Orient Issue 36 by BritCham Singapore

BRITCHAM ORIENT MAGAZINE

Orient

THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE - SINGAPORE

Building Networks Connecting Business Creating Opportunities WWW.BRITCHAM.ORG.SG

I SSUE 36 / MAY 2012

SPECIAL FEATURE

ISSUE 36

ROLLS-ROYCE: THE SINGAPORE TAKE-OFF THE QUEEN’S DIAMOND JUBILEE CELEBRATIONS

Building Networks Connecting Business Creating Opportunities

Contents

PRESIDENT’S MESSAGE SPECIAL FEATURES

10 35

Rolls-Royce: The Singapore Take-off The Queen’s Diamond Jubilee Celebrations

FEATURES 15

The Impact of Social Media on the World

Focus on Small / Micro / Entrepreneurial

A CEO’s Perspective on Helping Ex-offenders

The Good, The Bad and The Downright Ugly George Osborne’s Third Budget

Singapore Budget: Will This Worsen a Tight Labour Market?

The Foreign Account Tax Compliance Act

Fundamentals in Commodities Investing

Back to Britain - The Key Tax Planning Issues

BRITISH HIGH COMMISSION / UKTI 38

UK Budget Overview

It’s Not Only Fish and Chips with Warm Beer: The UK Food and Beverage Sector in the 21st Century

British High Commission News Apr/ May 2012

AT THE CHAMBER 47

Executive Director’s Message

Sterling News

Members’ Offers

New Members

Corporate News

62 68

Events Events Calendar

CULTURE & LIFESTYLE 72

Musicity

Seeing Kraków’s Other Side

Starry, Starry Twelfth Night

Holiday Inspiration in the Region

What Makes a Wine

W W W. B R I T C H A M . O R G . S G

British Chamber of Commerce, Singapore Sponsors PLATINUM SPONSORS

GOLD SPONSOR

SILVER SPONSORS

BRONZE AND BREAKFAST CLUB SPONSOR

BRONZE SPONSORS

BRITCHAM BOARD: PRESIDENT: Steve Puckett – Tri-Zen International VICE-PRESIDENTS: John Horsburgh – Rolls-Royce Singapore Hugo Walkinshaw – Deloitte Consulting SE Asia TREASURER: David Macdonald – Skandia International HONORARY SECRETARY: Damian Adams – Watson, Farley & Williams LLP EX-OFFICIO: Judith Slater – British High Commission Mark Howard – British Council BOARD MEMBERS: Peter Allen – Pacific Century Regional Developments Emma Boyd – Pinstripe Business Solutions Richard Burn – Diageo Singapore Ingrid Child – HSBC Bank Stephen Crisp – Nokia Siemens Networks Singapore James Deely – The Royal Bank of Scotland plc Charlie MacLean - Barclays Bank plc Nick McGlynn – British Airways Pek Hak Bin – BP Singapore Roman Scott – Calamander Capital Andrew Thomas – Ogilvy & Mather Singapore Philippe Touati – Standard Chartered Bank Andrew Vine – The Insight Bureau Editor:

Vipanchi vipanchi@britcham.org.sg Assistant Editor:

Yong En yongen@britcham.org.sg Orient is a bi-monthly magazine published by the British Chamber of Commerce.

COMMITTEE CHAIRPERSONS: Corporate Social Responsibility: Richard Burn Events & Sponsorship: Philippe Touati External Affairs: Steve Puckett Marketing & Communications: TBC Membership: Andrew Vine BUSINESS GROUP CHAIRPERSONS: Energy & Utilities – Damian Adams Entrepreneur & Small Business – Sonia Fuller Financial Services – Patrick Donaldson IT and Communications Technology – Henry Farahar Leadership – TBA Media & Marketing – TBA Professional Services – TBA Property & Construction – Alan Dalgleish Shipping Transport & Logistics – Neil Johnson Young Professionals – Miles Gooseman MANAGEMENT TEAM: Executive Director: Brigitte Holtschneider Accountant: Sabitha Munnangi Business Enhancement & Events Development Manager: Erica Hegarty Business Events & Business Group Relations Manager: Tiffeny Kua Marketing & Communications Manager: Vipanchi Marketing & Communications Assistant: Loong Yong En Membership Manager: Katie Hudson Office Administration & Membership Support: Emi Hosono

138 Cecil Street, #13-03 Cecil Court, Singpore 069538 Tel: +65 6222-3552 Fax: +65 6222-3556 Email: info@britcham.org.sg www.britcham.org.sg ©All rights reserved. The views and opinions expressed or implied in Orient are those of the authors or contributors

and do not reflect those of the British Chamber of Commerce, its officers or editorial staff. No reproduction of articles without the prior permission of the Chamber. Unsolicited transparencies ad articles are sent at owner’s own risk and the chamber accepts no liability for loss or damage.

Sub-edited, designed and printed by:

www.novusasia.com Contact:

paulcoleman@novusasia.com Design:

Kevin Ong kevinong@novusasia.com Sub Editor:

Tristan Chan tristan@novusasia.com

Building Networks Connecting Business Creating Opportunities

President’s Message

W W W. B R I T C H A M . O R G . S G

Dear Members, The year is once more flying by with Singapore increasingly being a focus of interest from UK visitors with an eye on business. As anyone who has had to recruit talented local staff or find a hotel room at a decent price of late will tell you, Singapore continues to thrive despite some of the austerity elsewhere. Along with price inflation, employment issues frequently rank at the top of the list of concerns expressed by British businesses. As the largest European national business organisation by far, the views of BritCham are regularly sought by government agencies and the media and, reflecting this, we have included questions on key business issues in our 2012 Member Survey. The survey is managed by an independent professional body and targets a random group of members. I’m expecting that we’ll be able to share the survey findings at the AGM to be held this year on May 10th at Eden Hall.

Steve Puckett President, British Chamber of Commerce

The Chamber has had a particularly busy and successful start to the year and the programme does not let up. So far we’ve held a very well received CSR seminar sponsored by BP; we have had three Leaders in Business lunches; and we have had a busy breakfast event calendar where in March we saw a record turnout for a breakfast with nearly 160 people attending the briefing on Indonesia’s oil and gas industry. The year’s events continue with our Annual Golf day on May 31st followed by our Annual Rugby Dinner on June 7th and, if you are an enthusiast, I’d encourage you to book soon as places are moving fast. There have been several official visits from the UK already this year, including a visit by the Treasury Committee where the Chamber organised a closed-door briefing with financial business leaders. On the cultural front, the British Theatre Playhouse has successfully brought Ray Cooney’s award winning comedy ‘Out of Order’ over from London, where the charity gala opening night performance at Raffles was attended by Singapore’s President Tony Tan. While for Shakespeare in the Park in May this year, ‘Twelfth Night’ is being staged by the Singapore Repertory Theatre with the Chamber coordinating a British night. Of course London will host the 2012 Olympic Games and Sir Alan Collins, who as many of you will know was High Commissioner here at the time the Games were awarded to London, returned in his current role as Business Ambassador for the Games and spoke to us during our Leaders in Business Lunch on ‘Delivering the International Business Legacy’. I trust you will enjoy your ‘new look’ ORIENT magazine and I look forward to seeing many of you at Eden Hall for the AGM on May 10th, when we will review the Chamber’s progress and look forward to your continued engagement.

Building Networks Connecting Business Creating Opportunities

Sterling Members

W W W. B R I T C H A M . O R G . S G

Building Networks Connecting Business Creating Opportunities

Special Feature

Rolls-Royce: The Singapore Take-Off By Jonathan Asherson

The campus will be the Groupâ&#x20AC;&#x2122;s first facility outside the UK.

W W W. B R I T C H A M . O R G . S G

Building Networks Connecting Business Creating Opportunities

Special Feature: Rolls-Royce: The Singapore Take-Off

Two decades ago Rolls-Royce had just emerged from nationalisation, and predominantly operated in Western Europe and America, with a smattering of former colonial flag-carriers as customers, including Singapore. Over the last 20 years, Asia has transformed into the beating heart of the global economic landscape. GDP growth in the region averaged at 7.0 per cent annually, while Singapore’s GDP growth averaged 6.5 per cent. Singapore, located at the economic and cultural crossroads of the region, is well positioned to be the gateway connecting Asia to the rest of the world.

In 2011 alone, the Group invested over £467 million on new and improved facilities. Our business diversity and strong commitment to research and development (R&D) have given us a competitive edge and contributed to our exceptional growth globally. As a global company, engineering the world’s most advanced power systems in civil and defence aerospace, marine and energy markets, we continue to build on our integrated network of manufacturing and service facilities spanning over 50 countries. In 2011 alone, the Group invested over £467 million on new and improved facilities. Our business diversity and strong commitment to research and development (R&D) has given us a competitive edge and contributed to our exceptional growth globally. One of our most important projects in the past five years has been the completion of our newest manufacturing, research and training facility, the Rolls-Royce Seletar Campus in Singapore. At an investment of over S$700 million and built on a 154,000-square-metre site,

the Rolls-Royce Seletar Campus, which was officially opened on February 13, 2012 by Prime Minister Lee Hsien Loong, brings us closer to our growing customer base in Asia, which now represents over 50 per cent of our record order book of £62.2 billion; that is larger than our entire order book in 2006. In an increasingly complex and challenging global marketplace, we are compelled to constantly enhance operational efficiencies, skills, product value and global capacity. Ours is a business of innovation and high product integrity, one driven by a highly skilled workforce. As a result, key global hot spots that have a steady supply of skilled labour and government support are a good fit for our business model.

The Singapore Connection

Rolls-Royce has been doing business in Singapore for over 50 years. From a handful of employees in the late 1980s, Rolls-Royce — along with its joint venture partners — today employs over 1,500 people in Singapore, accounting for over 15 per cent of the total aerospace industry workforce in the city-state. In 1999, we established our first marine office and, in 2009, relocated our global headquarters for the marine

W W W. B R I T C H A M . O R G . S G

business to Singapore, in recognition of the increasing importance of the Asia-Pacific markets and Singapore’s strategic location as a regional hub. Today we manage about a third of our revenue from Singapore. Not surprising, since Asia accounts for over 80 per cent of global commercial shipbuilding, and is also leading the world’s civil aviation growth — Asia is expected to account for over 30 per cent of global air traffic by 20301. Of this, we project that the industry’s growth over the next seven or eight years would amount to demand for about 500 Trent aero engines annually. With such demand, we saw the strategic need for an Asian hub to complement our existing manufacturing facilities in the UK, as well as bring us closer to our growing customer base in the region. Singapore, with its strong R&D focus, business-friendly environment, robust intellectual property regime, and ready pool of highly skilled talent provided us with an excellent platform from which to expand our footprint. These factors also allowed Singapore to firmly establish itself as an important aerospace and aviation hub in the region.

A Facility of many ‘Firsts’

The newly opened Rolls-Royce Seletar Campus is the first of its kind to bring advanced aerospace highvalue manufacturing technology to Singapore. In doing so, it significantly increases our global manufacturing capacity, and allows us to better satisfy our customers. The campus will be the Group’s first facility outside the UK to assemble and test Trent aero engines, as well as manufacture hollow titanium wide-chord fan blades, a unique capability and technology that has played a key role in the success of the Trent aero engine family. The state-of-the-art campus will also house an Advanced Technology Centre, which will lead cutting-edge research in materials support technology, computational engineering, electrical power and control

Singapore, with its strong R&D focus, business-friendly environment, robust intellectual-property regime, and ready pool of highly skilled talent provided us with an excellent platform from which to expand our footprint.

Airbus, 2011, Delivering The Future. Global Market Forecast 2011 - 2030, p.57 www.airbus.com/company/market/forecast/passenger-aircraft-market-forecast/

Building Networks Connecting Business Creating Opportunities

systems, and manufacturing technologies. In addition, the facility will have a regional training centre, where customers and employees in the region will have access to world-class training facilities and internationally accredited qualifications, the first such facility in Asia.

The Next Chapter in Asia

Orders topped US$31 billion at the Singapore Air Show in February this year, a three-fold increase over the value announced two years ago. The number included a record US$22.4 billion order for aircraft placed by Indonesia-based Lion Air, further highlighting the pace of expansion of the region’s carriers. As we enter the next chapter of our journey in Asia, we are working tirelessly to ensure we are prepared to take on the new challenges facing the industry and make an impact on growing the civil aerospace industry in Singapore and the region. Asia

Special Feature: Rolls-Royce: The Singapore Take-Off

is now the largest market for passenger aircraft and freighters worldwide, and represents a tremendous opportunity in the years ahead. The Group’s activity in Singapore is expected to support around 25,000 jobs in the wider economy and contribute over S$1.66 billion, which represents about 0.5 per cent of Singapore’s projected GDP by 2015, up from S$789 million in 2008. We are strongly committed to adding value to the local community, talent base and economy, and are gradually establishing our role as a key enabler of Singapore’s ambitions to power ahead as a major player and a regional hub for the global aerospace industry in the years to come. We have doubled in size over the past decade and we will double again in the next decade; Singapore will play a key role in our future successes.

About the Author Jonathan Asherson is Regional Director, South East Asia, Rolls-Royce and is responsible for all Group activities across its four key businesses - civil and defence aerospace, marine and energy. A veteran of the

company, Mr Asherson has held a number of leadership positions around the world. Notably, Mr Asherson was a Board Member of the Economic Development Board of Singapore (EDB) from 2007 – 2011 and was

conferred the Public Service Medal (Friends of Singapore) Award at the Singapore National Day Awards 2010.

Building Networks Connecting Business Creating Opportunities

Feature

W W W. B R I T C H A M . O R G . S G

The Impact of Social Media on the World By Mishal Husain

In the last 18 months there has been a seismic shift in the tools I consider essential to my trade as a journalist. It has been an unusual seismic shift in that it has been silent and gradual, but I have no doubt that my professional life has been greatly enriched by social media, specifically Twitter and Facebook. These have become a daily part of my working life — as familiar to me as the camera, the autocue and the red ‘live’ light that take us on air. It is a two-way street, so just as social media is an invaluable way of picking up story ideas, reading recommended articles, watching newsflash or bulletin, and even finding contributors — it is also a vital way for broadcasters to connect with audiences.

Feature: The Impact Of Social Media On The World

Building Networks Connecting Business Creating Opportunities

Mishal Husain with Rami Nakhle. He was forced to flee Syria in January as the security services began to suspect he was responsible for a Facebook page fiercely critical of the regime.

> One recent example was an interview we had scheduled with the Secretary-General of the North Atlantic Treaty Organisation (NATO). I had planned to begin the interview by asking about Afghanistan and in particular the Koran-burning incident. However, when I requested on the BBC World News Facebook page for queries that people had for the Secretary-General, a torrent of replies came pounding in, asking why NATO was not taking action against Syria as it had in Libya. As a result, I switched the structure with that very point attributed to our viewers. While filming our BBC series - ‘How Facebook Changed the World’, I also found clear evidence of the pivotal role played by social media in the Arab uprisings, most notably Tunisia and Egypt. In Tunisia, Facebook was used to share dramatic pictures of the street protests that began in December 2010, which led to the toppling of its president less than a month later.

