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By Sam Powney
Amid ongoing fears of a return
of the economic crisis in the world’s most
developed nations, investing in emerging
markets looks ever more attractive and
even essential. In mid-2010 China officially
overtook Japan as the world’s second largest
economy, but there has also been impressive
growth in other emerging economies.
Indonesia, for example, managed to skirt the
crisis in 2008 and is now the third fastest
growing economy after China and India.
Turkey’s economy was hit during the crisis,
but bounced back very soon afterwards and
avoided any of its banks going under despite
deep ties with the European market. India
is often seen as the country with the most
potential for economic growth, currently
ranking as the world’s 11th largest economy,
but projected to become the most populous
nation in the next 15 years. Though there
may be exceptions, taken together emerging
marke ts a re becoming an eve r su re r
investment opportunity.
The Rise ofThe Rise of Emerging MarketsEmerging Markets
Concepts and TerminologiesAs with many buzzwords, ‘emerging markets’
is a term whose legitimacy is questionable; but
although some see it as outdated, it is perhaps
difficult to think of an alternative. Originally
brought into fashion in the 1980s by then
World Bank economist Antoine van Agtmael,
the term is sometimes loosely used as a
replacement for emerging economies, but really
signifies a business phenomenon that is not
fully described by or constrained to geography
or economic strength; such countries are
considered to be in a transitional phase
between developing and developed status.
Moreover, there is a question as to whether
it is more helpful to look at the performance
of individual countries or at broader regions.
On the one hand, all the emerging national
economies have their own currencies, yet the
stability of a currency does not necessarily
correlate to a country’s economic growth.
The South Korean won has long been known
for its substantial fluctuations in currency
markets, yet the South Korean economy
has grown at such a pace that many see it
more as an ‘emerged’ than emerging market.
As another example, many of the countries
surrounding the Eurozone have independent
currencies yet they are firmly tied in to the
European market.
Although the economic difference between
ne i ghbou r i ng coun t r i e s can be ve r y
noticeable, very often entire regions seem
to experience a similar economic direction
almost en masse. Many of the Central
and South American nations are currently
enjoying a period of sustained growth,
and economists like to talk of the region’s
emergence from ‘the lost decades’ of corrupt
dictatorships and economic stagnation.
Here in Hong Kong the term ‘As ia ’ is
frequently used almost as a byword for
fi nancial opportunity, though the boundaries
of this emerging region are usual ly left
PAGE 5Using Social Media
PAGE 9Business Confi dence Survey
PAGE 6British F.M.visits Hong Kong
PAGE 16Lifestyle
In This Issue
(Continued on page 2)
February 2011 • Vol 26 • No 2
www.britcham.com
Plus• News• New Appointments• Shaken Not Stirred
undefined. Indeed, this is not just so in Hong Kong. Britain’s Foreign Minister was here
in mid-January, giving a speech at the Asian Financial Forum that highlighted Asia’s
importance in providing trade opportunities for British businesses. Mr. Hague said that his
government was encouraging British businesses to ‘look East’.
Key Terms and GroupingsBRIC – Brazil, Russia, India, and China.BRICET – BRIC + Eastern Europe and TurkeyBRICS – BRIC + South AfricaBRICM – BRIC + MexicoBRICK – BRIC + South KoreaNext Eleven – Bangladesh, Egypt, Indonesia, Iran, Mexico, Ni-geria, Pakistan, Philippines, South Korea, Turkey, and VietnamCIVETS – Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa‘Frontier Markets’ – More recent and less developed emerg-ing markets. These are typically investable but have lower mar-ket capitalisation and liquidity.
One of the few countries’ to appear in all the major indexes of emerging markets last year
was Egypt, whose political future has suddenly become so uncertain - a reminder that
political circumstances can swiftly overtake economic trends. While there is a mood of
instability across much of the Arab world, the gulf states have seen a long boom period
which looks likely to continue despite the hard hit they took during the economic crisis. In
the Middle East and on its fringes, there are a few markets which most investors would
consider adventurous. Morocco, Jordan and Pakistan, the three smallest economies in the
MSCI index (see below), add up to less than 1 per cent of the index between them, but a
smaller market does not necessarily mean a less profi table or less stable economy.
Measuring Growth and Establishing TrendsPerhaps the main arbiter of emerging markets is the Morgan Stanley Capital International
Index, which favours countries with dynamic corporate sectors and good economic growth.
The MSCI Emerging Markets index bears testament to the success of the Asian tigers -
South Korea and Taiwan between them account for almost 30 per cent. Goldman Sachs’
emerging markets index, the ‘Next Eleven’ highlights countries, besides the BRIC nations,
predicted to become major economies in the 21st century and includes macroeconomic
stability, political maturity, openness of trade and investment policies, and the quality of
education in its criteria. The FTSE Group distinguishes between Advanced and Secondary
Emerging markets on the basis of their national income and the development of their market
infrastructure. In 2008, Mastercard developed another Emerging Markets Index by listing
the top 65 city economies across the world.
Around the same time, HSBC launched its own Emerging Markets Index, which looks at
the markets of the Czech Republic, Hong Kong, Israel, Mexico, Poland, Singapore, South
Africa, South Korea, Taiwan, Turkey and the increasingly important BRIC economies. In
his EMI report for Q4 of 2010, HSBC Group’s Chief Economist Stephen King noted the
exceptionally strong performance of emerging markets in 2010, and put his fi nger on one of
the main reasons for the global shift in favour of emerging economies,
‘We have now entered a new phase of world trade growth in which emerging nations are
increasingly trading with each other. This could potentially prove to be another economic
“golden age”, an emerging market version of the extended period of economic growth seen
in the developed world in the 1950s and 1960s, when tariffs fell and international trade
blossomed. If emerging nations can work together to remove these tariffs, we could witness
an explosion of world trade on a truly momentous scale.’
Mr. Green went on to point out that this essentially meant that consumers in the developed
world, particularly in the US, might no longer dominate world trade in the way that they
used to. In terms of emerging regions, the ASEAN + China trade block is the largest in
the world, but China has also been proactive in fostering better trade ties with a range
of countries in Africa and South America. For most emerging market nations though, the
primary focus seems to be on developing trade with the developed world and securing
regional agreements with neighbouring countries. For the ‘golden age’ that Mr. Green
mentions, more governments and individual businesses need to look further afi eld. This was
certainly the message from the British Foreign Secretary on his visit to Hong Kong; it seems
that developed and emerging economies alike are looking to both expand and diversify their
trade links.
www.br i tcham.com2
COVER STORY
(Continued from cover)
TAX FOCUS: RETURNING TO THE UK . . . . . . . . . . . . 4WIELDING THE NET: USING SOCIAL MEDIA . . . . . . . 5F.M. WILLIAM HAGUE SPEAKS IN HONG KONG . . . . 6BUSINESS CONFIDENCE SURVEY . . . . . . . . . . . . . . . 9RETURN OF THE CONCIERGE . . . . . . . . . . . . . . . . . 10LIFESTYLE: HUGO’S AT THE HYATT REGENCY . . . 12
LIFESTYLE: SAKESAN . . . . . . . . . . . . . . . . . . . . . . . . 13MEMBERSHIP DISCOUNTS . . . . . . . . . . . . . . . . . . . 15CLIMATE CHANGE STRATEGY . . . . . . . . . . . . . . . . . 19NEWS/NEW APPOINTMENTS . . . . . . . . . . . . . . . . . . 21NEW MEMBERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22SHAKEN NOT STIRRED . . . . . . . . . . . . . . . . . . . . . . . 23
Kevin Taylor
Even though we have had a colder winter than normal and with little sun over the last few weeks, the business outlook is looking
quite bright. I’ve personally seen an uptake in business over the last few months and now with the release of the Chamber’s Annual
Business Confi dence Survey, we can see that the vast majority of our membership is confi dent that Hong Kong is on the right track
and set for continued high growth.
But let’s take a look at some of the results and what they mean for our members.
We are a confi dent bunch. The membership of the Chamber sees the next 12 months in a very positive light. 92% of you believe that
the business environment is quite strong, an increase from last year when only 78% thought that things were looking good. And tied
to this is how we view Hong Kong as a place to do business. 97% of the membership sees the local business environment as ‘very’
or ‘somewhat’ satisfactory as a place to do business, considering geographical location, free port status, infrastructure, the taxation
system, public security and communications.
Areas where we saw a decrease in satisfaction were around availability of low cost labour (down 19 points), commercial rents (down
10 points) and residential rents (down 10 points). This is to be expected with the recent wage increases in Guangdong which are likely
to affect many Hong Kong businesses and of course, with our seemingly runaway property prices.
Another area of concern that directly impacts many of our SME members is the consideration of re-introducing the training allowance.
This issue is up by 10% on last year’s survey, with 68% of respondents believing that the government should help to positively
address this issue.
On two issues that you hear me often talk about – the environment and education – the Chamber respondents had mixed
feelings. What I personally found interesting was the overall improvement in our perception of the government’s handling of
environmental strategy, particularly of air pollution. We saw a large increase in support for government initiatives although I do
hope that more can be done to ensure that potential high calibre talents come to Hong Kong and are not scared off by high
pollution levels.
The other area which we really need to keep working on is school places and the growth of international schools. This is seen as an
increasingly important issue with an spike of 6% from last year; and many survey respondents have waitlisted children in Hong Kong.
