Columbia Hillen

About to leave for our scheduled tour of Hobbiton, the charming film location of the Shire, home to Frodo and company, disaster struck.

Approaching our car, I noticed the rear tire was completely flat, the result of a nail puncture. And the spare was too thin to get us there.

Columbia Hillen

To make matters worse, it was our last day in New Zealand’s Waikato region so we couldn’t re-schedule. Seeing my wife’s downcast face, Hobbiton being the holiday highlight she’d been most looking forward to, I felt helpless.

That’s when staff at our hotel, Hidden Lake in Cambridge on the North Island, went into action. 

Rajwinder Kaur, hotel manager. Photo by Columbia Hillen

Within minutes, not one but four members of staff were hard at work to save the day, two working the phones, one to find a garage, the other to see what time Hobbiton closed and if we could change our scheduled tour time, while two others rushed to the car to replace the flat tire with the reserve to get us to whatever nearby garage might be open.  

Unfortunately, the first two garages contacted were too busy to help and as the minutes ticked by, all seemed lost. But aside from being a patient and kind host, hotel manager, Rajwinder Kaur, a native of Uttar Pradesh in northern India, is also a very persistent woman. Finally, looking up at our forlorn faces, she smiled. “I found one.”

Glenda Turner, hotel owner. Photo by Columbia Hillen

This incident encapsulates the pedigree of people my wife and I were fortunate to meet on a two-night stay at this attractive family-run hotel. 

Owned and operated by Chris Turner, an agricultural machine specialist, and his wife, Glenda, a former teacher, the 37-room hotel sits beside a lake partially hidden by a forest of maple, oak and Japanese cherry, a relaxing place where Glenda and her family would enjoy weekend getaways, thus the inspiration for the hotel’s name.

Columbia Hillen

After leasing the building, the couple opened the hotel three years ago offering their services to both tourists and corporate clients from the nearby horse stud farms, glass manufacturing and agricultural sectors.

Columbia Hillen

Our room was a comfortable one featuring a small balcony overlooking the forest with furnishings that included a large wall TV, an armchair, tea and coffee-making facilities, a mini-bar and a glass-enclosed shower. 

Being environmentally conscious, pillows and duvets were made from recycled plastic, any solar energy the hotel doesn’t use is donated to the township of Cambridge, dispensers are used instead of single soaps and guests have options in their rooms to separate recyclable material from waste.

Columbia Hillen

Food at the Hidden Lake Hotel is of the highest quality, with much of the produce used either coming from her uncle’s farm or the local farmer’s market. 

Columbia Hillen

Both dinner and breakfast are served in D’Arcy’s restaurant with views over the forest from the second floor. The latter featured a tasty whipped avocado dish comprising local goat cheese, poached eggs with focaccia and za’atar, a mix of Levantine herbs such as sesame, sumac and other spices. 

Columbia Hillen

The menu also featured classic eggs Benedict, Chinese bolognese, brioche French toast with mascarpone, poached pear, bacon and honey, as well as the full breakfast of bacon, chipolata, hash browns, toast and cherry tomato or Poppa’s porridge with caramelized banana, brown sugar and cream and Bircher muesli with coconut and plum. The hot chocolate I tasted, offered with or without marshmallows, was deliciously smooth and creamy. 

Columbia Hillen

Dinner was similarly diverse with my wife choosing starters of seared scallops and I green lipped mussels in a creamy turmeric sauce followed by mains of tagliatelle and salmon.

Columbia Hillen

Kudos also go to Chris and Glenda for their innovative cocktail menu, many created by them, often reflecting real-life situations. The Lockdown Delta Variant, for example, emerged out of Covid, and comprises gin, blood orange, Bergamot, lemon juice, Aquafaba and orange bitters, all topped with tonic water. Another cocktail, Smoky Linen, emerged from an incident when a tea towel caught fire. It consists of Bailey’s, Kahlua, white and dark chocolate and creme de cacao and milk, topped, of course, with a smoky charred marshmallow. 

Columbia Hillen

Within easy walking distance of charming downtown Cambridge, the Hidden Lake Hotel is also a convenient stopover for tourists visiting Hobbiton, a 30-minute drive away through rolling countryside, as well as to Hamilton with its stunning, 54-hectare public garden and the geothermal park with its dramatic geysers, bubbling mud and Maori cultural experiences at Te Puia Rotorua.

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Leftist Anura Kumara Dissanayake has promised to “heed the best advice” in running Sri Lanka as he was sworn in as the country’s president, following a stunning election win that has renewed concerns over the future of a fragile IMF-backed debt restructuring.

Sri Lanka’s bonds fell on Monday in the wake of the upset win at the weekend by Dissanayake, the country’s first president from outside its traditional ruling elite.

