By Sam Powney

Amid ongoing fears of a return

of the economic crisis in the world’s most

developed nations, investing in emerging

markets looks ever more attractive and

even essential. In mid-2010 China officially

overtook Japan as the world’s second largest

economy, but there has also been impressive

growth in other emerging economies.

Indonesia, for example, managed to skirt the

crisis in 2008 and is now the third fastest

growing economy after China and India.

Turkey’s economy was hit during the crisis,

but bounced back very soon afterwards and

avoided any of its banks going under despite

deep ties with the European market. India

is often seen as the country with the most

potential for economic growth, currently

ranking as the world’s 11th largest economy,

but projected to become the most populous

nation in the next 15 years. Though there

may be exceptions, taken together emerging

marke ts a re becoming an eve r su re r

investment opportunity.

The Rise ofThe Rise of Emerging MarketsEmerging Markets

Concepts and TerminologiesAs with many buzzwords, ‘emerging markets’

is a term whose legitimacy is questionable; but

although some see it as outdated, it is perhaps

difficult to think of an alternative. Originally

brought into fashion in the 1980s by then

World Bank economist Antoine van Agtmael,

the term is sometimes loosely used as a

replacement for emerging economies, but really

signifies a business phenomenon that is not

fully described by or constrained to geography

or economic strength; such countries are

considered to be in a transitional phase

between developing and developed status.

Moreover, there is a question as to whether

it is more helpful to look at the performance

of individual countries or at broader regions.

On the one hand, all the emerging national

economies have their own currencies, yet the

stability of a currency does not necessarily

correlate to a country’s economic growth.

The South Korean won has long been known

for its substantial fluctuations in currency

markets, yet the South Korean economy

has grown at such a pace that many see it

more as an ‘emerged’ than emerging market.

As another example, many of the countries

surrounding the Eurozone have independent

currencies yet they are firmly tied in to the

European market.

Although the economic difference between

ne i ghbou r i ng coun t r i e s can be ve r y

noticeable, very often entire regions seem

to experience a similar economic direction

almost en masse. Many of the Central

and South American nations are currently

enjoying a period of sustained growth,

and economists like to talk of the region’s

emergence from ‘the lost decades’ of corrupt

dictatorships and economic stagnation.

Here in Hong Kong the term ‘As ia ’ is

frequently used almost as a byword for

fi nancial opportunity, though the boundaries

of this emerging region are usual ly left

PAGE 5Using Social Media

PAGE 9Business Confi dence Survey

PAGE 6British F.M.visits Hong Kong

PAGE 16Lifestyle

In This Issue

(Continued on page 2)

February 2011 • Vol 26 • No 2

www.britcham.com

Plus• News• New Appointments• Shaken Not Stirred

undefined. Indeed, this is not just so in Hong Kong. Britain’s Foreign Minister was here

in mid-January, giving a speech at the Asian Financial Forum that highlighted Asia’s

importance in providing trade opportunities for British businesses. Mr. Hague said that his

government was encouraging British businesses to ‘look East’.

Key Terms and GroupingsBRIC – Brazil, Russia, India, and China.BRICET – BRIC + Eastern Europe and TurkeyBRICS – BRIC + South AfricaBRICM – BRIC + MexicoBRICK – BRIC + South KoreaNext Eleven – Bangladesh, Egypt, Indonesia, Iran, Mexico, Ni-geria, Pakistan, Philippines, South Korea, Turkey, and VietnamCIVETS – Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa‘Frontier Markets’ – More recent and less developed emerg-ing markets. These are typically investable but have lower mar-ket capitalisation and liquidity.

One of the few countries’ to appear in all the major indexes of emerging markets last year

was Egypt, whose political future has suddenly become so uncertain - a reminder that

political circumstances can swiftly overtake economic trends. While there is a mood of

instability across much of the Arab world, the gulf states have seen a long boom period

which looks likely to continue despite the hard hit they took during the economic crisis. In

the Middle East and on its fringes, there are a few markets which most investors would

consider adventurous. Morocco, Jordan and Pakistan, the three smallest economies in the

MSCI index (see below), add up to less than 1 per cent of the index between them, but a

smaller market does not necessarily mean a less profi table or less stable economy.

Measuring Growth and Establishing TrendsPerhaps the main arbiter of emerging markets is the Morgan Stanley Capital International

Index, which favours countries with dynamic corporate sectors and good economic growth.

The MSCI Emerging Markets index bears testament to the success of the Asian tigers -

South Korea and Taiwan between them account for almost 30 per cent. Goldman Sachs’

emerging markets index, the ‘Next Eleven’ highlights countries, besides the BRIC nations,

predicted to become major economies in the 21st century and includes macroeconomic

stability, political maturity, openness of trade and investment policies, and the quality of

education in its criteria. The FTSE Group distinguishes between Advanced and Secondary

Emerging markets on the basis of their national income and the development of their market

infrastructure. In 2008, Mastercard developed another Emerging Markets Index by listing

the top 65 city economies across the world.

Around the same time, HSBC launched its own Emerging Markets Index, which looks at

the markets of the Czech Republic, Hong Kong, Israel, Mexico, Poland, Singapore, South

Africa, South Korea, Taiwan, Turkey and the increasingly important BRIC economies. In

his EMI report for Q4 of 2010, HSBC Group’s Chief Economist Stephen King noted the

exceptionally strong performance of emerging markets in 2010, and put his fi nger on one of

the main reasons for the global shift in favour of emerging economies,

‘We have now entered a new phase of world trade growth in which emerging nations are

increasingly trading with each other. This could potentially prove to be another economic

“golden age”, an emerging market version of the extended period of economic growth seen

in the developed world in the 1950s and 1960s, when tariffs fell and international trade

blossomed. If emerging nations can work together to remove these tariffs, we could witness

an explosion of world trade on a truly momentous scale.’

Mr. Green went on to point out that this essentially meant that consumers in the developed

world, particularly in the US, might no longer dominate world trade in the way that they

used to. In terms of emerging regions, the ASEAN + China trade block is the largest in

the world, but China has also been proactive in fostering better trade ties with a range

of countries in Africa and South America. For most emerging market nations though, the

primary focus seems to be on developing trade with the developed world and securing

regional agreements with neighbouring countries. For the ‘golden age’ that Mr. Green

mentions, more governments and individual businesses need to look further afi eld. This was

certainly the message from the British Foreign Secretary on his visit to Hong Kong; it seems

that developed and emerging economies alike are looking to both expand and diversify their

trade links.

www.br i tcham.com2

COVER STORY

(Continued from cover)

TAX FOCUS: RETURNING TO THE UK . . . . . . . . . . . . 4WIELDING THE NET: USING SOCIAL MEDIA . . . . . . . 5F.M. WILLIAM HAGUE SPEAKS IN HONG KONG . . . . 6BUSINESS CONFIDENCE SURVEY . . . . . . . . . . . . . . . 9RETURN OF THE CONCIERGE . . . . . . . . . . . . . . . . . 10LIFESTYLE: HUGO’S AT THE HYATT REGENCY . . . 12

LIFESTYLE: SAKESAN . . . . . . . . . . . . . . . . . . . . . . . . 13MEMBERSHIP DISCOUNTS . . . . . . . . . . . . . . . . . . . 15CLIMATE CHANGE STRATEGY . . . . . . . . . . . . . . . . . 19NEWS/NEW APPOINTMENTS . . . . . . . . . . . . . . . . . . 21NEW MEMBERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22SHAKEN NOT STIRRED . . . . . . . . . . . . . . . . . . . . . . . 23

Kevin Taylor

Even though we have had a colder winter than normal and with little sun over the last few weeks, the business outlook is looking

quite bright. I’ve personally seen an uptake in business over the last few months and now with the release of the Chamber’s Annual

Business Confi dence Survey, we can see that the vast majority of our membership is confi dent that Hong Kong is on the right track

and set for continued high growth.

But let’s take a look at some of the results and what they mean for our members.

We are a confi dent bunch. The membership of the Chamber sees the next 12 months in a very positive light. 92% of you believe that

the business environment is quite strong, an increase from last year when only 78% thought that things were looking good. And tied

to this is how we view Hong Kong as a place to do business. 97% of the membership sees the local business environment as ‘very’

or ‘somewhat’ satisfactory as a place to do business, considering geographical location, free port status, infrastructure, the taxation

system, public security and communications.

Areas where we saw a decrease in satisfaction were around availability of low cost labour (down 19 points), commercial rents (down

10 points) and residential rents (down 10 points). This is to be expected with the recent wage increases in Guangdong which are likely

to affect many Hong Kong businesses and of course, with our seemingly runaway property prices.

Another area of concern that directly impacts many of our SME members is the consideration of re-introducing the training allowance.

This issue is up by 10% on last year’s survey, with 68% of respondents believing that the government should help to positively

address this issue.

On two issues that you hear me often talk about – the environment and education – the Chamber respondents had mixed

feelings. What I personally found interesting was the overall improvement in our perception of the government’s handling of

environmental strategy, particularly of air pollution. We saw a large increase in support for government initiatives although I do

hope that more can be done to ensure that potential high calibre talents come to Hong Kong and are not scared off by high

pollution levels.

The other area which we really need to keep working on is school places and the growth of international schools. This is seen as an

increasingly important issue with an spike of 6% from last year; and many survey respondents have waitlisted children in Hong Kong.

