Dr. David Costa – Dean’s Interview on CNBC: Overlook of banking and Italy

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Italy to submit budget to the European Commission
=================================================
 
Last Wednesday the Italian Government has approved a number of measures that will allow Italy to keep
the budget deficit inside the 3%. These measure worth 1.6 billion are comprised of 1.1 billion 
in spending cuts by government and local authorities and 500 million in the sales of public buildings.
The target of the Government is a 2.9% budget deficit vs. a 3% of 2012.
 
The Government objective remains to cut spending and taxes at the same time with emphasis on cutting
payroll taxes to increase competitiveness and improve salaries. 
 
In my view Italy benefits from several competitive advantages (notably the made in Italy) but has to find
a way to maintain and enhance competitiveness particularly for small and medium size companies where 
access to credit can improve. 

September 2013 MALIC Residency in York

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Almost two weeks have passed, but memories are still fresh!

September 9th, 2013 – a day like any other really, except I got to meet for the first time “in the flesh” 49 extraordinary people, all on the same day, and all in a single room! Granted, the room was not too big, but the energy and excitement as we got to know each other, shaking hands or finally pulling those virtual hugs into the real universe, was unbelievable.

These forty-nine “students”, seasoned managers, board-room veterans, serial or aspiring entrepreneurs, from all walks of life, were representing all five continents (sorry Antarctica, we’re still waiting for your representative!), and a staggering thirty (30!) countries. It is difficult to describe in words, and even more difficult to imagine, the richness of the interaction and the dynamics of such a special group. A biased population, for sure, driven by the desire to grow better.

MALIC Sep 2013 York from Dr.David Costa on Vimeo.

As the week progressed and we delved deeper into matters pertaining to research ethics, and quality of research, we also took great care to nourish and develop social relations, in places traditionally suitable for debate, such as pubs, restaurants and cafés, and to be honest, for me this is almost without exception the most interesting part of such a residency – discovering the people. As big a supporter of online education as I am (being actively involved in it!), the added value of face-to-face interaction, for even the briefest of times, to me is invaluable. And Tim agrees!

Students for students: Tim's advice for the residency from Dr.David Costa on Vimeo.

For more advice from current and past students, visit:

https://blog.college.ch/tag/students4students/

It would not be fair to leave out the exceptional team from our partner York St John University, who have done an amazing job of catering to all our needs, academic or logistic, and have done so with style. George and Irene, Sarah, Leanne and Natalie, thank you!

The Dean on CNBC: German Elections: the impact for Europe and European Investors

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German Elections: the impact for Europe and European Investors
================================================================
 
The upcoming German elections should not present any drastic change for other European
countries or European investors.
 
We do not know what the Government coalition will be and if some minor parties, like the anti-euro party will
meet the 5% necessary to hold a seat in the parliament, but some points are already well defined:
 
– In Germany there is a strong consensus against any form of debt mutualisation so we are unlikely to see
any form of Eurobond. That might only happen when and if Europe will have a centralised supervision that will
ensure no overspending. Germany is unlikely to accept and support a fiscal union.
 
– The banking union process will progress at a slow pace and Germany sees the union more as a long term
institutional structural change and not as a tool to fight the crisis in the short term. 
 
– Both the German public and the majority of politicians believe on the principle of fiscal austerity and low inflation
which doesn’t stimulate consumers spending.  This is unlikely to change despite the wishes of both the U.S. and other
European countries to stimulate growth. 
 
 
German Elections for European Markets
=====================================
 
Investment flows in Europe are back at pre-crisis level. What markets really want now is continuity.For this 
reason the re-election of Angela Merkel will be positive for the markets.
In a post-election scenario the new German governments could have more flexibility if needed as there will be
less anxiety about the immediate public reaction.
 
What I do think it that it is highly unlikely to see a new crisis as the one experience in 2010-2012 which was,
primarily, a crisis of confidence. 
 
