The Correspondent, July 1993 by The Foreign Correspondents' Club, Hong Kong

CONTENTS

THE FOREIGN CORRESPONDENTS'

COVER STORY

CLUB 2

North Block, Lower Albert Road, Hong Kong.

Telephone: 521

l51l

The FCC invades Thailand Robin Lynam on tour with FCC luminaries in Thailand.

Fax: 8ó8 4092

Presldent - Philip Bowring

Flrst Vlce President - çarl Goldstein Second Vice P¡esident - Stuart Wolfendale

Correspondent Member Governo¡s Daniela Deme, Simon Holberton, Brian Jeffries, V.G. Kulkami, Philippe [r Cone,

Paul

NEWS AND VIEWS

Balield,

Paul Mooney, Hubert Van Es

Journallst Member Governo¡s Christopher Slaughter, Kul Wilson Associate Member Governors Kevin Egan, David Garcia, Saul Lockhart, Julie Meldrum

P¡ofesslonal Commilteer C o nv e no r : Carl Goldslein Memhers: Julie Meldrum, Philippe Le Cone, Paul Mooney, Paul Bayfield, Christopher Slaughter

Finance Conmittee Simon Holbenon, Crl Goldstein, V.G. Kulkami Membership Committee: Corv¿no¡.' Hubert

Members: V.G. Kulkarni, Kevin Egm Entertainment Committee:

Convew: DanielaDeaîe M emb e r : David Gæia, Paul Bayfield, Julie Meldrum

Publlcatlons Commlttee: Couvero¡.' Saul Lockhaf Members : H. Y ut Es. Christopher Slaughter K. Wilson (Edito¡), Paul Bayfield (Co-opted) F & B Committee: C onv e nor : Stu&t Wolfendale Members : David Gæia, Simon Holbefon, V.G. Kulk6mi, Brial Jeffries, Philippe Iæ Corre Wall Commlttcc: H. Van Es, Chrisropher SlaughÌer Club Manager H. Grabner

THE CORRESPONDENT Advertising Manager: Kit Myen Prge Make-up: file Ræio Artlst: A¡nmdo D. Ræio, Jr.

UN Honours Nancy Nash Club member Nancy Nash receives UN Environmental Programme Global 500 award. Karin Malmstrom reports.

New Manager Club President Philip Bowring profiles the FCC's new manager.

PEOPLE: Soul Night hits a high note.

When the war was over Peter Seidlitz on the old Indochina hands who never fade away.

Cambodia: The big non-event of the year C j oumalist tumed academic, Alan Knight, examines the media's coverage of the Cambodian elections.

Former AB

'Cub'reporter in China Rex Ellis returns to China after an absence of

some

20 years.

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Cover photograph by Bob Davis. Inset by Hubert Van Es,

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Inside photographs supplied by David Thurston, Hubert Van Es and Ray Cranbourne. THECORRESPONDENT JULY

1993

NEWS AND VIEWS

documenting the panda's

Nancy's involvement

habitat.

with Chinese environmen-

TJN

honours Nancy Nash By Karin Malmstrom

last month, were as hard to come by as

clean air. For this year's 39 recipients the irony

of the place and timing of the occasion (June 4-5) was highlighted by one welldeserving recipient: outspoken environmentalist, journalist and three-digit FCC member, Nancy Nash. For Nancy the irony was underlined by the fact that she was being honoured by the UN, in Beijing on the anniversary of China's crackdown on student unrest in Tiananmen Square on June 4, 1989 and for a project- Buddhist Perception of Nature was not only inspired

-which

Buddhist Perception of Nature team:(L-R) Nash, Dr Chatsumarn Kabilsingh and special envoy to the Dalai Lama, Lodi Gyaltsen Gyari. project's patron. It was the second time Nancy's Buddhist Perception of Nature project had been signalled out for international recognition. ln 1987 Nancy became a Rolex Laureate for Enterprise for the same

project

This time, however, the festivities were held not in Switzerland, but in a country desperately bidding to sell itself to the international community on selected issues including human rights, environmental protection and the Olympics. It was no surprise then, that Nancy got looks of bewilderment and guarded con-

gratulations by her Chinese hosts for being included among this most prestigious group of United Nations Global 500 Roll of Honour recipients.

Admission to the Global 500 Roll of Honour takes place each year on June 5, World Environment Day, bythe United

Nations Environment programme for outstanding achievements in protecting and improving the environment. The awards began in 1987 and as of June 6 last year, 500 awards had been presented to individuals and organisations. The award involved 18 categories, including: toxic chemicals and hazardous wastes; forests and ecosystems; soils and deseflification control; genetic resources; wildlife and protected areas; atmospheric resources and global climate; genetic engineering; water; environment, health and sanitation; human settlement; energy, industry; oceans; planning and development integration; education and training; news, information and the arts; legislation;the child and the environment. Past winners include the French marine explorer Jacques Cousteau; Brit-

Nancy Nash sits with other Global500 recipients. THE CORRESPONDENT JULY 1993

early 1980s when she initiated the first contact between the World Wildlife Fund I nternational (WWF) and the Chinese government. This led to the worldwide campaign to save the endangered giant panda.

goers with children marketing the 2000 Olympics. "lt's a dress rehearsal,"

commented Nancy while watching over two hours of acrobatics and cultural song and dance during thethree-

hour award ceremony

sadly,

more pandas are being killed than saved accord-

ple.

ing to a new book call edT he Last Panda by George Schaller, the world's leading

Time magazine's Beijing bureau chief, Jaime Florcruz, receives an

wildlife biologist who has spent years

award on behalf of Time.

New man at the top Wi"";,*r:

as General Manager of the Club. He is already among us but will officially take over in August. 'Christoph Hoelzl is an Austrian, aged 40, and with a strong background in the food and hotel management education for which his country is renowned. For the past two years he was Resident Manager of the Holiday lnn Golden Mile, awell known 4-star Hong Kong hotel. Previously he-worked in Singapore and Malaysia for four years, latterly as General Manager of the Langkawi

further enquiries within the profession. This produced several qualified candidates, local and expatriate, who were interviewed at length. However, the Board came to the conclusion that Christoph Hoelzl remained the most qualified of all candidates interviewed over

the preceding

two

months, with the best combination of food and beverage background, general management experience

Food and Beverage manager of ho-

ain's former Prime Minister Lady.

tels in Germany, Austria and. the

that members know

Margaret Thatcher; Brigitte Bardot and the late Chico Mendes (the Brazilian rubber tapper who was murdered defending the Amazon rain-forest). The 1993 award roster included Susan Lakhan for her work to save the West lndies leatherneck turtle; Dr Tsevegyn Davaajamts of Mongolia for his numerous environmental publications and his

Caribbean.

that Christoph Hoelzl was chosen to man-

magazine for its dedication to informing millions of readers on how they can help to improve the environment.

the Great Hall of the Peo-

and ability to deal with both staff and members. I mention allthis because it is important

work to preserve pasture lands; Ilme

Opting for rhetoric over

reality, this year's hosts chose to smother event-

A decade later,

the Dalai Lama but who is also the nvitations for the United Nations Environment Programme's Global 500 Awards, held in Beijing

tal projects started in the

lsland Resort. Before that he was

Christoph Hoelzl arrives as the choice of two different Club boards. He was the preferred candidate of the previous Board -after numerous interviews in answer to advertisements and informal soundings, but it

was left to the incoming board to makĂŠ the final choice. The new board decided to enlarge the field of competition and invited an executive search agency specialising in hotel/club management to take

Karin Malmstrom is a Hong Kong based freelance journalist

compared yet are opinionated and (so we believe) articulate. Hoping neither to flatter nor offend, "interesting"was the only word I could find to characterise our membership

list. As for the character of the ever changing boards with which the general manager must deal, I venture no comment. Boards need to be equally aware of their responsibilities and their transience. ln our case we were alsoawarethat, like 95% of the members, we did not

speakGermanand

thus were uncluttered by dialectical

prejudices when it came to choosing

between

Ger-

manic-speaking Swiss, Germans, Christoph Hoelzl

Austrians, Holsteiners, Sudetenlanders and

age the Club after a verythorough search

New Zealanders. Luckily, no uutch

and with the backing of two boards of

applied.

widely differing composition. Having

So, greetings Christoph Hoelzl, from a new President and Board

been President of the Club before (in 1986) I was particularly aware of the challenges to be faced by the first new manager for 12 years of a Club which occupies historic premises and has a high profile; whose correspondent and journalist members are not as opulent as those of other clubs with which it is

which believes you will do an excellent job, and from a membership which is a lot more supportive than you may ever imagine.

