Orient Issue 29

T H E O F F I C I AL MAG AZIN E OF TH E BRIT IS H CHA MBER OF COMMERCE - S IN G AP ORE

I S S U E 2 9 : F E B R UA R Y 2011

w w w.britcham.org.sg

YEAR Y EAR OF OF THE TH

RABBIT

HEADLINE H EAD SSTARLIGHT TARLIGHT BALL BA 2010

F FEBRUARY EBRUARY F FEATURE EA HR H R & EEMPLOYMENT MPLOYMENT TRENDS TREND 2011

CORPORATE C ORPORATE SOCIAL SOCIAL RESPONSIBILITY RESPONSIB GOGREEN G OGREEN CARBON CARBON FOOTPRINT FOOTPRINT REDUCTIONDHL REDUC TIO

CULTURE C UL SHAKESPEARE IN THE PARK  MACBETH

building networks connecting business creating opportunities

Contents

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Headline: The Chamber has a new Vice President d

4

Presidents Message

8

Headline

Q

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The Chamber has a new Vice President – Hugo Walkinshaw Starlight Ball 2010 Review

14 Februar y Feature – HR & Employment Trends 2011 Q Q Q

10-13

Feature: Starlight Ball 2010 Review

2010 Recruitment Overview - Ambition Globalisation Driving Changes in Assessment - Cubiks First Quarter Hiring Hotspots - Hays

22 Inside Britain Q

Skills and Entrepreneurism: The UK has a wealth of skills and talent on tap from which businesses can benefit - UKTI

22 Economic & Business Insights Q Q Q Q

20-21

Inside Britain: Skills and Entrepreneurism: The UK has a wealth of skills and talent on tap from which businesses can benefit

Greater Expectations – The Fry Group A New Lens for a New World; reframing the World Economy – Insight Bureau Improving Meetings is Today’s Biggest Business Opportunity – Think8 BritCham Economic Briefing: A review from The Fry Group – The Fry Group

30 Corporate Social Responsibility Q

GoGreen Carbon Footprint Reduction – DHL

3 2 S p e c i a l : T h e Ye a r o f t h e R a b b i t Q

New Year Resolutions – ipac

36 High Commission News Q

British High Commission News February 2011

38 Chamber News Q Q

24-25

Economic & Business Insights: A New Lens for a New World

Q

42 The BritCham Membership Q

EDITORIAL EDITOR: BritCham Team

LAYOUT BY

Chamber News – February 2011 Events Calendar BritCham Members offers

Sterling News

Orient is a bi-monthly magazine published by the British Chamber of Commerce.

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Contents 45 BritCham Events

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Economic Briefing by BritCham Economic Spokesman, Roman Scott, Managing Director, Calamander Capital BritCham Breakfast Club: Hiring Right the First Time, Joanna Cook, Chartered Psychologists, Cubiks UKTI Breakfast Briefing: Doing Business in Asia, Speakers from UKTI Malaysia, UKTI Bangkok and UKTI Vietnam BritCham Breakfast Club: Property Ownership – UK Tax Issues for the British Expatriate, Martin Rimmer, International Tax Manager, The Fry Group

48 The BritCham Membership

28 & 45

BritCham Events: Economic Briefing – with Roman Scott, MD Calamander Capital

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Corporate News

5 4 S i n g a p o r e’s Fa s h i o n I n i t i a t i v e

Q

Asia Fashion Exchange

55 Spor ts & Travel

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A New Year and Exciting Start for The British Dragons

56 Arts & Culture

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Q

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Shakespeare in the Park – Macbeth – Singapore Repertory Theatre Gideon Koppel – The British Council

58 Destination

Singapore’s Fashion Initiative: Asia Fashion Exchange

Q

Tourism in the Asia-Pacific - Carmen Roberts, Presenter of Fast: Track, BBC World News

60 Wine Club

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Pr e s i d e n t ’s M e s s a g e Dear Members, Happy New Year to you all and best wishes for a prosperous year ahead! We finished the year on a high note with our Chamber Ball that was a roaring success and began the New Year with record attendance at our Economic Briefing. Singapore is moving at full speed into 2011, with economic growth soaring and concerns now being expressed over inflationary fears rather than a second economic dip. The other current concern often voiced is that of a scarcity of talent and it is therefore appropriate that we begin the year with this edition of ORIENT focussing on HR and Talent Management.

Singapore GDP hit S$280 billion last year and it achieved record high investment, with international businesses investing S$12.9 billion in fixed assets. This reflects sentiment about Asia’s growth prospects, which was put into focus by our economic spokesman Roman Scott at the Chamber’s everpopular and much anticipated Economic Briefing. The prospects are for further strong growth as Singapore consolidates its position as the best-connected and most vibrant centre for knowledge, trade and investment in the region.

Talent management will be a key factor in this success and ought to be a strategic priority of board-rooms, rather than being the sole domain of Human Resources departments.

Singapore’s EDB has

BRITCHAM BOARD: PRESIDENT: Steve Puckett - Tri-Zen International VICE-PRESIDENTS: Chris Claridge – The Consulting Partnership Pte Ltd Hugo Walkinshaw – Deloitte Consulting SE Asia TREASURER: Peter Allen - Pacific Century Regional Development HONORARY SECRETARY: Damian Adams - Watson, Farley & Williams LLP EX-OFFICIO: Amanda Brooks - British High Commission Mark Howard - British Council BOARD MEMBERS: Roman Scott - Calamander Capital John Horsburgh - Rolls Royce Singapore Pte Ltd Alan Goodyear - The Royal Bank of Scotland Kevin Burke - Barclays Bank PLC Pek Hak Bin - BP Singapore Pte Limited Philippe Touati – Standard Chartered Bank Nick McGlynn - British Airways Richard Burn - Diageo Ingrid Child - HSBC Andrew Vine - The Insight Bureau Pte Ltd Emma Boyd - Ernst & Young Solutions LLP David Macdonald - Skandia International Stephen Mangham - Ogilvy & Mather Singapore Pte Ltd 44 oorri e i enntt 44 oorriieenntt

announced it will initiate and support the launch of further talent and leadership development programmes with the aim of firmly entrenching Singapore’s position as the home for talent in Asia.

To quote Leo Yip, Chairman of the Economic Development Board, who said recently “We see ourselves offering value to global companies that are expanding in Asia, but at the same time value to Asian companies that are going global.....EDB’s home strategy has also been gaining traction in 2010, we see that continuing into 2011 and that’s really a strategy to have companies use Singapore as their strategic location to grow, to expand their business, their innovation, their talent activities to help them to grow [not just] in Asia but also globally” Our Chamber had an active and successful year in 2010 with a record number of events held, including the launch of the particularly successful breakfast regional briefing series with UKTI, which we will continue this year and move beyond South East Asia to feature India. The Chamber’s membership also saw healthy growth and we also achieved record revenues, helped as always by the strong support of our sponsors. We are particularly delighted that RBS and Barclays Capital continue as Platinum sponsors this year and that all of our sponsors’ excellent organisations engage with us to bring you a wide variety of networking opportunities. These include our signature events, such as the Business Awards and the Chamber Ball, our Leaders in Business lunches, opportunities to meet with thought leaders, and our quality sports events such as the Golf days.

I look forward to our continuing to grow together as a Chamber in what promises to be an interesting year ahead. I wish you all health wealth and prosperity for the Year of the Rabbit!

Steve Puckett President British Chamber of Commerce, Singapore

COMMITTEES: Events: Philippe Touati Membership: Andrew Vine Corporate Social Responsibility: Steve Puckett External Affairs: Terry O’Connor Marketing & Communications: TBA Young Professionals: Miles Gooseman BUSINESS GROUPS: Energy & Utilities: Damian Adams Entrepreneur & Small Business: TBA Financial Services: Patrick Donaldson IT and Communications Technology: Richard Richardson Professional Services: TBA Media & Marketing: TBA Shipping, Transport & Logistics: Neil Johnson MANAGEMENT TEAM: Executive Director: Brigitte Holtschneider Business Events & Business Group Relations: Tiffeny Kua Membership Manager: Katie Hudson Office Administration & Membership Support: Emi Hosono Accountant: Sabitha Munnangi Business Enhancement & Events Development Manager: TBA Marketing & Communications: TBA

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Headline

INTRODUCING HUGO WALKINSHAW, INCOMING BRITCHAM VICE PRESIDENT

T

he Chamber has a new Vice President in Hugo Walkinshaw to begin 2011. The Board elected Hugo after his strong contribution to the Board Executive Committee over the past four years, ďŹ rst as Treasurer and latterly as Secretary.

Hugo is a Principal in Deloitte and is part of the South East Asia Regional Consulting team. He leads the Strategy & Operations and Human Capital practices, as well as the Manufacturing industry sector and heads the Asia PaciďŹ c Shared Services & Outsourcing team. He has spent much of the past twenty years helping clients in Japan, China, Hong Kong, Taiwan, the Philippines, Indonesia, Malaysia, Thailand and Singapore, to meet their goals.

When asked for his thoughts going forward as Vice President, Hugo said he “hopes to build on the tremendous work that has been done by the Chamber team over the last few years by focusing on the content and services that we bring to our membership. We need to continue to develop & improve the way we engage with our members so that we are relevant, innovative, interesting and accessible�.

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Headline

creating opportunities

Title Sponsor

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Gold Sponsor

T

he BritCham Ball 2010 was back at the Shangri-La to the delight of many of our supportive and familiar guests. The event was supported by Title Sponsor, The Royal Bank of Scotland and Gold Sponsor, Audi Singapore. The Starlight Ball was the conclusion to a dynamic and successful BritCham year with 600 guests enjoying a good party at the end of the year.

The evening commenced with a Champagne reception and where all the guests had a chance to enjoy the Champagne provided by Rubicon Reserve Wines and catch up with friends and colleagues.

Justin Sampson kicked off the evening with a special auction of The Starlight Table. Kevin Burke and his guests truly enjoyed The Starlight Table experience with specially selected wines, ines, gourmet menu and a limo service at the end of the night. In each special gift bag, each guest uest had a Johnnie Walker Gold Label from Diageo, Grand Cru Champagne from Rubicon and da photography experience from Littleones Photography.

With the festivity of the evening in full swing, guests had the W e opportunity to have their portrait photographs taken that wass op sponsored

by Allied Pickfords, participate in the PIAS lucky draw sp and an purchase raffle tickets for a chance to win some fantastic prizes.

As As dinner came to a close, anticipation grew as the Main Auction was wa about to begin. 3 fantastic prizes were up for auction and it was wa a great way for the Chamber to raise funds for the Dream 2012 project.

The Th evening kicked into high gear when the band and DJ came on only to see the guests burn up the dance floor with spectacular dance moves. d We W thank all the sponsors of the evening who help make this event e special and to all the guests for s their feedback and support. t

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orient 11

Headline

creating opportunities

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12 orient

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orient 13

Feature: HR & Employment Trends 2011

creating opportunities

2010 RECRUITMENT OVERVIEW

by Paul Endacott, Managing Director, Singapore, Ambition

“2

010 was undoubtedly a year of recovery, rebuilding and laying solid foundations for future growth and there remains a strong feeling of optimism across most industries for what 2011 will bring.”

2010 was a very positive year from a recruitment perspective and a much different landscape to 2009. The banking and financial services sector rebounded aggressively from the woes of 2009, replacing the headcount that was lost and investing in additional headcount in key areas. The broader commercial sector quickly followed suit as they positioned themselves to take advantage of a much improved market.

Probably the most significant outcome of this renewed recruitment activity is that we reverted to a candidate short market in record time. The fact that businesses were growing and that confidence was returning (certainly in Asia) had a significant impact on candidate confidence and this was probably the biggest step change to 2009. In 2009, candidates didn’t want to move as there was an overwhelming concern of being last in, first out.

However, as we progressed through 2010, candidates’ confidence steadily improved and this has meant that many were both willing and able to make a move to other companies. This led to many organisations experiencing a significant increase in their attrition rates, but also placed greater pressure on the limited talent pools in the market.

2010 was undoubtedly a year of recovery, rebuilding and laying solid foundations for future growth and there remains a strong feeling of optimism across most industries for what 2011 will bring.

Attrition and Retention “An increased attrition rate, coupled with the difficulties of attracting high caliber talent in a talent short and hugely

14 orient

competitive market like Asia is possibly the greatest threat to business growth.”

In a talent short market like Asia, attrition has become a major concern given the challenges to recruit additional, let alone replacement positions. The fact that companies are seeing their attrition rate increase in 2010, isn’t in itself surprising given the market in 2009, but given Asia continues to be in growth mode it is rightly one of the major concerns for most companies, large and small.

One of the greatest challenges companies face when recruiting in Asia is finding the right candidates and this is unlikely to go away. The key reasons that candidates cite for moving companies

is due to a lack of opportunity and development at their current company, or more attractive remuneration.

Through the course of 2010 we have seen an average salary increment of 10-20% for candidates that switch companies. It would be unrealistic and indeed unsustainable for companies to offer their employees salary increments of this size, so there needs to be a real focus on retaining people through training, development and career progression. An increased attrition rate, coupled with the difficulties of attracting high calibre talent in a talent short and hugely competitive market like Asia is possibly the greatest threat to business growth.

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Contracting in Asia Another challenge that employers continue to face is sourcing contractors.

In a market that is candidate short where there are an abundance of permanent roles on offer, sourcing for contract positions is increasingly difficult. In Asia, contractors generally do not enjoy the same benefits their counterparts in markets like the UK or Australia may receive where often an attractive daily or hourly rate is offered along with benefits and bonuses. In Asia, the majority of contractors are offered a pro rated salary with limited benefits and sometimes no entitlement to a bonus even if they are on an annual contract. The combination of these factors which are attributed to a less mature recruitment industry in Singapore and Hong Kong have made contracting roles considerably less popular than permanent jobs.

in Singapore willing to consider opportunities in Hong Kong and viceversa especially in the banking & financial services sector. Both markets follow similar trends because of their open economies, strategic location relative to other markets and status as ‘regional service centres’. Singapore is still perceived to be a less expensive place to do business with office rentals in particular being considerably lower than that of Hong Kong. This is leading some companies to seriously consider the merits of relocating regional headquarters to Singapore, especially since white collar jobs in Hong Kong generally carry a 10-15% premium over Singapore largely due to the cost of living differential driven almost exclusively by residential rentals.

The comparison between the two markets will of course continue as part of the healthy sense of competition between the two. The good news is that both are demonstrating impressive economic rebounds that bode well for the years ahead.

Singapore and Hong Kong comparisons At Ambition, we regard Asia as one business, even though we are spread between two offices such is the interaction between our Singapore and Hong Kong operations. There are a significant number of candidates

Outlook 2011 There is no doubt that overall the outlook for 2011 seems to be confident, upbeat and optimistic. Across all industries hiring has increased and it seems that this is set to continue across most functions. The expectation is that this will be led by Sales and Business Development functions as companies look to drive their revenue streams and capitalize on an improved economy.

Also Marketing and Communications will support this growth strategy and with greater focus on regulations, Accounting, Risk and Compliance professionals are also likely to be in demand as we move through 2011.

Ambition, specializes in recruiting professionals into the Banking and Financial Services, Finance and Accounting and Sales and Marketing Industries and through the course of 2010 we saw demand increase for candidates in these 3 areas.

It is encouraging to hear from our clients that most are looking to grow and expand their functions to increase market share, but the flip side is that candidates are already in short supply.

The talent pools are and will remain limited, so at some point employers will need to compromise to find the right talent as it is highly likely that demand will outstrip the supply of the ideal candidates as we progress through 2011.

