March 2023 - Page 9 of 13

Solving Ghana’s Liquidity Problems With Securitisation Transaction Through Oil – A Case Study

Securitisation transaction could be defined as the act of converting an asset into marketable securities typically for the purpose of raising cash.

The concept is based on international market practices involving financial transactions in which an enterprise brings together assets, mostly receivables, and later transferred to a special purpose entity or vehicle, which finances the acquisition by issuing securities.

Securitisation is typically an improvement to the financing of existing business operation.

Securitisation transactions are very popular with mortgage-backed securities; there are currently more non-financial types of assets and future cash flows. The following are examples of assets that can generally be securitised.

Aircraft leases, auto loans(prime and sub-prime),auto leases, boat loans, credit card receivables, equipment leasaes,home equity loans, manufactured housing contracts, marine shipping containers and chassis leases,morgages(residential and commercial).The rest are railcar leases, real estate, recreational vehicle loans, royalty streams, stranded utility costs, trade receivables, train wagons leases, truck loans, oil exploratory, and other future receivables.

Ghana School Financing Facility is Ghana’s first official “securitisation transaction”. It is a structured risk-sharing facility which covers a local partner bank’s initial portfolio of long-term local currency loans to schools. The objective was to help local banks to learn how to make money and contribute to development in the country as well.

The International Finance Corporation (IFC) provides advisory services to the banks to process and monitor the school loans whilst at the same time assisting the local schools with management training and strategic planning to enable the schools operate more like sustainable businesses. This helped to improve their credit risk profile with the banks.

The IFC set up a $2.1million risk-sharing facility with Ghana’s Trust Bank Ltd supplemented by advisory services by IFC and African Development Bank to the Trust Bank and its client schools.

It is expected that The Trust Bank will increase its size and financing to private schools, implement cost-effective, alternative funding mechanism for schools. It will also afford the bank the opportunity to prepare itself for securitisation transaction when the market is ready.

The following gives an insight into an industry for a potential Securitisation transaction in Ghana.

Ghana has a modest upstream oil industry with one onshore and five offshore sedimentary basins. The main drive behind the oil and gas industry in Ghana is the need to reduce the country’s dependence and reliance on hydroelectricity.

The authorities are usually targeting a “primary” budgetary surplus to reduce the overall budgetary deficit and the domestic debt. Oil subsidies have been cut back, but public sector wages have been increased. Nevertheless, the recent computerization of customs should increase tax and public sector revenues, and contain the overall budgetary deficit.

A number of initiatives to boost cassava, textiles and palm oil should increase non-traditional exports while strong prices for cocoa and gold should lead to higher export earnings. High oil prices continue to hurt Ghana. It is estimated that oil imports will make up over 20% of the total import bill, leaving the economy vulnerable to large price swings. Large transfers, IFI credits, donor support and generous debt relief from the Paris Club have brought the external current account deficits at more manageable levels.

Schemes, and reforms, such as increasing low electricity tariffs towards international levels. Since the mid-1980s the Government of Ghana has been financing projects using small levies on petroleum products. The US$ 250,000 raised annually is paid into an Energy Fund and used to promote renewable energy and energy efficient projects.

In Ghana petroleum operations are governed by the Petroleum Law of 1984 which empowers GNPC to operate in all open acreage of the country on its own or in association with foreign partners.

Smaller companies are finding it easier to explore in Ghana than in some of its neighbours in West Africa. This is due in part to advantageous terms of the contract which include the following elements: No front end payments such as signature or production bonuses; negotiable royalties and income tax (currently at 35%); no limit on cost recovery, low rental payments, no restrictions on the repatriation of funds and no import duties on exploration and production equipment and materials…

With securitisation, the GNPC can securitise its rights to receive payments for crude oil sold to other oil refineries. The agreements representing those receivables must be drafted such that anti-assignment clauses in favour of the refineries for example will be beneficial but must not be enforced since in doing so the securitisation cannot go on.Ghana and for that matter Ghanaians must benefit from this black gold.

Reference:

1.Africa -Ghana organising in the informal sector(on line) (accessed 29th April 2006)

2.Ghana Chamber of Commerce Newsletter

3.Ghana Self-assessment (online)available on ghanaembassy.dk/tax/asp.cata.org.my/Ghana1 accessed on 21/06/07

4.Private Sector Development Strategy for Ghana (online) available on dfid.gov.uk/pubs/files/ghana/priv-sect-dev-strategy/ accessed on 21/06/07

5.Securities Exchange Commission annual Report (online)available on secghana.org/publications/annualreport/ accessed on 21/06/07

Botswana Casinos

Botswana is one of Africa’s success stories; a country of diverse natural habitats, generous resources, and a fast-growing tourist sector, attracted by its proximity to South Africa and also by its superb game reserves and national parks. Botswana casinos are a growing sector of the economy, and casinos have sprung up in several cities in the country, including the capital, Gaborone, and the northern capital, Francistown. Consequently, the Botswana government has taken great steps to ensure that the development of Botswana casinos continues in line with the growing numbers of foreign visitors.

Francistown is the largest city in northern Botswana and also home to two casinos, the Marang Hotel, and the Admiral at the Thapama Hotel. The city was the site of southern Africa’s first “gold rush” in the mid 19th century, which brought people in from all over the globe in search of their fortune. Unfortunately for them, the gold proved difficult and costly to mine, and most of the mining operations fell into disuse, though a few remain. Nowadays, the casinos of Francistown provide visitors with the chance to strike it lucky; there is still gold here, if only you are fortunate enough to find it!

Apart from Francistown, the other main center for Botswana casinos is the capital, Gaborone. This is home to Botswana’s largest casinos, the Grand Palm Hotel Casino Resort, which has 17 table games and over 250 slots and video gaming machines, the Gaborone Sun Casino, which is the oldest and biggest casino in Botswana, as well as a new development at the Gaborone Hotel. As a result, the capital is making a bid to attract some of the gambling business away from its northern rival, and make itself a valuable stopover for foreign visitors on the way to the national parks of Chobe and Okavango in the north of Botswana, which are the country’s prime tourist attractions at present.

Africans love gambling, and Botswana casinos are set up to appeal to locals as well as visitors from abroad. Recognizing this, the government has been careful not to overburden the Botswana casino industry with regulations and red tape, although the industry is obviously carefully scrutinized to ensure that it maintains the highest standards of probity. Accordingly, the Botswana casino sector continues to expand to meet the demand of visitors from far and wide, eager to find their fortune, like the prospectors of old.

The History of Burberry

One can’t help but wonder what plans 21 year old Thomas Burberry had when he opened his first shop in Hampshire, England way back in 1856. Could he have imagined that, more than a century and a half later, his name would be known all over the world?

Burberry’s business soon made a name for itself in outdoors clothing. His 1880 invention called “gabardine” was a waterproof, yet breathable fabric. It was soon used in a number of outdoor outfits, like fishing attire, perfect for the wet English climate. Gabardine was finally patented in 1888.

The success of gabardine gave Burberry the weight he needed to open a shop in London itself in 1891. This remains today, and is actually the site of Burberry’s corporate headquarters. An interesting fact is that the company actually started using the name “Burberrys” during this period. Older Burberry products and advertisements still carry this name.

In 1895 Burberry developed a coat called the “Tielocken”, considered an early version of the well known trench coat.

As a new century dawned, man took up new challenges. One of these was Roald Amundsen and Ernest Shackleton’s expeditions to Antarctica in 1911 and 1914 respectively. Burberry had the honor of being the official outfitters for these missions, which both met with success despite many hardships.