Wide Divide
===========
 
As highlighted in a recent EY study the divide between northern and southern European economies is widening. For instance
in 2014 unemployment is likely to remain lower than 5.4% in Germany but to peak to 27% and 29% in Spain and Greece.
While as a whole Europe will maintain a steady path to recovery this divide creates opportunities for investors that 
select these European countries, industries and sectors that are more likely to recover in the short term. 
In Short
========
 
– German elections is likely to result in policy continuity with the same position on Eurobonds, Banking Union and a recovery
based on fiscal austerity and low inflation;
– European markets are likely to benefit from this continuity and another crisis is unlikely;
– Wide divide to remain with substantial gaps in unemployment and growth between northern and southern european economies. 

The End of Swiss Banking Secrecy ?

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The End of Swiss Banking Secrecy ?

=======================

The Swiss government proposed bill to allow banks to share clients data with the U.S. received a setback with the parliamentary committee rejection of the draft.
Today’s vote by the upper house will probably decide the future of Swiss banking secrecy. Both bankers and Cantonal financial directors are supporting the agreement as a rejection could lead to criminal indictments for some Swiss banks with obviously a very bad impact to business.

With very limited information available it is however clear that one of the historical competitive advantages of Swiss banks is going to be impacted. The main issue is if the acceptance of some unilateral conditions will set an important precedence that might lead to the end of Swiss banking secrecy.

In my view several Swiss major banks have already adapted their business model by leveraging their competitiveness on security and stability and by refocusing on high growth area like Asia but with a very fierce competition the loss of secrecy might have a negative impact to business.

A recent drop on several Swiss banks might still be a buying opportunity, especially for these banks that have already successfully changed their business model.

Dean’s List: Pius Ughakpoteni

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Pius Ughakpoteni is both an RKC graduate and a student. He was so happy with his studies in the MALIC programme that he enrolled in the Leadership and Sustainability MBA where he is now. Looking forward, he has been accepted to Middlesex University in London where he will obtain his doctorate. All of his studies come together in his work for the Niger Delta Development Commission where he has worked for several years.

Pius 2Kelly Boler: Tell us about yourself. Background: work, life, family.

Pius Ughakpoteni: I obtained a B.Sc. (Management) from the University of Calabar, Nigeria, in 1991. Thereafter, I went into journalism and had an extremely satisfying career. A providential detour took me to the public service and culminated in a blossoming public relations career.

In 2011 I took a momentous decision to go back to school for a Master’s degree in Leading Innovation and Change, MALIC, without leaving work. I started the MALIC studies at Robert Kennedy College on September 1, 2011.

It was a highly challenging adventure, as I studied alongside carrying out my duties as a member of the management cadre in the Niger Delta Development Commission and running a nuclear family of almost 10, but coming to RKC ignited my longstanding desire to reach the pinnacle of education. Hence, since October 2012, I have been doing an MBA in Leadership and Sustainability, also at RKC, which coursework I should complete by the end of 2013. Moreover, with the MALIC, I have been admitted for a Doctorate degree at Middlesex University, London.

KB: You are an Assistant Director in the Niger Delta Development Commission. What do you do there?
PU: The Niger Delta Development Commission is an agency of the Federal Government of Nigeria created to bring about change in the well-endowed but highly beleaguered Niger Delta region, and facilitate its speedy, even and sustainable development. As Assistant Director in the Corporate Affairs Department, I work with the Head, Corporate Affairs, and other colleagues to position NDDC in the minds of its different publics as an organisation that delivers projects and programmes which meet their needs in a cost-effective, timely and transparent manner.

KB: Has your study at RKC helped in your work?
PU: Absolutely! My study at RKC has deepened my insight into the different antecedents of innovation and successful change that need to be strengthened in my work and working environment. It has boosted my concern for people. It has enabled me to respect others’ perspectives, even seek contrary or novel views and value the contributions people can make no matter what their status in the organisation.

KB: What was the best part of your experience doing the online degree?
PU: Beyond the extremely fruitful online and extra-curricular discussions with fellow students, I cherished the very helpful feedback I received from RKC faculty on my various mid-term and final assignments. In addition, memories of the face-to-face meetings with some fellow students as well as RKC and York St John University faculty at the Residency will linger for long.Pius and his family

KB: Describe your favorite local food.
PU: It is starch and banga soup. Starch is a solid, favorite food of mine that is prepared by mixing a solution of cassava starch with a little palm oil and stirring it while over heat until it changes from fluid to solid state. Thereafter it is eaten by skillfully cutting it in lumps which are dipped, one after another, into banga soup. For me, the soup has to be densely populated with pieces of dry fish and cow head.

