britain in hong kong march 2012

March 2012 Vo l 27 No 2

Not For Sale

10 Prime London Residential Investment Outlook16 22 Visiting the

Philippines

w w w . b r i t c h a m . c o m

Logisticsin Hong Kong

BritainHONG KONGIN

Leadership Solutions

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Prime London Residential Investment Outlook16

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Sam Powney

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Britain in Hong Kong

4 Chairman’s Message

7 London’s RMB Bid

9 Leadership Solutions

12 Interview with Damian McKinney

14 Unemployed Youth

16 London Property

20 UK Bribery Act

Room 1201, Emperor Group Centre,

288 Hennessy Road, Wanchai

Tel: 2824 2211

Fax: 2824 1333

Website: www.britcham.com

LogisticsOutlook

Visiting the Philippines

5

22

21 Bitto : the oldest cheese in the world

22 Travel: Philippines

25 Upcoming Events

26 Member Discounts

29 News and New Appointments

30 New Members

31 Shaken Not Stirred

Contents

Kevin Taylor

Chairs of Specialist Committees

MessageChairman’s

Against the cloudy backdrop of Hong

Kong’s recent political happenings and the

imminent leadership election, I am delighted

to address you in our magazine’s new and

improved format. I hope you like it.

Early in February, Financial Secretary, Mr.

John Tsang, delivered his f inal budget

address for the current administration and

attempted to highlight the Government’s

legacy of stability and growth despite the territory’s

growing social issues and the uncertain global economic

outlook.

From a tax perspective, the government has not

addressed several critical requests from the business

community, which includes a comprehensive review of

the age old tax system. Tax competitiveness is a critical

component towards Hong Kong sustaining its position

as a major regional fi nancial and business centre. On the

brighter side, the government has proposed to inject $149

billion to improve essential services across education,

health and social welfare, and it aims to address the

scarcity of residential-ready land, which will remain a

community issue for some time to come.

Along with the Australian Chamber of Commerce in

Hong Kong, we jointly hosted a special lunch for Michael

Andrew, Chairman, KPMG International. Based in Hong

Kong, Michael is the fi rst global chairman of a Big Four

accounting firm to be based in the Asia Pacific region.

He discussed the significance of his move to Hong

Kong and his thoughts on the current challenges of the

global fi nancial markets. At the luncheon, he refl ected on

lessons learnt working with clients at KPMG, and

provided insights into how businesses can still succeed

internationally in turbulent times. The most pleasing thing

is Michael is quite bullish on the global economy from the

second half of this year. This is nice to see.

At a similar distinguished gathering that our Chamber

organised, John Micklethwait, Editor-in-Chief of The

Economist discussed global economic and political

prospects for the year ahead. We feel privileged to attract

global thinkers and change agents to create

meaningful dialogue at Britcham events.

Chancellor George Osborne will present

the UK Budget on March 21st. The UK

business lobby group, CBI has urged the

government to make targeted changes to

British the tax system. A breakfast briefi ng

is being organised to cover the main UK

Budget Tax news, focusing on how it

affects businesses and residents in Hong Kong and

the region. It will also include a post-budget analysis of

feedback from UK professional bodies and the media.

I am also very pleased to announce that our Women

in Business Committee is launching an ‘Inspirational

Women’ series of seminars this month, with the support

of Barclays. The ever-active Women’s Committee has

organised this series to create opportunities for corporate

and individual members to engage with topics of

professional interest to contemporary business women.

And now to the biggest and most promising sporting

action of the year....The weekend of Sevens action is

fi nally upon us from March 23 – 25, book your seats for

the Britcham and KPMG Rugby Dinner which promises

to be a thrilling night of rugby entertainment.

The Chamber has a busy annual calendar of insightful

discussions and networking events, please do make

good use of our events.

On a side note, I have fi nally embraced the world of 140

characters and will be tweeting regularly, if you wish to

follow me: twitter.com/KevinTaylorHK

All the best,

Business Policy Unit

Tim Peirson-Smith

Executive Counsel

China Committee

David Watt

DTZ

Construction Industry Group

Derek Smyth

Gammon Construction

Education Committee

Stephen Eno

Baker & McKenzie

Environment Committee

Anne Kerr

Mott MacDonald Hong Kong Limited

Financial Services Interest Group

Debbie Annells

Azure Tax Consulting

HR Advisory Group

Brian Renwick

Boyden Search Global Executive

ICT IT Committee

Craig Armstrong

Standard Chartered

Marketing & Communications Committee

Adam O’Conor

Ogilvy & Mather Group

Real Estate Committee

Jeremy Sheldon

Jones Lang LaSalle

Scottish Business Group

John Bruce

Hill & Associates

Logistics Committee

Mark Millar

M Power Associates

Small & Medium Enterprises Committee

Kate Kelly

K2PR

Women in Business Committee

Sheila Dickinson

Ipac Financial Planning Hong Kong Limited

YNetwork Committee

Fiona Foxon

Quintessentially

Business Angel Programme

Neil Orvay

Asia Spa & Wellness Limited

Britain in Hong Kong 5

In the context of increasingly

globalised supply chains, Hong

Kong is clearly recognised

as one of the world’s leading

logistics hubs – reflected by

our impregnable position as

‘The Gateway’ into and out-

of mainland China, our role as

a de-facto regional distribution

hub for the Asia Pacifi c region, and our pre-eminent status

in global freight as the world’s number three container port

and largest air-cargo hub. With a longstanding leadership

in trade and logistics – contributing around a quarter of

both GDP and local employment – Hong Kong has always

punched above its weight.

Challenges Ahead

We can expect tough market conditions in the year ahead

- economic challenges in the developed markets will affect

global trade, resulting in softening demand for product

shipments. Hong Kong will experience challenges with

cargo volumes – both air and ocean freight sectors will

likely be impacted.

However, Hong Kong’s logistics sector also stands to

gain from some of the supply chain optimisation initiatives

being undertaken by major manufacturers and retailers.

Inventory reduction programs often necessitate just-in-

time replenishment, which in turn drives demand for air

freight shipments. Companies are also seeking to optimise

their transportation spend, often migrating more cargo

to ocean freight whilst also exploring multi modal sea-air

solutions.

Sustainable Competitive Advantage

Hong Kong’s sustainable competitive advantage as a

leading global logistics hub will revolve around three pivotal

competencies – best in class international transhipment

hub, centre of excellence for logistics skills and leadership

in e-logistics.

As the world’s leading cargo transhipment hub, Hong

Kong will continue to grow. The International Air Transport

Association (IATA) forecast that Hong Kong will be the

world’s fastest-growing air cargo market. It is therefore

imperative to proceed urgently with the airport expansion

project, including sustainably building the third runway and

associated facilities.

From the e-logistics perspective, Hong Kong’s increasingly

widespread adoption of e-freight initiatives throughout the

international air and ocean cargo sectors is increasing

efficiencies whilst providing environmental benefits such

as reducing paperwork. Within the cross border trucking

sector, introduction of electronic submission of road cargo

information enables seamless customs clearance at the

land boundary control points.

Firmly reinforcing its position as a leading regional centre

of excellence for logistics industry skills and talent

HONG KONG LOGISTICS OUTLOOK

Mark Millar, Logistics Committee Chairman

C ove r S t o r y 4

Mark Millar MBA, PMHKLA, FCILT, GAICD

Mark Millar is Managing Partner of M

Power Associates, providing supply

chain and logistics consulting,

advisory and recruitment services

that empower superior performance.

With over 25 years global business experience,

Mark is acknowledged as an industry thought

leader — clients have engaged him as Speaker,

Moderator or Conference Chairman at more than

200 functions in 17 countries. Mark serves as Chair

of the Logistics Committee at the British Chamber.

[email protected]

development, Hong Kong is home to 60 educational and

vocational training institutions, offering more than 1,000

programmes and courses related to logistics and shipping.

Government funded training allowances benefi t small and

medium enterprises.

Opportunities within Asia

The ‘Asia Era’ is firmly upon us - the rapidly expanding

consumer markets within Asia Pacific, many of them

seemingly unaffected by financial woes in the western

world, present further opportunities for Hong Kong to

expand its role as a Regional Distribution Centre (RDC).

Providing efficient and competitive warehousing and

distribution services, coupled with cost effective multi-modal

transportation options, leveraging our extensive connectivity

and privileged free-port status, provide an ideal RDC

platform from which to serve all the markets in Asia.

Furthermore, the local logistics sector has the support of

Central government, with the 12th Five Year plan fostering

Hong Kong’s continued development as a centre for high-

value inventory management and regional distribution.

Conclusion

Hong Kong enjoys an enviable and sustainable leadership

position within global supply chains, performing three

distinct and critical roles:

• China Gateway – b id i rect iona l channe l fo r

international cargo movements into and out-of the

mainland

• Regional Distribution Centre – leading free port

location with unparalleled air and ocean connectivity

to serve the rapidly expanding consumer markets and

growing populations throughout Asia

• Global Logistics Hub – logistics epicentre servicing

global supply chain ecosystems – with unparalleled

multimodal connectivity - north, south, east and west

Looking to the year ahead, I am confi dent that despite the

global economic challenges, our competitive advantages

will endure and our entrepreneurial spirit will ensure

continuing leadership in global logistics with Hong Kong

empowering effective and efficient global supply chain

ecosystems.

C ove r S t o r y

As the UK pushes to secure London’s position as an

offshore trading hub for progressively internationalising

Chinese currency, a look at the situation in Hong Kong

can offer some insights into the trend of developments.

Since Beijing took its first tentative steps towards the

internationalisation of the renminbi in June 2009, the Hong

Kong stock market has been abuzz with new financial

products linked to the mainland currency. Investors

could be fairly confident that the world’s most famously

undervalued currency could at the very least hold its

current level, considering the enormous pressure the US

still puts on China to allow the renminbi appreciate to its

fair value. Economists may have recently become less

bullish about the renminbi, but ‘it can only go up’ is still the

accepted view on the street. Sales of so-called ‘dim sum

bonds’ (stocks in Hong Kong listed companies sold in

renminbi) nearly quadrupled across 2010 to 2011.