This is an issue that will not go away and the government must seriously address this in order to keep Hong Kong at the forefront of

high calibre talent when they choose an Asian destination to grow their business or relocate.

There are many questions in the Business Confi dence Survey and the results are detailed. I do invite you to get a copy from the

Chamber offi ces and see for yourself all of the responses and the changing perceptions of how Hong Kong is developing in a number

of areas.

Along with the usual list of events that the Chamber is organising, there is one fast approaching that is dear to all members. We will

be hosting our annual Rugby Seven’s event on March 24th at the Hong Kong Football Club. Please mark your calendars and contact

Mandy at mandy@britcham.com if you want to reserve a space for you and your friends at this great annual event!

I do hope that you are seeing real value in your Chamber membership. Please let me know the things you think we are doing right and

what elements of our operations we can improve upon. We want to ensure that your membership is of real value to you personally as

well as a contributing factor for your business success.

CHAIRMAN’SMESSAGE

EditorsIan CruzSam Powney

DesignBill MoAlan WongKen NgMan Lo

Advertising ContactCharles Zimmerman

Project ManagementVincent Foe

Jointly Published by Speedfl ex Medianet Ltd andThe British Chamber ofCommerce in Hong Kong1/F, Hua Qin International Building340 Queen’s Road Central, Hong KongTel: 2542 2780Fax: 2542 3733Email: info@speedfl ex.com.hkEditorial: Ian@speedfl ex.com.hk sam.powney@speedfl ex.com.hkAdvertising: charles@speedfl ex.com.hk

British Chamber of Commerce Secretariat

Executive DirectorCJA Hammerbeck CB, CBE

General ManagerCynthia Wang

Marketing andCommunications ManagerHilary Thomas

Special Events ManagerBecky Roberts

Business Development ManagerDovenia Chow

Membership ExecutiveLucy Jenkins

AccountantMichelle Cheung

Executive AssistantJessie Yip

SecretaryYammie Yuen

Offi ce AssistantSam Chan

Room 1201, Emperor Group Centre, 288 Hennessy Road, WanchaiTel: 2824 2211Fax: 2824 1333Website: www.britcham.com

© All published material is copyright protected. Permission in writing from the Publishers must be obtained for the reproduction of the contents, whole or in part. The opinions expressed in this publication are not necessarily the opinions of the Publishers. The Publishers assume no responsibility for investment or legal advice contained herein.

The Magazine of the BritishChamber of Commerce in Hong Kong

Although many UK expatriates in Hong Kong focus on the tax benefi ts of

their initial move to Hong Kong, all too often consideration is not given to the tax planning

steps that can be taken before a return to the UK. These planning steps can sometimes

very signifi cantly improve the tax position of the individual following their move. It should be

emphasised that UK pre-immigration planning can be a complex area and this article can

only serve as an overview.

First, it should be noted that the UK treats each party to a marriage as a separate taxpayer

for income tax and capital gains tax (‘CGT’) purposes. If one spouse returns to the UK but

their partner does not, the partner will not necessarily become UK tax resident. That said,

the current guidance on tax residency issued by HM Revenue & Customs (‘HMRC’) sets

out a number of tests of UK fi scal residency, with one being that an individual’s professional,

familial and social connections suggest that they are UK resident. It is understood that

HMRC places signifi cant weight on the location of a spouse in applying this test.

The UK tax year runs from 6 April in one year until 5 April in the following year. If an individual

arrives in the UK part way through a tax year they are, in principle, liable to tax on income and

gains that arose before they became a UK tax resident. There are, however, concessions that

modify the position and allow for split-year treatment. The concessions for income tax and CGT

are different in their requirements and they will not necessarily be available to a shorter-term

resident of Hong Kong. Accordingly, careful consideration must be given to the requirements

of the concessions to see what pre-return income and gains will be brought into account. If

the concessions are not available, any pre-immigration planning steps will need to be taken in

the tax year before the return to the UK. It should also be borne in mind that the UK has a CGT

clawback rule that can result in gains realised while one is a non-UK resident being taxed in the

year of return if fi ve full tax years have not been spent as a non-UK tax resident.

CGT planningCapital gains are calculated in sterling. It is, accordingly, possible for a UK resident to trigger

a CGT liability based on currency gains on a disposal of a foreign currency. Therefore,

sensible planning for most returning UK expatriates is to implement a process of converting

their investments and cash holdings into sterling positions.

Gains are computed for CGT purposes by deducting any allowable expenditure from the

disposal proceeds. A period of non-UK residency during the ownership of an asset is not

generally relevant in computing a CGT liability on its disposal. Accordingly, sensible planning

may be for an expatriate to dispose of assets standing at a signifi cant gain before a return

to the UK while he is outside the scope of CGT.

Income taxThe UK has a particular tax regime applicable to offshore funds which was introduced

to discourage investors from placing their money in offshore collective vehicles. Where

it applies, the regime essentially acts to convert capital gains realised on investments in

offshore funds without ‘Reporting Fund’ status into income for UK tax purposes. This

conversion can be unfortunate because the UK rates of income tax (40% and 50% at the

top rate) are signifi cantly higher than the rates of CGT (28% and 18%). Expatriates returning

to the UK may prefer to move fund investments into ‘Reporting Fund’ funds before their

return to avoid gains being subject to income tax.

For individuals who may not remain in the UK long-term following their return, attractive

planning may be to invest through an offshore insurance bond before their return. The

UK has a particular regime for taxing insurance bonds. If an investor places a single lump

sum with an insurance provider (usually non-UK based), it is possible for the insurance

company to provide a modest amount of life insurance for the investor (perhaps using 1%

of the premium) and to invest the balance. The UK does not tax returns within the bond

itself, meaning that the investment returns within an insurance bond roll up gross and

compound without tax.

The insurance bond legislation contains a number of particular provisions that can

confer (significant) advantages in certain instances. Notably, policyholders can

withdraw up to 5% of the original premium invested per year without any tax charges

arising. If the 5% for a particular year is not withdrawn, then it can be extracted (again

on a tax-free basis) in future years. This can be a very useful way of accessing funds

whilst continuing to accrue a gross ‘roll-up’ in relation to the balance of the premium

invested.

If more than 5% is withdrawn in a year, an income tax charge applies. Income tax rates

continue to be higher than CGT rates in the UK, such that the benefi ts of the insurance

bond need to be measured against the risk that they can, in effect, convert capital gains

returns into an income tax event. That said, it is possible to break an insurance bond during

a period of future non-UK tax residency without a UK income tax charge arising, such that

these can be attractive vehicles where a period of residency in the UK is to be followed by

further time abroad.

In conclusion, a full review of an individual’s position in the tax year prior to their return

to the UK is recommended to ensure that full advantage of tax planning options can

be taken.

Returning to the UK?Returning to the UK?An overview of key tax planning issuesAn overview of key tax planning issuesBy Katie Graves, Partner, and Philip Munro, Associate, Withers Hong Kong.

www.br i tcham.com4

PERSONAL FINANCE

So, you’ve started a Facebook page for your company, set up a tweet deck, have been

blogging madly and… gasp! The whole world hasn’t dropped everything to sign up and

voraciously read everything you’re writing? Well you are not alone.

Facebook, Twitter, Linkedin, StumbleUpon, YouTube, the mind boggling complex world

of social media, we all know them whether we like it or not, wary or not the question still

remains for the large majority, how do we leverage social media to generate revenues?

How do we use these avenues to stimulate word of mouth recommendations, win new

customers and generate higher profi ts?

The problem is that companies are still using social media platforms to advertise in

the traditional sense. The social media world is driven by sparking a conversation,

stimulating a debate, provoking a laugh or in fact any response. Interactivity is the

point; engagement is the key. This crucial shift in mindset is lagging behind the shift in

technology; there are offenders who still use social media to advertise. As a real world

example, let’s imagine you met with a friend for a lunch on the weekend and instead

of engaging in conversation, you started reciting the headlines of your company’s

advertisements to him. Your friend would think you were strange or just plain mad.

Hopefully this is not something we would do in the real world – but why do so many

insist on doing it online?

Most successful social media campaigns are built on intimacy and the type of genuine

conversation sparked when you treat the audience like an old friend. If you advertise you

will be ignored or criticised, it’s a time wasting exercise that no one wins. Think of this

communication channel as a one-on-one conversation broadcast in a public forum. The

best social media campaigns incorporate the use of smart integration with the appropriate

channels for the brand image. Social media campaigns are about engagement and

response, and consumers can be involved through the very compelling attraction of games,

competitions, puzzles and teasers.

Anyone can be fooled into believing that all one has to do is to put up a Facebook page to

attract millions fans. Savvy companies make it look so easy. Many would-be social media

successes have found out the hard way that you need a skilled team, time and resources in

order to create a successful campaign. Imagine that your campaign does hit the hot topics

list; you will need to continuously be involved in any conversations, posts, chats and forums

where supporters - or detractors - are discussing your brand. Do you have someone to

manage your social media campaign full time?

Research is the integral foundat ion which wi l l make or break your campaign.

Understanding your market’s key drivers, the values and in some cases, sense of humor

of your customer is a must. You can also use social media to research your customer’s

gripes, passions and struggles. These will give you invaluable information needed to

develop great products, improve your customer service and gain insights into the needs

of your customers.