This is an issue that will not go away and the government must seriously address this in order to keep Hong Kong at the forefront of
high calibre talent when they choose an Asian destination to grow their business or relocate.
There are many questions in the Business Confi dence Survey and the results are detailed. I do invite you to get a copy from the
Chamber offi ces and see for yourself all of the responses and the changing perceptions of how Hong Kong is developing in a number
of areas.
Along with the usual list of events that the Chamber is organising, there is one fast approaching that is dear to all members. We will
be hosting our annual Rugby Seven’s event on March 24th at the Hong Kong Football Club. Please mark your calendars and contact
Mandy at mandy@britcham.com if you want to reserve a space for you and your friends at this great annual event!
I do hope that you are seeing real value in your Chamber membership. Please let me know the things you think we are doing right and
what elements of our operations we can improve upon. We want to ensure that your membership is of real value to you personally as
well as a contributing factor for your business success.
CHAIRMAN’SMESSAGE
EditorsIan CruzSam Powney
DesignBill MoAlan WongKen NgMan Lo
Advertising ContactCharles Zimmerman
Project ManagementVincent Foe
Jointly Published by Speedfl ex Medianet Ltd andThe British Chamber ofCommerce in Hong Kong1/F, Hua Qin International Building340 Queen’s Road Central, Hong KongTel: 2542 2780Fax: 2542 3733Email: info@speedfl ex.com.hkEditorial: Ian@speedfl ex.com.hk sam.powney@speedfl ex.com.hkAdvertising: charles@speedfl ex.com.hk
British Chamber of Commerce Secretariat
Executive DirectorCJA Hammerbeck CB, CBE
General ManagerCynthia Wang
Marketing andCommunications ManagerHilary Thomas
Special Events ManagerBecky Roberts
Business Development ManagerDovenia Chow
Membership ExecutiveLucy Jenkins
AccountantMichelle Cheung
Executive AssistantJessie Yip
SecretaryYammie Yuen
Offi ce AssistantSam Chan
Room 1201, Emperor Group Centre, 288 Hennessy Road, WanchaiTel: 2824 2211Fax: 2824 1333Website: www.britcham.com
© All published material is copyright protected. Permission in writing from the Publishers must be obtained for the reproduction of the contents, whole or in part. The opinions expressed in this publication are not necessarily the opinions of the Publishers. The Publishers assume no responsibility for investment or legal advice contained herein.
The Magazine of the BritishChamber of Commerce in Hong Kong
Although many UK expatriates in Hong Kong focus on the tax benefi ts of
their initial move to Hong Kong, all too often consideration is not given to the tax planning
steps that can be taken before a return to the UK. These planning steps can sometimes
very signifi cantly improve the tax position of the individual following their move. It should be
emphasised that UK pre-immigration planning can be a complex area and this article can
only serve as an overview.
First, it should be noted that the UK treats each party to a marriage as a separate taxpayer
for income tax and capital gains tax (‘CGT’) purposes. If one spouse returns to the UK but
their partner does not, the partner will not necessarily become UK tax resident. That said,
the current guidance on tax residency issued by HM Revenue & Customs (‘HMRC’) sets
out a number of tests of UK fi scal residency, with one being that an individual’s professional,
familial and social connections suggest that they are UK resident. It is understood that
HMRC places signifi cant weight on the location of a spouse in applying this test.
The UK tax year runs from 6 April in one year until 5 April in the following year. If an individual
arrives in the UK part way through a tax year they are, in principle, liable to tax on income and
gains that arose before they became a UK tax resident. There are, however, concessions that
modify the position and allow for split-year treatment. The concessions for income tax and CGT
are different in their requirements and they will not necessarily be available to a shorter-term
resident of Hong Kong. Accordingly, careful consideration must be given to the requirements
of the concessions to see what pre-return income and gains will be brought into account. If
the concessions are not available, any pre-immigration planning steps will need to be taken in
the tax year before the return to the UK. It should also be borne in mind that the UK has a CGT
clawback rule that can result in gains realised while one is a non-UK resident being taxed in the
year of return if fi ve full tax years have not been spent as a non-UK tax resident.
CGT planningCapital gains are calculated in sterling. It is, accordingly, possible for a UK resident to trigger
a CGT liability based on currency gains on a disposal of a foreign currency. Therefore,
sensible planning for most returning UK expatriates is to implement a process of converting
their investments and cash holdings into sterling positions.
Gains are computed for CGT purposes by deducting any allowable expenditure from the
disposal proceeds. A period of non-UK residency during the ownership of an asset is not
generally relevant in computing a CGT liability on its disposal. Accordingly, sensible planning
may be for an expatriate to dispose of assets standing at a signifi cant gain before a return
to the UK while he is outside the scope of CGT.
Income taxThe UK has a particular tax regime applicable to offshore funds which was introduced
to discourage investors from placing their money in offshore collective vehicles. Where
it applies, the regime essentially acts to convert capital gains realised on investments in
offshore funds without ‘Reporting Fund’ status into income for UK tax purposes. This
conversion can be unfortunate because the UK rates of income tax (40% and 50% at the
top rate) are signifi cantly higher than the rates of CGT (28% and 18%). Expatriates returning
to the UK may prefer to move fund investments into ‘Reporting Fund’ funds before their
return to avoid gains being subject to income tax.
For individuals who may not remain in the UK long-term following their return, attractive
planning may be to invest through an offshore insurance bond before their return. The
UK has a particular regime for taxing insurance bonds. If an investor places a single lump
sum with an insurance provider (usually non-UK based), it is possible for the insurance
company to provide a modest amount of life insurance for the investor (perhaps using 1%
of the premium) and to invest the balance. The UK does not tax returns within the bond
itself, meaning that the investment returns within an insurance bond roll up gross and
compound without tax.
The insurance bond legislation contains a number of particular provisions that can
confer (significant) advantages in certain instances. Notably, policyholders can
withdraw up to 5% of the original premium invested per year without any tax charges
arising. If the 5% for a particular year is not withdrawn, then it can be extracted (again
on a tax-free basis) in future years. This can be a very useful way of accessing funds
whilst continuing to accrue a gross ‘roll-up’ in relation to the balance of the premium
invested.
If more than 5% is withdrawn in a year, an income tax charge applies. Income tax rates
continue to be higher than CGT rates in the UK, such that the benefi ts of the insurance
bond need to be measured against the risk that they can, in effect, convert capital gains
returns into an income tax event. That said, it is possible to break an insurance bond during
a period of future non-UK tax residency without a UK income tax charge arising, such that
these can be attractive vehicles where a period of residency in the UK is to be followed by
further time abroad.
In conclusion, a full review of an individual’s position in the tax year prior to their return
to the UK is recommended to ensure that full advantage of tax planning options can
be taken.
Returning to the UK?Returning to the UK?An overview of key tax planning issuesAn overview of key tax planning issuesBy Katie Graves, Partner, and Philip Munro, Associate, Withers Hong Kong.
www.br i tcham.com4
PERSONAL FINANCE
So, you’ve started a Facebook page for your company, set up a tweet deck, have been
blogging madly and… gasp! The whole world hasn’t dropped everything to sign up and
voraciously read everything you’re writing? Well you are not alone.
Facebook, Twitter, Linkedin, StumbleUpon, YouTube, the mind boggling complex world
of social media, we all know them whether we like it or not, wary or not the question still
remains for the large majority, how do we leverage social media to generate revenues?
How do we use these avenues to stimulate word of mouth recommendations, win new
customers and generate higher profi ts?
The problem is that companies are still using social media platforms to advertise in
the traditional sense. The social media world is driven by sparking a conversation,
stimulating a debate, provoking a laugh or in fact any response. Interactivity is the
point; engagement is the key. This crucial shift in mindset is lagging behind the shift in
technology; there are offenders who still use social media to advertise. As a real world
example, let’s imagine you met with a friend for a lunch on the weekend and instead
of engaging in conversation, you started reciting the headlines of your company’s
advertisements to him. Your friend would think you were strange or just plain mad.
Hopefully this is not something we would do in the real world – but why do so many
insist on doing it online?
Most successful social media campaigns are built on intimacy and the type of genuine
conversation sparked when you treat the audience like an old friend. If you advertise you
will be ignored or criticised, it’s a time wasting exercise that no one wins. Think of this
communication channel as a one-on-one conversation broadcast in a public forum. The
best social media campaigns incorporate the use of smart integration with the appropriate
channels for the brand image. Social media campaigns are about engagement and
response, and consumers can be involved through the very compelling attraction of games,
competitions, puzzles and teasers.
Anyone can be fooled into believing that all one has to do is to put up a Facebook page to
attract millions fans. Savvy companies make it look so easy. Many would-be social media
successes have found out the hard way that you need a skilled team, time and resources in
order to create a successful campaign. Imagine that your campaign does hit the hot topics
list; you will need to continuously be involved in any conversations, posts, chats and forums
where supporters - or detractors - are discussing your brand. Do you have someone to
manage your social media campaign full time?
Research is the integral foundat ion which wi l l make or break your campaign.
Understanding your market’s key drivers, the values and in some cases, sense of humor
of your customer is a must. You can also use social media to research your customer’s
gripes, passions and struggles. These will give you invaluable information needed to
develop great products, improve your customer service and gain insights into the needs
of your customers.