KB: Are you reading anything right now?
PU: O yes, of course. For a few weeks now I have been reading Dr. David Costa’s The Portable Banker. Today, I also started re-reading Research Methods for Business Students by Saunders, Lewis and Thornhill.

KB: Do have any favorite books about innovation that have influenced you?
PU: Well, I have found Managing Innovation and Change: A critical Guide for Organizations by King and Anderson very useful. It is succinct but deep and loaded.

KB: Who are your heroes in the working world?
PU: I admire people who, by sheer determination, dint of hard work, and faith in God, surmount obstacles without being discouraged and work their ways to the top.

KB: What is your motto?
PU: With God in you and you in Him all things are possible, provided you work hard and smart.Pius and wife

Dean’s List: Eyal Policar, Leader of Innovation and Change

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Eyal picking lilies

Eyal Policar is a graduate of the Master in Leading Innovation and Change (MALIC) program at Robert Kennedy College. He lives in moshav Zofar in a desert in southern Israel half-way between the Red Sea and the Dead Sea. Together, he and his wife Leaora manage a farm where they raise dates, peppers, and flowers. As this profile was being written, Eyal wrote to add that he had just received the news that he had been awarded a merit by the board of examiners at York St. John University. “For me this is an outstanding achievement,” he writes.

KB: At first glance, a degree in Innovation and Change might seem like a peculiar choice for a farmer. What drew you to it?
EP: As a 30-year, seasoned innovative farmer I decided to go back and get the grey cells brain trained. I thought of doing a normal MBA until I came across a few articles that argued that there are too many “number experts” out there but the person angle is overlooked. I came across MALIC and immediately fell in love with this angle of the Business school.

Besides being a farmer I teach in AICAT (Arava International Centre for Agricultural Training). We bring 700 agricultural students from the Asian countries over for a 10-month, hands-on experience. I teach Agro-economics and Agro-entrepreneurship and from day one of my studies [in MALIC] I began using my newly gained knowledge, such as Schein’s Cultural Understandings and Kotter’s Eight Stages of Leading Change.

KB: What has been the best part of your experience doing this online degree?

EP: Interaction with other students. Same books, same articles, same questions but such diverse answers and understandings from fellow students; culture galore on the RKC forums. Those who didn’t participate simply didn’t use the resources to the fullest, a shame.

KB: Do you have a favorite local food?
EP: My wife’s cooking. Here we eat “warm” at lunch and light meals in the evening. It’s unbelievable how many different ways there are to cook with peppers, tomatoes, aubergine, basil, tarragon, mint, and dates which we have plenty during the season.

KB: Tell us about the seminar that you have been asked to present by the Rothschild foundation (the Rothschild Ambassadors program, which looks for young people interested in becoming the future business and social leaders of Israel).
EP: One of the most intriguing aspects of leadership is the idea that different situations demand different leadership capabilities. I constructed a seminar picking up on this theme which the Rothschild foundation has asked me to present it to the Rothschild Ambassadors. This is a great honor.

KB:  Any advice to MALIC students?

EP:  These studies are all about change. Are you a change agent? Can you change? As you read academically and watch the videos, ask yourself: can this idea be part of my life pragmatically. Give yourself examples in your life of things that need to change and put your money where your mouth is.

For instance, the other day my son invited me to a small restaurant in Tel-Aviv. I said to him, today I will order the least appetizing meal on the menu.

“Why?” he asked me.

“Because i am hungry and it takes courage to order the least appetizing meal.”

So I ordered stuffed beets. The stuffing was burghul [a coarse wheat]. Imagine no meat, potatoes or rice. It was one of the best meals I have had in a long time.

KB: You play in a band called The Desert Coolers. Tell us more!