Philip Bowring President THE CORRESPONDENT JULY 1993

lCOVER STORY

PHOTOS BY BOB DAVIS

modating Thai families by demanding guided tours of their homes in order to write lurid descriptions of the fixtures and fittings for unreadable glossy magazines. Thus it was, a couple of days later, that the disgruntled troupe was obliged to rise from perfectly comfortable beds in the Bangkok Dusit Thani at 4.00am on day one of the excursion to take a plane up north to watch the Yasothon Rocket Festival.

This is an annual festivity which in-

Leisurely cruise down the Mekong along the Laos border.

The FCC invades Thailand By Robin Lynam here are only two attitudes to-

wards overseas press trips.

The invited regard them as useful research opportunities, which happen to require private sponsorship because grasping publishers are too mean to pay journalists'travel expenses.

of Thailand to go to their country

which I had not atthat point been able to visit for almost a fortnight and spend twelve days travelling around it at their expense.

That was before I discovered that most of the team for this event was being fielded by the FCC. Under the characteristically authoritarian leadership of our esteemed past-president

Then there is the position of the unin-

Steve Vines, were myself, Stuart

vited who consider them to be nice little holidays for freeloading hacks. There is a certain justice to both views. On this occasion, however, lwas one of the chosen few so I incline to the former. It was with a light heart and a clear p-rofessional conscience, therefore, that laccepted an invitation, viathe Rowland Company, from the Tourism Authority

Wolfendale, and Bob

THECORRESPONDENT JULY 1993

Davis.

Quite

clearly the least I could expect to come back with from this junket was serious liver damage.

The heavily outnumbered Chinese side was composed of the ubiquitous Greenstreet Kan and photojournalist Daniel Tse, both of whom took the bad news about their travelling companions

on the chin with commendable fortitude.

lnitially the TAT was probably under the impression that it was going to deter-

mine the itinerary. Wrong. The Hong Kong organiser, the long-suffering Paul Hicks, made the classic mistake of asking Wolfendale if he had any suggestions to make. The list of events and activities faxed over to me aÂĄcouple of days prior to departure said considerably more about Stuart than it could conceivably have done aboutThailand. lt revealed, among

other things, that Vice-President Wolfendale suffers from a bizarre preoccupation with railways, elephants and oversized fireworks. It also announced his decision to in-

vade the privacy of several wealthy, charming, and incomprehensibly accom-

volves a great deal of not very organised folkdancing priortothe firing into the sky of a motley assorlment of home-made bamboo rockets. The purpose of the whole eccentric exercise, apparently, is to persuade an unspecif ied deity to send a few buckets of much needed rain on to the parade. Thai festivals, unfortunately, appear to be highly moveable feasts, and we got the glad tidings on arrival that the provincial authority had decided to hold the event the following weekend instead. Back in Bangkokwe waited three days so Vines could have dinner with the Prime Minister at a function held in the Oriental and hosted by the FCC of Thailand. We lowlier members were permitted to attend. Wolfendale played second fiddle with visible reluctance, but was right back in his element at

lunch the next day when he met MR Malinee Chakrabandhu. Wolfendale the courtier is a sight to behold. I sincerely doubt that despite the fact the MR prefix does establish you as a somebody in the Thai royal

Guardian editor please note, Steve Vines is always on the job. aristocracy, that "Your Serene Highness" was a form of address absolutely required by the dictates of Thai protocol. Matters did not improve. One of the

most satisfying'moments of the trip for Stuart was an impromptu presentation to the King of Thailand's mother. This was arranged by one of MR Malinee's cousins of whom, it transpired, she had several, most of whom appeared to be running the country. Thai TV was present to record the event. The solemnity of a long line of us bowing deeply to this frail, but regal old lady may well have been diminished by the fact that Vines and Wolfendale were

wearing nether garments exposing knees which the general public, had it been consulted, would almost certainly have expressed a desire to have kept

well clear of primetime. Greenstreet Kan, meanwhile, excelled himself by sporting a T-shirt bearing the legend "Give Me Your Body I'll Be Gentle". It could have been worse. Earlier in the trip he was wearing one adorned

with what, at

a distance, looked like

Chinese characters, but which on closer inspection turned out to be ornate western script reading simply "Fuck Off". Mad dogs and Englishmen go out in the midday sun, but it requires a completely mad Englishman to rise at dawn, don a three piece suit and a Panama hat, and go out in already blazing heatto travel for two hours by elephant over a distance which can be covered by air conditioned car in less than ten minutes.

For Wolfendale the days of the Raj were back and he regally waved his outrageous headgear at groups of passing tourists while wishing them a good morning and expressing the hope that they were enjoying their stay. One German couple given the treatment were still visibly suffering from shock for several minutes after pachyderm and passenger had wobbled out of sight. Vines, meanwhile, played the Englishman abroad in a manner of quiet

refinement. Everywhere he went

was accompanied by a selection of polythene-wrapped back issues oĂ? The Guardian lhrough which he assiduously read in, among other places, a long tailboat zig-zagging across the Mekong River between the Thai and Laotian shores. The rest of us were in the Gol-

THECORRESPONDENT JULY 1993

AGFA. THE CREATIVE FACE

()F TECHN()L()GY.

The team, above, lines up to meet

the King of

Thailand's mother,

right.

Bob Davis' camera found some more 'likely lads'.

den Triangle, but Vines was in Farringdon Road, EC1.

Davis on the other hand honourably represented Australian culture by demonstrating an almost supernatural ability to produce cold beer in places where you would not imagine it could possibly be found. You are probably under the impression that all those heavy looking bags he carries around are stuffed with photographic equipment. Some are, but not all. One generally contained ice and bottles.

Chiang Mai was a surprise. I had expected a fairly sleepy northern Thai

THECORRESPONDENT JULY

1993

town, which is more or less what it is, but I had not expected it to be bristling with satellite dishes, or for the cafes to be full of British backpackers, eyes glued to the TV screens, watching Michael Fish read the weather repoft. Furthermore, the presence in every

and I discovered the rival owners of two neighbouring German-style bars re{ighting the European leg of the 1939-45 disagreement. The proprietor we talked to was British, afid there seemed to be no sin under the sun that his authentically German next door neighbour had

hotel room I occupied o'f lhe Star TV

not committed in order to do down his

Guíde was a physical manifestation of

business. Each establishment had a

the unpalatable truth that one can no

sentinel on the door engaged to entice passing trade, by force if necessary, in to one bar before it got a look in at the other. Our destination in southern Thailand was Hua Hin, and it was here that the

longer go anywhere in Asia without bea reminder of Nigel bloody Armstrong. So much for the romance of travel. It was also in Chiang Mai that Davis

ing served with

Nothing escapes Agfa. Neither reality, nor

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Agfa film and graphic systems offer photographers the possibility to

photo c0mposition systems, digital

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Film is Agfas visiting card. Everybody knows Professionals

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it.

Everybody loves

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ilm.

hour labs")

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Agfa provides vital stimulus

pr0gress. The Agfa rhombus is a shining light in more than 140 countries on all five

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Stuart and Robin Lynam, right, seek wisdom through a bottle. Time-out at the rocket festival below.

mutiny occurred. There is, I have found,

a recurring pattern to extended press trips. You start out with a feeling of grateful appreciation for all the trouble that is being taken for you. Then after a few days when you have done things which you did not wish to do, and been to places which you did not wish to visit take temples, cultural shows and

-handicraft

shops for example

you

become markedly less co-operative and thoroughly determined to reassert a degree of control over your time. So it was with Wolfendale and L After a long hot journey from Bangkok in a nominally air-conditioned coach - we had just managed to persuade the Elephant Man not to add several hours to it by moving the party on to a completely non air-conditioned train - we found ourselves booked in to the Thai equivalent of Butlins On Sea. Nothing was missing but the Alsatians and machine gun towers. Next door, however, was the Railway Sofitel, one of the great hotels of Asia. Stuad, Bob and I repaired there, had a

drink in the bar, said to hell with

it,

fumbled for our credit cards and

THECORRESPONDENT JULY

1993

Stuart Wolfendale and Greenstreet Kan were overcome with excitement at the

Yasothon Rocket Festival.

checked ourselves in. By this time a gener-

ally thoroughly enjoyable trip was winding down. Vines made an early exit in order to sell

all his stories

back home before the rest of us could get them in, and the remainder of the party relaxed on a leisurely river cruise,

finishing off Davis's duty-free Scotch. Next

stop Hong Kong and the FCC.