Social media fosters community, so before beginning any campaign, spend some time
to really analyse your community’s values and become a member. Find ways to make a
positive contribution to your chosen community/ies. Make a list of the topics relevant to
your audience and devise a series of interesting articles, tips, references, blog posts; then
broadcast them on Facebook or Twitter or both. If YouTube is your chosen forum, try to
develop something funny or moving. If you’ve done that people will send your witty movie
to friends and to post it to their Facebook page, sharing it with their 100+ friends, making it
truly viral.
Don’t fall prey to the biggest mistake that people make with social media by not
monitoring the company and brand reputation. This is as simple as putting out a
Google alert for your brand or search www.socialmention.com daily to keep note of
what people are saying. When you know who mentions your brand, you have the power
to thank people for the support they are giving you, help with questions and address
negative comments before they become viral. People appreciate it when you reply to
them, and considering that the social media space is all about conversation, wouldn’t it
be rude not to?
Marketsensus.com is a global research provider of forecasting, trends, industry analysis
and consumer insights.
By Josephine Jenno, Director of Marketsensus.com
WieldingWieldingthe Netthe Net
s
5February 2011 • Vol 26 • No 2
COMMUNICATIONS
In mid-January British Foreign Secretary William Hague was in Hong Kong, and attended
the Asian Financial Forum as one of the keynote speakers. He expressed the British
government’s desire for enhanced trade relations with the increasingly important Asian
economies, as well as the unity of purpose driving Britain’s economic and foreign policy. Mr.
Hague started his speech by acknowledging a common misconception that his job would
not entail economic concerns.
‘For some it may be counter-intuitive that a Foreign Secretary would come to address a
fi nancial forum. But the choice is very deliberate. We know that foreign policy and economic
success go hand in hand. It is one of the tasks of British foreign policy to advocate Britain
as a home for business and investment and to contribute to our economy.’ He explained
that he is ‘hardwiring a commercial focus into our foreign policy’, and stressed the domestic
importance of a sound foreign policy. ‘It is essential for British citizens,’ he said, ‘at a time
of economic diffi culty, that we strain every sinew in foreign policy to support their jobs and
livelihoods as well as to maintain their security.’
Asian Financial ForumJanuary saw the return of the Asian Financial Forum, one of the key fi nance events in the region, attracting top regulators as well as major investment and merchant bankers. There was particular excitement this year surrounding the coming interna-tionalisation of the renminbi, while discussion on environmental and economic crisis concerns also figured prominently. The 2011 forum attracted more than 1,500 participants from 31 countries and regions. The theme this year was “Asia: Reshap-ing the Global Agenda”.
Mr. Hague signalled a more determined focus on developing Britain’s relations with
emerging economic powers, ‘We also know that as economic weight and political infl uence
shifts to many of the countries of the East and the South, British diplomacy has to shift its
weight accordingly. Many of these countries are also the same ones that we need to work
with in multilateral organisations and in matters of security, so there is a double imperative
for this shift in emphasis.’
‘This is the approach you can expect from the Government of Brit-ain; reinvigorating bilateral ties, investing in personal relationships in the emerging markets, championing the UK and working to strength-en the international system.’
Importance of AsiaThe chancellor explained that his government is doing as much as possible to
encourage Asian companies and governments to choose Britain as their base for
investment in European markets, while also concentrating on supporting British
businesses in Asia. ‘The economic compass of British business should be pointing
firmly East,’ he said.
He singled out Britain’s ongoing economic partnership with China and India in
particular, while also highlighting reinvigorated trade links with Latin America, the
Persian Gulf, and with Australia and New Zealand where he would be next be visiting.
He characterised Sino-British economic ties as ‘increasingly complementary’ and
noted the two countries’ shared interest in promoting global free trade. Mr. Hague
commented on the growing volume of international trade and some of the recent
agreements (see below), but expressed his ambition to see greater progress saying,
‘a report card for the UK’s trade relationship with Asia would read ‘good but could
do better’’.
By Sam Powney
Looking EastBritain Focuseson Asia forTrade Growth
www.br i tcham.com6
BUSINESS
F.M.’s Facts and Figures• By 2030 Asian consumers are forecast to spend around
US$32 trillion annually, comprising about 43% of worldwide consumption.
• The Asian region plays host to over £84 billion of the stock of outward foreign investment from the UK in 2009, a £10 billion increase on the previous year and 8% of all British overseas investment.
• UK exports of goods to the region last year amounted to £22 billion. This represents around 10% of the UK’s total export revenue.
• The UK and Germany are the two largest European inves-tors in China.
• As part of David Cameron’s visit to Beijing in November 2010, a new $500 million UK-China investment fund has been launched, the first UK-Chinese banking joint venture started, and agreement reached for Rolls Royce to supply £750 million worth of aircraft engines to China Eastern.
• In early January the Vice Premier of China was in London for a visit during which deals worth £2.6 billion were signed, including a commitment by Jaguar Land Rover to sales of 40,000 vehicles in 2011.
• Britain accommodates 420 Chinese companies, including many of China’s telecommunications giants.
• Global trade volumes have grown to five times their 1980 level. In that same period, the global stock of Foreign Direct Investment has grown almost 10 fold.
• More than 330,000 new companies are registered in the UK every year.
• The UK Low Carbon Environmental Goods and Services Market is the 6th largest in the world, worth £112 billion.
The Attraction of the UKThe Foreign Minister reported that the World Bank, Economist Intelligence Unit and
OECD have ‘respectively, found the UK to be the easiest place to do business in Europe,
with the strongest business environment on the continent and the lowest barriers to
entrepreneurship in the world.
‘By 2014, we also aim to establish the lowest corporate tax rate in the G7, making the UK even more attractive as a destination for business.’
Free TradeMr Hague went on to point out the international nature of modern trade and banking and
described London as ‘the hub of that system, with more cross border lending originating
there than in any other city.’ He cautioned that fi nancial stability will only be restored if reform
is global. ‘We must therefore remain constantly vigilant and continue to open our markets to
each other to demonstrate the rationale for free trade,’ he said. ‘Many Asian governments
are like-minded partners on this issue, and we strongly encourage business to ask their
leaders to make this a top priority.
‘ We wish to remove barriers to trade and are staunchly anti-protectionist. That is why we are lobbying international partners to conclude the Doha round this year.’
Low carbon growthThe Foreign Minister also dwelt on Britain’s environmental stance, saying, ‘The UK is
committed to creating a Green Investment Bank to enable businesses to obtain the fi nance
they need for green growth. Some of our Asian partners are doing the same, with South
Korea basing its next stage of economic development on a fi ve year green growth plan and
China’s investing more than anyone else in clean energy in 2009. The fi nancial sector has
an important role to play in allocating investment to sustain low carbon growth in Asia.’
The Future‘History teaches us that where trade and
industry is concerned, those who look ahead to
foresee changing and emerging prospects and
to act upon them, are the ones that prosper.’
More recently, Mr Hague has taken the tough
decision to cut some of the Foreign Office’s
funding for the BBC World Service, and
has also visited Syria in an effort to improve
d ia logue in the Middle East. But as he
travelled on from Hong Kong, Mr. Hague was
preparing to revitalise trade links with Australia
and New Zealand, Britain’s ‘vital partners who
are among our oldest allies’.
British Foreign Secretary William Hague meeting with HKSAR Government Chief Executive Donald Tsang in Government House
The Foreign Secretary speaking at the Asian Financial Forum
7February 2011 • Vol 26 • No 2
The results of the survey carried out by marketing consultant TNS show a renewed
confi dence for the coming year with Chamber members’ optimism increasing from 78 per
cent in 2009 to 92 per cent in 2010 – a return to the levels of optimism seen between 2005
and 2007. This is a marked contrast to the gloomy outlook of 2008 when just 40 per cent
of members felt any optimism. However confidence among members for the mid-term
future begins to decline with 91 per cent feeling positive about the 3 year forecast and 85
per cent positive for the fi ve year forecast.
Satisfaction with Hong Kong as a place for doing business remains – as always – very high
with 97 per cent of Chamber members describing the business environment as ‘very’ or
‘somewhat’ satisfactory. This is largely driven by factors such as geographical location, free
port status, infrastructure, taxation system, communications network and public security
and safety. On the other hand, issues such as the level of commercial and residential rents,
infl ation and availability of low cost labour have shown a marked decrease in satisfaction
levels (10 points or more) over the year.
The performance of the Hong Kong Government over the past 12 months has received a
reasonably positive response overall. Satisfaction with the legal and regulatory systems,
stable government and political system, civil service effi ciency and government leadership
have all increased from last year, with the most signifi cant increases seen in civil service
effi ciency (up 13 points) and government leadership (up 6 points).
Similarly, the survey saw a reversal of the downward trend in satisfaction with the
government’s long-term strategy. This year 59 per cent of members felt they did have
the right strategy, an increase from 49 per cent in 2009 – an encouraging sign for the
Government although they still clearly have some work ahead. The government also saw an
11 per cent boost in approval of their effort to simplify regulations and reduce bureaucracy
with 72 per cent of members satisfi ed this year.
The key issue for SMEs was the re-introduction of the training allowance with 68 per cent
feeling it was an important issue which the government could help to address.
Again, language education causes concern for Chamber members with only half of those
surveyed feeling satisfied with the Government’s efforts to provide bilingual and trilingual
graduates and managers to meet the present and future economic challenges of Hong Kong.
The Hong Kong environment, once again, was the greatest cause for concern. Although
net satisfaction has increased marginally, air pollution was still rated by 85 per cent as
somewhat or very unsatisfactory, 62 per cent felt the same about water pollution and 68 per
cent were dissatisfi ed with waste pollution. Concerns about the environment have been a
constant theme in the results of this survey since the fi rst survey in 2001.