Eyal desert coolers

 

EP: I believe in soul economics, which means there are things you do for your livelihood and things you do for your soul. In my case its music. In my band the Desert Coolers we play oldies.

(Editor’s note: Eyal Policar is interested in keeping in touch with other MALIC alumni to create a kind of active Alumni center. The idea would be to have an outlet for keeping up with and exchanging academic and practical ideas, business opportunities, and a continuation of studies. Anyone interested can contact him through the OnlineCampus or alternatively through LinkedIn).

The Dean on CNBC: Swiss Banks & Gold will rise again

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In my latest interview on CNBC I discuss about the outlook for Gold and the Banking sector, especially the better than expected results of some Swiss Banks like Credit Suisse. My students in the class “Money Management” – that is part of our Master in International Business Management and MBA in Leadership & Sustainability have a chance to combine theory with practice: the assessment of the course consist on a personal portfolio that each student can build and track on a daily basis. If you are not a student in the University of Cumbria Master in International Business Management or MBA the next intake is starting in June (with the induction starting in May) and we are currently accepting applications for the last places.

April 2013 MALIC Residency in York

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Hi everyone,

Just back from York, after an exciting (albeit tiring too!) week with an amazing group of students. Forty-five people from all corners of the world, including the usual suspects South Africa, the UK, Nigeria,  Kenya, UAE, but also some representatives from countries  like Trinidad and Tobago, Ethiopia, Bangladesh, and Papua New Guinea. The wealth of backgrounds and cultures in any one of these residencies is a source of constant amazement and joy – learning is so much richer for everyone, including teaching and supporting staff.

Dissertation “round”-table discussions

The week was quite busy, but luckily the weather was on our side and did not give anyone any reasons to wish to be outside the classroom – the sun only shone for 10 minutes on Thursday, just enough to give us time to take a group photo in the Quad, the oldest part of the University.

A happy bunch - April 2013 residency in York

A happy bunch – April 2013 residency in York – © George Boak and Brendan Paddison

As you can see, most people still managed to smile despite the intense schedule and serious discussions around research and Master level dissertations. Many of them will have gone back by now to their homes, thinking about their research subjects – and we seriously expect to see many of them back in York for graduation in the Minster.

York does see a bit of sun from time to time, and even for periods of time longer than 10 minutes – a vibrant city, York has a very well developed tourism industry, and that can be seen by simply walking the streets of York during business hours. Since our students were slightly busy during those hours (we all were, in reality), I went out on a documentary mission on Saturday, just in case they missed it.

So, I give you York, in April:

First, the University, with its more modern part in which we were hiding from the rain all week, the FOSS building all the way to the right.

Old and new – a modern campus

Then, the streets leading to the Minster, with a river of people enjoying the sun.

York Minster and the Ghost Walk

A glimpse into the past with this ice cream cart and its customers?

Jackson’s icecream of York

How about the Moaning Lisa, who feared she might fade away from such intense exposure to sunlight?

“The sun’s too bright, I may need sunglasses” © 2013 the Moaning Lisa

The Shambles, much more populated than at those late night hours when some of the people in the above photo group (you know who you are, and don’t even think about saying I was with you…) walked them home…

The Shambles

Live music, which always manages to stop people in their tracks, well, if it is good, I guess, and Ed was indeed amazing! A one man orchestra, and you can tell people were impressed! Look him up on Amazon for an audio preview and let yourself “teleported” to York.

Ed Alleyne-Johnson live in York

Thanks again to all of you attending and sharing with the rest of us your life experiences, visions for the future and hopes for a renewed meeting at the November graduation, be it 2013 or 2014! See you all there!

DEAN’S LIST: Bernadette O’Neill, RKC Graduate with MBA in Leadership and Sustainability

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“I came across an advertisement through the internet about the RKC program for the MBA in Leadership and Sustainability. It was these two words that attracted me so I applied and was accepted for the program – it was a great choice.” – Bernadette O’Neill

Bernadette O'Neill and husband in Cambodia

Bernadette O’Neill and husband in Cambodia

Bernadette O’Neill (Bernie) was born in a small farming community in Ireland. In the mid-1980s she volunteered to work in Africa for a development organization and knew that she had found her niche in life. Since then she has worked for development organizations in many countries in Africa and Asia, settling in Cambodia in the early 1990’s where she met her husband. In 2007, she became Country Director for ZOA, a Dutch NGO.