“I will heed the best advice,” said Dissanayake, 55, after taking the oath of office on Monday, in comments aimed at easing investor fears over the fate of a $3bn IMF rescue plan. “There are my capabilities and incapabilities, things that I know and don’t.”

“We do not believe that this deep crisis can be overcome by a government, a party or an individual,” he added. “I am no conjuror or magician.”

Dissanayake’s victory on Saturday marked a new era in the south Asian country’s political history, with voters rejecting the political dynasties they blamed for years of economic crisis that culminated in a damaging debt default in 2022.

Months later, protesters over-ran the presidential palace, forcing then-president Gotabaya Rajapaksa to flee the country.

Dissanayake took pains during the five-week campaign to allay investor misgivings, pledging to preserve the IMF agreement. But he has also called to ease some of its conditions to alleviate Sri Lanka’s economic hardship after two years of austerity.

The election manifesto of his neo-Marxist National People’s Power coalition called to renegotiate the IMF deal to make it “more palatable and strengthened” and keep interest payments “at a bearable level”.

Sri Lanka’s dollar-denominated bonds tumbled on Monday, with notes maturing in 2029 shedding almost 6 per cent to trade at 50.2 cents on the dollar. Prices had briefly dipped below 50 cents on the dollar in early trading.

The Colombo Stock Exchange’s all-shares index shed 1.5 per cent before paring losses to be even on the day.

Dissanayake, who hails from the rural North Central province, previously led the People’s Liberation Front, a Marxist-Leninist party founded in 1965 and a precursor to the NPP that led bloody rebellions in 1971 and from 1987-80.

He was sworn in on Monday in Sri Lanka’s old parliament building, a colonial landmark that the group had planned to attack in 1971 as part of a plot to overthrow the government.

For those in a minority, it can be difficult for your voice to be heard and your views to carry weight. Even if the majority group listens, it is not easy for its members to stop seeing the world as they do and start seeing it through your eyes.

This is always the problem when the predominantly white financial advice profession tries to tackle the lack of ethnic diversity within its ranks and client base.

It sets up diversity, equity and inclusion (DE&I) committees and says its doors are open to everybody. Yet the same kinds of people tend to walk through. Why is that?

Legacy issues

It was not until the Race Relations Act 1965 that legislation made some forms of racism an offence. Even in the more progressive 1960s, certain businesses were refusing to serve people or overcharging them based on the colour of their skin.

Cultural values towards credit play a significant role in how individuals navigate the financial system

Black and ethnic-minority families have not had the same access to products and services that others have taken for granted, which has had repercussions.

“People of colour historically have not had the opportunity to build wealth over the generations, so the financial system hasn’t been designed for them,” says Tynah Matembe, founder of MoneyMatiX Financial Education and host of the ‘Grow Your Money’ podcast.

“Systems that are discriminatory should be named and shamed, while affordable and innovative banking and financial services should be promoted.”

Not surprisingly, research still highlights disparities between the finances of black and ethnic minorities and those of their white counterparts.

Earlier this year, Scottish Widows reported 14% of black women and 15% of Asian women were opting out of pensions, compared to 5% of white women. Reasons given by black and Asian women included a lack of trust, affordability and preferring to save money in other ways.

Belvedere Wealth Management senior partner Emmanuel Asuquo — who appears on TV as a financial expert for Channel 4 — suggests cultural reasons may also play a part.

It could be that black and Asian families have followed traditional gender roles — where men were breadwinners and women the homemakers — for longer than white families. But this is changing, with black and Asian women now more likely to work.

We need to make a concerted effort to diversify how we push products out, making them truly inclusive

“Only now are they realising that one income isn’t enough,” says Asuquo. “I think the pension situation will change over time.”

The Scottish Widows research also found that black and Asian women were more likely than white women to have multiple jobs, which probably indicates those jobs were low paid.

A cultural lens

Different cultural values are not always easy to navigate. Credit plays a big part in UK financial services, where people routinely borrow money to buy houses or cars, start businesses and so on. But credit can be tricky for some black and Asian people to understand due to cultural differences, which can lead to them being ‘locked out’ of financial services.

It sounds simplistic, but a lot of the problem stems from a lack of representation in the workforce. We need inclusive policies and recruitment practices

“Advisers would do well to consider how cultural values towards credit play a significant role in how individuals navigate the financial system,” says Matembe.

“For many people from cash-based economies or backgrounds, where credit is viewed with suspicion, the concept of using debt strategically can be quite foreign and even intimidating.”

Asuquo, whose parents came from Nigeria, says that, when people in Nigeria want to buy a house, they purchase the land and employ builders to build on it.

“It’s the same in the Caribbean — people don’t take out mortgages,” he says. “But, when they come to the UK, nobody tells them how it works. So, they either learn by their mistakes or assume they can’t do it and focus on buying land at home.”