In Egypt, a Facebook page honouring the memory of a young man beaten to death by the police became a rallying point. Even in Libya, where Gaddafi tolerated no dissent, and where Internet penetration was low, people had cautiously begun to use Facebook to share grievances about corruption. “We met on Facebook” was a phrase that quickly became a familiar refrain when I spoke to groups of young people in Benghazi’s nascent ‘media centre’, in the first months of the uprising. In Syria, the crackdown on protesters meant that the focus soon shifted to live forms of communication that are harder to trace. Communication between activists became recurrent on Skype, and pictures would be streamed live from laptops that people would place in the direction of the crowds. However in doing so, they were taking a huge risk of being spotted by the security forces.

About the Author Mishal Husain is one of the main anchors on BBC World News (Starhub Cable TV Channel 701), fronting the programme Impact with Mishal Husain, which airs every Monday to Thursday at 21:00 in Singapore.

She is known for the critically acclaimed BBC documentary How Facebook Changed the World — The Arab Spring, where she journeyed to five countries in 2011, documenting the use of social media by activists.

Mishal Husain in Cairo. She talks to activists about their revolution and asks how they made it happen, online and on the streets of Tunisia, Egypt, Libya, Bahrain and Syria.

Everywhere I went, the desire to document the protests, to gather evidence of what was happening and then share it with the outside world, was overwhelming. In Libya, a group of impassioned young friends told me of the first night they were out on the streets of Benghazi in February 2011, taking on the authorities in one of the most repressive countries in the world. I asked if they had any weapons. “I had a rock in one hand and a mobile phone in the other,” said one. It was all he needed to turn his moment of protest into something bigger. Towards the end of a filming journey across five Arab countries, it was clear to me that the Internet had indeed played a significant role in the uprisings. The challenge for the activists will be to use these tools to work towards longer-term goals in their countries, and in using them to build the new societies they crave.

Mishal will be presenting a new Singapore-based programme airing in July on BBC World News called Mishal Husain Meets, which will see her interviewing Asia’s leading personalities who are making their name on the global stage.

Building Networks Connecting Business Creating Opportunities

Feature

A CEOâ&#x20AC;&#x2122;s Perspective On Helping Ex-Offenders By Ian Mullane

W W W. B R I T C H A M . O R G . S G

Think of the safest and most conducive place to live in, and Singapore will surely come to mind. The country’s crime rate, one of the lowest in the world, makes this cosmopolitan city an attractive haven for businessmen and expatriates. Known globally for its rigorous law enforcement and impartial legal system, another contributing factor to its low crime rate is the rehabilitation and reintegration efforts to help offenders and ex-offenders turn over a new leaf. Singapore’s recidivism rate — the percentage of local inmates detained, convicted and imprisoned again for a new offence within two years from their release — is at 27.3 per cent for the 2008 release cohort, and considered very low compared to other nations. This is a collaborative effort of the Community Action for the Rehabilitation of Ex-offenders (CARE) network, the group behind the Yellow Ribbon Project. One of the founding members, ISCOS (Industrial & Services Co-operative Society Ltd), has made its social mission to help exoffenders and their families. Through ISCOS, I had the privilege of obtaining a deeper understanding of the painstaking efforts to help ex-offenders through second chances. I was invited to support ISCOS’s social programmes, but more than just giving a monetary donation and extending professional advice on event management and fundraising activities, I decided to be more involved and try to make an impact on ISCOS members.

Hiring Reformed Ex-offenders

It is imperative for any ex-offender to be able to stand on their own two feet and support their families upon release from

prison. However, time spent behind bars is a big hindrance to landing a job and gaining financial independence. This is where the business community plays a big role to alleviate this social concern. My company supports ISCOS’s Corporate Doors initiative, which engages employers to hire at least one reformed ex-offender. I decided to employ one such person who was a potential fit for my company’s requirements.

networks. Since Vanda Sports Group includes some boxing clubs within its businesses, I was happy to open the facilities to ISCOS members who are keen to develop their interest in this sport. To date, there are 15 ISCOS members who have tried out, and four are training consistently. I desire to share my resources and work closely with ISCOS to come up with support services that could help exoffenders in their reintegration journey.

With proper coaching and mentoring in the workplace, he performed well in his job, even beyond what was expected of him. When he expressed an interest in returning to full-time education, my company was more than willing to sponsor him.

It is often said that one reformed exoffender means one less crime in the future, and one less victim of crime. With 10,000 ex-offenders being released each year, there is a tremendous need to engage corporates in this social cause.

Mentoring Ex-offenders

I am privileged to support ISCOS’s reintegration and rehabilitation efforts. It is only a small contribution to make Singapore a safe and secure home for all.

Changing an ex-offender’s mindset is a critical factor in helping him or her become a productive member of the community. I signed up as a Volunteer Mentor in the ISCOS Mentoring Programme for Youth Offenders, with the in-care phase (first six months) involving letter-writing and faceto-face prison visits, while the aftercare phase (next 12 months) entails fortnightly meetings with the mentee who has been released on supervision (ROS). Currently, I am mentoring four youth offenders. I hope that my small contribution and support will ease their transition back into the community. Indeed, to create a positive influence on someone is one of the most fulfilling achievements any person can have.

About ISCOS

ISCOS is a social organisation that helps members (ex-offenders) reintegrate successfully into society. Established in 1989, it has now over 12,000 members who have benefited from various programmes and initiatives, from employment and skills training to familybonding activities. ISCOS also engages its members through community involvement and volunteerism efforts, which enable them to contribute to society.

For more info, please visit www.iscos.org.sg.

Other Resources

ISCOS utilises sporting activities conducted through its soccer and running clubs, in order to strengthen members’ character, instil discipline and create positive peer-

About the Author Ian Mullane is the Chief Executive of Vanda Sports Group, which helps corporations with sports in their marketing mix to drive measurable value. He has been living in Singapore with his family for 9 years.

Building Networks Connecting Business Creating Opportunities

Feature

W W W. B R I T C H A M . O R G . S G

Special Focus On Small / Micro / Entrepreneurial By Andrew Vine

Building Networks Connecting Business Creating Opportunities

During difficult economic times, there is keen interest in the role of small and medium-sized enterprises (SMEs) in boosting the economy. The vested interest in SMEs is also for good reason. SMEs account for a staggering 99 per cent of corporations within the EU economy (99.3 per cent in Singapore) and their importance within an economy is clear; “Micro, small and medium-sized enterprises (SMEs) together are the engine of the European economy. They are an essential source of jobs that create entrepreneurial spirit and innovation in the EU and are thus crucial for fostering competitiveness and employment”. This observation happens to come from the EU, but entirely reflects the attitude of most governments, including the UK’s and Singapore’s. Yet ‘SME’ is hardly a homogeneous category; the EU defines a SME as having less than €50m turnover and employing less than 250 staff. Singapore’s position is closely benchmarked with a turnover of less than S$100m and employing less than 200 staff. Yet there’s a world of difference between companies with 200 employees and those with 20, and another world between those with 20 employees and two! Sub-categories also exist. Within the EU, “small” is having less than €10m turnover and under 50 staff. “Micro” refers to companies with less than S$2.0m of turnover and with less than 10 staff. This helps SMEs in terms of defining appropriate support, like having access

Feature

to finance and appropriate incentives to invest in people, technology, innovation and intellectual property. Within the British Chamber, we have recently honed in on providing greater support for small-and-micro businesses in the shape of the Entrepreneurial & Small Business Group (ESBG). We have also discovered that at the lower end of the scale, the biggest risks to survival are ‘scale’ and ‘youth’. Companies with very small teams may well be agile and quick to make decisions, but often lack the full suite of management experience, the capacity to get critical tasks done and a general lack of support infrastructure to act like proper ‘grownup’ companies. Obviously, if a business is designed to be a one-man consultancy, this poses fewer problems, but for companies determined to ramp up their businesses, the growing pains can prove to be at best irritating distractions from the ‘big picture’ or at worst disastrous stumbling blocks. Founding directors of a new company may have rich work experience, but this does not guarantee success and the success may not be immediate. They will need to work hard to survive. You may have heard statements like, “only 50 per cent of new enterprises succeed within their first year,” yet research in the US debunks this, showing it is actually more like 66 per cent who survive their first

two years, but significantly only 44 per cent beyond five years! The statistics indicate that building a sustainable new business is the most risky period of a firm’s evolution. It may be they have never reached a viable scale and gave up, or they may have tried to grow too quickly and stumbled. To support SMEs, government incentives are obvious and sensible - creating three more jobs in a micro company may just double its headcount, and similar moves may be replicated across the SME economy to fuel jobs-led growth. I think it is crucial to help SMEs survive. Business owners and small business-managers need to think more widely and consciously about what could wreck their plans. They should not only learn from their small mistakes but avoid the catastrophic one that would wipe them out. Network extensively, not only to do more business, but to learn from others’ successes and failures. Seek help, firstly by knowing what is already available for free, but also aim to pay the right professionals to help you further. About the Author Andrew Vine is the founder of The Insight Bureau, a micro business incorporated in 2006 in Singapore, and also in the UK, which does business with clients across the world, but employs only five people.

Building Networks Connecting Business Creating Opportunities

Feature

W W W. B R I T C H A M . O R G . S G

The Good, The Bad and The Downright Ugly –

George Osborne’s Third Budget By Martin Rimmer

It can be tempting to think of the annual Budget Report as a bit of an irrelevance given that most of us are fairly well removed from the UK tax system. Yet amidst all of the post-Budget headlinemaking news about Granny Taxes and the like, there were a number of important announcements which affect us here in Singapore.

The Good

First of all, the Budget confirmed that the Personal Allowance would rise to GBP 8,105 on 6th April 2012 and still further to GBP 9,205 on 6th April 2013. Although not a surprise, this is welcome news for anyone who still has UK taxable sources of income. Secondly, for those who have a stake in businesses which suffer UK corporation tax, the news is even better. A reduction in the headline rate of corporation tax to 24% on 1st April 2012 makes the UK the lowest cost corporate tax environment in the western world, with a further reduction to 22% coming in from 1st April 2014. In the scramble to position the UK for the best possible economic recovery after the banking crisis, the Government appears to have chosen corporation tax reduction as the best means of enticing investment and jobs into the UK, and to tell the world that the UK is, once more, ‘open for business’.

Third, the Government has decided finally to do away with the rather archaic concept of ordinary residence, which no-one other than the legislators ever truly understood anyway. This will help to make residence issues clearer when the draft legislation for the long awaited Statutory Residence Test is finally published….apparently any day now. Watch this space!

(GAAR), which potentially has the power to put paid to plenty of perfectly legitimate and reasonable tax planning. We will have to wait to see exactly how the consultation is framed, but it could become necessary for many to bring their tax planning forward in anticipation of some awkward new legislation.

Fourth, the Government has also decided to look at increasing the inheritance tax exempt amount which can pass from a UK domiciled person to their nonUK domiciled spouse. At present this is GBP 55,000 in addition to the standard ‘Nil Rate Band’ of GBP 325,000. I have seen commentators already speculate that GBP 55,000 could be raised to GBP 325,000, which, if true, would amount to a generous inheritance tax saving of up to GBP 108,000.

The Ugly

The Bad

For those who wish to purchase residential property for GBP 2m or more, a new stamp duty land tax rate of 7% will apply to all purchases of UK residential accommodation – the new rate came into effect on Budget Day (21st March 2012). George Osborne also announced plans for a new ‘General Anti-Avoidance Rule’

For an investor who is domiciled outside of the UK, it is quite common to buy UK residential property through an offshore company, as this provides complete sheltering from Inheritance Tax. However, many also use offshore companies as a means of transferring real estate in a way which avoided a substantial amount of stamp duty. In consequence, the Chancellor announced an unprecedented rise in stamp duty on residential property purchased by what he called ‘non-natural persons’ (i.e. companies, unit funds and other special purpose vehicles). From 21st March 2012, the new rate of stamp duty is a staggering 15%. And if this wasn’t bad enough, the Chancellor has unveiled plans to consult on a new annual levy to apply on the residential real estate held by offshore companies, and a second consultation to look at applying Capital Gains Tax on gains

Building Networks Connecting Business Creating Opportunities

realised from the sale of residential real estate by a non-resident company or other ‘non-natural person’. For private individuals hoping to avoid inheritance tax by holding their properties through an offshore company this is a bit of a disaster. However, for the most part inheritance tax can still be avoided in large part by funding the property using a mortgage, and taking life assurance written in trust for the balance of any personal funds which are used to purchase the property. Expect to see a significant migration of residential property out of non-UK structures within the next year or so, though of course the question now is how to do so in a way which avoids stamp duty. I think I may have found a way of doing this.

Feature: The Good, The Bad and The Downright Ugly - George Osborne’s Third Budget Suffice it to say, as far as real estate investment in the UK is concerned, there has never been a greater need for proper personal tax planning advice – and that is of course something that The Fry Group can provide. In closing, you will be heartened to learn that the Chancellor actually also mentioned Singapore by name in his budget speech! The government has announced extra funding to improve broadband coverage in 10 cities, saying that it is not content to be the best in Europe “when countries like Korea and Singapore do even better”! We all know that Singapore has a great deal more than fast broadband to commend itself to the UK Government, not least of which is a tax system which is transparent, easy to understand and easy to plan for!

If you would like to discuss how the budget affects you, please don’t hesitate to get in touch.

About the Author Martin Rimmer is Head of Tax – Asia Pacific at The Fry Group and is based here in Singapore. The Fry Group is a Private Client specialist in UK taxation planning and wealth management. For more than 110 years it has focussed on the particular financial needs of British expatriates and is the trusted long-term adviser to many clients in Singapore and around the world. The Singapore office is located at #13-03, 6 Battery Road. More information is available at www.thefrygroupsg.com

Building Networks Connecting Business Creating Opportunities

Feature

W W W. B R I T C H A M . O R G . S G

Singapore Budget:

Will This Worsen a Tight Labour Market? By David Sandison and Charles Collett

This year’s Budget was introduced as a “Budget for the Future” and indeed the timing of its impact may be the key question. While the focus was clearly on addressing longer-term challenges, some sectors may be regretting the lack of immediate measures to encourage short-term growth in the midst of a global slowdown.

to deliver growth in a relatively tough economic climate.

In particular, there is likely to be some trepidation over the reductions in dependency ratio ceilings (which specify the maximum proportion of foreign workers that companies can hire) as well as possible further foreign worker levy hikes. These measures come on the back of the recent tightening of employment-pass criteria.

However, there were welcome enhancements to the Productivity and Innovation Credit tax incentive (for the second year in a row) and a long-awaited clarification on the taxability (or rather exemption) of share disposals meeting certain thresholds.

In a year when Singapore’s GDP growth is estimated to reach between only one and three per cent, some may question whether this is the time to initiate such immediate restructuring of the workforce and economy. In addition, what may preoccupy the minds of most CEOs is whether the tight labour market is likely to worsen in the shortterm as a result of this Budget, and how they will continue to have the right talents

Expectations were never high amongst the business community. None of them were looking forward to or expecting significant headline-grabbing measures in the Budget, in the light of reduced economic forecasts.

These were arguably the highlights among relatively slim pickings for the larger business in a Budget which was clearly targeted at small and medium enterprises, as well as the man in the street. The Singaporean Government has pursued a commendable social agenda. The main beneficiaries of this Budget are the low-income, elderly and disabled. Aside from a number of generous subsidies and tax breaks for such groups, a key theme

involved empowering these Singaporeans to work gainfully and to increase their productivity, skills and earning power. Most businesses will welcome these attempts to address the tight labour market while recognising the need to reduce the dependency on foreign workers. However, it is clear these types of measures are indeed future-oriented and may take years to achieve their aim. In addition, their effectiveness of these measures will vary from industry to industry and from job to job. About the Authors David Sandison - David is a partner in the firm’s tax practice and has some 28 years of tax experience, 20 of which have been in the Singapore and Southeast Asian tax and business environment. Charles Collett - Charles is an international tax manager with PwC Singapore and has been working in the PwC global network since 2004. Charles holds a variety of qualifications in taxation and wider commerce.

