Britain in Hong Kong March 2012 by The British Chamber of Commerce

Britain

IN HONG March 2012

Vo l 2 7

KONG

No 2

www.britcham.com

Logistics in Hong Kong Not For Sale

Leadership Solutions

Prime London Residential Investment Outlook

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Contents 16

Logistics Outlook

Prime London Residential Investment Outlook

22 4 Chairman’s Message

21 Bitto : the oldest cheese in the world

7 London’s RMB Bid

22 Travel: Philippines

9 Leadership Solutions 12 Interview with Damian McKinney 14 Unemployed Youth 16 London Property 20 UK Bribery Act

Visiting the Philippines

25 Upcoming Events 26 Member Discounts 29 News and New Appointments 30 New Members 31 Shaken Not Stirred

Britain in Hong Kong Editor Sam Powney Design Winnie Li Lilian Yu Ken Ng Advertising Contact Charles Zimmerman Project Management Vincent Foe

Jointly Published by Speedflex Medianet Ltd and The British Chamber of Commerce in Hong Kong 1/F, Hua Qin International Building 340 Queen’s Road Central, Hong Kong Tel: 2542 2780 Fax: 2542 3733 Email: info@speedflex.com.hk Editorial: sam.powney@speedflex.com.hk Advertising: charles@speedflex.com.hk

British Chamber of Commerce Secretariat Executive Director CJA Hammerbeck CB, CBE General Manager Cynthia Wang Marketing and Communications Manager Emily Ferrary Special Events Manager Becky Roberts Events Executive Mandy Cheng Business Development Manager Dovenia Chow

Membership Executive Lucy Jenkins Accountant Michelle Cheung Executive Assistant Jessie Yip Secretary Yammie Yuen Ofﬁce Assistant Sam Chan

Room 1201, Emperor Group Centre, 288 Hennessy Road, Wanchai Tel: 2824 2211 Fax: 2824 1333 Website: 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.

Chairman’s

Message 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.

global thinkers and change agents to create meaningful dialogue at Britcham events.

Early in February, Financial Secretary, Mr. John Tsang, delivered his final 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 financial 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 first 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 financial markets. At the luncheon, he reflected 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.

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 briefing 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 finally 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 finally embraced the world of 140 characters and will be tweeting regularly, if you wish to follow me: twitter.com/KevinTaylorHK All the best,

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

Kevin Taylor

Chairs of Specialist Committees Business Policy Unit Tim Peirson-Smith Executive Counsel

Environment Committee Anne Kerr Mott MacDonald Hong Kong Limited

Marketing & Communications Committee Adam O’Conor Ogilvy & Mather Group

Small & Medium Enterprises Committee Kate Kelly K2PR

China Committee David Watt DTZ

Financial Services Interest Group Debbie Annells Azure Tax Consulting

Real Estate Committee Jeremy Sheldon Jones Lang LaSalle

Women in Business Committee Sheila Dickinson Ipac Financial Planning Hong Kong Limited

Construction Industry Group Derek Smyth Gammon Construction

HR Advisory Group Brian Renwick Boyden Search Global Executive

Scottish Business Group John Bruce Hill & Associates

YNetwork Committee Fiona Foxon Quintessentially

Education Committee Stephen Eno Baker & McKenzie

ICT IT Committee Craig Armstrong Standard Chartered

Logistics Committee Mark Millar M Power Associates

Business Angel Programme Neil Orvay Asia Spa & Wellness Limited

Britain in Hong Kong

C ove r S t o r y

HONG KONG LOGISTICS OUTLOOK Mark Millar, Logistics Committee Chairman

In the context of increasingly

their transportation spend, often migrating more cargo

globalised supply chains, Hong

to ocean freight whilst also exploring multi modal sea-air

Kong is clearly recognised

solutions.

as one of the world’s leading logistics hubs – reflected by

Sustainable Competitive Advantage

our impregnable position as

Hong Kong’s sustainable competitive advantage as a

‘The Gateway’ into and out-

leading global logistics hub will revolve around three pivotal

of mainland China, our role as

competencies – best in class international transhipment

a de-facto regional distribution

hub, centre of excellence for logistics skills and leadership

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

in e-logistics.

in global freight as the world’s number three container port and largest air-cargo hub. With a longstanding leadership

As the world’s leading cargo transhipment hub, Hong

in trade and logistics – contributing around a quarter of

Kong will continue to grow. The International Air Transport

both GDP and local employment – Hong Kong has always

Association (IATA) forecast that Hong Kong will be the

punched above its weight.

world’s fastest-growing air cargo market. It is therefore imperative to proceed urgently with the airport expansion

Challenges Ahead

project, including sustainably building the third runway and

We can expect tough market conditions in the year ahead

associated facilities.