From 1914 onwards Burberry was often commissioned by the military to improve and adapt its coats for the various situations.

In 1955 another honor was bestowed on Burberry’s when Her Majesty Queen Elizabeth II awarded them the Royal Warrant. A second Royal Warrant followed in 1989, this time granted by his His Royal Highness The Prince of Wales.

The 1970s to early 1990s proved an unfortunate period for Burberry as the brand became a staple of the British football cult. The company itself had to admit that the brand had become synonymous with thugs and hooligans.

Revitalized in the late 1990s by new CEO Rose Marie Bravo, particularly through the signing of model Kate Moss and Gucci designer Christopher Bailey, Burberry re-established itself as a well recognized international luxury fashion brand. Burberry has continued to find itself in controversial situations. In 2006 they were made the focus of a PETA campaign due to the continued use of animal fur in their clothing line. The closure of their Treorchy factory in 2007 with over 350 jobs being moved to Hong Kong and Mainland China also sparked Global protests. The company currently has boutiques in New York, Beverly Hills, Boston, Short Hills, NJ, Bal Harbour, San Francisco, Honolulu, Costa Mesa, Dallas, and Palm Beach.

Nigeria’s Agro Allied Industry: A Starting Point for Enterprise Revolution

In Western Africa, agriculture accounts for an estimated 40% of combined GDP and employs up to 70% of the available working population. Agricultural commodities are the second largest export from the region to the European Union, although most goods are traded without any local value addition. This represents a significant failure to produce high-value products that can enhance profitability in agro-operations and provide much-needed employment. Exports to newer markets are often held back by concerns over compliance with international production standards. Further, the region’s high transportation costs inflate the price of agro-products in local markets and lower export competitiveness. The gross outcome of these conditions is that developing economies in West Africa and elsewhere generate only $40 by processing one ton of agricultural products against $180 in developed countries.

Fortunately, this persistently bleak outlook for agriculture across sub-Saharan Africa is gradually beginning to change and Nigeria is poised to take the lead in reversing the trend. In the first decade after its independence in 1960, the traditionally agrarian Nigerian economy contributed 60% of GDP and more than a third of total export revenue. The country was the world’s top exporter of palm oil and had commercialised production of several cash crops including cocoa, cotton, rubber, groundnut and kola nut. The situation changed radically when the oil boom of the ’70s shifted focus away from cropping and petrochemical exports became the primary national obsession. Agriculture was marginalised into a labour-intensive, low-productivity subsistence activity that eventually plunged large parts of rural Nigeria into abject poverty. Despite several resuscitation attempts over the decades – including the 1972 National Accelerated Food Programme, the 1976 Operation Feed the Nation and the Green Revolution initiative of 1980 – the steady descent of agriculture continued till the very end of the last century.

The redirection of agricultural policies affected since the return of democracy in 1999 proved more successful. Under a radical reforms programme, Abuja targeted rural development with integrated plans for agriculture promotion, rural industrialisation and infrastructure development. This integrated approach has yielded tangible results: Agriculture now leads the country’s economic recovery, bouncing back to contribute 42% of GDP by 20084.

Perhaps the most significant thought arising out of this recovery is Nigeria’s natural inclination towards farming. Traditional involvement with agriculture and the existence of diverse ecological conditions across the country offers tantalising potential for growth of a flourishing and suitably interlinked agro-allied industry. Nigeria’s ambitions for accelerated and inclusive economic growth are contingent on achieving a vibrant agriculture sector that can support extensive down-the-line enterprise development and employment. In fact the UN Conference on Trade and Development (UNCTAD) expressly recommends the adoption of a national investment policy to diversify the economy with strong focus on agro-allied industries. The fact that this sector is primed to spark off rapid enterprise development in Nigeria is simply undeniable.

Enterprise potential exists in almost all areas of local farm production. Nigeria currently produces over 100,0006 metric tonnes of kola nut, which finds use in the manufacture of beverages, liquor and confectionaries. Yet, local processing units are rare and exports are largely limited to fresh and dry nuts with little value addition. Cassava, likewise, has emerged as a major cash crop with untapped potential in industrial use and bio-fuel development. With adequate private sector involvement, commercialised agriculture can not only aid industrialisation and employment generation but also breach the productivity gap and reduce food costs.

In terms of broad parameters, policies for effective development of the agro-allied sector in Nigeria must focus on a number of key considerations:

* Ensuring food security by increasing supply and lowering prices with the specific aim of curbing inflation.

* Enhancing credit access to small farmers and agro-based enterprises at low rates of interest.

* Providing information, support and training for emerging agro-industries and promoting best practices.

* Increasing productivity through promotion of high-growth models in food processing enterprises.

* Prioritising locally available raw materials over extravagant imports.

* Removing informal barriers to trade and streamlined manufacturing of agricultural products.

* Promoting greater regulatory cooperation among West African neighbours to increase regional trade.

* Reducing tariff on goods and services that support the agro-processing sector.

* Enforcing relevant safeguards for agricultural and value-added food products to guard against import surges.

* Building capacity in the private sector and promoting public-private partnership in agro-processing industries.

Abuja’s intervention in the agro-allied sector must essentially be aimed at creating the right environment for rapid expansion of locally-owned enterprises. However, there are serious challenges in this direction. Industrial processing of agricultural products is almost negligible, existing standards being very basic and often incomparable with export requirements. Post-harvest losses are also very high in the region, averaging up to 50%7 for fruits and vegetables and 25% for grains. In many instances, losses due to customs delay and complicated documentation exceed applicable tariffs. Labour saving production and advanced harvesting and processing technologies are therefore critical for sustained revival of the Nigerian agriculture scenario. Moreover, efficient production and marketing systems will prove vital in ensuring high quality standards and competitive prices for both domestic industries and export markets.

In terms of Nigeria’s long term growth prospects, perhaps the most important consideration of all is simply the realisation that future prosperity depends not on the yield from its oil fields, but on the harvest of its land.

Vintage Westinghouse Electric Golf Carts

The predecessor to Westinghouse is the Marketeer Company. A brief history is in order to properly account the history of Westinghouse and their electric golf cart.

Merle Williams started the Marketeer Company in the midst of WWII, when gas rationing wan in effect. He designed and developed a compact electric vehicle for his wife. As other saw his marvelous creation they called for more and so the company was born. It was not until 1951 that he developed the first electric vehicle designed specifically for playing golf. Peggy and Merle sold Marketeer to Westinghouse in 1965.

Westinghouse continued to build electric golf carts and other electric vehicles till the they sold the business to Nordskog Industries in 1978. The most popular Westinghouse electric golf cart is probably the four wheel 436 series

Today’s current economic situation is not that different that the times of William Merle, we are in the middle of fighting a war, gas may not be rationed but it is getting so expensive that the average man can’t afford it. And the current hot phrase, is to “go green”. And everyone is singing the praise of going electric. You would think it was a new concept .The truth is that there is nothing really “new” about electric vehicles at all. They have gone by the wayside with the advent of gas powered machinery, lost like the Stanley Steamer, electric carts where discarded from a very long time, but they are making a come back. And in fact in small, but growing circle, they never really left.

Many vintage Westinghouse golf carts are still available and there are quite a few collectors, enthusiasts and admirers, still today. Following is a comprehensive list of a few supplier of vintage electric golf carts and their parts and service.

Fairway Golf Carts in Palm Harbor, Florida USA.