Building Networks Connecting Business Creating Opportunities

Feature

The Foreign Account Tax Compliance Act (FATCA) By Gary Haran Doyle

In an effort to curb perceived tax abuses by US persons with offshore bank accounts and/ or investments, the United States Congress enacted the Foreign Account Tax Compliance Act (FATCA) in March 2010. This new legislation (effective as of July 2013) is aimed at the identification and disclosure of US persons with offshore accounts, and includes a new withholding regime that imposes a penal withholding tax on certain foreign entities that refuse to disclose the identities of these US customers.

W W W. B R I T C H A M . O R G . S G

The new rules require foreign financial institutions (FFIs) to provide the Internal Revenue Service (IRS) with information on certain US persons invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The fundamental premise of FATCA is that an FFI will be subjected to a 30 per cent rate of withholding on all withholdable payments (basically US Fixed or Determinable, Annual, Periodic (FDAP) income and the gross sales proceeds on sales-of-securities that generate US dividend or interest income) unless the FFI enters into a legally-binding agreement with the IRS, under the terms of which it agrees to identify US accounts and reports certain information on these accounts to the IRS. The US government has recently announced an inter-governmental approach to enable FFIs to report directly to the tax authority in the FFI’s home jurisdiction. Further details on this approach are yet to be released. However, at this stage it appears that this will not significantly change what the FFI is required to do.

What Should FFIs Be Doing?

Given the time it will take to make the process changes and systems modifications necessary to become FATCA-compliant (approximately 18 to 24 months), it is imperative for your institution to at least conduct an initial impact assessment so that you can plan your response. There are a number of proactive steps an organisation should consider undertaking immediately. Such steps include:

About the Author Gary Haran Doyle, Director, Advisory, KPMG Singapore Gary provides advisory services to financial institutions in the ASEAN region across a range of banking

1 Educating senior management. Implementation of FATCA will be complex, onerous and costly. Senior management needs to be made aware of the potential costs and consequences of noncompliance. It is imperative to obtain senior management buy-in at this early stage. 2 Identifying client types (US, Non-US and Unknown status). FATCA applies differently to each of these types. Therefore defining a process of how to deal with each of these will be necessary. 3 Identifying all client files that may need remediation work. For example, those that have legacy clients whose KYC did not include country of birth or passport details or ultimate ownership of corporate clients. 4 Identifying processes and procedures that impact these clients or products. Ensure that procedures are in place to capture missing data, and consider starting ‘look-back’ reviews to gather data required for continuation of existing services. 5 Identifying key personnel within each affected business area, with a view to assembling a core project team. This team should incorporate expertise from a withholding-tax and operations perspective, as well as legal, IT, compliance and risk specialists. 6 Carrying out a high-level system analysis. This should include a review of core accounting-systems to determine whether FATCA withholding is possible with the system. If not, the organisation has to consider upgrading the system so that it can.

products and projects. Gary has implemented AML, KYC and CDD business solutions, as well as managed technical projects in areas such as finance, payments, operations and compliance.

7 Consider potential conflict locations. While it is possible that the US government may not enforce compliance locally where there is directly conflicting banking secrecy legislation, this has been done in the past and the risk or reward of continued ‘business as usual’ in a noncompliant jurisdiction requires assessment, as the 30 per cent withholding-tax will likely be applied regardless of local law for non-compliant institutions. Pre-emptive identification of local-country legal issues is a ‘must’, whether or not your organisation currently operates in jurisdictions where there are prohibitions on disclosing customer-account details. 8 Promoting client awareness. FATCA’s withholding rules will have a large impact on some clients; therefore, education is critical. Depending on the relationship, this education may be as limited as an explanation of changes in the treatment of client accounts, or as extensive as conducting formal workshops or one-to-one meetings with high-networth clients. Ensuring your organisation is FATCAcompliant cannot be viewed as an internal tax-function project. To be FATCAcompliant, there could be significant systems enhancements required, a multitude of changes to the controls and procedures utilised when opening new accounts or establishing new relationships, and the reworking of many operational processes. This will require a devoted and multifunctional project team.

Building Networks Connecting Business Creating Opportunities

Feature

Back To Britain —

The Key Tax Planning Issues By Philip Munro When British expatriates arrive in Singapore, they are usually aware of the tax benefits of their move. However, they will not often consider what steps they can take to improve their tax position, sometimes significantly, before returning home. This article gives an overview of UK pre-immigration planning which can be complex. First, it is worth noting that the UK treats each party to a marriage as a separate taxpayer for income tax and capital-gains tax (‘CGT’) purposes. If one half of a married couple returns to the UK but their partner does not, the partner will not

necessarily become a UK tax resident. That said, the current guidance on tax residency issued by HM Revenue & Customs (‘HMRC’) sets out a number of tests of British fiscal residency. One such test is that an individual’s professional, familial and social connections suggest that they are a British resident. It is understood that HMRC places significant weight on the location of a spouse in applying this test. The UK tax year runs from 6 April in one year until 5 April in the following year. If an individual arrives in the UK midway through a tax year — they are, in principle, liable to foot tax on income and gains

that arose before they became a UK tax resident. There are, however, concessions that modify the position and allow for a split-year treatment. The concessions for income tax and CGT are different in their requirements and they may not necessarily be available to a shorterterm resident of Singapore. Accordingly, careful consideration must be given to the requirements of the concessions to see what pre-return income and gains will be brought into account. If the concessions are not available, any pre-immigration planning in those planning steps will need to be taken in the tax year before their return to the UK. It should also be borne in mind that the UK has a CGT clawback rule. This can result in gains being realised while a non-UK resident is being taxed in the year of return if five entire tax years have not been spent as a non-UK tax resident.

CGT planning

Capital gains are today computed for CGT purposes by deducting any allowable expenditure from the disposal proceeds. A period of non-UK residency during the ownership of an asset is not generally relevant in computing a CGT liability on its disposal. Accordingly, sensible planning

W W W. B R I T C H A M . O R G . S G

may be required for an expatriate to dispose of assets standing at a significant gain before making a return to the UK while he is outside the scope of CGT.

Income tax

The UK has a particular tax regime applicable to offshore funds. It was introduced to discourage investors from placing their money in offshore collective vehicles. Where it applies, the regime acts to convert capital gains realised on investments in offshore funds without a ‘reporting fund’ status into income for UK tax purposes. This conversion can be unfortunate because the UK’s rates of income tax (40 per cent and 50 per cent at the top rate) are significantly higher than the rates of CGT (28 per cent and 18 per cent). Expatriates returning to the UK may prefer to move fund investments into ‘reporting fund’ funds before their return. This movement will avoid gains being subject to income tax. For individuals who may not remain in the UK long-term following their return, an attractive method of planning may be to invest through an offshore insurance bond before their return. The UK has a particular

regime for taxing insurance bonds. If an investor places a single lump sum with an insurance provider (usually non-UK based), it is possible for the insurance company to provide a modest amount of life insurance for the investor (perhaps using one per cent of the premium) and to invest in the balance. The UK does not tax returns within the bond itself. This tax arrangement means that the investment returns within an insurance bond roll up gross and compound without tax. The insurance bond legislation in the UK contains particular provisions that can confer significant advantages in certain instances. Notably, policyholders can withdraw up to five per cent per year of the original premium invested without any tax charges arising. If the five per cent for a particular year is not withdrawn, then it can be extracted (again on a tax-free basis) in future years. This extraction can be a very useful way of accessing funds whilst continuing to accrue a gross ‘roll-up’ in relation to the balance of the premium invested. If more than five per cent is withdrawn in a year, an income tax-charge applies. Traditionally, as with now, income tax-

rates have been higher than CGT rates in the UK. The benefits of the insurance bond need to be measured therefore against the risk that they can, in effect, convert capital gains-returns into an income tax event. That said, it is possible to break an insurance bond during a period of future non-UK tax residency without a UK income tax-charge arising. This flexibility means that insurance bonds can be attractive vehicles where a period of residency in the UK is to be followed by further time abroad. Individuals returning to the UK usually have enough to think about without worrying about their tax position. However, taking the relatively straightforward step of obtaining information on tax planning in the tax year prior to their return to the UK and completing a full review of their position will ensure that they can take full advantage of their tax planning options. About the Author Philip Munro is an international estate and trust specialist at the law firm of Withers. He is qualified to practise in England & Wales and Hong Kong. philip.munro@withersworldwide.com

Building Networks Connecting Business Creating Opportunities

Feature

W W W. B R I T C H A M . O R G . S G

Fundamentals in Commodities Investing By Barclays Over the last few years, commodities have grown as an asset class for both institutional and retail investors. In a recent institutional investor survey conducted by Barclays, 69 per cent of respondents noted that they intended to either initiate or increase their exposure to commodities.

Building Networks Connecting Business Creating Opportunities

Investing in commodities is not a simple proposition. The asset class is extremely broad and taking a ‘one-size fits all’ approach to investing in commodities is dangerous. Yet, as many investors are moving into commodities for the first time, it is unsurprising that the investment community is still coming to terms with the fundamental drivers of commodity prices. In this article, we hope to provide insight into both the macroeconomic environment and the long-term drivers of commodity prices.

Macroeconomics and Commodities Investment

We live in an era where lifestyle changes are now dominating the demand for commodities. The rise of new economies has created multiple consumption patterns that are reflected by rising — and often volatile — prices. Commodities, therefore, are closely linked to technology, fashion and lifestyle assets. For example, in the last century we moved from posted mail to e-mails, reducing reliance on wood and increasing consumption of energy. Other factors,

Feature: Fundamentals In Commodities Investing

such as the uncertainty in supply brought about by natural disasters, monopolies and conflict, or the disruption in demand due to fluctuating inventories or consumption, have also affected the price of commodities. This rise of new economies has fuelled a phenomenal increase in consumption that has not been met by a similar change in supply or manufacturing. This higher demand with a low supply is likely to contribute to rising commodity prices. Clearly, demand for commodities is a significant factor contributing to rising inflation in both rapidly industrialising economies and in countries that import raw materials, such as the United States and Germany. Since the credit crisis in 2008, emerging market currencies have rallied by more than 22 per cent against the US dollar. In addition, the S&P GSCI Index of commodities has also rallied by almost the same amount to December 2010. In real terms, consumption-based economies (rather than commodity-producing countries) have not seen real increases in commodity prices that are quoted and traded in US dollars during this period.

This means the demand for commodities remains relatively unchanged and, hence, makes US dollar-quoted commodity investments potentially attractive. Demand appears to be playing a more important role in determining commodity-pricing and as consumption patterns change, the price of commodities and their importance in our life, likewise, change.

The Business Cycle

Commodity prices are universally understood to correlate with the business cycle. The demand for commodities is largely driven by consumer and industrial uses, which fluctuate at different phases within business cycles. Among the different sectors, the demand for agricultural commodities is generally less tied up with business activities when compared to others. In contrast, energy and industrial metals are typically influenced by business activities and consumer confidence. An exception to the rule might be precious metals — particularly gold — that are generally considered a safe-haven currency rather than a commodity.

W W W. B R I T C H A M . O R G . S G

In the early expansion stage of the business cycle, prices of commodities generally follow moderate uptrend. This stage starts with supportive monetary and fiscal policies; manufacturers start to build inventories and consumers gain confidence as unemployment falls. The yield-curve slopes upwards and the stock market rises. Both industrial metals and energy are likely to gain in this cycle, especially crude oil, which is widely used in industrial production and consumer consumption such as transportation. In the peak or late expansion stage, commodities prices continue their upwards trend. The late expansion stage is normally characterised by a flattening yield-curve, volatile stock markets, soaring labour costs, high inflation and restrictive monetary-policies. Yet, unlike equity markets, commodities perform strongly in this stage. Here, gold becomes attractive to investors as a safe-haven currency and a means to preserve purchasing power. In the third stage of the business cycle, economies tends to grow at a very low rate, or even fall into recession. Commodities markets here suffer as inflation and demand both decrease. This stage is normally characterised by supporting fiscal and monetary policies, negative returns on stock markets, increasing unemployment and low inflation or deflation. Most commodities tend to experience large price corrections during this period. As the use of derivatives increases, fluctuations can be large. During this stage, gold tends to suffer less compared to the other two sectors as investors pull money from risky assets and invest in safe-haven currencies and securities. In the fourth and early recovery stage, commodities prices begin to recover. Yet, given that investor confidence remains weak, prices continue to be volatile. This stage is normally characterised by low short-term interest rates, recovering stock markets, moderate recovery of the job market and increasing inflation. Manufacturers also start to build up their inventories to prepare for the full

recovery. Energy and industrial metals tend to recover during this period. Although these findings provide valuable insight, let us not forget about the ‘highs’ reached by commodities in July 2008 and the fact that these prices have not yet been attained, despite other risky assets reaching that point in 2010. This is because predicting changes in the cycle is simply not straightforward. The 2001 ‘dot-com’ crash and 2008 credit crisis were driven by different factors and fundamentals. In addition, global dynamics are changing, and these introduce further complication as commodity markets are closely tied with economic activity and growth.

consider the information or commentary contained in this communication to be objective or independent of the interests of Barclays and should assume that Barclays is an active participant in the markets, securities (or related derivatives), investments or strategies contained herein. No liability whatsoever will be accepted for any direct, indirect or consequential losses arising from the use of this document or reliance on the information contained herein. No representation is hereby made as to the accuracy or completeness of information which is contained in this document and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. Past performance contained herein is no indication as to future performance.

Disclaimer

This document does not have any regard to the specific investment objective, financial situation and the particular needs of any specific persons. This document should not be regarded as an offer or solicitation to sell any investments in any jurisdiction. The commentary set out herein does not constitute research. The information in this document is not intended to predict actual results and no assurances are given with respect thereto. Barclays, its subsidiaries, associated companies or affiliates and the individuals associated therewith may (in various capacities) have positions or deal in the transactions or securities (or related derivatives) identical or similar to those described herein. Readers should not

Funds and Advisory at Barclays is the asset management unit of Barclays and provides a broad range of services to institutional clients and distributors globally. BCFS manages £18.23 billion* on behalf of clients globally with a dedicated team of over 100 investment professionals and operations specialists. A wide range of strategies are available for investors, including commodities based portfolios delivering absolute returns. For further information about BCFS, please visit our web site www.barcap.com/bcfs

Your personal, spacious haven onboard We understand that true luxury means having the freedom to stretch out and unwind in privacy. So when you travel in First you can sink into a comfortable seat thatâ&#x20AC;&#x2122;s 60% wider at the shoulder and converts into a fully flat bed for a great nightâ&#x20AC;&#x2122;s sleep. Discover more at ba.com/first

Our new First is progressively being rolled out and is available on selected international flights from Singapore to London and Sydney.