- economic challenges in the developed markets will affect global trade, resulting in softening demand for product

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

shipments. Hong Kong will experience challenges with

widespread adoption of e-freight initiatives throughout the

cargo volumes – both air and ocean freight sectors will

international air and ocean cargo sectors is increasing

likely be impacted.

efficiencies whilst providing environmental benefits such as reducing paperwork. Within the cross border trucking

However, Hong Kong’s logistics sector also stands to

sector, introduction of electronic submission of road cargo

gain from some of the supply chain optimisation initiatives

information enables seamless customs clearance at the

being undertaken by major manufacturers and retailers.

land boundary control points.

Inventory reduction programs often necessitate just-intime replenishment, which in turn drives demand for air

Firmly reinforcing its position as a leading regional centre

freight shipments. Companies are also seeking to optimise

of excellence for logistics industry skills and talent

C ove r S t o r y

development, Hong Kong is home to 60 educational and

•

Regional Distribution Centre – leading free port

vocational training institutions, offering more than 1,000

location with unparalleled air and ocean connectivity

programmes and courses related to logistics and shipping.

to serve the rapidly expanding consumer markets and

Government funded training allowances beneﬁt small and

growing populations throughout Asia

medium enterprises. •

Global Logistics Hub – logistics epicentre servicing

Opportunities within Asia

global supply chain ecosystems – with unparalleled

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

multimodal connectivity - north, south, east and west

consumer markets within Asia Pacific, many of them seemingly unaffected by financial woes in the western

Looking to the year ahead, I am conﬁdent that despite the

world, present further opportunities for Hong Kong to

global economic challenges, our competitive advantages

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

will endure and our entrepreneurial spirit will ensure

Providing efficient and competitive warehousing and

continuing leadership in global logistics with Hong Kong

distribution services, coupled with cost effective multi-modal

empowering effective and efficient global supply chain

transportation options, leveraging our extensive connectivity

ecosystems.

and privileged free-port status, provide an ideal RDC platform from which to serve all the markets in Asia.

Mark Millar MBA, PMHKLA, FCILT, GAICD Mark Millar is Managing Partner of M

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 highvalue inventory management and regional distribution.

Power Associates, providing supply chain and logistics consulting, advisory and recruitment services that empower superior performance. With over 25 years global business experience,

Conclusion Hong Kong enjoys an enviable and sustainable leadership position within global supply chains, performing three distinct and critical roles: •

C h i n a G a t e w a y – b i d i re c t i o n a l c h a n n e l f o r international cargo movements into and out-of the mainland

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. mark@markmillar.com

Britain in Hong Kong

Business

Gaining Currency

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

gateway for Asian banking and investment in Europe’.

offshore trading hub for progressively internationalising

Many Britcham members will already be familiar with

Chinese currency, a look at the situation in Hong Kong

Chancellor Osborne’s plans, as he expressed the same

can offer some insights into the trend of developments.

message when he gave a speech at the Hong Kong Jockey Club last year, explaining that London would

Since Beijing took its first tentative steps towards the

‘complement not compete’ with Hong Kong.

internationalisation of the renminbi in June 2009, the Hong Kong stock market has been abuzz with new financial

Osborne confirmed that he agreed with Wang Qishan

products linked to the mainland currency. Investors

to collaborate on the development of renminbi-

could be fairly confident that the world’s most famously

denominated ﬁnancial products and services in London,

undervalued currency could at the very least hold its

during the Chinese Vice Premier’s visit in September

current level, considering the enormous pressure the US

last year. However, the excitement appeared to come

still puts on China to allow the renminbi appreciate to its

more from the British side, and a Xinhua News Agency

fair value. Economists may have recently become less

report in February this year warned that London still had

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

many years of work ahead before it could become an

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

international renminbi trading hub. As the world’s largest

bonds’ (stocks in Hong Kong listed companies sold in

currency trading market, London already acts as the

renminbi) nearly quadrupled across 2010 to 2011.

conduit for somewhere between 10 and 30% of global renminbi trading, but total trade in renminbi outside

Meanwhile, London expressed its interest in taking a role

China remains comparatively small and therefore illiquid.

in the internationalisation of the renminbi almost as soon

Nevertheless, former HSBC Chairman Baron Green of

as that process began. The UK has recently signed a

Hurstpierpoint has predicted that by 2015 the renminbi

deal with the Hong Kong government aimed at making

will be one of the three major global trading currencies.