Jerico Enterprises in Montrose Minnesota.USA

Kenfield Golf Cars Austin Texas USA

Vintage Golf Cart Parts Port Townsend Washington USA

New England Golf Cars Seekonk Massachusetts USA

Fairway Golf Car Corp Medford New York USA

Kenfield Golf Cars Austin Texas USA

Golf Carts Of Texas Kemah Texas USA

Vintage Golf Cart Parts Port Townsend Washington USA

Carts Plus (division of AutoPlace) Kelowna British Columbia Canada

There are also a good many classified available on line and the prices found range $600.00 to $1,200.00 and up depending on year and condition.

There are also a few clubs and newsletters that allow vintage Westinghouse electric golf cart enthusiasts to connect and share stories, ideas, trade parts and more. Most electric batteries contain 8 volts and last about eight hours on a full charge. A great economical way to get around and a wonderful collector’s item as well.

Beirut Charter at Zaitunay Bay

This year Beirut yachting action is in the heart of the city at the newly opened Zaitunay Bay, an eclectic development of retail outlets, restaurants and cafes which line the water front all the way from the old St. Georges Hotel to the not yet open Le Yacht Club Beirut.

An updated incarnation of Avenue des Francais, once the palm fringed sea front promenade at the centre of smart Beirut, it offers a chance to fully embrace the yachting lifestyle with privately owned and charter yachts berthed in gleaming rows in front of the Riviera style cafes and restaurants. A haven from the pressures of day to day life, the marina is ideally positioned for Beiruti locals as well as visitors staying in the Downtown area. Stroll along the extensive board walk around the marina’s edge to get a better feel for this vibrant project, or even better arrive for an early cappuccino in one of the waterside cafes as a precursor to a day out on the water.

Chartering from the marina allows visitors the benefits of easy taxi drop-off, or convenient covered parking, only a few steps away from a selection of yachts ranging in size from 30 to 100ft. Plan a break from city living or a demanding sightseeing schedule and make the most of being right next to the sea with a surprise afternoon out for a loved one, a day with the family, or an onboard party – there is a yacht to suit every occasion. The marina is just a short cruise from the rocks at Raouche, the wide expanse of Jounieh Bay, and a number of thriving beach clubs which offer a pick-up service for guests on anchored yachts who want to come ashore for a taste of the chillout beachfront ambience. Back onboard, there is no better place from where to appreciate the full panorama of the Beirut coastline against its dramatic mountain backdrop.

Returning to the marina as the sun sets over the Mediterranean, there are plenty of reasons not to rush home. Restaurants and cafes are serving everything from traditional Lebanese fare to unpretentious French cuisine, and a glass of nicely chilled Chateau Musar as you enjoy the evening finale is a must.

The new Zaitunay is going to be a great success – it’s accessible, it’s stylish, and it manages to capture the fun loving international flavour of pre war Beirut whilst remaining strictly contemporary – it’s really not to be missed!

Killer Series – 7 Steps to the Killer Interview

The mere thought of interviewing makes many people break out into cold sweats. In many ways, the interview process can cause so much stress, people lose their marbles. They may be as limp as a soggy cornflake by the time they actually sit down for the “BIG” talk. Do you remember your first ever interview? How do you think you did?

Whether you’re a newbie or a seasoned vet, the interview could still be a stressful event in your life. The fear of rejection is high and the anticipation of failure can be rather dreadful. Weak knees, sweaty palms, woozy stomach and cotton mouth are all some people can imagine when they think of answering the deadliest question an interviewer can ask, “So tell me about yourself” which, by the way, is technically not a proper question but, you get the point.

Anyway, what if I told you that you could ace an interview anytime you want and leave the interviewer nearly stupefied by your masterful self presentation, he’d have no choice but to hire you on your terms, would that be something in which you’d be interested?

Good… stick around then!

Yes, the interview process may put the fear of the devil into some people but after reading this article and practicing the proven techniques shared, the devil himself will fear you.

Following are the 7 Steps to the Killer Interview which can virtually guarantee you ace every interview from this day forward.

Step 1: Killer Resume

Your resume is usually the first point of contact that a potential interviewer will have with you. As such, you want to make sure that it leaves a blazoning impression on the reader. The resume is so important to this process; I may have to devote an entire article to the topic. For now, here are some key Dos and Don’ts of resume writing.

Unless you’re a recent college graduate, don’t begin your resume with an objective. Nothing screams amateur more than to begin with a header like “Objectives:” Instead, start with something simple like “Overview of Qualifications” or “About.” It’s succinct and easy to digest.
Do not use the term “Employment History.” Everybody else does and you’ll just be another rat in the pack. If you want to stand apart from the rest, use something like “Career Experience” or, “Overview of Experience.” Either approach will work way better for you in making that first impression.
Don’t regurgitate your daily and routine tasks from one job to the next… that’s just “monkey work” and I guarantee you that no one cares and brownie points go way down. First of all resumes are tough to read as it is, why make it boring too? Instead of writing what your tasks are/were, exercise verbs in stating how you solved problems for your company or made them more money or saved them time and made them more efficient. In other words, your bullet points should begin more like this, Developed a new system that saved…, Implemented procedure that increased productivity by X%, Devised strategy that made the company $XXX in 3 months…, and so on and so on… you get the idea. Oh yeah… don’t forget to choose to highlight the accomplishments that are most closely aligned with the position for which you are interviewing.
Please include your hobbies, awards and community service affiliations. This is who you are. Contrary to what many believe, no company worth working for wants to hire machines and buy people, they want to hire people and buy machines. Show them who you are. Besides, since most people present the machine, this will be another way you stand out plus it provides fuel for meaningful conversation and possible common interest connection during the interview… more on that later.
Finally, under no circumstances include salary requirements. Even if the company insists, fight the urge to comply and tell them you’d rather discuss that in person.
Spell check, proofread and then… save… print… send!

Step 2: Killer Cover Letter

Writing a Killer Cover Letter is definitely an art but can be easily mastered with a few pointers. Remember the cover letter goes along with the resume so here again is another opportunity to really present you. Don’t waste it!

Firstly, your cover letter is not your autobiography. It is not an endless pontification about your accolades and many talents. No one cares how long you can hold your breath under water before shaking and flailing like a fish on a hook (Unless they’re recruiters for the Navy Seals). What they do care about are the challenges their company faces and how you can help them overcome them. The only person that can let them in on that secret is you. The best way to utilize a cover letter is to use it as a way to align your skill set and experience with the position for which you are interviewing and the company’s goals.

To do this effectively, you want to use specific language and include certain elements to bring it home. Here are some key things to remember.

Start by introducing yourself and stating exactly why you are contacting them; your language might read something like… My name is John Resume and I am writing you in regards to the Marketing Manager position you are seeking to fill in your Professional Products Division… simple, right?
Next, state the main requirements of the position and then follow that with how your experience might fill their needs. Your language in this case might look something like… I understand that you are looking for someone who can do X and with my experience in Y, I know I can accomplish this with tremendous success…
Conclude with a bold statement about their company goals and how you see your own goals aligning with them. Your language might look something like… I know that your company is spearheading many initiatives in clean air technology and I have done extensive community service work in this area…
Keep your closing and salutation nice and simple. Your language might look something like… I look forward to hearing from you. Sincerely, John Resume…

Step 3: Killer Research

I wasn’t sure where to place this step because it affects the outcome of this entire process. Ultimately, I decided to put it somewhere in the middle since it impacts every step directly or indirectly plus, I like the number 3.