Building Networks Connecting Business Creating Opportunities

The Queen’s

British High Commission / UKTI: Special Feature

Diamond Jubilee Celebrations By Sarah Croft

©V&A Images

W W W. B R I T C H A M . O R G . S G

Building Networks Connecting Business Creating Opportunities

British High Commission / UKTI: Special Feature: The Queen’s Diamond Jubilee Celebrations

2012 is a momentous year for the UK, not least because this year marks Her Majesty The Queen’s Diamond Jubilee. Celebrations have already begun in the UK and other Commonwealth realms and countries around the world, but the highlight for Singapore will be the visit of Their Royal Highnesses the Duke and Duchess of Cambridge, later this year. There is already great excitement about their visit and we are in discussions with the Palace to agree a full programme of events and activities to showcase the best of Singapore. The eyes of the world will be on the city during their stay and this visit will only help to reinforce the strong relationship between Singapore and the UK. The Queen started the Diamond Jubilee celebrations on 8 March 2012 with a visit to Leicester with The Duke of Edinburgh and The Duchess of Cambridge. From March until July, The Queen and Duke of Edinburgh will continue their tour across England, Scotland, Wales and Northern Ireland, while many other members of the Royal Family will visit every Realm, Commonwealth country, Crown Dependency and British Overseas Territory. One clear theme that has emerged throughout every speech made by The Queen for the Diamond Jubilee so far is the power of togetherness, the strength of family, friends and good neighbourliness. To continue this theme, we are encouraging those in Singapore who wish to join in with celebrations to arrange your own ‘Big Lunch’ or participate in those already arranged by the British communities in Singapore, including the British Club and British Association.

We will be joining in wherever we can to celebrate this historic milestone. For those of you who may be visiting the UK during this time, we have a handy guide to all the events taking place around the Diamond Jubilee central weekend. Saturday 2 June 2012: The Queen will attend the 2012 Investec Derby at Epsom Downs Racecourse. Sunday 3 June 2012: The Big Diamond Jubilee Lunch will see friends, families and neighbours come together and celebrate The Queen’s 60 year reign. Sunday 3 June 2012: The Thames Diamond Jubilee Pageant will see up to 1,000 ships make their way down the Thames. The Queen and The Duke of Edinburgh will be aboard the Royal Barge, which will form the centrepiece of the flotilla. Monday 4 June 2012: The BBC Diamond Jubilee Concert takes place in the grounds of Buckingham Palace, with some of the biggest names in music performing for The Queen and Royal Family.

W W W. B R I T C H A M . O R G . S G

Monday 4 June 2012: The Queen will light the National Beacon, the first of at least 2,012 beacons to be lit across the UK, Channel Islands, Isle of Man, the Commonwealth and other countries around the world. Tuesday 5 June 2012: The central weekend celebrations end with a Service of Thanksgiving at St Paul’s Cathedral and a formal carriage procession.

Then and Now

The Chartered Institute of Personnel and Development recently published a report that takes a look at how the working world has changed over the past 60 years of the Queen’s reign.

the current financial crisis that has been credited as the longest and deepest during the Queen’s reign. In the 1950s, Britain was seen as one of the leading nations for trade, with manufacturing making up 40 per cent of the total workforce. This saw a steady decline in the British economy, and with globalisation, came lower-cost options from overseas.

With the introduction of a Twitter feed, YouTube channel, website, Flickr and Facebook page, The Queen has embraced the rapid growth of the digital age. The world continues to change at an everincreasing rate, as it has over the past 60 years. The Queen and Royal Family remain the one constant for the people of the UK and the Commonwealth.

In today’s world, the UK economy is often referred to as a service economy with the services industry accounting for more than 70 per cent of GDP (gross domestic product) growth.

When Princess Elizabeth received the news of her accession to the throne, Britain was still recovering from World War II. Identity cards were a necessity and food rationing was still part of daily life.

There appears to be little changed in the amount of work undertaken, however it is clear the workforce in today’s world is far more productive, with the value of the output around four times greater than that of the early 1950s. Basically people today are working smarter, not harder.

The first dip in economic growth was noticed in 1952, together with an increase in unemployment rates, however it is

In the past 60 years, the world has gone through social, industrial and economic change and will continue to do so.

The full report, Britain at Work in the Reign of Queen

Elizabeth II is available at www.cipd.co.uk/publicpolicy

Building Networks Connecting Business Creating Opportunities

British High Commission / UKTI

W W W. B R I T C H A M . O R G . S G

It’s Not Only Fish and Chips with Warm Beer:

The UK Food and Beverage Sector in the 21st Century By Sarah Croft The UK’s food and drink manufacturing industry is the single largest manufacturing sector in the UK; with a turnover of £76.2bn (S$152bn), representing 16 per cent of total UK manufacturing. This is an impressive achievement for an industry with ancient roots and that is made up from comparatively modestly-priced items. This is especially true when it is compared to modern, high-value sectors such as the automotive or aerospace industries. Moreover, it is testament to the sophistication of an industry which invests over £1bn (S$2bn) per annum in R&D. In 2011, this investment resulted in over 8,500 new food and beverage products. This cycle of investment, R&D, and innovation helps account for the success of this industry in the export market. Exports of British food and non-alcoholic drinks account for around £11bn (S$21bn) per annum; 77 per cent of which go the European Union. This makes the UK the world’s eighth largest exporter of food and drink; not bad for a small and heavily urbanised island.

UK Exports to Singapore

UK exports of food and non-alcoholic drinks to Asia increased by 18.2 per cent, while those to Singapore increased by 26.4 per cent, from £16.4m (S$32m) to £20.7m (S$40m), in the first half of 2011. This is evident in the growing number of British products on the shelves of supermarkets and speciality stores, as well as in the dynamic restaurant and finedining sectors. The products range from

the well known, those that are tried-andtested, teas, biscuits, preserves and dairy, through to newer healthy drinks, organic products, appetising pickles, dressings and ethnic sauces. They are available at a wide range of outlets from supermarkets such as Cold Storage, Fairprice, Mohamed Mustafa, Carrefour and Meidi-Ya to speciality outlets such as Supernature, Brown Rice Paradise, Jones the Grocer, Cut the Mustard, to name just a few. The latest development for British food producers is the lifting of a long-standing ban by Singaporean authorities on the importation of UK venison and feathered game. This is very much a step in the long process towards the eventual lifting of the ban on British beef. There is continued interest by Singaporean retailers and distributors in visiting the UK to source new product lines that are suitable for the discerning customers in Singapore. UK Trade & Investment regularly takes buyers to the UK. In turn, British companies are coming over to Singapore to take advantage of Singapore’s location, infrastructure and sophisticated customer base, to start businesses here, moving on outwards to the region. Thirty or so such UK companies were at the Food and Hotel Asia exhibition in April, offering an exciting range of products including salmon, lamb, sausages, cheese, healthy drinks, shortbread, biscuits and various speciality products. UKTI is supporting their efforts and promoting this opportunity for Singaporeans to savour

UK Export Statistics

2011 Top Line Performance • The export performance of UK food and non-alcoholic drinks in the first half of 2011 was much stronger than many would have predicted, growing by 13.1 per cent to £5.8bn (S$11bn). • This growth was split: exports to the European Union were up 12.6 per cent; and to non-EU markets up 14.8 per cent. • Exports, including alcoholic drinks, were up 15.5 per cent in 2011. This includes a particularly strong 21.4 per cent increase in the key whisky sector.

Building Networks Connecting Business Creating Opportunities

British High Commission / UKTI:

The UK Food And Beverage Sector In The 21st Century

Case Study

More British Products Making Their Way to Singapore. Leading supermarket chain, Cold Storage, is set to bring more British food products to Singapore following a recent UKTI ‘Meet the Buyer’ event.

the UK’s traditional strengths as well as the continual innovations in the sector.

Export Sectors

Particularly strong growth in the first half of 2011 was seen in: Dairy sector including cheese; fruit and vegetables; meat (driven by beef); fish and seafood; prepared foods (driven by ice cream ); cereals and bakery products; alcoholic and non-alcoholic drinks; tea; coffee; and confectionary. The UK offer is diverse: Indian sauces to Spain, cheese to Japan and breakfast cereals to China; all supported by considerable R&D, innovation and a commitment to quality. The most striking point is that British food abroad is no longer a niche item or limited to those expat treats we all love and miss (HP sauce, Bird’s custard, Marmite) but the offer now also includes mainstream lines which form part of anybody’s weekly shop.

About the Author Sarah Croft Director, Trade UK Trade & Investment

Exports Action Plan

On 27 January 2012, Defra, UK Trade & Investment (UKTI), and industry announced Driving Export Growth in the Farming, Food and Drink Sector: A Plan of Action. This Action Plan is intended to export growth in the farming, food and drink sector by: • Working to open markets and removing trade barriers • Helping to build a business mindset of exporting as a key route to growth • Encouraging more SMEs to explore overseas opportunities and supporting those who already export to do more • Shifting the focus of the sector towards the opportunities of emerging economies where there is the greatest future-growth potential Further information: On export Strategy: http://www.defra.gov.uk/publications/files/ pb13702-food-export-actionplan.pdf On F&B statistics: http://www.fdf.org.uk/statsataglance.aspx General information and follow up: contact Valsa Panicker at the British High Commission.

“Once again, UKTI officers from around the world had identified exactly the right buyers and the right brands to put in front of them,” said David Hill, Managing Director of Cocoda Ltd. Cold Storage, is well known for bringing in exciting new products from around the world to please its customers’ sophisticated palates. With over 50 stores, including speciality stores under the ‘Market Place’ banner, Cold Storage offers over 30,000 products to Singapore’s five million population that includes one million expatriates. Cold Storage approached UKTI Singapore to explore new products from the UK for immediate introduction to its stores, as well as for a special promotion of British brands in 2012. As more Singaporeans study, work and travel to the UK, there is an increasing recognition of the quality and innovation of British products. Together with the Food and Drink Exporters Association (FDEA), UKTI organised a busy day of meetings for the five-member senior management team on 28 July 2011. Over 40 UK companies representing an exciting crosssection of UK strengths, from salmon, sausages, cheese, organic yoghurt and sea salt to baby food, ethnic sauces, chocolates, indulgent desserts, tea and

W W W. B R I T C H A M . O R G . S G

beverages met with Cold Storage. Following an initial trial order, a second order was placed with several companies, who are collaborating with Cold Storage to develop a long-term presence in Singapore. Alison Lee-Wilson of Anglesey Sea Salt said ‘Having visited Singapore in the past I was well aware of the potential for Welsh, artisan foods in the retail market. I was delighted to be given the opportunity to meet with Cold Storage and even more thrilled when the presentation resulted in an order. I’m looking forward to visiting the Food and Hotel Asia exhibition in Singapore in April 2012 when Halen Môn will be doing a series of tastings in the Cold Storage stores’. One of the delegates at this ‘Meet the Buyer’ event in London was David Hill, Managing Director of Cocoda Ltd, who is a leading exporter of luxury British confectionery. “I’d

not done any business in Singapore before and the ‘Meet the Buyer’ event was an opportunity to do just that” said Hill. “It felt like ‘speed dating’ and was incredibly well organised and efficiently managed. Once again, UKTI officers from around the world had identified exactly the right buyers and the right brands to put in front of them.” Since the meeting, Cocoda has received four orders for Chocca Mocca from Cold Storage including its new organic range, Roots & Wings. “One can spend hundreds or thousands on trade shows for these sort of results”, continued Hill “ but this has to rate as one of the most successful 15 minute meetings Cocoda has had in recent years. I’m absolutely delighted with the outcome and all the efforts put in by UKTI to organise this event.”

Fast Facts

Cold Storage Supermarket is part of publiclisted Dairy Farm Group, a leading pan-Asian retailer, owned by British conglomerate Jardine Matterson. In Singapore, Dairy Farm operates more than 800 stores and owns local retail banners Cold Storage and Market Place supermarkets, Shop N Save supermarket, Giant Hypermart, Guardian Health & Beauty and 7-Eleven.

Building Networks Connecting Business Creating Opportunities

British High Commission / UKTI

April/May 2012

British High Commission News By Judith Slater

The last two months have again been busy for all of us at the High Commission. In addition to the abundance of customerfacing activity, we, like many of you, have been tying up loose ends as we approach the end of one financial year and plan our activity for the next. In the first week of April, we hosted our Director-General, Knowledge and Innovation at the Department for Business, Innovation and Skills, Sir Adrian Smith. His delegation met senior management from the higher education and research communities to review areas of existing collaboration and identify opportunities for increased partnerships. On 18 April, we celebrated HM The Queen’s Birthday Party. This day, 18 April also marked 100 days to the London Olympics. In late April, we hosted Sir Alan Collins, former British High Commissioner to Singapore, who is currently wearing twin hats as both the newly appointed Director-General of the Commonwealth Business Council as well as the Managing Director of UKTI’s 2012 Olympics Legacy team. This month, Lord Mayor of the City of London Alderman David Wootton will visit Singapore to promote the financial and professional services industry in the UK. In the last issue of ORIENT, I mentioned that Lord Green - our Minister of State for Trade and Investment and former Chairman of HSBC – had been in Singapore to emphasise the UK’s commitment to helping

W W W. B R I T C H A M . O R G . S G

British companies export, and also the British government’s continuing efforts to boost the UK’s status as a leading inward investment destination. This emphasis was central to the UK’s growth strategy, as articulated in the “Trade & Investment for Growth” White Paper in February 2011. On the first anniversary of this document recently, the British Government reported on the significant progress made over the last year. For example, UKTI has supported UK business to secure highvalue opportunities (multi-million pound infrastructure projects) overseas worth more than £800 million; launched new export finance products aimed at supporting smaller companies; helped over 20,000 SMEs to export and break into new high growth markets; and introduced Strategic Relationship Management for large exporters and key inward investors. In addition, the Foreign Office has redeployed more than 100 diplomats, the majority into emerging powers, to support growth and prosperity. More impressively, UK Ministers have made more than 250 overseas visits in support of British business. In 2011, the UK also exported almost £50 billion more goods than it did in 2010: a rise of 12 per cent, British

exports to Asia grew by 21 per cent last year, with those to Singapore growing by 11 per cent from a relatively high base. Economic growth was naturally also a central theme of Chancellor George Osborne’s recent budget. The corporate tax rate in the UK will be reduced from 26 per cent to 24 per cent from April, with a further reduction to 23 per cent by 2013, and again to 22 per cent by 2014. This reduction will give the UK the fourth lowest corporate tax rate in the G20. Moreover, what was relevant to readers of ORIENT were tax incentives to support the video gaming, animation and high-end television industries, as well as a tax cut on patents to encourage technological and biochemistry initiatives. Finally, the creation of 24 Enterprise Zones, offering tax breaks and simpler planning rules, has also been approved, with the potential to create thousands of jobs by 2015 across a broad spectrum of sectors. All of these measures signal clearly that the UK is “open for business”. During Lord Green’s recent visit, he also met with Singapore Minister of State, Ministry of Trade and Industry Mr Lee Yi Shyan, who agreed to use the UK-

About the Author Judith Slater Deputy High Commission Director of Trade and Investment

Singapore Economic Business Partnership (EBP) to promote collaboration between our companies in third markets such as China. Mr Lee offered to take Singaporebased UK companies to Tianjin, China. He also initiated a flagship bilateral cooperation project between China and Singapore that created a sustainable development model meeting the needs of a rapidly urbanising China. To this end, we are working with the Sino-Singapore Tianjin Eco-City (SSTEC) to organise an ‘investment seminar’ to highlight the opportunities and local governmental incentives that might be available for British companies choosing to set up office in Tianjin. This seminar will be wellpublicised by the British Chamber and the British High Commission. Find us on the web: http://ukinsingapore.fco.gov.uk/ http://twitter.com/UKTI_Singapore http://facebook.com/UKinSG

Building Networks Connecting Business Creating Opportunities

At The Chamber

W W W. B R I T C H A M . O R G . S G

Dear Members, As you will certainly have noticed this April/May issue of your ORIENT magazine is presented with a modern, contemporary design and layout. We worked together with our publisher Novus Media Solutions to improve and enhance what reputably is one of the best Chamber magazines in Singapore and the Asia region. I hope you like your ORIENT’s new look! Please do give me your feedback and comments to share with our Board, the team and the publisher. Your Chamber’s programme 2012 is packed with activities, and amongst these are the following key flagship events and initiatives on which we are now working on:

Brigitte Holschneider Executive Director, British Chamber of Commerce

•

The Annual Chamber Golf Day on the 31st of May in Sentosa; most of the flights have already been booked, so if you are a golf enthusiast and have yet to secure your place you may want to log on to www.britcham.org.sg and do so.