Meanwhile, London expressed its interest in taking a role

in the internationalisation of the renminbi almost as soon

as that process began. The UK has recently signed a

deal with the Hong Kong government aimed at making

London a leading global centre for offshore trading of

China’s currency. The BBC reported Chancellor Osborne

as saying that, ‘London is perfectly placed to act as a

Gaining Currency

gateway for Asian banking and investment in Europe’.

Many Britcham members will already be familiar with

Chancellor Osborne’s plans, as he expressed the same

message when he gave a speech at the Hong Kong

Jockey Club last year, explaining that London would

‘complement not compete’ with Hong Kong.

Osborne confirmed that he agreed with Wang Qishan

to col laborate on the development of renminbi-

denominated fi nancial products and services in London,

during the Chinese Vice Premier’s visit in September

last year. However, the excitement appeared to come

more from the British side, and a Xinhua News Agency

report in February this year warned that London still had

many years of work ahead before it could become an

international renminbi trading hub. As the world’s largest

currency trading market, London already acts as the

conduit for somewhere between 10 and 30% of global

renminbi trading, but total trade in renminbi outside

China remains comparatively small and therefore illiquid.

Nevertheless, former HSBC Chairman Baron Green of

Hurstpierpoint has predicted that by 2015 the renminbi

will be one of the three major global trading currencies.

To many observers that seems a little ahead of time,

considering that at present the renminbi is not an

By Sam Powney

Britain in Hong Kong 7B u s i n e s s 6

investment currency in international markets and

that few foreign governments hold any renminbi as

foreign exchange reserves. On the other had, the

Chinese government seems to have been pushing the

internationalisation much faster than it is often given

credit for. According to the news agency Bloomberg, EU

Chamber of Commerce in China president Davide Cucino

has claimed that senior (but unidentifi ed) Chinese offi cials

signalled to him that the yuan will reach ‘full convertability’

by 2015. More concretely, Zhou Xiaochuan, governor of

the People’s Bank of China, has recently said that the

renminbi should be allowed to float more freely, which

many analysts took to mean that Beijing is indeed ready

to further loosen its grip.

As for London’s role in renminbi conversion, there are

a couple of other potential hindrances which could

impede the city’s plans. John Ross, visiting professor

at Antai College of Economics and Management, Jiao

Tong University Shanghai suggested in an article in the

Guardian newspaper in January that Chinese leaders

would likely prefer that a European renminbi hub should

be centred at the heart of the European Union (thus

helping to stabilise the Euro) rather than in London. On

the other hand, if China is indeed accelerating its push

for currency internationalisation, then the Euro’s current

instability might well tip Beijing towards Osborne’s

invitation. Indeed, Britain already seems at least to have

Hong Kong’s enthusiastic cooperation as evinced by

the ‘joint private sector forum’ on the yuan between

the Hong Kong Monetary Authority and HM Treasury

announced in January. It is as yet unclear how much the

“London-Hong Kong Forum” will achieve, but its first

meeting will take place in May this year.

Lastly, while international markets eagerly anticipate the

renminbi’s imminent convertability, mainland investors

do not seem as confi dent in the stability of their currency

as many outsiders are. According to an estimate by JP

Morgan analysts, China’s capital outflows for the fourth

quarter of 2011 reached US$65 billion. The SCMP’s

China business monitor Tom Holland picked up on the

apparent rise in dollar-hoarding on the mainland in the

last few months, as did (‘the other’) Stephen Green,

head of Greater China research at Standard Chartered in

December last year.

However, while there is undoubtedly a long-held respect

for major foreign currencies inside China, the current

outflow could have more to do with China’s overvalued

investment markets and the capital controls in place

preventing overseas investment by Chinese citizens, than

any lack of confi dence in the yuan per se. This might go

some way to explaining why Beijing last month granted

the fi rst Chinese asset management company a license to

sell ‘exchange traded funds’ tracking HK-listed companies

to mainland investors, part of a move announced last year

by Vice-Premier Li Keqiang. While denominated in RMB

and sold only in the mainland, such ETFs give Chinese

residents a valuable conduit to diversify their savings into

the relative stability of the Hong Kong stock market. If

expanded, the liquidity from these ETFs has the potential

to do for Hong Kong’s stock market what mainland buyers

have already done to Hong Kong property. And of course

it’s possible that similar schemes could eventually extend

to other stock markets, including London.

Overall, it seems likely that given time London is in

a position to become a substantial renminibi trading

hub, especially considering the city’s market size, its

geographical position, the present instability of the

Eurozone, and the timing of the yuan’s internationalisation.

The greater question remains, what impact a fully

convertible RMB would have upon China’s economy, the

global economy, and even the global geopolitical balance

of power.

B u s i n e s s


Smart leaders “know what they don’t know”

One of the secrets to success is not ‘what you can do’,

or ‘what you know’ but identifying and delegating to the

‘right individual(s)’. The primary question you should ask

yourself is, ‘Am I fully leveraging the competencies, skills

and knowledge of others?’

Delegating is a key leadership trait. It challenges and

strengthens your communication, asking questions,

listening, planning, decision-making and problem solving

skills. It also develops staff trust, rapport and builds

stronger relationships.

3 Ways to Delegate

The following are three delegation approaches which

can be used independently or in combination based on

the situation and requirements.

Option One: Limited Involvement. Individuals are given

the task overview and expectations. Responsibility for

planning and ‘how to do’ are shifted to the individual.

Involvement from that point forward is ‘as required’.

Option Two: Monitor, Mentor Them. Leader introduces

task, provides in depth, step-by-step execution plan,

expected results and closely monitors progress.

Option Three: Coach Them. After introducing the

task overview, leader invests the necessary time

to ask questions, listen to answers and help

the individual understand the task in detail, invite

comments, ideas and opinions. Great leaders stretch

staff thinking by asking them for better ways to handle

the task. Individuals are encouraged to take calculated

risks to improve processes, productivity and results.

Tip 1: Delegate What?

Leaders instinctively know what tasks to delegate and

what they should handle themselves. However, before

deciding to delegate, ask yourself a series of questions:

• ‘What can only be best performed by me?’

• ‘What activities generate the most revenue for the fi rm?’

• ‘What are the time-wasters that should be stopped

to maximize my time?’

• ‘What repetitive, simple tasks can be passed to

another?’

• ‘Do I have the time and resources to mentor, coach

and train the delegate?’

• ‘Who has strong innovative, creative skills

that could do tasks even better?’

• ‘Who are the emerging talent that would

benefi t from taking on additional tasks?’

Delegate to Motivate

By Dr. Robert EdmonsonCEO of Paradigm21

8B u s i n e s s

Tip 2: Defi ne the Scope

No matter how simple the project, work out a 6 Step

plan to help clarify the scope:

• Determine the project purpose and value.

• Mentally visualize the end result.

• Use powerpoint slides, sketch a chart, mapping or

a graph.

• Describe the required resources and support.

• Defi ne milestones, expectations and realistic timelines

for each step.

• Assess each step to determine specifi c skills required

Tip 3: Delegate To?

To help determine the best candidate, consider the

following factors:

• Do they have the t ime to take on addit ional

responsibilities?

• Are they open to taking on new challenges and

stretching themselves?

• Do they have the foundation skills and knowledge to

handle the task?

Motivating to Succeed.

Appealing to individual self-interests is the key to

motivating others to succeed. Here are some key

concepts to consider:

• Each person is motivated for different reasons.

Reasons come from within them, not from others.

• Motivation begins with doing something they really

want to do.

• Understand what motivates the person selected for

the task.

• Discuss the positive impact the project will have on

the company and staff.

• Describe their strengths and why they were selected

for the project.

• Highlight possible future opportunities and recognition

for their contribution.

Words Infl uence.

When describing the task, remember the words you

use will influence their thinking and perception. Use

motivational phrases like:

• ‘We feel you have the competencies that will defi nitely

make this project successful’.

• ‘Being directly involved will enhance and strengthen

your knowledge of…..’

• ‘This project is challenging and will stretch your skills

and I know you are up for it’.

Tip 4: Communicate to Understand the Plan

When the delegated task is completed, will it resemble

your expectations? One of the biggest obstacles

leaders face when delegating is communication. Clearly

explain the project’s purpose, its value, details, their

responsibilities, resources and support provided, timeline

and expectations to the delegate.

Collaboration.

Visuals amplify understanding and learning. The brain

is programmed to recognize and recall visual images to

quickly understand, innovate and arrive at solutions.

Use the document created in Tip 2: Define the Scope

to collaborate with the delegate on the task. After

discussing the project, chart and details, ask the delegate

to re-sketch the task scope and write out the details as

they understand it based on your description.

Ask, Listen.

To eliminate possible communication gaps, ask questions

about their sketch and details, then listen to understand

their perspective.

Strengthen Understanding.

Did the description match what you had in mind?

Don’t be a perfectionist. Even if you don’t totally agree

with their interpretation --- remain nonjudgmental.

Look for what is good and ask questions about what

doesn’t exactly match.

Tip 5: Their Brain

Although instructions are necessary --- micromanaging is

non-productive and highly demotivating. Recognize that

individuals are unable to perform a task exactly as you

would do it --- in fact, they may do it better. While some

prefer to work totally independent, others may invite

supervision to stay on track.

Their Style.

For individuals to take project ownership they must use

their own personal style. Telling them ‘how to do’ the

task using your hard-wired thinking will only become a

barrier to them maximizing performance.

B u s i n e s s


Responsibility.

Ensure the responsibility and authority level are aligned.

Shift responsibility and control to the individual. This

shift encourages commitment, passion and dedication

to taking action to achieve goal. When you empower

others, they become partners to success.

Tip 6: Ongoing Support & Monitoring

People welcome interactions to get positive input on their

performance and progress.

Periodic Check-ins.

Mutually agree on periodic progress check-ins. Periodic

check-ins demonstrate your ongoing support, interest,

keeps things on track and identifi es potential problems to

‘prevent’ rather than time consuming, costly ‘fi xes’.