Social media fosters community, so before beginning any campaign, spend some time

to really analyse your community’s values and become a member. Find ways to make a

positive contribution to your chosen community/ies. Make a list of the topics relevant to

your audience and devise a series of interesting articles, tips, references, blog posts; then

broadcast them on Facebook or Twitter or both. If YouTube is your chosen forum, try to

develop something funny or moving. If you’ve done that people will send your witty movie

to friends and to post it to their Facebook page, sharing it with their 100+ friends, making it

truly viral.

Don’t fall prey to the biggest mistake that people make with social media by not

monitoring the company and brand reputation. This is as simple as putting out a

Google alert for your brand or search www.socialmention.com daily to keep note of

what people are saying. When you know who mentions your brand, you have the power

to thank people for the support they are giving you, help with questions and address

negative comments before they become viral. People appreciate it when you reply to

them, and considering that the social media space is all about conversation, wouldn’t it

be rude not to?

Marketsensus.com is a global research provider of forecasting, trends, industry analysis

and consumer insights.

By Josephine Jenno, Director of Marketsensus.com

WieldingWieldingthe Netthe Net

s

5February 2011 • Vol 26 • No 2

COMMUNICATIONS

In mid-January British Foreign Secretary William Hague was in Hong Kong, and attended

the Asian Financial Forum as one of the keynote speakers. He expressed the British

government’s desire for enhanced trade relations with the increasingly important Asian

economies, as well as the unity of purpose driving Britain’s economic and foreign policy. Mr.

Hague started his speech by acknowledging a common misconception that his job would

not entail economic concerns.

‘For some it may be counter-intuitive that a Foreign Secretary would come to address a

fi nancial forum. But the choice is very deliberate. We know that foreign policy and economic

success go hand in hand. It is one of the tasks of British foreign policy to advocate Britain

as a home for business and investment and to contribute to our economy.’ He explained

that he is ‘hardwiring a commercial focus into our foreign policy’, and stressed the domestic

importance of a sound foreign policy. ‘It is essential for British citizens,’ he said, ‘at a time

of economic diffi culty, that we strain every sinew in foreign policy to support their jobs and

livelihoods as well as to maintain their security.’

Asian Financial ForumJanuary saw the return of the Asian Financial Forum, one of the key fi nance events in the region, attracting top regulators as well as major investment and merchant bankers. There was particular excitement this year surrounding the coming interna-tionalisation of the renminbi, while discussion on environmental and economic crisis concerns also figured prominently. The 2011 forum attracted more than 1,500 participants from 31 countries and regions. The theme this year was “Asia: Reshap-ing the Global Agenda”.

Mr. Hague signalled a more determined focus on developing Britain’s relations with

emerging economic powers, ‘We also know that as economic weight and political infl uence

shifts to many of the countries of the East and the South, British diplomacy has to shift its

weight accordingly. Many of these countries are also the same ones that we need to work

with in multilateral organisations and in matters of security, so there is a double imperative

for this shift in emphasis.’

‘This is the approach you can expect from the Government of Brit-ain; reinvigorating bilateral ties, investing in personal relationships in the emerging markets, championing the UK and working to strength-en the international system.’

Importance of AsiaThe chancellor explained that his government is doing as much as possible to

encourage Asian companies and governments to choose Britain as their base for

investment in European markets, while also concentrating on supporting British

businesses in Asia. ‘The economic compass of British business should be pointing

firmly East,’ he said.

He singled out Britain’s ongoing economic partnership with China and India in

particular, while also highlighting reinvigorated trade links with Latin America, the

Persian Gulf, and with Australia and New Zealand where he would be next be visiting.

He characterised Sino-British economic ties as ‘increasingly complementary’ and

noted the two countries’ shared interest in promoting global free trade. Mr. Hague

commented on the growing volume of international trade and some of the recent

agreements (see below), but expressed his ambition to see greater progress saying,

‘a report card for the UK’s trade relationship with Asia would read ‘good but could

do better’’.

By Sam Powney

Looking EastBritain Focuseson Asia forTrade Growth

www.br i tcham.com6

BUSINESS

F.M.’s Facts and Figures• By 2030 Asian consumers are forecast to spend around

US$32 trillion annually, comprising about 43% of worldwide consumption.

• The Asian region plays host to over £84 billion of the stock of outward foreign investment from the UK in 2009, a £10 billion increase on the previous year and 8% of all British overseas investment.

• UK exports of goods to the region last year amounted to £22 billion. This represents around 10% of the UK’s total export revenue.

• The UK and Germany are the two largest European inves-tors in China.

• As part of David Cameron’s visit to Beijing in November 2010, a new $500 million UK-China investment fund has been launched, the first UK-Chinese banking joint venture started, and agreement reached for Rolls Royce to supply £750 million worth of aircraft engines to China Eastern.

• In early January the Vice Premier of China was in London for a visit during which deals worth £2.6 billion were signed, including a commitment by Jaguar Land Rover to sales of 40,000 vehicles in 2011.

• Britain accommodates 420 Chinese companies, including many of China’s telecommunications giants.

• Global trade volumes have grown to five times their 1980 level. In that same period, the global stock of Foreign Direct Investment has grown almost 10 fold.

• More than 330,000 new companies are registered in the UK every year.

• The UK Low Carbon Environmental Goods and Services Market is the 6th largest in the world, worth £112 billion.

The Attraction of the UKThe Foreign Minister reported that the World Bank, Economist Intelligence Unit and

OECD have ‘respectively, found the UK to be the easiest place to do business in Europe,

with the strongest business environment on the continent and the lowest barriers to

entrepreneurship in the world.

‘By 2014, we also aim to establish the lowest corporate tax rate in the G7, making the UK even more attractive as a destination for business.’

Free TradeMr Hague went on to point out the international nature of modern trade and banking and

described London as ‘the hub of that system, with more cross border lending originating

there than in any other city.’ He cautioned that fi nancial stability will only be restored if reform

is global. ‘We must therefore remain constantly vigilant and continue to open our markets to

each other to demonstrate the rationale for free trade,’ he said. ‘Many Asian governments

are like-minded partners on this issue, and we strongly encourage business to ask their

leaders to make this a top priority.

‘ We wish to remove barriers to trade and are staunchly anti-protectionist. That is why we are lobbying international partners to conclude the Doha round this year.’

Low carbon growthThe Foreign Minister also dwelt on Britain’s environmental stance, saying, ‘The UK is

committed to creating a Green Investment Bank to enable businesses to obtain the fi nance

they need for green growth. Some of our Asian partners are doing the same, with South

Korea basing its next stage of economic development on a fi ve year green growth plan and

China’s investing more than anyone else in clean energy in 2009. The fi nancial sector has

an important role to play in allocating investment to sustain low carbon growth in Asia.’

The Future‘History teaches us that where trade and

industry is concerned, those who look ahead to

foresee changing and emerging prospects and

to act upon them, are the ones that prosper.’

More recently, Mr Hague has taken the tough

decision to cut some of the Foreign Office’s

funding for the BBC World Service, and

has also visited Syria in an effort to improve

d ia logue in the Middle East. But as he

travelled on from Hong Kong, Mr. Hague was

preparing to revitalise trade links with Australia

and New Zealand, Britain’s ‘vital partners who

are among our oldest allies’.

British Foreign Secretary William Hague meeting with HKSAR Government Chief Executive Donald Tsang in Government House

The Foreign Secretary speaking at the Asian Financial Forum

7February 2011 • Vol 26 • No 2

The results of the survey carried out by marketing consultant TNS show a renewed

confi dence for the coming year with Chamber members’ optimism increasing from 78 per

cent in 2009 to 92 per cent in 2010 – a return to the levels of optimism seen between 2005

and 2007. This is a marked contrast to the gloomy outlook of 2008 when just 40 per cent

of members felt any optimism. However confidence among members for the mid-term

future begins to decline with 91 per cent feeling positive about the 3 year forecast and 85

per cent positive for the fi ve year forecast.

Satisfaction with Hong Kong as a place for doing business remains – as always – very high

with 97 per cent of Chamber members describing the business environment as ‘very’ or

‘somewhat’ satisfactory. This is largely driven by factors such as geographical location, free

port status, infrastructure, taxation system, communications network and public security

and safety. On the other hand, issues such as the level of commercial and residential rents,

infl ation and availability of low cost labour have shown a marked decrease in satisfaction

levels (10 points or more) over the year.

The performance of the Hong Kong Government over the past 12 months has received a

reasonably positive response overall. Satisfaction with the legal and regulatory systems,

stable government and political system, civil service effi ciency and government leadership

have all increased from last year, with the most signifi cant increases seen in civil service

effi ciency (up 13 points) and government leadership (up 6 points).

Similarly, the survey saw a reversal of the downward trend in satisfaction with the

government’s long-term strategy. This year 59 per cent of members felt they did have

the right strategy, an increase from 49 per cent in 2009 – an encouraging sign for the

Government although they still clearly have some work ahead. The government also saw an

11 per cent boost in approval of their effort to simplify regulations and reduce bureaucracy

with 72 per cent of members satisfi ed this year.

The key issue for SMEs was the re-introduction of the training allowance with 68 per cent

feeling it was an important issue which the government could help to address.

Again, language education causes concern for Chamber members with only half of those

surveyed feeling satisfied with the Government’s efforts to provide bilingual and trilingual

graduates and managers to meet the present and future economic challenges of Hong Kong.

The Hong Kong environment, once again, was the greatest cause for concern. Although

net satisfaction has increased marginally, air pollution was still rated by 85 per cent as

somewhat or very unsatisfactory, 62 per cent felt the same about water pollution and 68 per

cent were dissatisfi ed with waste pollution. Concerns about the environment have been a

constant theme in the results of this survey since the fi rst survey in 2001.

