Publication of the Swiss Canadian Chambers of Commerce Ontario and Quebec Publication des Chambres de Commerce Canado-Suisse de l Ontario et du Québec

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1 Publication of the Swiss Canadian Chambers of Commerce Ontario and Quebec Publication des Chambres de Commerce Canado-Suisse de l Ontario et du Québec June/July juin / juillet 2014 Feature/Reportage: Green Technology / Technologies vertes

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3 Publication of the Swiss Canadian Chambers of Commerce Ontario and Quebec Publication des Chambres de Commerce Canado-Suisse de l Ontario et du Québec FEATURE / REPORTAGE Green Technology Technologies vertes 4 Les CleanTechs Des opportunités pour bâtir des partenariats verts 6 Energy Efficiency: Bright Prospects for LED 6 Switzerland Cleantech Sector 8 How Green is Canada Compared to Switzerland? 10 Getting Something Back from Carbon Dioxide 12 L AECG arrive L AELE est déjà là: profitons-en! BUSINESS AND OTHER NEWS ACTUALITÉS ÉCONOMIQUES ET D AFFAIRES 16 Tribeca Insights: Da svidaniya, Crimea Years Swiss National Park Region for Health Tourism 24 Can an Employer Unilaterally Change its Pension Plan 25 Business News 26 Bruno Gideon: The Secret of Success 28 Trade Fairs CONTENTS / INDICE CHAMBER NEWS INFORMATIONS DE VOTRE CHAMBRE 2 President s Message SCCC/Upcoming Events 3 Message du Président CCCS / Événements à venir 15 Quote of the Month 17 Scholarship Fund 19 Travel News 20 Member Profile / Portrait d un Membre 22 SCCC Annual General Meeting on April 23, Présentation du Swiss Business Hub Canada aux membres de la CCCSQ. 26 SCCC New Members 26 Nouveaux Membres CCCS 28 SCCC Group Health Plan

4 Swiss Canadian Chamber of Commerce (Ontario) Inc. 756 Royal York Road Toronto, Ontario M8Y 2T6 Tel: (416) Fax: (416) BOARD OF DIRECTORS President / Director: Ernst Notz Nacora 2 Hunter Avenue, Toronto ON M6E 2C8 Tel: ernst.notz@rogers.com 1 st Vice-President/Director: Julien Favre UBS Bank (Canada) 154 University Avenue, Toronto ON M5H 3Z4 Tel: julien.favre@ubs.com Website: Treasurer/ Director: Monica Stevens-Wyss Trowbridge Professional Corporation 25 Adelaide St. E.; Suite 1400; Toronto, ON M5C 3A1 Phone: ext monica.stevens@trowbridge.ca Website: Secretary & Legal Counsel: Bernard Lette Lette LLP 20 Queen Street West, #3300, P.O. Box 33, Toronto ON M5H 3R3 Tel: blette@lette.ca Website: Past President / Director: Philipp Gysling Mesh Innovations Inc. 174 Hallam Street, Toronto ON M6H 1X5 Tel: philipp.gysling@meshinnovations.com Website: Directors: Brett Berman IMD Alumni Club of Canada 107 Cottingham Street, Toronto, ON M4V 1B9 Tel: b.berman@intifin.com Rudi Blatter Lindt & Spruengli (Canada) Inc. 181 University Avenue, Suite 900, Toronto ON M5H 3M7 Tel: rblatter@lindt.com Website: Heidy Lawrance WeMakeBooks.ca 238 Willowdale Ave., North York ON M2N 4Z5 Tel: heidy@wemakebooks.ca Website: WeMakeBooks.ca Sandra Leuba RBC Wealth Management CINEBOXX Film & Television Inc. 136 Curzon Street, Toronto ON M4M 3B5 Tel: leubasandra@yahoo.ca Marianne Mian-Krenger Re/Max Legacy Realty Inc. Brokerage 2485 Taylorwood Dr., Oakville, ON L6H 0E1 Tel: W: Tel: H: mariannemian@gmail.com Ronnie Miller Hoffmann-La Roche Ltd 2455 Meadowpine Boulevard, Mississauga ON L5N 6L7 Tel: ronnie.miller@roche.com Website: Christoph Oehy Swiss Reinsurance Company 150 King Street West, Toronto, ON M5H 1J9 Tel: christoph_oehy@swissre.com Website: Daniel Oehy Swissmar 35 East Beaver Creek Rd, Unit 6, Richmond Hill, ON L4B 1B3 Tel: danielo@swissmar.com Website: Urs Uhlmann Zurich 400 University Avenue, 25th Floor, Toronto ON M5G 1S7 Tel: urs.uhlmann@zurich.com Website: Honorary Director: Kathy Utigard Honorary Consul of Toronto 193 Riverview Street, Oakville, ON L6L 5S3 Tel: kathy.utigard@gmail.com Executive Assistant: Patricia Keller Schläpfer SCCC 756 Royal York Road, Toronto ON M8Y 2T6 Tel: Fax: sccc@swissbiz.ca Website: Typesetting and Assembly: Nancy corptype Printed by: J. B. Deschamps Dear Members, Our AGM and the corresponding April 2013 to April 2014 year are behind us and it was a very active and profitable year! I would like to start this message by thanking all the members/supporters for their loyalty and my colleagues on the board for their dedicated work. Please see the article about the event and the dedication of the retiring board members. The list of the new board can be found next to this message. I would like to welcome our new board members Marianne Mian-Krenger and Brett Bermann. Ottawa just published a report by their Chamber of Commerce stating Canada will squander the vast promise of recent free trade deals if it doesn t do a much better job of promoting Canadian exports. Ottawa should overhaul and reinvest in its trade promotion efforts if it is serious about fixing the country s export problems. I am not sure and this is my personal opinion that our inward focused Swiss government is doing much better by helping the many international involved companies in various business fields. In contrast, we believe our small SCCC organization is on the right track helping to promote Switzerland and its exporting companies. In our last issues we informed you about our increased involvement in some exciting projects and we explained our cooperation with Switzerland Global Enterprise (SGE) and their Swiss Business Hub in Canada. We also gave the economic affairs/promotions of the cantons Aargau, Zug and Fribourg a forum to present themselves in our publication; there will be more cantons to follow. This issue s focus is on the vast topic of Green Technology and the content is by no means totally encompassing but it is an attempt to reflect some of the opportunities green technologies can offer our economies. Many pages could deal with topics like Carbon dioxide, greenhouse gases, global warming, climate change, however we focus more on opportunities green technologies can offer to our economies. Through wind, hydro and solar power and other means of biofuels. I encourage the readers to get back to us by (sccc.swissbiz.ca) should you have any questions or comments and we will connect you with the experts at hand. We all hope to see you at the many events that take place especially in June (golf/soccer etc.; see coming events below). Have a great summer! Yours sincerely, Ernst Notz, President June 10 June 15 June 20 June 24 June 25 July 8 August 19 November COMING EVENTS Golf Tournament at King s Riding Golf Club World Cup Soccer Event: Switzerland Ecuador World Cup Soccer Event: Switzerland France Joint Event with IMD at SwissRe World Cup Soccer Event: Honduras Switzerland Swiss Night on the Patio Pub Night with the British Chamber Gala Dinner Dance Further Information can be found on Dates above are subject to change 2 I NFO SUISSE