Skipping this step simply means you want the other guy next to you in the lobby to kick dust in your face as he refurnishes the corner office that was supposed to have your name on it… or was it? Research is vital to the interview process; it could mean the difference between the shredder pile and the resume that makes it all the way under the nose of the CEO.

Before you show up to interview, you want to know what you’re getting into… know the landscape so you can anticipate and navigate challenging situations. Be proactive in finding out all you can about the company, its mission, and its people. Done thoroughly, your research should cover 3 key areas, Company, Prep and Recon or as I like to call it CPR.

Company – know everything you possible can about the company
- Research the products and/or services the company provides and then summarize that into one sentence you can easily remember
- Go through the website and any paraphernalia you can find to weed out the mission statement of the company
- Make sure you look up their earnings for the last 12 months if it’s public knowledge – if you can get specifics on why the numbers look the way they do, even better
- Know about any special projects on which the company might be working or are sponsoring
- Know about their public service accolades
Prep – I’ve never been accused of being too prepared
- Study what you discovered in your research and make sure you know it well enough to carry a stress-free conversation
- If at all possible – have someone of prominence from the industry for which you are interviewing, conduct a mock interview with you before hand… this could yield a lot of insights you wouldn’t gain otherwise
- Know the three words you might use to describe yourself and be ready to give examples of when and how you’ve exhibited these traits in a past situation – ask your family, friends and colleagues for help if you need to for this one
- Finally, know the fair market value for the salaries paid for the position with your level of expertise – perform several comparisons across different firms and industries if applicable (Try www.salary.com)
Recon – fail to do this and your research and prep may be all for naught
- Take the mode of transportation you will use, the train, the bus, a cab or your car and drive to the interview location during rush hour before hand to gauge the amount of time you’ll need to get there – then add at least 30 minutes
- Visit the interview location in the morning to see what time people arrive, what they wear to work and whether or not they have coffee in hand
- Find a coffee shop nearby where you might sit, have a coffee and wait for your interview

With CPR covered, you are armed to the teeth with everything you need to kill the interview. Do you feel the stress lifting already? Hold on, you’re not quite finished yet.

Step 4: Killer Outfit

Now that you’re completely prepared to kill the interview, you need to dress to kill. So many people dismiss this element without giving it a second thought. Why would you want to distract your interviewer by wearing inappropriate, boring and uncomplimentary clothing to the interview? Take the time to choose an outfit carefully, it will be time and/or money well spent.

Remember the recon tasks you performed earlier? This is going to help you big time with choosing the right dress code. You should now know what the employees wear to work… right? If not, go back to Recon. The aim is to pick an outfit that compliments the company’s culture and dress it up just a tad.

For example, if most of the employees wear jeans and a t-shirt to work by all means feel free to wear jeans, a t-shirt and then dress it up by throwing on a nice, classic blazer… no rips and tears in your jeans of course. If the idea of wearing jeans to an interview scares you, don’t let it. As long as the outfit you wear is in line with the company’s culture, you will be viewed as intuitive… trust me. Just remember, your killer outfit is meant to kill them, not you.

Here are 7 “general rules of thumb” on interview outfits and overall appearance. These apply to both men and women.

Keep at least one navy blue and one pinstriped gray suit in your closet at all times
Wear light blue dress shirts or blouses whenever possible – this color conveys trust
Keep the jewelry to a bare minimum – watch, 1 chain/necklace, 1 bracelet
Earrings are for women only – sounds like a double standard but it’s still true
Hide all body art unless you’re interviewing for the NBA, a rock n’ roll band or a biker gang
Absolutely no beach wear or flip-flops (I know I’m not talking to you here but I’ve seen some whoppers.)
Grooming is a must – combed hair, clean nails, clean teeth, pleasant body and oral odor (Again, I know I’m not talking to you but in the interest of being thorough…)

What makes a killer outfit for an interview is one that resonates with the identity of the company for which you are interviewing as well as represents your personal style. You have to decide what that balance is and then go for it. If all else fails, nothing is sharper than a navy blue or gray pin-striped suit with a white or blue dress shirt. Depending on the company culture you can choose to where a tie or not.

Step 5: Killer Discipline

An impression is formed about you in the first 3 minutes of a person meeting you. Many of us will decide whether we like a person or not in less time than that. What this means then as it pertains to interviewing is that you want to maintain discipline. Your diligence in preparing for the interview may seal the deal for you before you’ve even exchanged the first words of the interview.

The fact is that what you say means less to people than what you do. It’s an old cliché but it is universally true – your actions speak louder than your words… one thousand times louder.

There are a few simple rules to follow when it comes to interview discipline.

Be on time for your interview – by “on time” I mean that if your interview is at 10 AM, you arrive between 9:40 AM and 9:50 AM. You want to be no more than 20 minutes early and no less than 10 minutes early. This gives you time to hang up your coat, accept a coffee graciously from the assistant, relax and collect your thoughts.
Use the bathroom before your interview – this is the time to handle #1 only… handle #2 at home and check to make sure all your efforts in grooming are up to snuff. With everything in its place, there will be fewer distractions.
Dial down the wind chill factor – you’re not the “Fonz”… being too cool will backfire quicker than a lemon with fire crackers in the muffler. Maintain professionalism, you don’t get brownie points for the “Clint Eastwood” cool factor.

Step 6: Killer Instinct

This is where you shine, where you combine your wonderful research and prep with your wit, charm and charisma. These elements taken in combination will give you the Killer Instinct.

Now that you are prepared and dressed to kill, you can calmly and confidently field ambiguous questions like the dreaded “So, tell me about yourself.” For the sake of clarity, let’s make sure we understand what is really being asked with a question (or not a question) like this.

What the interviewer is really after is, how and why did your experiences bring you to us and how will we benefit from the association. With this insight in mind, it will make it much easier for you to focus your answer on the parts of your life that directly relate to the company and the position for which you are interviewing.

This is to say that “So tell me about yourself” is not an invitation to tell your life story. It is however and invitation to tell the interviewer everything about you that matters most to him and his company. The caveat is you have to give just enough information to wet his or her pallet and leave it somewhat open ended inviting a probe for more information if he or she so chooses.

For example, if you had an interview for a Marketing Manager Position at Lancôme Cosmetics and you were asked the dreaded question; your answer might sound something like this.

“Well, I have always loved make-up, especially mascara which is the department I worked in at XYZ Company. The idea of accessorizing my look with cosmetics has always been interesting to me and that’s why my Thesis in Graduate School was about how much women spend on cosmetics and how it makes them feel. I spend a lot of time in places like Saphora just trying different kinds of cosmetic products.”

Do you see how that answer might resonate more with your Lancôme interviewer than something that started out with the following?

“Well I moved to New York when I was 12 years old and I attended P.S. 252 Junior High School before going to Midwood High School. My major in college was marketing and once I graduated I worked at…”

To your interviewer, the latter would not only be boring but somewhat disconnecting unless he or she too moved to New York at around the same age and had a similar experience as you did… not likely but it would be a lucky break. Personally, I am not willing to take that chance… are you?

Another element of the Killer Instinct is the “graceful refusal.” This is the art of refusing to answer an inappropriate question and have the interviewer be happy with it or at the very least respect your position. This is often a scary moment for many but it doesn’t have to be.

This moment often occurs with the money question. “So, what are your salary requirements?” or my all time favorite “How much do you earn at your current job?”