Encourage Collaboration.

Many times people are reluctant to offer input or ask

questions. One of the purposes of on-going meetings

is to collaborate and exchange ideas. So encourage

comments and questions.

Tip 7: Powerful Praise

Do you complement or praise someone for their

contribution? Being appreciated is a basic human

requirement everyone needs and wants.

Appreciating In Action.

All praise and compliments must be genuine and

honest. It should also be very ‘specifi c’ so the individual

knows what they did well. This reinforces a repeat of the

behavior and begins to build new habits. Here are some

suggested approaches:

• ‘Your work is very high quality because you always ……..’

• ‘I am very happy with your performance and the

outcome as it……….’

• ‘I really appreciate your help because……’

Potential Rewards.

Although people are internally motivated by self-interests

such as a ‘purpose to believe in’, they also appreciate

external, tangible rewards too such as being highlighted

in the company newsletter, dinner vouchers, included in

talent development programs or presented with an award

at annual gathering.

Tip 8: Think Solutions, Not Problems

If the task is not going well or behind schedule maintain a

supportive, helpful attitude as getting upset or angry only

complicates matters.

Avoid focusing on the problems as it will create self-

doubt, fear, demotivate and lower confidence. Stay

solution-focused on what could be done to improve the

situation such as:

• ‘Would you like to brainstorm some ideas to find

ways to improve the situation?’

• ‘What do you think you could you do differently to

achieve the goal?’

Rethink, Reframe Task.

The brainstorming and collaboration could indicate

the project or task needs to be restructured or require

someone with special skills.

Tip 9: Expected Outcome?

Le t ’s assume the resu l t s a re no t up to you r

expectations. You have a choice. You can reprimand,

criticize, berate, blame and say a variety of negative

things to show your unhappiness. All of which only

make matters worse for the individual and serve to

damage your image.

Conversely, you can use a self-directed, positive

app roach f ocused on l ea r n i ng and pe r sona l

development. This method helps the individual review the

situation for refl ections on what was learned, what they

would do differently in the future to improve performance

and how they could share that knowledge with others to

avoid a repeat.

‘Self-directed’ Learning Approach in Action

‘The f ina l outcome didn’t turn out the way we

expected, and I know you’re not happy with the

results. Let’s focus on what you could have done to

change the outcome.’

• ‘What are the 3 most valuable things you learned

from this project?’

• ‘If you had it to do over again what would you change?’

• ‘If you observed yourself, how would you describe

your actions?’

• ‘What things were you very successful in doing?’

• ‘Overall, what have you learned from this project?’

• ‘What would you tell others to avoid ending up in the

same situation?’

Delegating clearly delivers proven benefits to leaders,

staff and the organization. It allows leaders to focus

on higher priority tasks while developing trust and

motivation, creating opportunities to strengthen staff

knowledge and skills, and to achieve even more.

10

What’s your background?

I grew up in East Africa, then served with the Royal

Marines for 18 years. I had a fantastic military career,

most of it on operations, ie. doing it for real! I was

involved in everything from the fi rst Gulf War to operations

in Central America, Northern Ireland, even this part of the

world. I left as a young lieutenant and then went straight

into consultancy.

What made you decide to go in that particular

direction?

I knew I wanted to go into business, but I fell into

consulting more or less by accident. I wanted to go into

a company, work my up and have a real career, and

consulting gave me a good chance to observe a lot of

different companies. I saw that many companies were

not particularly well led, didn’t align their plans well, didn’t

have a particularly strong performance culture, didn’t

really drive management in an intelligent way.

We do a lot of work on execution – that’s what in my

previous life I would refer to as ‘operations’ – ie. the

action. But I used to do everything from planning the

rescue operations in Bosnia with the Ministry of Defence

and the Commando Brigade, down to operating a four-

man team. So I feel very comfortable working in the

different levels of business too.

Which mi l i tary values are part icular ly

transferable to working in business?

I’d say luck is on our side. I refer to the period between

the end of the Cold War and 2001 as a ‘phoney war’. So

now that the world has become more unstable again –

you suddenly need a mindset which is used to dealing

with uncertainty all the time. One of the great maxims in

the Royal Marines is ‘always expect the unexpected’.

Another transferable is simple power of leadership. Many

businesses that I was exposed to after leaving the military

were pretty good at management but poor at leadership.

There’s a fundamental difference. Management is about

allocating resources; leadership is about inspiring people.

Part of the problem is that we have a bonus culture: if you

want someone to perform more, you just give them more

money – that’s a very management-minded approach. In

the military you have to really inspire people to go forward.

The third thing is being able to deploy a plan in which

everybody truly understands their part. I fi nd that many

Interview with Damian McKinney,CEO of McKinney Rogers. Damian McKinney started the consultancy firm McKinney Rogers in 1999, shortly after leaving a military career as a Commander in the Royal Marines. Driven by a philosophy drawing on military experience, the firm has rapidly become one of the most successful newcomers in its fi eld. In a world that has become more vulnerable to new ‘strategic shocks’, an agile approach is in high demand.

B u s i n e s s


businesses go through a strategic planning process,

then they produce their annual operating plan or budget,

then they’ll have the objectives session…and none of it

is really connected. So you end up with a lot of friction,

no-one really understands what they’re suppose to be

doing, some just do what they want to do anyway, and

so on and so forth. There is a clarity that comes with

military experience. And the last thing is being able to

intelligently use your given information to plan for the

future (rather than just analysing the past).

If you go into any bookstore, you can see half

a dozen titles along the lines of ‘Sun Tzu in

the Boardroom’. Are there some analogies

between warfare and business which you have

to be careful of?

Where any books are rolled out with the claim, ‘this is the

defi ning way of running a business’, that’s clearly missing

the point. On the other hand leadership is thousands of

years old - there’s nothing new about it. The key theme

is the art of leadership and how you execute it. I think

any of these books needs to be read with some tongue

in check. What you need to ask is, ‘Is there anything

in here which is useful to my personality and are there

any examples of authentic leadership?’. It’s not about

being on page 126 of the latest bestselling management

manual. I know a charming American manager who used

to read all those books and follow to the letter whatever

he was reading at that moment. He came to me one

day and said he was adopting the ‘one touch rule’, from

some book which advised a good deal of physicality

among colleagues. The problem was that it didn’t suit his

personality at all, it came across as very inauthentic, and

he ended up just aggravating people.

Sir Robert Fry, McKinney Rogers Executive

Chairman, ta lked to the Chamber last

year about strategic shock. Are modern

corporations particularly susceptible to major

political and macro-economic shocks?

In this day and age companies live it all the time. The

plus side of globalisation is obvious, but the downside

is that we are so interdependent that an event in any

one place can have serious ramifications all across

the world. It used to be said that when America gets

sneezes, the world catches a cold. Now those colds

can come from anywhere. All major companies are

feeling this effect now.

One of the things you advocate is ‘Mission

Alignment’ – ie. making sure all the units and

individuals in an organisation understand the

overall plan and their concrete goals within

that. Isn’t there an old strategist’s dilemma

here between keeping everyone in the loop

and increasing the risk of leaking important

information?

Within business there are certain projects which, for

many reasons – including insider trading for example, you

have to keep secret. It’s an interesting challenge because

people these days want to know everything. And if you

don’t tell them, then to some extent they don’t trust

you. But perhaps more frequently companies have the

opposite problem. We bewilder employees with too much

detail, and they just don’t need all that information. At the

end of the day it creates ‘white noise’. The only important

things we really need to know are ‘where are we going as

an organisation?’ and ‘why is that important?’. Whether

we’re involved in putting a man on the moon or making

our fi rm the number one in our sector, as human beings

it’s nice to be part of something great. To have a sense of

shared achievement - that’s worth all the money in China.

But while you don’t have to know all the petty details

about the entire organisation, it’s important for you as

an individual not just to know your part, but also to

understand your boss’s role and your boss’s boss’s role

as well. Ultimately you’re part of a larger, ongoing plan,

and if you feel part of that plan then you can be fl exible

to change. In the absence of clear alignment and a clear

vision, you can try to limit chaos by just sticking to your

prescribed objectives and ignoring everything else. But

overall, and simply by defi nition, that creates chaos.

There’s a widespread perception that banks

and corporations have recently encountered

a disconnect between their high risk, rapid

profi t-making arms and their overall strategy

of long-term endurance and stability. Do

you think that’s true? Can a more coherent

business strategy prevent this?

I think that’s about ethics not strategy. I’m afraid that

simply has to do with your moral compass. There are

things in this world which are the right thing to do, and

things you know are wrong - but if you don’t have a set

of governing principles, you’ll go ahead and do them

anyway. Most companies have values and code of

conduct. Unfortunately not everyone always believes

in those codes. Someone said to me once, ‘Oh, we’ve

got values – that’s a PR exercise.’ Well, if you take that

attitude, what do you stand for? Values in themselves are

not obviously important to everyone until they’re needed.

Then, suddenly, they become very important. I’ve seen

companies where that dedication to principles is being

watered down. Firm guidance is something which has to

come from the top – it’s part of leadership.

12

First StepsBy David Dodwell, Executive Director, Hong Kong – APEC Trade Policy Group

E d u c a t i o n

Trad Poe Policde PPolide Poe PoTradrara PeeTrC addddCEC

At a time of economic uncertainty, David Dodwell

addresses an issue that often goes unnoticed in Hong

Kong: youth unemployment.

As we enter the Year of the Dragon, and the fourth year

of the Great Recession, it is more than usually important

to fi nd something upon which we can build hope. That’s

a tough challenge, with most indicators in Europe still

pointing sharply down, and the US flat-lining at best.

There is even hand-wringing about prospects for China’s

economy — though quite how gloomy one should get

about GDP growth tumbling to 8.9% is open to question.

The one sliver of recent good news seemed to come

from the US job market, where there was breathless talk

of a “manufacturing renaissance” following news that the

US had created more net manufacturing jobs in the past

24 months than all of the other “Group of 7” developed

economies put together.