Whilst the first half of 2010 saw the banking and financial services market recruiting expansively en masse, the second half saw quick cooling in recruiting for the major investment banks in the region. With the continued uncertain outlook in the US and Europe and a lack of confidence in second half results from the major investment banks, all but essential recruitment was put on hold as we progressed through Q3 2010 and into Q4.

About Ambition Ambition is a leading global boutique recruitment business listed on the Australian Securities Exchange. With coverage across Singapore, Hong Kong, Sydney, Melbourne, Brisbane and London we specialise within the areas of banking & financial services, finance & accounting and sales & marketing. For more information, please visit www.ambition. com.sg

Employment Trends

Asia also doesn’t have the transient workforce that Australia and the UK enjoys, so it will continue to be difficult to source high calibre candidates for short term positions given employers are fishing from the same pool of candidates that are ideally seeking permanent roles. As the number of unemployed candidates (i.e. those willing to consider contract roles through 2009) has dropped, contracting is proving a tougher proposition than it should be. We expect this to change as the market matures but it will take time.

Outside of the financial services sector, commercial hiring continued with candidate shortages seen across almost all industries and within sales and marketing, digital talent was certainly a hotspot.

However, whilst the Investment banks did put the brakes on their recruitment drive, private wealth management, corporate banks, asset management, fund administration, insurance and hedge fund companies all continued their search for talent. orient 15

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Feature: HR & Employment Trends 2011

GLOBALISATION DRIVING EXPO: CHANGES THE UK AT SHANGHAI IN ASSESSMENT BUILDING ON THE PAST, SHAPING OUR FUTURE

by Dr Rob Feltham, Executive Director of Innovation, Products & Technology at international HR consultancy Cubiks

C

lare Short, the former UK Cabinet Minister once commented: “People have accused me of being in favor of globalisation. This is equivalent to accusing me of being in favour of the sun rising in the morning.”

Whilst there will always be those who dispute the merits of globalisation, it is a fact of life. Corporate brands such as Apple, Microsoft and McDonalds are recognised in all corners of the world, and it is common for major organisations to have operations in 50 countries or more. Many of the traditional legislative barriers to international job mobility have been removed and individuals are increasingly willing to relocate to new countries as they go in search of international experience and career advancement. Add in to this mix the fact that skills shortages in developed economies such as the UK are causing employers to search for talent overseas, and it becomes clear that we are now living in an age when cross-border recruitment and flexible international deployment of staff is more prevalent than ever before.

Recognising the opportunities and challenges presented by the forces of globalisation, employers are increasingly seeking to roll-out uniform international assessment and development programmes to ensure that they secure their share of the top talent available across the globe and utilise that talent optimally across their businesses.

However, there are inherent difficulties in measuring different nationalities against international benchmarks.

Whether, you are involved in managing a complex, large –scale programme to find the next generation of leadership talent in your organisation, or simply seeking to identify suitable candidates for one or two international posts, it is important that you take care to accommodate

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cultural factors into your assessment processes. This will help you to take advantage of the increasingly diverse global talent pool.

Recognise that benchmarking can be problematic Whilst it may be desirable to make sure that all employees meet the required benchmark for a particular role irrespective of location, businesses must recognise that national characteristics can influence how individuals respond to particular types of assessment. For example when measuring candidate ‘assertiveness’ through a personality questionnaire, it is important to know that in Asia superiors are often afforded significantly higher degrees of respect than their counterparts in Europe, and the tendency in these countries is often to avoid conflict and confrontation. It is therefore important to take these factors into account when viewing the responses of Asian managers to questions exploring these areas.

Make sure that things don’t get lost in translation There is sometimes a tendency for employers to ask staff from different countries to complete assessments in English, rather than to source local language materials.

This may disadvantage those who are not native English speakers because they will be required to process information in their second or possibly third language. The situation can become particularly acute where timed assessments are used. Therefore, it is far better to use materials that have been translated into the candidate’s mother tongue. This applies equally to assessments being conducted outside the UK as when assessing individuals from overseas in this country. However, even here, assessors must take care to ensure that the meaning of assessment content is not lost in translation.

For example, consider the statement: “I

work hard”. Cubiks conducted a research project which showed that although this concept was understood by British managers, it was not meaningful to French managers. The reason seemed to be that ‘hard work’ in France is seen as ‘toiling’ and therefore regarded as lower level work. We then explored whether the notion of ‘effort’ might be more culturally acceptable to the French.

When trialed, the new wording proved to be significantly more effective as an equivalent measure.

Therefore, it is highly desirable that assessment measures are trialed on local groups and adapted wherever necessary before being used in ‘live’ situations with real participants.

Think global and local It is important when using business case studies, role-plays or group exercises, to make sure that the scenarios covered in these exercises have been adapted to give all participants equal opportunity to perform. For example, a case study focusing on the European cheese market is unlikely to have great meaning for candidates from outside this region and the use of such an exercise could prove counter-productive from an employer branding perspective, as well as in an assessment sense. Therefore, exercises must be designed to include culturallyrelevant or culturally-neutral content.

When looking for candidates to display behaviours that are valued and soughtafter by the employer, assessors must ensure that the behavioural indicators they are using have been reviewed for application within the local culture, and have not simply been taken from the

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company headquarters. For example, in the USA, it is generally seen as positive if an individual is prepared to use their initiative and take calculated risks in order to capitalise on opportunities.

However, in countries where the culture is more collectivist and less individualistic/ entrepreneurial, such as in some parts of South America and Asia, individuals will be less likely to demonstrate such behaviors. This needs to be taken into account both when designing assessment processes and when selecting and training assessors.

Look for opportunities to utilise online technology The wide availability of assessment tools in online formats means it is now possible for organisations to significantly streamline assessment operations. For example, by asking candidates to complete a series of tests online at their base location prior to an Assessment Centre in a central office, organisations can save a great deal of test administration time and free up time for more observational activities during the assessment day.

Online assessment tools can also be particularly effective for handling large volumes of applicants, including in developing countries where employers are sometimes deluged with applications. In locations such as India, it is not uncommon for organisations to receive over 20,000 applications for a handful of entry level roles, which causes obvious logistical difficulties for recruiters.

However, whilst online assessment tools can prove highly effective in terms of cost and efficiency, employers should work with the designers of the tools to ensure that they are appropriate for the specific context. Also employers need to be careful not to make assumptions about things such as the levels of internet penetration in different countries. It is easy to make inaccurate judgements based on Western experience.

Use a mixture of international and local assessors On any international assessment project, it is important that good project

management techniques are applied from the outset. Thorough education, training and briefing information must be given to all team members, particularly those at a local level, to ensure that they understand the project drivers, the goals, the desired business outcomes, and critically, the role that they will be expected to play in the project’s success.

Best results are usually achieved when organisations bring together individuals from all relevant territories for the design, evaluation and execution of the assessment project. As well as avoiding culturally sensitive issues in the design process, the combined use of global coordinators from the corporate HQ and local assessors with diverse backgrounds and experience, will enable the team to understand how to tackle each aspect of the assessment process.

For example, it is becoming increasingly important for employers to make sure that candidates receive feedback on how they have performed during an assessment, both to meet best practice requirements and to enhance candidate buy-in, thus helping to build and maintain a positive employer brand.

However, the way that feedback is delivered to candidates needs to be adjusted according to the location.

Recognise an international manager when you see one When staff are appointed to international positions it tends to be based on their availability, skills, experience and track record in relation the specific job requirement. There is frequently little choice for the HR function, and the issue then becomes less one of selection and more one of helping the individual to make an effective transition, both into

the new territory and, later, back to base. Nevertheless some individuals make the transition more effectively than others, particularly where roles are of a general managerial or more ambiguous nature. Although companyspecific conditions make it difficult to make detailed assumptions about the types of individual that will succeed in an international management role, it is nevertheless possible to broadly summarise characteristics that are possessed by many effective international managers.

These individuals often display: • Open-mindedness and an orientation towards learning new things • Desire to engage with the local culture • Good relationship management skills • Ability to regulate their behaviour to fit the situation • Tolerance for uncertainty and ambiguity Therefore, if you are a recruiter, assessor or line manager seeking to identify individuals who are likely to do well in a position that involves international management responsibility, these are qualities that may be particularly relevant.

Conclusion As the pace of globalisation accelerates, and organisations seek to achieve successful market penetration in far more territories than ever before, it is essential that employers are able to put in place assessment tools and processes that will allow them to identify talented individuals wherever they do business. However, it is important that international companies are sensitive to local conditions and do not seek to impose rigid procedures and materials from the corporate centre as this will only serve to alienate both candidates and local staff. The most successful organisations will be flexible, considerate and use culturally adapted tools that give all employees and candidates equal opportunity to perform and show their potential.

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Feature: HR & Employment Trends 2011

HR AND EMPLOYMENT TRENDS WHAT CAN WE EXPECT IN 2011?

Hays Quarterly Report (January – March 2011)

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ncreased candidate confidence and therefore supply, but not where employers demand it The first quarter of 2011 will be an active one for recruitment, with a particular focus on securing permanent staff in response to improved market conditions and confidence, according to recruiting experts Hays.

In its Hays Quarterly Report for January to March 2011, the recruiter found that employers are creating new roles to bolster their teams for the year ahead.

According to the report, the fact that employers now need to promptly backfill roles that become vacant following staff departures is another factor.

The report reveals that organisations will use temporary assignments this quarter, particularly at the support level, for projects and to cover workloads while a permanent employee is sourced.

In the report Hays notes that there are also more temporary roles coming up with a view to becoming permanent and that such long-term opportunities for temporary candidates have not existed since before the GFC.

Commenting on the Hays Quarterly Report Chris Mead, General Manager of Hays in Singapore said: “Candidate levels will rise in the first quarter of 2011, particularly now that bonuses have been paid. As well as the traditional mentality

18 orient

of seeking a new role in a New Year, more people are now far more confident in the market’s ability to present them with a solid career-advancing opportunity.

“Despite this rise, the demand for certain specialist skills – specifically in banking and finance, IT and oil and gas, will not be met. The shortage of these skills will remain a challenge for employers even as candidates move and employers recruit, creating a busy but tight market,” he said.

According to the January to March Hays Quarterly Report, the following skills are in demand: Accountancy & Finance: • Candidates with strong IFRS and

accounting policy experience as well as those with Basel and capital adequacy experience.

• Product Controllers across all asset classes, especially commodities and emerging markets.

• The focus on risk management across the board means that internal audit, risk and internal controls candidates are still in high demand.

• In the commercial sector, there has been an increase in finance business partnering roles as employers look for candidates that can add strategic and commercial value.

Banking: • Wealth management and private banking continues to be an area in great demand.

• Senior banking professionals with strong regulatory and risk management experience, in particular credit risk, portfolio risk, compliance and economic capital.

• Experienced corporate actions and trade support professionals in order to support the growth of global markets trading businesses.

• People with strong networks and proven origination and execution experience for structured trade finance, export finance and project finance roles.

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Construction: • Civil works are driving demand, particularly the underground rail network with the first section of the DTL predicted to be completed by 2013.

• Specific senior positions are still highly sought with an emphasis on local experience from a contractor’s perspective.

Finance Technology: • Programme/Project Managers through to Developers, particularly those with Temenos T24 and Avaloq product knowledge and experience.

• Architects with experience in Tibco middleware.

• Vendor led technology experience such as Misys Summit (Treasury), Murex and Wall Street (back office) is highly regarded.

• Project Managers, Business Analysts and .Net/Java Developers with specific business knowledge of market risk and credit risk.

Human Resources: • HR Business Partners, Talent Managers and Learning and Development (L&D) professionals • Regional roles are another hotspot due to more and global organisations setting up their regional hubs in Singapore.

• Contract/temporary roles are on the increase again as employers wait for their headcount approvals.

Information Technology: • Strong technical infrastructure, project management and ERP candidates for the banking, telco and industrial sectors.

• There are more permanent roles for Network Engineers and Cloud Computing Consultants.

Insurance: • Growth in the insurance and reinsurance industry will continue to accelerate in 2011, benefiting from sound economic recovery and further improvements in financial markets.

Office Professionals: • Personal Assistants with five or more

years experience, particularly in the banking and finance industry.

• Project Administrators with specific package experience such as MS Project, Visio and SAP. Oil & Gas: • Project controls, procurement and contract, ROV and installation personnel.

• There is also a worldwide shortage of subsea control personnel.

Pharma: • There is an increase in the number of health economics, market access and pricing and reimbursement roles.

• Quality assurance and compliance professionals are needed to address quality issues within clinical trials and manufacturing processes.

Property: • Project Managers and Facilities Managers, in particular those with more than six to eight years local experience delivering commercial interior or data centre projects.

Sales & Marketing: • Sales and business development professionals who can provide ideas to gain market share.

• In terms of marketing skills, SEM, SEO, PPC, viral, web analytics, EDM, social media, are a must.

Full details including the reasons for these hotspots as well as employer trends, candidate trends and activity over the coming quarter can be viewed in the Hays Quarterly Report at www. hays.com.sg/report Hays, the world’s leading recruiting experts in qualified, professional and skilled people.

For further information please contact www.hays.com.sg/report About Hays Hays is the leading global specialist recruiting group. It is the expert at recruiting qualified, professional and skilled people worldwide. It operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments.

Hays employs 6,845 staff operating from 270 offices in 28 countries across 17 specialisms. For the year ended 30 June 2010, Hays placed around 50,000 candidates into permanent jobs and around 180,000 people into temporary assignments.

Supply Chain: • The main sectors driving growth are aerospace, petrochemical, pharmaceutical and tourism as a result of foreign investment.

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creating opportunities

Inside Britain

THE UK HAS A WEALTH OF SKILLS AND TALENT ON TAP FROM WHICH BUSINESSES CAN BENEFIT

A

ccess to the right skills and talent base is critical for business success and helps ensure that businesses constantly strive for innovation, creativity and dynamism – all of which helps them to stay ahead of the competition. The UK has a well-founded reputation for producing talent and nurturing its skills base. With a plethora of world-leading universities and business schools and a business environment welcoming of entrepreneurialism it has much to offer potential investors as well as providing ample opportunities for UK businesses to export their expertise and talent to overseas markets.

University Business School, the Indian School of Business and the China Europe International Business School (CEIBS). In all, 19 UK Business Schools figured in the FT’s Top 100 global MBA rankings for 2009, including The Judge Business School at The University of Cambridge (17th), Lancaster University Management School (27th) and Manchester Business School (32nd).

In addition the UK has four of the top ten universities globally including Cambridge University which is the world number 1 (QS World University Rankings 2010) and has all of the top four in Europe.

UK universities are a force for economic regeneration, creating a highly-skilled workforce, providing job opportunities, boosting competition and forging links with businesses. The UK has a long history of academic and research excellence – not only have UK scientists and institutions won over 80 Nobel Prizes for their scientific achievements, the UK’s universities and research centres have an exceptional international reputation and are highly experienced in working closely with all parts of the private sector.

The UK is in fact, home to some of the most respected and successful business schools in the world. In the Financial Times’ global 2009 Business School Rankings, London Business School’s fulltime and executive MBA programmes came joint first (with Wharton School at the University of Pennsylvania), beating Harvard into 3rd place. London Business School was also placed second in the league of Top European Business Schools for 2008; and with a presence in four international cities – London, New York, Hong Kong and Dubai – teaches students from more than 130 countries.

London Business School also has an international exchange programme with 30 of the world’s top business schools, plus strong partnerships with Columbia Business School, Hong Kong

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The strong skills base in the UK is reflected in its excellent record of attracting major foreign investors from all over the world in numerous business sectors and across a variety of business functions. For example, leading-edge international companies that have made substantial investments in the UK to take advantage of the skills base include Microsoft, Oracle, Motorola, Cisco, Toyota, CocaCola, Novartis Pharma, China Telecom, Sony, Honda, Caterpillar, Eisai, Ford and Nissan (which operates one of Europe’s most productive car plants from the UK).