•

Our 3rd Annual Rugby Dinner takes place on the 7th of June in the Shangri-La Hotel. If you are looking for a fun evening, filled with good company and entertainment, bring along your colleagues and friends and join Justin Sampson, Martin Corry, Paul Wallace and Peter FitzSimons!

•

The 13th Annual Business Awards is now open for nominations. We are very pleased that our official supporters; EDB, SPRING, SBF, EuroCham and UKTI are all on board again this year. You’ll find a copy of the updated nominations guide in this magazine and all further details under www.bccbusinessawards.com. The grand finale and awards presentation will take place on the 4th of October in the Shangri-La Hotel. Remember, if you do not compete, you can’t win!

To celebrate and commemorate a very special year for Britain, the Queen’s Diamond Jubilee year, the Chamber is going to publish an exclusively designed coffee-table book. Scheduled for completion on 1st September 2012. This book will feature the history of British commerce in Singapore intertwined with the sixty years of Her Majesty’s reign. What an ambitious and exciting project! Every member will receive a copy and will also serve to reach out to the key players in Singapore’s government and the country’s business community. To conclude, I would like to inform you that our Events Development and Business Enhancement Manager, Erica Hegarty, has stepped down from her role to pursue personal interests. I would like to thank Erica for her contribution to the Chamber’s events calendar and wish her all the very best for her future endeavours. Ms Hima Patel joins the team on May 3rd replacing Erica. Hima has a strong background in events, having worked in the British Chamber of Commerce in Shanghai and for the last three years in the New Zealand Chamber of Commerce in Singapore. I look forward to seeing you at our AGM in Eden Hall on the 10th of May.

Best wishes,

Building Networks Connecting Business Creating Opportunities

At The Chamber

Britcham New Members Sterling Reed Personnel Services PTE LTD RICS Zurich International Life

Jon Hill William Jones Graham Morrall

Sterling Additional Allied Pickfords (S) Pte Ltd BT Singapore Pte Ltd Harriet Wood Deloitte Consulting SE Asia DHL Global Mail Garner International (S) Pte Ltd Hays Specialist Recruitment Pte Ltd HSBC Bank IP Real Estate Investments Pte Ltd Lloyds of London (Asia) Pte Ltd

Vincent Carthigasu Allan Tseng John Ryan Sanjay Yadave Talib Yousry Aditya Agarwal Puneet Maheshwari Allen Fukada Marc Howard Daniel Maglietta Mike Wilkshire Pearly Ng Permada Darmono Sean Clark Alex Bellingham Angeline Lu Benjamin Willsher Jessica Carret Ozias Ong Paloma Lam Tim Murphy Yannick Dedigama May Hleileh Jun Er Alethea Seow Alexandra Faris Brendan Warner Carolyn Wild Chris van Gend Colin Robinson Diane Chong Hafiz Bin Zakaria Hui Zhi Pek Ian Craigs Itono Hakim Jamie Chambers Kevin Leung Li Lin Kea Matthew Cannock

Lloyds of London (Asia) Pte Ltd Oil Spill Response Limited PricewaterhouseCoopers Prudential Assurance Company Singapore (Pte) Ltd Rolls-Royce Motor Cars Limited Rolls-Royce Singapore Pte. Ltd. Standard Chartered Bank The Royal Bank of Scotland plc

Meena Surtani Minghui Huang Olga Wong Pearlyn Goh Robert Elliott Robert Knight Sam Drury Sarah Ching Shankar Garigiparthy Simon Moi Simon Taylor Geeva Varghese Gemma Benns Hwee Tin Lim Joselito Guevarra Sheau Jiun Teo Wan Jiuen Lau Xin Dong Gareth Morgan Jaykumar Shah Marcus Ikin Zaheer Minhas Jin Li Tay Eszter Haberl James Warren Darren McCormick Duncan Cooper Benjamin Arnott Emma Duncombe Hew Gill Marc Davies Sarah Webster Manfred Schmoelz Patricia Choo

Corporate Plus Grey Group Asia Pacific

Nirvik Singh

Corporate Plus Additional 8build Pte Ltd Puay Hong Tan Allens Arthur Robinson TSMP Nicholas John Campbell Church Steven Potter Coutts & Co Ltd Sarah Smith

W W W. B R I T C H A M . O R G . S G

EA Consulting Group Expat Insurance Friends Provident International Ltd (Singapore Branch) Grass Roots Asia Pacific Grayling Asia Pte Limited Hallin Marine Singapore Pte Ltd Ince & Co Singapore LLP Kennedys Singapore LLP Keppel Corporation Limited KPMG LLP M Moser Associates Mazars LLP Resorts World at Sentosa Pte Ltd Rothschild (Singapore) Limited The Fry Group

David Morris Sheila Brennan Sien Hui Quah Colin Ng Kate Sibbett Julia Elizabeth Rowley Terng Shing Chen Jas Foo Robin Acworth Karnan Thirupathy Chiau Beng Choo Chin Hua Loh Ching Chuan Lai Hee Hon Pang Hock Chye, Michael Chia Lim Heng Tay Soon Hoe Teo Tiong Guan Ong Graham Owens Christine Ho Pierre-Paul Jacquet Rowena Geronimo Chee Yuen Yap Doni Taube Edward Goh Ee Boon Seah-Khoo Greg Allan John Henry Bernard Sloane Rodney Johns Roger Lienhard Enoch Tan Ellinor De Groote Ian William Horsburgh

Corporate Cegos Asia Pacific Pte Ltd Cliftons Operations Pte Ltd dmg events Asia Pacific Pte Ltd Global Capital & Development Lodestone Management Consultants Pte Ltd Microsoft Singapore Pte Ltd New World Capital Pte. Ltd Pinsent Masons MPillay Regus Spark Design Consulting Singapore Pte Ltd VP Bank (Singapore) Ltd CH2M Hill Singapore Pte Ltd Global Financial Consultants Pte Ltd Institute of Chartered Accountants in England and Wales Jones Lang LaSalle

Jeremy Blain Daniel Tyson-Jones Paul Beckley Keith Richard Martin Stephen Wise John Fernandes Sanjay Kirpalani Jonathan Phelan Howes Andrew Tull Stephen John Pimbley Patrick Donaldson Nam Lay Tay James Booth Jane Broadfoot Hannah MacDonald

Kadence International Pte Ltd Logicalis Asia Mariflex Asia Pte Limited Michael Page International PLC New World Capital Pte. Ltd Pinsent Masons MPillay PTS Consulting Singapore Pte Ltd Regus Spark Design Consulting Singapore Pte Ltd Tanglin Trust School Ltd The Leading Hotels of the World-Singapore

Philip Steggals Lisa Milnes Ruud Cogels John Mayes Prasanna Ogale Helen Waddell James Rix Sharmain Kong Wenhui Lim Guan Heng Ling Jasmine Gladys Loh

Corporate Additional BG Asia Pacific Pte Ltd En-World Singapore Pte Ltd Global Financial Consultants Pte Ltd Kadence International Pte Ltd Mott MacDonald Singapore Pte Ltd

Sandeep Mahawar Sunil Dutta James Kniveton Kim Tyler Peter Carden

Corporate SME ATR Associates Pte Ltd Developing Global Leaders Asia Pte. Ltd. IG Markets LAMC Productions Maritime Strategies International Asia Pte Ltd Moylan Consulting Pte Ltd Portfolio Builders (S) Pte Ltd Samadhi Retreats Securewest International The Partners Visionnaire Pte Ltd

Ashish Raivadera Michael Hughes Justin Harper Laurrietta Alabons Roger Bartlett Ian Dunsmore Karen Anderson Federico Asaro John Howells Anant Deboor David Desbordes

Corporate SME Additional eVantage Technology Pte Ltd Landmark Asia M3 Marine Group Pte Ltd

Drew Graham Richard Bonnett Victoria Chua Richard Meade

Individual Anne Yap Isabelle Todd Khalid Muhmood Philip Munro Stuart Pearce

Don Mackay James Brown Michael Heath Ryan Oâ&#x20AC;&#x2122;Neill Tessa Chester

Holly Harvey Katherine Baker Paul Lambden Shaun Boulter Xerxes Medora

British High Commission Abby Chan Michael Png

Edmund Marler Rachel Lim

Malcolm Yiong

Building Networks Connecting Business Creating Opportunities

At The Chamber: Sterling News Singapore’s workforce can expect an average salary increase of 3-6% this year, according to the 2012 Hays Salary Guide. The Guide also reports that fewer employers will award bonuses, with the use of benefits rising instead. It shows that 41% of employers expect their permanent staff levels to increase and 95% say skills shortages could hamper the effective operation of their business. Access the Hays Salary Guide at www.hays.com.sg/salary, contact Hays in Singapore or download The Hays Salary Guide 2012 iPhone app.

27 February: ANZ today announced appointments to the senior leadership team for its combined Global Institutional and Asia Pacific Europe and America (APEA) Division, reporting to Divisional CEO Alex Thursby. Some of these appointments include Gilles Plante, CEO Asia, based in Hong Kong; Mark Robinson, CEO Europe, America, Middle East and India, based in London; Michael Rowland, CEO Pacific, based in Melbourne; Sameer Sawhney, Managing Director Institutional Asia Pacific Europe & America, based in Singapore; Ivy Au Yueng, Managing Director Commercial Banking, Asia Pacific, based in Hong Kong; Wendy Lim, Managing Director Retail Banking, Asia Pacific, based in Singapore. www.anz.com

Singapore, 23 March 2012. Presented by the award-winning business journalist Adam Shaw and reporter Saima Mohsin, the new series of Horizons continues its journey around the globe, visiting destinations including Brazil, China, India and the USA to discover the scientific and business ideas that could shape the future of the planet. Now in its second year, a new 10-part series of Horizons starts on Saturday 7th April on BBC World News. www.bbc.com

Award-winning Chef de Cuisine at The Cliff, Yew Eng Tong presents a brand new menu that promises a dining experience that is decadent and yet exquisite. Set in stunning interiors with commanding views of the South China Sea, The Cliff, features a show kitchen, cascading water features and a split-level platform built over lush jungle. Savour brand new dishes such as the pan seared foie gras, hokkaido scallop, oyster emulsion and exotic mains such as monkfish and quail which play up Chef Eng Tong’s daring and genius in his use of combinations and ingredients. For reservations, please call +65 6371 1425 or email thecliff@thesentosa.com. www.thecliff.sg

BT, one of the world’s leading providers of communication services, recently announced a series of initiatives aimed at doubling its business across Turkey, the Middle East and Africa. With this, global and local companies can leverage on BT’s network breadth and depth with help of additional highly qualified staff. These initiatives build on similar programmes in Asia Pacific and Latin America, where orders in the first nine months of this financial year were up over 50 per cent. For its efforts in the Asia Pacific investment programme, BT was named a “leader” in the IDC MarketScape: Asia Pacific Next-Generation Telecom Services 2011 Vendor Analysis. www.bt.com

W W W. B R I T C H A M . O R G . S G

The diversity of economic paradigms of the Asia-Pacific has resulted in more mid-market merger and acquisition (M&A) deals in the region than any other territory worldwide. The findings – from Deloitte’s latest report on mid-market deals worth US$5 million to US$500 million each – highlight Asia-Pacific’s growing weight in the global M&A market. It reported 2,066 transactions coming to the Asia-Pacific, compared to Europe’s 1,960 deals, and North America’s 1,834 acquisitions in 2011. The report was launched in Singapore at the annual Asia-Pacific mid-market M&A seminar. www.deloitte.com/sg

Rolls-Royce, the global power systems company, has grown its presence in Singapore considerably in recent years, and on the February 13th launched a new chapter in the Group’s history with the official opening of the Rolls-Royce Seletar Campus in Singapore. Singapore Prime Minister, Mr Lee Hsien Loong accompanied by Sir Simon Robertson, Chairman, Rolls-Royce plc opened the campus at an event attended by dignitaries, customers and partners. At over S$700 million, the campus significantly increases Rolls-Royce manufacturing capacity in the Asia Pacific. www.rolls-royce.com

Cognita is proud to announce the opening of the Permanent Campus of Stamford American International School this August 2012, which will offer world class learning facilities with the latest in classroom technology and IT infrastructure. Conveniently and centrally located, it will eventually cater to approximately 2,500 students in Nursery through Grade 12. For further info please email admissions@sais.edu.sg or visit www.sais.edu.sg. Stamford American International School will be holding an Open House on, May 11th at the Foundation Campus. It’s the perfect opportunity to meet Stamford’s teachers, see classes in session and learn more about their program. Please visit www.sais.edu.sg to RSVP.

Dimension Data has unveiled a comprehensive range of cloud services aimed at making it easier for companies to accelerate their adoption of cloud computing. Available globally, Dimension Data’s Cloud Services enable companies to be more agile, lower IT infrastructure management expenses and reduce cloud migration complexity and risk solutions. These solutions and services will be delivered over a global network of MCPs, which are located in each of our five regions. www.dimensiondata.com

Nokia Siemens Networks’ Facebook self-care app enables operators to let customers personally manage their telecom services, share their experiences across their social network and get rewards for recommending services to friends – it also allows operators to engage with customers directly and online. With the app, people who share their experiences and recommend services can benefit from special rates and incentives. Friends benefit from recommendations that help them to evaluate the best service package for their needs. It also provides instant access to account information, recent call duration, cost and contact details – all within Facebook. www.nokiasiemensnetworks.com

Building Networks Connecting Business Creating Opportunities

At The Chamber: Corporate News

Faithful+Gould achieves RICS Registration in Singapore and Shanghai Worldwide construction project and cost management consultant Faithful+Gould has officially registered both its Singapore and Shanghai offices with the Royal Institution of Chartered Surveyors (RICS). The registration process ensures that Faithful+Gould has adopted the most rigorous levels of conduct regulated by the RICS in Asia, so that its clients can be assured they will receive the highest quality standards of service, expertise and integrity. Asia was the first area outside of the UK for registered firms to be able to use the designation “regulated by RICS”. www.fgould.com The IT landscape and your customers are changing faster than ever. Let 4sl help you meet those changing demands. We have a proven and trademarked approach that can help you improve your service levels and save money. •

Landscape Scorecard — we canvas customers to get a baseline against which improvements can be measured.

•

Landscape Profiler — we identify exactly how your current processes are actually working.

•

Landscape Optimiser — we establish the key areas to change through prioritised action plan.

•

Execution Management — we oversee delivery of the plan to realise benefits.