While the news was undoubtedly welcome, perspective

is needed: the US lost 2.3 million factory jobs between

2007 and 2009, and since then has created just 330,000

new jobs. US employment, at 11.8 million, is still about

2 million below pre-recession levels. Obama still has a

long way to go to pull unemployment down from the 9%

level it has been stuck at for his entire term of offi ce —

and no-one believes the latest uptick is strong enough

to provide ammunition for the Presidential election battle

that lies ahead.

The caution is in part due to concern that many of the

world’s unemployed have simply stopped chasing jobs

until prospects improve. But it is also due to the grim

reality that certain parts of every population — even ours

in Hong Kong — are suffering very much more than

others — in particular our unemployed youth.

Data recently released by the United Nations shows a

troubling global picture. Putting aside the millions that

are working for poverty wages, or are underemployed,

the global total of young unemployed rose steadily from


1994 right through to 2005, right under the nose of a

powerful global economic boom. Only in the final two

years of the boom did youth unemployment fall — from a

peak of nearly 79 million to 70 million in 2007. The Great

Recession has seen a bounce back up to 75 million. This

is what is meant in the labour market by “last in, fi rst out”

when it comes to hiring and fi ring.

The angst that haunts and scars the young as they

picture the nightmare possibility of unemployment and

poverty stretching years ahead is something I feel strong

empathy with, because I graduated from university in the

UK in the mid-Seventies, in the thick of a deep British

recession and Thatcher’s battles with the Trade Unions.

It was the scariest of times. I would pass street-sleepers

and wonder if this too might be my fate if the recession

didn’t ease.

I suppose for today’s young unemployed the message

of my own haunted times is that the scary times pass.

Economies recover. It may take time — and the scars left

by those terrible years may take a long time to heal —

but dreadful times do eventually come to an end.

For a Spanish or Greek 20-year-old,

with youth unemployment above

40%, such a message maybe

brings very cold comfort, especially

if you have no skills. But how much

less grim can it be in the US, where

youth unemployment is over 17%?

Or in Hong Kong for that matter.

We may have low unemployment

overall, but the off icial jobless

number for people under 25 is

nearly 8%,, and a recent United

Nations report on

global employment trends for

youth comments that true youth

unemployment in Hong Kong

“could be as much as double the

official rate if all of the additional

inactive youth are really holding out

hope for future employment”.

The “inactive youth” are youngsters that are “either “hiding

out” in the education system instead of facing a pointless

job search, or idly waiting at home for prospects

to improve”. The UN estimates Hong Kong’s youth

unemployment to be around 24%. No wonder there are

so many volunteers ready to camp in tents under the

Hong Kong Bank headquarter building as part of the

“Occupy” movement.

Hong Kong's problems may be modest by comparison

with those in many countries worldwide, but our leaders

have no space for complacency. Our future Chief

Executive, and the civil servants who will administer and

implement his visions and strategies, will need to give

highest priority to quality education and training that is

powerfully tailored to job market needs. Our leadership

will need to focus hard on macroeconomic and fi nancial

stimulus — which for Hong Kong means facilitating the

survival and growth of SMEs, in particular in the services

economy — even if that means annoying the many

powerful vested interests that many of our disenchanted

youth believe get more than their fair share of the

economic breaks in Hong Kong.

Surely the time to inject hope — and to lay foundations

for a skilled and motivated workforce that can fuel our

recovery when the recession eventually ebbs — is exactly

now, when we are at the nadir.

14

The property market in the

prime locations of Central

London has been r is ing

s t e a d i l y f o r a n u m b e r

o f years - the quest ion

prospective buyers have

always asked is whether this

is a bubble or whether it is

sustainable growth?

The Capital Market

Looking briefly at 2011, despite the ongoing financial

crisis in the Eurozone, the level of transactions remained

stable throughout the year. Although purchasers did

show more signs of caution, demand remained strong,

particularly from overseas buyers, who still regard

London as a safe haven for their capital. There was

continued investment activity from both

European and Asian buyers. The latter

included first indications of real interest

from mainland Chinese buyers.

In contrast to the strong levels of

demand in the market, the levels of

supply were very weak. However, it

took longer to agree sales because

buyers were taking a more cautious

approach. Of course properties that were correctly

priced and in good locations continued to sell quickly,

whilst properties that were in some way blighted or over

priced were taking longer to dispose of. The market

became more price sensitive and we expect that this

will continue into 2012. The level of price increases

varied - in the prime locations they rose by some 14%,

where there is most activity from international buyers,

whilst in the prime domestically-dominated locations of

south, west and north London they rose by 7%.

This year it is anticipated that prices will continue to rise

across central London, but with the weakened economic

outlook this may not be at the levels experienced in

2011, an average across central London is thought likely

to be around 5%.

Rental Market

The letting market in 2011 started strongly. As with the

sales market there was a shortage of supply and a strong

demand. By the end of the second quarter rents had

risen by just over 4.25%, taking them above the previous

high in 2007. The second half of the year saw rents fall

marginally as the Eurozone crisis deepened and more

uncertainty blighted the City.

The level of new properties coming to the market

has remained fairly static, which is partly due to an

increasing number of tenants deciding not to move

but to renew their tenancies. Overall 2011 saw rental

growth of around 5%.

City jobs are likely to remain flat during 2012 and it

seems that the general imbalance between supply and

demand will remain a key feature of the rental market.

It also seems likely that there will be positive rental

growth over the year possibly similar to the levels

experienced in 2011.

What Type of Property?

Looking at the market from an investors perspective, new

build has always been very popular from the point of view

Evelyn Gardens – South Kensington

Acquired £2,200,000

By Perry Bousfield, Director of Prime Portfolio

Prime London Residential Investment

P ro p e r t y


of overseas buyers, particularly those from South East Asia.

These buyers are attracted to new build fi rstly because they

are used to the modern residential property that dominates

the Hong Kong and Singapore markets, and secondly,

because new build seems safer from a value perspective –

believing in the old developers adage buy at today’s price

for tomorrow. However, in light of the pervading economic

climate in Europe and the possibility that the rental market

may be flat for some time buyers should be cautious.

Buying in large new developments, where there are a large

number of similar fl ats available may result in the investor

experiencing a downward rental spiral.

Investment in existing properties

is probably safer because they

are more established, and

there is unlikely to be the level

of people movement found in

brand new developments. There

are very few new developments

in the prime locations; these

locations are though where there

is the greatest growth in value.

Concerns of those unfamiliar with the market regarding

buying older property in the right locations can be mitigated

by retaining the services of an experienced buying agent

who should be able to lead the investor through the process

and ensure that the purchase is in a popular location and will

afford a good investment opportunity.

Where to invest?

Investors regularly ask, where is the best place to invest?

This is always a difficult question to answer, and is

driven by each individual’s criteria, how risk averse they

are, how long they intend to stay in the market, and of

course, how much money there is available.

The traditional locations of Chelsea, Kensington, South

Kensington, Knightsbridge and Belgravia, will always be

sought after by both investors, tenants and end users.

The shortage of supply has driven prices up rapidly,

and fi gures well in excess of £2,000 per square foot are

being achieved and approaching £3,000 in the very best

locations, meaning that a one bedroom flat can easily

cost £1,000,000 and a 2 bedroom flat of circa 750

square feet, in good condition £1,500,000.

However, there are several areas that look particularly

interesting at present, which could tempt the investor

who is prepared to look away from the traditional

locations, either because he feels that they are too

expensive or because he wants to broaden his portfolio.

Firstly, there are proposals to re-develop Earls Court

in the foreseeable future. This is to be one of the

largest development in London ever; present proposals

are that it will be a mixed use scheme with some

2,000,000 square fees of commercial space and 7,500

flats covering an area of between 50 and 70 acres.

It may be some years before the plans are approved

and building commences, but there is some good

residential property in the surrounding areas which will

undoubtedly see a significant upsurge in value, for an

investor planning to invest in the medium/long term,

the location must be worth considering to invest in for a

well balanced portfolio.

Having advised earlier to be wary of new developments,

long-term investors may wish to consider Kings

Cross, which is an area “about to happen”, where new

developments are leading the way. Previously quite

seedy from a residential perspective, there are now

two large schemes being constructed, which will be

ready for occupation in the coming months. Prices

being achieved are substantially less than in the prime

locations, some below £1,000 per square foot. There

are also a number very attractive Georgian terraces

where prices are rising, as owners capitalise on the

increasing interest in the area, so it will take time to fi nd

and buy an older property.

C i t y f r i n g e s p r o v i d e

some good investment

opportunities. For instance,

G r a y s I n n R o a d i s a n

interesting location where

prices are still low, making

g ross y ie lds look ve ry

attractive. Residential values

are rising in and around

Canary Wharf; immediately

south of the River to the

East of Waterloo is also worthy of thought, owners or

tenants can walk across the various bridges to work.

All the indications seem to be that the market will

continue to move forward in the coming months, that

prime London residential will remain a strong investment

and is likely to continue to outstrip other investment

classes.

At Prime Portfolio we offer a complete residential

investment advisory service for UK based and international

private clients and Family Offices. We have a full time

representative in Hong Kong, Nick Todhunter who has

regular support from London, and will be happy to talk to

anybody who would like to hear about the services that

we offer. UK - [email protected] Hong

Kong - [email protected]

C h e v a l i e r H o u s e – O p p o s i t e

Harrods, 3 flats acquired circa £4m,

let at £2500 per week each

Trinity Court – Grays Inn Road, Acquired and

renovated, total cost £350,000 rent £375 per week

A d ve r t o r i a l

An Ampleforth Education ProvidesProvides a Compassa Compass


Ampleforth College and its preparatory school, St Martin’s Ampleforth, are situated on opposite sides of a beautiful valley beneath the North Yorkshire moors. They are Benedictine schools under the guidance and care of the monks of Ampleforth Abbey.