In terms of leading-edge skills, the UK is ranked as having the second strongest research base globally, behind only the US (Source: Evidence, 2009).

Education Facts and Figures: • The UK is a world leader in educational exports which are worth around S$54 billion per annum • Around 370,000 international students study in the UK each year (UK Council for International Student Affairs). Over 600,000 people every year come to the UK to learn English (British Council).

• The UK has the oldest, best established and most highly regarded educational publishing industry in

the world and is a leading innovator in distance and e-learning material and programmes.

• The UK is home to four of the top universities in the world including Cambridge University which is the global number 1. It has all four of the top universities in Europe. (QS World University Rankings 2010) • The Government is improving the apprenticeships package.

It is investing approx S$1.2 billion in adult apprenticeships in the 2011-12 financial year.

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• The UK has the highest number of leading MBA courses in Europe, with 20 UK institutions in the “Top 100 MBA Courses” survey produced by the Economist Intelligence Unit. This compares favourably with the rest of Europe where the combined total of leading institutions is only 19.

• 70 % of the UK’s 200 fastestgrowing companies were started by graduates, according to a report in The Independent last year (2010).

Programmes and Schemes: Raising The Game Initiative is a national initiative to increase innovation in the UK computer games sector. It was unveiled by the National Endowment for Science, Technology and the Arts (Nesta) last year (2010).Working in partnership with organisations such as industry body Tiga and Crossover Innovation Labs, the Raise the Games initiative aims to increase the performance of the sector and expand on the skills base already present in the country.

Scientist’s Scheme: The UK government last year (2010) launched a multi-million pound investment programme to attract the world’s best scientists to the UK. UKTI’s Global Entrepreneur Programme (GEP) has attracted entrepreneurs from around the world to set up their businesses in the UK and has landed over 100 projects in the last three years.

It has helped raise over US $200 million in funding for early stage, cross-border business investments into the UK. A national skills academy for the chemical and pharmaceutical industries will be set up in Scotland.

The National Skills Academy (NSA) is a Government organisation that sets up employer-led centres of training excellence to deliver skills that businesses in each sector of the economy are looking for. There are currently seven academy hubs for the “process industries”, where training organisations in the industry can apply for accreditation from the NSA. The Government has released £4.5 million in grants over the past two years to support the centres, with industries in the sector matching the funding.

The University Enterprise Networks Programme is a new network that will increase the enterprise skills of those at UK universities by giving around 100,000 students and graduates the opportunity to develop entrepreneurial and business skills. It will initially focus on science, technology, engineering, maths, innovation and the nuclear sector. Graduates and students involved in the programme will benefit from support and advice on how to develop their business ideas, as well as gaining experience of enterprising companies.

Technology Taskforce: UKTI recently launched a S$30m programme to help young entrepreneurs to internationalise their business and to attract the best entrepreneurial talent to the UK Concrete Canvas: a case study Concrete Canvas started as the brainchild of two Imperial College graduate students. Three years later, the pair are supplying its product to the British Army and branching out globally.

The Company manufactures a flexible cloth that turns to concrete when sprayed with water. The cloth is fireproof, waterproof and chemically resistant, and can be used to reinforce sandbag defences, to line walkways or even as helicopter landing pads. The Company also manufactures rapidly deployable Concrete Canvas Shelters, which can provide troops with ballistic protection as well as protection from the elements.

William Crawford and Peter Brewin came up with the idea of developing a flexible concrete cloth while they were graduate students in Industrial Design and Engineering at London’s Imperial College. Soon after they graduated, the pair was awarded a grant by the DTI, now the Department for Business Innovation & Skills (BIS), to help bring Concrete Canvas to market. After two years of R&D, Crawford and Brewin set up a factory in South Wales in 2008, and began manufacturing their unique product. The company now employs eight people.

energy. Scientists at the universities of York and Portsmouth say the Gribble worm, a tiny crustacean which has plagued sailors for centuries by eating its way through ships’ hulls, could hold the key to transforming woody raw materials into alcohol suitable for use in biofuel-driven vehicles.

The creature, similar in appearance to a woodlouse, has a gift for digesting and transforming wood into sugars not found in any other animal, with scientists hopeful further study could eventually lead to the construction of a gribblelike mass processing plant, designed to ferment wood and straw into energy-rich alcohol. Researchers made the discovery during an extensive study of the insect, finding that its long digestive tract was packed with enzymes that broke down cellulose and lignin, commonly found in wood-like plant tissue. While other animals can digest similar substances, they do so with the help of bacteria in the stomach.

The gribble, however, has no such symbiotic microbes and produces all that is needed to break the matter down itself.

The research was made possible by the Biotechnology and Biological Sciences Research Council (BBSRC) Sustainable Bioenergy Centre, a £26 million network of experts in the renewable energy field.

Duncan Eggar, the BBSRC’s Bioenergy Champion, said: “The world needs to quickly reduce its dependence on fossil fuels and sustainably produced bioenergy offers the potential to rapidly introduce liquid transport fuels into our current energy mix.”

Universities of York and Portsmouth Pioneering research at two UK universities may have unlocked the secret to a breakthrough in renewable

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Economic & Business Insights

GREATER EXPECTATIONS

connecting business

by Daniel Judge, Editor, International Advisor, Last Word Media (UK) Ltd

T

he Fry Group can trace its origins back to the creation of the Income Tax Reclamation Association, founded

by Thomas Hallett Fry in 1898. By its own account, the company was not initially as successful as Thomas had hoped, but nevertheless, it did grow slowly.

By 1926, having passed into the management of Thomas’s younger brother Wilfred, the business had become Wilfred T Fry Limited and carved a niche for itself as a specialist in recovering British taxes for people living overseas.

Growing the firm Since then The Fry Group, as it is now known, has become one of the most respected names in the international advice sector, specialising in tax and the collection of tax refunds for clients, while broadening its services into general financial, retirement and estate planning.

Fast forwarding 85 years from Wilfred’s day, The Fry Group established its Singapore branch in 2001. It is now run by founding member Aidan Bailey, a financial services graduate who also holds the UK Financial Planning certificate and Singapore’s Investment Representative qualifications. In the intervening decade following the launch of the Singapore business, Bailey has grown the business from just two

particularly given that other relative upstart expat focused rivals have managed to recruit far more staff into such roles, and have had less time to do it. Bailey, however, is not concerned by such criticism.

A cornerstone of The Fry Group, he says, is quality in all areas and there is no pressure, as might be found in other international IFAs, to increase headcount and push through new business at all costs.

“We don’t go for the Amstrad ‘stack it high, sell it cheap’ mentality here”.

“Our target client is the high net worth British expatriate, not deemed worthy by private banks, but with needs more sophisticated than can be met by most average IFAs and, as far as I can see, there is no-one else doing what we do”.

of who we want in terms of training and qualifications.” Adviser standards are a subject Bailey feels passionately about and, as previously alluded to, a crucial part of Fry’s proposition in the international markets – where the company seeks to position its service offering as something more akin to a private bank than an expat IFA.

The right people He continues: “We are firmly focused on servicing the British expatriate and, through our in-house tax and estate and trustee expertise, no one can rival the comprehensive service that we can offer under one roof. To grow the business, we aim to capture more of this market.”

He says ‘’Fry advisers are required to gain the Diploma in Financial Planning awarded by the Personal Finance Society as a minimum standard, though preferably they should also achieve Certified Financial Planner status, another more onerous professional standard’’.

Staying on the topic of growth, Bailey says The Fry Group could perhaps have grown more in Singapore, but at the cost of quality – it has been limited to

Regulatory gap Such requirements contrast strongly with most competitors and are above the minimum standards set by the regulator, the MAS, according to Bailey, who says local requirements for financial advisers are that three relatively “basic” examinations should be passed.

“We don’t go for the Amstrad ‘stack it high, sell it cheap’ mentality here” advisers to four, plus four support staff, assets under advice of £62m and a client roster numbering some 400.

an extent by its own high standards with regard to the level of qualifications its advisers must attain.

Sophisticated clients Having had ten years to develop the business, it could be argued that an increase of just two advisers is not a particularly impressive record,

He explains: “The biggest thing holding us back in terms of growth over the past ten years has been finding the right calibre of adviser. Probably around 90% of those we see don’t fit the model

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“In our opinion that is totally inadequate for the sophisticated level of advice that most expatriates need. It is not just qualifications – our advisers commit to the delivery of a high quality, ongoing service to their clients. It is not just about selling a product to new clients.”

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Bailey agrees that the MAS is highly regarded internationally for its supervisory standards across financial services and capital markets, and notes that it is also strongly concerned to protect local investors.

he returns to the UK to take over the UK-based role of international director from Graham Barnes, who is retiring in 2012 – says a new regime for licensing advisers in Singapore needs to ensure that standards in the expat market do not decrease. He argues that the new

“That an offshore adviser with next to no UK experience or qualifications can effect pension transfers to SIPPs or QROPS with minimal advice or disclosure is wrong” But he says this understandable – focus on the local investor can leave something of a “gap in the regulations” for businesses where expatriates are concerned. “Taking pensions advice as an example, any work conducted by a UK adviser has to be thorough to ensure that an investor can make an informed decision. That an offshore adviser with next to no UK experience or qualifications can effect pension transfers to SIPPs or QROPS with minimal advice or disclosure is wrong,” says Bailey.

A new regime Bailey – whose decad long tenure in Singapore is set to end next year, when

system, which relies on company CEOs personally vouching that a new recruit is ‘fit and proper’, rather than the MAS itself making that judgement, which it did in the past, is well intentioned but could lead to abuses by unscrupulous firms.

“It makes it a lot easier and quicker for a company to take on new advisers, which in many ways is a good thing and I am supportive of it. “The idea is that the CEO carries the can if something goes wrong, and so it is in their interests to appoint people who are suitable. But there is a chance that some firms could just bring in people who, while locally qualified, may not be suitable in other respects, just to make sales.”

By way of an example of the challenges faced in this regard, Bailey described meeting a newly-arrived adviser to Singapore at a recent function, who until recently had been a butcher in the UK with no financial services experience.

“His dad had come out here to work as a financial adviser, and he thought he would have a go too. He has passed his three exams, and now he is basically here to try and flog some products for a while and make some money. “This is the kind of situation that can lead to our industry getting a bad name. If a potential client can spot the difference between good advisers and bad, that is OK, it suits companies like ours.

“But if they cannot – and there is no reason why anyone should – and they get sold something unsuitable or worse, then we all get a bad name.”

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Economic & Business Insights

A NEW LENS FOR A NEW WORLD; REFRAMING THE WORLD ECONOMY

connecting business

by Dr Yuwa Hedrick-Wong, Economist and Business Strategist

A

s we enter 2011, economist and business strategist, Dr Yuwa Hedrick-Wong, offers his thoughts on how we should refocus our view of the global economy. To have survived the recession will not be enough. Successful international companies will be those who can embrace the new world in which developing markets play a crucial role, with executives who truly understand its key drivers.

The global financial crisis of 2008/09 has made clear that the future is, as far as finance and the economy is concerned, irreducibly uncertain. Much of our recent orthodoxy has been shattered upon this bedrock of the future’s fundamental indeterminacy, including cherished notions of efficient markets, rational expectation, quantification and control of risks, and many over-ambitious promises of financial innovations.

This renewed appreciation of an opaque and uncertain future has resurrected the spectre of an interventionist government, emboldening foes of the free market to demand more intrusive regulations to curb the “greed” of the private sector. While this revisionism itself reflects a bankruptcy of ideas in the resurgent anti-market camp, it nevertheless threatens returning power to the wrong people – time-serving bureaucrats and government officials ignorant of real business life.

Uncertainty evokes fear of the unknown.

Proponents of big government play-up this fear to justify their anti-business stance. In so doing, they are also promising to vanquish the uncertainty of the future through government control, planning and regulations. While they are doomed to fail, just as financial engineering did, they could wreak untold collateral damage in the process, shackling the entrepreneurial capitalist spirit inherently found in peoples and societies.

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The best antidote to the fear of the unknown is that of the animal spirit as described by John Maynard Keynes, the defining characteristic of the entrepreneurial capitalist. It is worth quoting the master himself in full: “Our basis of knowledge for estimating the yield ten years hence of a railway, a copper mine, a textile factory, the good will of a patent medicine, an Atlantic liner, a building in the City of London amounts to little or sometimes nothing, [and given such uncertainty] how are decisions made? They can be made only as a result of animal spirits, a spontaneous urge for action.”

To the entrepreneurial capitalist, an uncertain future means new business opportunities. The more individuals and businesses are imbued with this entrepreneurial capitalist mind-set, the more capable they are in functioning under conditions of uncertainty, creating new economic value and building new productive enterprises. What is true at the micro level is equally true at the societal level, the more a society embraces the entrepreneurial capitalist mind-set, the more dynamic, forward looking, and prosperous it becomes.

Entrepreneurial capitalists – large and small – have again and again excelled during times of uncertainty and economic recessions, regardless of how prolonged or severe they are, or whether they are localised or global in scale. The Great Depression of the 1930s actually saw accelerated innovations, including world-changing inventions like nylon and synthetic rubber.

The gamechanging PC took off in the aftermath of a severe recession in the early 1980s.

In fact, most of the biggest and most successful businesses today were launched during times of economic slumps and recessions in the past 50 years, often as tiny start-ups that ran on shoe string budgets but big ideas.

While entrepreneurial talents are found in all cultures and societies, government

policy and business conditions on the ground strongly determine the extent to which such talents could find full expression. Thus, the asset of entrepreneurial capitalism is not to be taken for granted; it is a precious asset that needs to be protected and nurtured.

A generation ago, Ronald Reagan and Margaret Thatcher championed the cause of entrepreneurial capitalism and unleashed one of the longest post-war periods of growth, innovations and prosperity.

Today, there is again the need to make the case of entrepreneurial capitalism all over again for a new generation that has been traumatised by the global financial crisis. Unfortunately, the current policy debate about how to manage the global economic recovery is monopolised by the head-to-head collision between those who believe austerity is the needed medicine versus those who believe more fiscal spending is the way forward. This is to debase economic analysis to arguments by doctrines.

We encounter this doctrinal debate in the US on how to bring down high unemployment and get growth back on track and how to avoid a double-dip recession, and in the Eurozone, about what the crisis countries must do in order to qualify for bailouts and to keep the euro intact. This doctrinal debate is not only wrong, but dangerous, because it diverts our attention from what really matters, how to raise productivity in the post-crisis economy.

The trend rate of economic growth inevitably dips in the aftermath of a crisis. In the recovery, there are basically three trajectories, all driven by productivity dynamics in the post-crisis economy: (i) growth quickly recovers and then rises above the pre-crisis peak if in the post-crisis economy productivity increases to exceed the pre-crisis level, (ii) growth takes much longer to recover if post-crisis productivity manages only to return to the pre-crisis level, and (iii)

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post-crisis productivity is damaged by the crisis and is now permanently lower than the pre-crisis level, which renders the recovery difficult and the economy may never return to the pre-crisis trend rate of growth.

In all three trajectories, productivity is the key. This is why the doctrinal debate between austerity and fiscal spending is fundamentally meaningless. It all depends on how austerity and fiscal spending is done. Austerity measures may trim the fat and waste in the economy but they could also end up cutting the much needed economic muscles and sinews. Similarly, fiscal spending could boost economic efficiency through investing in infrastructure, but it could also reduce market flexibility and lower productivity through subsidies and income support.