Regarding quality of life in Hong Kong, the importance of expansion of international schools
to create more places came out as a key theme with 71 per cent of members believing this
is important to their business competitiveness. This response was echoed by a signifi cant
increase in the number of members whose employees currently have children on waiting
lists for schools in Hong Kong (25 per cent) and those who intend to bring employees
with families to Hong Kong within the next 12 months (44 per cent). Half of all members
surveyed expect the ageing population of Hong Kong to have an impact on their business.
On the minimum wage, while only half of members agree there is a case for minimum wage
legislation in their business sector, the majority (64 per cent) feel it will have no impact on their
business. Finally, in response to a new question in this year’s survey, 57 per cent of members
agree with reports that doing business in the PRC is becoming increasingly diffi cult. This may
explain the small decrease in the number of members who expect to make an investment, or
further investments in the PRC in the next three years (down by 4 per cent to 66 per cent).
Christopher Hammerbeck, Executive Director of the British Chamber of Commerce commented
“that given the difficulties of the past three years it is refreshing to see a strong return of
confi dence for the near and medium term. I think that the longer term doubts are more easily
explained by the fact that Hong Kong will have a new Chief Executive from 2012 and until our
members have a clearer idea of what his or her political objectives and strategy will be it is diffi cult
to have a greater degree of certainty about the future. Yet again our members have, as they have
now for the past 14 years, expressed their deep concern about the failure of government to grip
the key environmental issues and in particular air pollution. This is becoming a matter that is a
disincentive to investment in Hong Kong and has the potential to not only harm its citizens but
also its longer term prospects”.
The Bus iness Conf idence Survey is
conducted by the Brit ish Chamber of
Commerce and marketing consultants TNS
every year since 2001 amongst members
of the British Chamber of Commerce in
Hong Kong
All members of the British Chamber of
Commerce were given an opportunity to
complete the questionnaire online or via
hard copy. For more information about the
2010 Business Confi dence Survey please
contact the British Chamber.
ContactHilary Thomas
Marketing & Communications Manager
The Brit ish Chamber of Commerce in
Hong Kong
Tel 2824 1972
hilary@britcham.com
British Chamber Survey sees a very positive outlookBritish Chamber Survey sees a very positive outlook for the business environment in the next two years but afor the business environment in the next two years but a degree of pessimism creeps in about the longer-term futuredegree of pessimism creeps in about the longer-term future
The British Chamber’s Annual Business Confidence Survey has revealed that its members are cautiously optimistic about thefuture of the business environment of Hong Kong but highlight areas that still need to be addressed to ensure Hong Kong remainscompetitive in today’s market.
9February 2011 • Vol 26 • No 2
BUSINESS
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To modern ears, the word ‘concierge’ will likely conjure up an image of a bygone
era, when European castles and grand hotels employed innumerable servants and had a
different job title for each. In fact, the history of concierge services is not far removed from
that. In medieval France, the concierge was the ‘keeper of the keys’ for castles and great
estates. This may have led to Paris’s major prison on the banks of the Seine being named
the ‘Conciergerie’; this is where Marie Antoinette spent her fi nal days before her execution
in 1792. By the twentieth century however, the keys of the concierge were solely for hotel
rooms rather than gaol doors. The concierge became a point of reference, someone who
could provide all the outside services that guests might possibly need.
A city like Hong Kong - vibrant, competitive, driven by forward thinking, globalisation and new
technology - has created a unique breed of globally-minded people whose lifestyle is very much
dictated by mobility and ease of service, whether they are traversing the globe or moving from
meeting to meeting across the city. These people have discerning tastes, and a demanding and
irregular lifestyle that often makes it challenging to effectively manage their time.
The importance of mobile components to any service is paramount in businesses looking
thrive in this age of information. As one of Hong Kong’s well established mobile network
operators, CSL has over the years adapted its mobile services to cater to the changing
face of the abilities of mobile services and how they are used. Most recently, CSL’s brand
1O1O, and Quintessentially, the global private members' club, have come together to create
Hong Kong’s first luxury mobile concierge service. Known as 1O1O Quintessentially, their
unique service is tailored to meet the discerning needs of this particular market segment,
providing global support services for them both in terms of their lifestyle management and
their communication needs. “The beauty of the proposition is the truly mobile element, so you
have a single designated number that provides for all your communication and lifestyle needs
anywhere in the globe,” explains Mark Liversidge, Chief Marketing Offi cer for CSL Limited. “That
single number is effectively your personal concierge, with the power of an organisation on
the one hand, who understands personal care, and on the other hand, one that understands
communication and the critical nature of being available all the time, anywhere. These are two
fundamental elements that this segment in the market place looks for.”
For the business traveller, connectivity with colleagues, business partners and family is of
critical importance regardless of where in the world they may be. The mobile element of
1O1O Quintessentially is supported worldwide through roaming services, with partners in
virtually every nation, state and territory to ensure the ease of connectivity in any location.
This ensures members can constantly have access to their 24 hour service support, 365
days of the year. In addition to 24 hour global free SIM card replacement, members are
given priority access to the latest and most up-to-date devices, allowing them to be early
adopters of the newest and most up to date products and technology. This is especially
relevant now, as technology on mobile devices permits us to have greater fl exibility in work
and communication whilst travelling, having the ability to do things that many business
travellers had done in the past from only limited fi xed locations, using a fi xed line service.
Beyond servicing their members’ mobile needs, the concierge aspect of 1O1O Quintessentially
provides members with a discreet team to service any of their lifestyle needs. Enquiries could
range from the everyday, to being travel related, to once in a lifetime requirements. This could
include simple requests such as attaining a booking at an exclusive new restaurant, organising
travel and hotel arrangements, or helping to fi nd a reliable handyman at the last minute. When
travelling abroad, being unfamiliar with the city you are in can also cause trouble should a crisis
arise. With many members being travellers, 1O1O Quintessentially frequently deals with such
requests, such as fi nding a lost passport from a taxi in a foreign country, or a child’s prized
teddy bear left on a plane. However, in dealing with premium customers with refined and
discerning tastes, it comes as no surprise that the service has had to accommodate its fair
share of outrageous requests. In the past, 1O1O Quintessentially have successfully serviced
member requests such as acquiring exotic animals for a Christmas party, hiring the Emirates
By Ian Cruz
www.br i tcham.com10
LIFESTYLE
football stadium for a personal
charity football match, and
sending food from a Hong
Kong restaurant to Thailand
for a Chinese Banquet party.
But clearly it is not just to
Hong Kong-based customers
that modern concierges cater. The appearance of small concierge-style desks in Hong Kong’s
major shopping malls over the last decade has demonstrated a new relevance for the
profession. It also seems to suggest that electronic information has not yet replaced the need
for people with local knowledge on the ground, though many mobile phone applications are
attempting to do exactly that. Perhaps this is partly to do with the nature of Hong Kong’s main
groups of customers. One of the key traditional skills of a concierge has always been an ability
with languages, something that is particularly important in one of the world’s greatest shopping
meccas. The infl ux of mainland tourists intent on major purchases has made Mandarin a vital
skill for most Hong Kong shop-workers, but especially so for concierge desks. One might have
thought that written Chinese would suffi ce for mainland tourists, but it also makes sense that
most tourists will prefer to chat with local people if there is a chance of being understood.
Mark Liversidge explains another aspect of his business which is indicative of the market more
generally. 1O1O Quintessentially increasingly predicts a particular customer’s needs based
on their preferences, tastes, travel habits, etc. in order to provide a better and more focused
service. “They understand your needs, and over time they will understand you and your
personality, so they will start to prompt you and support you if you show certain patterns of
travel, celebration dates, or mobile usage behaviour. If there is an event or experiences that are
in line with your, your family or your work associate’s profi le, they will proactively engage you.”
This is very much in line with a broader ‘predictive’ marketing revolution that is going on
in the electronic world more generally. Amazon has been doing it for many years, but
Facebook is said to be close behind - using purchase history and even things that users
say they ‘like’ in order to market more products that might tempt them. This level of
information processing may seem a little scary, something that Facebook critics have been
warning some time. It has also been a dream of people in the marketing business for many
years. Could the resurgence of the concierge market be eclipsed by the next stage of the IT
revolution? For the moment at least, it seems to be going strong.
1O1O Quintessentially Hotline: 3922 6828
11February 2011 • Vol 26 • No 2
THE RETURN OF THE WARRIORHUGO’S RESTAURANT AT THE HYATT REGENCY
Growing up in continental Europe the love of fi ne food has been a vital part of my
upbringing. Even now, in the small Dutch hamlet where my mother lives, the local restaurant
across the street is a One-Star Michelin establishment. Being sent off to a boarding school at
an early age - where the food was so appalling it would have put Dotheboys Hall to shame (I
must have subsisted entirely on bread, jam and Mars Bars for about ten years) the invitation to
a dinner at Hugo’s fi lled me with delight and excitement.
Hugo’s, within a few years of it’s opening in 1969 was one of the great culinary experiences of Kowloon side where the weary and starved
Western trader would be entertained by his affable Hong Kong business associate after a hard day’s bargaining in the showrooms of Tsim Sha
Tsui. Or perhaps they had spent a few grim days at the Canton Fair and after too many bland meals in the tawdry Dong Feng Hotel had fi nally
made their escape across the border and were ready for great food, a baronial atmosphere and a wine list fi t for a Holy Roman Emperor.