Regarding quality of life in Hong Kong, the importance of expansion of international schools

to create more places came out as a key theme with 71 per cent of members believing this

is important to their business competitiveness. This response was echoed by a signifi cant

increase in the number of members whose employees currently have children on waiting

lists for schools in Hong Kong (25 per cent) and those who intend to bring employees

with families to Hong Kong within the next 12 months (44 per cent). Half of all members

surveyed expect the ageing population of Hong Kong to have an impact on their business.

On the minimum wage, while only half of members agree there is a case for minimum wage

legislation in their business sector, the majority (64 per cent) feel it will have no impact on their

business. Finally, in response to a new question in this year’s survey, 57 per cent of members

agree with reports that doing business in the PRC is becoming increasingly diffi cult. This may

explain the small decrease in the number of members who expect to make an investment, or

further investments in the PRC in the next three years (down by 4 per cent to 66 per cent).

Christopher Hammerbeck, Executive Director of the British Chamber of Commerce commented

“that given the difficulties of the past three years it is refreshing to see a strong return of

confi dence for the near and medium term. I think that the longer term doubts are more easily

explained by the fact that Hong Kong will have a new Chief Executive from 2012 and until our

members have a clearer idea of what his or her political objectives and strategy will be it is diffi cult

to have a greater degree of certainty about the future. Yet again our members have, as they have

now for the past 14 years, expressed their deep concern about the failure of government to grip

the key environmental issues and in particular air pollution. This is becoming a matter that is a

disincentive to investment in Hong Kong and has the potential to not only harm its citizens but

also its longer term prospects”.

The Bus iness Conf idence Survey is

conducted by the Brit ish Chamber of

Commerce and marketing consultants TNS

every year since 2001 amongst members

of the British Chamber of Commerce in

Hong Kong

All members of the British Chamber of

Commerce were given an opportunity to

complete the questionnaire online or via

hard copy. For more information about the

2010 Business Confi dence Survey please

contact the British Chamber.

ContactHilary Thomas

Marketing & Communications Manager

The Brit ish Chamber of Commerce in

Hong Kong

Tel 2824 1972

hilary@britcham.com

British Chamber Survey sees a very positive outlookBritish Chamber Survey sees a very positive outlook for the business environment in the next two years but afor the business environment in the next two years but a degree of pessimism creeps in about the longer-term futuredegree of pessimism creeps in about the longer-term future

The British Chamber’s Annual Business Confidence Survey has revealed that its members are cautiously optimistic about thefuture of the business environment of Hong Kong but highlight areas that still need to be addressed to ensure Hong Kong remainscompetitive in today’s market.

9February 2011 • Vol 26 • No 2

BUSINESS

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To modern ears, the word ‘concierge’ will likely conjure up an image of a bygone

era, when European castles and grand hotels employed innumerable servants and had a

different job title for each. In fact, the history of concierge services is not far removed from

that. In medieval France, the concierge was the ‘keeper of the keys’ for castles and great

estates. This may have led to Paris’s major prison on the banks of the Seine being named

the ‘Conciergerie’; this is where Marie Antoinette spent her fi nal days before her execution

in 1792. By the twentieth century however, the keys of the concierge were solely for hotel

rooms rather than gaol doors. The concierge became a point of reference, someone who

could provide all the outside services that guests might possibly need.

A city like Hong Kong - vibrant, competitive, driven by forward thinking, globalisation and new

technology - has created a unique breed of globally-minded people whose lifestyle is very much

dictated by mobility and ease of service, whether they are traversing the globe or moving from

meeting to meeting across the city. These people have discerning tastes, and a demanding and

irregular lifestyle that often makes it challenging to effectively manage their time.

The importance of mobile components to any service is paramount in businesses looking

thrive in this age of information. As one of Hong Kong’s well established mobile network

operators, CSL has over the years adapted its mobile services to cater to the changing

face of the abilities of mobile services and how they are used. Most recently, CSL’s brand

1O1O, and Quintessentially, the global private members' club, have come together to create

Hong Kong’s first luxury mobile concierge service. Known as 1O1O Quintessentially, their

unique service is tailored to meet the discerning needs of this particular market segment,

providing global support services for them both in terms of their lifestyle management and

their communication needs. “The beauty of the proposition is the truly mobile element, so you

have a single designated number that provides for all your communication and lifestyle needs

anywhere in the globe,” explains Mark Liversidge, Chief Marketing Offi cer for CSL Limited. “That

single number is effectively your personal concierge, with the power of an organisation on

the one hand, who understands personal care, and on the other hand, one that understands

communication and the critical nature of being available all the time, anywhere. These are two

fundamental elements that this segment in the market place looks for.”

For the business traveller, connectivity with colleagues, business partners and family is of

critical importance regardless of where in the world they may be. The mobile element of

1O1O Quintessentially is supported worldwide through roaming services, with partners in

virtually every nation, state and territory to ensure the ease of connectivity in any location.

This ensures members can constantly have access to their 24 hour service support, 365

days of the year. In addition to 24 hour global free SIM card replacement, members are

given priority access to the latest and most up-to-date devices, allowing them to be early

adopters of the newest and most up to date products and technology. This is especially

relevant now, as technology on mobile devices permits us to have greater fl exibility in work

and communication whilst travelling, having the ability to do things that many business

travellers had done in the past from only limited fi xed locations, using a fi xed line service.

Beyond servicing their members’ mobile needs, the concierge aspect of 1O1O Quintessentially

provides members with a discreet team to service any of their lifestyle needs. Enquiries could

range from the everyday, to being travel related, to once in a lifetime requirements. This could

include simple requests such as attaining a booking at an exclusive new restaurant, organising

travel and hotel arrangements, or helping to fi nd a reliable handyman at the last minute. When

travelling abroad, being unfamiliar with the city you are in can also cause trouble should a crisis

arise. With many members being travellers, 1O1O Quintessentially frequently deals with such

requests, such as fi nding a lost passport from a taxi in a foreign country, or a child’s prized

teddy bear left on a plane. However, in dealing with premium customers with refined and

discerning tastes, it comes as no surprise that the service has had to accommodate its fair

share of outrageous requests. In the past, 1O1O Quintessentially have successfully serviced

member requests such as acquiring exotic animals for a Christmas party, hiring the Emirates

By Ian Cruz

www.br i tcham.com10

LIFESTYLE

football stadium for a personal

charity football match, and

sending food from a Hong

Kong restaurant to Thailand

for a Chinese Banquet party.

But clearly it is not just to

Hong Kong-based customers

that modern concierges cater. The appearance of small concierge-style desks in Hong Kong’s

major shopping malls over the last decade has demonstrated a new relevance for the

profession. It also seems to suggest that electronic information has not yet replaced the need

for people with local knowledge on the ground, though many mobile phone applications are

attempting to do exactly that. Perhaps this is partly to do with the nature of Hong Kong’s main

groups of customers. One of the key traditional skills of a concierge has always been an ability

with languages, something that is particularly important in one of the world’s greatest shopping

meccas. The infl ux of mainland tourists intent on major purchases has made Mandarin a vital

skill for most Hong Kong shop-workers, but especially so for concierge desks. One might have

thought that written Chinese would suffi ce for mainland tourists, but it also makes sense that

most tourists will prefer to chat with local people if there is a chance of being understood.

Mark Liversidge explains another aspect of his business which is indicative of the market more

generally. 1O1O Quintessentially increasingly predicts a particular customer’s needs based

on their preferences, tastes, travel habits, etc. in order to provide a better and more focused

service. “They understand your needs, and over time they will understand you and your

personality, so they will start to prompt you and support you if you show certain patterns of

travel, celebration dates, or mobile usage behaviour. If there is an event or experiences that are

in line with your, your family or your work associate’s profi le, they will proactively engage you.”

This is very much in line with a broader ‘predictive’ marketing revolution that is going on

in the electronic world more generally. Amazon has been doing it for many years, but

Facebook is said to be close behind - using purchase history and even things that users

say they ‘like’ in order to market more products that might tempt them. This level of

information processing may seem a little scary, something that Facebook critics have been

warning some time. It has also been a dream of people in the marketing business for many

years. Could the resurgence of the concierge market be eclipsed by the next stage of the IT

revolution? For the moment at least, it seems to be going strong.

1O1O Quintessentially Hotline: 3922 6828

11February 2011 • Vol 26 • No 2

THE RETURN OF THE WARRIORHUGO’S RESTAURANT AT THE HYATT REGENCY

Growing up in continental Europe the love of fi ne food has been a vital part of my

upbringing. Even now, in the small Dutch hamlet where my mother lives, the local restaurant

across the street is a One-Star Michelin establishment. Being sent off to a boarding school at

an early age - where the food was so appalling it would have put Dotheboys Hall to shame (I

must have subsisted entirely on bread, jam and Mars Bars for about ten years) the invitation to

a dinner at Hugo’s fi lled me with delight and excitement.

Hugo’s, within a few years of it’s opening in 1969 was one of the great culinary experiences of Kowloon side where the weary and starved

Western trader would be entertained by his affable Hong Kong business associate after a hard day’s bargaining in the showrooms of Tsim Sha

Tsui. Or perhaps they had spent a few grim days at the Canton Fair and after too many bland meals in the tawdry Dong Feng Hotel had fi nally

made their escape across the border and were ready for great food, a baronial atmosphere and a wine list fi t for a Holy Roman Emperor.