Now really, what does this question have to do with this interview? That’s right, absolutely nothing! So, why ask the question?

In the halls of Corporate America where I’ve worked for 15 years, this question is what I like to refer to as “sizing up.” This is a great opportunity for the interviewer to accomplish 2 things.

See how confident you are and whether or not you are able to think quickly on your feet
See whether or not your salary requirements fit into there pay scale

Regardless of the motive though, this is a question to avert at all cost in an interview. It doesn’t matter at what level you are in your career; this question is taboo from all sides. It immediately places you in a box and there goes any leverage you might have. And, if you didn’t come in with any leverage at all, you’ve essentially turned over your fate to the interviewer because once you answer this question, they get to keep the ball and decide where it lands. This is a no-no!

If you are asked this question, remain calm, pause and then confidently reply something like this…

“If we are going to discuss salary, I’d rather discuss a salary for this position that you consider to be fair market value and in line with my level of expertise.”

OR…

“I realize that this may be a standard question, however, I’d much rather confine our salary discussions to the parameters of the position for which I am interviewing and my level of expertise as I am sure you will agree that these are most relevant.”

In choosing a reply like the ones above, you avert the question and leave the door wide open for dialogue and negotiation. Furthermore, any interviewer would be hard-pressed to argue or rebut your position. At the very least he or she would respect you and you would have shown that you are confident and shrewd…BIG plus.

Whatever you do, don’t answer this question out of fear. I have never answered this question and I have used variations of the suggested replies above and they’ve worked every time. At the very least, trust your instincts and if you can’t trust yours (yet)… trust mine. I’ve been there and I am sharing my experience with you… leave this question alone and you will undoubtedly separate yourself from the many lambs that are doomed to the slaughter.

Step 7: Killer Close

You’re not quite finished yet. Now that everything has gone as planned right through the interview and you’re feeling great about yourself, no need to blow it by neglecting the little things.

The clincher to the deal may just be the Killer Close. It’s simple and may even be deemed trivial by many when you look at the whole. I on the other hand believe that more often than not, it’s the other way around. Without the close, all your efforts in steps 1-6 may be forgotten. Don’t forget that the interviewer may have seen many candidates before you and probably many more after. You just never know so it’s your duty to make sure that he or she remembers you and that you stand apart from the pack.

As my father use to say when I was growing up, “Dean, observe what the crowd is doing and do the opposite.” These are wise words that ring true in almost any situation and certainly in this one.

While others may forget this small detail, you will perfect a memorable Killer Close that will leave your mark on anyone you meet.

So, what’s the Killer Close all about?

This is where you crystallize all your efforts from step 1-6; it’s where you make sure that the impression you made is a lasting and positive one.

The Killer Close entails 3 simple steps and if followed could make all the difference in the world.

The closing handshake – once your interview is finished, reach across to the interviewer with your right hand to shake his and then grip his elbow firmly with your left hand and say something like…

“It was a pleasure to meet with you and I look forward to meeting with you again. Thank you for your time.” Former President Bill Clinton is famous for this type of exchange. It’s a professional approach with a personal touch that makes people feel validated… use it!

No more than 24 hours after the interview, send an e-mail to the interviewer letting him or her know how much you enjoyed your meeting and are looking forward to another. Your e-mail should be succinct and personalized with one or two specific details of the interview. This emblazons you in the mind of the interviewer. It could read something like…

“Dear Mr. X, It was a pleasure to meet with you today. I enjoyed our conversation especially when we discussed corporate social responsibility. I look forward to hearing from you soon. Thank you for your time.”

Wait 14-21 days and if you have not heard from the company, send a follow up e-mail to say thanks once again for the interview and request that they keep your name on file. The purpose for this is to keep your name top of mind so that if other opportunities arise in the company, you are one of the first called. Your e-mail could read something like…

“Dear Mrs. Y, Thank you for meeting with me on (Date goes here). I realize that it is a competitive market and I understand if you have already filled the position for which I interviewed. Please keep me in mind and my resume, which is attached for your reference, in your files should another opportunity become available at your firm. I look forward to meeting with you again.”

Going beyond these 3 steps is not necessary unless working for this company is your ultimate goal. If that is the case you should continue to follow up via e-mail once every 3 months with inquiries about new opportunities. One caveat is that this could border on annoying and persistent… it will depend on the contact person and substance of your e-mails.

Well, these are the 7 Steps to the Killer Interview and I have used them all successfully on several occasions. I can share with you from first hand experience that these techniques work very well.

Happy hunting.

Craftsmanship: the Meaning of Life

“Manage more, supervise less.”

– Bryce’s Law

When I got into the work force back in the mid-1970’s it seemed

everyone dressed in a suit and tie, drank black coffee, smoked

their brains out, and worked their butts off. Today, golf shirts

have replaced suits, herbal tea and bottled water have replaced

coffee, nobody is allowed to smoke, and rarely does anyone work

beyond 5:00pm. More importantly, we used to care about the work we

produced; there was a sense of craftsmanship, regardless of the job.

My Brother-in-law in Cincinnati conducted me on a tour of his company’s

machine-tool shop years ago and showed me how he could take a block of

aluminum and convert it into a high-precision machine tool. It was a

pleasure to watch him work, as it is to watch anyone who knows

what they are doing, be it a waitress, a programmer, a laborer or

a clerk.

Quality and service used to be considered paramount in this

country. If it wasn’t just right, you were expected to do it over

again until you got it right. We cared about what we produced

because it was a reflection of our personal character and

integrity. But somewhere along the line we lost our way and

craftsmanship has fallen by the wayside. Why? Probably because

we no longer care.

In today’s litigious society, employees are acutely aware that it is

difficult to be fired due to poor performance. They know they will

still get paid and receive benefits, regardless of the amount of effort

they put forth. Consequently, there is little to encourage people

to perform better. Money isn’t a motivating factor anymore. People

now expect bonuses, raises and other perks to be paid out regardless

of how well they perform during the year.

We’ve also become a nation content with doing small things. America

used to be known as a powerhouse that could tackle large projects,

such as building skyscrapers, designing innovative bridges and tunnels

spanning substantial bodies of water, engineering transcontinental

railroads and highway systems, conquering air and space travel, and

defending freedom not just once but in two world wars. If you really

wanted something done, you talked to the Americans and no one else. Now

we get excited over iPods, cell phones, and other electronic trinkets.

Many believe Craftsmanship is in decline due to the general apathy found

in today’s society. Maybe. I tend to believe it is due to an erosion

of our moral values. Let me give you an example. Having a child in college,

my interest was piqued recently by an article describing the pervasiveness of

cheating and plagiarism in our schools. It is not my intent to make a

political statement here but many of the students mentioned in the article

rationalized their cheating on the fact that one of our past Presidents

cheated and lied under oath, and got away with it. They figured if it is

okay for the Commander-in-Chief to act this way, it was an acceptable form

of behavior.

Arnold Toynbee, the famed English historian, observed, “Civilizations

die from suicide, not by murder.” If the moral fabric of our society

dies, our story is told as evidenced by other great civilizations that

long preceded us. Our perspective needs to be realigned: Our personal

and professional lives must be viewed as one. As Toynbee remarked,

“The supreme accomplishment is to blur the line between work and play.” By

doing so, we identify more closely with our work and assume a greater

pride in workmanship. We do not need to hear this from our boss, but

rather from within. As strange as it may sound, I see Craftsmanship as

being patriotic in nature; doing a good quality job is part of leading

a good and honorable life and builds on the individual’s esteem, the

company he works for, and the country he lives in.