Kadence International shortlisted as ‘Market Research Agency of the Year’ Market research and insight agency Kadence International Singapore has been nominated as a finalist for ‘Market Research Agency of the Year’ in Marketing’s Agency of the Year Awards 2012. Following a year of transition and transformation for Kadence’s Singapore office, performance has been the strongest ever. Managing Director Greg Clayton comments, “It is a great achievement for us and a real step forward. We are extremely enthusiastic about this fantastic platform in place and we’re optimistic that this is just the start of great times ahead.” www.kadence.com

Ascendas unveils its next generation office Leading business-space developer, Ascendas has introduced its next-generation office, which emphasises the creation of more interactive space, optimal use of natural daylight, and effective use of eco-friendly furniture. Termed “Ascendas ChiQG”, the design principles combine chic and elegant aesthetics with high-quality and green features, such that the spaces provide comfortable and pleasing surroundings for users. Special tours to the office, located in Singapore Science Park 2, can be arranged before May 2012 by contacting Mardiana at mardiana.tukiran@ascendas.com or Tel: +65 6508 8971. www.ascendas.com

W W W. B R I T C H A M . O R G . S G

Singapore’s Most Comprehensive Recruitment Survey Ambition, the global specialist recruitment company, has released their H1 2012 Market Report. Of the over 700 client and candidate respondents, 96.7 per cent said that global economic conditions were having some or even significant impact on their business, but 57.9 per cent of employees still anticipate changing jobs in 2012. Paul Endacott, Singapore Managing Director, commented, “A bright spot is certainly the digital, online and media industries as companies look to relocate their headquarters to Singapore, taking advantage of the incentives the government offer, to establish Singapore as a global hub for these industries.” The full report is available for download at www.ambition.com.sg

Singapore hosts Asia-Pacific’s largest regional educational gathering In March of this year, the International Baccalaureate®, Asia Pacific Global Centre presented the IB Asia Pacific Annual Conference. The Conference provides an excellent opportunity for educational leaders and decision-makers in schools, universities and governments to come together to share best practices around the way we are educating children and creating an education system that nurtures their abilities. This year the IB Asia Pacific Annual Conference presented renowned speakers in the areas of education, society, environment and creativity to challenge participants to rethink our current school systems and the way education is being taught. The IB Asia Pacific Annual Conference is the largest gathering of educators and the education industry in the Asia-Pacific. The conference puts a spotlight on the host nation as the Asia-Pacific hub of activity within the education sector. The conference provides a platform for delegates to share experiences and solve common issues. It is also a key networking opportunity for corporations that supply and assist the education industry. www.ibo.org

Olswang LLP officially launches Asia office Partner Andrew Stott joins team as Singapore office opens its doors. The firm has also announced the addition of Partner Andrew Stott to the team specialising in international M&A and corporate finance. A full-service law firm, Olswang Asia advises on matters within the technology, media and telecoms industries drawing on extensive global and regional experience. The office will work with companies across the ASEAN, Indian and Chinese markets. The firm has been operating in Asia since November 2011 and counts Tune Hotels, euNetworks, Tony Fernandes, Visa, Tata, Telstra, PayPal and Microsoft amongst its clients in the region. www.olswang.com

Building Networks Connecting Business Creating Opportunities

At The Chamber: Corporate News The Chartered Institute of Management Accountants and American Institute of Certified Public Accountants proudly announce the creation of the Chartered Global Management Accountant (CGMA) designation, to elevate the profession of management accounting. Demonstrating management accounting expertise, determination and commitment to achieving sustainable business success, CGMAs are trusted by businesses worldwide to guide critical decisions and drive strong performance. CGMA delivers the financial expertise companies demand, and the performance excellence they deserve. Find out more at www.cgma.org

Cicero has published an in-depth report of the financial services sector’s use of social media after conducting interviews with senior business leaders from across the industry. The report, Marriage from Hell or Made in Heaven: The Financial Sector and Social Media, is the first analysis of its kind focusing on financial services. London - Brussels - W ashington - Singapore

Cicero Group is a financial sector communications consultancy offering government relations, media relations, research, and digital communications from its four centres in London, Brussels, Washington and Singapore. For more information contact: andrew.naylor@cicero-group.com

Our professionals lease office and industrial space across Singapore for multinational corporate tenants. Our team has also completed a number of investment sales and valuations for developers and investors. Cushman & Wakefield is one of the largest commercial real estate services firms globally with 234 offices and more than 13,000 employees. (CEA Registration No: R040477F, Estate Agents Licence No: L3007333E). www.cushwake.com

Recently the British Club together with the American and Tanglin Clubs were voted tops amongst Social & Recreational — Clubs & Associations by the readers of Expat Living. http://www.expatliving.sg/article/reader-awards-2011-the-results?page=0,3 The Club is pleased to have been voted as the second best in Singapore, after the American Club. “This is wonderful testament of the quality service, facilities and ambience that we offer to our members,” said General Manager Sean Boyle about the award. www.britishclub.org.sg

Cited in the recently released prestigious legal directory, Chambers Asia Pacific 2012 under Other Notable Practitioners — “Goh Sze-Hui of Eversheds LLP has a versatile M&A practice, and is particularly noted for her TMT expertise. One client pointed out: ‘She went above and beyond what I’d expect normally of a lawyer, she saw what we had to address, told us what is usually done, explained it in non-legalese, and really got to the heart of the matter. Her advice was simply superior to anything else we got.’ Another enthused: ‘She is easily one of the top ten corporate lawyers I’ve worked with out here in the last decade.’ www.eversheds.com

W W W. B R I T C H A M . O R G . S G

Globe Telecom was recently awarded with the very first BS 25999 Business Continuity certification amongst Philippines’ telecommunication players by BSI Group. Albert de Larrazabal, Chief Financial Officer of Globe Telecom says, “Globe is proud to be the first telecommunications company in the Philippines to receive the BS 25999 certification. Using global standards in our Business Continuity Management Program is a testament of our greater resolve to put our customers first and help them mitigate business risks.” Business continuity is a reality that all organisations must soon come to realise; and the sooner they start managing this area, the less likely they would be caught off guard when disruption happens in their business. www.bsigroup.com.my

Logicalis, one of the world’s largest ICT solution providers, has launched its joint venture operation in Indonesia. The new company, known as Logicalis Metrodata Indonesia, was formed with leading Indonesian ICT Group, P.T. Metrodata Electronics, Tbk based in Jakarta. Logicalis has a 51 per cent shareholding and Metrodata, 49 per cent. Logicalis Metrodata Indonesia has approximately 25 employees reporting to a new managing director, Dewi W. Irawan, and will focus on network communications, collaboration and data centre solutions to the commercial, enterprise and service provider markets in Indonesia. www.logicalis.com

Sometimes it is all about you. Applying for a place at UWC South East Asia is one of those times. We are looking for families who are as committed to our mission and values as we are. For students who will embrace the opportunities provided by our learning programme. No concerns about date of application. Simply apply and let us get to know you. Please contact admissions on +65 6775 5344.

www.uwcsea.edu.sg

UWCSEA Dover is registered by the CPE CPE Registration No. 197000825H Registration Period 18 July 2011–17 July 2017 UWCSEA East is registered by the CPE CPE Registration No. 200801795N Registration Period 10 March 2010–9 March 2017

037ADV-1112

Building Networks Connecting Business Creating Opportunities

At The Chamber: Corporate News The Spa at Mandarin Oriental, Singapore offers a range of signature therapies developed in consultation with specialists in traditional Chinese medicine and master aroma therapists. Originating from Oriental philosophy, they combine the relaxing effects of massage with the benefits of bespoke custom-blended essential oils. Consistent with this philosophy, Mandarin Oriental’s signature aromatherapy-based product line has been created according to the Oriental principles of five elements: wood, fire, earth, metal and water. This range of products has been developed specifically by the renowned UK-based company, Aromatherapy Associates, and was awarded “Spa Product Line of the Year” in the AsiaSpa Awards 2011. www.mandarinoriental.com/singapore/spa

Novotel Singapore Clarke Quay, one of Singapore’s prominent business hotels ideally located within the city’s business and entertainment district, is pleased to unveil their newly upgraded guest rooms and Premier Lounge. The revamped Premier Floor features a stylish modern look, designed to please the tastes of discerning business travellers. The renovation work included an upgrade to all Premier Floor rooms and suites, as well as the Premier Lounge, which now offers a new level of sophistication on the 24th floor. Check out www.novotelclarkequay.com.sg for more news and promotions.

The Singapore Cricket Club (SCC) is one of the premier sports and social clubs in the Asia-Pacific with 160 years of heritage. Our members are established captains of industry, community leaders and outstanding sportsmen/women. Proudly situated right in the heart of town, the SCC is located in the Formula 1 racing circuit, with a wide range of international tournaments and social events held throughout the year. Make the ultimate sporting and lifestyle statement by being part of the SCC family! Start enjoying these premium benefits today! For membership enquiries, please call Snow at +65 6338 9271 ext. 221 or Email snow@scc.org.sg

International law firm Stephenson Harwood has hired Geraldine Ong as an associate in the Aviation Finance Group based in Singapore. Geraldine specialises in asset finance and leasing and acts for lenders, owners, lessors and airlines in the aviation industry. Her experience also covers aviation litigation, regulation and risk. Geraldine’s hire follows the hire of aviation associate Michelle Runagall in January, and of senior associate Tulia Rajamäki in April last year. In recent months, Stephenson Harwood’s Aviation Finance team has been involved in numerous high-profile deals including advising Lion Air on a record-breaking US$21.7 billion deal to purchase 230 Boeing 737 aircraft, as well as acting on behalf of AirAsia in a landmark joint-venture agreement with All Nippon Airways to form a new low-cost carrier in Japan. www.shlegal.com

W W W. B R I T C H A M . O R G . S G

People issue, what people issue? Small, growing businesses see HR as a cost, not an investment — but your (very lovely) receptionist also covering HR could have serious consequences! How can that be, you say? Some examples — using employment contracts that “look OK” (lucky, there have been no law suits so far), constant hiring and firing, just can’t get the right staff (this revolving door is distracting you from your business pipeline), think HR policies are a waste of time (and constant questions and conflicts are not?). A little can go a long way… Pinstripe can supply what you need, for just as long as you need it. www.pinstripe.asia

This September, catch multiple Grammy-award winner MAROON 5 as they headline the Padang stage on Saturday, 22 September, at the 2012 FORMULA 1 SINGTEL SINGAPORE GRAND PRIX. The American rock band has churned out numerous hits including ‘She Will Be Loved’, ‘This Love’, and most recently, ‘Moves Like Jagger’ and ‘Misery’. Additional artistes will be announced in the coming months. Early-bird tickets are available from now until 30 April, with tickets priced from S$178 for a three-day Zone 4 Walkabout ticket, to S$1088 for a three-day Pit Grandstand ticket. For more information or to get your tickets, visit www.singaporegp.sg

Door to door moving with Allied Pickfords Allied Pickfords is one of the largest and most respected providers of moving services in the world, handling over 50,000 international moves every year. We believe that nothing reduces stress more than trust, and each year thousands of families trust Allied Pickfords to move them. With over 600 offices in more than 40 countries, weâ&#x20AC;&#x2122;re the specialists in international moving and have the ability to relocate you anywhere anytime. Move with Allied to Allied worldwide.

Call us now on +65 6862 4700 www.alliedpickfords.com.sg

Building Networks Connecting Business Creating Opportunities

At The Chamber: Members’ Offers

W W W. B R I T C H A M . O R G . S G

Members’ Offers

To find out more about our members’ offers, visit our website under Membership -> Members Offers.

British Club Celebrating 60 Royal Years The British Club is proud to share the joyous celebrations of Her Majesty Queen Elizabeth II’s 60th year on the throne. To commemorate this milestone, the Club will be hosting a range of events for both the young and old. There will be various parties and events with opportunities to win diamond jewellery worth $10,000 and a holiday to the UK for two worth over $5,000 when you attend the celebrations. BritCham Members enjoy members’ rates.

British Club British Club offers a 15% discount (= S$600) for their 1 year membership* which retails @ S$4,000 to members of the Chamber who are not yet members of the Club. Contact membership@britishclub.org.sg for more information.

Bupa Britcham members will enjoy special rates for Bupa Lifeline or Worldwide Health Options covers. Enquiries: Mui or Liz, Office Tel No: +65 6634 5888, Mobile: +65 9754 4770, Email: liz@bricon.com.sg

CITYGOLF Save $500 off the membership fee at CityGolf. Experience tasty tapas, the finest whiskeys and a mesmerizing city view, all whilst playing a round of golf on one of our six state of the art golf simulators. 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 +65 6536 4846 for enquiries and bookings.

Courts 5% off electricals and 10% off furniture. Please show membership card to obtain discount.

Building Networks Connecting Business Creating Opportunities

At The Chamber: Members’ Offers

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.

Expat Living FREE THREE month subscription to Expat Living magazine (Usual annual price $60 for Twelve monthly issues). Expat Living is full of great ideas for making the most of living in Singapore. Take a peek inside the homes of your fellow expats and read their personal referrals on living, shopping, dining, travelling and keeping fit and healthy. Whatever you need to know about expat life here, our monthly magazine will put you on the right track! Usual annual price $60 for Twelve monthly issues plus five annual guides worth a total of $108 delivered to your door. Call us on +65 6259 0058 or Email circulation@expatliving.sg to subscribe for a longer period or to sign up a friend.

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

MC Corporate Services Pte. Ltd. MC Group of Companies offer you their comprehensive range of services at start-up prices for your company formation, corporate secretarial, business consultancy/accounting/tax advisory needs with no hidden costs. You are assured of personalised professional services from our highly qualified and experienced directors. Members get to enjoy a special discount of 15% off their regular rates. For more info, please visit www.mccorporate.com. sg. You can also contact them at +65 6222 8880 or Email contact@mccorporate.com.sg.

MSIG Insurance (Singapore) Pte. Ltd. BritCham members can now enjoy 10% off their new individual Prestige Healthcare policy purchased directly from MSIG Insurance (Singapore) Pte. Ltd. Contact them today at +65 6827 7602 or Email service@sg.msig-asia.com and quote your BritCham Membership number to enjoy this offer.

Newsmag International Pte. Ltd. Weekend British Press – The Complete Domestic Version Almost 50% Discount! Save almost 50% off Retail Prices for weekend subscription to Guardian Saturday / The Observer and Times Saturday / Sunday Times (full domestic version with colour supplements and magazines).

W W W. B R I T C H A M . O R G . S G

Regus 30% off Regus Businessworld card! Regus Businessworld is great for professionals who work from home or on the road or who travel frequently on business. Say goodbye to...meetings in noisy coffee shops, catching up on emails in your hotel room and having to host conference calls at the airport. Say hello to...productive business lounges or your own private office where you can hold meetings, check email, print reports and run your business. Regus is pleased to offer Chamber members a 30% discount on the first 6 months of a Businessworld card. For more information call 1-800-622-1565.

Rubicon Reserve Wines Durvillea Sauvignon Blanc 2008, Marlborough NZ. Buy 12 / Get 18 Delivered * 6 FREE BOTTLES * ! Save $ 216. Average cost @ $ 24 net per bottle (min. purchase of 12 bottles) For more member offers, please visit www.britcham.org.sg

Content

We are a Singapore-based content and communications company offering editorial, design, digital and a range of publishing services to companies around the world. Working across platforms and with multi-lingual skills, we will develop the right solution for your specific communications and content requirements.