I remember my own fi rst meal at Hugo’s, sometime in the late eighties, hosted by one of our major suppliers in honour of my boss, an

imposingly Dickensian character called Mr. Goldberg, who was in town to negotiate prices. While I cowered at the end of the long table and

enjoyed my escargots with the guilty pleasure of a Bob Scratchit invited for an unexpected dinner, Mr. Goldberg berated the supplier about his

prices for three hours until he fi nally got the deal he wanted, when the chocolate-covered ice truffl es arrived with the Armagnac.

Sadly the Hyatt Regency, and along with it Hugo’s, closed in 2005 when the property on Nathan Road was earmarked for

redevelopment. I recall shaking the hand of the genial General Manager Juergen Wolters when, with a tear in his eye, he sailed off to

retirement as the men with bamboo and green netting moved in and nobody knew if the hotel would be back.

But the hotel and Hugo’s are back. Like Barbarossa, the mythical Teutonic king who is thought to be sleeping in the Thuringian mountains

until the time is right to return, Hugo’s fi ne dining experience has re-appeared and is once again available to the jaded China Hand.

My wife and I were led to our table through the dark, solid and brooding interior which echoes the earlier design. It seems a smaller

room, the tables and chairs made from chunky wood and heavy fabric materials. The name Hugo’s comes from a fi ctional German

nobleman, von Gluckenstein, who was said to serve only the best food at his table and it is the atmosphere of such a mediaeval feast

that the restaurant has always aimed to capture.

The menu remains classic, Western cuisine, focusing on authentic recipes and prepared only with the fi nest ingredients available. The

signature appetisers are still the Caesar’s Salad and Lobster Bisque which are prepared fresh at the table. Also recommended were the

Steak Tartar and the pan-fried Foie Gras which my wife enjoyed. The traditional main courses are a wide variety of quality meats. I was

tempted by the seasonal roast pheasant but opted for the Angus beef sliced from the trolley which was a hearty choice.

The wine list was comprehensive, as is to be expected, ranging from the obligatory Pomerol and Chateau Petrus at 30,000 HKD

to more reasonably priced bottles. I have a penchant for the Gamay grape and we chose a sprightly bottle of Fleurie and to amuse

myself I had a few glasses of a Trimbach which masquerades as a dessert wine.

For pudding we enjoyed the performance again as the Crêpe Suzettes were fl amed and fl ambéed. Originally created in 1895 at Monte Carlo’s

Café de Paris for the Prince of Wales and his favourite female companion, this is a dish that I could eat every day of the week. As we enjoyed

our caramelised pancakes doused with Grand Manier we were entertained by the excellent troubadour on his fl amenco guitar. He didn’t falter

one moment when I asked for the original Hoagy Carmichael version of ‘Stardust’.

Overall it was an excellent evening and we thank Niklas Wagner and his team, several of whom of course worked at

the old Hugo’s and so have successfully managed to transpose the spirit of the Old into the New. For myself it will

be added to the list of restaurants that I feel comfortable to use for entertaining overseas clients.

And as for old Mr. Goldberg, who is ninety-two this year and in town for the Toy Fair,

I have already made a reservation.

Hugo’s

Address: Lobby Level, Hyatt Regency, 18 Hanoi Road, Tsim Sha Tsui, Hong Kong

Tel: 852 3721 7733

Christopher Riley is a long term Hong Kong resident. Under the name Valerie

Goldsilk he writes romantic fi ction. His latest novel, Sins of Our Sisters, has

just been published and is available at fi ne bookstores and www.amazon.com.

By Christopher Riley

www.br i tcham.com12

LIFESTYLE

Sure, there’s no shortage of Japanese restaurants in Hong Kong, but with our city’s

obsession with all things Japanese, we always welcome a new place that can help us to get

our fi x. Set amongst the numerous bars and restaurant along the Mid-Levels escalator on

Shelley Sheet is Café Deco Group’s new robotayaki bar and restaurant Sakesan. Serving up

modern Japanese cuisine, walking in, you can instantly tell that emphasis has been put on

the word ’modern’, looking more like the new trendy hot spot than a Japanese restaurant.

Upon entering, the décor designed by Fiona Bagaman and Mirei Lim, is stylish and

contemporary - fi tting for its Soho location. The small traditional touches such as the sake

barrels which are lined throughout the restaurant work well in keeping with the rest of the

décor. My eyes were drawn immediately to the towering images of urban Japan with light

illuminating down on to the tables and bar below; a perfect spot for that after work drink

with friends. Going further into the space, the warmer wooden tones of the interior become

more evident by the restaurant’s booths and robotayaki bar, making for more of a relaxed

atmosphere for those sitting down for a meal.

Despite the restaurant’s name, Sake isn’t just the order of the day with the drinks menu also

featuring a wide variety of the Japanese spirits shochu and awamori – all of which can be

served traditionally. However, those of you looking for something with a bit more pizzazz can

try one of Sakesan’s many sake or shochu based cocktails such as the ‘Silly Guy’ Cooler,

Gingertini and Sakensan-jito. Beer drinkers are treated to some of Japan’s best beers,

offering the tried and tested Asahi, as well as a number of lagers, ales and stouts produced

by Japanese brewers, Baird.

Settling into one of Sakesan’s booths, I looked forward to tasting the selection of

recommended dishes from the menu while Executive Chef, Andre L’Herminier oversaw

the kitchen and grill at the robotayaki counter. I started the meal with the spinach salad

with sesame dressing, the homemade tofu and the lobster dumplings. The spinach

salad was beautifully presented and the sesame dressing gave the spinach a distinctly

Asian fl avour. Sakesan’s homemade tofu was an understated delight that had an evident

freshness that only homemade food can posses. Dumpling fans will especially love the

lobster dumplings. Though it may initially look indistinguishable from the humble gyoza,

after taking one bite, you soon realise that it’s a far more indulgent alternative, and was

one of highlights of the meal.

Eager to try one of the

many meat opt ions f rom

the gr i l l , I opted for the sal t

and pepper pork belly with wasabi

and mustard seed crunch, which was

extremely tender and is a must have for

those out there who enjoy their meat dishes like

I do. As for seafood, I ordered the Hokkaido scallops

and the Sakesan black cod. Presented on skewers,

the bite size scallops were exquisite, and the wasabi, apple

and sweet soy sauce accompanying it was a great play on

traditional Japanese fl avours. However, the true pièce de résistance

of the meal was the Sakesan Black Cod, and with a dish named after the

restaurant itself – you’d expect it to stand out, and I wasn’t disappointed. The

Black Cod wasn’t only succulent and cooked to perfection, but the fl avour of its saykio

miso marinade and natural tastes of the fi sh made for a dish that is deceptively simple yet

commands a lot of fl avour.

Looking to placate my sweet tooth at the end of the meal, for dessert I tried the chocolate

mousse and an assortment of Sakesan’s sorbets. The mousse, made with Valrhona

chocolate and complimented with Asahi white chocolate ice cream, was rich and creamy,

and the bold and playful use of chocolate pop rocks gave the dish an unusual but welcome

surprise. My healthier, albeit no less tasty second dessert was a platter of Sakesan’s three

sorbet fl avours – mango sachimi, lychee vanilla and white peach sake. All three were light

and refreshing, particularly the white peach sake, which was my personal favourite and an

excellent palette cleanser.

It’s evident that Sakesan isn’t the typical Japanese food destination. It excels at putting a

twist on something familiar both with its menus and atmosphere, so whether you’re looking

to satisfy your robotayaki craving or just to go for a casual drink, this spot is a welcome

addition to the Soho landscape.

Sakesan

Address: Ground Floor, 18 Shelley Street,

Soho, Central, Hong Kong

Tel: 852 2525 1660

SakesanSakesan By Ian Cruz

13February 2011 • Vol 26 • No 2

Please note:• To enjoy the discount privileges, Members must show their Membership Card prepared by the British Chamber for identifi cation.• This is the general discount information. For detailed Terms and Conditions, please refer to our website: www.britcham.com/memberdiscount

AccorAccor extends a 5% discount throughout its hotels to British Chamber members.

Tel 800 93 8768 (Toll free in Hong Kong)www.accorhotels.com

For more detail please visit www.novotelhongkongcentury.com

Alfi e’sAlfi e’s by KEE is a restaurant, lounge and bar for the modern British Cool. Comfortably located within the Dunhill Home store at Prince’s Building, it is in the heart of the city’s fi nancial district.

Members of the British Chamber of Commerce can benefi t from a 10% discount.

Tel 852 2530 4422M18-19 , Prince’s Building10 Chater Road, Central, Hong KongBooking.alfi es@keeclub.comwww.dunhill.com/en-cn/thehomes/hongkong/services/alfi es/

AGSAGS Four Winds International Movers Ltd specialises in door-to-door relocation and storage of household and personal effects, offering complete, single relocation solutions for local, national and international moves, to and from anywhere in the world.

Use AGS on your next international move and get a 10% and a complimentary limousine to take you to the airport on your departure.

AGS Four Winds Hong Kong Branch Manager: Christopher WilkinsonTel 852 2885 9666 Fax 852 2567 7594manager.hongkong@agsfourwinds.com

Andara PhuketThe pinnacle of lush living in Phuket on the Andaman Sea, Andara Resort & Villas features Thai-inspired designs fused with contemporary amenities to create a tranquil ambience for all its guests.