Bernie meeting with farmers in rural village in Cambodia

Bernie meeting with farmers in rural village in Cambodia

Kelly Boler: What do you do as a Country Director?

Bernadette O’Neill: As Country Director, I am responsible for all the work of ZOA in Cambodia. Our work concentrates on supporting the resettlement of families previously displaced by civil strife and poverty. As these families mainly settle in remote rural areas, our work focuses around agriculture. A great challenge is climate change which is causing hardship to farmers as the rainfall patterns continue to be erratic so water management and other vulnerability mitigation measures are an important part of our work. To support our projects with these newly settled families, I have to prepare project proposals to donors to access funds, recruit and train staff to implement the projects, monitor the works in progress and prepare reports to all stakeholders. The most interesting part of the work is the regular visits to the beneficiary groups where is it rewarding to see the positive changes in their livelihoods brought about by our work with them.

K.B. What drew you to do your degree at RKC?

B.O. It was sort of accidental!! I had been thinking for some time of pursuing a degree in a field more relevant to my work than my accounting background and some friends suggested an MBA. I did not feel that an MBA was what I wanted but then came across an advertisement through the internet about the RKC program for the MBA in Leadership and Sustainability. It was these two words that attracted me so I applied and was accepted for the program – it was a great choice. I am not particularly religious but sometimes I feel there is some divine guidance to our lives and what I call “accidental” can often be someone guiding us in the right direction.

K.B. Have you done your residency?

B.O. I attended the Residency in Cumbria at the end of 2011. What a wonderful experience! The anticipation beforehand of meeting our “virtual” colleagues in person was rewarded with some animated discussions and sharing of experiences. It was kind of strange walking into a college campus after an absence of over 25 years but the professors were brilliant and the program was stimulating.

K.B. Do you have suggestions for students thinking about their upcoming residencies?

B.O. For students planning their residency, I think it is important to “blank out” that week; don’t come cluttered with other things on your mind (either work, personal or other RKC courses). Normally you will take your residency in the middle of another course so make sure you are up to date with that course work and then forget about it for a week. This is possible because you will be given an extra week’s extension if any exams are planned around your residency. Coming with your mind free will give you more time for social interaction with your colleagues which is as rewarding as the discussions at the University.

K.B. What are your plans for your career post-graduation, and how do you think this degree or what you have learned effect it?

B.O. I will continue to work for development projects in Cambodia but now we have just phased out the ZOA program (as ZOA focuses on countries emerging from conflict and now Cambodia is past that stage), so I am taking a break for now but doing short term consultancies where they interest me.

I did not really do this degree to improve my career. I did it for the joy of just learning again – although I had always said that we learn more from practice than from study, it was most interesting to see how our practical knowledge is supported by various academic studies. Nevertheless it certainly enhances my reputation among my colleagues and future employers. Doing this MBA has also enhanced my capacity for research and showed me how much we can learn from previous research into subjects of interest to us.

K.B. What has been the best part of your experience doing this online degree?

B.O. It has been such fun over the past two years that it is difficult to say what was the best part. Certainly exploring new subjects was stimulating but probably the best part was the interaction with other students and tutors. I now have a great number of additional friends all over the world, many of whom I will continue to keep in touch with.

K.B. What do you enjoy doing? Hobbies, pastimes?

B.O. When I was younger I loved playing all kinds of sports – hurling (a unique Irish game), football, squash and running. Now I am a bit older I focus more on long walks and watching other (younger) people playing these sports. I love reading and get through a few books a day on my days off if I am alone – but I live in such a lovely place (Cambodia) where people are always dropping around for a chat that time alone is rare but these discussions with family, friends and neighbors are always stimulating. Apart from these things, I love travel – whether by bike, car, train, boat or airplane – and meeting new people.

Bernie's grandchildren

Bernie’s grandchildren

K.B. What is your favorite local food?