5 La Chambre de commerce canado-suisse (Québec) Inc. Swiss Canadian Chamber of Commerce (Quebec) Inc Avenue Docteur Penfield, Montréal, Qué. H3G 1C4 Tél: (514) Fax: (514) Web site: CONSEIL D ADMINISTRATION / BOARD OF DIRECTORS Président / President Mr. Jean Serge Grisé Directeur, Communications et Affaires publiques Fondation Lucie et André Chagnon Tel: , # Grisejs@fondationchagnon.org Secrétaire / Secretary Me Monica Schirdewahn Avocate / Lawyer Lette & Associés Tel: , # mschirdewahn@lette.ca Vice-présidents / Vice-Presidents Mr. Bruno Setz Consultant Tel: brunosetz@videotron.ca Mr. Olivier Rodriguez Gestionnaire de portefeuille Mirabaud Canada Inc. Tel: olivier.rodriguez@mirabaud.ca Trésorier / Treasurer Mr. Othmar Widmer Consultation Widmer Tel: widmer.aviation@gmail.com Directeurs / Directors Mme Mina Cicale Directrice Générale Swiss International Air Lines Ltd. Tel: mina.cicale@swiss.com Mr. Christian G. Dubois President Onix International Tel: onixi@videotron.ca Me Jean-Marc Ferland Avocat Ferland, Marois, Lanctot Tel: ferland@fml.ca Mr. Moritz Gruber Consultant Tel: mfgruber@live.ca Mme Marie-Josée Loiselle Présidente Nuno ID Tel: mariejo@nuno-id.com Mr. Jean-Aymeri de Magistris Directeur Ventes et Marketing Stambac International Tel : jmagistris@stambac.com Mr. Paul Wieser PDG pour le Canada Busch Vacuum Technics Inc. Tel: pamawi@busch.ca Directeur honoraire / Honorary Director Mr. Beat Kaser Consul général de Suisse Tel: beat.kaser@eda.admin.ch Liaison au Consulat général de Suisse Mr. Paolo Bezzola Consul Tel: paolo.bezzola@eda.admin.ch Conseiller juridique / Legal Counsel Lette & Associés Tel: , # mschirdewahn@lette.ca Responsable de l administration / Administration Officer Mme France Nadeau Tel: info@cccsqc.ca Chères et chers membres, La rédaction de ce message aux membres de la Chambre de commerce canado-suisse est un moment important et un peu triste pour moi. En effet, ce sera la dernière fois que je vous écris; lorsque vous recevrez ce numéro d info suisse, j aurai quitté mes fonctions de président du conseil d administration. J ai passé de très belles années à la Chambre tant à titre de membre et, par la suite en tant que membre du CA, avant d avoir l honneur de présider cette organisation qui veut développer les relations économiques entre le Canada et la Suisse. Mon message en sera donc un de remerciements : MERCI à vous toutes et tous membres de notre Chambre qui soutenez notre organisation et m avez donné des opinions et des idées qui m ont aidé à orienter notre travail. MERCI à mes collègues du Conseil d administration, pour le temps qu elles et qu ils consacrent à la Chambre. Leur travail est important. Un MERCI particulier à notre ami Olivier Rodriguez, qui a «tenu le fort» alors que j étais absent et qui m aide à terminer mon mandat. Le CA est formé de bénévoles qui acceptent de passer de nombreuses heures à la gestion de la Chambre et à l organisation des divers événements présentés durant l année. MERCI à l équipe de Suisse au Canada. MERCI à l Ambassadeur, Ulrich Lehner, qui a été un bon ami de notre Chambre et qui mettra encore une fois ses compétences au service de son pays en devenant Ambassadeur à l OCDE. MERCI au Consul général, Beat Kaser, ainsi qu au groupe du Consulat général de Montréal; monsieur Kaser est un très grand collaborateur de la Chambre et un ami. On peut compter maintenant sur un autre collaborateur qui s ajoute depuis peu à cette équipe, Markus Reubi du Swiss Business Hub. J ajoute aussi un message d avenir. Comme vous le savez, nous avons entrepris, il y a quelques mois, ce que j appelle «le virage affaires» de la Chambre, dans le but d accroître les occasions de rencontres pour nos membres et de leur donner de meilleurs services. Ce «virage» est en marche et vous pourrez voir bientôt les améliorations qui sont à être mise en place. Je suis assuré que mes collègues du Conseil d administration continueront cette démarche et je leur souhaite le meilleur succès pour l avenir de notre Chambre. Je vous dis «au revoir» et j espère avoir plaisir de vous voir bientôt lors de nos prochains événements. Jean Serge Grisé Président du conseil d administration de la Chambre de commerce canado-suisse du Québec ÉVÉNEMENTS / UPCOMING EVENTS juin / June 19th Assemblée Générale Annuelle / Annual General Meeting 10 septembre / September 10th Cocktail d ouverture / Opening Cocktail 19 novembre / November 19th Soirée Fondue / Fondue Night Des événements supplémentaires seront ajoutés au fur et à mesure Additional events will be added as soon as the dates will be known Dates sujettes à changement / Dates are subject to change INFORMATION et détails/and details : ou/or (514) J UNE/JULY