Often, they end up with a home they plan to retire to, but never do as they develop ties in the UK.

When people see others from similar backgrounds using credit responsibly and successfully to build wealth, it can help shift perceptions

“If you feel you belong, you can set down roots,” observes Asuquo.

“You’d be happy to buy a house and open an Isa.”

Matembe agrees that the issue is not just about access to credit — which can be difficult for minorities to obtain. It is also about reshaping mindsets and educating people on how to use credit responsibly “with a cultural lens”.

She says: “For many, the avoidance of debt is rooted in a desire for financial security, and changing these ingrained values requires a thoughtful approach. Tailored financial education programmes that consider cultural contexts and historical disadvantages will help bridge the knowledge gap.”

Matembe suggests combining this with examples of lived experiences and success stories from within the community.

For many people from cash-based economies or backgrounds, the concept of using debt strategically can be quite foreign and even intimidating

“When people see others from similar backgrounds using credit responsibly and successfully to build wealth — whether through homeownership, education or entrepreneurship — it can help shift perceptions,” she says.

A representative profession

A recent study from Mannheim Business School in Germany, looking at gender stereotypes in financial advertisements, briefly touched on ethnicity. It found that 74% of the main figures in the ads were white, with ethnic minorities more likely to be shown in low-status, low-expertise positions.

Although ads are not real life, they shape people’s thinking about financial services. As Asuquo says, “Seeing is believing.”

He adds: “If I go on a website and I don’t see people who look like me, I’m going to think this is not for me.”

Even if an adviser’s client base is predominantly white men, their website can depict a more diverse range of people to show that the adviser is welcoming and inclusive, suggests Asuquo.

Systems that are discriminatory should be named and shamed, while affordable and innovative banking and financial services should be promoted

Others agree with his views.

Equilibrium Financial Planning head of best practice Sarah Hammond says: “A diverse workforce can help to build trust and ensure products and services are designed with a broader range of needs in mind.”

As a black woman working in fintech, Whitney Simon, head of DE&I consulting at technology PR and communications firm Missive, concurs.

“To make financial services more inclusive, we need to create access for black and ethnic-minority professionals in product development and the organisations themselves,” she says.

“It sounds simplistic, but a lot of the problem stems from a lack of representation in the workforce. We need inclusive policies and recruitment practices.”

Simon also points out there can be inherent bias in systems, with financial products seeming to be tested by the same groups.

People of colour historically have not had the opportunity to build wealth over the generations, so the financial system hasn’t been designed for them

“We need to make a concerted effort to diversify how we push products out, making them truly inclusive,” she says.

“The more diverse voices we have in the room, the more inclusive our products and services will be. It’s not rocket science, but it does require intentional effort and commitment.”

This is echoed by Matembe.

“More people of colour are needed in decision-making roles to ensure diverse perspectives are included in policy and product development,” she says.

Concrete action

Raising awareness of the need for ethnic diversity in financial services is all very well but commentators want to see concrete action.

The more diverse voices we have in the room, the more inclusive our products and services will be

“It is essential for the government to appoint a financial inclusion expert to lead the strategy and to advise on and develop policies with a focus on the needs of people of colour,” says Matembe.

“However, it’s not solely the government’s responsibility. Financial institutions, regulatory bodies and community organisations must collaborate to drive meaningful progress.”

This article featured in the September 2024 edition of Money Marketing. 

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Dreaming of renting or buying villas around the globe for your next adventure? Well, here’s a twist on the typical travel tale – Miami-based Storylines is crafting a floating eco-friendly paradise with 530 luxury homes aboard. Forget cabins, condos, or villas – this is a private residence vessel, and the dwellings are rightfully called ‘residences.’

The vessel, MV Narrative, is scheduled to set sail in 2027 from Split, Croatia, embarking on a journey around the world every three years. Unlike the hurried pace of a typical world cruise, this voyage offers a more measured experience, allowing residents to immerse themselves in each region for up to three months and savor five days at every port. This thoughtful pace benefits not only the residents but also the port cities, many of which are seeking relief from the overwhelming influx of day-trippers delivered by traditional cruise liners.

As for life aboard this extraordinary ship, imagine residing in a home where the view is ever-changing, revealing the world’s most breathtaking landscapes and the vast, serene ocean. Whether your tastes lean toward a cozy interior studio, ideal for those who favor simplicity, or an expansive four-bedroom penthouse with multiple balconies, there is a residence to suit your preferences. An annual fee, in addition to the purchase price, covers all maintenance, concierge services, and grants access to the ship’s numerous amenities, ensuring a life of comfort and elegance as you sail across the globe.