London a leading global centre for offshore trading of China’s currency. The BBC reported Chancellor Osborne

To many observers that seems a little ahead of time,

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

considering that at present the renminbi is not an

Business

investment currency in international markets and

as many outsiders are. According to an estimate by JP

that few foreign governments hold any renminbi as

Morgan analysts, China’s capital outflows for the fourth

foreign exchange reserves. On the other had, the

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

Chinese government seems to have been pushing the

China business monitor Tom Holland picked up on the

internationalisation much faster than it is often given

apparent rise in dollar-hoarding on the mainland in the

credit for. According to the news agency Bloomberg, EU

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

Chamber of Commerce in China president Davide Cucino

head of Greater China research at Standard Chartered in

has claimed that senior (but unidentiﬁed) Chinese ofﬁcials

December last year.

signalled to him that the yuan will reach ‘full convertability’ by 2015. More concretely, Zhou Xiaochuan, governor of

However, while there is undoubtedly a long-held respect

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

for major foreign currencies inside China, the current

renminbi should be allowed to float more freely, which

outflow could have more to do with China’s overvalued

many analysts took to mean that Beijing is indeed ready

investment markets and the capital controls in place

to further loosen its grip.

preventing overseas investment by Chinese citizens, than any lack of conﬁdence in the yuan per se. This might go

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

some way to explaining why Beijing last month granted

a couple of other potential hindrances which could

the ﬁrst Chinese asset management company a license to

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

sell ‘exchange traded funds’ tracking HK-listed companies

at Antai College of Economics and Management, Jiao

to mainland investors, part of a move announced last year

Tong University Shanghai suggested in an article in the

by Vice-Premier Li Keqiang. While denominated in RMB

Guardian newspaper in January that Chinese leaders

and sold only in the mainland, such ETFs give Chinese

would likely prefer that a European renminbi hub should

residents a valuable conduit to diversify their savings into

be centred at the heart of the European Union (thus

the relative stability of the Hong Kong stock market. If

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

expanded, the liquidity from these ETFs has the potential

the other hand, if China is indeed accelerating its push

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

for currency internationalisation, then the Euro’s current

have already done to Hong Kong property. And of course

instability might well tip Beijing towards Osborne’s

it’s possible that similar schemes could eventually extend

invitation. Indeed, Britain already seems at least to have

to other stock markets, including London.

Hong Kong’s enthusiastic cooperation as evinced by the ‘joint private sector forum’ on the yuan between

Overall, it seems likely that given time London is in

the Hong Kong Monetary Authority and HM Treasury

a position to become a substantial renminibi trading

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

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

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

geographical position, the present instability of the

meeting will take place in May this year.

Eurozone, and the timing of the yuan’s internationalisation. The greater question remains, what impact a fully

Lastly, while international markets eagerly anticipate the

convertible RMB would have upon China’s economy, the

renminbi’s imminent convertability, mainland investors

global economy, and even the global geopolitical balance

do not seem as conﬁdent in the stability of their currency

of power.

Britain in Hong Kong

Business

Delegate to Motivate

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

Smart leaders “know what they don’t know”

skills. It also develops staff trust, rapport and builds stronger relationships.

3 Ways to Delegate The following are three delegation approaches which

By Dr. Robert Edmonson CEO of Paradigm21

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 ﬁrm?’ • ‘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 beneﬁt from taking on additional tasks?’

Business

Tip 2: Deﬁne 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

‘We feel you have the competencies that will deﬁnitely 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’.

a graph. •

Describe the required resources and support.