Th e Rule of St Benedict, written in the Sixth Century, has provided a wise and enduring framework, both spiritual and practical, to guide religious communities. It gives us, in the 21st century, an excellent guide for running schools “in the Lord’s service.” St Benedict shows how, through prayer and work, the individual can grow closer to God through living in a community. Th is Benedictine tradition appeals not only to Catholics but also to other Christians who recognise the benefi ts of its balanced approach.

We are proud of our students’ successes. St Martin’s Ampleforth produces well rounded and talented children. Each year up to a dozen scholars will cross the valley to join Ampleforth College. Th rough the College, nine of our young men and women have been off ered Oxbridge places this year, three with choral scholarships. Th e average UCAS points gained by our students last year was the equivalent of A*AA. Our intake is academically mixed; we expect entrants to achieve 50% at Common Entrance, and we are consistently in the top 5% of the Value Added League tables. At St Martin’s Ampleforth and at the College, excellent teaching, encouragement and support combine to help our boys and girls perform much better than expected at every stage of their education. Nearly 25% of our students come from outside the UK and this includes a dozen from Hong Kong. Th is variety enhances the rich experience of all students.

Of course academic results are important but, as well as excellent results, our aim and determination is to prepare our children for their lives ahead. We want to help them develop the skills, values and virtues to enable them to live fulfi lled and useful lives. Th is will lead to happiness. Happiness therefore, is not a goal in itself but a product of a life well lived. We believe that St Th omas Aquinas’ understanding that we are perfected by the habit of virtue should guide us in our work.

The cultural life of the schools is rich and varied. We have a strong tradition of choral music; we sing the Messiah, the Faure Requiem and Pergolesi’s Stabat Mater every year and will sing the Matthew Passion as well next year. Art and drama are traditional areas of strength and are fl ourishing. Th e valley is full of sportsmen and women who represent not only the schools but their counties and, in some cases, their countries.

We are always setting our boys and girls targets: they must strive to win sports fi xtures, win scholarships, sing like angels, excel in public exams, paint like Michelangelo and so on. All the time as a background to all these endeavours, the boys and girls can hear the ringing of the Abbey bells reminding them of lives lived diff erently and the perspective of eternity.

It is said that people who leave Ampleforth for the wider world take with them “a compass for life” – a personal direction-fi nder that will always allow them to hold on to their moral bearings to seek their own true north.

mpass for Lifefor Life

www.ampleforth.org.uk

Nearly a year since its implementation, we look again at Britain’s ground-breaking new Bribery Act.

The UK’s Bribery Act is nearing its fi rst anniversary. Passed

into law in 2010 with cross-party support, the anti-

corruption act was delayed in implementation until July

last year to allow for a period of refl ection and explanation

from the authorities. It has been hailed by some as ‘the

toughest anti-corruption legislation in the world’ and by

others as unnecessary or ‘not fit for purpose’. Others

still see its introduction as a tardy move to bring Britain’s

anti-corruption laws in line with those already in place in

America and the rest of Europe.

The act certainly comes at a prescient time. ‘Had it been

introduced ten years ago…’ is an increasingly common

refrain in light of instances ranging from the Al-Yamamah

arms deal to the recent phone-hacking scandal. In

What does the Bribery Act 2010 do?It defines bribery and sets out four mainoffences:• Bribing someone• Receiving a bribe• Bribery of Foreign Public Offi cials• For commercial institutions, failing to

prevent a bribe

Why 2011?The UK had recently ratified the OECD (Organisation for Economic Co-operation and Development) ant i -corrupt ion convention and faced criticism from many quarters, particularly because British law was still partly based on the Public Bodies Corrupt Practices Act 1889 and had not been updated since 1916. The legislation had been under review since at least the 1970s.

Why the controversy?Several parts of the act seem to go further in its stringency than other jurisdictions, which could arguably put UK firms at a disadvantage when operating overseas or even discourage foreign companies from investing in the UK.

Section 7 is likely the most controversialpart of the act. British companies andindividuals can be guilty if someone

working for them, even an agency,commits bribery. This also applies tocompanies who are not UK-registered, butwho are based in the UK or who carry onpart of their business there.

In the general clauses, bribery is definedas covering payments not just to publicofficials, but also to anyone who couldbe swayed away from what they wouldreasonably be expected to do in whatever their capacity. This would cover, for example, bribing a professional reporter not to investigate or print a story.

What is the maximum penalty under theact?F o r c o m p a n i e s : u n l i m i t e d f i n e s(commensurate with potential gainsaccrued resulting from the bribe)For individuals: ten years in jail

How can companies avoid prosecution?• Pre-empt it by instituting a demonstrably

corruption-free corporate culture and a transparent code of conduct, both in-house and when dealing with partners and agencies.

• In cases where companies know or suspect that bribery has occurred, they should immediately report the incident to the Serious Fraud Offi ce.

What’s the overall message?Companies and indiv iduals shouldexercise due diligence, and demonstrate a culture of openness, honesty andintolerance for any kind of bribery. Theauthorities’ focus appears to be moreon companies who show general intentto commit corruption (or, lack of intentto prevent it), rather than wishing topenalise odd incidences of bribery. Howfar this will translate into prosecutionremains to be seen.

How can companies be sure about thedetail of the law?Before the act came into force, the Ministry of Justice released a detailed guidance on the ethos and detail of the new legislation. However, some legal experts have warned companies about complacency by reading too much into the guidance.

How many prosecutions under the new act have there been so far?One. A clerk working at RedbridgeMagistrates’ Court was convicted under the new act in November last year for taking bribes to erase motoring offencesfrom court records. Tabloid newspaper The Sun cover t l y f i lmed the manarranging a bribe. He was sentenced tosix years in jail.

By Sam Powney

countries across the world, a new determination to stem

corruption is becoming manifest. Just two months before

the UK bribery act came into effect, India’s anti-corruption

crusader Anna Hazare led a protest movement to New

Delhi culminating in a hunger-strike for tougher government

action to prevent and punish corruption. Some companies

felt trepidation about the stringency of the UK’s new act (it

goes beyond current US legislation by banning so-called

‘facilitation payments’ abroad), while others welcomed the

opportunity to spread good practice further afi eld.

However, despite all the interest and controversy surrounding

its introduction, thus far the formidable new act has yet to

really show its teeth. So far, there has only been one minor

prosecution under the new act for a crime which would

already have been illegal under the previous acts. Lawyers

wait with professional interest, for the detail of the new

legislation will only really become clear in the courts.

L aw

How long does a cheese take to mature? You may well

have had the opportunity to try some aged Parmesan

cheeses or maybe an “older” Cheddar, but what about a

cheese from 1997?

Most people are not aware that some of the top cheeses

can age for a very long time. The best example is the Italian

Bitto. Still made according to a centuries’ old process,

this unique cheese derives its name from an ancient Celtic

word meaning “perennial.” True to its name, the cheese can

mature for upwards of 10 years.

Bitto cheese is produced in Valtellina, in the province of

Sondrio, in the Italian region of Lombardia. According to

certain historians, livestock farming in the Alpine valleys

dates back to the early Celts. The Celts, who were experts

in using rennet even at that time, found it quite easy to

adapt their skills in order to produce hard cheeses. Tradition,

or rather the ancient production technique, is still used

today, handed down over the centuries from generation to

generation with great wisdom and foresight.

- and available in Asia only

This cheese can only be produced during the summer, in

Alpine pastures at high altitude, since its taste and smell

depends on the quality of the grass consumed by the cows

which varies from pasture to pasture. The cattle are fed

largely on wild plants and herbs, sometimes made into hay,

which come from the same area.

In this region of the Alps you can still sense the most

genuine, traditional aspects of the pastoral world, and

rediscover the rustic, humble atmosphere typical of life

in the mountains. And Bitto reflects it. Honest, genuine

cheese, produced in a completely natural way, it can last

longer than any other know cheese.

According to Paolo Ciapparelli, 60-year-old president of the

Association of Bitto Producers, some hypotheses credit the

cheese’s long life to early processing that begins about 30

minutes after milking, which halts bacterial formation.

The addition of 20 percent goats’ milk is said to improve

preservation. No scientifi c consensus has yet been found.

Today, Bitto up to 10 years old is normally sold at cheese

auctions around the world, but the 1997 lot is by far the

oldest on the market. And it is available in Hong Kong only.

We have made several vertical tastings of the cheese-

2007, 2001 and 1997 and it is really interesting to see how

the taste evolves. At the beginning of its ripening process

its taste is sweet and delicate. After the first few years it

develops a sharper and richer fl avour, its nobility increases,

fi nally becoming an excellent product that is found on the

most refined tables. We found the 1997 one matching

perfectly with the truffl e honey or a nice Italian ‘Mostarda di

frutta’, while the younger one can be enjoyed on its own.

Profood carries Bitto 1997, 2001 and 2007

Ivona Grgan, Profood Limited

Suite No. 1612B, 16/F., Exchange Tower,

33 Wang Chiu Road, Kowloon Bay,

Kowloon, Hong Kong,

Tel: (852) 2243 3397

Profood Facebook page: https://www.facebook.com/

pages/Profood/294978540548644

Britain in Hong Kong 2120L i f e s t y l e

From Hong Kong you can fly to the second largest

archipelago in the world, with over 7000 tropical islands,

in only 2 hours. The Philippines can be divided into four

groups: Luzon, the largest and northernmost island, is

the site of the capital, Manila. At the other end of the

archipelago is the second largest island, Mindanao.

Then, there is the tightly packed island group known

as the Visayas, which fill the space between Luzon and

Mindanao. Finally, off to the west, lies the province of

Palawan. Having not visited the Philippines for many years,

a recent trip opened my eyes to the often overlooked

destination that offers some of nature’s best in terms of

coral, sea life and island getaways.