Robin Lynam is a correspondent member of the

FCC. q THE CORRESPONDENT JULY 1993

lPEOPLE

NEWS AND VIEWS

A night

When the war was over

of soul

and a bright Khmer shawl, still manages

"H**rii,'flJffil;x

gery?" someone asks the English photographer as he walks into the Gecko Bar in Phnom Penh, one of the better

The FCC's Soul Night was a big hit. The Main Dining Room was bopin

known hangouts for f oreign correspond-

and hopin to The Commotion. Watch this space as there are plans to have more of them. The photographs on this page give a good indication of the controlled

ents

(barely) mayhem.

Membership book update The new and improved Membership book needs your Ănput. lf you haven't already done so, please fill in the form and return it to the FCC office. Membe/sName: GÂĄven Name

MembershipNo.:

Nationality:

MembershipStatus: Correspondent

Journalist:

Wife'9Husband Name: Employing Organisation

Associale:

YourTitleor Position: OfficeAddress:

Office Telephone No.:

Fax No.:

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Home Telephone No.:

L 10

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NOTE: Please return completed form before August 10, lggg. THE CORRESPONDENT JULY 1993

"Well, nowadays surgeons open your head like a sardine can by rolling back your scalp," he replied to much laughter from the assembled correspondents some old hands, others in Cambodia for the first time. The photographer in question is of course Tim Page, "doyen among the veteran correspondents of the lndoChina war", as the respecled Economist wrote recently. .Tim has been wounded more times than he can remember while covering the lndo-China war. Back in Vietnam in 1969, a land mine catapulted him 60 feet into the air and almost killed him. "l spent the next four years as a virtual

vegetable before the doctors put me back together again," he proudly recalls. He even wrote a book about his experience called Page after Page. His addiction to lndo-China forced him back to Phnom Penh recently for the United Nations-sponsored elections in Cambodia. Page is one of the old-guard foreign

to hold court in four languages. Another legend is the bearded photographer Al Rockoff. "He's a real wild cat," someone says at the bar. "Once, both his legswere shotthrough by the Vietcong while he was sitting on an advancing tank," another chips in. Dutch photographer and veteran of the Vietnam War, Hubert Van Es, recalled that Rockoff had been certified dead on arrival in a military hospital but

the doctors brought him back to life." Jim Pringle, a Scottish journalist with thick glasses, covered the Cultural Revo-

lution in Beijing and the Vietnam War from Saigon for Reuters and has gained notoriety for his casual attitude to bills. He now owns a villa in Phnom Penh and

rents

it to the British

ln the 1960s the Vietnam War proa new breed of journalists --

duced

young men and women who were critical observers with sharp pens. New standards of reporting were set

by a new-wave papers such as the Rolling Sfone and established newspapers like The New York Times had lo follow. The American P.J.O'Rourke became well known for his distinct style in report-

Stone.

O'Rourke returned to lndo-China last year to finish a new book called Give War a Chance, an eye-witness account in-

of mankind's fight against tyranny,

justice and alcohol{ree beer. A colleague lrom The New York Times com-

mented: "Like whisky, his writing improves with his age."l The Cambodian actor Dith Pran, well known for his role in the The Killing Fields, which featured his escape from Phnom Penh during the early days of the Khmer Rouge takeover in 1975, returned from the United States. And so had Jon Swain of the London Sunday Times, one of the journalists portrayed in the film. Julian Sands, the actor who played Swain, was also spotted in

Phnom Penh. As in the past, everyone scoffed at the daily press briefings held by the military. The UN spokesman was no exception. Eric Falt, a smart French diplomat and former marketing executive from New York, had his problems in dealing with people like Page and Rockoff. "lf you ask like this, I will not comment," was often the curt reply from the spokesman. ln the 1970s more journalists were killed in Cambodia than in Vietnam. They just vanished during reconnaissance trips on highways. No. 1, 3, 6 or 7. Today, as it was back in the 1970s, it was the photographers who travelled the areas controlled by the Khmer Rouge.

No local would voluntarily go there and the UN troops only ventured out when inside their armoured vehicles.

correspondents who had made their names covering the Vietnam War, and who had returned to lndo-China for Cambodia's return to democracy. "lndo-China is like malaria. Once in your body, it always comes back," says Jean Claude Pomonti, who wrote for Le Monde from Saigon as a 2$-year-old. Now in his 50s he has returned to lndoChina. The ltalian, Tiziano f erzani, started his career as an lndo-China correspondent for the German news magazine Der Spiegel. Vietnam turned him grey, but the elegant ltalian, dressed in white linen trousers with matching cotton shirt

Embassy for

US$5,000 dollars a month.

ing from some of the most miserable places in the world. Today, O'Rourke heads the foreign desk of lhe Rolling

The photographers preferred their motor-bikes.

Cambodia's elections not only attracted the correspondents, some old some new, but also the hangers on.

Jon Swain

There were not that many real journalists in Cambodia during the election, despite the numbers accredited by the UN. Many of the so-called accredited correspondents were in fact back-packers on their lndo-China trip. As in Vietnam, as journalists were offered free lifts on board the big C-160

THE CORRESPONDENT JULY 1993 1I

transport planes by MOVCOM

- the which also arranged free helicopter trips to the provtnces. But gone was the priority for free trips enjoyed by the journalists during the Vietnam War. Nowadays, it was the international squad of ageing electoral observers who monitored the preparations to ensure the election followed accepted democratic principles. These observers, engaged in a kind of election tourism, regularly appear where democratic elections are being held for the first time, such as Angola. They probably write reports which are then filed somewhere and lost forever. Finally, there were the groupies, girls UN transport organization

who are fascinated by the life led by

Indochina veteran Tim Page was back for more.

correspondents' and photographer's. This time, however, Cambodia, was not the dangerous place it once was. At the time of writing three UN soldiers had

been reporled killed in Khmer Rouge missile attacks, but the official UNTAC list of fatalities shows that out of the 40 dead, disease, negligence and often sheer stupidity were to blame rather than the Khmer Rouge. Private John Mulyono, 34, was the first casualty in Phnom Penh. He had a heart-attack. A member of the lndian contingent, Bophol Singh, 27, drowned while swimming in Battambang. Canadian private Charles Symons fell from

the roof of a building during R & R in Bangkok. A number of UNTAC soldiers died of malaria, which wages its private war in lndo-China. A Bulgarian accidently shot himself in the head while his two Polish comrades died in a car accident on highway No. 4. No other vehicle was involved. Another lndian, private Bhupan Chandra Roy was accidently shot and killed by a member of his own battalion and a number of soldiers died in motorcycle accidents. Surprisingly, some drowned in the shallow water of swimming pools or rivers, like another Bulgarian private. A Pakistani private was so severely beaten up during a boxing match that he died soon afterwards, and a Polish officer was strangled in Phnom Penh.

Dith Pran with, above, Schanberg in 1979 and, below, reunited with family members in Cambodia in 1989.

Peter Seidlitz is the Far East and

let

China correspondent for Handelsblatt

THE CORRESPONDENT JULY

Covering the Cambodia election non-event -- page 22. 1993

rhe rest conforn

PENSIONS AND PERSONAL FINANCE

Can you hack retirement? By William Tatham o some, retirement conjures up the image of slippers in front of the fire and the end of the scramble to meet

late-night deadlines. To others, the image is not so enticing, but signifies boredom and not being able to trade war stories over long, liquid lunches! Regardless of your attitude, retirement creeps up on all of us and even if you intend to freelance during your later years, it is imperative to plan ahead. First and foremost, you need to decide which country you will retire to as, not surprisingly, this will effect your available income during retirement. Even if you wish to remain in the Far East rather than returning to your country of domicile, you must caref ully consider the cost of living in that country in order to maintain a reasonable standard of living. Do not forget to look carefully at the currency in which your assets would be denominated nor the amount of tax you may end up paying on your hard-earned savings. You may be able to shelter your assets from tax in some countries. However, it is important to remember that some have higher rates than you have grown used to in Hong Kong. Upon deciding which country you will retire to and the level of tax you might have to pay, the next step is to take stock of the assets which will provide your income during retirement. For example, if you have travelled widely, you may have pensions in a variety of different countries or you may have frozen pensions left behind say in the UK. These pensions could either be transferred to your existing personal arrangements here in Hong Kong, or moved offshore. However, if your domicile is the UK you must be able to prove to the lnland Revenue that you will not return there upon retirement. These options may considerably enhance the value of your pension providing increased flexibility and control over when you can draw upon your funds. Another important point is to not overlook the state retirement pension schemes that may be available in your country of origin. For instance, if you are from the UK, you should continue your National lnsurance contributions to maintain your entitlement to a state pension - even if you subsequently retire abroad. lt is also a good idea to set up at least one or two offshore pension plans which will mature during your period of service abroad. Pensions should be just one part of your retirement planning. Cash and savings should be put aside with which you can conduct a simple retirement potlfolio. The investment of these savings are a story in themselves. However, you should consider five key areas.