I remember my own fi rst meal at Hugo’s, sometime in the late eighties, hosted by one of our major suppliers in honour of my boss, an
imposingly Dickensian character called Mr. Goldberg, who was in town to negotiate prices. While I cowered at the end of the long table and
enjoyed my escargots with the guilty pleasure of a Bob Scratchit invited for an unexpected dinner, Mr. Goldberg berated the supplier about his
prices for three hours until he fi nally got the deal he wanted, when the chocolate-covered ice truffl es arrived with the Armagnac.
Sadly the Hyatt Regency, and along with it Hugo’s, closed in 2005 when the property on Nathan Road was earmarked for
redevelopment. I recall shaking the hand of the genial General Manager Juergen Wolters when, with a tear in his eye, he sailed off to
retirement as the men with bamboo and green netting moved in and nobody knew if the hotel would be back.
But the hotel and Hugo’s are back. Like Barbarossa, the mythical Teutonic king who is thought to be sleeping in the Thuringian mountains
until the time is right to return, Hugo’s fi ne dining experience has re-appeared and is once again available to the jaded China Hand.
My wife and I were led to our table through the dark, solid and brooding interior which echoes the earlier design. It seems a smaller
room, the tables and chairs made from chunky wood and heavy fabric materials. The name Hugo’s comes from a fi ctional German
nobleman, von Gluckenstein, who was said to serve only the best food at his table and it is the atmosphere of such a mediaeval feast
that the restaurant has always aimed to capture.
The menu remains classic, Western cuisine, focusing on authentic recipes and prepared only with the fi nest ingredients available. The
signature appetisers are still the Caesar’s Salad and Lobster Bisque which are prepared fresh at the table. Also recommended were the
Steak Tartar and the pan-fried Foie Gras which my wife enjoyed. The traditional main courses are a wide variety of quality meats. I was
tempted by the seasonal roast pheasant but opted for the Angus beef sliced from the trolley which was a hearty choice.
The wine list was comprehensive, as is to be expected, ranging from the obligatory Pomerol and Chateau Petrus at 30,000 HKD
to more reasonably priced bottles. I have a penchant for the Gamay grape and we chose a sprightly bottle of Fleurie and to amuse
myself I had a few glasses of a Trimbach which masquerades as a dessert wine.
For pudding we enjoyed the performance again as the Crêpe Suzettes were fl amed and fl ambéed. Originally created in 1895 at Monte Carlo’s
Café de Paris for the Prince of Wales and his favourite female companion, this is a dish that I could eat every day of the week. As we enjoyed
our caramelised pancakes doused with Grand Manier we were entertained by the excellent troubadour on his fl amenco guitar. He didn’t falter
one moment when I asked for the original Hoagy Carmichael version of ‘Stardust’.
Overall it was an excellent evening and we thank Niklas Wagner and his team, several of whom of course worked at
the old Hugo’s and so have successfully managed to transpose the spirit of the Old into the New. For myself it will
be added to the list of restaurants that I feel comfortable to use for entertaining overseas clients.
And as for old Mr. Goldberg, who is ninety-two this year and in town for the Toy Fair,
I have already made a reservation.
Hugo’s
Address: Lobby Level, Hyatt Regency, 18 Hanoi Road, Tsim Sha Tsui, Hong Kong
Tel: 852 3721 7733
Christopher Riley is a long term Hong Kong resident. Under the name Valerie
Goldsilk he writes romantic fi ction. His latest novel, Sins of Our Sisters, has
just been published and is available at fi ne bookstores and www.amazon.com.
By Christopher Riley
www.br i tcham.com12
LIFESTYLE
Sure, there’s no shortage of Japanese restaurants in Hong Kong, but with our city’s
obsession with all things Japanese, we always welcome a new place that can help us to get
our fi x. Set amongst the numerous bars and restaurant along the Mid-Levels escalator on
Shelley Sheet is Café Deco Group’s new robotayaki bar and restaurant Sakesan. Serving up
modern Japanese cuisine, walking in, you can instantly tell that emphasis has been put on
the word ’modern’, looking more like the new trendy hot spot than a Japanese restaurant.
Upon entering, the décor designed by Fiona Bagaman and Mirei Lim, is stylish and
contemporary - fi tting for its Soho location. The small traditional touches such as the sake
barrels which are lined throughout the restaurant work well in keeping with the rest of the
décor. My eyes were drawn immediately to the towering images of urban Japan with light
illuminating down on to the tables and bar below; a perfect spot for that after work drink
with friends. Going further into the space, the warmer wooden tones of the interior become
more evident by the restaurant’s booths and robotayaki bar, making for more of a relaxed
atmosphere for those sitting down for a meal.
Despite the restaurant’s name, Sake isn’t just the order of the day with the drinks menu also
featuring a wide variety of the Japanese spirits shochu and awamori – all of which can be
served traditionally. However, those of you looking for something with a bit more pizzazz can
try one of Sakesan’s many sake or shochu based cocktails such as the ‘Silly Guy’ Cooler,
Gingertini and Sakensan-jito. Beer drinkers are treated to some of Japan’s best beers,
offering the tried and tested Asahi, as well as a number of lagers, ales and stouts produced
by Japanese brewers, Baird.
Settling into one of Sakesan’s booths, I looked forward to tasting the selection of
recommended dishes from the menu while Executive Chef, Andre L’Herminier oversaw
the kitchen and grill at the robotayaki counter. I started the meal with the spinach salad
with sesame dressing, the homemade tofu and the lobster dumplings. The spinach
salad was beautifully presented and the sesame dressing gave the spinach a distinctly
Asian fl avour. Sakesan’s homemade tofu was an understated delight that had an evident
freshness that only homemade food can posses. Dumpling fans will especially love the
lobster dumplings. Though it may initially look indistinguishable from the humble gyoza,
after taking one bite, you soon realise that it’s a far more indulgent alternative, and was
one of highlights of the meal.
Eager to try one of the
many meat opt ions f rom
the gr i l l , I opted for the sal t
and pepper pork belly with wasabi
and mustard seed crunch, which was
extremely tender and is a must have for
those out there who enjoy their meat dishes like
I do. As for seafood, I ordered the Hokkaido scallops
and the Sakesan black cod. Presented on skewers,
the bite size scallops were exquisite, and the wasabi, apple
and sweet soy sauce accompanying it was a great play on
traditional Japanese fl avours. However, the true pièce de résistance
of the meal was the Sakesan Black Cod, and with a dish named after the
restaurant itself – you’d expect it to stand out, and I wasn’t disappointed. The
Black Cod wasn’t only succulent and cooked to perfection, but the fl avour of its saykio
miso marinade and natural tastes of the fi sh made for a dish that is deceptively simple yet
commands a lot of fl avour.
Looking to placate my sweet tooth at the end of the meal, for dessert I tried the chocolate
mousse and an assortment of Sakesan’s sorbets. The mousse, made with Valrhona
chocolate and complimented with Asahi white chocolate ice cream, was rich and creamy,
and the bold and playful use of chocolate pop rocks gave the dish an unusual but welcome
surprise. My healthier, albeit no less tasty second dessert was a platter of Sakesan’s three
sorbet fl avours – mango sachimi, lychee vanilla and white peach sake. All three were light
and refreshing, particularly the white peach sake, which was my personal favourite and an
excellent palette cleanser.
It’s evident that Sakesan isn’t the typical Japanese food destination. It excels at putting a
twist on something familiar both with its menus and atmosphere, so whether you’re looking
to satisfy your robotayaki craving or just to go for a casual drink, this spot is a welcome
addition to the Soho landscape.
Sakesan
Address: Ground Floor, 18 Shelley Street,
Soho, Central, Hong Kong
Tel: 852 2525 1660
SakesanSakesan By Ian Cruz
13February 2011 • Vol 26 • No 2
Please note:• To enjoy the discount privileges, Members must show their Membership Card prepared by the British Chamber for identifi cation.• This is the general discount information. For detailed Terms and Conditions, please refer to our website: www.britcham.com/memberdiscount
AccorAccor extends a 5% discount throughout its hotels to British Chamber members.
Tel 800 93 8768 (Toll free in Hong Kong)www.accorhotels.com
For more detail please visit www.novotelhongkongcentury.com
Alfi e’sAlfi e’s by KEE is a restaurant, lounge and bar for the modern British Cool. Comfortably located within the Dunhill Home store at Prince’s Building, it is in the heart of the city’s fi nancial district.
Members of the British Chamber of Commerce can benefi t from a 10% discount.
Tel 852 2530 4422M18-19 , Prince’s Building10 Chater Road, Central, Hong KongBooking.alfi es@keeclub.comwww.dunhill.com/en-cn/thehomes/hongkong/services/alfi es/
AGSAGS Four Winds International Movers Ltd specialises in door-to-door relocation and storage of household and personal effects, offering complete, single relocation solutions for local, national and international moves, to and from anywhere in the world.
Use AGS on your next international move and get a 10% and a complimentary limousine to take you to the airport on your departure.
AGS Four Winds Hong Kong Branch Manager: Christopher WilkinsonTel 852 2885 9666 Fax 852 2567 7594manager.hongkong@agsfourwinds.com
Andara PhuketThe pinnacle of lush living in Phuket on the Andaman Sea, Andara Resort & Villas features Thai-inspired designs fused with contemporary amenities to create a tranquil ambience for all its guests.