• One free bonus night for every three paid nights in an Andara Pool Suite (based on best available rate on the resort website)

• Choice of a complimentary 60 minute body massage for two persons or one way airport transfer by Mercedes Benz (min 3 full paying night stays)

• Enjoy 10% discount on food & beverage at Silk restaurant and spa treatments at Andara Spa

Please email reservations@andaraphuket.com and quote your British Chamber membership number to enjoy the above offer. Visit www.andaraphuket.com to explore the resort.

Member Discounts

B&WB&W makes the world’s most advanced home theatre and hi-fi stereo speakers, and are used by Abbey Road Studios and music lovers everywhere.

B&W offers you an extra 10% OFF on all listed price items at their showrooms in Tsim Sha Tsui and Central.

Unit 2608, 26/F, MiramarTower132-134 Nathan Road, Tsim Sha Tsui, KowloonTel 3472 9388

8/F, 1 Duddell Street, Central, Hong KongTel 2869 9916

British AirwaysBritish Airways is a full-service global airline, offering year-round low fares with an extensive global route network.

7% discount on British Airways fares to London / UK and Europe.

www.britcham.com/memberdiscount/british-airwayswww.britishairways.com

Berry Bros & RuddBerry Bros. & Rudd is Britain’s oldest wine and spirit merchant, and its cellar here stocks a remarkable range of 2,800 wines, searchable by producer, region, and style of wine.

10% discount on all retail prices from the wine shop in The Lee Gardens, Causeway Bay. Members may also enjoy invitations to free tastings and other wine events during the promotional period.

Berry Bros & Rudd HK Retail Wine ShopShop 307–308, The Lee Gardens, 33 Hysan Ave, Causeway BayTel 2907 2112 Fax 2907 3113shop@bbr.com.hk

Compass Offi cesCompass Offices is a premium serviced office provider setting a new direction in the industry. Compass Offices’ fresh and innovative approach focuses on collaborative and transparent relationships with clients by providing superior customer service and best-in-class IT and security infrastructure.

Compass Offi ces is offering one month free for Serviced Offi ce space or three months free with a Virtual Offi ce Package.

Compass Offi ces is headquartered in Hong Kong at The Center, CentralTel 852 3796 7188Level 46, The Center, 99 Queen’s Road Central, Central, Hong KongHKsales@compassoffi ces.comwww.compassoffi ces.com

15February 2011 • Vol 26 • No 2

DEALS

Grand HyattGrand Hyatt Hong Kong hotel is positioned among the fi nest luxury hotels in Hong Kong and provides magnifi cent views of the renowned Victoria Harbour and Wanchai district.

In 2011, you are entitled to a 15% discount on food and beverage at The Grill and a 10% discount on all a la carte treatments and spa merchandises at Plateau Spa.

Dining Offer: 15% off at The Grill

Plateau Spa: 10% discount on all a la carte treatments and spa merchandises.

For reservations, please call The Grill: 2584 7722.For reservations, please call Plateau Spa: 2584 7688 or email: plateau.hkggh@hyatt.comhttp://hongkong.grand.hyatt.com/hyatt/pure/spas/treatments/massage.jspwww.hongkong.grand.hyatt.com

The Mira HotelThe Mira Hong Kong is a contemporary urban retreat in the heart of the city with 492 guestrooms and suites.

ROOMS:Complimentary upgrade to higher room level (subject to availability)

FOOD AND BEVERAGE:10% discount at restaurants at The Mira Hong Kong (Yamm, Cuisine Cuisine at The Mira, and Whisk)

MIRA SPA:Discount on joining fee and monthly fee

Please contact Benjamin Mueller-Rappard,Customer Relationship ManagerTel 852 2315 5642The Mira Hotel, 118-130 Nathan Road,Tsim Sha Tsui, Hong Kongbmr@themirahotel.com

Le Meridien CyberportChic and pulsing with an urban cool, Hong Kong south-side hip Le Meridien Cyberport is a hotel where to check in is to chill out.

• Rest and relax at the Le Meridien’s Smart Room with the special rate which includes a daily eye-opening buffet breakfast.

• Savour delicious food and great wine at 5 hip restaurants and bars with a 20% discount off your total bill.

• Additional privilege of ‘Round Trip Limousine Service’ either from airport to hotel or from hotel to home, when you book our 21-day room package stay.

Tel 852 2980 7788100 Cyberport Road, Hong Kongwww.lemeridien.com/hongkong

RenaissanceHarbour View Hotel Hong KongLocated in the heart of one of the most spectacular cities in Asia, the Renaissance Harbour View Hotel Hong Kong is right at the center of it all!

• 10% for all day dining in Scala Restaurant, Dynasty Restaurant and Café Renaissance

• A glass of red wine for every patron when eating in Scala Restaurant, Dynasty Restaurant and Café Renaissance

1 Harbour Road, Wanchai, Hong Kong, ChinaTel 852 2802 8888http://www.marriott.com/hotels/travel/hkghv-renaissance-hong-kong-harbour-view-hotel/

DotCodOne of the finest seafood dining establishments in town, since September 2010 DotCod has been exclusively using sustainable sea food.

All Chamber Members will receive a 10% discount on the bill (offer valid until June 2011)

Dot Cod Seafood Restaurant & Oyster BarBasement, Prince’s Building, 10 Chater Road, Central, Hong KongTel 852 2810 6988, 852 2810 6988dotcod@hkcc.orgwww.dotcod.com

VisitBritainVisitBritain is Britain’s national tourist offi ce, a new service for visitors to UK. The online shop sells a wide range of tourism products so visitors can get the most out of their holiday in Britain.

British Chamber members enjoy a 5% discount on all purchases from the VisitBritain shop.

Tel 852 3515 7815www.visitbritaindirect.com

Hyatt Regency Hong Kong Tsim Sha TsuiSituated in the heart of Tsim Sha Tsui business and tourist district, Hyatt Regency Hong Kong, Tsim Sha Tsui offers 381 guestrooms and suites, state-of-the-art meeting and banquet rooms, authentic cuisines with 3 restaurants and a bar, as well as a well equipped fi tness centre.

Show your membership card to receive a 10% discount on The Chinese Restaurant, Hugo’s, Cafe and Chin Chin Bar (except happy hours).

Black out days apply, please check with respective restaurants.Tel 852 2311 1234hongkong.tsimshatsui.hyatt.com

Virgin Atlantic AirwaysVirgin Atlantic is one of the world’s largest and most reliable airline companies. In 2009 Virgin Atlantic carried 5.42 million passengers.

Enjoy special offers on fl ights to London, exclusively for Chamber members. Please see Britcham website for details.

Tel 852 2532 6060All tickets are for journeys originating (and bought) in Hong Kong.

www.br i tcham.com16

DEALSDEALS

MEMBER DISCOUNTS

To enjoy exclusive member discounts please log onto www.britcham.com,log in and click on membership discounts. If you have forgotten your login details

please email info@britcham.com to request them.

Accor British Airways Le Meridien Cyberport

AGS Four WindsInternational Movers Ltd Compass Offi ces The Mira Hong Kong

Alfi e’s Dot CodRenaissanceHarbour View HotelHong Kong

Andara Grand Hyatt Virgin Atlantic

B&W Group AsiaLimited Hyatt Regency VisitBritain

Berry Bros & Rudd

For up to date event listings and information, check out www.britcham.com

The British Chamber is pleased to announcetwo new membership categoriesThe British Chamber is pleased to announce that this year we are launching two new categories to refl ect the needs of our increasingly diverse membership.

Startup MembershipThe entrepreneurial spirit of Hong Kong is what makes it such a great place to do business. The Chamber does, however, recognise

that fl edgling companies may need a helping hand in their startup phase, where items such as a Chamber membership may have

to be weighed against other expenses. To enable more SMEs to benefi t from Chamber membership at an early juncture, therefore,

any Hong Kong registered companies less than two years old, which have no other offi ces worldwide, are eligible to apply for this

reduced rate membership.

Sterling MembershipSterling membership is a premium package of benefi ts for companies that wish to increase their profi le and add value to their

membership by supporting the Chamber at a higher level. This high-value package will include additional memberships, greater

access to our marketing channels and a range of other benefi ts.

Please contact Dovenia Chow – dovenia@britcham.com or Lucy Jenkins - lucy@britcham.com.

www.br i tcham.com18

MEMBERSHIP

During the next few months, Hong Kong should begin to see the Environmental

Protection Department’s (EPD) response to the public consultation on their proposed

strategy and Action Agenda on climate change, and their forthcoming environmental policy.

The consultation period came to an end in December 2010, and although it was only open

for three months – relatively short by international standards – it appears that most of the

key interest groups took a very active interest.

The Chamber, led by the Environment Committee, was one of the groups who submitted

a response, welcoming the consultation and the broad initiative for a fresh environmental

approach. At the same time, the committee also pointed out some opportunities for additional

steps, apparently similar to those of other groups, including removing some of the uncertainty

about the process after the responses have been reviewed. There have been growing calls in

Hong Kong for a tighter environmental policy, particularly in light of the increasingly ambitious

measures enacted in other developed countries. Global cities have been taking particularly

bold initiatives, a trend highlighted by the building momentum of the C40, which met in Hong

Kong in November and of which Hong Kong became an early member.

