February Issue by The British Chamber of Commerce

F e b r u a r y 2 0 1 1 • V ol 26 • No 2

In This Issue

PAGE

Using Social Media

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The Rise of Emerging Markets

British F.M. visits Hong Kong By Sam Powney

Amid

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Business Conﬁdence Survey

Concepts and Terminologies

for its substantial fluctuations in currency

of the economic crisis in the world’s most

As with many buzzwords, ‘emerging markets’

markets, yet the South Korean economy

developed nations, investing in emerging

is a term whose legitimacy is questionable; but

has grown at such a pace that many see it

markets looks ever more attractive and

although some see it as outdated, it is perhaps

more as an ‘emerged’ than emerging market.

even essential. In mid-2010 China officially

difficult to think of an alternative. Originally

As another example, many of the countries

overtook Japan as the world’s second largest

brought into fashion in the 1980s by then

surrounding the Eurozone have independent

economy, but there has also been impressive

World Bank economist Antoine van Agtmael,

currencies yet they are firmly tied in to the

g ro w t h i n o t h e r e m e r g i n g e c o n o m i e s .

the term is sometimes loosely used as a

European market.

Indonesia, for example, managed to skirt the

replacement for emerging economies, but really

crisis in 2008 and is now the third fastest

signifies a business phenomenon that is not

Although the economic difference between

growing economy after China and India.

fully described by or constrained to geography

neighbouring countries can be very

Turkey’s economy was hit during the crisis,

or economic strength; such countries are

noticeable, very often entire regions seem

but bounced back very soon afterwards and

considered to be in a transitional phase

to experience a similar economic direction

avoided any of its banks going under despite

between developing and developed status.

almost en masse. Many of the Central

ongoing fears of a return

and South American nations are currently

deep ties with the European market. India

PAGE Lifestyle

Plus

is often seen as the country with the most

Moreover, there is a question as to whether

enjoying a period of sustained growth,

potential for economic growth, currently

it is more helpful to look at the performance

and economists like to talk of the region’s

ranking as the world’s 11th largest economy,

of individual countries or at broader regions.

emergence from ‘the lost decades’ of corrupt

but projected to become the most populous

On the one hand, all the emerging national

dictatorships and economic stagnation.

nation in the next 15 years. Though there

economies have their own currencies, yet the

H e re i n H o n g K o n g t h e t e r m ‘ A s i a ’ i s

may be exceptions, taken together emerging

stability of a currency does not necessarily

frequently used almost as a byword for

markets are becoming an ever surer

correlate to a country’s economic growth.

ﬁnancial opportunity, though the boundaries

investment opportunity.

The South Korean won has long been known

of this emerging region are usually left

• News • New Appointments • Shaken Not Stirred

(Continued on page 2)

www.britcham.com

COVER STORY (Continued from cover)

undefined. Indeed, this is not just so in Hong Kong. Britain’s Foreign Minister was here in mid-January, giving a speech at the Asian Financial Forum that highlighted Asia’s importance in providing trade opportunities for British businesses. Mr. Hague said that his government was encouraging British businesses to ‘look East’.

Key Terms and Groupings BRIC – Brazil, Russia, India, and China. BRICET – BRIC + Eastern Europe and Turkey BRICS – BRIC + South Africa BRICM – BRIC + Mexico BRICK – BRIC + South Korea Next Eleven – Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam CIVETS – Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa ‘Frontier Markets’ – More recent and less developed emerging markets. These are typically investable but have lower market capitalisation and liquidity.

One of the few countries’ to appear in all the major indexes of emerging markets last year was Egypt, whose political future has suddenly become so uncertain - a reminder that political circumstances can swiftly overtake economic trends. While there is a mood of instability across much of the Arab world, the gulf states have seen a long boom period which looks likely to continue despite the hard hit they took during the economic crisis. In

Measuring Growth and Establishing Trends

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

Perhaps the main arbiter of emerging markets is the Morgan Stanley Capital International

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

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

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

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

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

South Korea and Taiwan between them account for almost 30 per cent. Goldman Sachs’ emerging markets index, the ‘Next Eleven’ highlights countries, besides the BRIC nations, predicted to become major economies in the 21st century and includes macroeconomic stability, political maturity, openness of trade and investment policies, and the quality of education in its criteria. The FTSE Group distinguishes between Advanced and Secondary Emerging markets on the basis of their national income and the development of their market infrastructure. In 2008, Mastercard developed another Emerging Markets Index by listing the top 65 city economies across the world. Around the same time, HSBC launched its own Emerging Markets Index, which looks at the markets of the Czech Republic, Hong Kong, Israel, Mexico, Poland, Singapore, South Africa, South Korea, Taiwan, Turkey and the increasingly important BRIC economies. In his EMI report for Q4 of 2010, HSBC Group’s Chief Economist Stephen King noted the exceptionally strong performance of emerging markets in 2010, and put his ﬁnger on one of the main reasons for the global shift in favour of emerging economies, ‘We have now entered a new phase of world trade growth in which emerging nations are increasingly trading with each other. This could potentially prove to be another economic “golden age”, an emerging market version of the extended period of economic growth seen in the developed world in the 1950s and 1960s, when tariffs fell and international trade blossomed. If emerging nations can work together to remove these tariffs, we could witness an explosion of world trade on a truly momentous scale.’ Mr. Green went on to point out that this essentially meant that consumers in the developed world, particularly in the US, might no longer dominate world trade in the way that they used to. In terms of emerging regions, the ASEAN + China trade block is the largest in the world, but China has also been proactive in fostering better trade ties with a range of countries in Africa and South America. For most emerging market nations though, the primary focus seems to be on developing trade with the developed world and securing regional agreements with neighbouring countries. For the ‘golden age’ that Mr. Green mentions, more governments and individual businesses need to look further aﬁeld. This was certainly the message from the British Foreign Secretary on his visit to Hong Kong; it seems that developed and emerging economies alike are looking to both expand and diversify their trade links.

www.bri tcha m. c o m

The Magazine of the British Chamber of Commerce in Hong Kong

CHAIRMAN’S MESSAGE

Editors

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

Ian Cruz Sam Powney

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

Design

and set for continued high growth.