As eager as most people are to begin their holiday in

tropical paradise, I was interested in spending a day

exploring Manila. Green Hills, the number one shopping

mecca, is often the fi rst port of call. This is the place to go

where you can buy real pearls and fake designer bags, all

at an extraordinarily low price. It was easy enough to fi nd

and yet a struggle to come away empty handed! Although

the beaches were calling, I couldn’t leave without getting

a taste of the Philippines’ Spanish history. The Intramuros

area is where some of the Spanish churches and squares

are located and the best way to get around is to

take a walking tour through the cobbled

streets. The Philippines is the second

country where divorce is still illegal so

marriage is taken incredibly seriously and

celebrated in a suitable manner. Discover

the San Augustin Church, and you will fi nd

back-to-back weddings taking place. The

traditions of cheering while the bride and

groom have their fi rst kiss are great fun to witness and the

couples themselves don’t seem to mind the odd stranger

joining in the celebrations. In Manila stay at The Peninsula

or feel the true Philippino hospitality at The Shangri La.

After my day in Manila I fl ew directly to Busuanga Airport

on Coron Island where I embarked on a 4 hour boat ride

to the private island of Ariara, a fairly new property in the

Palawan islands that epitomises the idea of remote luxury.

Of course there are other more glamorous ways to reach

the island such as by helicopter or speed boat, but the

cruise on their 100ft trimaran was perfectly glamorous

enough for us. First thing on the agenda was to enjoy a

fresh mango smoothie whilst enjoying the stunning views

from the top deck. We were then introduced to one of the

many secluded limestone bays that surround Coron for a

refreshing swim before testing the infi nity pool as the sun

set whilst deciding what fresh seafood to have for dinner…

lobster was of course on the menu. Ariara felt like a home

away from home and is the perfect location for a family

with children or a group of friends. All water sports are

available, including wakeboarding behind an incredibly fast

by Tanya Roberts, Travel Consultant,

Lightfoot Travel (HK) Ltd.

L i f e s t y l e


jetski, and wreck diving. Everything

is at your disposal.

We left Ariara with a heavy heart but luckily

our next stop was Amanpulo, Aman’s only

luxurious island retreat in the Philippines, also set

in the Palawan islands. We had to return to Manila to

transfer to Amanpulo’s private terminal but after only an

hour’s flight we were already there. There are no cars

on the island so you can take advantage of your own

private golf buggy or simply go by foot along the white

sand beach that allows you to do a complete circle of

the island in just an hour and a half. The highlight of

our trip was the first class service it so easily affords,

not to mention the giant turtles, which are definitely

worth searching for. Don’t worry, the boat boys make it

their mission to help you fi nd them and you will not be

disappointed!

Apart from the Palawan islands, there are more

commonly known destinations. From Manila, fl y to either

Caticlan or Kalibo where you can go by boat to one of

the most popular islands in the Philippines, Boracay.

The code on this island is strictly informal and there is an

undeniably easy atmosphere where the way of life is to

enjoy a massage during the day before getting involved

in the tropical party lifestyle in the evenings. It is here that

many divers and snorkelers come to enjoy some of the

world’s best underwater life. There are other adventures,

should diving not be your thing, such as boating,

kitesurfing or even trekking. For golfers, Fairways and

Bluewater Resort Golf and Countryclub has an 18-hole

championship course.

Cebu is another great location for families with a plethora

of resorts that are within close proximity to the airport.

From Cebu why not visit the nearby islands of Donsol,

where you can swim with whale sharks if you so choose,

or Bohol where you can see the Tarsier, one of the

smallest primates on earth, enjoy the Loboc River Cruise

and explore the infamous Chocolate Hills.

The Philippines is an excellent year round direct destination

from Hong Kong. The people are gregarious and good

hearted and the culture is rich in history, it is truly one of

the great destinations in Southeast Asia.

Other places to stay in the Philippines

CEBUShangri-La Mactan Island Resort One of the Philippines premier luxury resorts, it is great for

couples or families. It features kids play areas including the

‘Aquaplay area’ in the pool, a wide range of restaurants

and the Shangri-La’s signature CHI spa, one of the largest

and most luxurious in the region.

Crimson Resort With a traditional feel it is a resort with 290 rooms and

run and managed by Filippino companies. It is set in 6

hectares of sprawling grounds and has 4 different eating

spots. It is 15 minutes from Mactan Airport.

BOHOLAmoritaAmorita in Philippino means ‘beloved’ or ‘little love’. The

resort sits atop a seaside cliff at the north eastern end of

Alona beach on Panglao Island. With 180 degree views

of the Bohol Sea it is the ideal destination and perfect for

a romantic trip for two. Fly into Amorita airport from either

Manila or Cebu and then take a boat to the Panglao island

resort.

AnanyanaAnanyana is a resort that focuses on service and calm.

Great for a couple or family as there are so many activities.

Ride along the beach on horseback, drive around Bohol

on 2 or 4 wheels or perhaps you’d rather go on a romantic

sunset cruise. They have babysitting facilities so you can

have some time away from the young’uns. Accessible

from either Manila or Cebu.

The Bellevue ResortA new resort with 150 rooms that are thoughtfully

designed and laid out. It will be opening in the middle of

this new dragon year so please email Lightfoot Travel for

updates on the opening of this new resort.

El Nido Resorts; Miniloc Island, Lagen Island, Pangulasian Island

The El Nido resorts, Northern Palawan, are a 1.5 hour

flight from Manila to El Nido’s airport and each resort is

about a 45 minute boat ride from El Nido. They are also

accessible by a 2 hour land journey from TayTay, Palawan.

Each resort has a different feel to them but they are all the

perfect holiday destinations for those in search of a fun

and vibrant holiday. The resorts are tucked in a beautiful

cove with a backdrop of limestone cliffs, Miniloc is best for

couples, Lagen is best for diving and Pangulasian is best

for luxury.

MinilocReminiscent of a coastal village, Miniloc Island’s quaint

charm is enhanced by its crystal clear waters teeming

with vibrant marine life. At its very doorstep, the long

dock where guests are welcomed, guests can snorkel

alongside 1.5 metre jacks and hundreds of sergeant

majors, damsel fish, fusiliers, and other multi-colored

tropical fi sh. The 50 rooms are rustic and native in style.

Enjoy al fresco dining at the Clubhouse restaurant and

beach bar.

22

EASTERN & ORIENTAL EXPRESS ...YOUR STORY IS YET TO BE WRITTEN

Traversing the peninsula between two great Asian cities,

your luxurious train snakes through dense jungle, past

highland vistas and over emerald paddy fields.

Terms and Conditions: Prices are per person based on two sharing a Pullman Cabin with meals and sightseeing included. Valid for new bookings only. Offer and itinerary is subject to availability. Not available in conjunction with any other offer. The marks/logos of Orient-Express and Eastern & Oriental Express have been registered in various countries. “Orient-Express” is a trade mark of SNCF and is used under licence by Orient-Express Hotels Ltd and its subsidiaries. This advertisement does not constitute a brochure. All bookings are made subject to our terms and conditions which are available on request and can be viewed online at www.orient-express.com. Itineraries and fares are subject to availability and change without notice.

For a limited time we are offering British Chamber of Commerce Hong Kong members an exclusive offer when travelling on our breathtaking two or three night Classic Journeys – winding through the stunning scenery of South-East Asia, between elegant Singapore and vibrant Bangkok. Book before 30th April 2012 and receive: US$500 per cabin, a bottle of champagne on arrival

and US$100 credit to spend in the onboard boutique.

Create your own exotic story from US$2,440 per person.

CONTACT OUR LUXURY TRAVEL CONSULTANTS ON +65 6395 0678, OR EMAIL [email protected] QUOTING CODE ‘BHK’

ORIENT-EXPRESS.COM/E&O

Find us onFacebook

LagenPerfect for relaxation and diving, Lagen is an island nestled

between a lush four-hectare forest and a calm, shallow

lagoon. The resort offers a magnifi cent view of Bacuit Bay

and the El Nido sunset. The surrounding forest and the

breathtaking limestone cliffs are natural attractions that

also serve as a sanctuary for a diverse variety of birds and

mammals. Here, guests can observe and delight in wildlife

fl ourishing in their natural habitat. Guests often come here

for birdwatching and in particular diving with over 20 dive

sites nearby.

PangulasianThe resort is set fronting a pristine beach and against a

backdrop of tropical forest. Also known as the “Island of

the Sun”, Pangulasian has breathtaking views of both the

sunrise and sunset. 42 rooms built with contemporary

Filipino and cutting edge “green” design. El Nidos’ luxury

island hideaway.

BORACAY Asya Premier SuitesThe boutique option in Boracay with only 20 suites, all with

panoramic vistas of the sea. Only 20 minutes from Caticlan

Airport, it has everything you need to enjoy Boracay

including nanny and butler services, a beachside pool and

access to all the local diving spots. Take an afternoon off

and enjoy their Palay High Tea experience, a fusion of east

and west sweets and savouries.

Shangri LaSituated on a lush hillside within an eco-reserve, this resort

has sprawling grounds and 350 metres of secluded beach,

perfect for relaxing. It is great for families with its fun fi lled

Entertainment Centre and child friendly adventure zone,

whilst also being a great spot for couples who can enjoy the

Shangri-La signature CHI spa or its many restaurants. Fly to

Caticlan and then transfer by boat and land for 15 minutes.

Discovery ShoresThis is a great option for families looking for a “staycation”.

This resort has 1 and 2 bedroom suites that allow you

to relax, read and catch up on your stack of magazines,

take a dip in the pool and let the hours pass. There

are 5 different eating spots so you won’t get bored not

to mention the world famous diving locations and the

amazing seas for sailing, surfi ng or paddleboarding.

Bespoke travel company Lightfoot Travel (+852 2815

0068; HYPERLINK “http://www.lightfoottravel.com”www.

lightfoottravel.com) is an Asia-based bespoke tour

operator specialising in tailor-made holidays, honeymoons,

short breaks, boutique accommodation and private villas

in Asia, Australasia and Africa.

L i f e s t y l e


Inspirational Women Series - How It Happened: The Career a Never Expected

Wed, 14/03/2012 - 12:30 - 14:00

Conference Room, 6/F, The British Consulate-General

Speaker: Jan De Silva, Dean, Ivey Asia

The Women in Business Committee is delighted to invite you to

the fi rst in its Inspirational Women Series sponsored by Barclays.