lncome - The income that you draw from your savings needs to rise gradually in line with inflation but should not be too volatile. Capitaf Growth - An inf lation rate of 1 0"/" per year will halve the purchasing power of your money every seven and a half years. You therefore need to ensure that you have assets which will provide an element of capital growth during retirement. Security - You should avoid taking undue risks with your savings, investing the majority with secure and reputable companies. Tax efficiency - Seek advice on the tax laws of your chosen country of retirement, so that you can take advantage of any opporlunities to reduce your tax payments. A couple of other areas that are usually overlooked, but should be considered at retirement, are to make sure that your will is up to date and that you have private health-care cover, especially if there is little to no state medical benefits in the country of your choice. It is easy to delay your retirement planning, believing it is premature or because you are unsure as to where you will rest your weary bonesl However, by planning in advance and seeking reliable advice, retirement may be more pleasant than you imagine, perhaps even providing enough spare income for one or two of those reminiscent liqu¡d lunches!

^2.4'.*,

William Tatham is a consultant with Towry Law lnternational.

If you live r work overseas, you'll know there times when an understanding vorce

Some facts about pensions By Jonathan Sandall he term "pension" is greatly used in the offshore financial services world and is applied to myriad savings schemes both locally, in the form of provident funds, and offshore, as insurance company or unit-trust group savings plans. The term is often applied with little more

difference.

can

make allthe At the Overseas Club we recognise

are

Membership brings an exclusive current account, yielding high interest, paid gross. We offer savings and lnvestment opportunities, UK tax advice, a UK property letting and management service and

this, ,"v-¿2 whichiswhyweaddthepersonaitouchto'n,",#muchmore.Even,foréxamp1e,aschoo1

financia1servicesweoffertoexpatriateS.,''æ---se1echonSerV1ce. The )verseasClub throughouttheworld. ^ \r - -\^ - c\ ( \ \\ . N\ \\ 5 È\"S\ \ stems omaunique Asamember,youare \\ assigned an experienced Account ' 'ltì difficulties - and rewards - of Executive from the teams based at our ì:'.

specialist Expatriate Centres in Jersey and the Isle of Man. The teams are in place to ensure the smooth running of Members' financial affairs, and to advise on the full range of Club services.

living abroad. So why not find out more about how beneficial Membership can be. Simply return the coupon and we'Il send you fu11 details.

Lloyds Bank Plc, Hong Kong Representatjve Office, OBG Far East Cenlre, 2901 Admiraìt¡' Cenlt'e, Tolet' I, 18 Harcour l Road, Hong I(ong Telephone: Hong Kong 527 0132, Fax: Hong I(ong 8651046

relevance than the fact that the scheme in question has a notional benefit date at or around the time of retirement, and an option to pay out either in the form of capital or income.

BRINGING . THE . PERSONAL . TOUCII . TO . OFFSHORE . BANI(ING

Rarely does an individual approach a financial adviser and say, "Here is a blank sheet - I need a pension". Normally, the adviser will start by building recommendations around the

Despatch to: The Manager, Lloyds Bank Plc, Hong l(ong Representative Office, OBG Far East Centre, 2901 Admilalty Centre, Tower 1, 18 Harcou't Road, Hong Kong. Pìease send me details of the LJoyds Banlt Overseas Club.

client's existing capital assets and savings which can be

Surname

utilised to provide pension income. Often a client has made contributions to some form of state pension and has frozen pension benefits from previous employment - often the case with UK expatriates.

Forename(s)

Address

Country

Telephone HONG KONC

RIì']ÙJSENTATI\A OFFICI'

'IIHE THOROUGHtsRED BANK THE CORRESPONDENT JULY 1993

in Iìngland wi th a paid up capìtal of f1265m ancl rescrves of i1362m as at 30th J une I 992 The Overseas

Ch rh

devjre

nd rvorrìs are serl'ice marks of Lìoyds Bank Plc

PENSIONS AND PERSONAL FINANCE

An adviser's task, therefore, is firstly to maximise the potential of any existing pension arrangements or assets. Based upon a client's determination of a suitable level of income in retirement, the adviser can give a fairly useful indication of how realistic these expectations are and what still needs to be done to reach that target income. Firstly, it pays to start planning early - the cost of catching up in later years can be disproportionate to the final benefits. For example, assuming a target of US$1 ,000,000 at the age of 60, a 40 year old would need to save US$1 ,000 per month, assuming that investments grew at an average of 12/" per annum. This represents a total outlay of US$240,000. However, a 50 year old would need to put aside US$4,350 per month for ten years representing a total outlay of almost

us$522,000. One factor which must be kept uppermost in mind is that of

inflation and the erosion that takes place on income and capital in the longer term. During our careers the effects often

pass unnoticed since pay reviews and promotions tend to produce a steady increase in our standard of living in real terms throughout our working lives. Not so with pensions. What you have at retirement has to last 20 or 30 years. For example, you may be approaching retirement with say US$500,000 capital. lf this is invested to produce 10/" per annum then there is "income" of US$50,000 per annum. Fine. What the

PENSIONS AND PERSONAL FINANCE

aspects. The only factor which will determine your scheme as a good investment will be the underlying fund selection. lt is generally accepted though that in the long term, equities have out-performed most other investment media, although the short-term volatility witnessed in the stock markets makes their use less attractive as retirement approaches.

An individual with, for example, 20 years left prior to retirement, might stad with a 100% equity allocation which, as the retirement date approaches, will gradually be moved into fixed income instruments and cash. lt is essential that these funds are reviewed on a regular basis. Currency is also a major factor. Whilst accepting that it is possible to make substantial gains by currency speculation, for longlerm savings it is important to take a def inite view early on about your choice of currency. So, should you contribute in your currency of pay or currency of benefit? This can cause a problem for dollar-based employees who expect to retire to Europe where a European currency would be more appropriate. Schemes now available allow a wide choice of currencies ranging from Yen, AU$, HK$, DM, ECU and of course US$ and GBP. ln fact the underlying investment chosen will, to some

extent, help with hedging on the currency side, since an lnternational Bond Fund or Equity Fund will, by its nature, have exposure to more than one currency. Having decided these two fundamental questions of investment

investor must ask, however, is what will

this be wodh in five, 10 and 15 years time? With inflation a17.5/. per annum, US$30,000 in real terms will be worth less than US$15,000 in 10 years time (see table) i.e. halving the present standard of living. ln other words do not under-estimate what you will need. Assuming then that you decide to invest through one of the many pension schemes available to accumulate capi-

strategy and currency, you are now in a position to research the market.

Parlicularly with pension plan-

ning, the arrangements must be

tal, there are a number of fundamental questions that you

flexible enough to match changing income and expenditure patterns. Such flexibility may have a price. So when considering any scheme, you should remember that browsing through the marketing

need to address before deciding on the appropriate vehicle. Firstly, what investment strategy will give you the best

want

returns? Equities, properly, fixed income instruments (e.9. bonds) or cash funds are all available. Which is right for you? ln many cases you might be best opting for a "managed" fund since this will typically be spread across the equity, fixed income, cash, and in some cases, propefty sectors of the markets - thus allowing a reasonable investment spread. However, this is not always the best answer and a degree of selection or sophistication is often more appropriate. Most schemes offer a broad spread of funds which enable a high degree of geographical specialisation and single sector or single country opportunities. Although the final investment selection is very personal, it is reasonable to expect that the strategy will evolve over the term of investment. However, with such schemes it is vital not to confuse the investment strategy with the tax planning

THE CORRESPONDENT JULY

1993

brochures is no substitute for checking the small print. You

to be satisfied on the question of flexibility.