This focus on productivity is the new lens that is needed to see more clearly in the post-crisis global economy. However, we cannot directly observe productivity, which is an abstract concept, and can only be quantitatively estimated after the fact. But its concrete expression in the economy is none other than entrepreneurial capitalism, which can be directly observed.

We can go beyond headline GDP numbers and examine the extent to which entrepreneurial capitalism is thriving or wilting. We can work out the extent to which business innovations are contributing to growth in investment and market expansion. We can assess government policies in terms of whether they are assisting or constraining entrepreneurs. In other words, we can gauge the level and vigour of animal spirits in any economy.

Applying this new lens to reframing the post-crisis global economy will generate new insights unavailable from the stale and futile debate between austerity and fiscal spending. This is especially important in Emerging Asia, which is today the fastest growing region in the global economy. A dynamic and pragmatic entrepreneurial capitalism has been the core of Emerging Asia’s dynamism, and without exaggeration, it is today the single most important asset

underpinning the region’s continuing future success.

www.insightbureau.com/ YuwaHedrickWong.html

Following from Keynes’ “animal spirit” insight, the fact is that the more people worry about big business and corruption, the more free market competition is needed.

The more globalisation appears to be in jeopardy, the more economic liberalisation is needed.

The more stagnation threatens, the more entrepreneurs are needed.

Entrepreneurial capitalism lies in the heart of the answers to the most daunting economic and business challenges of our time.

The Insight Bureau The Insight Bureau provides speaker placements and briefings as a service that helps achieve a better understanding of the world in which we do business and to ultimately help senior executives to make better business decisions. The Insight Bureau represents Dr Yuwa Hedrick-Wong for speeches and briefings.

In the coming years, forward looking and actionable business intelligence will have to be grounded in a deep understanding of how entrepreneurial capitalism is functioning (or not functioning) in various parts of the world, and the extent to which it is able to forge new paths forward.

This editorial was commissioned by The Insight Bureau both as a timely thought piece that sets the scene for our forward look at 2011 and the outstanding economic questions we have, and as a precursor to a report being released this month written by Dr Hedrick-Wong and published as part of the new Global Emerging Markets Service (GEMS) of The Insight Bureau.

For more information, please visit The Insight Bureau’s Global Emerging Markets Service: www.insightbureau. com/GEMS.html ABOUT US Yuwa Hedrick-Wong Yuwa Hedrick-Wong is a global economist and business strategist, based in Singapore. He is an independent economic advisor to MasterCard, ICICI and Southern Capital Group. Along with other leading economists, journalists and business commentators, Dr Hedrick-Wong belongs to The Insight Bureau’s resource network, providing speeches and presentations at business conferences and also delivering confidential, in-house briefings to senior executives and boards.

www.insightbureau.com Tel: +65-6300-2495 engage_us@insightbureau.com GEMS: the Global Emerging Markets Service of The Insight Bureau GEMS is an exclusive subscription service offered by The Insight Bureau in partnership with Dr Yuwa HedrickWong. It is designed to provide senior international executives and boards with timely, actionable business intelligence about the world’s most dynamic growth markets. Consistent with The Insight Bureau’s mission to help senior executives make better business decisions, GEMS has been launched to explain the crucial linkages between the world’s developed economies and the developing world, to identify the main drivers of growth, to highlight significant changes, to assess the threats and opportunities facing international businesses, to provide a reality-check about popularly-held assumptions and to alert executives about the likely implications of recent events or developments.

To learn more about GEMS and how to subscribe to the service, visit www. insightbureau.com/GEMS.html, email GEMS@insightbureau.com or call our Singapore office +65-6300-2495 to speak to Andrew Vine.

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connecting business

Economic & Business Insights

COMPANIES AROUND THE WORLD AGREE. IF THEIR KEY SYSTEMS WERE AS INEFFECTIVE AS THEIR MEETINGS THEY WOULD BE OUT OF BUSINESS!

by Ray Bigger, People Architect, Think 8 A US$3 trillion global challenge.

Yes, we all know meetings are essential for every business function, and that they are often frustrating, wasteful and unproductive - regardless of geography, culture or industry. But are you aware of the estimated global cost of poor meetings? 1) Meeting travel and logistics: US$50 billion per year. 2) Wasted peopletime caused by inefficient meetings: US$500 billion per year. And the largest, least recognized cost - lost or under-capitalised opportunities due to ineffective decision-making and followup: a staggering US$2-3 trillion per year!

Ouch!

Improving meetings is today’s biggest business opportunity.

With executives spending 50-80 hours a week in meetings (face-to-face and virtual - including phone calls) few disagree meetings are the most unproductive business process in every organization, and the biggest drain on the bottom line. And the growing trend of virtual meetings is making matters worse. On the plus side, improving meetings is the biggest opportunity for increasing business productivity today.

Putting meetings in perspective.

To illustrate this opportunity, we open every meeting we run with the same question: “how much is this meeting costing your company?” (Think about your most recent off-site).

1) Add the tangible costs of travel, accommodation, venue, expenses, materials etc. 2) The cost of each person per day – travelling, subsistence and attending the meeting - plus support staff who plan and organize, 3) The opportunity costs – while participants are away from colleagues and clients.

Typically, a team of 25-30 executives come up with a cost of US$250,000+ for a 2-day strategy meeting. It’s a major eye-opener prompting the switching off

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of cell phones and a heightened sense of focus! Especially when they add up the cost of every meeting in the company over the year…

Our second question: “How effective are your meetings in achieving objectives and delivering on decisions made?” Cue uncomfortable smiles, shuffling in seats and a response of “25-50% if we’re lucky”.

(Imagine what it would mean to the bottom line if this increased to 70-80%).

The Board of a major bank recently told us their meeting effectiveness is 15%: consider their return on investment!

Assess your own meeting effectiveness FREE by going to www.think8.net/ meetingscan and complete the Meeting Scan. It will only take you 8 minutes.

Transforming the meeting process.

Making meetings creative, stimulating

and productive requires a fresh look at the process. Meetings don’t start when people enter the room or finish when they leave: what gets done before and after is equally important. That’s why in our consulting work and in our meeting software, meeting-eXpert, we break the meeting process into 3 key phases: 1) Before (planning and preparation) 2) During (collaborating, solving problems and making decisions) and 3) After (following-up and executing) to make sure clients get more done at every stage.

Market trends are raising expectations and driving the transformation.

• More meetings, and more time spent in meetings: increasing the demand for more effective and efficient processes to increase productivity.

• Doing More With Less: achieving optimum results from existing

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human resources is increasing the need for all participants to engage, collaborate and contribute.

• Explosive growth in Virtual Meetings: the challenge of having an effective meeting with participants spread across the country or the world is increasing the need for cloud computing solutions like meetingeXpert, use of tablet PCs and more efficient communication and data flows.

Five steps to significantly improve your meetings and save you millions!

Ask the right questions The other day we asked a CEO why he was running a regional meeting for 50 people. His reply: “We always hold one in March”. Not good enough! It’s amazing how many meetings are held with no clear purpose because the meeting owner never asked: “Do we really need this meeting?”“What are the objectives?”

“What are the key discussion topics?”

“Are the right people invited?” etc.

Distribute relevant pre-work A well-structured questionnaire before the meeting provides major benefits: • Participants are engaged early on, have time to think about key issues and contribute ideas without being put ‘on the spot’.

• Feedback enables the meeting owner to adjust the agenda, and address any individual concerns off-line. (We’ve had many cases of clients postponing a meeting based on issues raised in pre-work).

• Consolidated responses are used in the meeting to “hit the ground running”, providing plenty of material to process and discuss immediately - saving literally days of face-to-face meeting time.

Address limiting beliefs Our Results Tree, (see graphic) shows the bottom-up impact of values & beliefs and thinking & feelings on business results. Beliefs are what we accept to be true (real or perceived), and before tackling complex business issues, we ask “What are the limiting beliefs that are preventing you from being successful?”

Last year we ran a meeting in Eastern Europe for 16 country heads to roll-

out a new global strategy. 12 of them believed “nothing good comes out of head office!” Without addressing the reasons (most were perceptions) the meeting would have been an expensive failure – diluting business results for the next 3 years!

Get people involved – ditch the presentations Why waste valuable meeting time reading out business plans and budgets from endless PowerPoint presentations?

Don’t. Great meetings are about people collaborating to generate ideas, solve problems, build relationships, make decisions and develop plans. To engage everyone we use a process called MindMaxxing: round table discussion groups with strict time limits to maintain focus, and someone consolidating key points at each table. Involvement leads to commitment and accountability: essential for effective follow-up.

Document key topics and issues realtime Execution often fails because there is no record of what was said or agreed. If

there is, it’s often interpreted and written up after the meeting by someone who didn’t even attend. No good! Using meeting-eXpert or other software to collate and prioritise key topics realtime, and print them out during the meeting, ensures everyone has the same reference for follow-up and a powerful communication tool to share outcomes with other colleagues.

So, some conclusions…

• Let your colleagues know that inefficient meetings have a far bigger cost impact on the business than they realise.

• Ask them for suggestions on how to improve meetings.

• Ask them what makes a great meeting • Stop doing all the things that don’t work - there are lots of them!

• Try the five steps above.

And most importantly….start saving millions today!

For further information please contact Ray at ray@think8.net or Chris at cdurkin@meetingsciences.com

orient 27

Economic & Business Insights

THE BRITCHAM ECONOMIC BRIEFING: A REVIEW FROM THE FRY GROUP

connecting business

by David Pugh, Financial Consultant, The Fry Group Risky a Go Go? Another insightful presentation from Roman but, the oft asked questions is “so, what does that mean for my portfolio?” We have therefore tried to boil down the key points to provide some specific answers.

Roman confirmed for the first time in a long time, US economic indicators are very positive, led by growing consumer expenditure, retail sales and corporate earnings. And as important as Asia is likely to be for global economic growth, the US economy remains the world’s biggest at USD15 trillion. It is still three times as large as China (which overtook Japan during 2010 to become the second largest economy) and as the US economy expands, it will boost global growth (and the US dollar) and almost all of the short term problems in the US and the rest of the world will become more manageable.

Elsewhere, Europe’s structural troubles are less important than the US’s upbeat prospects, emerging Asia’s growth will continue, albeit with a burgeoning inflation problem and the UK’s economic growth (and Sterling) will be dampened by austerity measures. Roman’s view is that “risk” assets (specifically US and emerging Asian equities, hard and soft commodities) will perform very positively in 2011. The main caveats are; the fragility of the US’s jobless recovery, the impact of this on global growth and the risk of economic mismanagement in Asia. Any signs the brakes are being applied more rapidly by the monetary authorities in Asia, in order to control overheating and inflationary pressures could lead to a disastrous Asian “hard landing”. It is also Roman’s belief the global economic cycle has accelerated and so to expect significant volatility in asset prices as they trend upwards. Understandably, Roman recommends investors seek solid and reliable investment advice in these turbulent times.

We also tend to agree with Roman that investors should be wary of traditional asset allocation models, recommending a mix of equities, fixed interest securities and cash. The problem with the traditional asset allocation model approach to investing was clearly illustrated in the latest financial crisis in 2008 with the high degree of correlation between most asset classes as everything fell amid the panic and rose in tandem during the post recovery cycle.

28 orient

Of course, it is customary (and always perilous) for asset managers and banks to begin the year with a list of forecasts and predictions for the year ahead. Given the vast majority are backward-looking and herd-following whether these predictions are useful other than for contrarian purpose is debatable.

That said, the majority are in agreement with Roman and are optimistic about “risk assets” and in particular US equities for 2011.

With the S&P 500 index at 1,280, Citigroup (bailed out bank), Goldman Sachs (bailed out bank), Bank of America (bailed out bank) and JP Morgan all have targets between 1,400 and 1,450 for the year end. We do wonder if it was a condition for getting bailed out to be bullish about the market. Robert Shiller, author of “Irrational Exuberance and a Yale economics professor, has a similar target to the banks of 1,430. The only difference is his target is for year 2020.

For an alternative perspective on the markets potential, technical analysis removes the human emotion element of making predictions and instead uses charts and other tools to identify patterns that can suggest future market activity. Contrary to the banks, it suggests US equities are ‘overbought’ and bullish sentiment is at a dangerously elevated level. This is quite simple to understand and clearly in the chart above if you consider the S&P500 Index has risen for seven weeks in succession, more than 94% of S&P500 stocks were above their 200-day moving averages.

The Economist also offers a contrary outlook to Roman for 2011; “The banks are weak, the American housing market is still in the doldrums and the global imbalances have not gone away”. Before concluding that, in the US in particular, “authorities have kept the plates spinning by dint of an enormous effort and some unprecedented monetary measures, but the underlying problems have not been solved, and the law of gravity cannot be suspended for ever”.

At Fry we are concerned about current state of The Baltic Dry Index (BDI). The BDI is an index of ocean freight rates and a very good leading indicator for economic growth and production. It accounts for the precursors to production only: bulk carriers carrying building materials, cement, grain, coal, and iron. Unlike stock and bond markets, the BDI “is totally devoid of speculative content,” says Howard Simons, an economist and columnist at TheStreet.com. People don’t book freighters unless they have cargo to move.

The worry is that the BDI hit a new 52-week low last week as illustrated below. In fact, with the exception of the 5-month crisis period of October-2008 through to February-2009 the BDI is now at its lowest level of the past eight years. Does this suggest a Chinese “hard landing” is about to occur?

In conclusion, conclusion central banks and governments have the difficult task of engineering a soft landing for all. By June it will be clear whether they have succeeded or not.

If like Roman you believe in the US recovery and its powerful effect then now is the time to buy risk assets and particularly US equities, emerging Asia equities and commodities.

Conversely, fears of a hard landing this year should perhaps lead you to reducing the equity and commodity exposure in your portfolios. As ever it is a question of one’s objectives, time horizon and attitude to investment risk.

The Fry investment strategy will be to favour assets with a low correlation to markets and an emphasis on real returns, allowing us to prudently preserve and grow the value of our client’s portfolios. This is achieved by investing in a blend of gold, high quality bond funds (no Gilts for the time being), managed futures, high yielding and defensive equity funds and the very best absolute return managers.

The BritCham Economic Briefing is proudly sponsored by

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8VH WKLV SXEOLFDWLRQ WR FRPPXQLFDWH ZLWK WRS OHYHO H[HFXWLYHV SHUVRQDOO\ DQG HIIHFWLYHO\ For more information please contact the British Chamber of Commerce tel: +65 6222 3552 fax: +65 6222 3556 email: info@britcham.org.sg

Corporate Social Responsibility

GOGREEN CARBON FOOTPRINT REDUCTION

connecting business

by Daliyana Hamid, Jr Business Analyst, DHL Express (S) Pte Ltd

D

HL: Delivering operational efficiencies through its GoGreen carbon footprint reduction program in Asia Pacific Deutsche Post DHL (DPDHL), the world’s leading mail and logistics services Group, aims to set the standards not only in the mail and logistics industry, but to continuously raise the bar in Corporate Social Responsibility (CSR).

Its CSR program comprises of three main pillars: GoHelp (disaster response and community investment projects), GoTeach (supporting better education and equal education opportunities) and GoGreen (environmental protection).

DPDHL has taken steps towards effecting a big change in environmental protection with its GoGreen program.

It was the first logistics company to set a concrete carbon efficiency goal i.e. to achieve a 30% improvement in its CO2 efficiency by the year 2020. In order to meet this target, DPDHL’s overarching GoGreen program covers all business units and divisions across over 220 countries and territories with a various range of climate-protection measures.

In 2008, DHL Express Asia Pacific and DHL Neutral Services made the strategic decision to jointly develop a regional energy optimization program.