Join us for a luncheon discussion with Jan De Silva, Dean of Ivey

Asia, as she shares her experiences on becoming the fi rst woman

to lead a division at Sun Life China, the fi rst foreign women to lead

a joint venture insurance company in China and the balancing act

she faced along the way of juggling a career and a family.

Shaken Not Stirred Networking Drinks Kowloon

Thu, 15/03/2012 - 18:30 - 20:30

Chin Chin Bar, Hyatt Regency Hong Kong

Join us for a networking drinks event - Kowloon side! Specially for

all our members and guests based in Tsim Sha Tsui and Kowloon.

Come and enjoy an after-work drink at the popular Chin Chin Bar, a

cozy Chinese-style lounge at the Hyatt Regency Hong Kong.

The Britcham & KPMG Rugby Dinner 2012

Thu, 22/03/2012 - 20:00 - 23:59

The Main Restaurant, Hong Kong Football Club

Warm up for a weekend of Sevens action at the Britcham and

KPMG Rugby Dinner! It promises to be a thrilling night of rugby

entertainment with special guest speakers, good curry and stand-

up comedy. Catch up with friends, colleagues and clients over a

few beers and the best curry buffet in town. Then sit back, relax

and enjoy a night of all things rugby related, including entertainment

from our very special guests and some stand-up comedy!

UK Budget 2012

Fri, 23/03/2012 - 08:00 - 09:15

Harcourt Suite, 1/F, The Hong Kong Club

Speaker: Deborah Annells, Managing Director, Azure Tax Ltd.

UK Chancellor George Osborne will give the UK Budget on the

21st March 2011. There are many rumours but it is unlikely the

50% top rate of income tax will be dropped yet, despite statistics

showing it has raised no additional revenue.

This breakfast briefing will cover the main UK Budget Tax news,

focusing on how it affects businesses and residents in Hong

Kong and the region. It will also include a post-budget analysis of

feedback from UK professional bodies and the media.

The Sustainable Enterprise - Why all businesses should actively be saving the planet

Tue, 27/03/2012 - 08:00 - 09:15

Harcourt Suite, 1/F, The Hong Kong Club

Speaker: Chris Riley, Managing Director, Sercura

The business case for sustainability is strong, with the potential

to reduce operational costs, win new customers and retain

existing contracts. Recent surveys have demonstrated a clear

willingness within the global business community to tackle

supply chain sustainability, an area that has received relatively

scant attention. However, translating this wil l ingness into

practical action and concrete results remains a considerable

challenge.

Chris Riley will discuss the various options open to companies

working in Hong Kong or in China in terms of real action related to

controlling the carbon footprint in their operations.

Upcoming Events

The British Chamber of Commerce is pleased to announce that Barclays are the proud sponsors of the newly

founded Women in Business series ‘Inspirational Woman’.

The 'Inspirational Women' Series is a newly created series thought up by the British Chamber of Commerce's

Women in Business Committee. It will be a series of six seminars and will be co-ordinated by the Women in

Business Committee with the support of Barclays. The committee is very active and organises regular networking

events and seminars throughout the year primarily aimed at Women in Business in Hong Kong. The primary role of

this series is to create opportunities for corporate and individual members to engage with contemporary topics of

professional interest to business women.

Barclays and the British Chamber's Women in Business Committee are looking forward to hosting some excellent

speaker events so keep an eye on the Britcham calendar! Join us on Wednesday 14th March for the fi rst event in

the series, and listen to Jan de Silva, Dean of Ivey Asia, speak about her life and career experiences.

We look forward to welcoming you there. Please visit www.britcham.com for more information.

About Our Sponsors: BarclaysBarclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth

management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise

in banking, Barclays operates in over 50 countries and employs over 140,000 people. Barclays moves, lends, invests and protects money for

customers and clients worldwide.

For further information about Barclays, please visit : www.barclays.com

Women in Business

Getting Inspired

24

Member DiscountsFood and Beverage and Accommodation

Accor | Members will receive 10% discount on top of the lowest rates that Accor’s Asian

hotels are offering on the day (5% off hotels outside Asia Pacifi c). This applies to over 1600

Sofi tel, Pullman, Novotel, Mercure & All Seasons hotels worldwide. For more information please contact Regina Yip on 2868 1171 or email [email protected]

Alfi e’s | Members of the British Chamber of Commerce can benefi t from a 10% discount at

this chic restaurant in Hong Kong.

Berry Bros. & Rudd | Members can benefi t from a 10% discount on all retail prices as well

as receiving invitations to free tastings and other wine events during promotional period.

Courtyard by Marriott Hong Kong | Members will receive a 10% discount on food only in

MoMo Café. To make a reservation please call 3717 8888.

Dot Cod | All Members of the British Chamber of Commerce of Hong Kong will receive

a 10% discount on the bill. For more information please call 2810 6988 or email [email protected]

Grand Hyatt Hong Kong | 15% discount on food and beverage at The Grill and 10%

discount on all a la carte treatments and spa merchandises at Plateau Spa. To make a reservation please contact the Grill on 2584 7722 or the Plateau Spa on 2584 7688

Hyatt Regency Hong Kong, Tsim Sha Tsui | 10% discount at The Chinese Restaurant,

Hugo’s, Cafe and Chin Chin Bar (except during happy hour). To make a reservation please call 2311 1234

JW Marriott Hotel Hong Kong | Members will receive a 10% discount on the total bill at

Man Ho Chinese Restaurant, JW’s California, Marriott Cafe, The Lounge, Riedel Room @

Q88, and the Fish Bar & Grill. To make a reservation please call 2810 8366.

Le Méridien Cyberport | Members can book a Smart Room at the special rate of

HKD1,600 including a daily eye-opening buffet breakfast (subject to availability). You will

also receive 20% discount at 5 of the hip restaurants and bars that the hotel has to offer.

Furthermore, when you book the 21-day long room package at HKD23,100 you will receive

a ‘Round Trip Limousine Service’. For more details please call 2980 7785.

Hong Kong Skycity Marriott Hotel | Members will receive a 10% discount on the total

bill at Man Ho Chinese Restaurant, SkyCity Bistro, Velocity Bar & Grill, and The Lounge

(Promotion does not apply to alcoholic beverages). To make a reservation please call 3969 1888.

Renaissance Harbour View Hotel | Members will receive a 10% discount on the total

bill at Michelin Star Dynasty Chinese Restaurant, all day dining at Cafe Renaissance, Scala

Italian Restaurant and the Lobby Lounge. To make a reservation please call 2802 8888.

The Mira Hong Kong | Members will be given special room rates, a complimentary

upgrade and fantastic discounted rates on the Spa suite package (subject to

availability). For more information please contact Connie Kwan on 2315 5666 or email [email protected]


There are many great benefits of being a member of The British Chamber of Commerce. One of those is the Member Benefits program which is an exclusive package of discounts that range from discounted car rental, reduced hotel accommodation, airfares and even relocation costs.

Every six months we invite members to prepare a tailor made offer to all the members of the British Chamber. You can fi nd these benefi ts listed below and for more details please visit our website www.britcham.com

Home

Allied Pickfords Hong Kong | For any Home Search completed by SIRVA Relocation,

members will receive a FREE local move. Please call 2823 2077 or email [email protected]

Bowers & Wilkins | B & W are offering members a 10% discount on all listed price

items in the B&W Showrooms in Tsim Sha Tsui and Central. For more information please call 3472 9388 or 2869 9916

Colourliving | As a member of the British Chamber of Commerce, you can enjoy a 10%

discount on all normal price merchandise when shopping at colourliving in Wanchai.

Please call 2510 2666 or visit www.colourliving.com

Travel & others

Avis | Members can receive up to 20% discount off standard rates on car rental

bookings. To make a booking please call 28822927 or visit www.avis.com.hk

British Airways | As a member of the British Chamber of Commerce you can enjoy

an exclusive offer from British Airways. To make a booking please visit www.britcham.com/memberdiscount/british-airways

Carey | As the world’s fi nest chauffeured services company Carey are pleased to offer

Britcham members a 10% discount on the base rate of any service, anywhere in the

world. For more information please call the international reservations team on +800 0123 4578 or email [email protected]

Compass Offi ces | Compass Offi ces, a premium serviced offi ce provider, are offering

members a one month free Serviced Offi ce space or three months free with a Virtual

Office Package. For more information please call 3796 7188 or email hksales@compassoffi ces.com

Flight Centre | Members will receive HKD150 off the fi rst booking made as well as a

complimentary Airport Express ticket per booking. For all holiday and fl ight enquiries please call Paul Jeffels on 2830 2793 or email paul.jeffels@fl ightcentre.com.hk

Virgin Atlantic Airways | Special offers to London are available exclusively for

members of the British Chamber of Commerce. Please call 2532 6060 for more details or to make a reservation.

VisitBritain | British Chamber members can enjoy a 5% discount on all purchases from

the VisitBritain online shop. Please call 3515 7815 or visit www.visitbritaindirect.com for further information.

Terms and Conditions apply. All member discounts are subject to availability. If you are interested in providing a tailored

offer to our members or for more information please contact Emily Ferrary on 2824 1972 or email [email protected]

26

Attention MembersThe membership renewal period is upon us! The Chamber would like to thank you for your continued support during 2011 and hopes that you will renew your membership with us this year.

By now you should have received your membership renewal invoice in the post and by email.

The first 150 Corporate Members who settle their renewal invoice will receive a bottle of Berrys’ UKC Champagne, Grand Cru Société de Producteurs - Mailly

So don’t forget to get your payments in quickly!!

If you have any questions with regards to your membership, please contact Lucy Jenkins at [email protected]

Terms and Conditions apply.