The biggest problem though is that we have forgotten how to manage

people. The manager’s primary goal is to create the proper work

environment for employees to produce the desired work products. This

is different than a supervisory capacity that directs how each person

performs the various tasks of a job. In fact, I encourage managers to

manage more and supervise less. I cringe when I see a manager try to

“micromanage” either a Fortune 500 company or a non-profit organization.

Yes, people need to be trained in order to properly

perform their work but following this, employees should be mature

enough to supervise themselves. In the old days, management stressed

discipline, accountability, and structure; three ugly words in today’s

workplace.

Understanding Craftsmanship

Some might say craftsmanship is a simple concept that we should

intuitively know. Not true; most people today have no comprehension as

to what makes up a good craftsman; they have either forgotten or it has

simply passed them by. Craftsmanship can be found in any field of endeavor

imaginable, be it in the product sector or service industry. Craftsmanship,

therefore, is universally applicable to any line of work.

Craftsmanship is not “workmanship”, nor is it synonymous with quality,

although the three concepts are closely related. Let’s begin by

giving “Craftsmanship” a definition: “The production and delivery

of quality goods or services from highly skilled workmen.”

Quality relates to the absence of errors or defects in the finished

product or service. In other words, finished goods operate

according to their specifications (customers get precisely what

they ordered). Such products are normally durable and require minimal

maintenance. Craftsmanship produces quality products. In the absence

of craftsmen, a rigorous methodology or assembly line process is

required to produce quality goods using workers without the expertise

of craftsmen. Such processes detail “Who” is to perform “What” work,

“When”, “Where”, “Why” and “How” (5W+H), thereby assuring a quality

product or service is produced. Such is the underlying rationale of

the ISO 9000 certification as used by many companies today. The point

is, quality is not the exclusive domain of the craftsman.

Craftsmanship is also a human trait. Some might argue a computer or

industrial robot can produce quality products and are, therefore,

craftsmen. However, we must remember these devices are programmed by

human beings in accordance with the rules of the craftsman. As such,

they are an extension or tool of the craftsman.

Craftsmanship can be found in either the overall work process or

a section of it. For example, there are craftsmen who are intimate

with all facets of building furniture, such as a table, a chair or

desk, and can implement the product from start to finish. However,

as products grow in complexity, it becomes difficult to find people

suitably qualified to build them from the womb to the tomb. Consider

military weapons alone, such as the complicated ships, tanks, and

airplanes we now use, with thousands or millions of parts to

assemble. Such complexity makes it impossible for a single person

to have the expertise to build the whole product. The same is true

in the service sector where different types of expertise and

capabilities may be required. In other words, craftsmen have a

specific scope of work. The scope of work may relate to other

types of craftsmen through a chain of work dependencies, e.g.,

Craftsmen A, B and C concentrate on separate sub-assemblies which

are eventually joined into a single product.

Attributes

So, what are the attributes of a craftsman? What makes a craftsman a

craftsman? There are three basic attributes described herein:

1. Possesses the necessary knowledge and skills to perform the work.

The craftsman is an expert in his field of endeavor; so much so that

he could easily serve as an instructor in the subject matter. But the

craftsman is also smart enough to know that education is not a one

time thing, that his world and field evolve as new tools and techniques

are introduced. As such, the craftsman is a student of his profession

and is constantly looking to improve himself. This is exercised through

such things as continued education, routine certification, studying books

and trade publications, and industrial groups. The craftsman willingly

participates in trade groups, often at his own expense, in order to network

with his peers.

It is Important to note that the craftsman does not need to be told

he needs periodic training to sharpen his skills. Instead, he takes the

personal initiative to stay on top of his game. Further, the craftsman

has no problem with a periodic job review; in fact, he welcomes it for

it might bring out a weakness in a skill he needs to sharpen.

2. Attention to detail.

The craftsman understands and respects the process of building/delivering

a product or service and is acutely aware of the penalties for cutting

corners. Earlier we discussed the need for a methodology that specifies

5W+H. The craftsman is intimate with all details of his scope of work,

so much so, he could probably write the methodology himself. Further,

his intimacy of the work process means he can produce a reliable estimate

of time and costs to perform the work.

Although many of the craftsman’s tasks may be repetitive, it doesn’t

mean he easily falls into a rut. Instead, he is constantly looking

for new tools and techniques to improve the work process. As such,

he plays the role of Industrial Engineer who is normally charged

with such a task.

The craftsman’s attention to detail also means that he demonstrates

patience in his work effort. Again, wary of cutting corners, the

craftsman must possess such patience in order to produce the product

the right way.

3. Views professional life as an extension of his personal life.

The craftsman identifies with the end product which is where

pride in workmanship comes from. In his mind, the craftsman has

been charged with the responsibility of producing something, and

wanting to satisfy the customer, puts forth his best effort to

produce it. In other words, craftsmen take their work

personally. This is a difficult trait to teach particularly in

today’s society where the focus is more on financial compensation

than on the work product itself. It may sound naive, but the

craftsman believes he will be suitably compensated for

producing superior results.

Years ago, Dick Butkus of the Chicago Bears (NFL) confounded sports

writers who could never understand why Butkus played as hard as he

did year after year for a losing football team. True, Dick loved the

game, but beyond that, the sports writers didn’t understand one thing

about the seven time All-Pro linebacker: Butkus took his job

personally. It was important to him that his opponents know that

they had been tackled by the best player; as he said, “When they

get up from the ground I want them to say ‘it must have been Butkus

that got me’.” Dick Butkus was a craftsman.

The craftsman has a burning desire to produce a superior product/service

because he sees it as a reflection of himself. As such, the lines delineating

their personal life and professional life are blurred. This is a significant

characteristic that clearly separates a craftsman from the average worker. The

craftsman’s work is his life. He does not shirk responsibility, but rather

embraces it with confidence and embosses his name on the finished product.

Conversely, making a work related mistake of any kind pains a true craftsman.

Job titles are normally inconsequential to the craftsman who is more

interested in delivering a quality product/service enjoyed by the

customer. Instead, the craftsman takes pleasure in being touted as

the best in his craft. He appreciates recognition; when someone

makes a compliment about a product, the craftsman views it as a

personal compliment. This too runs contrary to today’s corporate

world where people desperately seek recognition through simple

job titles. Want someone with an inflated ego? Give them a title.

Want something done right? Call a craftsman.

Productivity

“Dependable”, “professional”, and “resourceful” are adjectives that

aptly describe the craftsman. He is not one who fabricates excuses but,

rather, always finds a way to get the job done. The craftsman is typically

your most productive employee. He is mindful of the concept of productivity

that we have touted for years:

Productivity = Effectiveness X Efficiency

Most people fallaciously equate productivity with efficiency, which simply

gauges how fast we can perform a given task. Effectiveness, on the other hand,

validates the necessity of the task itself. There is nothing more unproductive

than to do something efficiently that should not have been done at all. An

industrial robot, for example, can efficiently perform such tasks as welding. But

if you are welding the wrong thing, then it is counterproductive. Going back to

our description of a methodology, effectiveness defines “Who/What/When/Where/Why”,

efficiency defines “How.” The craftsman is well aware of the difference

between the two and knows how to apply both. As such, the craftsman is in tune

with his work environment and corporate culture.

So how do we make craftsmen?