The Carbon Footprint Assessment (CFA) tool, a web-based tool which captures property, transportation and operational data for the calculation of carbon emissions over time, was developed as part of this program.

Another integral part of this program was the roll out of CO2 abatement initiatives across facilities in Asia Pacific.

The CFA tool enabled DHL Express Asia Pacific to quantify the impressive carbon efficiencies achieved from the array of CO2 abatement initiatives the organization undertook.

This regional optimization program provides transparency of CO2 emissions, increases CO2 efficiency, mobilizes

30 orient

employees, generates value through CO2 efficient logistics and prepares DHL Express for future regulatory changes.

The deployment of the CFA tool to over 1,100 DHL Express sites in 23 countries across Asia Pacific enabled DHL Express to have a reliable and stable measurement system of carbon data.

This gave more Asia Pacific countries the ability to offer DHL Express’ industry leading GoGreen Carbon Neutral Service in 2010, which provides customers with more accurate carbon footprint information of their shipments. The auditable carbon accounting process behind the CFA tool has been recognized as best in class globally by both internal and external auditors.

“One of the key factors that made this project a success was the ability to quantify the effectiveness of the carbon abatement and cost saving initiatives implemented through the data captured by the CFA tool,” explained Christopher Ong, Vice President of Business

Development, First Choice, GoGreen for DHL Express Asia Pacific, Eastern Europe, Middle East and Africa. He added, “In addition, through sustainability efforts such as these, we aim to make a positive contribution to the world.”

Despite higher power rates and the opening of numerous new sites across Asia Pacific, the Carbon Accounting exercise was instrumental in revealing

a remarkable drop of 13 million kilograms in DHL Express Asia Pacific’s CO2 footprint, with CO2 abatement initiatives improving its overall CO2 efficiency by 19% in 2009 and resulting in a cost saving of €10 million.

Notwithstanding a surge in shipment volumes in 2010, DHL Express Asia Pacific managed to contain its energy use in ground operations to achieve a further 9% CO2 efficiency improvement YTD 3Q 2010 vs. the same period in 2009 (Figure 1).

The Carbon Accounting exercise revealed that the bulk of DHL Express Asia Pacific’s ground operations’ CO2 emission was contributed by the large fleet of ground transportation used by its domestic businesses in India and New Zealand. The CFA tool also provided visibility on the sources of CO2 emissions from its ground operations (Figure 2).

Figure 1: DHL Express Asia Pacific CO2 Efficiency Index

Figure 2: DHL Express Asia Pacific CO2 Mix on Ground Operations

DHL Express Asia Pacific’s two-pronged CO2 abatement efforts were split between Real Estate and Ground Transportation initiatives. Amongst the main drivers for CO2 efficiency improvements and lower CO2 emissions

www.britcham.org.sg

Neutral Services won the Extraordinary CSR Practice award for DHL Express Asia Pacific’s deployment of the CFA tool, which enabled the company to quantify the impressive results achieved from the array of carbon abatement initiatives that were rolled out in 2009.

AP CO2/Kg Index 100= Jan 09 Total

Real Estate

Ground Transport

110 100 90 80 70 60 50

were the consolidation of several facilities, increased utilization of existing assets, behavioural changes brought about by improved energy reporting, lights-off programs, route optimization, re-fleeting of old vehicles, driver training, etc.

Kevin Bennett, MD of DHL Neutral Services Asia Pacific, believes that “… the DHL Express CFA roll out has to be one of the biggest and most successful carbon foot-printing exercises ever undertaken.” He added, “It shows how a focus on carbon reduction can also save costs and highlights what’s possible in our business and what we can do for our customers.”

As a leading logistics player, DHL Express continues to drive and establish industry standards for logistics carbon accounting and customer carbon footprinting. Additionally, DHL Express has embarked on several new initiatives

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40

to reduce its environmental footprint and lead the logistics industry in carbon management and sustainability.

The CFA tool has now been deployed globally to over 2,200 sites in 66 countries and territories and is being upgraded to further cope with an ever-expanding volume of data. It also supports another DHL Express system which generates accurate reports of customer carbon footprints based on actual operational data – a first for the express delivery logistics industry.

Footnote: In addition to its GoGreen program, DPDHL partners with the United Nations to “GoHelp” areas affected by natural disasters through its Disaster Recovery Teams (DRT) who facilitate the efficient and effective distribution of emergency aid at airports after natural disasters.

As part of its Getting Airports Ready for Disasters (GARD) program, it organizes training programs in at-risk-countries such as Indonesia and Nepal to prepare for logistics challenges in emergencies.

DPDHL employees are strongly encouraged to participate in numerous local community investment projects as well.

DPDHL’s GoTeach program encourages and develops initiatives that support education, and helps young individuals expand their personal development and skills. Additionally, GoTeach offers employees opportunities to volunteer in educational projects globally.

A Property Energy Reduction Program (PERP) pilot has been set in motion in Singapore to study how additional energy and carbon savings can be made through various efforts such as smart metering. Another trial under the Vehicle Energy Reduction Program (VERP) is running at two locations in Singapore.

The VERP changes driver behaviour with the use of in-vehicle telematic units which monitors a vehicle’s fuel economy and analyzes the effect of driving styles on a vehicle’s fuel usage. DHL Express is currently studying the feasibility of introducing commercial electric vehicles in Singapore.

DHL’s unwavering commitment to social responsibility has not gone unrecognized. At the British Chamber of Commerce Business Awards 2010 event in Singapore, DHL Express and DHL

orient 31

T h e Ye a r o f T h e R a b b i t

2011: MORE THAN FROZEN ORANGES

connecting business

by Mark Sing, Vice President and an Appointed Representative with ipac financial planning Singapore

A

s we leave 2010 behind, I’m sure everyone is looking forward to good news and increased confidence in global economic growth in the Year of the Rabbit.

The custom around this time of year is to spring clean and essentially welcome in the new and discard the old. It is also the time of year when people start reading up on their horoscopes to see what fortunes lie ahead. According to one local feng shui guru, one tip to ensure good fortune in the Year of the Rabbit is to place a certain number of Mandarin oranges in your freezer.

Whether you choose to go down the frozen orange track or not, there are some basic resolutions that will help to ensure a prosperous year ahead for you:

Budget for “me first”. That doesn’t mean buy all the things you want first. I can’t emphasise enough the importance of paying yourself first. One of the first steps to growing your wealth is to ensure you’re saving more than you’re spending.

Cut down on one item (or more). It could be something as small as your daily latte. That $5 coffee you drink every morning when you get to work adds up to $1,300 in a year, which is enough to fill quite a few ang pows (red packets) or grow to over $30,000 in 5 years, if invested in a balanced growth portfolio.

Face your credit card debt. In November 2010, the number of principal credit cards reached 6.079 million (source: Monetary Authority of Singapore). That’s more cards than the entire population of Singapore. It also means that each cardholder carries between six to seven cards. That’s six to seven additional sources of debt and financial statements to manage, and it can easily spiral out of control. If you’ve been having difficulty managing with your credit card

32 orient

balances, maybe it’s time to cut down on the amount of plastic in your wallet and take a good hard look at how you’re managing your debt.

All that is left to do is to put on something red to ward off the evil spirits, and enjoy the celebrations knowing your finances are off and running as fast as a rabbit.

Build wealth. Maybe this is your year for a promotion or a career change.

Think about how that additional income can contribute towards your longterm goals, be it your own retirement, buying your dream home or your kids’ education.

Happy Lunar New Year.

Protect wealth. Check your insurance cover to make sure it’s appropriate for your needs. You shouldn’t have to live your life in fear, but you should also be well-prepared so that you have one less thing to worry about in times of crisis.

Get your financial check-up. If you didn’t get a chance to do a year-end review of your finances last year, start the year right by reviewing your financial situation—your budget, debt, income and expenditure, insurance, investment portfolios, and so forth. This is also the time to check whether you’re on track towards your short-, medium- and longterm goals, and set your goals for 2011.

~ This article is contributed by Mark Sing, Vice President and an Appointed Representative with ipac financial planning Singapore private limited, which is licensed with the MAS, Financial Adviser’s Licence No FA100003-3.

For more information, please send your questions and comments to financial. planning@ipac.com.sg.

In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any person. Before making an investment decision, you should speak to a financial adviser to consider whether this information is appropriate to your needs, objectives and circumstances.

www.britcham.org.sg

THE PERFECT T

Revel in sweet romance this Valentine’s at The Sentosa Resort and Spa. Indulge your loved one with an intimate 6 course gourmet set dinner at The Cliff, or get in the mood for love with a spa treat followed by a candlelit dinner set in an enchanting garden teahouse. For a truly unforgettable experience, romance her with an extravagant private dinner and stay in one of our exclusive villas, complete with a private lap pool.

TANTALISE AT

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SEDUCTION AT

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Treat your date to a 4-course “conscious dining” experience set in a garden sanctuary, complete with a bottle of rose champagne (375ml) and a rose for the lady.

Enjoy breathtaking views of the South China Sea from The Cliff as you indulge in a gourmet 4 or 6-course set dinner, complete with a bottle of rose champagne (375ml) and a rose for the lady.

S$296*

S$425* (4-course) / $575* (6-course)

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Indulge your loved one with a relaxing one hour spa treat followed by a delightful 4-course set dinner in the Spa Botanica garden teahouse, complete with a bottle of rose champagne (375ml) and a rose for the lady.

Luxuriate in our romantically decorated villas, complete with private lap pool. Package also includes an extravagant candlelit dinner, a bottle of Dom Perignon champagne, chocolates, a dozen red roses for the lady, a milk bath, a fruit basket and breakfast in bed.

S$556*

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For more details and other packages, visit www.thesentosa.com or call 6275 0331 for reservations. *Prices stated are per couple and subject to 10% service charge and prevailing government taxes.

The Sentosa Resort & Spa | 2 Bukit Manis Road Sentosa Singapore 099891 | Tel: +65 6275 0331 | Fax: +65 6275 0228 | www.thesentosa.com

YOUR

CHAMBER MEMBERSHIP DEVELOPMENT Throughout 2010, our membership continued to grow, now reaching nearly 1,300 executives representing 350 companies. In particular the engagement of our Sterling Members has driven the network growth.

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MODERNISED WEBSITE We launched a completely revamped and modernised website in October 2010 now providing: • A modern, dynamic look and feel • More user friendly site navigation and member login • On-line payment service Please log in and update your membership profile. This information will also be used for our hard copy directory, which is an invaluable tool for our members.

Visit www.britcham.org.sg and update your Member Profile now!

34 orient

EVENTS We continued to up our game in the events area, having conducted 66 events in 2010 compared to 52 in the previous year, introducing new initiatives such as: • The UKTI Briefing providing insight in developments and opportunities in various other Asian markets • The SME Exchange working lunches for our Entrepreneurs and Small Business members to discuss insights and experiences • The YBCC, Young British Chamber of Commerce providing mentoring and social networking for the up and coming talents in our member’s teams In September 2010 we conducted the first BritCham mission to Shanghai led by our Patron, High Commissioner Paul Madden.

MEMBERSHIP FEES HOLD FIRM While other Chambers have raised membership fees, we have chosen to hold our prices firm for 2011 as we believe we can continue to increase our offering working effectively and efficiently on that basis.

RAISE YOUR PROFILE WITHIN THE CHAMBER Membership offers Additional Members

Advertise in the Directory

Orient Magazine

Member News

For more information on membership contact Katie@britcham.org.sg For advertising matters contact info@britcham.org.sg orient 35

building networks

High Commission News

BRITISH HIGH COMMISSION NEWS FEBRUARY/MARCH 2011

T

he year has got off to an exciting start for UKTI as we welcome Lord Stephen Green, who has taken up his new role as Minister of State for Trade and Investment. Lord Green, who was previously Group Chairman of HSBC, will be responsible for ensuring the delivery of a cross-Government strategy for trade - vital for the UK’s economic growth and recovery - and for attracting international investment.

Amongst his responsibilities Lord Green will chair the Council of Business Ambassadors, whose objective is to promote the UK’s excellence in overseas markets, as well as assist UK businesses to recognise and exploit business opportunities. This is an expansion of the Business Ambassadors Network and comprises 32 leaders from the business and academic fields.

The new Network includes high profile individuals such as Sir Anthony Bamford, Malcolm Brinded, Anya Hindmarch MBE, Lord Chris Patten and Tamara Mellon OBE. Focusing on helping small and medium-sized enterprises, which often face barriers to accessing global markets, the Ambassadors will undertake a range of activities at the request of the Government.

One thing to look out for this spring is the Government White Paper on trade strategy, which is being developed by the Prime Minister’s Trade Adviser, Lord Brittan. The UK is currently the world’s sixth largest exporter and second largest investor in foreign markets.

Many world-beating business sectors have built up a strong presence in the world’s biggest developed markets, in the rest of Europe, the US and Japan. The challenge will be to succeed over the coming decades as global incomes grow in other markets.

The White Paper aims to take stock of the UK’s current position as a trading and investing nation and set out a strategy for opening opportunities for businesses and securing the benefits of openness for the UK. Responsibility for implementing the strategy will rest with a new Trade and Investment cabinet subcommittee for Economic Affairs, which Lord Green will chair.

For those of you who use Singapore as your base for Asia; a date for your diaries. In March, UKTI in partnership with RBS and BritCham, will be running a pan- Asia event at which our Directors of Trade and Investment from around the region will be hosting clinics on doing business in their respective markets and will be available for one to one meetings. More details will be circulated soon.

For more information on any of the above, you can follow us on Twitter (UKTI_Singapore) or visit us at our website http://ukinsingapore.fco.gov.uk.

AMANDA BROOKS DEPUTY HIGH COMMISSIONER DIRECTOR OF TRADE AND INVESTMENT www.ukinsingapore.fco.gov.uk www.uktradeinvest.gov.uk

36 orient

www.britcham.org.sg

share in our success in Asia When making investment decisions it makes sense to be guided by the experts.

Our Executive Investment Account has just been awarded Best Single Premium Investment Product (Far East) in the International Life Awards 2010. And our Investment Account won Best New Product (Far East) in 2009. These were voted for by an independent panel, appointed by ‘International Adviser’, a recognised publication for global investment advice.

Royal Skandia is a premier offshore provider that truly understands your financial goals. Please ask your financial adviser how you can share in our success.

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Chamber News

CHAMBER NEWS  FEBRUARY 2011

building networks

Dear Members, As I am writing this message, we are well into the year 2011 and Singapore is preparing for the CNY celebrations welcoming the year of the Metal Rabbit on February 2nd. Being part of the Singapore community we are sharing an outlook as to what this year may hold in store for you financially on page 23.

Good luck and a prosperous and healthy New Year from your Chamber team!

We got off to a busy start using the month of January setting the scene for the first half of the Chamber year 2011. For upcoming events please check page 40 of this magazine or for timely up dates and event reviews please log on to www. britcham.org.sg.

As a first initiative we asked you for your wish list for the Singapore Budget 2011 as input and feedback to the Government which will be channelled through the SBF Council. Thank you to all who shared their views with us. The outcome in summary: 1. The top three main business challenges for 2011 are: • Increase in cost of doing business • Staffing/manpower • Taxes and tariffs 2. Singapore Budget 2010 measures that most helped businesses and those that should be integrated in the Budget 2011.

In my view, the following government policy measures integrated into the 2010 Budget helped my business: WŽůŝĐLJ DĞĂƐƵƌĞ

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38 orient

Our signature bi-annual Economic Briefing presented by Board Member and Economic Spokesperson Roman Scott, MD of Calamander Group took place on January 20. We hosted over 150 members and guests and witnessed Roman Scott’s unusually bullish outlook of the US economy. You can find a synopsis of key themes on page 28. We are in the process of preparing a briefing paper which will be available to all members in due course.