The Hong Kong SAR government set out a range of measures in the key areas of

climate change and environmental awareness, but critics continue to argue that

the Hong Kong Environment Bureau’s targets are not ambitious enough. The NGO

Greenpeace for example, took particular umbrage at the nuclear power component in

the government’s proposals, an energy source to which they are wholly opposed. But

the concerns which find most common ground among groups with an environmental

interest are to do with targets, economic strategies (eg. concerning buildings and

transport), and transparency. For example, the government’s proposed target of a

total renewable energy contribution of 3-4% by 2020 is significantly below that of

many other developed countries and cities. The action plan also proposed a reduction

of absolute green house gas (GHG) emissions by only 3.6% before 2020 compared

to 1990 levels, while the UN’s Intergovernmental Panel on Climate Change (IPCC)

recommended that developed economies cut their emissions by a minimum 25-40%

during this 30 year period in order to mitigate global warming.

Another debate that is likely to continue here is the degree to which Hong Kong

should offset its emissions by buying carbon credits from elsewhere. This issue may

be familiar to former British residents, as it became a central concern during the

formation of the UK’s Climate Change Act of 2008. Following concerted pressure by

the UK branch of the Worldwide Fund for Nature (WWF), carbon credit purchasing

from abroad was limited to 30%, meaning that Britain must achieve most of its

carbon reduction at home. As a small but densely populated area, heavily reliant on

neighbouring Guangdong Province for imports of goods and resources, Hong Kong’s

environmental policy wil l inevitably be more outward looking than that of many

cities. And because Hong Kong lacks political clout on the mainland, it has to rely

largely on offering economic incentives to its neighbouring regions in order to ensure

environmental progress. Nevertheless, Hong Kong cannot put all the blame for

problems like air pollution on the southern Chinese industrial belt, and environmental

groups are pressing for a more ambitious domestic target on carbon reductions. The

balance between intro- and extrospective environmental approaches will no doubt be

one of the key areas of argument among green groups in Hong Kong for some time

to come.

Though many groups would like to see further progress, the consultation was the fi rst of

its kind in Hong Kong and this process has undoubtedly been a step forward towards a

greener and more energy effi cient city. On Hong Kong’s specifi c targets and on its broad

focus in alleviating climate change, this year promises plenty of fresh debate…and, one

hopes, a measure of consensus.

ScotlandScotland has recently undergone a similar public consultation and formed a climate change

agenda – one of the world’s most ambitious climate change policies. Hollyrood forged its broad

environmental policy in 2008 after an initial public consultation, to which it received over twenty

one thousand responses. Last year it revealed its Low Carbon Strategy for public comment.

Key Planks of Scotland’s Climate Change PolicyActions in the Strategy, which has been produced with business and the wider public sector, include:

• Co-ordinated support for businesses and academia in the Environmental and Clean

Technologies sector, to maximise opportunities in a market potentially worth £12 billion to

Scotland’s economy

• Channelling innovation support to low carbon technologies where there is greatest chance

of commercial success - the Scottish Government will reprioritise £15 million of innovation

funding from the Lowlands and Uplands European Structural Funds Programme, which,

along with match-funding from the private sector and other public sector funders, could

create £60 million of support for low carbon activity

• Supporting the planning, design and construction of new infrastructure and the retrofit

of existing facilities to support low carbon activity, such as renewable energy and electric

vehicle infrastructure

• Supporting skills development through the Low Carbon Skills Fund and working with

partners and employers to predict and respond to future skills demands

• Holding an annual Scottish Low Carbon Investment Conference, with this year’s focus

being investment for resource and energy effi ciency

Open to DiscussionOpen to DiscussionHong Kong’s Climate ChangeHong Kong’s Climate Change Strategy and ConsultationStrategy and Consultation

By Sam Powney

19February 2011 • Vol 26 • No 2

ENVIRONMENT

The British Chamber of Commerce is delighted to announce Standard Chartered Bank as the title sponsors of:

The British Chamber of Commerce andStandard Chartered Bank Annual Ball 2011

Friday 24th JuneThe Grand Hyatt Hong KongTheme: to be announced soon!

For further information,please contact: becky@britcham.com

Rugby DinnerThe Britcham and KPMG Rugby Sevens Warm-Up Dinner!

The best way to start your Rugby Sevens weekend.

Thursday 24th March8pm – midnight

The Main Restaurant, Hong Kong Football Club

Featuring:Curry Buffet

Drinks all nightEntertainment

Plus lots of Rugby chat!!

For further information, please see www.britcham.comOr contact: becky@britcham.com

Annual Ball

www.br i tcham.com20

EVENTS

The global accountancy fi rm BDO Limited has recently

appointed Patrick Rozario as a Partner of the firm,

heading up its Risk Advisory Services division to help

clients manage their risks.

Patrick was a graduate of Queen’s University in

Canada and has been a Certifi ed Information System

Auditor since 1993 and a member of the Institute of

Internal Auditors. He has over 20 year experiences

working for large international accounting firms and in the commercial sector, with

many years of experience working in the area of Risk Consulting.

Patrick managed various internal audits, corporate governance, Sarbanes-Oxley, internal

control, information technology risk assurance advisory engagements for clients across

different industries including manufacturing, telecommunication, government, insurance

and banking in Hong Kong and China. He also worked in the commercial sector as project

manager of a number of large scale business process re-engineering and information

systems implementation projects in the Asia-Pacifi c Region and in North America.

The global accountancy firm BDO Limited has recently

appointed Andrew Lam as an Assurance Partner of the Firm.

Andrew was trained and qualifi ed as a Chartered Accountant

in the United Kingdom. He has accumulated over 20

years of public practice experience in major international

accounting fi rms. He is a Fellow of the Hong Kong Institute

of Certifi ed Public Accountants (Practising) and the Institute

of Chartered Accountants in England and Wales.

Andrew has extensive experience in initial public offering exercises in Hong Kong

and overseas stock exchanges. He has assisted numerous companies to list on

stock exchanges in Hong Kong, Singapore and other overseas fi nancial centres.

His other areas of expertise include financial due diligence as well as corporate

mergers and acquisitions. He is also active in providing statutory assurance work

to companies listed locally and abroad. Andrew’s clients mainly operate in Hong

Kong and Mainland China, covering industries such as manufacturing, trading,

construction and real estate, high technology, leisure, service, pharmaceutical and

food-processing.

The global accountancy firm BDO Limited has recently

appointed Jonathan Leong as an Assurance Partner of

the Firm.

Jonathan has extensive experience in dealing with a wide

range of Hong Kong based companies, from small local

entrepreneurial organisations to large international trading

and manufacturing companies, as well as companies

listed on the Hong Kong Stock Exchange. He also provides support to companies

from business planning and implementation to the raising of finance, and assists

clients with corporate advisory matters such as public company fl otation, mergers

and acquisitions, due diligence reviews and corporate restructuring.

Jonathan is a Certifi ed Public Accountant (Practising) in Hong Kong, having previously

practised in South Africa before practising in Hong Kong.

Andrew Lam

Patrick Rozario

Jonathan Leong

BBC’s Global News services embark on Royal Wedding countdownThe BBC’s Global News services – BBC World

News, BBC World Service and BBC.com – has

announced Mishal Husain as the anchor for the

BBC’s international coverage of the wedding of

His Royal Highness Prince William and Miss Kate

Middleton in April.

Mishal will be leading coverage on the day,

alongside a range of presenters from the BBC’s

international television and radio services. BBC

World News will be covering the entire wedding

live and BBC World Service will also be reporting

live on the day’s events. A full schedule of special

programming, to be broadcast in the build up to

the Royal Wedding, will be announced shortly.

In addition, to mark the 100 day countdown to

the wedding, BBC.com has launched a dedicated

section at www.bbc.com/royalwedding. The

dedicated section of the website will bring

together all the news and features that have run

since the couple’s engagement in November

2010 and will be the home of the BBC’s online

coverage over the next 100 days and beyond.

HSBC Global Asset Management launches Latin American equity fundLast month, HSBC Global Asset Management launched its Latin American equity fund to Hong Kong investors. The HSBC Global

Investment Funds – Latin American Equity aims to tap into the strong growth potential of the Latin American region, which is

benefi ting from global commodity growth and robust domestic consumption.

The Latin American equity market achieved an annualised return of 21.2 per cent over the past 10 years to rank as the top performing

region globally, compared with 18.1 per cent for Brazil, Russia, India and China (BRIC) economies and 15.7 per cent for overall emerging

markets over the same period. Among the top 10 markets with the highest expected GDP growth in 2010, four are from Latin America,

including Uruguay, Peru, Argentina and Brazil. HSBC forecasts that the region will grow by 6 per cent and 4.5 per cent in 2010 and 2011,

respectively, signifi cantly higher than the 2.4 per cent and 1.8 per cent for global developed markets over the same period.

Rich in natural resources, Latin America benefi ts from long-term demand for commodities from emerging markets. Additionally, the

region should experience an upside due to commodities being sought as an infl ation hedge.

Hong Kong hotels honored in the 2011 Trip Advisor Travelers’ Choice AwardsThe recent 2011 Travelers’ Choice Awards organised by TripAdvisor has ranked both the Mandarin Oriental, Hong Kong and

Conrad Hong Kong among the Top 25 Hotels in Hong Kong/Macau/Taiwan, while the Mandarin Oriental, Hong Kong also ranked

second in the Top 10 Luxury Hotels in the world.