Bill Mo Alan Wong Ken Ng Man Lo

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

Business Conﬁdence Survey, we can see that the vast majority of our membership is conﬁdent that Hong Kong is on the right track

Advertising Contact

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

Charles Zimmerman

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

Project Management

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

Vincent Foe

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

Jointly Published by Speedﬂex Medianet Ltd and The British Chamber of Commerce in Hong Kong

system, public security and communications.

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: Ian@speedflex.com.hk sam.powney@speedflex.com.hk Advertising: charles@speedflex.com.hk

Areas where we saw a decrease in satisfaction were around availability of low cost labour (down 19 points), commercial rents (down 10 points) and residential rents (down 10 points). This is to be expected with the recent wage increases in Guangdong which are likely to affect many Hong Kong businesses and of course, with our seemingly runaway property prices. Another area of concern that directly impacts many of our SME members is the consideration of re-introducing the training allowance. This issue is up by 10% on last year’s survey, with 68% of respondents believing that the government should help to positively address this issue. On two issues that you hear me often talk about – the environment and education – the Chamber respondents had mixed feelings. What I personally found interesting was the overall improvement in our perception of the government’s handling of

British Chamber of Commerce Secretariat

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

Executive Director

pollution levels.

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

CJA Hammerbeck CB, CBE

General Manager Cynthia Wang

Marketing and Communications Manager Hilary Thomas

Special Events Manager Becky Roberts

The other area which we really need to keep working on is school places and the growth of international schools. This is seen as an increasingly important issue with an spike of 6% from last year; and many survey respondents have waitlisted children in Hong Kong. This is an issue that will not go away and the government must seriously address this in order to keep Hong Kong at the forefront of high calibre talent when they choose an Asian destination to grow their business or relocate. There are many questions in the Business Conﬁdence Survey and the results are detailed. I do invite you to get a copy from the Chamber ofﬁces and see for yourself all of the responses and the changing perceptions of how Hong Kong is developing in a number

Business Development Manager Dovenia Chow

Membership Executive Lucy Jenkins

Accountant Michelle Cheung

Executive Assistant Jessie Yip

Secretary

of areas. Along with the usual list of events that the Chamber is organising, there is one fast approaching that is dear to all members. We will be hosting our annual Rugby Seven’s event on March 24th at the Hong Kong Football Club. Please mark your calendars and contact Mandy at mandy@britcham.com if you want to reserve a space for you and your friends at this great annual event! I do hope that you are seeing real value in your Chamber membership. Please let me know the things you think we are doing right and what elements of our operations we can improve upon. We want to ensure that your membership is of real value to you personally as well as a contributing factor for your business success.

Yammie Yuen

Ofﬁce Assistant Sam Chan Kevin Taylor

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.

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

LIFESTYLE: SAKESAN . . . . . . . . . . . . . . . . . . . . . . . . MEMBERSHIP DISCOUNTS . . . . . . . . . . . . . . . . . . . CLIMATE CHANGE STRATEGY . . . . . . . . . . . . . . . . . NEWS/NEW APPOINTMENTS . . . . . . . . . . . . . . . . . . NEW MEMBERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SHAKEN NOT STIRRED . . . . . . . . . . . . . . . . . . . . . . .

13 15 19 21 22 23

PERSONAL FINANCE

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

Although

many UK expatriates in Hong Kong focus on the tax beneﬁts of

Income tax

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

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

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

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

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

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

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

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

only serve as an overview.

conversion can be unfortunate because the UK rates of income tax (40% and 50% at the top rate) are signiﬁcantly higher than the rates of CGT (28% and 18%). Expatriates returning

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

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

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

return to avoid gains being subject to income tax.

their partner does not, the partner will not necessarily become UK tax resident. That said, the current guidance on tax residency issued by HM Revenue & Customs (‘HMRC’) sets

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

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

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

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

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

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

sum with an insurance provider (usually non-UK based), it is possible for the insurance company to provide a modest amount of life insurance for the investor (perhaps using 1%

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

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

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

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

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

compound without tax.

modify the position and allow for split-year treatment. The concessions for income tax and CGT are different in their requirements and they will not necessarily be available to a shorter-term

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

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

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

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

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

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

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

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

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

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

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

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

invested.

CGT planning

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

Capital gains are calculated in sterling. It is, accordingly, possible for a UK resident to trigger a CGT liability based on currency gains on a disposal of a foreign currency. Therefore, sensible planning for most returning UK expatriates is to implement a process of converting their investments and cash holdings into sterling positions.

continue to be higher than CGT rates in the UK, such that the beneﬁts of the insurance bond need to be measured against the risk that they can, in effect, convert capital gains returns into an income tax event. That said, it is possible to break an insurance bond during a period of future non-UK tax residency without a UK income tax charge arising, such that these can be attractive vehicles where a period of residency in the UK is to be followed by

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

further time abroad.

disposal proceeds. A period of non-UK residency during the ownership of an asset is not generally relevant in computing a CGT liability on its disposal. Accordingly, sensible planning may be for an expatriate to dispose of assets standing at a signiﬁcant gain before a return to the UK while he is outside the scope of CGT.

www.bri tcha m. c o m

In conclusion, a full review of an individual’s position in the tax year prior to their return to the UK is recommended to ensure that full advantage of tax planning options can be taken.

COMMUNICATIONS

Wielding the Net By Josephine Jenno, Director of Marketsensus.com

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

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

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

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

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

where supporters - or detractors - are discussing your brand. Do you have someone to manage your social media campaign full time?

Facebook, Twitter, Linkedin, StumbleUpon, YouTube, the mind boggling complex world of social media, we all know them whether we like it or not, wary or not the question still

Research is the integral foundation which will make or break your campaign.