I would like to take this opportunity to welcome and thank our new sponsor for this event series, The Fry Group, as part of their Bronze Sponsorship 2011! The Fry Group are also collaborating with the Chamber as Breakfast Club Series Sponsor 2011.

A big thank you also to all our sponsors who renewed their agreements for 2011: Barclays – Platinum RBS – Platinum Allied Pickfords – Silver Standard Chartered Bank – Silver British Airways – Silver HSB C – Silver Courts – Bronze Skandia – Bronze Leading Hotels of the World – Bronze We are grateful for and proud of your support and look forward to a fruitful collaboration 2011!

To conclude with a piece of team news, we are currently recruiting Sebastien’s successor as Marketing and Communications Manager as well as looking for a new Business Enhancement and Events Development Manager. We aim to have the team in place by March and will keep you informed.

Meanwhile we have great support from our two interns, Loong Yong En and Katie Dunn who run projects in the Marcoms and Events area.

Best wishes Brigitte Holtschneider Executive Director British Chamber of Commerce www.britcham.org.sg

www.britcham.org.sg

Chamber News

2011 BRITCHAM EVENTS: MARK YOUR DIARY!!

building networks

BritCham Breakfast Club (February 2011) The UK Bribery Act 2010 Wednesday 23rd February 2011

BritCham Networking BritCham New Members Networking Night Thursday 24th February 2011

BritCham Breakfast Clubs (March – May 2011) Overview of Singapore LNG Corporation Thursday 10th March 2011 Make Your Key/Critical Meetings Effective & Productive Thursday 17th March 2011 Demystifying Social Business Design Tuesday 5th April 2011 Drastically Decreasing IT Budgets Tuesday 12th April 2011 Implementing Sustainable Business Transformation Tuesday 10th May 2011

BritCham AGM 2011 British Chamber of Commerce, Singapore Thursday 26th May 2011 Venue: Eden Hall

BritCham Annual Golf Tournament 2011 British Chamber of Commerce, Singapore 2nd June 2011 Venue: Serapang Golf Course, Sentosa Golf Club

BritCham Business Awards 2011 British Chamber of Commerce, Singapore September / October 2011

BritCham Ball 2011 British Chamber of Commerce, Singapore November / December 2011

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www.britcham.org.sg

BRITISH CHAMBER OF COMMERCE MEMBERS OFFERS AVIS Car Rental & Leasing As a member of the British Chamber of Commerce you can receive up to 20% discount off standard rates on your car rental booking.

Visit http://www.avis.com.sg/bccs/ today.

Raffles Hotel, Singapore Britcham members will be entitled to: 15% discount of all Food and Beverage outlets of Raffles Hotel, Singapore 15% discount off meeting and banquet packages at Raffles Hotel Singapore

Bobby’s Taproom.Grill.Ribs • 15% off a la carte food and drinks menus • Privilege Valid At Bobby’s @ Chijmes AND Bobby’s @ Cuppage • Valid until 30 Jun 2011

Please present your BCC membership card on payment to receive your

Terms and conditions apply: Please present your chamber membership card prior to payment

British Airways Book British Airways flights and SAVE with your exclusive BritCham discount. Save 10% on all airfares in Club World (Business Class), Premium Economy and Economy to UK, Europe, Australia and North America including when departing Singapore.

The 10% discount is also extended to any current promotional fares on ba.com. Visit http://www.ba.com/britcham now.

CITYGOLF Save $500 off the membership fee at CityGolf.

Join the exclusive Citygolf Personal Membership at a special rate of S$1,000 (usual rate S$1,500), limited to the first 50 BritCham members only.

T&Cs apply. Please call 6536 4846 for enquiries and bookings.

Courts 5% off electricals and 10% off furniture.

Please show membership card to obtain discount.

15% discount

Shipping Business Fundamentals 15% discount for British Chamber Members If you are in trading, shipping firms staff working in operations, risk management, finance/banking professionals who would like to be successful in this growing industry…You should Register now!

Quoting “British Chamber of Commerce’ to receive your discount or email Mariza msantos@smu.edu.sg This is an entry-level course designed for those who need to have an understanding of the shipping and ship-chartering business in their daily job function.

Register now and enjoy an additional 30% Course Fee Subsidy from MPA *terms and conditions apply

Singapore Cricket Club The Singapore Cricket Club are offering Chamber members their special Term Membership (1 year term) at a rate of SGD2,500 (usual rate $3,500).

Contact snow@scc.org.sg *offer available for Britcham members only

The Insight Bureau Sign up for a one-year subscription to GEMS and receive 2 additional months free (equivalent to a 17% discount) Keep your finger on the pulse with The Insight Bureau’s

Damai Spa - Grand Hyatt Singapore Grand Hyatt, Damai membership for $280 (plus GST) per month with no annual fee (one year contract. Annual fee is normally $2000). Enjoy all the benefits of being a Damai Member for less than $ 10.00 a day. 20% discount at Oasis restaurant - 20% discount on all Spa treatments.

Global Emerging Markets Service The Insight Bureau is pleased to offer members of BritCham two months free on its new Global Emerging Markets Service for senior executives. Sign your organisation up for a subscription to GEMS and receive monthly business intelligence reports for 5 nominees around the world, get access to 4 CEO forums a year and on-line access to our chief economist.

Harry’s Bar 15% discount rate for Chamber members when you present your membership card.

For more information, visit www.insightbureau.com/ GEMS.html or contact gems@insightbureau.com

MSIG Insurance (Singapore) Pte. Ltd. UPTO 15% DISCOUNT FOR HEALTHCARE 10% discount for British Chamber of Commerce member purchasing a new individual Prestige Healthcare policy directly from MSIG Insurance (Singapore) Pte. Ltd. Additional 5% family discount* apply.

Email to service@sg.msig-asia.com

Vanda Boxing Club Free trial session for Boxing training and Muay Thai.

Plus (exclusive for Britcham members) join for 6 months and receive one month free.

Join for 1 year and also receive a free pair of gloves and wraps worth $100 upon joining.

No joining fee (usual joining fee is $250) For full details contact Nick Dance nick@ vandapromotions.com Tel 63052288

* Terms and Conditions apply.

For more information on member offers visit www.britcham.org.sg

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Members - Sterling News

ACTIX  GLOBAL LEADER IN WIRELESS NETWORK PERFORMANCE SOLUTIONS FOR WIRELESS CARRIERS

building networks

A

ctix delivers wireless network performance solutions that enable wireless carriers to grow more profitably, more quickly and with less capital investment. Actix is the global leader in its field, with over 200 carriers and the industry’s major equipment

providers using its performance optimization solutions every day.

Established in 1991, Actix has offices in the United Kingdom, Australia, Brazil, China, Dubai, Germany, Japan, Malaysia, Singapore, and the United States. www.actix.com

STUDY FOR A QUALIFICATION  BUT MAKE SURE IT’S AN INTERNATIONAL ONE

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lobalisation dominates the world of business nowadays and the same is true of business qualifications.

According to Jack Welch, former Chairman and CEO of General Electric, “Globalisation has changed us into a company that searches the world, not just to sell or to source, but to find intellectual capital - the world’s best talents and greatest ideas.” Plus in the future demographic trends will mean that people with proven skills will be able to find work worldwide.

So how do you develop your intellectual

capital? Study for a business qualification.

There are numerous options available, but look for one from an international body rather than something local. Both the employer and the individual will gain from the resulting international perspective on business.

The Association of Business Executives (ABE) is accredited by the British Government’s Ofqual, and offers a broad range of internationally recognised flexible and cost-effective qualifications.

These are Certificates, Diplomas and Advanced Diplomas in six subjects:

Business Management, Marketing, Human Resource Management, Business Information Systems, Financial Management and Travel, Tourism and Hospitality Management. In addition ABE offers a Postgraduate Diploma in Business Management. www.abeuk.com

NEW YEAR, NEW BEGINNINGS FOR BONVO TRAVEL

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ith the start of the new year, Bonvo Travel welcomes new beginnings with the recent opening of their office at Tower Fifteen, off Tanjong Pagar Road.

The new office was unveiled by the company’s Executive Chairman Dato’ Vijay Eswaran, and Group Managing Director Mr. Joseph Bismark. Bonvo has offices in Malaysia, India and Thailand, in addition to the Singapore Headquarters.

General Manager, Mr Andy Michaels Lim, said “This is an extremely proud

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moment for us and a huge milestone in Bonvo’s journey as we strive to grow our business throughout Asia Pacific. We look forward to more exciting challenges in the near future that will push the company to even greater heights.”

Bonvo is a corporate travel management company that specializes in experiential travel solutions for corporate clients. From managing everyday travel plans, coordinating large-scale meetings in exotic locations, to bespoke rewards programs for employees, it endeavors to anticipate, meet and exceed clients’ travel requirements.

Bonvo has recently joined the British Chamber of Commerce as a member. It looks forward to opportunities to work closely with the Chamber throughout 2011. www.bonvo.com

www.britcham.org.sg

COURTS SLEEP CLINIC INTRODUCES SLEEP TO LIVE TM

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ourts, the largest electrical, IT and furniture retailer, introduces Sleep to LiveTM to Singapore. Brought in exclusively by Courts bedding concept Sleep Clinic, Sleep to LiveTM uses a patented diagnostics machine that helps to select a personalised mattress for a good night’s sleep.

The customer interacts with the system through a series of questions designed to assess sleep needs and problem areas for each unique body type. The customer then lies on the test bed where it completes the Profile process

one on each side that best suits their needs.

and recommends which Sleep to LiveTM mattress is the most suitable.

Sleep to LiveTM mattresses come in four different colour coded types to suit different postural requirements, namely tan, green, blue and red with prices starting from $1,939. Enjoy 15% off retail price for the Chinese New Year promotion period.

Also, couples with different sleeping requirements are able to have their own customised bed with the My Side TechnologyTM. Essentially, customers can have two different beds in one mattress,

Visit Courts Megastore and Courts Orchard now for a free diagnostic analysis and experience which mattress best suits your postural support needs. www.courts.com.sg

MALCOLM KAY JOINS STAMFORD AMERICAN INTERNATIONAL SCHOOL AS SUPERINTENDENT

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alcolm Kay joins Stamford American International School as Superintendent in June 2011. He is a highly experienced leader in American and International education. He has experience in leading outstanding schools that offer College Board programmes, including the Advanced Placement examination, and all International Baccalaureate programmes.

Malcolm started his international career at the International School of

G Geneva, a founding IB school and has ccontributed to and been involved in the delivery in of IB programmes o for over 34 years. As fo SSuperintendent of ACS International Schools In in London for the past 15 years, he has seen the growth of a school based on American and International education K-12, to a prestigious three school system with over 2600 students, representing over 60 nationalities, sending graduates

to highly reputable universities such as Harvard, Yale, Stanford, Oxford and Cambridge.

Malcolm is an experienced accreditation officer of international schools for NEASC and an established public speaker and writer. He has established world-wide community service projects including the ACS International Schools Foundation Peace Prize and the ORBIS flying eye hospital internship programme. www.cognitaschools.co.uk

GLOBAL PROCESS SYSTEMS  MODULARISED SOLUTIONS FOR THE OIL AND GAS INDUSTRY

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ince 2005, Global Process Systems Pte Ltd (GPS) has been providing engineering, procurement and modularisation (EPM) solutions for the oil and gas industry in the region. As part of the Al Jaber group of companies from Abu

JV VSP Dragon Compression Module – 750T delivered in less than 14 months

Dhabi, one of the UAE’s largest contractors. Supported by offices around the world including Dubai and Kuala Lumpur and fabrication facilities in Batam and Abu Dhabi, GPS is able to provide solutions for complex oil and gas facilities in a modularised format. Based on a lump sum EPM commercial model, we have supplied modules for FPSO’s, offshore platforms and onshore facilities.

GPS Singapore is able to provide a “one throat to choke” solution for EPM with full service project management, engi-

neering design and procurement from Singapore and fabrication from our Batam facility in Indonesia. With less interface management we reduce the risk in the execution of our projects allowing for safe, efficient and fast track delivery.

Our results speak for themselves, most recently we have delivered a 750T gas compression module to Joint Venture VietsovPetro 9 days ahead of a very fast track schedule with zero incidents and zero variations. www.globalprocesssystems.com orient 43

Members - Sterling News

RBS APPOINTS MADAN MENON AS COUNTRY EXECUTIVE OF SINGAPORE

building networks

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ingapore, Mumbai, 12 January 2011: The Royal Bank of Scotland (“RBS”) has appointed Madan Menon as Country Executive for Singapore as part of its commitment to build its wholesale and investment banking franchise across India and South East Asia.

In this new role he will relocate from India to lead the RBS franchise in Singapore, one of six global trading hubs for RBS. This appointment is in

addition to his existing responsibilities as Head of Global Banking & Markets (GBM) for India and Head of Global Banking for South East Asia. Singapore is currently the regional hub for Fixed Income, Currencies and Commodities (FICC) Trading and Sales; Credit Risk Management; and Global Transaction Services. In addition, Singapore houses RBS Group’s Asia Operations Centre, which provides infrastructure support globally.

Commenting on the appointment, John McCormick, Asia Pacific Chairman for RBS said: “Singapore is a key hub in RBS for serving clients across South East Asia and around the globe. Madan’s new responsibilities demonstrate our appetite for capturing and capitalising on the tremendous intra-regional business opportunities across Asia and RBS’ focus on building our wholesale and investment banking franchise in Asia.” www.rbs.com

HOME SWEET HOME AT STARHUB SHOPS  AESTHETIC SHOP DESIGN AND INNOVATIVE FEATURES THAT AIM TO PLEASE

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ingapore, 31 December 2010 – Curl up on the comfortable sofa and catch your favourite TV show. Or enjoy shopping while waiting for your turn in the queue. These are what customers can now look forward to at StarHub Shops! StarHub unveiled its new Shop at NEX yesterday, following the Shops at Bugis, Parkway Parade and Marina Bay Link Mall which opened earlier this year on 10 October, 17 and 24 December respectively. Occupying more than 2,000

square feet and located in basement one at NEX, this latest addition brings the total number of StarHub Shops to 10. In a short span of a year, StarHub has swiftly expanded its reach and doubled its number of shops! “It is important for us that customers enjoy their experience with StarHub. We want customers to feel comfortable the moment they step in, enjoy our service and leave with a smile on their faces. As our customer base grows, we see an increasing need

to expand and locate ourselves in strategic spots across the island so that we can be there, ready to serve and provide our customers with an excellent service experience,” said Mr Ng Long Shyang, Head of Sales and Marketing, StarHub. www.starhub.com

STANDARD CHARTERED TO ACQUIRE AUTO AND PERSONAL LOANS SPECIALIST

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January 2011, Singapore – Standard Chartered Bank (“Standard Chartered”) has signed an agreement with a subsidiary of GE Capital to acquire GE Money Pte Ltd, a leading specialist in auto and personal loans in Singapore. The transaction is subject to regulatory approvals, and is expected to be completed in the first quarter of 2011.

44 orient

The acquisition will provide Standard Chartered in Singapore with the opportunity to immediately establish a meaningful presence in auto financing, boost its market position in personal loans, and a platform to cross-sell more products to new and existing mass affluent customers. The acquisition is complementary to and will accelerate Standard Chartered’s consumer lending business growth in Singapore.

www.britcham.org.sg

BRITCHAM ECONOMIC BRIEFING  “THE SECOND BOUNCE OF THE BALL”

The BritCham Economic Briefing is proudly sponsored by

Expert tax and financial planning since 1898.