Now in its ninth year, the annual TripAdvisor Travelers’ Choice awards honour the world’s best hotels, earning their distinction from those who

know them best – real travellers. Unlike any other hotel awards programs in the world, TripAdvisor Travelers’ Choice winners are based on the

millions of real and unbiased reviews and opinions about hotels on tripadvisor.com and content from across the web.

“With the help of millions of travelers around the globe, TripAdvisor is thrilled to recognise the world’s most outstanding hotels for

the ninth year of the Travelers’ Choice Awards,” said Karen Drake, senior director of communications for TripAdvisor. “From the best

bargain hotels to best luxury hotels, remarkable service, value and quality are the hallmarks of our Travelers’ Choice winners.”

21February 2011 • Vol 26 • No 2

NEWS / NEW APPOINTMENTS

Business Policy UnitTim Peirson-SmithExecutive Counsel

ChinaDavid WattDTZ

ConstructionDerek SmythGammon Construction

EducationStephen EnoBaker & McKenzie

EnvironmentAnne KerrMott MacDonald Hong Kong Limited

Financial ServicesInterest GroupDebbie AnnellsAzure Tax Consulting

HR Advisory GroupBrian RenwickBoyden Search Global Executive

ICTCraig ArmstrongStandard Chartered

Marketing & CommunicationsAdam O’ConorOgilvy & Mather Group

Real Estate Jeremy SheldonJones Lang LaSalle

Scottish Business GroupDr. Jim WalkerAsianomics Limited

LogisticsMark MillarM Power Associates

Small & Medium EnterprisesKate Kelly

Women in BusinessLisa BowmanDG3 Asia Limited

YNetworkFiona Foxon

Business Angel ProgrammeNeil OrvayAsia Spa & Wellness Limited

Tim Hay-EdiePilot Simple Software

Chairs of Specialist Committees

CORPORATELaithwaites WineMatthew AylmerGeneral ManagerTel 2516 6103Fax 3017 6774matthew.aylmer@laithwaiteswine.com1901, 108 Java Commercial Centre108 Java Road, North Point, Hong KongWines & Spirits

Mazars CPA LimitedStephen WeatherseedDirectorTel 2909 5699Fax 2541 7268stephen.weatherseed@mazars.com.hk42/F, Central Plaza, 18 Harbour RoadWanchai, Hong KongAccounting

Willis Hong Kong LimitedKurt SchreiberManaging DirectorTel 2830 6628Fax 2827 0966schreiberk@willis.com3502 The Lee Gardens33 Hysan Avenue, Causeway BayHong KongInsurance

Purcell Miller Tritton Hong Kong LimitedRoger WuPartnerTel 2164 4088Fax 2164 4038rogerwu@pmt.co.uk2501, 25/F, 88 Hing Fat StreetCauseway Bay, Hong KongArchitecture / Interior & Urban Design

ADDITIONALThe Dairy Farm Company LtdAlec Tong Group Finance DirectorTel 2299 1870Fax 2299 4870atong@dairy-farm.com.hk7th Floor, Devon House, Taikoo Place979 King’s Road, Quarry Bay, Hong KongRetail / Wholesale / Sourcing

Deloitte Touche TohmatsuJonathan Stuart-SmithManaging DirectorTel 2852 5877Fax 3691 8984jstuartsmith@deloitte.com35/F, One Pacifi c Place, 88 QueenswayAdmiralty, Hong KongAccounting

Goldman Sachs (Asia) LLCTanvir GhaniManaging Director - Prime BrokerageTel 2978 2336Fax 2233 5045tanvir.ghani@gs.com68/F, Cheung Kong Centre2 Queen’s Road, Central, Hong KongInvestment Banking

Grosvenor LimitedSusan ChanRegional HR DirectorTel 2501 1968Fax 2956 1889susan.chan@grosvenor.com3505 Jardine House, 1 Connaught PlaceCentral, Hong KongProperty / Real Estate Services

Jardine Matheson GroupMatthew PayneExecutive Assistant to the Managing DirectorTel 2843 8281Fax 2845 9005matthewpayne@jardines.com48th Floor, Jardine House, CentralHong KongConglomerate / Holding Company

LexisNexisAdam JordanBusiness Director, Contract Publishing & ConferencesTel 2965 1470ladam.jordan@lexisnexis.com39/F, Hopewell Centre183 Queen’s Road East, WanchaiHong KongEducation

Mallesons Stephen JaquesJill WongSpecial CouncilTel 3443 1138Fax 3443 1299jill.wong@mallesons.com13/F, Gloucester Tower, The Landmark15 Queen’s Road Central, CentralHong KongLegal

PricewaterhouseCoopersCalum DavidsonAdvisory LeaderTel 2289 8888Fax 2289 2323calum.davidson@hk.pwc.com20/F, Prince’s Building, Chater RoadCentral, Hong KongAccounting

Willis Hong Kong LimitedJames HuntExecutive DirectorTel 2830 6646Fax 2827 0966huntj@willis.com3502 The Lee Gardens, 33 Hysan AvenueCauseway Bay, Hong KongInsurance

YNETWORKAllen & OveryEllie CrespiRegistered Foreign LawyerTel 2974 7130Fax 2974 6999ellie.crespi@allenovery.com9th Floor, Three Exchange SquareCentral, Hong KongLegal

British Council - ScholarGareth LewisStudentgarethlewis2005@gmail.comRoom 3121A, 6B, Sassoon RoadPokfulam, Hong KongEducation

British Council - ScholarJessica TrevisStudent1322B, Wei Lun HallThe University of Hong Kong6 Sassoon Road, Pokfulam, Hong KongEducation

British Council - ScholarJeremy VyseStudentjerryvyse@hotmail.co.uk1322B, Wei Lun HallThe University of Hong Kong6 Sassoon Road, Pokfulam, Hong KongEducation

Jardine Matheson GroupJames KenchJardines Executive TraineeTel 2516 8520james.kench@jardines.com25/F, Devon House, Taikoo PlaceQuarry Bay, Hong KongConglomerate / Holding Company

INDIVIDUALRichard WittsTel 9300 3451wittso@netvigator.com5A, 2 Golf Parkview83 Castle Peak Road, Kwun TongSheung Shui, New Territories, Hong Kong

PRC/MACAUADDITIONALGenpactPatrick LawSenior Vice PresidentTel 021 6133 3520patrick.law@genpact.comRm1801, Centro, 568 Heng Feng RoadShanghai, Hong KongBusiness Services

GenpactSophia WangPositionTel 010 6562 5429sophia.wang@genpact.com61/F, Tower WestBeijing Prosper Center5 Guanghua Road, Chao Yang DistrictBeijing, Hong KongBusiness Services

START-UPBlue Ridge ConceptsWiebke HeinDirectorTel 6621 1973wiebkehein@gmail.com3A, Twin Bay Villas860 Clear Water Bay Road, Sai KungNew Territories, Hong KongEvents

Bud On Creation LimitedWilliam BuddenCreative DirectorTel 3568 2975Fax 3568 2976william.budden@budoncreation.comUnit C, Lower Ground Floor39-41 Caine Road, Mid LevelsCentral, Hong KongGraphic Design

PRC/MACAUGenpactCharles HuntingCEOTel 021 6133 3520charles.hunting@genpact.comRm1801, Centro, 568 Heng Feng RoadShanghai, Hong KongBusiness Services

www.br i tcham.com22

NEW MEMBERS

Shaken Not Stirred January 2011

Melanie Gomez (LM Investment Management), Lisa Darcy (LM Investment Management), Nick Moynihan (Brand HK), Martin Venier (LM Investment Management)

Jenny Pang (Giles Publications), Heenu Nihalani (Giles Publications)

Tim Peirson-Smith (Executive Counsel), David Dowell (Strategic Access), Christopher Wilkinson (AGS Fourwinds)

Edmond Leung (Tanner De Witt), Steven Resco (Windell Sweett), River Stone (Tanner De Witt)

Jeffrey Mo (New Concept Mandarin), Pierre Chuong

Melanie Gomez (LM Investment Management), Nixie Lam (American Express International), Charles Zimmerman (Speedfl ex Medianet), Candy Tang (American Express International), Lilian Chan (American Express International)

Nixie Lam (American Express International), Melanie Gomez (LM Investment Management)

Charles Zimmerman(Speedfl ex Medianet), Emma Cox (Innovation Intelligence)

Grace Ng (Lister Swartz), Colin Joseph (Lister Swartz)

Emma Cox (Innovation Intelligence), Katie Brown (Ryder Diamonds)

Christopher Wilkinson (AGS Fourwinds), Martin Venier (LM Investment Management)

Stuart Leckie (Stirling Finance), Brian Hunter (PricewaterhouseCoopers)

Roddy Allan (Jones Lang LaSalle), Stuart Northrop (Windell Sweett), Janet Dowling

Alison Asome (IPAC), Lucy Jenkins (The British Chamber of Commerce in Hong Kong), Tim Peirson-Smith (Executive Counsel), Hilary Thomas (The British Chamber of Commerce in Hong Kong), Mandy Cheng (The British Chamber of Commerce in Hong Kong), Dovenia Chow (The British Chamber of Commerce in Hong Kong)

Christin Lam (The Upperhouse), Vivian Ho (The Upperhouse), Melody Chung (The Upperhouse), Bo Heung (Berry Bros. & Rudd)

Berry’s Fine Wine Reserve1st Floor, The Hong Kong Home of Alfred DunhillPrince’s Building, 10 Chater Road, Central

23February 2011 • Vol 26 • No 2

SHAKEN NOT STIRRED