6 Green Technology Technologies vertes LES CLEANTECHS DES OPPORTUNITÉS POUR BÂTIR DES PARTENARIATS VERTS Denis Leclerc, président et chef de la direction, Écotech Québec Signé en 2009, l accord de libre-échange entre la Suisse et le Canada (AELE) facilite les échanges commerciaux entre la Suisse et le Québec. Dans cette conjoncture favorable, les cleantechs, ou technologies propres, peuvent devenir des opportunités de partenariats qui joueront un rôle déterminant dans le verdissement de nos économies. Les technologies propres représentent une grande diversité de sous-secteurs dont l importance est maintenant largement reconnue : énergies renouvelables, efficacité énergétique, chimie verte, réhabilitation et traitement des sols, traitement de l eau, assainissement et contrôle des émissions, traitement et valorisation des matières résiduelles, écomobilité. Il s agit d un secteur en effervescence et en forte progression tant au niveau de l offre que de la demande, et ce, à l échelle mondiale. Au Québec, près de 1000 organisations sont liées aux technologies propres, dont plus de 500 entreprises innovantes essentiellement concentrées dans la grande région métropolitaine de Montréal. Ces entreprises sont majoritairement des PME (94 %) et sont actives à l international (70 %). Elles comptent plus de emplois et des revenus totaux de 10,7 milliards de dollars en Le secteur des technologies propres s appuie également sur plus de 200 organisations de recherche, développement ou de transfert technologique, réparties dans les différents sous-secteurs des technologies propres. À cela s ajoute un immense territoire riche en ressources naturelles, un leadership fort dans la lutte aux changements climatiques, des choix énergétiques propres et verts, des initiatives concrètes pour soutenir l écomobilité et une importante communauté d investisseurs. Avec 28% du capital de risque investi au Canada (485 M$) et 44 % au Québec (246 M$), le secteur des technologies propres est un marché fort prometteur (source : Thomson Reuters). Ainsi, tous les éléments nécessaires pour relever les défis en matière de productivité ou d environnement sont au rendez-vous pour que le Québec devienne un modèle en innovation accélérant la transition vers une économie verte. 4 I NFO SUISSE

7 Première organisation du genre au Canada, Écotech Québec rassemble l ensemble des décideurs du secteur des technologies propres québécois, soit les entreprises innovantes, les centres de R&D et transfert technologique, les grandes entreprises utilisatrices, les milieux financiers, les institutions d enseignement, les centrales syndicales et les associations industrielles et regroupements en technologies propres. Écotech Québec vise la conception, le développement, l adoption, la commercialisation et l exportation de technologies propres du Québec. Dans cet objectif, Écotech Québec, la grappe des technologies propres, est membre d un réseau international des grappes de technologies propres, le Global Cleantech Cluster Association (GCCA) dont Swisscleantech est un des principaux partenaires, et de l International Cleantech Network (ICN). Afin de développer des partenariats entre la Suisse et le Québec qu Écotech Québec participera au (CleanTech Investing Seminar The Road Map to Successful Cleantech Investment) à Lausanne, les 3 et 4 décembre prochains. Your in-depth knowledge Our risk assessment His quality of life Who will provide the healthcare that our ageing populations need, and the quality of life they expect? You know the issues better than the back of your own, elegantly ageing hand. And so do we. For example, right now in the US we re working with clients to combine their expert market knowledge with our risk assessment capabilities. The result? Affordable private insurance that will not only provide retirees with comprehensive medical cover for the rest of their lives but peace of mind for everyone concerned. Especially him. We re smarter together. J UNE/JULY

8 Green Technology Technologies vertes ENERGY EFFICIENCY: BRIGHT PROSPECTS FOR LED Sundeep Gantori, CFA, CAIA, analyst, UBS AG Alexander Stiehler, CFA, analyst, UBS AG In this theme, we highlight opportunities in LED lighting, a global market worth EUR 13.8 bn in 2014 and projected to grow to roughly EUR 60 bn by From an energyefficiency perspective, LED lighting is a lowhanging fruit for energy savings. We believe the LED market is at an inflection point, driven by a perfect confluence of both supply and demand factors. After an extended period of over-supply, we believe LED players are prudent to add new capacity resulting in only 17% supply growth in 2014, while attractive pricing and favorable regulations should drive nearly 30% growth in LED chip demand in Against this backdrop, we expect the industry s excess supply (as defined by supply/ demand adequacy) to reduce significantly, from nearly 30% as seen in the last few years to only 4% in We believe the tight supply should result in a better pricing outlook and a strong rebound in profitability across the supply chain, given the industry s high operating leverage. Based on consensus estimates, we expect industry net profits to increase 22% in 2014 and 22% in A risk to our investment case is higherthan-expected oversupply. We are fairly confident about our demand projections as we believe LED adoption will increase significantly in the coming years. However, a strong operating profitability could encourage smaller players to aggressively expand capacity sooner than expected. At the moment, we do not see this as a risk for the industry in 2014, as any new capacity would take at least 6-9 months to appear. Even on a medium-term basis, LED companies will be prudent to add excess new capacity given their recent memory of overcapacity and weak profitability. RECENT DEVELOPMENTS AND RECOMMENDATION Besides the structural demand drivers and tight supply, the valuation of LED stocks also looks attractive relative to historic levels despite strong recent performance. We have a positive view on the global LED value chain, we like both the down- and upstream part. Therefore, we recommend investors select a well- diversified investment vehicle that offers global exposure to cover the entire LED value chain. AT A GLANCE An energy-efficient lighting system is the need of the hour to not only control electricity costs but also reduce the carbon footprint. In our view, LEDs are a perfect solution to the problem and we expect the industry to take a leap forward from a niche backlight unit market to the broader general lighting market. This is based on the improving economics of LED lights, favorable regulations and an overall improving macro outlook. SWITZERLAND CLEANTECH SECTOR Excerpt from market report: Overview of Environmental Industries Switzerland, The Canadian Trade Commissioner Service, August DEFINITION OF CLEANTECH Cleantech generally means following an eco-friendly and sustainable way of economic activity. It comprises technologies, procedures and services that contribute to the protection and conservation of natural resources and systems. All stages of the value chain are included, i.e. from research to development, production and export of goods. Cleantech spans the following sub-sectors: Renewable energies, energy efficiency, energy storage Renewable materials, efficient use of resources and materials, including waste management and recycling Sustainable water management Sustainable mobility Sustainable agriculture and forestry White, Green and Yellow biotechnology White biotechnology: applications in the fields of pharmaceutics, bio plastics and bio fuels; Green biotechnology: applications in agriculture and food production (e.g. fermentation processes, breeding, and genetics); biotechnology: applications in the environment sector (e.g. soil decontamination). Environmental engineering (e.g. measuring technology, remediation of contaminated sites, filter technology). THE SWISS CLEANTECH MARKET In Switzerland, the Cleantech sector employs around 155,000 to 160,000 people. This is roughly 4.5% of all jobs in Switzerland. With an annual gross value of approximately CHF billion (CAD billion), the Cleantech sector contributed 3% 3.5% to Switzerland s GDP in In terms of employment and gross value, the Cleantech sector can be compared to Switzerland s tourism sector. All things considered, the Cleantech sector is expected to generate a global market volume of around EUR 2.21 trillion (CAD 3.04 trillion) by This corresponds to 5.5%-6% of total worldwide economic activities. Today, this share stands at about 3.2%. Some Cleantech sub-sectors are expected to grow at a rate from 3% to 8% between now and 2020 (Source: Federal Department of Economic Affairs, Swiss Cleantech Masterplan). CLEANTECH TRADE Cleantech exports have registered some growth in the period 1996 to They increased, however, less than Swiss exports in general. In the same period, approx. 15% in average on Swiss exports were related to Cleantech. 6 I NFO SUISSE

