Canadian perfumer scents a means to Middle East peace


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Barbara Stegemann has actually trademarked the words “Middle East Peace”. That takes some nerve.

It may not be the most evocative name for a perfume but the light and crispy notes of the fragrance, which blends sweetie grapefruit from Israel and lime, basil and turmeric from Iran, are fresh and youthful.

How did the idea for a perfume dedicated to peace in the Middle East come about?

Ms Stegemann has been made an honorary Colonel in the Royal Canadian Air Force after impressing military leaders with her vision and humanitarian works.

In this role she was asked to chair a panel at the Halifax International Security Forum, a non-profit annual event where decision-makers from governments, militaries, business, academia and the media meet to discuss emerging threats in the world.

On her panel were Mohammed Shtayyeh, the Palestinian Territories’ minister for development and reconstruction, and Matan Vilnai, the Israeli deputy defence minister of the time.

“We all got along so famously. Both are now friends. I thought, ‘what I am seeing is beautiful relationships and I want to communicate that,’” she says.

She began by trying to get a distillery for essential oils set up in the Palestinian Territories but it was difficult. These are nations with risky supply chains, so you have to be patient, she says.

But then she saw something on YouTube that set her on another path. “I saw this amazing campaign. ‘We love you Iran’.”

When war between Israel and Iran seemed imminent last year, the Israeli graphic designer Ronny Edry shared a poster on Facebook of himself and his daughter with a bold message: “Iranians ... we [heart] you.”

Ms Stegemann was inspired and approached Mr Edry who helped her to find essential oil sources in Iran.

At this point there were trade sanctions between Canada and Iran, which meant you could swap items but not purchase. Also, because the parent company of the supplier she found was in the UAE, Ms Stegemann was able to swap items.

“Well, it became such a huge hit that we had to double production and buy more. Now Canada has just changed the sanctions but I still have some oils left,” she says.

“This scent says, ‘We smell great together, we have citizens that care about each other, we have world leaders that care about everyone.’ We had the new president of Iran wish everyone a happy Rosh Hashanah this year,” Ms Stegemann says.

“The point is we work better together. You don’t have to strip anyone of their power and dignity. You can say “We care about your people. We want to get to know you better.’”

And her perfume is proving popular among Middle East consumers. Ms Stegemann tells how an Arab lady came into Selfridges in London recently and bought 30 bottles of Middle East Peace.

She also has had many Arab customers at Lord & Taylor in New York and is keen to take the product into Dubai and Abu Dhabi because she knows from sales in the UK and US there is demand for it here.

Ms Stegemann is hopeful that in the next few months she will be able to have conversations with the right stores to get her product into the Arabian Gulf markets. She is already talking to Gallerie Lafayette in Berlin and hopes to be introduced to its stores here in Dubai.

“I have people from Columbia, Mexico and Yemen wanting me to do fragrances for them,” Ms Stegemann says.

“I’d love to do something from Syria or from Lebanon.

“At the end of the day, people want to be able to see their farmers buying books and shoes for their children but from a legitimate product,” she says.

Ms Stegemann also wants to inspire other entrepreneurs to trade with poor or war-torn nations.

“Buy from them. When you get down to it, they don’t care about your gender or your faith,” she says. And as she points out, there is no need to actually visit such places.

“There are verified agents and charities that will help you find the products that people are proud to make.”

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What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

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