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

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

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

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

customers and generate higher proﬁts?

gripes, passions and struggles. These will give you invaluable information needed to develop great products, improve your customer service and gain insights into the needs

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

of your customers.

the traditional sense. The social media world is driven by sparking a conversation, stimulating a debate, provoking a laugh or in fact any response. Interactivity is the

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

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

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

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

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

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

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

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

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

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

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

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

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

insist on doing it online?

truly viral.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

competitions, puzzles and teasers.

be rude not to?

Anyone can be fooled into believing that all one has to do is to put up a Facebook page to attract millions fans. Savvy companies make it look so easy. Many would-be social media

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

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

and consumer insights. F eb r u a r y 2011 • Vol 26 • N o 2

BUSINESS

Looking East Britain Focuses on Asia for Trade Growth

By Sam Powney

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

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

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

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

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

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

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

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

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

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

not entail economic concerns.

for this shift in emphasis.’

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

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

ﬁnancial forum. But the choice is very deliberate. We know that foreign policy and economic success go hand in hand. It is one of the tasks of British foreign policy to advocate Britain as a home for business and investment and to contribute to our economy.’ He explained that he is ‘hardwiring a commercial focus into our foreign policy’, and stressed the domestic importance of a sound foreign policy. ‘It is essential for British citizens,’ he said, ‘at a time of economic difﬁculty, that we strain every sinew in foreign policy to support their jobs and

Importance of Asia

livelihoods as well as to maintain their security.’

The chancellor explained that his government is doing as much as possible to encourage Asian companies and governments to choose Britain as their base for investment in European markets, while also concentrating on supporting British

Asian Financial Forum

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

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

firmly East,’ he said. He singled out Britain’s ongoing economic partnership with China and India in particular, while also highlighting reinvigorated trade links with Latin America, the Persian Gulf, and with Australia and New Zealand where he would be next be visiting. He characterised Sino-British economic ties as ‘increasingly complementary’ and noted the two countries’ shared interest in promoting global free trade. Mr. Hague commented on the growing volume of international trade and some of the recent agreements (see below), but expressed his ambition to see greater progress saying, ‘a report card for the UK’s trade relationship with Asia would read ‘good but could do better’’.

www.bri tcha m. c o m

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

The Foreign Secretary speaking at the Asian Financial Forum

The Attraction of the UK The Foreign Minister reported that the World Bank, Economist Intelligence Unit and OECD have ‘respectively, found the UK to be the easiest place to do business in Europe, with the strongest business environment on the continent and the lowest barriers to entrepreneurship in the world.

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

F.M.’s Facts and Figures • By 2030 Asian consumers are forecast to spend around US$32 trillion annually, comprising about 43% of worldwide consumption. • The Asian region plays host to over £84 billion of the stock of outward foreign investment from the UK in 2009, a £10 billion increase on the previous year and 8% of all British overseas investment. • UK exports of goods to the region last year amounted to £22 billion. This represents around 10% of the UK’s total export revenue.

Free Trade Mr Hague went on to point out the international nature of modern trade and banking and described London as ‘the hub of that system, with more cross border lending originating there than in any other city.’ He cautioned that ﬁnancial stability will only be restored if reform is global. ‘We must therefore remain constantly vigilant and continue to open our markets to each other to demonstrate the rationale for free trade,’ he said. ‘Many Asian governments are like-minded partners on this issue, and we strongly encourage business to ask their leaders to make this a top priority.

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

• The UK and Germany are the two largest European investors in China.

Low carbon growth

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

committed to creating a Green Investment Bank to enable businesses to obtain the ﬁnance

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

The Future

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

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

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

The Foreign Minister also dwelt on Britain’s environmental stance, saying, ‘The UK is they need for green growth. Some of our Asian partners are doing the same, with South Korea basing its next stage of economic development on a ﬁve year green growth plan and China’s investing more than anyone else in clean energy in 2009. The ﬁnancial sector has an important role to play in allocating investment to sustain low carbon growth in Asia.’

‘History teaches us that where trade and industry is concerned, those who look ahead to foresee changing and emerging prospects and

More recently, Mr Hague has taken the tough decision to cut some of the Foreign Office’s funding for the BBC World Service, and has also visited Syria in an effort to improve

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

dialogue in the Middle East. But as he

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

and New Zealand, Britain’s ‘vital partners who

travelled on from Hong Kong, Mr. Hague was preparing to revitalise trade links with Australia are among our oldest allies’.

F eb r u a r y 2011 • Vol 26 • N o 2

BUSINESS

British Chamber Survey sees a very positive outlook for the business environment in the next two years but a degree of pessimism creeps in about the longer-term future The British Chamber’s Annual Business Confidence Survey has revealed that its members are cautiously optimistic about the future of the business environment of Hong Kong but highlight areas that still need to be addressed to ensure Hong Kong remains competitive in today’s market.

The

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

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

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

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

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

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

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

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

of members felt any optimism. However confidence among members for the mid-term future begins to decline with 91 per cent feeling positive about the 3 year forecast and 85

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

per cent positive for the ﬁve year forecast.

legislation in their business sector, the majority (64 per cent) feel it will have no impact on their business. Finally, in response to a new question in this year’s survey, 57 per cent of members

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

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

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

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

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

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

port status, infrastructure, taxation system, communications network and public security and safety. On the other hand, issues such as the level of commercial and residential rents,

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

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

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

levels (10 points or more) over the year.

conﬁdence for the near and medium term. I think that the longer term doubts are more easily explained by the fact that Hong Kong will have a new Chief Executive from 2012 and until our

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

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

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

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

stable government and political system, civil service efﬁciency and government leadership

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

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

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

efﬁciency (up 13 points) and government leadership (up 6 points).

disincentive to investment in Hong Kong and has the potential to not only harm its citizens but also its longer term prospects”.