9 Switzerland s foreign trade position is particularly strong in energy storage, waste management and resource efficiency, environmental technologies and energy efficiency; export surpluses in these areas are significantly higher than in export goods overall. TOP PLAYERS Apart from some world ranking companies who supply plants and equipment for the renewable energy sector (ABB AG, Meyer Burger AG, Bopp AG) the Swiss Cleantech industry is mostly represented by SME s. Although not large in size, they often represent world leading technologies and market positions in their respective niche. MARKET HIGHLIGHTS With a population of 7.5 million people, Switzerland is a relatively small market but one of the wealthiest countries in the world and one that offers good opportunities for Canadian companies. Swiss companies have shown a strong interest in purchasing new or innovative technologies and there is a high demand for technologically advanced products and processes. Recognized as a leading international location for innovation, Switzerland is an excellent location for the development and marketing of Cleantech products and services in the global marketplace. Switzerland benefits from its image as a country long committed to environmental protection and which values its natural heritage. Switzerland s centralized location is an attractive point from which foreign companies can launch European operations. It is known for its strong infrastructure, and foreign companies will find a solid legal and regulatory environment. The market is advanced, with a demand for cutting-edge and high-quality products, with the most technologically advanced products likely to find the best prospects. The Swiss economy is not built on mass production, but on high-quality work and well-trained workers. Many businesses have followed what they call a niche strategy, concentrating on a small range of highquality products. As a result even some small enterprises have been able to corner the world market in their own specialty. OPPORTUNITIES Switzerland applies very high standards in terms of emissions limits in air, water and soil etc. These limits are imposed by the government on the federal level however implementation and control remains in the responsibility of the cantons. The Swiss market is open to the best technologies. There are no statutory provisions that could represent an obstacle for companies that would like to access the market. It is however advisable to co-operate with a local partner who knows the cultural and legal settings. Swiss companies are in general open to cooperation. A partnership with Canadian companies might be of particular interest to them as it provides access to the NAFTA market. The existing Free Trade Agreement between Canada and Switzerland (CEFTA) offers advantages for a co-operation between Canadian and Swiss companies. Canadian companies have a good number of excellent technologies for the processing of natural resources. The technologies used for the processing of waste are similar to Vacuum applications in Aeronautics Composite materials applications Machining applications Heat Treatment applications New generations of airplanes are gradually replacing aluminium parts with composite materials Busch Vacuum Technics Inc. 1740, boul. Lionel Bertrand Boisbriand, Québec J7H 1J info@busch.ca J UNE/JULY

10 Green Technology Technologies vertes those developed for the processing of raw materials. Synergies exist for Canadian and Swiss companies for the common development of leading-edge technologies on a worldwide level. MARKET-ENTRY CONSIDERATIONS Numerous global players have relocated their European Headquarters to Switzerland. High quality of living, a stable political and economic environment, and low taxes are the principal drivers. Furthermore, Switzerland has adopted most EU standards and regulations and enjoys almost full access to the European Union thanks to its bilateral agreements. Switzerland is the ideal location for headquarter functions, sales, customer service and research activities. With regards to R&D, companies in Switzerland benefit from the proximity to renowned universities and research institutions, and as a consequence, enjoy the availability of a highly qualified workforce. With relatively few raw materials or natural resources, Switzerland relies on the skills and expertise of its work force to remain competitive in the global marketplace. As such, Canadian companies seeking to form a joint venture or open a local office in Switzerland can expect a high level of industry knowledge. Canadian companies are advised to engage the services of a local agent or distributor to facilitate entry into the market. A knowledgeable local contact should have both industry and regulatory contacts and can help minimize difficulties in navigating the market. For more information: document.jsp?did= HOW GREEN IS CANADA COMPARED TO SWITZERLAND? by Kurt Schläpfer, Switzerland In this context, green does not mean the color of nature, but the image a country has regarding the use of so called green energy. The term green energy has many synonyms. Most often it means that the produced energy is environmentally clean and renewable. Renewable energy is mainly derived from four resources: water, sun, wind and organic material. Renewable resources can be used to produce electricity and biofuels as well as to provide heating. Renewable energy is considered clean, if it does not produce pollutants that are harmful to the environment. HYDROPOWER The energy from falling or moving water has been used for thousands of years. Primary advantages of this renewable energy are that no fuel is required and that the running costs are low. However, as each hydropower plant represents a significant impact on nature, plans for a further expansion of this technology mostly fail due to objections from environmental organizations. Canada is the world s third largest producer of hydroelectricity (after China and Brazil). Both Canada and Switzerland generate the majority of its electricity from hydroelectricity (63 % and 59 % in 2012). Some provinces and territories, such as British Columbia, Manitoba, Newfoundland and Labrador, Quebec and Yukon produce over 90% of their electricity in this manner. As hydropower plants attract industrial structures in natural settings leading to local environmental pollution, this technology does not belong in the opinion of many environmentalists to the very green energy forms. WIND POWER Among tourists, Canada is considered to be a windy country. This however is a benefit, if wind is used as energy source. Wind power needs no fuel, generates no emissions and is a truly renewable energy. Environmental concerns are the noise of the turbines and the potential interaction with birds. Often, there is local opposition against wind farms, primarily from residents who are concerned about a perceived optical pollution of the environment. Wind energy is a fast growing source of electricity in Canada and contributes more to the national energy production than solar power and biofuels. Canada has about 200 wind farms, among them 88 operating with more than 10 turbines, compared to Switzerland, where only one wind farm has more than 10 turbines. As a result, wind power in Canada produces almost 25 times more electricity than in Switzerland. SOLAR POWER Solar power can be used to produce energy for heating or for electricity (using photovoltaic panels). Although Canada has one of the world s largest photovoltaic power stations with 1.3 million installed panels, solar electricity reaches only an inferior percentage of the totally produced electricity. The percentage value is 33 times smaller than the value attained with wind power. In contrast to this, Switzerland generates more solar power without any large photovoltaic power station. The reason fort this is that many small installations on rooftops add up to an output surpassing the capacity of larger power stations. Solar energy for thermal heating is mainly produced by means of solar collectors and heat pumps. Due to the rising costs of heating oil, heat pumps are becoming increasingly popular, although the installation of underground pipes is expensive. Switzerland produces about twice as much solar thermal energy than Canada. BIOENERGY Canada is one of the major producers of bioethanol, but far ahead of Switzerland, which produces only 0.3% of the amount produced in Canada. Liquid biofuels, such as ethanol and biodiesel, have been criticized for impacting food prices and causing deforestation. TIDAL POWER Tidal power generates electricity by using the energy contained in moving water resulting from high and low tide. There is only one small tidal power station in Canada (located on the Annapolis River immediately upstream from the town of Annapolis Royal, Nova Scotia). It is the only tidal power station 8 I NFO SUISSE