• One free bonus night for every three paid nights in an Andara Pool Suite (based on best available rate on the resort website)
• Choice of a complimentary 60 minute body massage for two persons or one way airport transfer by Mercedes Benz (min 3 full paying night stays)
• Enjoy 10% discount on food & beverage at Silk restaurant and spa treatments at Andara Spa
Please email reservations@andaraphuket.com and quote your British Chamber membership number to enjoy the above offer. Visit www.andaraphuket.com to explore the resort.
Member Discounts
B&WB&W makes the world’s most advanced home theatre and hi-fi stereo speakers, and are used by Abbey Road Studios and music lovers everywhere.
B&W offers you an extra 10% OFF on all listed price items at their showrooms in Tsim Sha Tsui and Central.
Unit 2608, 26/F, MiramarTower132-134 Nathan Road, Tsim Sha Tsui, KowloonTel 3472 9388
8/F, 1 Duddell Street, Central, Hong KongTel 2869 9916
British AirwaysBritish Airways is a full-service global airline, offering year-round low fares with an extensive global route network.
7% discount on British Airways fares to London / UK and Europe.
www.britcham.com/memberdiscount/british-airwayswww.britishairways.com
Berry Bros & RuddBerry Bros. & Rudd is Britain’s oldest wine and spirit merchant, and its cellar here stocks a remarkable range of 2,800 wines, searchable by producer, region, and style of wine.
10% discount on all retail prices from the wine shop in The Lee Gardens, Causeway Bay. Members may also enjoy invitations to free tastings and other wine events during the promotional period.
Berry Bros & Rudd HK Retail Wine ShopShop 307–308, The Lee Gardens, 33 Hysan Ave, Causeway BayTel 2907 2112 Fax 2907 3113shop@bbr.com.hk
Compass Offi cesCompass Offices is a premium serviced office provider setting a new direction in the industry. Compass Offices’ fresh and innovative approach focuses on collaborative and transparent relationships with clients by providing superior customer service and best-in-class IT and security infrastructure.
Compass Offi ces is offering one month free for Serviced Offi ce space or three months free with a Virtual Offi ce Package.
Compass Offi ces is headquartered in Hong Kong at The Center, CentralTel 852 3796 7188Level 46, The Center, 99 Queen’s Road Central, Central, Hong KongHKsales@compassoffi ces.comwww.compassoffi ces.com
15February 2011 • Vol 26 • No 2
DEALS
Grand HyattGrand Hyatt Hong Kong hotel is positioned among the fi nest luxury hotels in Hong Kong and provides magnifi cent views of the renowned Victoria Harbour and Wanchai district.
In 2011, you are entitled to a 15% discount on food and beverage at The Grill and a 10% discount on all a la carte treatments and spa merchandises at Plateau Spa.
Dining Offer: 15% off at The Grill
Plateau Spa: 10% discount on all a la carte treatments and spa merchandises.
For reservations, please call The Grill: 2584 7722.For reservations, please call Plateau Spa: 2584 7688 or email: plateau.hkggh@hyatt.comhttp://hongkong.grand.hyatt.com/hyatt/pure/spas/treatments/massage.jspwww.hongkong.grand.hyatt.com
The Mira HotelThe Mira Hong Kong is a contemporary urban retreat in the heart of the city with 492 guestrooms and suites.
ROOMS:Complimentary upgrade to higher room level (subject to availability)
FOOD AND BEVERAGE:10% discount at restaurants at The Mira Hong Kong (Yamm, Cuisine Cuisine at The Mira, and Whisk)
MIRA SPA:Discount on joining fee and monthly fee
Please contact Benjamin Mueller-Rappard,Customer Relationship ManagerTel 852 2315 5642The Mira Hotel, 118-130 Nathan Road,Tsim Sha Tsui, Hong Kongbmr@themirahotel.com
Le Meridien CyberportChic and pulsing with an urban cool, Hong Kong south-side hip Le Meridien Cyberport is a hotel where to check in is to chill out.
• Rest and relax at the Le Meridien’s Smart Room with the special rate which includes a daily eye-opening buffet breakfast.
• Savour delicious food and great wine at 5 hip restaurants and bars with a 20% discount off your total bill.
• Additional privilege of ‘Round Trip Limousine Service’ either from airport to hotel or from hotel to home, when you book our 21-day room package stay.
Tel 852 2980 7788100 Cyberport Road, Hong Kongwww.lemeridien.com/hongkong
RenaissanceHarbour View Hotel Hong KongLocated in the heart of one of the most spectacular cities in Asia, the Renaissance Harbour View Hotel Hong Kong is right at the center of it all!
• 10% for all day dining in Scala Restaurant, Dynasty Restaurant and Café Renaissance
• A glass of red wine for every patron when eating in Scala Restaurant, Dynasty Restaurant and Café Renaissance
1 Harbour Road, Wanchai, Hong Kong, ChinaTel 852 2802 8888http://www.marriott.com/hotels/travel/hkghv-renaissance-hong-kong-harbour-view-hotel/
DotCodOne of the finest seafood dining establishments in town, since September 2010 DotCod has been exclusively using sustainable sea food.
All Chamber Members will receive a 10% discount on the bill (offer valid until June 2011)
Dot Cod Seafood Restaurant & Oyster BarBasement, Prince’s Building, 10 Chater Road, Central, Hong KongTel 852 2810 6988, 852 2810 6988dotcod@hkcc.orgwww.dotcod.com
VisitBritainVisitBritain is Britain’s national tourist offi ce, a new service for visitors to UK. The online shop sells a wide range of tourism products so visitors can get the most out of their holiday in Britain.
British Chamber members enjoy a 5% discount on all purchases from the VisitBritain shop.
Tel 852 3515 7815www.visitbritaindirect.com
Hyatt Regency Hong Kong Tsim Sha TsuiSituated in the heart of Tsim Sha Tsui business and tourist district, Hyatt Regency Hong Kong, Tsim Sha Tsui offers 381 guestrooms and suites, state-of-the-art meeting and banquet rooms, authentic cuisines with 3 restaurants and a bar, as well as a well equipped fi tness centre.
Show your membership card to receive a 10% discount on The Chinese Restaurant, Hugo’s, Cafe and Chin Chin Bar (except happy hours).
Black out days apply, please check with respective restaurants.Tel 852 2311 1234hongkong.tsimshatsui.hyatt.com
Virgin Atlantic AirwaysVirgin Atlantic is one of the world’s largest and most reliable airline companies. In 2009 Virgin Atlantic carried 5.42 million passengers.
Enjoy special offers on fl ights to London, exclusively for Chamber members. Please see Britcham website for details.
Tel 852 2532 6060All tickets are for journeys originating (and bought) in Hong Kong.
www.br i tcham.com16
DEALSDEALS
MEMBER DISCOUNTS
To enjoy exclusive member discounts please log onto www.britcham.com,log in and click on membership discounts. If you have forgotten your login details
please email info@britcham.com to request them.
Accor British Airways Le Meridien Cyberport
AGS Four WindsInternational Movers Ltd Compass Offi ces The Mira Hong Kong
Alfi e’s Dot CodRenaissanceHarbour View HotelHong Kong
Andara Grand Hyatt Virgin Atlantic
B&W Group AsiaLimited Hyatt Regency VisitBritain
Berry Bros & Rudd
For up to date event listings and information, check out www.britcham.com
The British Chamber is pleased to announcetwo new membership categoriesThe British Chamber is pleased to announce that this year we are launching two new categories to refl ect the needs of our increasingly diverse membership.
Startup MembershipThe entrepreneurial spirit of Hong Kong is what makes it such a great place to do business. The Chamber does, however, recognise
that fl edgling companies may need a helping hand in their startup phase, where items such as a Chamber membership may have
to be weighed against other expenses. To enable more SMEs to benefi t from Chamber membership at an early juncture, therefore,
any Hong Kong registered companies less than two years old, which have no other offi ces worldwide, are eligible to apply for this
reduced rate membership.
Sterling MembershipSterling membership is a premium package of benefi ts for companies that wish to increase their profi le and add value to their
membership by supporting the Chamber at a higher level. This high-value package will include additional memberships, greater
access to our marketing channels and a range of other benefi ts.
Please contact Dovenia Chow – dovenia@britcham.com or Lucy Jenkins - lucy@britcham.com.
www.br i tcham.com18
MEMBERSHIP
During the next few months, Hong Kong should begin to see the Environmental
Protection Department’s (EPD) response to the public consultation on their proposed
strategy and Action Agenda on climate change, and their forthcoming environmental policy.
The consultation period came to an end in December 2010, and although it was only open
for three months – relatively short by international standards – it appears that most of the
key interest groups took a very active interest.
The Chamber, led by the Environment Committee, was one of the groups who submitted
a response, welcoming the consultation and the broad initiative for a fresh environmental
approach. At the same time, the committee also pointed out some opportunities for additional
steps, apparently similar to those of other groups, including removing some of the uncertainty
about the process after the responses have been reviewed. There have been growing calls in
Hong Kong for a tighter environmental policy, particularly in light of the increasingly ambitious
measures enacted in other developed countries. Global cities have been taking particularly
bold initiatives, a trend highlighted by the building momentum of the C40, which met in Hong
Kong in November and of which Hong Kong became an early member.