TH E BRITI SH CHAMBER OF COMMERCE AND

ST ANDARD CHARTERED BANKANNUAL BALL 2012

Friday 8th June 2012Grand Ballroom, The Grand Hyatt

7:30pm - LateDress Code: Themed Fancy Dress – Camelot Chic

WWW.BRITCHAM.COM/SIR-DANCE-A-LOTFOR FURTH ER INFO PLEA SE CONTACT [email protected]


Threat of recession contains risk of further bank failures There is a high risk of another recession and a renewed banking

crisis, according to the latest Centre for the Study of Financial

Innovation (CSFI)’s Banking Banana Skins survey, produced in

association with PwC.

The respondents to the survey put macro-economic risk at the top of

the list of 30 possible risks to banks. The poll is based on responses

from more than 700 bankers, banking regulators and observers of

the banking industry in 58 countries.

In China, survey participants list credit risk, macro-economic risk

and liquidity as the top three risks to the country’s banking industry.

Painting a very bleak overall picture of the global banking landscape,

the survey shows a fragile banking system beset by threats and

uncertainties. Unlike the rest of the world, respondents in China

are more concerned about the quality of risk management. There

are worries that existing risk management system and the level of

IT support might not be strong enough to address changes in the

external environment.

The poll shows anxiety about the outlook for banks at its highest level

since the survey started 13 years ago. The main cause of anxiety

is, not surprisingly, the crisis in the euro zone. The shock of a euro

collapse would hit banks not just in Europe but in all major regions

of the world. Many respondents are in fact expecting to see further

bank failures and nationalisations.

Finally, the overall banking industry sector is undergoing a

fundamental shift in profi t expectations. Higher capital requirements,

greater regulatory and compliance costs, curbs on banking activities,

higher “stable funding” costs, political pressure to hold down prices –

all of these are impacting bank profi ts, and are likely to be around for

a while.

Mercer strengthens M&A leadezrship in Greater ChinaMercer recently announced the appointment of Phil Shirley to the role of Greater China & Hong Kong M&A leader and Stan Feng to the role of Mercer

China M&A leader.

Phil Shirley, formerly Mercer Hong Kong M&A Leader will now oversee

Mercer’s M&A advisory business in Greater China, based in Hong Kong.

He has over 20 years of experience in employee benefits and M&A

consulting having started his career in the UK in 1990 and subsequently

moved to Asia in 1996. Mr Shirley has worked on numerous due diligence

and post-merger integration projects. He advises Mercer’s clients on

the design, funding, accounting and governance of their Asian HR and

employee benefi t programs and is a regular speaker on related topics. He

specializes in cross-border deals and has advised large Asian companies

on their acquisitions in Europe and North America. Mr Shirley is currently

leading Mercer's intellectual capital and business development efforts in

the area of Asian outbound M&A.

Prior to joining Mercer’s M&A team, Mr Shirley led Mercer's Asian Retirement

Risk & Finance business. A graduate of Salford University, United Kingdom,

he is also a member of the Institute of Actuaries.

Stan Feng, now leads Mercer China’s M&A advisory business working

closely with Phil Shirley. Building on his 15 years of experience with

Mercer both in the US and in China, Mr Feng has had significant

involvement in M&A work through the years, particularly in 2011 when

Mercer successfully sold several large scale, cross-border, multiple line-

of-business projects to strategic buyers located in China. Mr Feng was

based in Mercer’s Boston offi ce for 10 years before relocating to China

in 2004.

Prior to joining Mercer’s M&A business, Mr Feng led Mercer China’s

Retirement business. During his tenure with Mercer’s Retirement and

International consulting practice, he worked with Mercer colleagues

globally in assisting multinationals on a wide range of human resources

issues. Mr Feng has an MBA from Georgetown University and is an

Associate of the Society of Actuaries.

News

New Appointments

Bonus optimism fading awayAt the end of January, eFinancialCareers, a leading global career

site network for professionals working in the investment banking,

asset management and securities industries, announced the

results of its latest Bonus Expectations Survey in mainland

China and Hong Kong. Expectations are high: over half (53%) of

surveyed fi nance professionals expect their bonus in 2011 will be

higher or the same in comparison to the bonus they earned in

2010. Looking further ahead, however, confi dence seems to ebb:

over four in 10 (44%) respondents predict bonuses will decrease

over the next three years.

Over eight in ten (83%) fi nance professionals in the PRC mainland

and Hong Kong expect to receive a bonus this year. Nearly a third

(31%) anticipate an increase in comparison to the previous year.

A similar proportion (30%) believe their bonus will be less, while

just over two in 10 (22%) think it will be the same as last year. The

remaining 17% don’t expect to receive a bonus at all this year.

Mourant Ozannes moves into AsiaLeading offshore law fi rm, recently joined Chamber member, Mourant Ozannes, has opened an offi ce in Hong Kong to provide

clients and intermediaries with access to the fi rm’s offshore legal services in an Asian time zone.

The office opening has been timed to coincide with celebrations for Chinese New Year, giving Mourant Ozannes’ Asian office an

auspicious start date in 2012 – the Year of the Dragon.

The offi ce has opened with three partners and will focus initially on investment funds, corporate and fi nance work for which the fi rm has

an international reputation.

Bó Lè and Global Sage Form Asia’s First and Largest Global Search Firm Global Sage has announced an equity alliance with Bó Lè Associates,

to form the largest executive search fi rm in the Asia-Pacifi c region.

The alliance makes Global Sage and Bó Lè Associates the fi rst Asian-

based practice in the search industry to operate on a truly global

platform.

The strategic partnership creates an alliance with offices from

Johannesburg to London and New York and a presence in 24 cities

across the Asia-Pacifi c region with more than 550 people.

28

We Collect and deliver your carFREE OF CHARGE

(subject to distance)We provide good, quick repair service at

reasonable prices

ALL REPAIRS WITH THREE MONTHS GUARANTEE

Our Business Hours8am-6pm, Mon-Sat & Public Holiday

Our 24hrs. Emergency Towing Agent“Firstone Towing Services” 8203 3411

Please call us at 2565 6166 or Fax: 2856 1047E-mail Address: [email protected]

Our competitive Labour charges: From

Lubrication Service $ 110

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Engine Decoke & Grind Valves $ 1,500

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Air Condition Freon Recharge $ 400

Alternator Overhaul $ 400

Starter Motor Overhaul $ 400

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PRC/MACAU

PricewaterhouseCoopers

John Ryan

Partner - Assurance

Tel 2289 2688

[email protected]

22/F, Prince's Building, Chater Road, Central,

Hong Kong

Accounting

ADDITIONAL

YNETWORKJardine Matheson GroupAlissa DaviesJardines Executive TraineeTel 2790 [email protected] Floor, Jardine House, Central, Hong KongConglomerate / Holding Company The Hong Kong & Shanghai Hotels LtdClarissa AikenManagement TraineeTel 6541 [email protected]/F, St George's Building, 2 Ice House Street, Central, Hong KongProperty / Real Estate Services

INDIVIDUALIan McMahonTel 2504 [email protected]/O: HK Rugby Union, Room 2001, Olympic House, 1 Stadium Path, So Kon Po, Causeway Bay, Hong Kong

Lee Hoi-LemTel 9830 [email protected], Central Plaza, 18 Harbour Road, Wan Chai, Hong Kong

OVERSEASThe Royal MintUeli Tschupp-LambertRegional Director of Sales - Asia Pacifi cTel 6711 [email protected], Pontyclun, CF72 8YT, United KingdomGovernment Owned Company

iExcelJeremy Artan de Saint MartinManaging DirectorTel 8121 [email protected], Kings Ville, Tower 2, Av, Olympica, Taipa, MacauBusiness Software Solutions

Project Retail ConsultancyJan BeardsConsultantTel 9327 [email protected], Tower One, One Central, MacauConsultancy Sheraton Macao Hotel, Cotai CentralSally-Ann KlapDirector of SalesTel 6311 [email protected] Da Baia De N., Senhora Da Esperanca, S/N, MacaoHospitality

STARTUPIris PublishingEmma Ellwood-RussellDirectorTel 9221 [email protected], Amtel Building, 148 Des Voeux Road, Central, Hong KongPrinting / Publishing Profood LimitedIvona GrganGeneral ManagerTel 2243 [email protected] No. 1612B, 16/F, Exchange Tower, 33 Wang Chiu Road, Kowloon Bay, Kowloon, Hong KongFood & Beverage

BlackrockMark McCombeChairmanTel 3903 [email protected]/F, Cheung Kong Center, 2 Queen's Road Central, Hong KongAsset Management

China Telecom (Hong Kong) International Ltd.Tan XuVice Executive PresidentTel 2582 [email protected]/F, Dah Sing Financial Center, 108 Gloucester Road, Wanchai, Hong KongTelecommunications Paradigm21Robert EdmonsonCEOTel 2892 [email protected], Wing On Central Building, 26 Des Voeux Road, Central, Hong KongConsultancy

CORPORATE

New Members


Nick Blank (blackpeak), Darren Maryon

(MIHK Design Consultancy)

Shaken Not Stirred

Feb 23 2012, asia medical specialists, Aon China Building, Queen’s Road Central

Andrea Demy (AGS Four Winds), Kitty

Parkes (Ketchum), Jane Morgan (Ketchum)

Karl Kershaw-Lee (Flight Centre),

Andrew Edwards (Dale Carnegie

Training)

Thomas Knights (Carrington Fox), Will Sweeney

(Concise Media), Susanna Robinson (Living PR)

Ann Moir, Maureen A. Mills (Executive Homes) Debbie Annells (Azure Tax), Aaron

Smith (Asia Medical Specialists)

Leigh Mackeurtan (Concise Media),

Kim Swan (Lloyd’s)

Will Wyld (Thames River Capital),

Lucy Jackson (Lightfoot Travel)

Derek Ip (Santa Fe), Maria Leung (Euler

Hermes), Frankey Kwok (Euler Hermes)

Linda Jackson (Accents Limited), Karen Tovell (TTP Consulting),

Varun Joshi, Abbi Tannis (TTP Consulting), Beck Federici

(Pentland Asia)

Lizzie Frazer (Adelaide Cellar Door),

Dr. Yumei Zhang (Louvre Group)

Sponsored By

30

britain in hong kong march 2012

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