Magazines & Books

Talk to us. Call Paul Coleman at +65 6220 2900 Digital

Media Sales

Illustrations and info-graphics

www.novusasia.com

Building Networks Connecting Business Creating Opportunities

At The Chamber: Britcham Events

BritCham Sterling Members and Sponsors Appreciation Dinner by Joan Fuan - Tax Specialist, IRAS

Evening Presentation: UK Economy, Blowing Away Nostalgia. Why The UKâ&#x20AC;&#x2122;s Economy is Like Our Football Presenter: George Norris - SE Asia Economist, British High Commission

BritCham New Membersâ&#x20AC;&#x2122; Evening

W W W. B R I T C H A M . O R G . S G

Leaders in Business Lunch: The UKâ&#x20AC;&#x2122;s Growth Strategy: what this means for international business Presenter: Lord Green of Hurstpierpoint - UK Minister of State for Trade and Investment

Leaders in Business Lunch: Facilities Management: Friend or Foe? Presenter: Chris Cracknell, CEO of OCS Group

The BritCham Leaders in Business Lunch Series is proudly sponsored by:

Building Networks Connecting Business Creating Opportunities

At The Chamber: Britcham Events

CSR Panel: Corporate Social Responsibility: Building Business Resilience Presenters: Carolyn Lints, Legal Director, Hill and Dickinson Jenny Costelloe, CSR Consultant, Tulchan Communications Georgie Passalaris - Corporate Social Responsibility Manager, Asia Pacific DIAGEO

YBC Mentor Series with HE Antony Phillipson, British High Commissioner Presenter: HE Antony Phillipson, British High Commissioner

Entrepreneur & Small Business Networking Evening

W W W. B R I T C H A M . O R G . S G

Breakfast Club: Asia Pacific Commercial Real Estate Outlook 2012 Will corporate occupiers and investors remain active in AP in 2012?

Presenter: Megan Walters PhD MRICS - Head of Research, Asia Pacific Capital Markets, Jones Lang LaSalle

The BritCham Breakfast Club series is proudly sponsored by:

rugby-dinner-advert-halfpage-orient copy.pdf 1 4/18/2012 5:04:40 PM

Itâ&#x20AC;&#x2122;s time to get together and scrum down for

BRITCHAM RUGBY DINNER 2012! Thursday, 7th June at 7:30PM Island Ballroom, Shangri-La Hotel, Singapore

visit www.britcham.org.sg to book now!

Building Networks Connecting Business Creating Opportunities

At The Chamber: Britcham Events

W W W. B R I T C H A M . O R G . S G

Breakfast Club: Recruiting the 2020 Workforce New approaches in a different world Presenter: Guy Day - Chief Executive, Ambition

Breakfast Club: Impact Through Leadership in International Education Meeting the education demands of the 21st Century student

Presenter: Jeffrey Beard IB Director General, International Baccalaureate (IB)

Breakfast Club: Iskandar Malaysia Project : Building a collaborative eco-business system Approaching business in the new economy Presenter: Keith Martin - CEO, Global Capital & Development The BritCham Breakfast Club series is proudly sponsored by:

13th Annual Business Awards

The British Chamber of Commerce has been running the Annual Business Awards for over a decade, making 2012 the 13th Annual Business Awards event it will be organising. The energy and enthusiasm of successful businesses, prominent academics, business leaders and thought leaders coming together over the years is reward in itself for us, and we hope that you will take part to celebrate your business and your achievements; take the chance to stand shoulder to shoulder alongside the Best of Businesses in Singapore!

Nominate now! Deadline: 6 August 2012 www.bccbusinessawards.com

Organised By

Title Sponsor

exclusive media partner

Supported By

Building Networks Connecting Business Creating Opportunities

At The Chamber: Events Calendar

BRITCHAM RUGBY DINNER 2012!

2012 Britcham Events: Mark Your Diary

BritCham Breakfast Club May Tuesday 8th May 2012 The UK coalition two years in and the results of the London Mayoral Election Wednesday 16th May 2012 Ensuring quality: A Relevant Approach to Rigor

BritCham Leaders in Business Lunch Wednesday 16th May 2012 Delivering results: growth and value in a volatile world

Entrepreneur & Small Business Group Events Event Highlights Friday 4th May 2012 Working Lunch: Productivity and Innovation Credit Scheme and Budget 2012 Highlights for SME’s Tuesday 15th May 2012 Entrepreneur / SME Inter-Chamber Networking Night Thursday 17th May 2012 “Your Journey, Challenges and Triumphs” with Claire Chiang, SVP, Banyan Tree Holdings Ltd.

Annual General Meeting Thursday 10th May 2012 Eden Hall

W W W. B R I T C H A M . O R G . S G

BritCham Country Briefing Tuesday 15th May 2012 Doing Business in Indonesia Tuesday 22nd May 2012 Myanmar: The Next Frontier?

Annual Corporate Golf Tournament Thursday 31st May 2012 Sentosa Golf Club â&#x20AC;&#x201D; Serapong Course

YBC Business Tour Thursday 24th May 2012 Rolls-Royce Seletar Facility

BritCham Rugby Dinner Thursday 7th June 2012 Island Ballroom, Shangri-La Hotel

F1 Networking Thursday 27th September 2012 Venue to be confirmed

BritCham Business Awards Thursday 4th October 2012 Island Ballroom, Shangri-La Hotel

BritCham Ball Saturday 1st December 2012 Island Ballroom, Shangri-La Hotel

Building Networks Connecting Business Creating Opportunities

Advertorial

W W W. B R I T C H A M . O R G . S G

One-of-a-Kind Experience at Hotel Königshof

Gourmet Restaurant With its diverse collection of more than 430 of the finest independent properties, The Leading Hotels of the World is the largest luxury-hospitality organisation in the world. Here we proudly present a memorable one-of-a-kind Experience. Opened in 1938, the Hotel Königshof was the third hotel purchased by the Geisel family, and it quickly became their most luxurious showpiece. Located on the famous Karlsplatz, it is a favourite for special events, particularly at night when the private salons offer stunning views of the Frauenkirche cathedral. Whisk through VIP security and passport control, and head to the hotel via a BMW 7-series limousine. Tonight, savour a Martin Fauster signature menu at the hotel’s Michelin-starred gourmet restaurant, with corresponding wines introduced by Sommelier Stéphane Thuriot. The following day, choose a top-of-the-line Porsche to drive to Stuttgart for a behind-the-scenes factory visit to see craftsmen producing these refined cars. A guided tour of the Porsche Museum details the brand’s history. On the third day, your private excursion to Schloss Neuschwanstein takes place after-hours, enabling you to enjoy the art and history of the 19th-century Romanesque Revival castle without the crowds of other visitors. Discover more one-of-a-kind experiences — such as a private visit of the Louvre followed by a three-course gastronomic menu at the three-Michelin star restaurant Epicure at Hotel Le Bristol, or a class in the art of woodinlay with Grand Hotel Excelsior Vittoria. Visit www.lhw.com/oneofakind

Hotel Königshof Leading One-of-a-Kind Experience for two, in a Deluxe Suite is priced at EUR 5,700 inclusive of taxes • • • • • • • •

Three-night in a Deluxe Suite Daily breakfast Round-trip limousine transfer with private shuttle (BMW 7-series) VIP service directly from and to the aircraft with a separate security screening, passport control and custom clearance, in addition personal care and guest liaison with multilingual and professional staff members Drive to Stuttgart to explore the Porsche factory, in one of Porsche latest models. Guest is able to select amongst Panamera, Porsche 911 and Cayenne Guided tour to the Porsche Museum Martin Fauster signature menu at the Gourmet Restaurant Königshof awarded with one Michelin Star and 18 of 20 points Gault Millau. Including corresponding wines introduced by Sommelier, Stéphane Thuriot Private guided excursion through the Schloss Neuschwanstein after hours

Experience is valid until December 31, 2012. A minimum 3-night stay is required. Blackout dates apply.

Leaders Club Members

The Leading Hotels of the World has launched a collection of exciting new benefits for members of its Leaders Club programme, designed to make the travel experience more personalised and enriching. Leaders Club members, in addition to their existing benefits, can now also enjoy daily complimentary continental breakfast for two and complimentary Internet access, complimentary upgrades and free room nights at over 430 Leading Hotels around the world. Enjoy these generous benefits at an annual cost of USD 150 for an Access level membership. For reservations and membership enrolments, telephone Leading Hotels in Singapore at 1800 737 9955 toll-free. Alternatively, email reservations.singapore@lhw-offices.com or visit www.LHW.com

î&#x201A;ťe Singapore Cricket Club is one of the premier Sports and Social clubs in Asia Paciic, proudly situated right in the heart of town with 160 years of heritage. Our Members are well established captains of industry, community leaders and outstanding sportsmen/women. Make the ultimate sporting and lifestyle statement by being part of the SCC family! We are introducing a limited number of Special Term Membership (1 year term) to Chambers of Commerce Members in Singapore. To enjoy the SGD $1,000 savings simply present your membership card upon application.

For further enquiries and application details, please call Snow at 6338 9271 ext. 221 or email snow@scc.org.sg.

Singapore Cricket Club | Connaught Drive Singapore 179681 Tel: +65 6338 9271 Fax: +65 6337 0119 For more information on the Club, please visit our website at www.scc.org.sg

Building Networks Connecting Business Creating Opportunities

Culture & Lifestyle

W W W. B R I T C H A M . O R G . S G

Music Merges With Design:

The British Council Presents Musicity Singapore By Dr Sarah Meisch

Building Networks Connecting Business Creating Opportunities

Culture & Lifestyle: Musicity

usicity is an evolving city-by-city programme of curated music that blends the best of music and design. Following on from its debut in London and Tokyo, Musicity had its Singapore premiere in March and promises to scatter its splendid sounds throughout Singapore during the year. Bringing a new dimension to architecture through the experience of music, the Musicity project unites musicians with specific spaces in the city. Two of UK’s recording artists, the alluring Mara Carlyle and electronic artist Jon Hopkins, will collaborate with seven local recording artists to compose original music tracks inspired by seven selected locations in the city. Through a mobile application, the tracks will then be accessible after visiting each location and downloading the track with a geo-located app. This will allow the visitor to perceive the space in a unique way, through the creative lens of the artist. In search of the otherwise unobtainable tracks, Musicity encourages enthusiasts on a treasure-hunt like trail of excitement as visitors progressively collect the music. Musicity fans in Singapore will be led through the city’s cultural history, stepping into the past at cultural sights such as the Asian Civilisations Museum, the Hong San See Temple and the Singapore Art Museum. They will then peek into a cradle of contemporary creativity as they explore ArtScience Museum, SOTA (School of the Arts) and the Esplanade before reaching the green groves of Gardens by the Bay. Along their journey, they will be exposed to the dynamic sounds of the selected artistes whose names will become synonymous with the Musicity experience. Some of Singapore’s best musicians, namely, Octover, Sonicbrat, The Analog Girl, DJ Kowflow, Cosa Nostra, Muon and I Am David Sparkle, will form a cultural and artistic collaboration

as they explore the theme of ‘Music and the City’ with Mara Carlyle and Jon Hopkins. Carlyle’s first recorded appearance was on the Plaid album Not For Threes (Warp Records, 1997). She subsequently sang on Plaid’s next two albums, Rest Proof Clockwork (1999) and Double Figure (2001). Having sung on Matthew Herbert’s big band album Goodbye Swingtime (2003), Carlyle signed to Herbert’s label, Accidental Records. Her debut album, The Lovely, was released in July 2004. It consisted mostly of original compositions, as well as a few reworkings of pieces of classical music. She recorded her second album in London with producer Dan Carey (that of The Kills and Kylie Minogue). In August 2011, Carlyle released Floreat (meaning “let it flourish”) to critical acclaim. The dreamy tones of Carlyle’s songs stand beside Musicity’s second UK artist, Jon Hopkins, a London-based producer and musician who writes and performs his brand of melodic electronica and dance music. After starting his career performing

W W W. B R I T C H A M . O R G . S G

the keyboard for Imogen Heap, Hopkins has both produced and contributed to albums by Brian Eno, Coldplay and David Holmes. He also composed the soundtrack for the 2010 film Monsters, which was nominated for an Ivor Novello Award for Best Original Score. His third solo album, Insides, reached #15 on the Dance/Electronic Album Chart in 2009. His collaborations on Small Craft on a Milk Sea with Brian Eno and Leo Abrahams and Diamond Mine with King Creosote both reached #82 on the UK Albums Chart. In 2011, Diamond Mine was nominated for a Mercury Prize, which is awarded annually for the Best Album from the United Kingdom and Ireland. Highlighting the talent of both these two UK artistes and the seven selected Singaporean artistes, the Musicity Singapore project will span several months and include a comprehensive array of research visits, music workshops, live performances, a forum and, most excitingly, the launch of the Musicity app and tracks to be held around September. Throughout the year, and in the future,

Musicity Singapore aims to inspire people to see the urban fabric in dynamic ways and to explore the city, creatively and comprehensively, with an appreciation of both musical and architectural artistry.

For more information about the British Councilâ&#x20AC;&#x2122;s Musicity project, please visit http://www.facebook.com/Musicity.SG

About the Author Dr Sarah Meisch is the Acting Director of Arts at the British Council Singapore. She holds a PhD in Literature.

Mara Carlyle

John Hopkins

Building Networks Connecting Business Creating Opportunities

Culture & Lifestyle

Holiday Inspiration In The Region By Lightfoot Travel

If beach weekends in Bali and Phuket are getting to be old hat, or if you are stuck with planning the trip of a lifetime, hear what the folks at Lightfoot Travel have to say. They aim to make travel fun and fuss-free, whether you are gearing up for the best trip ever or have a few days to spare. Weâ&#x20AC;&#x2122;ve shortlisted three sizzling hot islands to zip off to.

W W W. B R I T C H A M . O R G . S G

Ariara

Round up your mates and hop on a plane to Manila. A short domestic flight, a leisurely yacht cruise and a refreshing array of fresh juices and cocktails later, you’ll find yourself on Ariara – an exquisite private island located in the Palawan Archipelago. Part of the undiscovered Calamian Islands, this little gem boasts the beautiful Karen Joy, a 100ft tri-maran with air-conditioned en-suite cabins, while its spacious yet homely beachfront rooms accommodate up to 18 guests. Guests can look forward to be pampered and spoilt by the friendly and efficient Ariara family. Perfect for weddings, celebrating an anniversary, a big birthday party, or simply a fantastic summer retreat to indulge in your definition of ‘the perfect beach holiday’. You can also sip a lazy cocktail by the pool, go trekking in the lush green jungles, or comb the psychedelic reefs beneath the azure sea. A trip to Ariara Island starts from USD 295 per person per night for a group of up to 17 people, with a minimum stay of seven nights. This package includes the exclusive use of the island and access to staff, meals, all watersports equipment including the tri-maran and fishing equipment, and two dives per person per week with PADI dive instructors. Guests are required to top up their fuel used on island-hopping and diving trips. BEST WEATHER: January – May

Niyama

It goes without saying that the Maldives are an obvious choice for holiday-goers looking for pristine, unrivalled beauty and blissful tranquility. However with the opening of the world’s first underwater club in the superbly stylish Niyama, we think it’s time to revisit the Maldives for an even edgier experience. Located across two idyllic islands, the Niyama fuses luxury with style to offer you an irresistibly exclusive experience. Kick off your shoes in your villa with private sea views (a must-have!), pamper yourself at the 24-hour LIME Spa before you head out for a one-of-kind party experience in their underwater club, Sub Six. BEST WEATHER: January – April

Song Saa

Over the years Cambodia has been tourist-driven with everyone scrambling to catch a glimpse of its legendary Angkor Wat temples. The Cambodian coastline remains very much an unspoiled paradise for those looking for a tranquil retreat from the sometimes overbearing crowds. With the arrival of the luxuriously exclusive Song Saa located amongst the dazzling waters of the Koh Rong archipelago, your search for an intimate hideaway ends here. The private island spans the two islands of Koh Ouen and Koh Bong which are connected by a footbridge over a marine reserve that safeguards the islands’ undiscovered reefs and abundant marine life that make for a diver’s paradise. BEST WEATHER: November – March

Lightfoot Travel is an Asian-based luxury tour operator, offering expert travel advice and inspiration, tailor-made itneraries and full booking services. Get in touch with Lightfoot Travel at 6438 4091 or info@lightfoottravel.com for promotional offers.