The Hong Kong SAR government set out a range of measures in the key areas of
climate change and environmental awareness, but critics continue to argue that
the Hong Kong Environment Bureau’s targets are not ambitious enough. The NGO
Greenpeace for example, took particular umbrage at the nuclear power component in
the government’s proposals, an energy source to which they are wholly opposed. But
the concerns which find most common ground among groups with an environmental
interest are to do with targets, economic strategies (eg. concerning buildings and
transport), and transparency. For example, the government’s proposed target of a
total renewable energy contribution of 3-4% by 2020 is significantly below that of
many other developed countries and cities. The action plan also proposed a reduction
of absolute green house gas (GHG) emissions by only 3.6% before 2020 compared
to 1990 levels, while the UN’s Intergovernmental Panel on Climate Change (IPCC)
recommended that developed economies cut their emissions by a minimum 25-40%
during this 30 year period in order to mitigate global warming.
Another debate that is likely to continue here is the degree to which Hong Kong
should offset its emissions by buying carbon credits from elsewhere. This issue may
be familiar to former British residents, as it became a central concern during the
formation of the UK’s Climate Change Act of 2008. Following concerted pressure by
the UK branch of the Worldwide Fund for Nature (WWF), carbon credit purchasing
from abroad was limited to 30%, meaning that Britain must achieve most of its
carbon reduction at home. As a small but densely populated area, heavily reliant on
neighbouring Guangdong Province for imports of goods and resources, Hong Kong’s
environmental policy wil l inevitably be more outward looking than that of many
cities. And because Hong Kong lacks political clout on the mainland, it has to rely
largely on offering economic incentives to its neighbouring regions in order to ensure
environmental progress. Nevertheless, Hong Kong cannot put all the blame for
problems like air pollution on the southern Chinese industrial belt, and environmental
groups are pressing for a more ambitious domestic target on carbon reductions. The
balance between intro- and extrospective environmental approaches will no doubt be
one of the key areas of argument among green groups in Hong Kong for some time
to come.
Though many groups would like to see further progress, the consultation was the fi rst of
its kind in Hong Kong and this process has undoubtedly been a step forward towards a
greener and more energy effi cient city. On Hong Kong’s specifi c targets and on its broad
focus in alleviating climate change, this year promises plenty of fresh debate…and, one
hopes, a measure of consensus.
ScotlandScotland has recently undergone a similar public consultation and formed a climate change
agenda – one of the world’s most ambitious climate change policies. Hollyrood forged its broad
environmental policy in 2008 after an initial public consultation, to which it received over twenty
one thousand responses. Last year it revealed its Low Carbon Strategy for public comment.
Key Planks of Scotland’s Climate Change PolicyActions in the Strategy, which has been produced with business and the wider public sector, include:
• Co-ordinated support for businesses and academia in the Environmental and Clean
Technologies sector, to maximise opportunities in a market potentially worth £12 billion to
Scotland’s economy
• Channelling innovation support to low carbon technologies where there is greatest chance
of commercial success - the Scottish Government will reprioritise £15 million of innovation
funding from the Lowlands and Uplands European Structural Funds Programme, which,
along with match-funding from the private sector and other public sector funders, could
create £60 million of support for low carbon activity
• Supporting the planning, design and construction of new infrastructure and the retrofit
of existing facilities to support low carbon activity, such as renewable energy and electric
vehicle infrastructure
• Supporting skills development through the Low Carbon Skills Fund and working with
partners and employers to predict and respond to future skills demands
• Holding an annual Scottish Low Carbon Investment Conference, with this year’s focus
being investment for resource and energy effi ciency
Open to DiscussionOpen to DiscussionHong Kong’s Climate ChangeHong Kong’s Climate Change Strategy and ConsultationStrategy and Consultation
By Sam Powney
19February 2011 • Vol 26 • No 2
ENVIRONMENT
The British Chamber of Commerce is delighted to announce Standard Chartered Bank as the title sponsors of:
The British Chamber of Commerce andStandard Chartered Bank Annual Ball 2011
Friday 24th JuneThe Grand Hyatt Hong KongTheme: to be announced soon!
For further information,please contact: becky@britcham.com
Rugby DinnerThe Britcham and KPMG Rugby Sevens Warm-Up Dinner!
The best way to start your Rugby Sevens weekend.
Thursday 24th March8pm – midnight
The Main Restaurant, Hong Kong Football Club
Featuring:Curry Buffet
Drinks all nightEntertainment
Plus lots of Rugby chat!!
For further information, please see www.britcham.comOr contact: becky@britcham.com
Annual Ball
www.br i tcham.com20
EVENTS
The global accountancy fi rm BDO Limited has recently
appointed Patrick Rozario as a Partner of the firm,
heading up its Risk Advisory Services division to help
clients manage their risks.
Patrick was a graduate of Queen’s University in
Canada and has been a Certifi ed Information System
Auditor since 1993 and a member of the Institute of
Internal Auditors. He has over 20 year experiences
working for large international accounting firms and in the commercial sector, with
many years of experience working in the area of Risk Consulting.
Patrick managed various internal audits, corporate governance, Sarbanes-Oxley, internal
control, information technology risk assurance advisory engagements for clients across
different industries including manufacturing, telecommunication, government, insurance
and banking in Hong Kong and China. He also worked in the commercial sector as project
manager of a number of large scale business process re-engineering and information
systems implementation projects in the Asia-Pacifi c Region and in North America.
The global accountancy firm BDO Limited has recently
appointed Andrew Lam as an Assurance Partner of the Firm.
Andrew was trained and qualifi ed as a Chartered Accountant
in the United Kingdom. He has accumulated over 20
years of public practice experience in major international
accounting fi rms. He is a Fellow of the Hong Kong Institute
of Certifi ed Public Accountants (Practising) and the Institute
of Chartered Accountants in England and Wales.
Andrew has extensive experience in initial public offering exercises in Hong Kong
and overseas stock exchanges. He has assisted numerous companies to list on
stock exchanges in Hong Kong, Singapore and other overseas fi nancial centres.
His other areas of expertise include financial due diligence as well as corporate
mergers and acquisitions. He is also active in providing statutory assurance work
to companies listed locally and abroad. Andrew’s clients mainly operate in Hong
Kong and Mainland China, covering industries such as manufacturing, trading,
construction and real estate, high technology, leisure, service, pharmaceutical and
food-processing.
The global accountancy firm BDO Limited has recently
appointed Jonathan Leong as an Assurance Partner of
the Firm.
Jonathan has extensive experience in dealing with a wide
range of Hong Kong based companies, from small local
entrepreneurial organisations to large international trading
and manufacturing companies, as well as companies
listed on the Hong Kong Stock Exchange. He also provides support to companies
from business planning and implementation to the raising of finance, and assists
clients with corporate advisory matters such as public company fl otation, mergers
and acquisitions, due diligence reviews and corporate restructuring.
Jonathan is a Certifi ed Public Accountant (Practising) in Hong Kong, having previously
practised in South Africa before practising in Hong Kong.
Andrew Lam
Patrick Rozario
Jonathan Leong
BBC’s Global News services embark on Royal Wedding countdownThe BBC’s Global News services – BBC World
News, BBC World Service and BBC.com – has
announced Mishal Husain as the anchor for the
BBC’s international coverage of the wedding of
His Royal Highness Prince William and Miss Kate
Middleton in April.
Mishal will be leading coverage on the day,
alongside a range of presenters from the BBC’s
international television and radio services. BBC
World News will be covering the entire wedding
live and BBC World Service will also be reporting
live on the day’s events. A full schedule of special
programming, to be broadcast in the build up to
the Royal Wedding, will be announced shortly.
In addition, to mark the 100 day countdown to
the wedding, BBC.com has launched a dedicated
section at www.bbc.com/royalwedding. The
dedicated section of the website will bring
together all the news and features that have run
since the couple’s engagement in November
2010 and will be the home of the BBC’s online
coverage over the next 100 days and beyond.
HSBC Global Asset Management launches Latin American equity fundLast month, HSBC Global Asset Management launched its Latin American equity fund to Hong Kong investors. The HSBC Global
Investment Funds – Latin American Equity aims to tap into the strong growth potential of the Latin American region, which is
benefi ting from global commodity growth and robust domestic consumption.
The Latin American equity market achieved an annualised return of 21.2 per cent over the past 10 years to rank as the top performing
region globally, compared with 18.1 per cent for Brazil, Russia, India and China (BRIC) economies and 15.7 per cent for overall emerging
markets over the same period. Among the top 10 markets with the highest expected GDP growth in 2010, four are from Latin America,
including Uruguay, Peru, Argentina and Brazil. HSBC forecasts that the region will grow by 6 per cent and 4.5 per cent in 2010 and 2011,
respectively, signifi cantly higher than the 2.4 per cent and 1.8 per cent for global developed markets over the same period.
Rich in natural resources, Latin America benefi ts from long-term demand for commodities from emerging markets. Additionally, the
region should experience an upside due to commodities being sought as an infl ation hedge.
Hong Kong hotels honored in the 2011 Trip Advisor Travelers’ Choice AwardsThe recent 2011 Travelers’ Choice Awards organised by TripAdvisor has ranked both the Mandarin Oriental, Hong Kong and
Conrad Hong Kong among the Top 25 Hotels in Hong Kong/Macau/Taiwan, while the Mandarin Oriental, Hong Kong also ranked
second in the Top 10 Luxury Hotels in the world.