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

We Collect and deliver your car FREE OF CHARGE

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

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

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

The Business Confidence Survey is

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

conducted by the British Chamber of

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

Commerce and marketing consultants TNS

Our competitive Labour charges:

From

with 72 per cent of members satisﬁed this year.

every year since 2001 amongst members

Lubrication Service

$ 110

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

Tune Up Engine

$ 220

of the British Chamber of Commerce in

Engine Decoke & Grind Valves

$ 1,500

Hong Kong

Engine Overhaul

$ 4,000

Brake System Overhaul

$ 900

feeling it was an important issue which the government could help to address. All members of the British Chamber of Again, language education causes concern for Chamber members with only half of those

Commerce were given an opportunity to

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

complete the questionnaire online or via

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

hard copy. For more information about the 2010 Business Conﬁdence Survey please

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

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

contact the British Chamber. Our 24hrs. Emergency Towing Agent “Firstone Towing Services” 8203 3411

net satisfaction has increased marginally, air pollution was still rated by 85 per cent as somewhat or very unsatisfactory, 62 per cent felt the same about water pollution and 68 per

Contact

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

Hilary Thomas

constant theme in the results of this survey since the ﬁrst survey in 2001.

Marketing & Communications Manager

Please call us at 2565 6166 or Fax: 2856 1047 E-mail Address: fookie@netvigator.com

The British Chamber of Commerce in Regarding quality of life in Hong Kong, the importance of expansion of international schools

Hong Kong

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

Tel

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

hilary@britcham.com

2824 1972

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

F eb r u a r y 2011 • Vol 26 • N o 2

LIFESTYLE

By Ian Cruz

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

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

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

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

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

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

that. In medieval France, the concierge was the ‘keeper of the keys’ for castles and great estates. This may have led to Paris’s major prison on the banks of the Seine being named

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

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

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

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

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

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

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

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

This ensures members can constantly have access to their 24 hour service support, 365 days of the year. In addition to 24 hour global free SIM card replacement, members are

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

10 www.bri tcha m. c o m

football stadium for a personal

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

charity football match, and

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

sending food from a Hong

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

Kong restaurant to Thailand

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

for a Chinese Banquet party.

personality, so they will start to prompt you and support you if you show certain patterns of travel, celebration dates, or mobile usage behaviour. If there is an event or experiences that are

But clearly it is not just to

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

skill for most Hong Kong shop-workers, but especially so for concierge desks. One might have thought that written Chinese would sufﬁce for mainland tourists, but it also makes sense that most tourists will prefer to chat with local people if there is a chance of being understood.

1O1O Quintessentially Hotline: 3922 6828

F eb r u a r y 2011 • Vol 26 • N o 2

LIFESTYLE

THE RETURN OF THE WARRIOR HUGO’S RESTAURANT AT THE HYATT REGENCY By Christopher Riley

Growing

up in continental Europe the love of ﬁne food has been a vital part of my

upbringing. Even now, in the small Dutch hamlet where my mother lives, the local restaurant across the street is a One-Star Michelin establishment. Being sent off to a boarding school at an early age - where the food was so appalling it would have put Dotheboys Hall to shame (I must have subsisted entirely on bread, jam and Mars Bars for about ten years) the invitation to a dinner at Hugo’s filled me with delight and excitement. Hugo’s, within a few years of it’s opening in 1969 was one of the great culinary experiences of Kowloon side where the weary and starved Western trader would be entertained by his affable Hong Kong business associate after a hard day’s bargaining in the showrooms of Tsim Sha Tsui. Or perhaps they had spent a few grim days at the Canton Fair and after too many bland meals in the tawdry Dong Feng Hotel had finally made their escape across the border and were ready for great food, a baronial atmosphere and a wine list fit for a Holy Roman Emperor. I remember my own first meal at Hugo’s, sometime in the late eighties, hosted by one of our major suppliers in honour of my boss, an imposingly Dickensian character called Mr. Goldberg, who was in town to negotiate prices. While I cowered at the end of the long table and enjoyed my escargots with the guilty pleasure of a Bob Scratchit invited for an unexpected dinner, Mr. Goldberg berated the supplier about his prices for three hours until he finally got the deal he wanted, when the chocolate-covered ice truffles arrived with the Armagnac. Sadly the Hyatt Regency, and along with it Hugo’s, closed in 2005 when the property on Nathan Road was earmarked for redevelopment. I recall shaking the hand of the genial General Manager Juergen Wolters when, with a tear in his eye, he sailed off to retirement as the men with bamboo and green netting moved in and nobody knew if the hotel would be back. But the hotel and Hugo’s are back. Like Barbarossa, the mythical Teutonic king who is thought to be sleeping in the Thuringian mountains until the time is right to return, Hugo’s fine dining experience has re-appeared and is once again available to the jaded China Hand. My wife and I were led to our table through the dark, solid and brooding interior which echoes the earlier design. It seems a smaller room, the tables and chairs made from chunky wood and heavy fabric materials. The name Hugo’s comes from a fictional German nobleman, von Gluckenstein, who was said to serve only the best food at his table and it is the atmosphere of such a mediaeval feast that the restaurant has always aimed to capture. The menu remains classic, Western cuisine, focusing on authentic recipes and prepared only with the finest ingredients available. The signature appetisers are still the Caesar’s Salad and Lobster Bisque which are prepared fresh at the table. Also recommended were the Steak Tartar and the pan-fried Foie Gras which my wife enjoyed. The traditional main courses are a wide variety of quality meats. I was tempted by the seasonal roast pheasant but opted for the Angus beef sliced from the trolley which was a hearty choice. The wine list was comprehensive, as is to be expected, ranging from the obligatory Pomerol and Chateau Petrus at 30,000 HKD to more reasonably priced bottles. I have a penchant for the Gamay grape and we chose a sprightly bottle of Fleurie and to amuse myself I had a few glasses of a Trimbach which masquerades as a dessert wine. For pudding we enjoyed the performance again as the Crêpe Suzettes were flamed and flambéed. Originally created in 1895 at Monte Carlo’s Café de Paris for the Prince of Wales and his favourite female companion, this is a dish that I could eat every day of the week. As we enjoyed our caramelised pancakes doused with Grand Manier we were entertained by the excellent troubadour on his flamenco guitar. He didn’t falter one moment when I asked for the original Hoagy Carmichael version of ‘Stardust’. Overall it was an excellent evening and we thank Niklas Wagner and his team, several of whom of course worked at the old Hugo’s and so have successfully managed to transpose the spirit of the Old into the New. For myself it will be added to the list of restaurants that I feel comfortable to use for entertaining overseas clients. And as for old Mr. Goldberg, who is ninety-two this year and in town for the Toy Fair, I have already made a reservation.