Many schemes will allow the investment term to be lengthened or shortened with perhaps, not surprisingly, a small penalty, but do make sure that this does not compromise the major benefits offered. Many expatriates or international investors prefer to invest through offshore financial centres sfnce not only are there some highly competitive and attractive products available, but certain offshore centres may offer other benefits in the form of political stability, high investment protection, tax advantages and few, if any, exchange controls. ln summary, all of these questions need to be addressed and reviewed on a regular basis. Tax legislation, investment strategy and personal circumstances are all variable factors. ldeally, this is where an independent financial adviser can be of most benefit.

rofessional advisers operating in the international financial services industry are increasingly looking toward the establishment of employer-sponsored re-

tirement benefit schemes (or read provident fund or superannuation f und)

as a mechanism for both improving employee benefit packages and enhancing personal financial planning opportunities. While the provision of

The use of retirement trusts in financial planning

are identical. Many governments encourage employers and employees to save via

approved (and in some cases non-

approved)

employer-sponsored

schemes through tax incentives. Typically these tax incentives will mean that an employer's contribution into a plan will be eligible for deduction as a business expense (i.e. in the same way that a salary payment isreligible) but that same contribution is not chargeable to tax on the employee at the time that it is paid. Many approved plans are, therefore, simply a form of deferring the receipt of emoluments until leaving serv-

investment management via offshore trustees is reasonably common place for multinational companies looking to provide a secure and flexible offshore pension arrangement for its employDavid Thomas ees, what has been overlooked is how ice or retirement. Depending upon an the construction of the arrangement can be utilised to maxim- employer's employee-benefits philosophy, this facility to avoid ise planning opportunities for both the employer and em- a charge to tax on that part of the employee's remuneration

ployee.

Tax incentives Taxation philosophies alter from country to country. However, in general, there are two main methods of income tax assessment as income is accrued or as it is actively or

which is treated as a pension contribution can represent a valuable planning tool. For example, where an employer is operating a tax equalisation programme, the introduction of a retirement benefits scheme may result in a reduction of the corporate tax bill (i.e. a cost saving) which the employer could in turn pass on in part or whole to the as an enhancement of benefits.

constructively received. lt is also a general rule of thumb that compensation is deductible to the employer as and when it becomes taxable income to the employee. When an employee's income from employment becomes taxable to that I nde pe nde nt F inanciøl Advis e r s employee, or tax deductible to the It is obvious to us that, while individuals in Hong Kong receive generous renumeration packages, in terms of sala¡y, housing, travel and entertainment expenses, insufhcient thought is often given to employer, varies f rom cou ntry to counthe tax a¡d financial planning opportunities âssociated with properly consür¡cted retirement try. For example, the timing of when

compensation becomes taxable income to the employee may be when the: * Compensation is paid to or received by the employee, * Compensation is a tax deductible expense to the employer; * Compensation is earned by the employee; * Compensation accrues to the employee; * Employee becomes entitled to the compensation; . Employee receives an economic benefit; and so forth Tax assessment procedures alter from country to country. The amount considered to be compensation to an employee in one tax jurisdiction may be significantly different in another tax jurisdiction, even though the facts

arrangements.

In association with,a leading hrm of tax and employee benefits specialists in the U.K., Thomas Spencer and Associates Ltd are ideally placed to advise professionals, directors, executives and individuals on the important benefits that can be derived from reti¡ement schemes, both in Hong Kong and also in other parts of the Vr'orld. This can be achieved without disturbing existing administration, investment or tax planning arrangements. RETURN THE COUPON FOR A FREE CONSULTATION WITH OUR PR]VATE CLIENT DEPARTMENT!

I would be interested in arranging

a meeting to discuss my retirement planning, intefested to hear how retirement arrangements can assist in the following areas:

Long term tax planning when leaving Hong Kong Maximising planning opportunities in Hong kong Sala¡ies tax planning

Inheritance tax planning Investment tax planning

Plarning for retirement

I am particularly

T tr T T T T

Return to: Thomas Spencer & Associates Ltd, 6th floor, Bank of America Tower, l2 Harcourt Road, H.K. Tel:8775880 Fax:8773959

THE CORRESPONDENT JULY

I993

PENSIONS AND PERSONAL FINANCE

Or, where the employer operates a less sophisticated programme, as is often the case

provide generous leaving service benef its place their employees in a position where they may suffer high rates of taxation after many years of enjoying relatively low rates. A more flexible approach adopted in the design of scheme rules could provide valuable planning oppor-

with smaller international companies and locally owned and controlled corporations, the restructuring of a remuneration package could result in personal tax savings to employees and directors.

tunities to employees.

Summary of benefits of international ret¡rement benefits schemes:

Self ¡nvestment Where it is possible to establish a retirement benefits scheme under trust with the deed drafted to permit the trustees wide investment powers, then employers and their directors can

David

enjoy a complementary role in the determination of investment strategy. This can be of crucial psychological importance to directors and executives who wish to utilise the tax incentives offered by revenue-approved arrangements without being forced down investment routes through packaged products. Depending upon local legislation it may be possible for the trustees to invest in commercial property and private company shares and thereby act as an important source of capital in future years.

Offshore trustees It may also be possible for companies to establish their

* Corporate tax savings for both local and multinational employers; Thomas * Personal tax savings for employees; lncreased investment management choice; Reduction of tax on investment gains and income of schemes; * lmproved security of assets; lmproved flexibility in benefits design and timing of payments;

. Visible funding of benefits;

* Avoidance of restrictive local legislation; and * lmprovement in employee motivation and loyalty (Acknowledgement for some of the technical points in this article is given to Mark Davies, partner, Fenning Davies and

Associates.)

scheme under trust in offshore locations which may provide additional planning opportunities. This may be with respect to taxation of investment income and gains, or in increasing the flexibility of scheme design to allow different classes of

employees and different nationalities to participate under a centralised umbrella trust. It can therefore be very convenient for employers who rely on mobile expatriate employees to locate their pension scheme

in an offshore location to avoid the complex and

often

restrictive legislation that surrounds pension provision in

David Thomas is with Thomas Spencer and Associates Ltd.

many countries. lt may also provide substantial comfort to those mobile employees who will be reluctant to accumulate

Carl Huckstep

benefits in less politically stable jurisdictions. Certain offshore locations have recognised the demand for trusteeship of offshore schemes and have introduced local legislation that is sympathetic to the provision of international pension trustee

here is a considerable amount of confusion in Hong Kong with regard to the establishment of a pension plan. Many of the contracts on offer are little more than offshore savings plans, with none of the benefits associated with an approved pension scheme. There are, however, a number of alternatives to the simple

servrces.

Taxation of benef¡ts It is, of course, impossible to generalise on the taxation of lump sum or pension benefits arising from an international scheme as this will vary from location to location and from time to time. lt is important, however, to stress that the design of many schemes which force the employee to take benefits at the point of leaving service can create tax liabilities that could otherwise be avoided with a more flexible design of scheme rules. This additional flexibility can be achieved without affecting other important considerations that will normally be taken into account in scheme design. It is somewhat ironic, therefore, that companies which

THE CORRESPONDENT JULY

1993

provident fund arrangement. t The use of provident funds in Hong Kong has long been regarded as the solution to the problem of providing for employees in retirement. However, as the workforce has become increasingly more demanding, the inflexible nature of the standard provident fund has resulted in many employers reviewing their existing pension provisions. As with their employees, they, too, are seeking a more flexible and sophisticated alternative to the "off-the-peg" provident fund solution.

GroBAr

On the one hand, the companies are faced with meeting the

demands of an international work force, comprised of expatriates and local employees. On the other hand, the requirements of the individual members may differ considerably. Clearly, the needs of a 3O-year-old British expatriate who plans to return to Britain in retirement are quite different from those of a SO-year-old Hong Kong Chinese employee planning to retire to Australia. The transient nature of many employees in Hong Kong often prevents them from taking full advantage of traditional, locally-based provident funds. These generally offer a tax advantage, in that the benefits at retirement do not, currently,

lnvrsrMENT

SrnnrEcY Tunr DrsrRvEs

Youn ArruNrroN!

attract salaries tax in Hong Kong.

The personalised pension has, therefore, become an increasingly popular route. ln particular, the search by employers for a flexible pension plan which caters for both the "highly mobile" employee

Carl Huckstep

and the long-term expatriate/local employee, has led them, not surprisingly, to return to offshore pension schemes. Employers are looking more towards such schemes, if only

Offshore systems made to measure

A UuouE

Employers andpmployees in Hong Kong face a special set

of circumstances.