Tip 4: Communicate to Understand the Plan

•

Deﬁne milestones, expectations and realistic timelines

When the delegated task is completed, will it resemble

for each step.

your expectations? One of the biggest obstacles

•

Assess each step to determine speciﬁc skills required

leaders face when delegating is communication. Clearly explain the project’s purpose, its value, details, their

Tip 3: Delegate To?

responsibilities, resources and support provided, timeline

To help determine the best candidate, consider the

and expectations to the delegate.

following factors: • • •

Do they have the time to take on additional

Collaboration.

responsibilities?

Visuals amplify understanding and learning. The brain

Are they open to taking on new challenges and

is programmed to recognize and recall visual images to

stretching themselves?

quickly understand, innovate and arrive at solutions.

Do they have the foundation skills and knowledge to handle the task?

Use the document created in Tip 2: Define the Scope to collaborate with the delegate on the task. After

Motivating to Succeed.

discussing the project, chart and details, ask the delegate

Appealing to individual self-interests is the key to

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

motivating others to succeed. Here are some key

they understand it based on your description.

concepts to consider: •

Each person is motivated for different reasons.

Ask, Listen.

Reasons come from within them, not from others.

To eliminate possible communication gaps, ask questions

•

Motivation begins with doing something they really

about their sketch and details, then listen to understand

want to do.

their perspective.

•

Understand what motivates the person selected for the task.

Strengthen Understanding.

•

Discuss the positive impact the project will have on

Did the description match what you had in mind?

the company and staff.

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

•

Describe their strengths and why they were selected

with their interpretation --- remain nonjudgmental.

for the project.

Look for what is good and ask questions about what

•

Highlight possible future opportunities and recognition

doesn’t exactly match.

for their contribution.

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. Words Inﬂuence.

For individuals to take project ownership they must use

When describing the task, remember the words you

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

use will influence their thinking and perception. Use

task using your hard-wired thinking will only become a

motivational phrases like:

barrier to them maximizing performance.

Britain in Hong Kong

Responsibility.

Avoid focusing on the problems as it will create self-

Ensure the responsibility and authority level are aligned.

doubt, fear, demotivate and lower confidence. Stay

Shift responsibility and control to the individual. This

solution-focused on what could be done to improve the

shift encourages commitment, passion and dedication

situation such as:

to taking action to achieve goal. When you empower

•

‘Would you like to brainstorm some ideas to find

•

‘What do you think you could you do differently to

ways to improve the situation?’

others, they become partners to success.

achieve the goal?’

Tip 6: Ongoing Support & Monitoring People welcome interactions to get positive input on their performance and progress.

Rethink, Reframe Task. The brainstorming and collaboration could indicate

Periodic Check-ins.

the project or task needs to be restructured or require

Mutually agree on periodic progress check-ins. Periodic

someone with special skills.

check-ins demonstrate your ongoing support, interest, keeps things on track and identiﬁes potential problems to

Tip 9: Expected Outcome?

‘prevent’ rather than time consuming, costly ‘ﬁxes’.

L e t ’s a s s u m e t h e r e s u l t s a r e n o t u p t o y o u r expectations. You have a choice. You can reprimand,

Encourage Collaboration.

criticize, berate, blame and say a variety of negative

Many times people are reluctant to offer input or ask

things to show your unhappiness. All of which only

questions. One of the purposes of on-going meetings

make matters worse for the individual and serve to

is to collaborate and exchange ideas. So encourage

damage your image.

comments and questions. Conversely, you can use a self-directed, positive

Tip 7: Powerful Praise

approach focused on lear ning and personal

Do you complement or praise someone for their

development. This method helps the individual review the

contribution? Being appreciated is a basic human

situation for reﬂections on what was learned, what they

requirement everyone needs and wants.

would do differently in the future to improve performance and how they could share that knowledge with others to

Appreciating In Action.

avoid a repeat.

All praise and compliments must be genuine and honest. It should also be very ‘speciﬁc’ so the individual

‘Self-directed’ Learning Approach in Action

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

‘The final outcome didn’t tur n out the way we

behavior and begins to build new habits. Here are some

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

suggested approaches:

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

•

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

change the outcome.’

•

‘I am very happy with your performance and the

•

‘I really appreciate your help because……’

‘What are the 3 most valuable things you learned from this project?’

outcome as it……….’ •

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

•

‘If you observed yourself, how would you describe

Potential Rewards.

your actions?’

Although people are internally motivated by self-interests

•

‘What things were you very successful in doing?’