Hugo’s Address: Lobby Level, Hyatt Regency, 18 Hanoi Road, Tsim Sha Tsui, Hong Kong Tel: 852 3721 7733 Christopher Riley is a long term Hong Kong resident. Under the name Valerie Goldsilk he writes romantic ﬁction. His latest novel, Sins of Our Sisters, has just been published and is available at ﬁne bookstores and www.amazon.com.

12 www.bri tcha m. c o m

Sakesan

By Ian Cruz

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

Eager to try one of the

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

m a n y m e a t o p t i o n s f ro m

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

the grill, I opted for the salt

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

and pepper pork belly with wasabi

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

and mustard seed crunch, which was

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

extremely tender and is a must have for those out there who enjoy their meat dishes like

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

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

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

and the Sakesan black cod. Presented on skewers,

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

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

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

and sweet soy sauce accompanying it was a great play on

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

traditional Japanese ﬂavours. However, the true pièce de résistance

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

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

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

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

atmosphere for those sitting down for a meal.

Black Cod wasn’t only succulent and cooked to perfection, but the ﬂavour of its saykio miso marinade and natural tastes of the ﬁsh made for a dish that is deceptively simple yet

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

commands a lot of ﬂavour.

featuring a wide variety of the Japanese spirits shochu and awamori – all of which can be served traditionally. However, those of you looking for something with a bit more pizzazz can

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

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

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

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

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

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

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

by Japanese brewers, Baird.

surprise. My healthier, albeit no less tasty second dessert was a platter of Sakesan’s three sorbet ﬂavours – mango sachimi, lychee vanilla and white peach sake. All three were light

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

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

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

excellent palette cleanser.

the kitchen and grill at the robotayaki counter. I started the meal with the spinach salad with sesame dressing, the homemade tofu and the lobster dumplings. The spinach

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

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

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

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

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

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

addition to the Soho landscape.

lobster dumplings. Though it may initially look indistinguishable from the humble gyoza, after taking one bite, you soon realise that it’s a far more indulgent alternative, and was one of highlights of the meal.

Sakesan Address: Ground Floor, 18 Shelley Street, Soho, Central, Hong Kong Tel: 852 2525 1660

F eb r u a r y 2011 • Vol 26 • N o 2

DEALS

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

Accor

B&W

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

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

Tel 800 93 8768 (Toll free in Hong Kong) www.accorhotels.com For more detail please visit www.novotelhongkongcentury.com

B&W offers you an extra 10% OFF on all listed price items at their showrooms in Tsim Sha Tsui and Central. Unit 2608, 26/F, MiramarTower 132-134 Nathan Road, Tsim Sha Tsui, Kowloon Tel 3472 9388 8/F, 1 Duddell Street, Central, Hong Kong Tel 2869 9916

AGS

Berry Bros & Rudd

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

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

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

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

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

Alﬁe’s

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

British Airways

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

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

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

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

Tel 852 2530 4422 M18-19 , Prince’s Building 10 Chater Road, Central, Hong Kong Booking.alﬁes@keeclub.com www.dunhill.com/en-cn/thehomes/ hongkong/services/alﬁes/ www.britcham.com/memberdiscount/british-airways www.britishairways.com

Andara Phuket The pinnacle of lush living in Phuket on the Andaman Sea, Andara Resort & Villas features Thai-inspired designs fused with contemporary amenities to create a tranquil ambience for all its guests. • One free bonus night for every three paid nights in an Andara Pool Suite (based on best available rate on the resort website)

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

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

Compass Offices is offering one month free for Serviced Office space or three months free with a Virtual Office Package.

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

Compass Offices is headquartered in Hong Kong at The Center, Central Tel 852 3796 7188 Level 46, The Center, 99 Queen’s Road Central, Central, Hong Kong HKsales@compassoffices.com www.compassoffices.com

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

F eb r u a r y 2011 • Vol 26 • N o 2

DEALS DotCod

The Mira Hotel

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

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

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

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

Dot Cod Seafood Restaurant & Oyster Bar Basement, Prince’s Building, 10 Chater Road, Central, Hong Kong Tel 852 2810 6988, 852 2810 6988 dotcod@hkcc.org www.dotcod.com

Grand Hyatt Grand Hyatt Hong Kong hotel is positioned among the ﬁnest luxury hotels in Hong Kong and provides magniﬁcent views of the renowned Victoria Harbour and Wanchai district.

FOOD AND BEVERAGE: 10% discount at restaurants at The Mira Hong Kong (Yamm, Cuisine Cuisine at The Mira, and Whisk) MIRA SPA: Discount on joining fee and monthly fee Please contact Benjamin Mueller-Rappard, Customer Relationship Manager Tel 852 2315 5642 The Mira Hotel, 118-130 Nathan Road, Tsim Sha Tsui, Hong Kong bmr@themirahotel.com

In 2011, you are entitled to a 15% discount on food and beverage at The Grill and a 10% discount on all a la carte treatments and spa merchandises at Plateau Spa. Dining Offer: 15% off at The Grill Plateau Spa: 10% discount on all a la carte treatments and spa merchandises. For reservations, please call The Grill: 2584 7722. For reservations, please call Plateau Spa: 2584 7688 or email: plateau.hkggh@hyatt.com http://hongkong.grand.hyatt.com/hyatt/pure/spas/ treatments/massage.jsp www.hongkong.grand.hyatt.com

Renaissance Harbour View Hotel Hong Kong Located in the heart of one of the most spectacular cities in Asia, the Renaissance Harbour View Hotel Hong Kong is right at the center of it all! • 10% for all day dining in Scala Restaurant, Dynasty Restaurant and Café Renaissance • A glass of red wine for every patron when eating in Scala Restaurant, Dynasty Restaurant and Café Renaissance

Hyatt Regency Hong Kong Tsim Sha Tsui

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

Situated in the heart of Tsim Sha Tsui business and tourist district, Hyatt Regency Hong Kong, Tsim Sha Tsui offers 381 guestrooms and suites, state-of-the-art meeting and banquet rooms, authentic cuisines with 3 restaurants and a bar, as well as a well equipped ﬁtness centre. Show your membership card to receive a 10% discount on The Chinese Restaurant, Hugo’s, Cafe and Chin Chin Bar (except happy hours).