CounnrssroN

Fon PnorESSroNAL

to assist in recruiting, retaining and motivating key personnel. For the "highly mobile" employee, these schemes offer a

Mnrr¡ncEMENT

number of advantages over the more traditional provident fund. Particularly attractive features include a clearly identifiable fund for each member with differing investment objectives and, if desired, full portability regardless of how short the employment. Since employers often wish to structure their investments to provide long-term growth (whereas employees may favour a more aggressive approach), these are important features. By choosing an offshore pension arrangement and by the use of various trusts, it is possible for an employer to structure a scheme whereby both the long-term expatriate/local employee and the highly mobile executive can be catered for. ln return, the employer benefits from the generous tax incentives in respect of his Hong Kong resident employees. Currently, for regular contributions, Hong Kong-based companies can claim relief for profits tax purposes. Obviously, such flexibility and choice demands in extensive knowledge of the various offshore centres, trust arrangements and the individual requirements of the members. As even the most benevolent of employers still has a business to run, the services of an independent financial adviser are usually called upon to handle the associated adm inistrative and investment considerations associated with

514 6il r

Call now fof more details

Please send me full details of the opportunities

for growth offered by Regent Global Fund, together with my FREE issue of the Regent Asia Report Name Address

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Regent Financial Services Limited 904-906 Asia Pacific Finance Tower, 3 Garden Road,

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Fax: 810 ó34ó

Telex: 71385 RFS HX

Regent

Global Fund

The value ol shares and the income from them can fall as well as rise, and accordinglg the amount realised bg an investor on the redemption of shares may be less than the original investment made Past performance is not indícative of future performance. A. one percent redemption fee is charqed to investotrs who redeem ín the ftrst 24

monihs.

THE CORRESPONDENT JULY 1993 19

a PENSIONS AND PERSONAL FINANCE

By the use of an offshore trust, the employer has ensured

such a personalised Plan. ln consultation with the employer/employee, the adviser will

establish the investment objectives, the structure and most suitable offshore jurisdiction for the trust administration. Where, then, are the offshore jurisdictions? Due to the link between Britain and Hong Kong, the most populartrusts have been established in Jersey, Guernsey and the lsle of Man. These jurisdictions offer ease of communication together with an enviable reputation for political stability. Political stability is often a concern, as no company wants to face the embarrassment of having its employees' pension funds sequestered by a hostile administration.

Try the modern way: no-load funds By Dennis Lau o-load funds are a special category of mutual funds. They are exactly like their more expensive counterparts, the load funds, in every respect except one. No-loads are sold without a sales commission. Selling funds without a sales charge are possible because no salespeople are involved in the purchase.

The difference between loads and no'loads To understand the difference between loads and no-loads,

you must understand how funds are sold, managed

and

valued. First, you need to understand the NAV, or net asset value per share. The NAV constitutes the real worth of a fund. lt is what you get when you sell your shares back to the fund. On the other hand, the offer price is what you pay to buy shares in a fund. With a load fund, this includes a sales charge; in the case of a no-load, it does not. Both load and no-load mutual funds are managed by professional investment advisers who are paid fees for selecting the best stocks, providing judgment in timing the purchase and sale of securities and safeguarding the investor's money. The fee for this service does not come out of the sales commission paid to load funds. lt is a common misconception that some or all of a sales charge compensates management. This is not true. With load funds, the sales charge goes solely to the salesperson and the selling organisation. But don't grieve for management. ln both load and no-load typically 1% of families, the managers are paid separately

a fund's net asset value annually. The management of a mutualfund with $100 million of assets will normally get $1 million per year for providing investment counsel and services to the fund. ln the case of load funds, this is an addition to the sales charge. The sales commission is essentially as distribution expense.

THECORRESPONDENT JULY

1993

long-term asset protection. Currency considerations also needs to be taken into account as an adverse currency movement can negate much of

the investment growth. lt is possible nowadays to invest in a pension vehicle offering an effective currency hedge. This type of investment will allow the decision on the selection of the currency, in which the pension is to be paid, to be deferred until retirement.

IIowto

aretírernerrt scherne thatwill stillbe there

whenyoufetire.

Carl Huckstep is manager, financial services, at private bankers Hill Samuel.

Why the load is excessive It is important for you to know that as far as the funds are it is strictly a marketing decision whether to distribute shares no-load or load. The sales charge, or load, has traditionally been considered 77o because this is generally the maximum that funds charge. But this is clearly excessive. Stock commissions, after all, are considerably lower. It is amazing that so many investors accept this charge with equanimity. lf these same an instant loss of 7"/" investors bought the basket of stocks comprising the Hang Seng at 7000, and the next morning saw it drop 490 points to 6510, they would be beside themselves with anguish. But that's exactly the same as the loss you incur paying the load. Over the years, mutual fund salesmen have offered many arguments to justify their commissions. One common rationale is that over the long run the fund's shares will double and triple in value and the fact that the initial investment was hobbled by 7% will eventually shrink into insignificance or disappear altogether. But the load does make a considerable difference, particularly if the difference is measured in terms of the most valuable commodity of all: time. lf mutually funds grow only 14/" annually, this means that,

concerned,

under average conditions, an investor who purchases noloads is a half year ahead of an investor who buys the same performance but pays a load. Some people argue that over the long run, a load fund can make up this difference. They reason that over a period of seven years the charge is amortized to only 1"/" per year. They then conclude that 1% a year doesn't have any real impact. But this is not true. The longer the fund is held, the greaterr is the difference, since commission money saved by the no-load fund buyer compounds each year.

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NEWS AND VIEWS time, that news was sometimes found just to beat the competition, if not to justify the cost. An internationally known British au-

Good news is bad news for Cambodian media circus "l think there is something wrong (with news values) when you hear as I heard last night, television crews saying 'Nothíng is happening. There is no murder. We are going EriC FAlt, hOme tOmorrow." ' U nited Nations spokesman, Phnom Penh.

thor was dogged by Thai television journalists who had run out of things to say. A rotund but jolly squad of Australian correspondents broke new records for consuming industrial quantities of beer and could later be seen cringing with hangovers as yuppy Hong Kong business reporters fruitlessly sought the definitive financial angle. Japanese news outlets established

complete computerised newsrooms in

Phnom Penh's best hotel, the Cambodiana. Truck loads of flack jacketed

minds and decided against their threat-

sons and daughters of Nippon charged back and forth across the bullet pocked landscape in shiny four wheel drive vehicles, rigged with bamboo aerials, flying the Rising Sun flags.

ened mass attacks on the polling. The expected bloodbath never took place.

larial, rolled and smoked giant reef-

Authority in Cambodia (UNTAC). Many went for news that never happened. The Khmer Rouge changed their

Cambodia had its quietest week in memory, leaving most reporters with a story with about as many legs as a mine victim. As a news vacuum yawned in the

Cambodian heat, rumour fed on run a curious way, it was the biggest

mour. Stories built on each other, grew

media non-event that lndochina

and then disap-

had ever seen. More than 900 journalists, photographers and television crews went to Cam-

peared. News

or-

lndochina veterans, tanned and maers as they held court. As "experts" they were alternately ignored and courted by the newsagency reporters, who worked around the clock, frantically filing on the smallest nuances. The agencies, who had shifted whole bureaus to Phnom Penh for the elec-

ganisations had in- | vested so much on I

bodia in May to cover the country's first really free and fair elections. ln all, more than 2,300 sought media accreditation

journalists'accom-

with the United Nations Transitional

and bulk satellite

Tbe Wardley Wanants and Deriuatiues Funds baue been created tuitb tbe aim to prouide the ideal balance

modation, trans-

bettueen tbe bigb risks of inuestment into uarcants

port, equipment

fall in ualue as rapidly not alwøys The

as tbey may rise, and tbat it malt

possible to dispose of tbem during such falls,

Funds tbereþre cany

significant risk of

loss

of cøpital,

quoted securities on inuestment marþets, and tbe reuard

and tbe rigbt to redeern units may also

of use of d.eriuatiues to þrotect tbat inuestnxent during

certain circumstances. They are only suitable for those

uolatile market mouements.

inuestors wbo can afford tbe risks inuolued.

Tbe

be susþended

Funds offer a cboice of sub-funds inuested into

' dffirent securities markets:

. Asian . European . Ja.panese UNTAC's spokesman Eric Falt comes under flrre from correspondents desperately seeking news-making mayhem.

F-

Minimum inuestment in

tbe Funds

ß U581,000

(HK67,8OO), dealing is daily in Hong Kong.