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

•

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

external, tangible rewards too such as being highlighted

•

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

in the company newsletter, dinner vouchers, included in

same situation?’

talent development programs or presented with an award at annual gathering.

Delegating clearly delivers proven benefits to leaders, staff and the organization. It allows leaders to focus

Tip 8: Think Solutions, Not Problems

on higher priority tasks while developing trust and

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

motivation, creating opportunities to strengthen staff

supportive, helpful attitude as getting upset or angry only

knowledge and skills, and to achieve even more.

complicates matters.

Business

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 ﬁeld. In a world that has become more vulnerable to new ‘strategic shocks’, an agile approach is in high demand.

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 ﬁrst 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 fourman team. So I feel very comfortable working in the different levels of business too.

W h i c h m i l i t a r y v a l u e s a re p a r t i c u l a r l y 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 ﬁnd that many

Britain in Hong Kong

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 deﬁning 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, talked 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 firm 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 flexible 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 definition, that creates chaos.

There’s a widespread perception that banks and corporations have recently encountered a disconnect between their high risk, rapid proﬁt-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.

Education

First Steps By David Dodwell, Executive Director, Hong Kong – APEC EC C Tr Trad Trade ra ad de d e Po Polic P Policy oli Group

At a time of economic uncertainty, David Dodwell

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

addresses an issue that often goes unnoticed in Hong

and no-one believes the latest uptick is strong enough

Kong: youth unemployment.

to provide ammunition for the Presidential election battle that lies ahead.

As we enter the Year of the Dragon, and the fourth year of the Great Recession, it is more than usually important

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

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

world’s unemployed have simply stopped chasing jobs

a tough challenge, with most indicators in Europe still

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

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

reality that certain parts of every population — even ours

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

in Hong Kong — are suffering very much more than

economy — though quite how gloomy one should get

others — in particular our unemployed youth.

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

Data recently released by the United Nations shows a

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

troubling global picture. Putting aside the millions that

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

are working for poverty wages, or are underemployed,

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

the global total of young unemployed rose steadily from

Britain in Hong Kong

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, ﬁrst out” when it comes to hiring and ﬁring. 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

so many volunteers ready to camp in tents under the

less grim can it be in the US, where

Hong Kong Bank headquarter building as part of the

youth unemployment is over 17%?

“Occupy” movement.

Or in Hong Kong for that matter. We may have low unemployment

Hong Kong's problems may be modest by comparison

overall, but the official jobless

with those in many countries worldwide, but our leaders

number for people under 25 is

have no space for complacency. Our future Chief

nearly 8%,, and a recent United

Executive, and the civil servants who will administer and

Nations report on

implement his visions and strategies, will need to give highest priority to quality education and training that is

global employment trends for

powerfully tailored to job market needs. Our leadership

youth comments that true youth

will need to focus hard on macroeconomic and ﬁnancial

unemployment in Hong Kong

stimulus — which for Hong Kong means facilitating the

“could be as much as double the

survival and growth of SMEs, in particular in the services

official rate if all of the additional

economy — even if that means annoying the many

inactive youth are really holding out

powerful vested interests that many of our disenchanted

hope for future employment”.

youth believe get more than their fair share of the economic breaks in Hong Kong.

The “inactive youth” are youngsters that are “either “hiding out” in the education system instead of facing a pointless

Surely the time to inject hope — and to lay foundations

job search, or idly waiting at home for prospects

for a skilled and motivated workforce that can fuel our

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

recovery when the recession eventually ebbs — is exactly

unemployment to be around 24%. No wonder there are

now, when we are at the nadir.

Proper ty

Prime London Residential Investment

By Perry Bousfield, Director of Prime Portfolio

The property market in the prime locations of Central London has been rising steadily for a number of years - the question prospective buyers have always asked is whether this is a bubble or whether it is sustainable growth?