Date: Thursday 20th January 2011 Venue: Theatrette, The Tanglin Club Presenter: Roman Scott, Managing Director, Calamander Capital

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BritCham Events

BritCham Breakfast Club Sponsor 2011

connecting business

Expert tax and financial planning since 1898.

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HIRING RIGHT THE FIRST TIME Date: Wednesday 19th January 2011 Venue: Ocean 6, Pan PaciďŹ c Hotel Singapore Presenters: Joanna Cook- Chartered Psychologists, Cubiks

www.britcham.org.sg

DOING BUSINESS IN ASIA  OPPORTUNITIES FOR UK COMPANIES IN OIL & GAS Date: Wednesday 1st December 2010 Venue: Shangri-La Hotel Singapore Presenters: James Chan, UK Trade & Investment - Malaysia Vanchai Tanasoontararat, UK Trade & Investment - Bangkok Luong Buu Hoang Anh, UK Trade & Investment - Vietnam

PROPERTY OWNERSHIP  UK TAX ISSUES FOR THE BRITISH EXPATRIATE Date: Tuesday 7th December 2010 Venue: Raffles Room, The Tanglin Club Presenters: Martin Rimmer, International Tax Manager, The Fry Group

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Members - Corporate News

building networks

8BUILD PTE LTD  OFFERING A UNIQUE SOLUTION FOR PROCURING AND DELIVERING FITOUT PROJECTS

8

Build is a Main Contractor operating in the Construction Industry. We offer a unique solution for procuring and delivering fit-out projects in several sectors. We are pleased to announce that we have established our offices in Singapore

and are now supporting Kenyon Pte Ltd on a number of projects.

For further enquiries, please contact Andy Marr at a.marr@8build.com.sg. www.8build.com.sg

3W POWER / AEG POWER SOLUTIONS LISTED IN FRANKFURT STOCK EXCHANGE

3

W Power Holdings S.A Dr Horst J. Kayser, CEO of 3W Power Holdings/ AEG Power Solutions, the holding company of AEG Power Solutions Group, has opened the trading of the company shares on Regulated Market

(Prime Standard) of the Frankfurt stock exchange (FWB).

This step comes after the Company has successfully placed a bond of €100 million to secure its long term funding

for AEG PS’s growth strategy in the renewable energies market and the realignment of its business. www.aegps.com

AMBITION PROMOTES GUY DAY TO GLOBAL CHIEF EXECUTIVE

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mbition, one of Asia’s leading specialist recruitment groups, recently named Guy Day as its Global Chief Executive. Since January 2011, Guy Day, who has over 15 years of recruitment experience, has been overseeing Ambition’s operations across Singapore, Hong Kong, UK and Australia from his office in Singapore.

Prior to his promotion, Day was the Regional Managing Director of Ambition’s business across Asia (Singapore & Hong Kong) and the UK. His new remit is now extended to include Australia, specifically Sydney, Melbourne and Brisbane, where the company derives a substantial proportion of its revenues from. www.ambition.com

ARUP DOMINATES AT INAUGURAL ISTRUCTE SINGAPORE STRUCTURAL AWARDS 2010

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he Helix and Marina Bay Sands® (Hotel and Sands SkyPark®) swept up all the awards for its outstanding and phenomenal structures.

The Helix, a footbridge that forms part of the 3.5km continuous waterfront promenade around Marina Bay won the Award for Infrastructure for being a “pure and complete structural engineering feat that displays intelligent modelling and exudes elegance”.

The Helix is a showcase of a new and exciting solution to one of the oldest challenges in the world – how to make a structure span between two supports. www.arup.com

48 orient

www.britcham.org.sg

100 DAYS TO GO: BBC’S GLOBAL NEWS SERVICES EMBARK ON ROYAL WEDDING COUNTDOWN

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ingapore, 19 January 2011. The BBC’s Global News services announce Mishal Husain as the anchor for the BBC’s international coverage of the wedding of His Royal Highness Prince William and Miss Kate Middleton in April. In addition, as the 100-day countdown to the wedding begins, BBC.com launches a dedicated section at www.bbc.com/royalwedding.

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 (Starhub Cable TV Channel 701) will be covering the entire wedding live and BBC World Service will also be reporting live on the day’s events. www.bbc.com

BLUESOURCE ANNOUNCES THAT ASIA PACIFIC OPERATIONS WILL NOW BE MANAGED LOCALLY IN SINGAPORE

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luesource, an industry leading provider of email archiving, compliance and messaging services, is pleased to announce its Asia Pacific operations will now be managed locally in Singapore. The move has been driven by success in the US, as well as increased demand for archive and legal discovery solutions by businesses in the region. bluesource partners with Symantec® and Microsoft®, providing a holistic approach to messaging technology. Specialists in eDiscovery, compliance and SharePoint, the company offers on-site or cloud-based managed services and consultancy. www.bluesource.sg

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Members - Corporate News

BLACKBERRY’S NOW BOARDING WITH BRITISH AIRWAYS

B

building networks

lackberry users can now take a step into the future and board British Airways flights out of Singapore using the airline’s new Mobile Boarding Passes.

Users of Android-operated mobile smartphones will now also benefit

from the new functionality, following its successful launch to iPhone users in July 2010. The Mobile Boarding Pass can be used when customers travel on any British Airways operated flights out of Singapore and to many European destinations.

Mobile Boarding Passes can only be used by customers who are members of the British Airways Executive Club, which can be joined for free on ba.com. www.ba.com

THE BRITISH CLUB GOES ROYAL

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here’s nothing more joyful and exciting than a Royal Wedding! With the impending wedding of HRH Prince William of Wales and Miss Catherine Middleton on 29 April 2011, the British Club Singapore will certainly be celebrating as well with no less than a 10-day celebration!

Beginning 22 April 2011, the Club will roll out an exciting line-up of events that include a Royal Easter celebration, a Street Party, an old tyme musical hall, a Royal Gala Dinner (with live screening of the wedding) and an Open House on 1 May 2011! www.britishclub.org.sg

CROWN RELOCATIONS ADOPTS A SCHOOL

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ANILA, PHILIPPINES, Jan. 3, 2011—Crown Relocations, a worldwide leader of global mobility, domestic and international transportation of household goods, and departure and destination services, through its Manila branch, adopted a school of approximately 2,400 students.

One of Crown’s corporate social responsibility (CSR) initiatives, in 2010, was the Adopt-a-School program which it joined in partnership with the Philippines Department of Education.

Adopt-a-School is a government program that encourages private initiatives to support public education.

The students of the Sampaloc Site II Elementary School now have the support of Crown Relocations which translates into more books for its library, food and other resources for the institution. www.crownrelo.com

REVIEWING BUSINESS TRAVEL  THE RISE OF PHONEBOXSTYLE TELEPRESENCE SUITES

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n the past few months, we have seen reports stating that while corporate travel is expected to increase, there is also a corresponding hike in the prices of airline tickets and hotel rates. An alternative solution for companies who want to contain increasing costs yet still meet their need to conduct business across different geographies is video conferencing. At Cable&Wireless Worldwide, we have been moving as many meetings as possible to the virtual environment. This has brought about significant efficiencies and, with these types of saving, it’s easy to achieve ROI within a very short space of time. www.cw.com

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www.britcham.org.sg

DELOITTE: JANUARY 2011 EDITION OF THE ASIA PACIFIC ECONOMIC OUTLOOK

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eloitte has recently released the January 2011 edition of the Asia Pacific Economic Outlook which gives a near-term outlook for China, India, Taiwan and Vietnam.

Some main points include China’s shift away from being the global supplier of low-cost goods; the need to address India’s liquidity crunch and escalating current account deficit; the rapid appreciation of the Taiwanese dollar and the effects on her export competitiveness; as well as the downside risks associated with Vietnam’s macroeconomic instability. www.deloitte.com

FITCO: SPECIALIZED EXECUTIVE SEARCH AND ORGANIZATION CONSULTING FIRM

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itco is a specialized executive search and organization consulting firm focusing on providing ideal fit between corporations and executive talent. With offices in Singapore, China, US and the UK, Fitco is well positioned to fulfill executive search mandates across the Asia Pacific region, particularly in the fast growing market of China.

Fitco combines in-depth knowledge of Asian business practices, culture and legal requirements with best practices in Western management techniques to help our clients develop best-in-class innovative teams. www.fitco-consulting.com

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Members - Corporate News

FULFORD PUBLIC RELATIONS CLINCHES 42MONTH SINGAPORE SPORTS HUB RETAINER

building networks

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December 2010 – Following a closed pitch, Fulford Public Relations has been appointed the Singapore Sports Hub’s Agency of Record for a 42-month period, covering the duration of its construction and the official launch in early 2014.

Fulford PR’s scope of responsibility on this account will focus on a range of media engagement activities and press office support, with an emphasis on Singapore and targeted international outreach, leveraging on the expertise and network of parent company QobliQ Group’s presence in key markets. www.fulfordpr.com

THE INSIGHT BUREAU LAUNCHES ITS NEW GLOBAL EMERGING MARKETS SERVICE  GEMS  FOR SENIOR EXECUTIVES

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onsistent with its mission to help senior executives make better business decisions, The Insight Bureau recently launched an exclusive subscription service GEMS in partnership with Global Economist and Asia Business Strategist Dr. Yuwa Hedrick-Wong,

aimed at providing senior international executives with timely, actionable business intelligence about the world’s dynamic growth markets.

GEMS subscribers will receive 12 monthly-reports, will be invited to

attend quarterly CEO level gatherings with peers, and will have access to the GEMS “burning questions” service allowing them to contact the GEMS editor directly for urgent questions that may arise throughout the year.

IQPC PROVIDING PLATFORMS TO FACILITATE MAJOR DEALMAKING IN THE REGION

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ingapore January 2011 — IQPC, the worlds leading conference organizer, is determined to support the finance sector to take full advantage of the rebound in financial markets.

From recognizing the best strategies for fund managers, to identifying key growth areas for investors in

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the private equity and real estate investment market, and even enhancing financial efficiency for the leading Chief Financial Officers throughout the region.

In 2011, IQPC will roll out close to thirty solutions - driven conferences catering to the financial services market which is growing immensely in tandem with Asia’s economy. www.iqpc.com.sg

www.britcham.org.sg

KS CONSULTING: HIGH QUALITY CONSULTATIVE RECRUITMENT

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S Consulting is a boutique firm offering high quality consultative recruitment into the Financial Services market that offers you a seamless, transparent and consultative journey every time.

Whether you’re looking for a new job or need to hire, we cover the following areas: Finance (including Compliance, Risk and Audit) Technology and Operations. We are a leading supplier to local and international banks in Asia. www.ksconsulting.com.sg

ROFFEY PARK INSTITUTE

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offey Park Asia Pacific opens its permanent office in Singapore in February 2011.

Located on 3 Temasek Avenue, Level 34 Centennial Tower the office will be manned by three members of staff who will lead the Institute’s activities within the region which include tailored consultancy, programmes, events and research. www.roffeypark.com

THERE’S NEVER BEEN A BETTER TIME TO MAKE YOUR MOVE TO SAGE ERP ACCPAC VERSION 6.0

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ingapore, 3 February 2011 – Sage ERP Accpac has launched version 6.0 which helps you see your business in a new way, adding greater value to your operations and further expanding your business horizons.

New features include faster and smarter task navigation; enhanced visibility into business metrics; more control and flexibility over CRM workflow; and lower total cost of ownership.

Sage ERP Accpac has always been the smart choice for business management solutions. It provides a line of best-inclass products that allow you to extend the reach of your business. www.sageasiapac.com

NEWLY APPOINTED MARKETING AND BUSINESS DEVELOPMENT MANAGER JOINS THE INSIGHT BUREAU TEAM

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ith strong growth forecasts for 2011 The Insight Bureau appoints Naomi Pescheux to take on the role of strengthening The Insight Bureau brand and bringing

in new business opportunities for the Singapore-based Speaker Bureau.

Pescheux, who recently moved to Singapore from Thailand where she headed the marketing department for a regional event management company, takes up this new challenge with zest and determination. “The challenge for

me will be to communicate that we are not just a speaker bureau but that we are a resource-rich network of information and expert advisers that businesses can tap into to help them make better sense of the world in which they operate.” Pescheux says. www.insightbureau.com

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creating opportunities

S i n g a p o r e’s Fa s h i o n I n i t i a t i v e

ASIA’S PREMIER FASHION EVENT KICKS OFF IN SINGAPORE IN MAY

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here are many faces to Asia.

India, China, Indonesia, Thailand, Japan and Korea are all part of Asia. Each country has its own rich and specific heritage which is unique in itself. But only Singapore, with its rich multicultural DNA, is the natural host to all. And it is precisely this comfortable straddling of cultures that makes Singapore the ideal destination for the global fashion fan hoping to get a taste of Asia and its many dimensions.

So, get ready for a shot of fashion glamour from May 11 to 22 as the Asia Fashion Exchange (AFX) takes centrestage in Singapore.

A concentrated platform of fashion events for both trade and consumer, as well as networking and talent development aspects of the industry, the AFX aims to put Singapore on the global fashion map in a big way by showcasing the best of Asian talent in one place for the world market.

Its inaugural event last year was a huge success, drawing rave reviews from fashion fans, media, industry professionals as well as fashion buyers from the region and beyond.

This year, the AFX, which is a collaborative effort between the Singapore government as well as the private sector, will be bigger and better with seven days of fashion-packed activities, including glittering fashion shows, networking seminars and trade opportunities.

These will be held under the following AFX pillar events - Blueprint, a trade show which brings the world’s buyers and design talents to Singapore to do business in Asia; Asia Fashion Summit, a premier business conference that

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generates thought leadership content and insights on fashion topics for industry professionals; Audi Fashion Festival, a showcase of world-class collections by top international designers and labels; and Star Creation, a fashion design competition to spot budding talent.

The AFX, which is a joint effort by International Enterprise (IE) Singapore, SPRING Singapore (SPRING) and the Singapore Tourism Board (STB), together with the Textile and Fashion Federation of Singapore (TaFf ) and the fashion community, is a far-reaching initiative aimed at developing the long-term sustainability of all sectors of Singapore’s fashion industry.

It aims to do this by building a strong base of local design talent, stimulating demand for local fashion brands locally and internationally, positioning Singapore as a gateway to Asian designers and markets, and promoting

Singapore as an efficient and effective East-West conduit for an Asia-focused fashion industry.

With the world looking to Asia, with its buoyant economy, to lead the way in new trends, the AFX is poised to give the world what it wants. And more. For more exciting highlights and ticketing details, check out www.asiafashionexchange. com.sg

Spor ts and Travel

BRITISH DRAGON BOAT TEAM A NEW YEAR AND AN EXCITING START FOR THE BRITISH DRAGONS PARTY HARD, PADDLE HARDER

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he British Dragons have started the New Year with a clear vision and a tangible goal…medals!!

Well known for their ability to combine a fantastic social calendar with a comprehensive training schedule, the British expat team in Singapore welcomes the challenge of the local and international races planned for 2011.

‘2010 saw incredible growth in both the size and strength of the team’ explains Andy Langton, the men’s team captain.

‘With upward of fifty team members regularly training each weekend, the commitment and dedication of each individual paddler is reflected in our continued success at race weekends.’

Following the team’s outstanding performance last year in Putrajaya at the 1st Malaysia International Dragonboat Festival, the Boat Quay River Regatta, and the women’s gold at the Sava Sprints, the British Dragons have set their sights high for the first race festival of this year.