Not easily. Because of the human dynamics involved with the craftsman,

you will need to be a pretty intuitive manager or industrial

psychologist to make it happen. Selecting suitable candidates is the

logical first step. Devise an aptitude test to determine the candidate’s

suitability to become a craftsman. After all, “you cannot make a silk

purse from a sow’s ear.” Aside from specific knowledge and experience

in a given field (e.g., programming, woodworking, construction, accounting,

etc.), here are some other important traits to look for:

Fertility of mind – judge his ability to learn, to adapt to changing
conditions, and to look beyond his scope of work. Evaluate his
professional curiosity.
Confidence – judge how well the candidate knows himself,
particularly how well he knows his own limitations. He
should admit his deficiencies and not fabricate excuses.
Dedication – judge his loyalty and determination to
accomplish something. What is his attendance record?
What outside clubs and organizations does he belong
to and how active is he in them?
Entrepreneurial spirit – judge his personal initiative.
Is he driven to succeed (but not to the point of reckless
abandon)? Does he have a problem with accountability?
This says a lot about assuming responsibility.
Attention to detail – judge his ability to focus on a subject.
Does he have a problem with discipline or organization? A person’s
dress, mannerisms, and speech says a lot about a person.
Reliability – judge his ability to assume responsibility and
carry a task through to completion.
Resourcefulness – judge his ability to adapt to changing
conditions and persevere to see a task through to completion.
The candidate cannot be inflexible; he must be able to find
solutions to solve problems.
Socialization skills – does he work better alone or as a team
player? His position may depend on his answer.

When you have selected suitable candidates, here are three areas to

concentrate on:

Develop their skills and knowledge by allowing such things as:
participation in trade groups, outside certification and on-going
training, subscriptions to trade journals, continued education,
etc. Some companies even go as far as to develop an in-house
school to teach the company’s way of doing things. If the in-house
school is good, it will promote confidence through consistency. Even
if people leave the company, they will recommend your company because
they know the quality of the work produced. Supporting the education
needs of our workers is not only smart, it is good business.
Teach them the need for producing quality work; they should
become intimate with all aspects of their work process (5W+H).
Further, instill discipline and patience in their work effort.
Change their attitude towards development so they become more
focused on delivering a quality end-product. This is perhaps
the most difficult element to teach. However, it can be realized
by having them become intimate with the needs of the customer
(have them visit or work with a customer for awhile – “let them
walk in the customer’s shoes”). It may also be necessary to
change their form of remuneration by going to a reward system
for work produced (as opposed to guaranteed income regardless
of what is produced). Changing the mode of financial compensation
is highly controversial in today’s business world. But, as an
example, can you imagine the change of attitude of today’s professional
athletes if they were paid based on their accomplishments (e.g., runs
or points scored, hits, rebounds, etc.) rather than having a
guaranteed income? Their motivation and attitude towards
their profession and team would change radically.
Candidates must learn to respect their institution, the process
by which they work, fellow human beings, and themselves. They must
also learn not to be afraid to TRY; that they must put their best
foot forward, win or lose. Bottom-line: they must learn that their
work has meaning and worth. If they don’t enjoy their work, they
shouldn’t be doing it.

“There are two things that I want you to make up your minds to: first,

that you are going to have a good time as long as you live – I have no

use for the sour-faced man – and next, that you are going to do

something worthwhile, that you are going to work hard and do the

things you set out to do.”

– President Theodore Roosevelt

Talk to schoolchildren in Oyster Bay, Christmas-time 1898

Certification

Teaching the elements listed above probably cannot be done in one

fell swoop. Further, companies simply don’t have the time or money to

wait for the craftsman to be produced. Instead, they must understand

the human spirit needs to be cultivated and be allowed to grow over

time. Because of this, it is strongly recommended that an in-house

certification program be devised specifying what the candidate should

know and what skills and talents he should demonstrate. This should be

divided into classes of progressive expertise; e.g., apprentice, intermediary,

and craftsman. The ancient builders in Egypt, Rome, and Greece understood

this concept and devised such classes of workmen. Other disciplines and

schools follow similar tactics (the various degrees or belts in martial

arts for example). Each degree is based on specific prerequisites to

master before moving on to the next level.

An in-house certification program has the added nuance of making

people feel special which greatly enhances their self esteem. If

they are made to feel like a vital part of the company, regardless if

their work of a large magnitude or trivial, they will strive to do

what is best for the company overall, not just themselves. Consequently,

their work adds meaning to their life.

There is one pitfall to all of this; today’s “go-go” management

style fails to see how craftsmanship adds value to the company. In

fact, there were companies back in the 1980’s that shut down such

programs simply to reduce costs. As a result, quality suffered,

repeat business was lost, products were more in need of repair,

absenteeism on the job escalated, etc. Want value? How does

a loyal customer base who has confidence in your products or

services sound? And what effect would employee harmony have,

particularly if they believed in the work they were producing? It

would be mind-boggling, all because we had faith in the human

spirit to produce superior results.

A final note: craftsmanship is not a one time thing. After it has

been instilled in people, it has to be cultivated and perpetuated. If

a manager slips even for a moment, it will go right out the window and

it will take time to bring it back to life. As for me, I like to post

motivational reminders kind of like the one recently spotted in the

Hickey Freeman manufacturing facility in New York,

“Excellence is Tolerated.”

Travel Tips for Russia

Russia is becoming increasingly popular with tourists due to its rich cultural heritage and its popular cities of Moscow and Saint Petersburg. If you are planning or are going on a trip to Russia, then we suggest you consider some of the following travel tips.

Familiarise yourself with Russia

Do some reading around Russia before you visit it to find out a bit about the country. To give you some insight, Russia spans nine time zones and is the world’s largest country, with landscapes ranging from frozen tundras in Siberia and the endless wheat fields and pine forests of central Russia to the mountains and palm trees of the Caucasus in the South. The population was approximately around 140 million according to the last census with Central Russia, which includes Moscow, being the most densely populated area.

Health

Be sure to check what to eat and what not to eat before you head to Russia. The country does not pose any serious health threats, with cases of food poisoning the most common problem. Most guidelines suggest avoiding buying kebabs at stands, especially at train stations, while tourists are also advised to be wary of dairy products. Tap water is safe to drink in Moscow after boiling, but tourists are advised to drink bottled water everywhere else; avoiding ice cubes and using bottled water to brush teeth is also recommended.

Money

Russia is a spectacular country and so are its prices. The large cities of Moscow and St. Petersburg are, like most famous European cities, very expensive. On the outskirts of the larger cities you will find cheaper restaurants and accommodation. Holidaymakers are advised to get their Russian Rubles before travelling, but there are ATMs from local banks like Sberbank and international ones such as HSBC and Citibank all over Moscow, St. Petersburg and other Russian cities. When paying for something, retailers in Russia prefer to be paid in cash, but credit cards are generally accepted and travellers can still pay with traveller’s cheques.

Manners

Before jetting off to Russia you should be aware of some Russian etiquette. If you are on a business trip and are running late, there is no need to panic as this is considered normal, often due to the awful traffic in Moscow. If you are offered a drink, it is considered rude not to accept it, especially for men. Some travel guides also say that Russian men often only shake hands with a fellow male upon meeting, so women travelling with their husbands should be prepared to see that their husband’s hand is shaken and not theirs. Russians also like to dress up almost everywhere they go, so it might be worth packing some smart clothes for your trip.