11 in North America. According to reports, the project has had mixed results, because increased river bank erosion occurred. The installation is also known as a trap for marine life. WHICH COUNTRY IS GREENER? To compare Canada and Switzerland, it is useful to calculate the green energy production per capita. The table below compares 7 criteria. For a thorough comparison, far more criteria would be required, but the list below gives a quick answer to the question raised in the title of this article. The answer is given in terms of green energy scores (term invented by the author). As can be seen, there are some considerable differences in certain forms of energy production, but on the whole, both countries show a comparable picture in terms of their efforts to produce green energy. Green energy production per capita (for the year 2012): Green energy scores for Canada (compared to Energy form Unit Canada Switzerland Switzerland) Electricity from water power KWh 10,832 4, Electricity from renewable fuels (wood, biomass, waste) KWh /o Electricity from wind power KWh Electricity from solar power KWh 8 40 oo Energy from solar collectors KWh 9 64 oo Energy from heat pumps KWh o Production of biofuels million liters far greener ++ considerably greener + greener o less green oo considerably less green J UNE/JULY

12 Green Technology Technologies vertes CO 2. We aim to de-carbonize some parts of the transportation sector such as aviation, which accounts for single-digit global CO 2 emissions, said Christoph Gebald, one of the company s founders. Aviation is responsible for around 3.5% of anthropogenic (man-made) climate change and has a 13% share of all the transport sector, according to the United Nations Intergovernmental Panel on Climate Change. So far, Climeworks has been testing a socalled direct-air capture unit that can collect one ton per year of CO 2, filtering around two million cubic metres of air, to demonstrate the validity of its approach. GETTING SOMETHING BACK FROM CARBON DIOXIDE by Scott Capper, swissinfo.ch, April 11, 2014 Carbon dioxide is often considered the big bad wolf of greenhouse gases, a major cause of climate change and global warming according to specialists. But what if it could be used to produce energy and mitigate some of its impact? Two Swiss projects are considering just that. One, private, is looking at how to suck up CO 2 with its own version of a giant vacuum cleaner, while the other, public, wants to use it to produce methane thanks to small minerals known as zeolites. At Zurich-based Climeworks, the aim has been for the past five years to develop a technology to continuously extract atmospheric CO 2 that can then be used to produce synthetic fuels or applied for other purposes. Carbon dioxide is collected by passing air through a specially-treated cellulose filter placed inside an extractor unit. Once it has reached its maximum capacity, the filter is heated using waste energy or renewable power to release extremely pure The direct air capture process (Climeworks) The result has been sufficiently interesting to attract the attention of German carmaker Audi, which sees the technology as one potential element of its strategy to develop vehicles running on synthetic fuels. What they need is a sustainable carbon dioxide source, pointed out Gebald. It can be either biogenic or atmospheric. However the first source, which results from combus- 10 I NFO SUISSE

13 tion or decomposition of biologically-based material, is insufficient to meet the requirements of a single carmaker according to the young entrepreneur. A test plant is now on the cards to see how the technology can be scaled up to provide enough CO 2 for Audi s production of synthetic fuels at its e-gas facility in Germany. The technology is also on the fast-track to wider exposure. The company is one of 11 finalists in the Virgin Earth Challenge, a competition with a $25 million prize for the development of an environmentally sustainable and economically viable way to remove greenhouse gases from the atmosphere. CHALLENGES Extracting and purifying CO 2 is just one step of the process towards producing synthetic fuels. In theory, producing methane that could be injected into the natural gas network by combining carbon dioxide and hydrogen with a boost from an outside source of - ideally renewable - energy to kickstart the reaction is relatively straightforward, with water as a by-product. The process is known as the Sabatier reaction and was discovered early in the 20th century. Doing this economically and quickly is a challenge though, as is separating the water molecules from the methane. Adding a catalyst, an element that speeds up the process, can help overcome some of the hurdles, but also carries the risk of producing toxic carbon monoxide (CO) and often low yields. ZEOLITES CAN IMPROVE THE CHEMICAL REACTION NEEDED TO PRODUCE METHANE (EMPA) At the Federal Laboratories for Materials Science and Technology (Empa) near Zurich, researchers have been looking for a process that works at low temperatures and turned to zeolites, which are microporous minerals. Nickel-coated zeolites absorb the water generated by the process, almost no CO is produced and the gas at the end is methane, said Andreas Borgschulte, the lead scientist on the project. The result is far from perfect though. It s still experimental and the amount of water a zeolite can absorb is limited, so it has to be dried out, regenerated, explained the researcher. NO SILVER BULLETS Little more than a chemical reaction in a laboratory reactor at this stage, turning it into an viable process will require more work. While zeolites are easy for scientists to produce in small quantities, it would be necessary to find a cheaper way of producing them on an industrial scale. There are also engineering challenges according to Borgschulte, such as upsizing the reactor, managing large volumes of gas, power and capital requirements. And to be We make communication work seamlessly across six continents. Zurich does the same with our insurance. Andrew M. Miller, President & CEO Polycom, Inc. A single property insurance solution designed to help reduce coverage gaps and overlaps. Polycom, a global leader in telepresence solutions, needed a financially strong carrier that could make complex insurance coverage easier. Zurich provided a custom solution that s as simple as it is seamless, integrating property with liability coverage all under one policy. It s an example of how Zurich delivers the help businesses need when it matters most. Watch the video to learn more. Insurance is underwritten by insurance company subsidiaries within the Zurich Financial Services Group including, in Canada, Zurich Insurance Company Ltd. Insurance product obligations are the sole responsibility of each issuing insurance company. For example, only the assets of Zurich Canada (and no other assets of the Zurich Financial Services Group) are available to meet its obligations for the performance of its products. For more complete financial information, audited annual statements of the Group and information on the ratings of the underwriting companies of Zurich in North America, access Zurich is a registered trademark of Zurich Insurance Company Ltd. J UNE/JULY