Now in its ninth year, the annual TripAdvisor Travelers’ Choice awards honour the world’s best hotels, earning their distinction from those who
know them best – real travellers. Unlike any other hotel awards programs in the world, TripAdvisor Travelers’ Choice winners are based on the
millions of real and unbiased reviews and opinions about hotels on tripadvisor.com and content from across the web.
“With the help of millions of travelers around the globe, TripAdvisor is thrilled to recognise the world’s most outstanding hotels for
the ninth year of the Travelers’ Choice Awards,” said Karen Drake, senior director of communications for TripAdvisor. “From the best
bargain hotels to best luxury hotels, remarkable service, value and quality are the hallmarks of our Travelers’ Choice winners.”
21February 2011 • Vol 26 • No 2
NEWS / NEW APPOINTMENTS
Business Policy UnitTim Peirson-SmithExecutive Counsel
ChinaDavid WattDTZ
ConstructionDerek SmythGammon Construction
EducationStephen EnoBaker & McKenzie
EnvironmentAnne KerrMott MacDonald Hong Kong Limited
Financial ServicesInterest GroupDebbie AnnellsAzure Tax Consulting
HR Advisory GroupBrian RenwickBoyden Search Global Executive
ICTCraig ArmstrongStandard Chartered
Marketing & CommunicationsAdam O’ConorOgilvy & Mather Group
Real Estate Jeremy SheldonJones Lang LaSalle
Scottish Business GroupDr. Jim WalkerAsianomics Limited
LogisticsMark MillarM Power Associates
Small & Medium EnterprisesKate Kelly
Women in BusinessLisa BowmanDG3 Asia Limited
YNetworkFiona Foxon
Business Angel ProgrammeNeil OrvayAsia Spa & Wellness Limited
Tim Hay-EdiePilot Simple Software
Chairs of Specialist Committees
CORPORATELaithwaites WineMatthew AylmerGeneral ManagerTel 2516 6103Fax 3017 6774matthew.aylmer@laithwaiteswine.com1901, 108 Java Commercial Centre108 Java Road, North Point, Hong KongWines & Spirits
Mazars CPA LimitedStephen WeatherseedDirectorTel 2909 5699Fax 2541 7268stephen.weatherseed@mazars.com.hk42/F, Central Plaza, 18 Harbour RoadWanchai, Hong KongAccounting
Willis Hong Kong LimitedKurt SchreiberManaging DirectorTel 2830 6628Fax 2827 0966schreiberk@willis.com3502 The Lee Gardens33 Hysan Avenue, Causeway BayHong KongInsurance
Purcell Miller Tritton Hong Kong LimitedRoger WuPartnerTel 2164 4088Fax 2164 4038rogerwu@pmt.co.uk2501, 25/F, 88 Hing Fat StreetCauseway Bay, Hong KongArchitecture / Interior & Urban Design
ADDITIONALThe Dairy Farm Company LtdAlec Tong Group Finance DirectorTel 2299 1870Fax 2299 4870atong@dairy-farm.com.hk7th Floor, Devon House, Taikoo Place979 King’s Road, Quarry Bay, Hong KongRetail / Wholesale / Sourcing
Deloitte Touche TohmatsuJonathan Stuart-SmithManaging DirectorTel 2852 5877Fax 3691 8984jstuartsmith@deloitte.com35/F, One Pacifi c Place, 88 QueenswayAdmiralty, Hong KongAccounting
Goldman Sachs (Asia) LLCTanvir GhaniManaging Director - Prime BrokerageTel 2978 2336Fax 2233 5045tanvir.ghani@gs.com68/F, Cheung Kong Centre2 Queen’s Road, Central, Hong KongInvestment Banking
Grosvenor LimitedSusan ChanRegional HR DirectorTel 2501 1968Fax 2956 1889susan.chan@grosvenor.com3505 Jardine House, 1 Connaught PlaceCentral, Hong KongProperty / Real Estate Services
Jardine Matheson GroupMatthew PayneExecutive Assistant to the Managing DirectorTel 2843 8281Fax 2845 9005matthewpayne@jardines.com48th Floor, Jardine House, CentralHong KongConglomerate / Holding Company
LexisNexisAdam JordanBusiness Director, Contract Publishing & ConferencesTel 2965 1470ladam.jordan@lexisnexis.com39/F, Hopewell Centre183 Queen’s Road East, WanchaiHong KongEducation
Mallesons Stephen JaquesJill WongSpecial CouncilTel 3443 1138Fax 3443 1299jill.wong@mallesons.com13/F, Gloucester Tower, The Landmark15 Queen’s Road Central, CentralHong KongLegal
PricewaterhouseCoopersCalum DavidsonAdvisory LeaderTel 2289 8888Fax 2289 2323calum.davidson@hk.pwc.com20/F, Prince’s Building, Chater RoadCentral, Hong KongAccounting
Willis Hong Kong LimitedJames HuntExecutive DirectorTel 2830 6646Fax 2827 0966huntj@willis.com3502 The Lee Gardens, 33 Hysan AvenueCauseway Bay, Hong KongInsurance
YNETWORKAllen & OveryEllie CrespiRegistered Foreign LawyerTel 2974 7130Fax 2974 6999ellie.crespi@allenovery.com9th Floor, Three Exchange SquareCentral, Hong KongLegal
British Council - ScholarGareth LewisStudentgarethlewis2005@gmail.comRoom 3121A, 6B, Sassoon RoadPokfulam, Hong KongEducation
British Council - ScholarJessica TrevisStudent1322B, Wei Lun HallThe University of Hong Kong6 Sassoon Road, Pokfulam, Hong KongEducation
British Council - ScholarJeremy VyseStudentjerryvyse@hotmail.co.uk1322B, Wei Lun HallThe University of Hong Kong6 Sassoon Road, Pokfulam, Hong KongEducation
Jardine Matheson GroupJames KenchJardines Executive TraineeTel 2516 8520james.kench@jardines.com25/F, Devon House, Taikoo PlaceQuarry Bay, Hong KongConglomerate / Holding Company
INDIVIDUALRichard WittsTel 9300 3451wittso@netvigator.com5A, 2 Golf Parkview83 Castle Peak Road, Kwun TongSheung Shui, New Territories, Hong Kong
PRC/MACAUADDITIONALGenpactPatrick LawSenior Vice PresidentTel 021 6133 3520patrick.law@genpact.comRm1801, Centro, 568 Heng Feng RoadShanghai, Hong KongBusiness Services
GenpactSophia WangPositionTel 010 6562 5429sophia.wang@genpact.com61/F, Tower WestBeijing Prosper Center5 Guanghua Road, Chao Yang DistrictBeijing, Hong KongBusiness Services
START-UPBlue Ridge ConceptsWiebke HeinDirectorTel 6621 1973wiebkehein@gmail.com3A, Twin Bay Villas860 Clear Water Bay Road, Sai KungNew Territories, Hong KongEvents
Bud On Creation LimitedWilliam BuddenCreative DirectorTel 3568 2975Fax 3568 2976william.budden@budoncreation.comUnit C, Lower Ground Floor39-41 Caine Road, Mid LevelsCentral, Hong KongGraphic Design
PRC/MACAUGenpactCharles HuntingCEOTel 021 6133 3520charles.hunting@genpact.comRm1801, Centro, 568 Heng Feng RoadShanghai, Hong KongBusiness Services
www.br i tcham.com22
NEW MEMBERS
Shaken Not Stirred January 2011
Melanie Gomez (LM Investment Management), Lisa Darcy (LM Investment Management), Nick Moynihan (Brand HK), Martin Venier (LM Investment Management)
Jenny Pang (Giles Publications), Heenu Nihalani (Giles Publications)
Tim Peirson-Smith (Executive Counsel), David Dowell (Strategic Access), Christopher Wilkinson (AGS Fourwinds)
Edmond Leung (Tanner De Witt), Steven Resco (Windell Sweett), River Stone (Tanner De Witt)
Jeffrey Mo (New Concept Mandarin), Pierre Chuong
Melanie Gomez (LM Investment Management), Nixie Lam (American Express International), Charles Zimmerman (Speedfl ex Medianet), Candy Tang (American Express International), Lilian Chan (American Express International)
Nixie Lam (American Express International), Melanie Gomez (LM Investment Management)
Charles Zimmerman(Speedfl ex Medianet), Emma Cox (Innovation Intelligence)
Grace Ng (Lister Swartz), Colin Joseph (Lister Swartz)
Emma Cox (Innovation Intelligence), Katie Brown (Ryder Diamonds)
Christopher Wilkinson (AGS Fourwinds), Martin Venier (LM Investment Management)
Stuart Leckie (Stirling Finance), Brian Hunter (PricewaterhouseCoopers)
Roddy Allan (Jones Lang LaSalle), Stuart Northrop (Windell Sweett), Janet Dowling
Alison Asome (IPAC), Lucy Jenkins (The British Chamber of Commerce in Hong Kong), Tim Peirson-Smith (Executive Counsel), Hilary Thomas (The British Chamber of Commerce in Hong Kong), Mandy Cheng (The British Chamber of Commerce in Hong Kong), Dovenia Chow (The British Chamber of Commerce in Hong Kong)
Christin Lam (The Upperhouse), Vivian Ho (The Upperhouse), Melody Chung (The Upperhouse), Bo Heung (Berry Bros. & Rudd)
Berry’s Fine Wine Reserve1st Floor, The Hong Kong Home of Alfred DunhillPrince’s Building, 10 Chater Road, Central
23February 2011 • Vol 26 • No 2
SHAKEN NOT STIRRED
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