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 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 Evelyn Gardens â&#x20AC;&#x201C; South Kensington Acquired ÂŁ2,200,000 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,

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

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of overseas buyers, particularly those from South East Asia. These buyers are attracted to new build ﬁrstly 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 ﬂats 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 Chevalier House – Opposite locations are though where there Harrods, 3 flats acquired circa £4m, let at £2500 per week each 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 ﬁgures 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 ﬁnd and buy an older property. City fringes provide some good investment opportunities. For instance, Grays Inn Road is an interesting location where prices are still low, making gross yields look very attractive. Residential values are rising in and around Canary Wharf; immediately Trinity Court – Grays Inn Road, Acquired and renovated, total cost £350,000 rent £375 per week 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 - perry.bousfield@primeportfolio.com Hong Kong - nick.todhunter@primeportfolio.com

Adver torial

An Ampleforth Education Provides a Compass

Britain in Hong Kong

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

for Life

Benedictine schools under the guidance and care of the monks of Ampleforth Abbey. The 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. This Benedictine tradition appeals not only to Catholics but also to other Christians who recognise the benefits 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. Through the College, nine of our young men and women have been offered Oxbridge places this year, three with choral scholarships. The 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. This 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 fulfilled and useful lives. This will lead to happiness. Happiness therefore, is not a goal in itself but a product of a life well lived. We believe that St Thomas 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 flourishing. The 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 fixtures, 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 differently 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-finder that will always allow them to hold on to their moral bearings to seek their own true north.

www.ampleforth.org.uk

L aw

By Sam Powney 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 ﬁrst anniversary. Passed into law in 2010 with cross-party support, the anticorruption act was delayed in implementation until July last year to allow for a period of reﬂection 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 main offences: • Bribing someone • Receiving a bribe • Bribery of Foreign Public Ofﬁcials • For commercial institutions, failing to prevent a bribe Why 2011? The UK had recently ratified the OECD (Organisation for Economic Co-operation and Development) anti-corruption 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.

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 aﬁeld. 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.

working for them, even an agency, commits bribery. This also applies to companies who are not UK-registered, but who are based in the UK or who carry on part of their business there. In the general clauses, bribery is defined as covering payments not just to public officials, but also to anyone who could be swayed away from what they would reasonably 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 the act? For companies: unlimited fines (commensurate with potential gains accrued resulting from the bribe) For individuals: ten years in jail

Why the controversy? Several parts of the act seem to go further How can companies avoid prosecution? in its stringency than other jurisdictions, • Pre-empt it by instituting a demonstrably corruption-free corporate culture and a which could arguably put UK firms at a transparent code of conduct, both indisadvantage when operating overseas or house and when dealing with partners even discourage foreign companies from and agencies. investing in the UK. • In cases where companies know or Section 7 is likely the most controversial suspect that bribery has occurred, they part of the act. British companies and should immediately report the incident individuals can be guilty if someone to the Serious Fraud Ofﬁce.

What’s the overall message? Companies and individuals should exercise due diligence, and demonstrate a culture of openness, honesty and intolerance for any kind of bribery. The authorities’ focus appears to be more on companies who show general intent to commit corruption (or, lack of intent to prevent it), rather than wishing to penalise odd incidences of bribery. How far this will translate into prosecution remains to be seen. How can companies be sure about the detail 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 Redbridge Magistrates’ Court was convicted under the new act in November last year for taking bribes to erase motoring offences from court records. Tabloid newspaper The Sun covertly filmed the man arranging a bribe. He was sentenced to six years in jail.

Britain in Hong Kong

Lifestyle

- and available in Asia only 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.

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 scientific 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 cheese2007, 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 flavour, its nobility increases, finally becoming an excellent product that is found on the most refined tables. We found the 1997 one matching perfectly with the truffle 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

Lifestyle

by Tanya Roberts, Travel Consultant, Lightfoot Travel (HK) Ltd. 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 first 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 find 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 find back-to-back weddings taking place. The traditions of cheering while the bride and

groom have their first 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 flew 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 infinity 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

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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 ﬁnd them and you will not be disappointed! Apart from the Palawan islands, there are more commonly known destinations. From Manila, ﬂy 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 CEBU Shangri-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. BOHOL Amorita Amorita 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. Ananyana Ananyana 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 Resort A 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. Miniloc Reminiscent 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 ﬁsh. The 50 rooms are rustic and native in style. Enjoy al fresco dining at the Clubhouse restaurant and beach bar.

Lifestyle

Lagen Perfect for relaxation and diving, Lagen is an island nestled between a lush four-hectare forest and a calm, shallow lagoon. The resort offers a magniﬁcent 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 ﬂourishing in their natural habitat. Guests often come here for birdwatching and in particular diving with over 20 dive sites nearby. Pangulasian The 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 Suites The 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 La Situated 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 ﬁlled 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 Shores This 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, surﬁng 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.