14 Green Technology Technologies vertes carbon neutral, the process would ideally rely on CO 2 from biomass, not from fossil fuels. Gas prices are very low, so it would be hard to compete, Borgschulte said. Synthetic gas would be more expensive by a factor of five. Pricing is also the challenge for Climeworks. Scrubbing CO 2 from the air can cost up to CHF600 per ton according to one study from Zurich s Federal Institute of Technology. The company hopes to reduce this to around CHF100 in the coming years, making its system more competitive. Its method is headed in that direction as the heat needed to recover the collected carbon dioxide has a much lower temperature - less than 100 degrees Celsius - than that used for other systems, which traditionally operate above the 300-degree mark. Even if these technologies reach full maturity and become part of the mainstream, no one expects them to solve the problem of global warming. It s not a silver bullet, and shouldn t be considered as such but only as part of a portfolio of technologies that will become important in the medium to long-term, said Gebald. BIG BAD CO 2 Carbon dioxide plays a major role in shaping climate and temperatures. Under ideal circumstances, CO 2 is part of the so-called carbon cycle, a neutral process over the longer term. But humans have upset that cycle by using fossil fuels and cutting trees and research has shown that higher CO 2 concentrations tend to warm to warm the Earth s surface. Carbon dioxide is not the only greenhouse gas, and others such as methane, nitrous oxide and different aerosols also make their way into the atmosphere. Relatively speaking though they are far less important than carbon dioxide, whose emissions are huge compared to other agents. Its effects can be seen in the atmosphere for much longer as well. Of the total amount emitted now, scientists reckon that 20% will still be in the atmosphere in 1,000 years time. CAPTURING CO 2 Direct air capture (DAC) concerns technologies that can capture large amounts of CO2 from atmospheric air. The other main technological option for CO 2 capture is pointsource carbon capture and storage (CCS), which used on flue stacks that emit higher concentrations of carbon dioxide. The obstacle for DAC is the cost-factor, which needs to drop to be competitive with CCS. According to some studies, the cost is up to ten times higher for DAC. The technology is still largely experimental and some way off from full-scale industrial application, although CCS itself has not been widely implemented so far. Besides Climeworks, a number of companies are working on DAC, including Carbon Engineering, Global Thermostat, Coaway and Terraleaf to name a few. Many of these firms are start-ups building on earlier academic research. Scientists at Columbia University, the Georgia Institute of Technology, and the University of Southern California are also carrying out further research. L AECG ARRIVE L AELE EST DÉJÀ LÀ: PROFITONS-EN! André Bégin abegin@lette.ca Avocat au Barreau du Québec depuis 1980, il détient une maîtrise en droit commercial international de l Université McGill et accompagne depuis une trentaine d années les entreprises européennes, notamment françaises, sur le marché canadien à titre d associé du cabinet Lette (Montréal et Toronto) DÉMÉNAGEMENTS INTERNATIONAUX 12 I NFO SUISSE

15 Marie Habre Avocate au Barreau du Québec depuis 1998, elle conseille les entreprises européennes, notamment françaises, dans le cadre de leurs échanges commerciaux et de leurs projets d implantation au Canada. Ils ont participé à titre de conférenciers à de nombreux colloques et ateliers en Europe et au Canada portant sur l investissement au Canada. LE CANADA, L UE ET L AECG: TOUT LE MONDE EN PARLE! L Accord économique et commercial global (AECG) entre le Canada et l Union européenne représente tout un exploit, suscite beaucoup d intérêt et fait couler beaucoup d encre, mais il n est pas encore tout à fait là. L accord de principe a été signé le 18 octobre 2013 et doit encore être ratifié des deux côtés de l Atlantique. Avec son entrée en vigueur, le Canada se trouvera dans la position enviable d être en mesure d offrir aux entreprises un ensemble d accords de libre-échange qui en font un important centre d intérêts! ET LA SUISSE? L AELE, L ACCORD SUR L AGRICULTURE ET LES CONVENTIONS FISCALES! L Accord de libre-échange entre le Canada et les pays de l Association européenne de libre-échange (AELE), soit la Suisse, l Islande, le Liechtenstein et la Norvège, est en vigueur depuis déjà près de 5 ans. Cet accord porte essentiellement sur l élimination des droits de douane ayant trait au commerce des marchandises et des produits agricoles transformés. Il est complété par l accord sur l agriculture conclu en 2008 entre le Canada et la Suisse, un accord connexe à l accord de libre-échange avec l AELE. LAWYERS AVOCATS RECHTSANWÄLTE For over 50 years, many of Europe s largest corporate groups, as well as numerous small and medium-size companies, have counted on Lette to provide them with practical, sophisticated and cost-effective legal advice in Canada. Également, le Canada, est signataire d une convention fiscale avec la Suisse, visant notamment à éviter la double imposition. SAVIEZ-VOUS QUE Les investissements suisses génèrent environ d emplois au Québec, surtout dans des secteurs de haute technologie comme l industrie pharmaceutique (Novartis), le secteur minier (Xstrata), le secteur de l énergie (ABB), de l électronique, des matériaux composites et autres (Clariant, Holcim, Barry Callebaut). Pour leur part, les entreprises québécoises, dont Bombardier, génèrent plus de emplois en Suisse. L AELE ÉVOLUERA L AELE a certainement vocation à évoluer, car les parties se sont déjà engagées à en élargir CONTACT BERNARD LETTE BLETTE@LETTE.CA TORONTO LETTE LLP MONTRÉAL LETTE & ASSOCIÉS S.E.N.C.R.L. PARIS LETTE ALÉRION MUNICH LETTE & KNORR la portée à d autres domaines, notamment les services, l investissement et la propriété intellectuelle et les marchés publics. AU-DELÀ DU MARCHÉ CANADIEN, L AELE PERMET AUX ENTREPRISES SUISSES QUI S IMPLANTENT AU CANADA D AVOIR ACCÈS À DES MARCHÉS IMPORTANTS Le Canada est déjà perçu, à juste titre, par nombre d entreprises étrangères comme une porte d entrée sur l ensemble du marché nord-américain. L accord de libre-échange nord-américain (ALÉNA) conclu en 1994 permet effectivement aux entreprises canadiennes de vendre leurs produits en franchise de droits de douane sur les marchés américain et mexicain. Le Canada est par ailleurs l un des participants aux négociations du Partenariat Transpacifique (PTP), qui est en cours de négociation avec l Australie, J UNE/JULY