Building Networks Connecting Business Creating Opportunities

Culture & Lifestyle

W W W. B R I T C H A M . O R G . S G

Seeing Kraków’s Other Side By Kasia Madera

evisiting a place is always daunting and challenging. Visiting a well-known tourist destination like Kraków, Poland, deserves a little extra thought. My first time in this medieval city in the heart of central Europe saw me doing all the traditional tourist-like things. Located in southern Poland, Kraków is a perfect city-break destination. The nearby international airport is well connected via taxis and trams. The old Polish town is breathtakingly beautiful with the Sukiennice market hall in the town square, Wawel castle overlooking the whole city and also boasts the folklore of a fire-breathing dragon. The old town is steeped in history, both inspiring and tragic. Veit Stoss’s altarpiece in the St Mary’s Basilica is a magnificent example of Gothic art. Be impressed by the nearby Auschwitz-Birkenau State Museum that acts as a brutal reminder of the horrors of the Second World War. By now, my guidebook was very well thumbed and I began looking for something a little off the beaten track. Luckily for me, Kraków is a tale of two cities.

The city’s eastern most district is the antithesis of the old town’s quaint charm. Its very name, Nowa Huta, translated as ‘New Steelworks’, conjures up images of stark Communist architecture and after a short tram-ride out of the historic city-centre I was not let down. The dainty medieval townhouses disappear and in their place are huge grey blocks of flats that line enormous boulevards, wide enough to let tanks roll down them. Moreover that was the point. Built by Poland’s Communist government in the 1950s, Nowa Huta was Stalin’s brainchild. This purpose-built industrial centre was created to act as the showcase for the best of Communism’s achievements. In the 1960s and 1970s, Kraków was deemed a success story. Its residents had everything they needed in one place as they worked in the purpose-built local factories, bought groceries in the local shops and exercised in the local sports centres. Peering through the archways of these monolithic blocks, it is possible

Building Networks Connecting Business Creating Opportunities

Culture & Lifestyle: Seeing Kraków’s Other Side

to glimpse the remnants of community life. In the courtyards, there are wire racks, which were used for beating rugs, children’s climbing frames and the occasional park bench. What I also found surprising was the amount of greenery. Although overshadowed by the box-like apartment buildings, there are still plenty of trees and green spaces. No matter how many green squares there were, they still felt drab and one had an overwhelming feeling of suffocation while walking around this once utopian vision. It may have had to do with the factories that still churn out smoke and which in Nowa Huta’s heyday actually threatened the historic buildings in Kraków’s city centre. Another reason may have been because Nowa Huta was an idea that was inflicted upon thousands of people and which, like the rest of the Communist dream in this part of the world, simply did not work. By the 1980s, the vision fell apart, only to be replaced by rationing and food queues. Moreover rather than fuel the Communist propaganda machine, Nowa Huta set the scene of protests as the Solidarity Movement gathered strength, eventually overthrowing the Soviets in 1989. Many of the Solidarity Union’s members were workers at the local steelworks. This can be viewed as a microcosm of post-war Poland. Upon its opening in 1954, the plant was called the Vladimir Lenin Steelworks. At its height in the late 1970s, around 40,000 people worked here. Following the collapse of Communism, it was renamed the Tadeusz Sendzimir Steelworks in memory of the Polish scientist and engineer. After Poland joined the European Union, this vast site was bought by the Mittal Steel Company and is now part of the international Arcelor Mittal conglomerate employing just over 4,000 people. With some extra planning, I was lucky enough to be invited on a tour of the steelworks. I was transported to what could have been the set of a futuristic apocalyptic film. The formidable Tadeusz Sendzimir Steelworks sign did absolutely nothing to prepare me for

what lay behind those gates. As we drove through the site with our guide, this grey shrine to industrialisation made the colourful Kraków townhouses feel like a distant dream. Bear in mind you do need access to a car as the plant is enormous at around 750 hectares, equivalent to 52 football pitches, with its own road and railway network. The first thing I noticed was the seemingly endless lengths of large pipes along the sides of the roads that were criss-crossing overhead. Every now and again, grey smoke would billow out of nowhere creating a fog-like effect, not that this place needed to be any more atmospheric. In the distance, blackened buildings towered over yet more pipelines. The buildings that were no longer in use, had broken windowpanes, which were too dirty to catch the rays of sunlight. The sheer scale was overwhelming and it was easy to imagine the plant in its heyday bustling with tens of thousands of people working there.

W W W. B R I T C H A M . O R G . S G

The production capacity is much smaller today and yet its ambitions are still high. The Arcelor Mittal plant boasts one of the most modernised hot strip-mills in Europe in one of the most historic settings. Our guide took us to see the blast furnaceovens where temperatures reach an unimaginable 2000 degrees Celsius. As the doors opened and a red hot slab of steel

was rolled out, the heat from the furnaces was almost unbearable, intensified by the heavy protective clothing we had to wear. Driving out of this industrial complex, I was overcome with emotion by how Kraków’s historic city centre was able to survive the sheer level of pollution a place such as this would have been creating at the height

About the Author Kasia Madera is the Presenter of Working Lives: Kraków on BBC World News, which sees her travelling to Kraków to find out what it’s like to live and work in Poland’s second

of its productivity. It seems those dainty medieval buildings are not as delicate as their pretty facades make them seem. At the end, it was my time away from them that made me appreciate their beauty all the more.

largest city more than 20 years after the fall of the Comminusm.

Have you gotten your Harry’s Card yet? Pure Value & Real Rewards!

Up to 20% cash rebates | Online activation & spend tracking Rebates all day, every day | Bonus birthday treats Visa / MasterCard top-up now available | High spender rewards Top-up & purchase now available with your preferred mode of payment: Cash, NETS, VISA or MASTERCARD Terms and Conditions apply

Find out more about the new Harry’s Card at www.harryscard.com.sg

Building Networks Connecting Business Creating Opportunities

Culture & Lifestyle

What Makes a Wine By David Coleman

What makes a wine the wine that it is? Is it the grape? Yes. Is it the climate? Yes. Is it the winemaker? Certainly. How about the drinker? Most definitely.

here are countless factors that have an impact on the wine you pour from your bottle. This subjectivity means that the world of wine can become overwhelming and complicated for some. However this should not be seen as a negative as even for the inexperienced wine drinker, it is most certainly a positive... this is what gives you all the choice and variety. Do not see the complex variety of wines as an obstacle to yourself, instead see it as a fun pursuit of that perfect balance of flavours and aromas that you love the most. How do we learn which wines we like? It could be the most obvious, yet at the same time perhaps the least useful to understand the differences between wines is by taking alook at the grape. It is needless to say that the grape has a big influence on how your wine will taste. A Merlot grape makes a red wine; a Pinot Grigio grape makes a white wine. Each grape does have its own characteristics and personality. When you take in all other considerations, a wine made from a certain grape in different locations and with differing conditions will still hold its characteristics, for example, a Riesling is characteristic for its citrus and tropical fruit flavours, whether it is from Germany or Australia. The grape is what gives the wine its basic underlying flavour, but these flavours can alter and certain characteristics within these flavours become more prominent or extenuated. For example, a Shiraz can have more pronounced jam- and dark berry-flavours or it can have more tobacco or peppery characteristics but it can still be recognised as a Shiraz. The best advice you can take is to explore a grape. Find a grape that you enjoy and keep trying that variety. See how each wine compares and seek that particular combination of flavours that excites you.

W W W. B R I T C H A M . O R G . S G

We often talk of the New World and the Old World, with Old World being wines from a region with a long history of wine production, such as France and Italy, and New World wines hailing from countries such as Australia, New Zealand and Chile. It is evident where the grapes are grown will have an impact on how your wine will taste and this is influenced by the culture of winemaking that has developed in a region — we can consider the other most influential factors under the term “terroir”. “Terroir” (arriving from terre, French for ‘earth’ or ‘land’) represents the climate, geography and geology of a region and these are what make wines from certain regions so distinctive. It is often said that Old World wines place more emphasis on the “terroir”, and this view can be supported when exploring wines such as Bordeaux, Barolo, Chianti and Champagne, all Old World wines that are named after the region and not after the grapes. However this does not mean that wines from the New World have no influence from the land where they are grown, for example, Marlborough in New Zealand produces Sauvignon Blancs that are characterised by aromas of gooseberry and passionfruit. These scents are due to the contrast between hot sunny days and cool nights, which extend the ripening period of the grapes. In addition, within the region, soil composition plays a large role in the flavours and aromas that arise in the wine. What we view now as a consumer, is a far better reflection of a wine’s “terroir” than what we have seen at any other point in history. It is this point of difference that countries, regions and even

About the Author Mr David Coleman is an Australian connoisseur of wines from all over the world and possesses a strong entrepreneurial spirit to match. Based in Singapore, David enjoys the challenges and

vineyards can use to differentiate themselves in the market and ultimately this difference gives us choice, consistency and a great value for money. It is worth noting this variety does not provide the average, or indeed experienced, wine drinker with a dilemma when choosing their wines but instead provides for seasoned drinkers, a choice of flavours to explore and experience. The perception of a type of wine can often be shaped by wine critics, with the recommendations of famous connoisseurs such as Robert Parker, or publications such as Wine Spectator. These are great sources of information on wines and these connoisseurs’ experience and knowledge can provide you with an excellent guide. However you must understand that their opinion is not the all-knowing final verdict, as each wine lover also has their own say. Robert Parker is a respected wine critic and deservedly so. Some wineries can work hard to create a wine, which is designed just to please the palate of Robert Parker, and not yours! Probably one of the greatest things about wine is that its flavour is never as good as it could be without something to accompany it; be it food, conversation or even a good book. As such I think the question we should be asking ourselves, is not what “is” best, but what “goes” best for us to get a satisfying and meaningful answer.

opportunities associated with life in such a dynamic city.

Building Networks Connecting Business Creating Opportunities

Culture & Lifestyle

Starry, Starry Twelfth Night A night of theatre under the stars is sure to charm. This year, Singapore Repertory Theatre presents Twelfth Night as part of the annual Shakespeare in the Park series.

f the saying, “music be the food of love” is true … then pack your picnic baskets and head down to Twelfth Night at Fort Canning Park this April or May. One of Singapore’s most popular theatre events, the annual Shakespeare in the Park series – now an annual event - sees over 30,000 people from all walks of life flocking to the Singapore Repertory Theatre (SRT) production every year. This time, they transform the lush greenery of Fort Canning into the romantic seaside port of Illyria. The plot is led by the leading characters; a pair of twins who were separated on a shipwreck. The play centres on the twin sister, Viola, who disguises herself as a page boy to serve Duke Orsino, who courts the recently bereaved Lady Olivia. In typical Shakespearean she-likes-him-but-he-likes-her fashion, Olivia fancies the pageboy (who is actually Viola) instead. To add spice to the whirlwind of courtships, Viola is secretly in love with the Duke. Often touted to be one of the Bard’s most lyrical works, Twelfth Night is a fun, light-hearted affair about love and mixed identities. Adrian Pang stars as Feste, Daniel Jenkins as Malvlio with Rebecca Spykerman as Viola, or otherwise known as Cesario, her male alter-ego. Scottish theatre director Bruce Guthrie will helm Twelfth Night, fresh from his associate director role in The Bridge Project’s creation of Richard III, the transatlantic Shakespearean trilogy with Kevin Spacey and Sam Mendes. A high-profile tie-up between SRT, Brooklyn Academy of Music (BAM) in New York and The Old Vic in London, the trilogy toured 12 cities over 11 months. With a total of 198 shows, the experience was nothing short of phenomenal. “It wasn’t just the size of the show, or the exceptional cast, it was also the international tour that wowed me,” said Guthrie.

The scale of the production is not bad for a director who started out training as an actor. “Along the way, I found that I got much more of a kick from conveying a story to the audience, rather than focussing on a character”. Moving from Scotland to England as a 20-year-old lad – turning down a full scholarship to study psychology “and learning to play golf,” he laughed – Guthrie studied acting in Guilford for a few years before embarking on his directorial career. It is this intense training that makes him very much an actor’s director. “I have a deep respect for the practice. The ability to go up there and expose something of yourself is incredibly difficult. And to do it in front of 2,000 people every night – it’s a hard thing to do,” he said. He seems to have a purist’s dedication to the craft of acting on stage. For example, he chose to set Twelfth Night in a somewhat vintage-ish period, but not

W W W. B R I T C H A M . O R G . S G

confined to one era. Music will also play a big role in the production. “If you do, you end up making the play for the concept, rather than building a concept for the play. In effect, doing what you think would be a cool idea, rather than what the play is trying to do,” he said. This begs the question, what then is at the heart of Twelfth Night? The director pauses. “Well, I think it’s simply – about love. All different kinds of love.” Play on.

About the Singapore Repertory Theatre Founded in 1993, Singapore Repertory Theatre (SRT) is one of the leading English language theatre producers and presenters in Asia. In addition to its repertoire of original musicals like Forbidden City: Portrait

of an Empress, the company has produced a number of critically acclaimed plays that include Into the Woods, Rent, M. Butterfly, They’re Playing our Song, ART, and The Pillowman. SRT was the first Singaporean theatre company on Broadway in 1998 as

If you do, you end up making the play for the concept, rather than building a concept for the play. In effect, doing what you think would be a cool idea, rather than what the play is trying to do.

Associate Producer of Golden Child, which went from Singapore to New York and earned three Tony Award nominations. SRT presented Royal Shakespeare Company’s King Lear and The Seagull, starring Sir Ian McKellen in 2007, as well as

all three instalments of The Bridge Project SRT are producers of 4 colour Shakespeare in the Park and is via its Little Company, the biggest producer of theatre for young audiences in the region. Please visit www.srt.com.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.

Skandia International is the divisional name for the international group of companies within the Skandia Group. Calls may be monitored and recorded for training purposes and to avoid misunderstandings. Skandia International is the registered business name of Royal Skandia Life Assurance Limited (Singapore Branch). Royal Skandia Life Assurance Limited (Singapore Branch), Level 25, North Tower, One Raffles Quay, Singapore 048583. Phone: +65 6622 5406 Fax: +65 6622 5400 Registered in Singapore Number T08FC7158E. Authorised by the Monetary Authority of Singapore to conduct life assurance business in Singapore. Member of the Life Insurance Association of Singapore. Member of the Singapore Finance Dispute Resolution Scheme. Royal Skandia Life Assurance Limited – a member of the Skandia Group of companies. Registered Office/Head Office: Skandia House, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles. INT11-006