The MR500 races will be held at the Kallang River, beneath the Singapore Flyer 19-20 March, where men, women and mixed teams will be competing over a 500m course. In preparation for the tough opposition from the other expat and national crews our coach Jason Chen has been focusing on developing the team’s core stamina and racing technique: ‘Our best time over 500m currently stands at around 2minutes 17seconds for our mixed crew. If we want to claim medals we’re going to have to shave at least 2seconds off our best performance. This is an achievable goal over the next eight weeks with our

training plan focusing on the perfection of a powerful paddling stroke, designed to increase our overall efficiency and speed. Long term we need to be targeting 10seconds off our fastest time to challenge our strongest competitors.’

Talking of his hopes for the team in the first quarter of the new year Paul Robinson, Team Manager and member of the British Dragons for the past seven years, explains his pride in the sense of comradery that defines the team: ‘Here’s a team that welcomes social and highly competitive paddlers equally, offering holiday makers the opportunity to experience the thrill of dragonboating as they travel through Asia; new expats an opportunity to meet like minded individuals in their new home city and athletes a place to train, compete and push themselves to the limit.’

‘We’ve also been fortunate this year to welcome a new sponsor in the form of the Red Dot Brewhouse’ Paul explains. A fabulous picture of the team is displayed at their new Boat Quay venue where paddlers can regularly be found enjoying a tower or two of green beer! The team is also fortunate to receive the continued support of The Henley Group, KC Dat and the Sandwich Shop who have been loyal and generous supporters for many years.

Looking ahead the team is planning to take part in events in Malaysia, Hong Kong and the Philippines in 2011, as well as the key Singapore hosted competitions. To keep track of our activities and achievements both on and off the water check out our website at: www.britishdragonboat.com If you fancy joining us one weekend and giving

paddling a go just drop us an email at: mail@britishdragonboat.com Although we’re called the British Team you don’t have to be British to join us. We have over 16 nationalities in the team, including paddlers from Holland, India, Indonesia, New Zealand, Singapore, and even Poland! All you need is the desire to meet new people, have fun and learn a new sport. We train three times a week and welcome new paddlers throughout the year.

DID YOU KNOW: British Dragons honoured to take part in The Queen’s Baton Relay Since 1958, the Queen’s Baton relay, one of the greatest traditions of the Commonwealth Games, has been symbolising the unity and shared ideals of the Commonwealth of Nations. Every four years, the relay is an opportunity for Commonwealth communities to actively participate in the games’ celebrations, with the Baton carrying Her Majesty Queen Elizabeth II’s ‘message to the athletes’, while passing through member nations on land, by air, sea and utilising many different modes of transportation.

The team was honoured last year to be invited to escort the Singapore National Dragon Boat Team in order to ensure the safe passage of the Commonwealth Games Queen’s Baton in a special dragonboat segment as part of its one-day journey through Singapore. Paddling from the waterfront steps of the open air theatre of the Esplanade through Marina Bay to the Singapore Flyer, supporters were given the opportunity to celebrate this leg of the Baton’s progress and witness the dragonboat teams in action.

The decision has since been taken by the SDBA, Singapore Dragon Boat Association, to allow the teams training on the Kallang to enter Marina Bay on a regular basis. This not only opens us a new stretch of water for us to train, but gives spectators and tourists a fantastic opportunity to be introduced to this sport and become aware of it’s growing popularity – watch out for the British Dragons passing by the Merlion on Saturday afternoons and early on a Sunday morning!

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Culture

creating opportunities

MACBETH BREWS AT FORT CANNING PARK Shakespeare in the Park – Macbeth Presented by Singapore Repertory Theatre Fort Canning Park 28th April to 22nd May 2011

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omething wicked is making its way to the lush green forests of Fort Canning Park come April.

Singapore Repertory Theatre (SRT) will be staging Macbeth from 28 April to 22 May as part of their biennial Shakespeare in the Park series, which was relaunched in 2007.

Theatregoers might remember the wildly successful production of A Midsummer Night’s Dream in 2007 and equally popular production of Much Ado About Nothing starring Adrian Pang and Wendy Kweh, which drew over 22,000 people - armed with picnic baskets - to the greens in 2009. For their superb performances in the Bard’s romantic comedy, the pair scooped the Best Actor and Best Actress awards at the 2010 Life!

Theatre Awards.

This time, the Fort Canning Park provides the perfect backdrop to the spine-chilling tragedy of Lord and Lady Macbeth (played by Singaporean actors Adrian Pang and Patricia Toh), who are swept up in a whirlwind of political intrigue and paranoia, topped off with a good dose of the supernatural.

Here’s an uncanny parallel: one of the key scenes of Macbeth is set in a forest, in which three witches tell Macbeth that he’s destined to become King. Hungry and impatient for power, Macbeth and his wife plot to kill the virtuous King Duncan but find themselves in a tragic spiral of bloodshed and madness.

This staging will be directed by Briton Nicholas Foster (Flashdance) and unfold within a set designed by Morgan Large.

“The good thing about staging the play in a park is that you’re not constrained

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by the traditional proscenium arch. You have the heavens above, the grass below.

We want it to be a sensorial experience.

Almost a filmic thriller – fast-paced and terrifying,” said Foster.

Audiences can look forward to an alfresco theatre experience underneath a clear evening sky. The park is open from 6.30pm onwards for those keen on an early evening picnic, and the play commences at 7.30pm as the late afternoon sky darkens into dusk.

As one of Singapore’s leading and oldest theatre companies, SRT is known for bridging Shakespearean classics with the contemporary times. Last year’s Much Ado About Nothing, for instance, was set in a Peranakan bungalow in colonial Singapore. The result? An accessible, universal and much-loved staging of a 400-year-old play that is still very much relevant to audiences today.

Macbeth will also whet the arts-lover’s appetite for the third installation of The Bridget Project – the staging of Richard III in November which will star Kevin Spacey. Priority booking will be given to Friends of SRT, so signing up now may be a good idea to secure a seat for this production.

A much-anticipated collaboration between New York’s Brooklyn Academy of Music (BAM), London’s The Old Vic and Singapore’s SRT, The Bridge Project will be one of the blockbusters of the international theatre scene later this year.

SRT’s executive director, Ms Charlotte Nors, said: “Staging Shakespeare in the Park is a big investment for SRT. But we believe in continuing to do this so as to keep the interest in literature and to give

the audiences in Singapore a chance to see Shakespeare come alive.”

Families, students and lovers, alike: come this way for a magical night of theatre under the stars.

Macbeth and Richard III will be staged as part of the A “Audi Classics Series” and is presented by Trans-Tech Pte Ltd. Shakespeare in the Park – Macbeth Fort Canning Park 28th April – 22nd May Tickets starts at $38 from www.sistic.com.sg For more details, please refer to www.srt.com.sg or contact Executive Director, Charlotte Nors Charlotte@srt.com.sg or 6733 8166

www.britcham.org.sg

AN INTERVIEW WITH GIDEON KOPPEL Short Biography Gideon Koppel’s most recent film ‘sleep furiously’ with a soundtrack by Aphex Twin, was nominated for a Golden Leopard at 2008 The Locarno International Film Festival and then became one of the most critically acclaimed British films of the year, winning The 2009 Guardian First Feature Film Award. The British Council and NYU Tisch Asia have invited Gideon to Kuala Lumpur and Singapore in February to offer workshops to young film makers.

Tell us a bit about ‘sleep furiously’. ‘sleep furiously’ is set in Trefeurig, a hillfarming community in mid Wales - a landscape that is changing rapidly as small-scale agriculture is disappearing and the last generation who inhabited a pre-mechanised world is dying out.

What was once a community cut off from the world has now learned to adapt to modern times: the quad bike has replaced the pony; the mobile phone has spared people the need to shout across the valley; and exotic creatures like llama are starting to make a claim for residency, alongside sheep.

The film was described as ‘one of the signs of a British art cinema resurgence’ and ‘one of the most the most beautifully elemental documentary films to have emerged in Britain in over a decade’. The Booker Prize winning novelist John Banville wrote that it ‘is simply – and it is simple in its sly way – a mutely gorgeous, moving and deeply poetic work of art...

Now more than ever we need films like this: grave, measured, subtly comic and beautifully wrought, free of polemic and yet offering a new way of seeing that is as old as Arcady. sleep furiously is, simply, a masterpiece.’

What do you imagine when you think of Singapore?

My only previous experience of visiting Singapore was New Year 2003.

Singapore airport. My memory of this ‘flying’ visit is a little limited: I had jet lag and some kind of inevitable airplane flu, but the real assault to the senses was not the pressurized cabins or sleep deprivation but over-exposure to piped Christmas muzak. Strangely addictive and completely surreal as a theme for South East Asia. Woody Herman and his entire Orchestra had taken over my mind. And despite that this was an instrumental cover, the lyrics echoed in my ears as I traipsed the corridors of Singapore airport: Oh the weather outside is frightful But the fire is so delightful And since we’ve no place to go Let It Snow! Let It Snow! Let It Snow!

Eight years on and I am sitting at my desk looking out over the rooftops of Paris to the Eiffel Tower, trying to conjure up some words to describe my sense of anticipation about coming to Singapore. The anthem in my head is still “Let It Snow! Let It Snow! Let It Snow!”… it seems to have become a Pavlovian response to the word ‘Singapore’. And for you cynics… no, this is no innuendo to drugs… would I dare after reading on Wikipedia “Singapore also imposes a mandatory death penalty for first-degree murder, drug-trafficking, and firearms offences?”

I know nothing about Singapore – just preconceptions based on the clichés of a very clean, modern, ordered, conservative, urban environment inhabited by a lot of lawyers. A kind of Asian Switzerland-by-the-sea. My foundation to discovery when travelling is usually a childlike excitement and curiosity, rather than knowledge. In that sense I am no journalist. Food has always figured strongly as a way to initiate

discoveries of a new country. I have always enjoyed street food and cafés more than refined restaurants – places which because of the hustle and bustle would inevitably be more conducive to encounters. Then there is my lifetime quest for ‘schnitzel’ – whether in Las Vegas or Koh Chang, I try to find time to seek out a restaurant which serves a well-breaded pork or veal steak. Google simplifies this quest – one that sounds most promising in Singapore is Paulaner Brauhaus at 9 Raffles Boulevard… although I became a little wary when I read a review of this establishment which declared: I’d be lying if I say I’m not excited when I see a pork knuckle. They are like the sexiest things on earth; deep-fried to a handsome golden brown coat, crispy on the outside and soft on the inside – I will do anything just to have a pork knuckle!

What will be the focus of the workshops for young film makers?

The focus will be on ‘the embodied act of vision’ – that is to say ‘looking’. As film technology has given way to digital formats, movie cameras have become lighter and more oriented to the lone operator. This development is giving rise to new freedoms and possibilities for film makers, but it is also changing the filming process into something which is often more about reflex and less about ritual. One of those disappearing rituals – one which is fundamental to the creative process - is the simple but profound act of ‘looking’. Perhaps it is that people no longer have the time to look, to gaze and contemplate? The workshops are intended for film makers interested in all genres of cinema and will aim to provoke the participants into new ways of looking and then to consider how those observations can be translated back into the syntax and imagery of cinema.

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Destination

creating opportunities

TOURISM IN THE ASIAPACIFIC

by Carmen Roberts, Presenter of Fast:Track, BBC World News

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as they danced to the tune of Michael Jackson.

mix and a skyline that changes on a monthly basis.

Logistically, Singapore is the ideal place to base yourself if you are a travel reporter. Changi Airport is a dream, there’s hardly ever a queue at check-in or immigration and you can be off your plane, collected your bags and into a taxi within half an hour.

Since then, I’ve been to many destinations in Asia, covering a wide range of stories for the Fast:Track programme – like learning to surf in Hainan, going beyond the demilitarised zone in North Korea and standing just meters from maximum security prisoners in the Philippines

Now this will be my permanent beat. In March, I will be relocating to Singapore to be the Fast Track correspondent in Asia. It’s an exciting time, not only for me but also for the tourism industry as a whole in the Asia Pacific region. With students and public sector workers demonstrating in the streets in London and transport staff across Europe striking with increasing frequency, I can’t help but think I’m leaving at a good time. I know you will never see a strike, demonstration or any kind of chaos in Singapore, a country that’s been knocked by many a travel writer and labelled ‘sterile’, but this tiny city-state is constantly evolving and punching above its weight, with a diverse ethnic

t was a few days before New Year’s Eve in 2004 and I was holidaying in Langkawi when my mobile phone text message alert burst the bubble of serenity by the hotel pool. The Fast:Track office at the BBC in London was asking me to call in. I assumed my boss was checking in after the tsunami that had devastated the region on Boxing Day. But no sooner had I put the phone down, I was booking flights to Bangkok, arranging to meet a film crew and flying on to Phuket.

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The airline landscape has changed dramatically over the past 10 years. I was born in Singapore but moved to Australia when I started school, so I’ve been travelling in and out of the island state for many years. When I was growing up, the flight from Brisbane to Singapore was serviced by a small handful of airlines; I could have counted them on one hand. Now, my mother needn’t even

www.britcham.org.sg

make the one-hour drive to Brisbane to catch the plane - she can fly directly from the glitzy Gold Coast and take her pick from two different carriers. You don’t need me to tell you how the emergence of low cost airlines has revolutionised travel in the region.

Indeed, the entire Asia Pacific region is abuzz with business, investment and positive energy.

International tourist arrivals into Asia reached a new record at 204 million last year, up from 181 million in 2009 – according to the Advance Release of the UNWOT World Tourism Barometer. And while international tourism made a good recovery in 2010, Asia was the strongest growing region - showing an increase of around 13%.

There’s no denying China is a destination and tourism market that the whole world is watching right now. Attendees at a recent hotel investment conference in Hong Kong last year heard that there are 800 cities in China that can support a luxury hotel, while 150 airports are currently under construction. So it should come as no surprise to hear that revenue generated by tourism in China was almost US$240 billion last year, up almost 22% on the previous year.

While on the flip side, a record number of 57.4 million Chinese tourists travelled abroad in 2010, up by 20% year on year.

The Chinese government has been busy signing tourism exchange and cooperation agreements – the number of approved destinations topped 140 last year.

I’ve reported from China for the past five years for the Fast:Track programme and every time I visit, I’m amazed at the pace of change. Last year I was in Shanghai for the Expo and I hardly recognised the Bund – the water front area had been tarted-up with a wide promenade, underground tourist exhibits and the number of swanky restaurants and bars on the boarders seemed to have tripled.

The atmosphere in Beijing just before the Olympics in 2008 was electric. But

the thing that stands out most in my memory is the way the Chinese were so fascinated by my African-Caribbean producer and her braided locks. She became a celebrity overnight and was mobbed for photographs at The Great Wall.

But there are other dynamic and emerging markets in Asia that I’d like to explore. I travelled to Vietnam almost two years ago on a whistle stop tour to Hanoi and Ho Chi Minh City. Since hosting the APEC summit in 2006, this is a country that’s seen foreign investment go through the roof. However, I’ve vowed to return to visit the beaches and less populated areas, where I don’t fear for my life when crossing the road and being mowed down by a swarm of motorcycles.

at a destination, but I’m sure it’s only a matter of time before this changes.

I was pleasantly surprised last year when we filmed in the Philippines, while South Korea is a favourite for its food and laidback, fun-loving people (known as the Irish of Asia) and Thailand too for all its problems and political unrest, has recovered from the economic downturn – testament to Thailand’s attractiveness as a tourist destination.

I’ll be spending a lot more time in Phuket too this year, not reporting on any kind of devastation or tourism phenomenon – but for a much happier occasion. It’s where we’re planning to get married.

This time, I might leave the mobile phone at home.

Last year I went on a week-long mountain biking trip in southern Laos, a part of the country seemingly untouched by tourism. It was quite a novelty not to be pounced upon by touts when you arrive

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creating opportunities Wine Club

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w w w . b r i t c h a mbarcap.com .org.sg

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