16 Green Technology Technologies vertes Brunéi, le Chili, les États-Unis, le Japon, la Malaisie, le Mexique, la Nouvelle-Zélande, le Pérou, Singapour et le Vietnam. Ces pays représentent près de 40% de l économie mondiale. Les entreprises suisses bénéficient déjà d un certain nombre d accords de libreéchange. Toutefois, le fait de s implanter au Canada et d y fabriquer localement leurs produits leur permet d avoir accès à l ensemble du marché nord-américain en franchise de droits de douanes. Une base canadienne leur permettra également de bénéficier du PTP lorsqu il sera en vigueur et d accéder aux marchés des pays membres dans des conditions favorables. Au-delà de ces considérations stratégiques, le Canada est généralement bien perçu par les investisseurs suisses en raison de son système juridique stable et du respect de la règle de droit. Le Canada offre par ailleurs une main-d œuvre instruite et diversifiée, une fiscalité des entreprises avantageuse et des coûts d exploitation très concurrentiels. Toutes ces considérations tendent à faciliter et encourager l implantation de sociétés suisses au Canada. COMMENT? A. IMPLANTATION PAR LA CRÉATION DE FILIALE La méthode d implantation la plus courante est celle de la création d une filiale sous forme de société par actions (à responsabilité limitée). Celle-ci présente les avantages suivants : La société-mère n est pas responsable des dettes et des engagements de la filiale canadienne, cette dernière étant une entité juridique autonome. L utilisation de la filiale est généralement recommandée au niveau fiscal. Les sociétés par actions sont régies par un régime juridique souple, notamment en ce qui a trait à la responsabilité limitée des actionnaires, à l absence d exigences de capital minimum et aux critères de sélection des administrateurs et dirigeants. FORMALITÉS ET DÉLAIS DE CRÉATION D UNE SOCIÉTÉ : Le processus de création d une société est simple et rapide. Les formalités nécessaires à la création de la société sont complétées, sans que l investisseur n ait à se déplacer au Canada et la création de la société ne prend que quelques jours à compter de la date du dépôt des statuts d incorporation auprès des autorités compétentes. Bringing high-quality products to the world. It s a Swiss tradition. There s comfort in high-quality products. We should know. We export them. As the airline of Switzerland, we translate high quality into comfort on every ight by o ering service and hospitality you can count on. For daily ights from Montreal to Zurich, with connections to over 70 worldwide destinations, contact your travel agent or visit us on swiss.com 14 I NFO SUISSE

17 B. EXPORTATION SANS IMPLANTATION : CONTRATS COMMERCIAUX Une entreprise suisse peut également opter pour la commercialisation de ses produits au Canada sans implantation directe. Elle nouera alors des accords commerciaux (distribution, agence ou licence) avec des acteurs locaux. Ceux-ci sont souvent des personnes originaires de la Suisse ou des personnes entretenant des liens étroits avec la communauté d affaires suisse au Canada. S agissant d un contrat international, les parties auront intérêt à bien définir les obligations du vendeur et de l acheteur, notamment au regard du transport des marchandises, des assurances, de la livraison, du lieu de transfert des risques, de la date du transfert de propriété et de la loi applicable. Le choix de l Incoterm approprié sera particulièrement important. CONCLUSION AECG : UN NOUVEAU SOUFFLE, UN RENOUVEAU POUR L AELE Les principaux intéressés s entendent sur l importance d étendre la portée des accords entre le Canada et les pays de l AELE. La signature du protocole d accord de l AECG a aussi généré une vague d enthousiasme et beaucoup d intérêt pour les accords de libre-échange. Avec la mondialisation de l économie et des échanges commerciaux, il s agit de la voie de l avenir. Les pays qui se positionnent déjà bien aujourd hui auront une longueur d avance car ces accords sont complexes et requièrent plusieurs années de négociation, avant de franchir la ligne d arrivée. Le Canada et la Suisse sont tous deux bien positionnés. Si le vent qui souffle en faveur des accords de libre-échange permet d élargir la portée des accords en place, cela favorisera certainement les investissements étrangers, et profitera aux entreprises suisses et canadiennes. Du point de vue de la communauté d affaires suisse au Canada, cette libéralisation des échanges commerciaux entre les deux pays et, entre le Canada et ses principaux partenaires commerciaux, se traduira par des occasions d affaires avec des entreprises suisses. Concrètement plusieurs de ces entreprises devraient s appuyer sur des concitoyens helvétiques résidant au Canada pour faciliter l accès au marché canadien et aux marchés des partenaires commerciaux du Canada. Le Swiss Hub, nouvellement installé à Montréal, aura également un rôle déterminant à jouer, en collaboration avec la CCCS, pour conseiller et assister les entreprises suisses souhaitant investir au Canada ou nouer des accords avec des partenaires commerciaux. Le cabinet LETTE assiste les entreprises européennes, notamment suisses, à s implanter au Canada et à réaliser des acquisitions stratégiques. LETTE est présent à Montréal et à Toronto, et a conclu un accord de partenariat avec le cabinet français Alérion et avec le cabinet allemand Lette Knorr. La clientèle du cabinet est composée majoritairement d entreprises œuvrant dans plusieurs secteurs d activités dont les technologies de l information, l aéronautique, le domaine médical et pharmaceutique, la défense, les énergies renouvelables, la construction ainsi que la fabrication et la commercialisation de produits industriels et de consommation Quote of the Month I am more concerned with the return of my money than the return on my money Mark Twain J UNE/JULY

