-credible memories and a truly exceptional display of football. Thirty-two nations coming from eve-ry corner of the globe to represent their respective countries for the joy of millions of supporters. I already look forward to Russia in 2018.

business network magazine canada | nov -dec 2014

Documents

turkic world europes

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