If you tttish

prouide a neu balance to your inuest-

ment sendfor details and an explanatory memorandum

Wardley Investment Seflices Llfllted 12th FLoor, BA Tower, 12 Harcourt Road,

today

Inuestors are wat'ned that tbe prices of tuarrants may

ì 22

TO: The Mæketing Department

l"l:ï'i::'1'i:':::::Y^__

I l-ffl _______

THE WARDLEY WARRANTS A]\ID DERTVATTVES FUNDS THE CORRESPONDENT JULY

1993

_--É¡!¡r!-ir¡

-ô

cÉ

_"_l

tion, were the f inal source of information for many. Agency copy was swiftly fired to news organisations all over the world. So that it could be instantly faxed back to Cambodia, to be scrutinised by distinguished on{he-spot correspondents desperate to analyse a thread of reason in a land where an idiot King ultimately consulted astrologers to decide the government. Maybe in retrospect, he was

the blood and in the fire?" he asked. "lt is just not fair. We worked so hard yet the media attacked us. Why? Accu racy someti me suff ered because of speed dictated by competition, he

claimed.

"They are filming a movie (in their heads). They are filming their own movie. They feel they are in the Killing Fields. But they are not. The Killing Fields are over and with a little more work it won't happen again. lt's very pointing because it (their pre-conceptions) show in their reporting."

Some reports, he À.

You almost needed a sooth-

sayer to find out what was reallY

r¡J

going on.

a o Fì

Revered Buddhist abbots called news conferences which most journalists ignored. Prince Sihanouk's Korean bodyguards

rously funded (US$3 billion)

claimed. were pure fantasy. "You hear and read this kind of repofiing: 'l

went to Mondulkiri and found this lost group of fighters' or'Me the hero, braving the KR in the jungles in the northwest'. It is very appealing when you are in New York. You think "Wow, what a guy! But when you are on the ground it doesn't correspond to any kind of reality," Falt said. Most journalists have read about the way the Pentagon glossed and distorted information at their official briefings with

journalists during the Vietnam War. Did Falt think that contemporary journalists saw him in a similar way?

Peaceful electioneering was boring for some, but good news for Cambodians.

UNTAC operation.

UNTAC after all, was PaYing well heeled staff a daily allowance of about US$140; close to what the average Cambodian earned in a Year.

Eric Falt, a 3O-year-old journalism graduate, most recently employed at the French mission at the United Nations headquarters in New York, was given the rather daunting task of representing UNTAC to the restive reporters. Many were openly unhaPPY with what he was telling them. Some believed he was withholding information, glossing over the violence, so that the election would appear an unblemished success for the United Nations. "How could it be that people are only interested in this negative coverage, in

THE CORRESPONDENT JULY 1993

was very basic for Cambodian broadcasters.

surprising and disap-

right after all.

used electric cattle prods to stoP photographers getting too close. The State of Cambodia (SOC) called a news conference where it politely referred all questions about its plans for its own creation, the Cambodian PeoPle's Party (CPP). The CPP called a night time news conference and failed to show up, leaving the press corps milling about, locked out in confusion down a darkened side street. A few journalists actuallY fought over news releases, hoPing for a shred of news. Some of the cynical began to turn their attention to the gene-

Unlike the hi-tech Jap4nege press corps,

"The three main wire agencies,

ciated Press, Agence France

Asso-

Presse

hope not," he re-

traumatised. I don't exaggerate. I don't know if I want to go back into the field of

the media because what I see, I don't like," he said.

Editor's Note: Alan Knight is aformer director of the Australian Centre for lndependent Journalism, a universitybased centre for investigative journalism, advanced training and research. He was in Cambodia conducting field research on how Australian journalists cover Southeast Asia. He is keen to conduct more interviews as well as examine relevant letters, diaries and books.

lf you wish to contribute information or even if you wish to take issue with Falt,

you are welcome to contact Knight by writing C\O the

FCC.

]-H=zoo REAAEMBER WH EN CHINA WAS A STRCNG SI LE-NT BUFF E R STATË BETWEEN HONG KONG AND THE SOVIET HCRDES./

BY ARTHUR HACI-<ER

THOSE WER.E THE ÞAYS FRIEND ^^Y

plied. "We certainly can-

not be compared to a national government organisation. We are the United Nations representing almost 200 countries.

and Reuters each had five or six correspondents in the country, not counting "The only person who has written photographers. Surely there is compe- something about that was John Pilger tition between themselves and of course who wrote in a good publication, that my competition between each institution's briefings were ljke the five o'clock follies during the Vietnam War. I would be correspondents to get the story out fast as possible because that is prima- ready to take the criticism, if Pilger had come here once. But he hasn't stepped rily what these agencies are about. foot in the briefing room once before course accuracy is going to suffer writing these words. that "Allthroughout my youth I wanted to Falt said that there was also an unube a journalist. I always thought I would sually large proporlion of young freemake a difference if I reported on the lance journalists who were hoping to news. Now I find myself on the other make a name in Cambodia just as their side of the fence for a few years and I forebears had made names reporting don't understand. I am shocked. I am the Vietnam war.

count."

Of on

THE CORRESPONDENT JULY 1993 25

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Re-invented tcubt reporter returns to re-invented China

loÚ

Rex Ellis

CO)]L]Ð]R]I]DXG]ÐC(O]L]E.&]Rì(O)]Bì]E]Rì1| SS(O)N

ardon me while I behave like a cub reporter just back from his first major assignment. My enthusiasm springs from a recent trip to China, my second since returning to Hong Kong. I

Coleridge Cole & Robertson 20e sherr t"i'"Tl Hons Kons

3tr'2rli*i:ftåi

1;Jå'"''

realise there is a whole generation of

club members weaned on China travel

to whom crossing the border is

tle, or heading up the M4 from London

to Birmingham. But to a returned Please provide me with more information on your services. I am (please tick the appropriate boxes):

T Without school fee arrangements T Without pension arrangements T Without suitable life cover T Concerned my existing arrangements

hopping the New York-Washington shut-

tr tr

Looking for residential finance ln need of university fee advice ln a muddle and need help

may be inadequate

old

fogy whose previous Hong Kong incarnation was when the closest you got to China was to gaze from the Lok Ma Chau lookout, the ease of cross-border travel is amazing. Now I've seen Lok Ma Chau from the other side. On my first trip I boarded a a bus in Admiralty to alight a couple of hours later in Shenzhen. Just recently lclimbed

on a catamaran in Kowloon and four

Name

Tel (Home)

Address

Tel (Office) Date

hours later hopped off in Jiangmen. On

both occasions border formalities were almost perfunctory. I've been given a harder time by immigration officials in my native land than by those I've encountered entering China. So indulge me for a moment while I digest the marvels I have experienced. China really is catching up real fast. As ltried to cross a busy intersection in Shenzhen, gazed up at the glass and steel edifices and absorbed all the hustle and bustle, I suddenly realized that none of this existed fifteen years ago. This urban sprawl was rice paddy and vegetable farms. Now Shenzhen resembles an overdeveloped New Territories new town. It's even got tourist attractions worth visiting.

Of course, Shenzhen is artificial because its a Special Economic Zone. lt is the strange offspring of an economic mother and a political father who have nothing in common. lt's grown up so fast it's become a bit too big for its boots, giving its cousins in the "real" China the chance to pick up more than just crumbs

falling from Shenzhen's table. This became apparent on a recent media, analysts' and buyers'tour to Kai Ping for the opening of a new plant, a

joint venture between

a Hong Kong company and the local Economic Com-

mittee. Several factors weighed in Kai Ping's favour as the Hong Kong firm sought a location. One major reason was the hard economic reality that start up costs in Kai Ping were roughly half whattheywould have been in Shenzhen. Wages are about a third the going rate in the Special Economic Zone. The extent of competition the SEZs now face was pile-driven home by the amount of construction going on. We drove by one building site after another, some offices, many apartment blocks or up-market residential complexes and the larger ones factories to produce everything from textiles to tractors. Money is also being pumped into the infrastructure. Roads, highways and bridges are being built, a reliable power supply installed and modern telecommunications put in place. There are even facilities for the foreign investors already being lured to the region by allthis activity. As we pulled up to the Crystal Palace hotel in Jiangmen, our Hong Kong tour organiser asked us notto be too critical. Afterchecking in we couldn't understand why because the hostelry offers the international three star comfort and service a businessman expects. The little touches are there as well.