Dubai – A Desert Paradise

Location:

Dubai is an emirate of the United Arab Emirates, and Dubai City is the largest city of the UAE. Dubai is east of Saudi Arabia, and located on the Persian Gulf. The country is approximately 1,600 square miles or 4,100 square kilomotres. That would make the total area three times the size of New York City, New York. The land is covered with sand dunes, with no bodies of water, and lies in the Arabian Desert.

History:

First records of Dubai date back to 1095, and the Dubai city’s records only date back to 1799. Due to the geographical location the city was used as a port of call for tradesmen and merchants from India. First major industry was pearl exports until the 1930’s followed by the discovery of oil in the late 1960’s. In the 1950’s, the British moved their local administrative offices to the city, bringing electricity, and telephones with them. The British also built the city’s first airport. Between 1968 and 1975 the city grew over 300% due to mostly Indian and Pakistans foreign workers who came to the area to work in the oil rigs.

During the Persian Gulf War (1990) trading communities moved their businesses to Dubai, and the Jebel Ali Port was used as a refueling base for allied forces. The port is the world’s biggest man made port and has been a free zone since 1979. The city now depends on trade and tourism as well as private real estate for their growing economy.

Demographics:

The emirate’s population in 2006 was recorded to be 1,422,000, 1,073,000 to be male and 349,00 female. The median age is 27, with an approximately 14% birth rate and only a 1% death rate.

Dubai’s official language is Arabic, and English is another main language.

Economy:

The $37 billion (US) economy was built by the oil industy but now relies on Real Estate, Construction, Trade and Financial Services. The Dubai Fiancial Market is worth $95 billion (US) and trades local an foreign securities and bonds.

Buildings and Developments:

Dubai is home to some of the world’s tallest skyscrapers, as well as the Burj Al Arab Hotel, the world’s tallest and most expensive, and other projects such as the man made Palm Islands, the Emirates Towers and the Burj Dubai.

1.) Burj Al Arab

– luxury hotel built by Said Shalil.

– name translates as “Tower of the Arabs”

– tallest hotel at 1,053 tf

– built on an artificial island and connected to themainland by a bridge

– the structure mimics the shape of the sail of the traditional Arab sailing vessels dhow

– construction started in 1994

– architect Tom Wright designed the building hoping it would become an symbolic statement, like Paris’ Eiffel Tower and Sydney’s Opera House

– built by Murray & Roberts (south Africa)

– cost $650 million (US)

2.) Mall of the Emirates

– largest shopping mall in the middle east

– 2,400,000 square feet of shops

– entire mall is 6.5 million square feet

– located in the Al Barsha area

– opened late 2005

Attractions:

– a 14 screen movie theater

– gaming arena

– dramatic theater

– indoor ski slope (Ski Dubai)

– shops, stores and food courts

3.) The World

– archipelago of 300 man made islands

– designed to look like a map of the earth

– located 2.5 miles off the coast

– 144 miles of shoreline

– built using sand dredged from the sea

– planned by Dubai’s ruler Sheikh Mohammed bin Rashid Maktoum

– built by Nakheel Properties

– islands are between 150,000 and 450,000 square feet

– average 328 feet between islands

– cost: estimated 14 billion (US)

– islands sell for 15 to 50 million (US)

– with some islands priced close to 250 million (US)

– started September 2003

– 60% of islands had been sold by 2008

– development of the islands finished in January 2008

– Coral Island Resort is being developed on “North America”

– Resort OQYANA on “Australia” and “New Zealand”

– Irish-themed resort on “Ireland”

– “Antarctica” will host a 65,000 sq foot entertainment center

– Fashion Tv resort on “Brunei”

– FTV Palace a fashion community on “Finland”

4.) Dubi Marina

– man made marina

– Emaar Properties is developing the project

– once completed will be bigger then Marina del Rey in Califonia, USA which currently is largest

5.) Business Bay

– business district

– downtown Dubai

– sykscrapers, commercial and residential developments totalling close to 230 buildings

5.) Dubai Metro

– fully automated metro network

– lines run underground in the centre of the city and elevated outside of the centre

– planned to open in 2009

– will be the longest fully automated rail system in the world

– approximately $12 billion (US) contract to design and build

– work began on March 21, 2006

– developing by Dubai Rail Link

– first phase of 22 miles at a $4.2 billion (US) cost to be completed by May 2009

– second phase will include extensions of initial routes

– Red Line will be 31 miles, 35 stations

– Green Line will be 12 miles with 22 stations

– Blue Line will be 29 miles along Emirates Rd

– Purple Line will be a 30 mile long express route between Dubai International and Al Maktoum

International Airports

– expected to carry 1.2 million passengers/day

– trains have Gold, Women and Childrens, and Silver Class accommodations

– trains are designed for 643 passengers

– trains are driverless

– Dubai got it’s first train in March 2008

6.) Dubailand

– entertainment complex

– 4 phases planned

– phase 1 to be completed early 2008

– final phase to be completed between 2015 and 2018

– expected to be bigger than Walt Disney World

– Dubai Autodrome and The Global Village are operational

6 worlds:

– Attractions & Experience World (5.2 sq miles)

– Retail and Entertainment World ( 1.6 sq miles)

– Themed Leisure and Vacation World ( 11.2 sq miles)

– Eco-Tourism World (28.9 sq miles)

– Sports and Outdoor World ( 7.4 sq miles)

– Downtown (0.7 sq miles)

7.) The Burj Dubai “Dubai Tower”

– skyscraper under construction

– located in “New DOwntown”

– expected to finish in 2009

– will cover 22 million sq ft of development

– centerpeice of large-scale development (30,000 homes, 9 hotels, 6 acres of parkland, 19 residential towers, the Dubai Mall, and Burj Dubai Lake 30 acres of man made wetlands

– completed 500 acres development will cost $20 billion (US)

8.) Palm Islands : – 3 largest man made islands in the world

– Palm Jumeirah, The Palm Jebel Ali and The Palm Deira

– built to increase tourism to the city

Palm Jumeirah:

– shaped as a palm tree

– 5 by 5 km

– adds 78 km to the coastline

– created 4,000 residents

– connected to mainland by brigde and tunnel

– over 30 beachfront hotels by 2009 Including Atlantis, The Trump Internation Hotel and Tower, The Taj Exotica Hotel and Resort, Tiara Hotel, Oceana Resort and Spa, The Fairmont Palm Hotel and Resort, Hitel Missoni Dubai, and the Radisson SAS Hotel Dubai

– 2 F-100 Super Sabre fighters jets are sunk near the Palm to create an artificial reef

– construction started June 2001

– 94 million cubic metres of sand and 7 million tuons of rock

Palm Jebel Ali:

– construction began OCtober 2004

– expected completion date mid 2008

– will have 6 marinas, a water theme park, Sea Village Busch Gardens, homes and boardwalks

Palm Deira:

– development began October 2004

– expected to be complete by 2015

– will be largest of the 3 palms

– construction will use over a billion cubic meters of rock and sand

– 8.7 miles long

– 5.3 miles wide

– 861 million square feet

– will have 8,000 2 story town house residential properties, marinas, shopping malls, clubs and sports facilities

9.) Hydropolis Underwater Hotel and Resort

– planned underwater luxury resort

– 66 feet below the surface of the Persian Gulf

– off Jumeira Beach

– costs estimated $500 million (US)

– 220 suites

– developing by Crescent Hydropolis Holdings LLC

– 1.1 million sq feet

– will include suites, a ballroom, a shopping mall, a wedding chapel and a missile defense system

– costs up to USD $5,500/night

– originally expected to be completed by the end of 2007, it is now expected to be finished by 2009