Virgin Atlantic Airways

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

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

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

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

VisitBritain Le Meridien Cyberport Chic and pulsing with an urban cool, Hong Kong southside hip Le Meridien Cyberport is a hotel where to check in is to chill out.

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

• Rest and relax at the Le Meridien’s Smart Room with the special rate which includes a daily eye-opening buffet breakfast. • Savour delicious food and great wine at 5 hip restaurants and bars with a 20% discount off your total bill. • Additional privilege of ‘Round Trip Limousine Service’ either from airport to hotel or from hotel to home, when you book our 21-day room package stay. Tel 852 2980 7788 100 Cyberport Road, Hong Kong www.lemeridien.com/hongkong

16 www.bri tcha m. c o m

British Chamber members enjoy a 5% discount on all purchases from the VisitBritain shop. Tel 852 3515 7815 www.visitbritaindirect.com

MEMBERSHIP

The British Chamber is pleased to announce two new membership categories The British Chamber is pleased to announce that this year we are launching two new categories to reflect the needs of our increasingly diverse membership. Startup Membership The entrepreneurial spirit of Hong Kong is what makes it such a great place to do business. The Chamber does, however, recognise that fledgling companies may need a helping hand in their startup phase, where items such as a Chamber membership may have to be weighed against other expenses. To enable more SMEs to benefit from Chamber membership at an early juncture, therefore, any Hong Kong registered companies less than two years old, which have no other offices worldwide, are eligible to apply for this reduced rate membership.

Sterling Membership Sterling membership is a premium package of benefits for companies that wish to increase their profile and add value to their membership by supporting the Chamber at a higher level. This high-value package will include additional memberships, greater access to our marketing channels and a range of other benefits.

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

MEMBER DISCOUNTS To enjoy exclusive member discounts please log onto www.britcham.com, log in and click on membership discounts. If you have forgotten your login details please email info@britcham.com to request them.

Accor

British Airways

Le Meridien Cyberport

AGS Four Winds International Movers Ltd

Compass Ofﬁces

The Mira Hong Kong

Alﬁe’s

Dot Cod

Renaissance Harbour View Hotel Hong Kong

Andara

Grand Hyatt

Virgin Atlantic

B&W Group Asia Limited

Hyatt Regency

VisitBritain

Berry Bros & Rudd

For up to date event listings and information, check out www.britcham.com 18 www.bri tcha m. c o m

ENVIRONMENT

Open to Discussion Hong Kong’s Climate Change Strategy and Consultation

By Sam Powney

During

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

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

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

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

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

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

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

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

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

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

key interest groups took a very active interest.

the concerns which find most common ground among groups with an environmental interest are to do with targets, economic strategies (eg. concerning buildings and

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

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

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

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

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

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

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

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

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

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

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

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

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

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

bold initiatives, a trend highlighted by the building momentum of the C40, which met in Hong Kong in November and of which Hong Kong became an early member.

Another debate that is likely to continue here is the degree to which Hong Kong should offset its emissions by buying carbon credits from elsewhere. This issue may

Scotland

be familiar to former British residents, as it became a central concern during the formation of the UK’s Climate Change Act of 2008. Following concerted pressure by

Scotland has recently undergone a similar public consultation and formed a climate change agenda – one of the world’s most ambitious climate change policies. Hollyrood forged its broad environmental policy in 2008 after an initial public consultation, to which it received over twenty

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

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

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

from abroad was limited to 30%, meaning that Britain must achieve most of its neighbouring Guangdong Province for imports of goods and resources, Hong Kong’s

Key Planks of Scotland’s Climate Change Policy

environmental policy will inevitably be more outward looking than that of many

Actions in the Strategy, which has been produced with business and the wider public sector, include: • Co-ordinated support for businesses and academia in the Environmental and Clean Technologies sector, to maximise opportunities in a market potentially worth £12 billion to Scotland’s economy • Channelling innovation support to low carbon technologies where there is greatest chance of commercial success - the Scottish Government will reprioritise £15 million of innovation funding from the Lowlands and Uplands European Structural Funds Programme, which, along with match-funding from the private sector and other public sector funders, could create £60 million of support for low carbon activity • Supporting the planning, design and construction of new infrastructure and the retrofit of existing facilities to support low carbon activity, such as renewable energy and electric vehicle infrastructure

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

•

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

•

Supporting skills development through the Low Carbon Skills Fund and working with partners and employers to predict and respond to future skills demands Holding an annual Scottish Low Carbon Investment Conference, with this year’s focus being investment for resource and energy efﬁciency

largely on offering economic incentives to its neighbouring regions in order to ensure environmental progress. Nevertheless, Hong Kong cannot put all the blame for problems like air pollution on the southern Chinese industrial belt, and environmental groups are pressing for a more ambitious domestic target on carbon reductions. The balance between intro- and extrospective environmental approaches will no doubt be one of the key areas of argument among green groups in Hong Kong for some time to come. Though many groups would like to see further progress, the consultation was the first of greener and more energy efficient city. On Hong Kong’s specific targets and on its broad focus in alleviating climate change, this year promises plenty of fresh debate…and, one hopes, a measure of consensus. F eb r u a r y 2011 • Vol 26 • N o 2

EVENTS

Rugby Dinner The Britcham and KPMG Rugby Sevens Warm-Up Dinner! The best way to start your Rugby Sevens weekend.