On that note, the luxury doesn’t end at your doorstep – The onboard community enjoys access to an array of world-class facilities rivaling those of the finest land-based resorts. Whether it’s indulging in gourmet dining at one of the ship’s several specialty restaurants, rejuvenating in the full-service spa, or keeping active with state-of-the-art fitness facilities and pools, every aspect of life onboard is designed to enhance your well-being, longevity and enjoyment. For traveling families, children can enjoy the cinema, a library, and even an onboard school, ensuring that every resident, whether retired or working and raising a family, has the resources and spaces they need to live life fully. The education includes on-shore excursions for world-schooling.

For those fortunate enough to have the freedom to work remotely, the ship is fully equipped with high-speed, reliable satellite internet, ensuring that you stay connected no matter where in the world you are. Imagine logging into your virtual office while sailing past the rugged cliffs of the Mediterranean or taking a conference call with the vibrant skyline of Hong Kong as your backdrop. That would certainly take the grind out of work!

Along with many of the residences coming equipped with home offices, dedicated co-working spaces provide the perfect environment for productivity, featuring ergonomic workstations, private meeting rooms, and stunning views that make even the most mundane tasks feel inspired.

One of Storylines goals is to create an environment with the most healthy work-life balance imaginable. After a day of work, you can unwind by exploring a new port of call, or simply relaxing with fellow residents in one of the many luxurious lounges, one of which is a waters-edge marina – this includes use of watersports equipment such as scuba gear, kayaks and jet skis.

What’s on offer?

Storylines offers a range of options, each residence a unique blend of comfort, elegance, and innovation, designed to cater to your every need while you journey around the globe. Prices start from $625, 000 for an inside studio up to $8,600,000 for the premium penthouse.

50% Co-ownership Options

For those seeking a part-time residence on the ship, similar to a vacation home, Storylines offers 50% fractional ownership. This option provides access to a luxurious residence for six months each year. Not only does this significantly lower the cost, but it also allows your vacation home to explore a different part of the world each year.

RU1. DISCOVER

RU2 EXPLORE

The spacious RU2 range homes are all outside balcony units, featuring a large waterfront living room with a minibar that separates the living and sleeping areas.  You can choose between a Murphy bed that folds away to make space for a table and chairs or a sofa that converts into a queen-sized bed, providing both comfort and space.

RU3 INDULGE

RU4.3 ENVISION

RU5 GLOBAL

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Australia’s consumer watchdog has sued the country’s two largest supermarket chains Coles and Woolworths over accusations that they engaged in “illusory” discounting on hundreds of products ranging from Tim Tam biscuits to cat food.

The Australian Competition and Consumer Commission launched the legal action on Monday after months of wider debate in the country about the power and influence of the retailers.

The ACCC alleged that the two supermarkets — which control about 65 per cent of Australia’s grocery market, according to a Treasury report this year — engaged in “misleading” practices related to discounts on goods between 2021 and 2023.

The watchdog said Coles and Woolworths advertised discounts on items that were sold at the same or sometimes higher price than the regular cost of the products. They did so by implementing “price spikes” of about 15 per cent on the goods for brief periods before offering them at a discount to the inflated price.

“We allege these misleading claims about illusory discounts diminished the ability of consumers to make informed choices about what products to buy, and where,” said Gina Cass-Gottlieb, chair of the ACCC.

In one example, the ACCC said Woolworths offered an Oreo family pack for a regular price of A$3.50 (US$2.40) for at least a year until November 2022. That month, Woolworths increased the price of the Oreo pack to A$5.00 for 22 days before promoting it as “prices dropped” at a cost of $4.50 — “29 per cent higher than the product’s previous retail price of A$3.50,” said the ACCC.

Australia’s Prime Minister Anthony Albanese said the artificial discounting would be “completely unacceptable” if proven. “Customers don’t deserve to be treated as fools by the supermarkets,” he said at a press conference.

He added that the alleged behaviour could have added to Australia’s inflation problem. “When you’re charging more for products than you should, it of course has an inflationary impact by definition,” he said. 

The Australian government on Monday also issued an update on its plan to introduce a mandatory code for the country’s largest food retailers that would give regulators the right to impose huge fines on the companies if they are found to have breached regulations around pricing.

The ACCC action will increase pressure on retailers, which have argued in recent months that they have absorbed higher input costs as inflation has soared.

Coles said it would defend itself during proceedings brought by the ACCC. In a statement, it said the regulator’s allegations covered a period of significant cost inflation, which triggered an increase in the retail price of products.

“Coles sought to strike an appropriate balance between managing the impact of cost price increases on retail prices and offering value to customers through the recommencement of promotional activity as soon as possible after the establishment of the new non-promotional price,” it said in a statement.

Woolworths said it would review the allegations. “Cost-of-living pressures remain a key issue for millions of Australians who shop with us every week,” said Amanda Bardwell, the recently appointed chief executive.

Coles and Woolworths shares both dropped about 3.5 per cent following the ACCC action.