18 Tribeca Insights Da svidaniya, Crimea DA SVIDANIYA, CRIMEA By: Beat J. Guldimann, LLD On March 16, Russian President Vladimir Putin took Western leaders for a ride. The secession vote on the Crimean peninsula was a thinly disguised provocation of the international community. This was a farcical referendum with a dictated outcome, wrapped in a pseudo-democratic vote where over 96% of people chose Russian annexation over staying with Ukraine. A truly astonishing result, considering that the ethnic Russian contingent on the peninsula only counts for 60% of the population. Nobody in their right mind could possibly believe that only 1 out of 10 nationalist Ukrainians and Tatars voted for Crimea to remain a part of Ukraine while the other 9 chose to join Mother Russia. The Russian government was quick to recognize Crimea as an independent country soon to be annexed while U.S. Vice President Joe Biden called it what it is: a simple, calculated land grab. Western leaders stand united in their outrage at what just happened. The heads of the world s leading democracies had to make some noise in the face of Russia s threat against the territorial integrity of a neighboring state. International law was broken and Putin s incursion into territorial Ukraine cannot just be shrugged off. However, the sanctions imposed by the West hardly impress anybody in the Kremlin or elsewhere. Issuing travel bans and asset freezes against a couple of dozen actors in the Russian and Crimean government looks awfully like desperate parents grounding a disobedient teenage child. The punishment by Western states is more symbolic than effective, as is the Kremlin s refusal to allow a group of Canadian and U.S. politicians entering Russia to attend some conference. Years of service at the KGB taught Mr. Putin how to stare down empty threats. This time is no different. Russia has deliberately chosen a path of aggression and alienation and accepted its consequences, diplomatic isolation via exclusion from the G8 and a diving ruble among them. Tsar Vlad is not going to back down in the face of the POTUS waving his index finger, particularly not in a critical case like the Ukraine. While Putin s reaction to the protests on Kiew s Maidan must not be condoned, it was highly predictable. Former U.S. President Jimmy Carter called Putin s annexation of Crimea inevitable. The West should have seen this coming for a long time. The current confrontation is a paranoid dictator s response to the West s political ambition on the eastern fringe of Europe before the dawn of the 21st Century. It is best exemplified by NATO bringing in Poland as a new member state in 1999, less than a decade after the fall of the USSR, followed by the Baltic Troika and Romania in It is not hard to imagine that these former USSR member nations crossing over to the Cold War enemy left a bitter aftertaste in the Kremlin. But Yeltsin s Russia was weak politically, militarily and economically and the West used this weakness after the TANT D HORIZONS À EXPLOR R MIRABAUD ÉLARGIT SON HORIZON, AUTANT POUR LA GESTION PRIVÉE QUE L ASSET MANAGEMENT ET L INTERMÉDIATION. S ENGAGER AUTREMENT POUR ALLER PLUS LOIN. MIRABAUD Canada Inc. - Olivier Rodriguez / MIRABAUD Gestion Inc. - Yves Erard 1501, avenue McGill College - Bureau Montréal (Québec) H3A 3M8 - T F MIRABAUD Canada Inc. est membre de l Organisme canadien de réglementation du commerce des valeurs mobilières inc. et du Fonds canadien de protection des épargnants. 16 I NFO SUISSE

19 fall of the Iron Curtain to expand NATO. The exploitation by the West came with the side effect of increased Russian paranoia. No wonder then, that the newly selfconscious Russia of 2014 seized the moment to show the West that it would not allow Ukraine to become the next Poland or Romania, throwing itself into the arms of an E.U. thirsty for more people and territory, all of it protected by NATO. Crimea has been part of Russia for centuries before Nikita Krushchew decided to give it away to the Ukrainian Soviet Republic in With the new cabinet in Kiew cozying up to Berlin and Washington, Moscow saw itself forced to protect not only ethnic Russians but also its Navy port in Sevastopol. Mother Russia wants its children back and its warships under control. All this said, the E.U. and the U.S. need to be careful in their support of Ukraine. In its current state, democracy in Ukraine is a mirage. Kleptocracy is a more appropriate description of Ukraine s form of government. Whether the country will find its way to a democracy worthy of the label after the May elections will depend on what distance it will manage to establish from the ridiculously corrupt Ms. Timoschenko and her powerful oligarch friends. The best the West can do is to assist Ukraine getting on the long road to democratic renewal and then wait, and see before formally making the country an E.U. or NATO member. As for the United States, Saber rattling is misplaced as an instrument to find a diplomatic solution to the highly complex situation in Eastern Europe. Even more so since everybody seems to agree that military confrontation is not a viable option. President Obama understands this and his reluctance to revive the Cold War rhetoric should not be misunderstood as weakness. Some say the dovish stance of Western leaders against Putin s aggression looks awfully like Neville Chamberlain s appeasement of Hitler in The analogy is understandable as there is an undeniable similarity between Putin s move on Crimea and Hitler s grab of Sudetenland. Comparing Putin to Hitler though is an unwarranted stretch that contributes little to dealing with the crisis. It s really quite simple: The U.S. needs a functional working relationship, not a new arms race, with Moscow in order to deal with the developing mess in the Middle East, the new ambitions of Iran and the pariahs in Pyongyang. For Europe things are even simpler: it needs Russia to supply energy. Heated rhetoric was justified in the lead-up to the farcical Crimean vote, but it now needs to make room for smart diplomacy, probably best led by German Chancellor Merkel who, among Western leaders, seems to have the best connection with Mr. Putin. Plus the two are fluent in each other s language so nothing should get lost in translation. Beat Guldimann, owner of Tribeca Consulting Group, holds a Doctorate in Law from the University of Basel; he was legal counsel at the former SBC (86-96), President and CEO of UBS Canada (97-01), Head of Global Private Banking at CIBC (01-04) and Vice-Chairman at Hampton Securities (05-07). Restaurant, bar et douces folies 426, RUE SAINT-GABRIEL MONTREAL QC T AUBERGESAINT-GABRIEL.COM J UNE/JULY

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