Thursday 24th March 8pm â&#x20AC;&#x201C; midnight The Main Restaurant, Hong Kong Football Club Featuring: Curry Buffet Drinks all night Entertainment Plus lots of Rugby chat!!

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

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

The British Chamber of Commerce and Standard Chartered Bank Annual Ball 2011 Friday 24th June The Grand Hyatt Hong Kong Theme: to be announced soon! For further information, please contact: becky@britcham.com

20 www.bri tcha m. c o m

NEWS / NEW APPOINTMENTS

BBC’s Global News services embark on Royal Wedding countdown

Hong Kong hotels honored in the 2011 Trip Advisor Travelers’ Choice Awards The recent 2011 Travelers’ Choice Awards organised by TripAdvisor has ranked both the Mandarin Oriental, Hong Kong and Conrad Hong Kong among the Top 25 Hotels in Hong Kong/Macau/Taiwan, while the Mandarin Oriental, Hong Kong also ranked second in the Top 10 Luxury Hotels in the world. Now in its ninth year, the annual TripAdvisor Travelers’ Choice awards honour the world’s best hotels, earning their distinction from those who know them best – real travellers. Unlike any other hotel awards programs in the world, TripAdvisor Travelers’ Choice winners are based on the

The BBC’s Global News services – BBC World

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

News, BBC World Service and BBC.com – has announced Mishal Husain as the anchor for the BBC’s international coverage of the wedding of His Royal Highness Prince William and Miss Kate

“With the help of millions of travelers around the globe, TripAdvisor is thrilled to recognise the world’s most outstanding hotels for the ninth year of the Travelers’ Choice Awards,” said Karen Drake, senior director of communications for TripAdvisor. “From the best bargain hotels to best luxury hotels, remarkable service, value and quality are the hallmarks of our Travelers’ Choice winners.”

Middleton in April. Mishal will be leading coverage on the day, alongside a range of presenters from the BBC’s international television and radio services. BBC World News will be covering the entire wedding

HSBC Global Asset Management launches Latin American equity fund

live and BBC World Service will also be reporting live on the day’s events. A full schedule of special

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

programming, to be broadcast in the build up to

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

the Royal Wedding, will be announced shortly.

beneﬁting from global commodity growth and robust domestic consumption.

In addition, to mark the 100 day countdown to

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

the wedding, BBC.com has launched a dedicated

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

section at www.bbc.com/royalwedding. The

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

dedicated section of the website will bring

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

together all the news and features that have run

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

since the couple’s engagement in November 2010 and will be the home of the BBC’s online

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

coverage over the next 100 days and beyond.

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

The global accountancy ﬁrm BDO Limited has recently

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

appointed Patrick Rozario as a Partner of the firm,

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

heading up its Risk Advisory Services division to help

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

clients manage their risks.

His other areas of expertise include financial due diligence as well as corporate mergers and acquisitions. He is also active in providing statutory assurance work

Patrick was a graduate of Queen’s University in

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

Canada and has been a Certiﬁed Information System

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

Auditor since 1993 and a member of the Institute of Internal Auditors. He has over 20 year experiences

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

Patrick Rozario

food-processing.

working for large international accounting firms and in the commercial sector, with many years of experience working in the area of Risk Consulting. The global accountancy firm BDO Limited has recently Patrick managed various internal audits, corporate governance, Sarbanes-Oxley, internal

appointed Jonathan Leong as an Assurance Partner of

control, information technology risk assurance advisory engagements for clients across

the Firm.

different industries including manufacturing, telecommunication, government, insurance and banking in Hong Kong and China. He also worked in the commercial sector as project

Jonathan has extensive experience in dealing with a wide

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

range of Hong Kong based companies, from small local

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

entrepreneurial organisations to large international trading

Jonathan Leong

and manufacturing companies, as well as companies listed on the Hong Kong Stock Exchange. He also provides support to companies The global accountancy firm BDO Limited has recently

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

appointed Andrew Lam as an Assurance Partner of the Firm.

clients with corporate advisory matters such as public company ﬂotation, mergers and acquisitions, due diligence reviews and corporate restructuring.

Andrew was trained and qualiﬁed as a Chartered Accountant in the United Kingdom. He has accumulated over 20

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

years of public practice experience in major international

practised in South Africa before practising in Hong Kong.

accounting ﬁrms. He is a Fellow of the Hong Kong Institute

Andrew Lam

of Certiﬁed Public Accountants (Practising) and the Institute of Chartered Accountants in England and Wales.

F eb r u a r y 2011 • Vol 26 • N o 2

NEW MEMBERS Chairs of Specialist Committees Business Policy Unit Tim Peirson-Smith Executive Counsel China David Watt DTZ Construction Derek Smyth Gammon Construction Education Stephen Eno Baker & McKenzie Environment Anne Kerr Mott MacDonald Hong Kong Limited Financial Services Interest Group Debbie Annells Azure Tax Consulting HR Advisory Group Brian Renwick Boyden Search Global Executive ICT Craig Armstrong Standard Chartered Marketing & Communications Adam O’Conor Ogilvy & Mather Group Real Estate Jeremy Sheldon Jones Lang LaSalle Scottish Business Group Dr. Jim Walker Asianomics Limited Logistics Mark Millar M Power Associates Small & Medium Enterprises Kate Kelly Women in Business Lisa Bowman DG3 Asia Limited YNetwork Fiona Foxon Business Angel Programme Neil Orvay Asia Spa & Wellness Limited Tim Hay-Edie Pilot Simple Software

CORPORATE

ADDITIONAL

INDIVIDUAL

Laithwaites Wine

The Dairy Farm Company Ltd

Richard Witts

Matthew Aylmer General Manager Tel 2516 6103 Fax 3017 6774 matthew.aylmer@laithwaiteswine.com 1901, 108 Java Commercial Centre 108 Java Road, North Point, Hong Kong Wines & Spirits

Alec Tong Group Finance Director Tel 2299 1870 Fax 2299 4870 atong@dairy-farm.com.hk 7th Floor, Devon House, Taikoo Place 979 King’s Road, Quarry Bay, Hong Kong Retail / Wholesale / Sourcing