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.

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.

Create your own exotic story from US$2,440 per person. CONTACT OUR LUXURY TRAVEL CONSULTANTS ON +65 6395 0678, OR EMAIL oereservations.singapore@orient-express.com QUOTING CODE ‘BHK’ ORIENT-EXPRESS.COM/E&O

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.

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Britain in Hong Kong

Upcoming Events 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 first 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 first woman to lead a division at Sun Life China, the first 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.

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.

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 standup 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!

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 willingness 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.

Women in Business

Getting Inspired 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 ﬁrst 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: Barclays Barclays 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

Member Discounts Food 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 Pacific). This applies to over 1600 Sofitel, Pullman, Novotel, Mercure & All Seasons hotels worldwide. For more information please contact Regina Yip on 2868 1171 or email regina.yip@accor.com Alfie’s | Members of the British Chamber of Commerce can benefit from a 10% discount at this chic restaurant in Hong Kong. Berry Bros. & Rudd | Members can benefit 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 dotcod@hkcc.org 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 connie.kwan@themirahotel.com

Britain in Hong Kong

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 ﬁnd these beneﬁts 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 homesearch@ sirva.com 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 finest 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 international.support@carey.com Compass Offices | Compass Offices, a premium serviced office provider, are offering members a one month free Serviced Office space or three months free with a Virtual Office Package. For more information please call 3796 7188 or email hksales@ compassoffices.com Flight Centre | Members will receive HKD150 off the first booking made as well as a complimentary Airport Express ticket per booking. For all holiday and flight enquiries please call Paul Jeffels on 2830 2793 or email paul.jeffels@flightcentre.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 emily@britcham.com

Attention Members The 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 lucy@britcham.com Terms and Conditions apply.

THE BRITISH CHAMBER OF COMMERCE AND STANDARD CHARTERED BANK ANNUAL BALL 2012 x

Friday 8th June 2012 Grand Ballroom, The Grand Hyatt 7:30pm - Late Dress Code: Themed Fancy Dress – Camelot Chic

WWW.BRITCHAM.COM/SIR-DANCE-A-LOT FOR FURTHER INFO PLEASE CONTACT BECKY@BRITCHAM.COM

Britain in Hong Kong

News Threat of recession contains risk of further bank failures

Bonus optimism fading away At 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 ﬁnance 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, conﬁdence seems to ebb: over four in 10 (44%) respondents predict bonuses will decrease over the next three years.

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 proﬁt 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 proﬁts, and are likely to be around for a while.

Over eight in ten (83%) ﬁnance 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.

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 firm in the Asia-Pacific region. The alliance makes Global Sage and Bó Lè Associates the first Asianbased 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-Pacific region with more than 550 people.

Mourant Ozannes moves into Asia Leading offshore law firm, recently joined Chamber member, Mourant Ozannes, has opened an office in Hong Kong to provide clients and intermediaries with access to the firm’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 office has opened with three partners and will focus initially on investment funds, corporate and finance work for which the firm has an international reputation.

New Appointments Mercer strengthens M&A leadezrship in Greater China Mercer 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 beneﬁt 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 lineof-business projects to strategic buyers located in China. Mr Feng was based in Mercer’s Boston ofﬁce 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.

New Members CORPORATE

PRC/MACAU

INDIVIDUAL

Blackrock Mark McCombe Chairman Tel 3903 2800 mark.mccombe@blackrock.com 16/F, Cheung Kong Center, 2 Queen's Road Central, Hong Kong Asset Management

iExcel Jeremy Artan de Saint Martin Managing Director Tel 8121 1969 jeremy.artan@iexcelconsulting.com 33C, Kings Ville, Tower 2, Av, Olympica, Taipa, Macau Business Software Solutions

Ian McMahon Tel 2504 8317 ian.mcmahon@hkrugby.com C/O: HK Rugby Union, Room 2001, Olympic House, 1 Stadium Path, So Kon Po, Causeway Bay, Hong Kong

China Telecom (Hong Kong) International Ltd. Tan Xu Vice Executive President Tel 2582 5827 yangxw@chinatelecom.com.hk 38/F, Dah Sing Financial Center, 108 Gloucester Road, Wanchai, Hong Kong Telecommunications