THE CORRESPONDENT JULY 1993 27

Not only are street names in English, there are signs pointing to the "telephone" and the "toilet". Stores carry names like the "Tim Look Film and Video Centre" and the "Ri Hwa Barber Room". lt helps the foreigner feel as wanted as his hi-tech equipment and know how. The foreign correspondent also feels pampered, being fed a wealth of solid information almost totally devoid of any political propaganda. A very professionally produced glossy brochure, full of facts and figures about the development of Kai Ping, only occasionaly slips into rather clumsy English. Even more interesting was a free wheeling after dinner chat with a fellow journalist, Yang Wei Quan, down from Beijing to cover the event for China Electronics News. He filled in valuable background on the situation in China pertaining to our story, saying there is no truth to the old Chinese proverb that goes "people in the same business are enemies".

That was an experience in itself, although we were brought down to earth bythe Kai Ping Mayorwho could notfind even five minutes for an interview. That was more like the old daYs. The contrast all over are fascinating. The cities are scruffy and crowded, the countryside lush and troPical. On one side of the highway old village housing, on the other modern three or four-storey buildings with stores on the

LETTERS PLE^.SE PATRONISE THESE

His replacement will have a hard act to follow.

auspicious date) at around 4.30 pm I entered the club and I was met by a gentleman of the Portuguese persuasion, but the physique of a sumo wrestler. As suggested in the article I attempted to establish my identity with my

membership card. The gentleman in question claimed he had never heard of

the Foreign Correspondents Club and was not too sure about Hong Kong. As the issue of your esteemed publication was dated April, albeit delivered in May, I am inclined to suppose that it should have been dated April 1 | I am only consoled by the fact that I might also have booked a room atthe Pousada mentioned in the same article.

town. There was the car dealer whose line-

up included a Rolls Royce flanked by

minutes later we had to swerve to avoid a string of buffalo being herded through the traffic which is so chaotic it is downright dangerous. That's Guangdong Province todaY, a Third World region catching up with the First World more rapidly than any place has ever done before. For someone who yearned for years to penetrate the Bamboo Curtain, just getting the opportunity to observe it is the most amazing

development of

all.

.J] WYNDHA,V

Freelance survey out soon

is now being analysed and we hope the results will be ready for the next issue of

The Correspondent. As a member of WlPs who helPed in the construction and distribution of the survey, I am eager to resPond to Ted Thomas'comments in this column in the April issue of The CorresPondent. Ted asserts that his public relations consultancy pays "the market rate." The problem is: what is the market rate? How can anyone talk of a market rate in an arena where no study has ever been

At least, it is a start. "Publishers have budgets, too" Ted

My wife and I are saddened to hear that re-

signed from the FCC. Heinz has been the main stabilising influence over the years that has kept the quality level high in the Club, in spite of interfering presidents and Boards of Governors. I hope that the new manager will not have to put up with the less than professional attitudes shown by recent Boards.

No one is indispensable, but when

pointed out in his letter. Since the survey began four publishers have approached us asking what the market rate for certain jobs is, in anticipation of the survey rates. Publishdrs want benchmarks too. However, what disturbed me about

Ted's letter was the implication that freelancers are demanding too much. The survey results will, I hoPe, shed some light on whether the self-employed in publishing are drawing a decent, livrng wage.

good manager leaves it is felt through-

STREET TEL., 8775472

Tfelz

ClF

Francine Brevett¡, Correspondent Member

877 9773

TRIO'S RESTAURANT q LOUNGE Wo On lonr D'Agullor 3lrcel Conlrol Hong Kong

çl

THECORRESPONDENT JULY

1993

1-3

South China Building, \(/yndham St., Central, Hong Kong.

Tel:526 5293

Close Encounters of the Exotic lndian Kind

The Ashok

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You'll be surprised at how little it

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We look forward to seeing you !

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The survey of freelance rates, spon-

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Hard act to follow

\r.

Home of US Steaks & Ltve Malne l,obsters

may

brand new Mercedes models. We went by too quickly to be able to see on which

side the steering wheels were. Two

Buen Vino Tnp,ls Bnn

attempted? The WlPs study may not be the most sophisticated tool yet developed, nor

Dr W. H. P. Lewis,

Associate Member

ground floor and apartments above' Smart new plants in industrial estates and grimy workshops on the streets in

William Seitz Associate Member

issue of The Correspondenf informing members of the reciprocal arrangements with the Clube Militar in Macau as lwas expecting to visit there shortly. On Thursday May 13 (perhaps not an

at one of Centrcl's favourite pubs. Opening Hours: 8 am till Midnight Monday - Saturday, Noon - Midnight Sunday tlearty English Breakfast served till 10:30 am Mon. - Sat. Traditional Pub Grub, Daily Special British, t-ocal and Imported Beers. \.Come and Join us

We wish Heinz well in his future plans.

read with interest the article in the April

SL/PPORTERS

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Bad vibes at the Clube Militar

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The SLRc

PEDDLER'S JOURNAL

Looking for the ultimate vending machine

fromadiffere

by Daido prompted me to take Pad and pencil in hand and stroll around the neighbourhood to find out what else may be available from such machines to serve the harried housewife in her hour

of need. Along with the more common milk, cigarette, and candy dispensers, I discovered machines from which one could obtain cocoa, Quality Milk, Blue Mountain Coffee, beer, sake, tomato juice,

couple of months ago on a business trip to Japan I had occasion to visit a factory just outside Naoetsu, a small town in Niigata prefecture on the Sea of Japan. Being an area of the country renowned for the excellent quality of its rice, my wife asked me to bring about five kilos or so back to Hong Kong. About half an hour prior to the departure of my train to Tokyo I set out to

Poccari Sweat, Calorie Mate, mixed

fruit, Orunamin C, and oshiruko

(

sweet drink made from red beans).

couldn't find any cup-noodle machines but they are usually readily available. Worthy of note was a large blue machine standing proudly in front of our neighbourhood liquor store. It would accept 1,000 Yen notes and from that, for the time, state-of-the-aft

make the purchase. lt was raining, a common occurrence in that part of the

shops were only seven minutes away by

dispenser one could draw not only standard sized cans of beer or sake, but to quench a real thirst, full sized bottles of Suntory whisky, two-litre kegs of beer and one litre bottles of French wine. Near the train station were dispensers of weekly magazines, comic books

passed it three times before realising it was closed. Dripping wet I hurried to the station. I had already written off my mission and was formulating an alternative plan when I noticed a vending machine next to the ticket counter. Behind the glass covered display box were plastic bags

foot.

and toys.

of rice.

small brightly coloured lights which twinkled at the passersby. Upon closer inspection I discovered that it called itself Daido and carried the slogan "Daido is your Ticket to Drink Paradise." It was divided into two sections one for hot drinks and the other for cold. With the insertion of a coin one could obtain from the heated side:Oolong tea, American coffee, Mokka, cafe au lait and mugicha (barley tea). From the cold side came such equally refreshing drinks as PokkaAce, melon soda, orange soda, Beach Boy lemon Squash, sports energy drink and calpis. (Calpis is a carbonated fermented milk drink. To me it tasted more like what it sounded like.) The variety of beverage being offered

country. At my first stop, a small supermarket just around the corner from the hotel, I was surprised to be informed that they didn't carry rice. They suggested I try a

rice merchant a few blocks awaY.

Closer scrutiny revealed that with the

insefiion of two 1,000 yen notes a three kilo bag of the local variety would plop into the tray below. I bought two' Chuckling to myself lwas reminded of small survey I made a number of years ago when I lived in TokYo. We lived in a quiet residential neighbourhood at the time, narrow lanes, trees and old houses secluded behind moss patched stone walls. Then one morning in March, I believe, or maybe it was APril, a vending machine suddenly appeared on our block. It was not there the night before. Moreover our block was not the kind of place where one would expect to find a vending machine. And to me, at least, a

hardly necessary since the nearest

THECORRESPONDENT JULY

1993

Moreover the intruder in question was a large red monstrosity. lt squat arrogantly on the corner of two weathered lanes, projecting an aura of disdain for the jarring note it broughtto the subdued

environment into which it had been so rudely interjected.

To add further insult it had

My survey also turned uP a small dispenser for condoms on which was written in small print "Use is restricted to

customers over the age of 18." Finally, while on the subject of sex,

am told that dispensers of porno magazines are conveniently located in front of love hotels readily available for clients in need of last minute instruction or advice. One can only speculate what prompts

the Japanese to add these new dimensions to the vending machine. Perhaps they have a more Pressing need than most for instant gratification. Or possibly because of severe competitive pressures so many new brands are brought on the market that vending machines are the only outlets. I tend to subscribe to the theorythough that it is merely a reflection of the Japanese love of gadgetry.

Leighton Willgerodt is an associate member and sales executive with an American multinational comqany.

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