Tel 9300 3451 wittso@netvigator.com 5A, 2 Golf Parkview 83 Castle Peak Road, Kwun Tong Sheung Shui, New Territories, Hong Kong

Mazars CPA Limited

Deloitte Touche Tohmatsu

Stephen Weatherseed Director Tel 2909 5699 Fax 2541 7268 stephen.weatherseed@mazars.com.hk 42/F, Central Plaza, 18 Harbour Road Wanchai, Hong Kong Accounting

Jonathan Stuart-Smith Managing Director Tel 2852 5877 Fax 3691 8984 jstuartsmith@deloitte.com 35/F, One Paciﬁc Place, 88 Queensway Admiralty, Hong Kong Accounting

Willis Hong Kong Limited

Goldman Sachs (Asia) LLC

Kurt Schreiber Managing Director Tel 2830 6628 Fax 2827 0966 schreiberk@willis.com 3502 The Lee Gardens 33 Hysan Avenue, Causeway Bay Hong Kong Insurance

Tanvir Ghani Managing Director - Prime Brokerage Tel 2978 2336 Fax 2233 5045 tanvir.ghani@gs.com 68/F, Cheung Kong Centre 2 Queen’s Road, Central, Hong Kong Investment Banking

Grosvenor Limited Purcell Miller Tritton Hong Kong Limited Roger Wu Partner Tel 2164 4088 Fax 2164 4038 rogerwu@pmt.co.uk 2501, 25/F, 88 Hing Fat Street Causeway Bay, Hong Kong Architecture / Interior & Urban Design

YNETWORK Allen & Overy Ellie Crespi Registered Foreign Lawyer Tel 2974 7130 Fax 2974 6999 ellie.crespi@allenovery.com 9th Floor, Three Exchange Square Central, Hong Kong Legal

British Council - Scholar Gareth Lewis Student garethlewis2005@gmail.com Room 3121A, 6B, Sassoon Road Pokfulam, Hong Kong Education

British Council - Scholar Jessica Trevis Student 1322B, Wei Lun Hall The University of Hong Kong 6 Sassoon Road, Pokfulam, Hong Kong Education

22 www.bri tcha m. c o m

Charles Hunting CEO Tel 021 6133 3520 charles.hunting@genpact.com Rm1801, Centro, 568 Heng Feng Road Shanghai, Hong Kong Business Services

PRC/MACAU ADDITIONAL Genpact

Jardine Matheson Group

Genpact

Matthew Payne Executive Assistant to the Managing Director Tel 2843 8281 Fax 2845 9005 matthewpayne@jardines.com 48th Floor, Jardine House, Central Hong Kong Conglomerate / Holding Company

Sophia Wang Position Tel 010 6562 5429 sophia.wang@genpact.com 61/F, Tower West Beijing Prosper Center 5 Guanghua Road, Chao Yang District Beijing, Hong Kong Business Services

Patrick Law Senior Vice President Tel 021 6133 3520 patrick.law@genpact.com Rm1801, Centro, 568 Heng Feng Road Shanghai, Hong Kong Business Services

LexisNexis Adam Jordan Business Director, Contract Publishing & Conferences Tel 2965 1470 ladam.jordan@lexisnexis.com 39/F, Hopewell Centre 183 Queen’s Road East, Wanchai Hong Kong Education

Mallesons Stephen Jaques Jill Wong Special Council Tel 3443 1138 Fax 3443 1299 jill.wong@mallesons.com 13/F, Gloucester Tower, The Landmark 15 Queen’s Road Central, Central Hong Kong Legal

PricewaterhouseCoopers Calum Davidson Advisory Leader Tel 2289 8888 Fax 2289 2323 calum.davidson@hk.pwc.com 20/F, Prince’s Building, Chater Road Central, Hong Kong Accounting

Jardine Matheson Group

Willis Hong Kong Limited

James Kench Jardines Executive Trainee Tel 2516 8520 james.kench@jardines.com 25/F, Devon House, Taikoo Place Quarry Bay, Hong Kong Conglomerate / Holding Company

Genpact

Susan Chan Regional HR Director Tel 2501 1968 Fax 2956 1889 susan.chan@grosvenor.com 3505 Jardine House, 1 Connaught Place Central, Hong Kong Property / Real Estate Services

Jeremy Vyse Student jerryvyse@hotmail.co.uk 1322B, Wei Lun Hall The University of Hong Kong 6 Sassoon Road, Pokfulam, Hong Kong Education

British Council - Scholar

PRC/MACAU

James Hunt Executive Director Tel 2830 6646 Fax 2827 0966 huntj@willis.com 3502 The Lee Gardens, 33 Hysan Avenue Causeway Bay, Hong Kong Insurance

START-UP Blue Ridge Concepts Wiebke Hein Director Tel 6621 1973 wiebkehein@gmail.com 3A, Twin Bay Villas 860 Clear Water Bay Road, Sai Kung New Territories, Hong Kong Events

Bud On Creation Limited William Budden Creative Director Tel 3568 2975 Fax 3568 2976 william.budden@budoncreation.com Unit C, Lower Ground Floor 39-41 Caine Road, Mid Levels Central, Hong Kong Graphic Design

SHAKEN NOT STIRRED Jeffrey Mo (New Concept Mandarin), Pierre Chuong

Shaken Not Stirred January 2011

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

Berry’s Fine Wine Reserve 1st Floor, The Hong Kong Home of Alfred Dunhill Prince’s Building, 10 Chater Road, Central Tim Peirson-Smith (Executive Counsel), David Dowell (Strategic Access), Christopher Wilkinson (AGS Fourwinds)

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

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

Christopher Wilkinson (AGS Fourwinds), Martin Venier (LM Investment Management) Stuart Leckie (Stirling Finance), Brian Hunter (PricewaterhouseCoopers)

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

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

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

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

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

Charles Zimmerman (Speedﬂex Medianet), Emma Cox (Innovation Intelligence)

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

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

F eb r u a r y 2011 • Vol 26 • N o 2