Project Retail Consultancy Jan Beards Consultant Tel 9327 8406 jbeardsprc@hotmail.com 12B, Tower One, One Central, Macau Consultancy

Paradigm21 Robert Edmonson CEO Tel 2892 7608 success@paradigm21.com 1801, Wing On Central Building, 26 Des Voeux Road, Central, Hong Kong Consultancy

Sheraton Macao Hotel, Cotai Central Sally-Ann Klap Director of Sales Tel 6311 3321 sallyann.klap@sheraton.com Estrada Da Baia De N., Senhora Da Esperanca, S/N, Macao Hospitality

OVERSEAS We Collect and deliver your car FREE OF CHARGE (subject to distance) We provide good, quick repair service at reasonable prices

Our competitive Labour charges:

From

Lubrication Service

$ 110

Tune Up Engine

$ 220

Engine Decoke & Grind Valves

$ 1,500

Engine Overhaul

$ 4,000

Brake System Overhaul

$ 900

Clutch Mechanical Overhaul

$ 1,000

Air Condition Freon Recharge

$ 400

Alternator Overhaul

$ 400

Starter Motor Overhaul

$ 400

ALL REPAIRS WITH THREE MONTHS GUARANTEE

Our Business Hours 8am-6pm, Mon-Sat & Public Holiday Our 24hrs. Emergency Towing Agent “Firstone Towing Services” 8203 3411 Please call us at 2565 6166 or Fax: 2856 1047 E-mail Address: fookie@netvigator.com

FOOKIE MOTORS CO. LTD. Shop 7, G/F, Paramount Bldg., 12 Ka Yip Street, Chai Wan, Hong Kong.

The Royal Mint Ueli Tschupp-Lambert Regional Director of Sales - Asia Paciﬁc Tel 6711 6966 ueli.tschupp-lambert@royalmint.com Llantrisant, Pontyclun, CF72 8YT, United Kingdom Government Owned Company

Lee Hoi-Lem Tel 9830 0146 holee@kroll.com 1701-02, Central Plaza, 18 Harbour Road, Wan Chai, Hong Kong

YNETWORK Jardine Matheson Group Alissa Davies Jardines Executive Trainee Tel 2790 3009 alissa.davies@jardine-shipping.com 48th Floor, Jardine House, Central, Hong Kong Conglomerate / Holding Company The Hong Kong & Shanghai Hotels Ltd Clarissa Aiken Management Trainee Tel 6541 7885 clarissa.aiken@gmail.com 8/F, St George's Building, 2 Ice House Street, Central, Hong Kong Property / Real Estate Services

STARTUP ADDITIONAL PricewaterhouseCoopers John Ryan Partner - Assurance Tel 2289 2688 john.j.ryan@hk.pwc.com 22/F, Prince's Building, Chater Road, Central, Hong Kong Accounting

Iris Publishing Emma Ellwood-Russell Director Tel 9221 2144 emma.ellwood-russell@irispublishing.com.hk 9B, Amtel Building, 148 Des Voeux Road, Central, Hong Kong Printing / Publishing Profood Limited Ivona Grgan General Manager Tel 2243 3397 ivonagrgan@profood.com.hk Suite No. 1612B, 16/F, Exchange Tower, 33 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong Food & Beverage

Britain in Hong Kong

Shaken Not Stirred Feb 23 2012, asia medical specialists, Aon China Building, Queenâ&#x20AC;&#x2122;s Road Central

Nick Blank (blackpeak), Darren Maryon (MIHK Design Consultancy)

Andrea Demy (AGS Four Winds), Kitty Parkes (Ketchum), Jane Morgan (Ketchum)

Thomas Knights (Carrington Fox), Will Sweeney (Concise Media), Susanna Robinson (Living PR)

Leigh Mackeurtan (Concise Media), Kim Swan (Lloydâ&#x20AC;&#x2122;s)

Karl Kershaw-Lee (Flight Centre), Andrew Edwards (Dale Carnegie Training)

Ann Moir, Maureen A. Mills (Executive Homes)

Will Wyld (Thames River Capital), Lucy Jackson (Lightfoot Travel)

Linda Jackson (Accents Limited), Karen Tovell (TTP Consulting), Varun Joshi, Abbi Tannis (TTP Consulting), Beck Federici (Pentland Asia)