B.O. There is such a range of great food in Cambodia that it is difficult to say which is my favorite. Because I love to eat a big breakfast and then just top up a bit throughout the day, I could say that the best start for me is a big plate of rice topped with chicken liver, red chilies, garlic and lemons, washed down with a nice beef soup and a strong coffee. Maybe not everybody’s ideal start to the day but if I fill up with that I can go the whole day without anything else if necessary (until evening time of course, when the need for a beer sets in! – and my favorite snack with the evening beer is fried frogs in garlic sauce).

K.B. What is the perfect day?

B.O. A perfect day is of course a day when at the end of it I feel satisfied that I have achieved what I set out to do – sometimes this may relate to work (as in submitting a proposal within the deadline) or personal like sorting out family issues.

K.B. What is the perfect working day?

B.O. I love a day with a mixture of things to do, not just doing the same thing for the whole day – fortunately for me, most of my days are highly varied. The perfect working day includes some travel, meeting with project staff and target groups in their villages and feeling at the end of the day that I have achieved something.

K.B. Are you reading anything right now?

B.O. Since I finished the research for my dissertation at the end of January, I have taken a bit of a break from serious reading as I read so much leading up to that. So my current books are more light reading – some interesting stories of people’s lives around the world (e.g. a prostitute in Brazil, a coal-miner in Chile, etc.).

K.B. Do have any favorite books about business that have influenced you?
B.O. Regarding business books, a book that really inspired me was one of the books recommended to us during our marketing studies at RKC as it looks at business leadership that combines profit making with sustainability – that is Let My People Go Surfing by Yvon Chouinard. It is a book that should be read more than once to absorb the learnings from it.

K.B. What is your motto?
B.O. I can come up with no personal motto greater than the words given to us by God – “Love your neighbor as yourself.” It is very difficult to put into practice but keeping it in mind can help us to avoid selfishness and greed which are two things that drive injustice in our world and lead to unsustainable use of resources.

Work From Home Debate Heats Up

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work at homeRecently, Yahoo and Best Buy, two companies that were pioneers in implementing flexible working practices announced that they were canceling the policies, forcing workers back to the cubicle. Best Buy called it Results Only Work Environment (ROWE), the idea being if a non-store employee get results, it doesn’t matter where or when they do the work. It had been in place for years until CEO Hubert Joly announced in February that he was ending the policy, saying it was “fundamentally flawed from a leadership standpoint.” At Yahoo, CEO Marissa Mayer said, “We need to be one Yahoo and that starts with physically being together.”

This dramatic about-face has triggered an intense debate, and while there are certainly arguments supporting these decisions, a casual look at opinions in established business publications on the web indicates that there are far more against it. Many criticize both companies for penalizing workers for an increasingly faulty business model. A flexible work scenario, they argue, is not the problem.

In a recent Forbes interview, management consultant David Heinemeier Hansson said, “Desperate times lead companies to desperate measures. It’s much easier to find a scapegoat, like ‘those slackers working from home!,’ than dealing with years of mismanagement…Yahoo and Best Buy’s problems are not caused by underperforming remote workers, they’re caused by a changing competitive landscape that they did not keep up with,”

Gary Peterson, also in Forbes, wrote of Best Buy: “Mr. Joly’s recent decision to end the practice appears to be a short-term treatment of a symptom rather than a long-term cure of the root problem.”

Telework pioneer Jack Nilles proclaimed, “Yahoo Marches Resolutely into the 19th Century.”

When Best Buy’s spokeperson asserted the policy was scrapped in favor of an “all-hands-on-deck approach [that] will lead to collaboration,” National Public Radio’s Steve Inskeep joked, “Anybody who works in a crowded office will understand this collaboration. You can do your online shopping, make restaurant reservations and deal with personal family problems over the phone, while getting advice from your co-workers in nearby cubicles.”

I find this debate especially interesting given my experience with Robert Kennedy College that offers the opportunity for what can be called a Results Only Learning Environment: you get out of it what you put into it. What do you think? Is a flexible, work-from-home scenario a liability or a benefit? Has your experience with remote study at RKC changed your thinking on the issue?

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