BRITCHAM ORIENT MAGAZINE
Orient
THE OFFICIAL MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE - SINGAPORE
Building Networks Connecting Business Creating Opportunities WWW.BRITCHAM.ORG.SG
ISSUE 41 / FEB–MAR 2013
LEADERSHIP FEATURES
ISSUE 41
ISSN 0219-1245
9 770219 124002
41
14
Leading a Multinational Team
19
Pushing the Boundaries
22
How Should Young Leaders Manage Older Colleagues?
25
Neuroscience in Business
28
The Leadership Challenge
Singapore’s new icon of progress welcomes its latest member. The new Audi Q5. The contemporary SUV. Contemporary design meets modern, state-of-the-art technology in the new Audi Q5. Engineered for the ultimate drive, it features the next evolutionary stage in performance handling – quattro® with torque vectoring. So everything you know about permanent four-wheel drive now encompasses Audi’s new self-locking centre differential and electronically controlled torque vectoring, making cornering around bends more precise and dynamic. Not forgetting bold curves and sweeping lines for a distinctive look, and sophisticated LED daytime running lights for an overall design that is nothing short of cutting-edge. Now that’s innovation with a modern twist. The new Audi Q5. Available at Singapore’s new icon of progress, the Audi Centre Singapore. Come to 281 Alexandra Road, call 6838 2223 or visit poweredbyprogress.sg to find out more about the new Audi Q5 and to book a test-drive. Open from 9am–8pm (Mon–Sat) and 10am–7pm (Sun).
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01/2013
Building Networks Connecting Business Creating Opportunities
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Contents
PRESIDENT’S MESSAGE LEADERSHIP FEATURES
14
Leading a Multinational Team
19
Pushing the Boundaries
22
How Should Young Leaders Manage Older Colleagues?
25
Neuroscience in Business: Great Minds at Work
28
The Leadership Challenge
FEATURE 31
ASEAN Plus Arrives
UK TRADE & INVESTMENT 35
The UK as a GREAT Leader
AT THE CHAMBER 41
Executive Director’s Message
42
Survey Report on Singapore’s Manpower Policy
46
Business Group News
50
Sterling News
52
Corporate News
58
Members’ Offers
61
BritCham Diamond Jubilee Ball 2012
68
Events
78
Events Calendar
CULTURE & LIFESTYLE 81
Summer Destinations
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: Hugo Walkinshaw: Deloitte Consulting SE Asia Andrew Vine: The Insight Bureau TREASURER: David Macdonald: JOOL Capital Partner International HONORARY SECRETARY: Damian Adams: Watson, Farley & Williams LLP EX-OFFICIO: Judith Slater: British High Commission Mark Howard: British Council BOARD MEMBERS: Derek Masser: Barclays Andrew Thomas: Ogilvy & Mather Singapore Brendan Malone: The Royal Bank of Scotland plc Peter Hatt: Standard Chartered Bank David Pugh: The Fry Group Dominic Nixon: PricewaterhouseCoopers Emma Boyd: Pinstripe Business Solutions Ian Williams: HSBC Bank Neil Montefiore: StarHub Rob Williams: British Airways Paul O’Neil: Rolls-Royce Singapore Clive Christison: BP Singapore Peter Allen: Pacific Century Regional Developments Richard Burn: Diageo Singapore Editor: Vipanchi vipanchi@britcham.org.sg Assistant Editor: Yong En yongen@britcham.org.sg 138 Cecil Street, #13-03 Cecil Court, Singapore 069538 Tel: +65 6222-3552 Fax: +65 6222-3556 Email: info@britcham.org.sg www.britcham.org.sg
COMMITTEE CHAIRPERSONS: Corporate Social Responsibility: Richard Burn Events & Sponsorship: Hugo Walkinshaw External Affairs: Steve Puckett Membership: Andrew Vine BUSINESS GROUP CHAIRPERSONS: Energy & Utilities: Damian Adams Entrepreneur & Small Business: Peter Seligman Financial Services: Patrick Donaldson IT and Communications Technology: Henry Farahar Leadership: TBA Media & Marketing: TBA Professional Services: Carolyn Lints Property & Construction: Richard Warburton Shipping Transport & Logistics: Neil Johnson Young Professionals: Miles Gooseman MANAGEMENT TEAM: Executive Director: Brigitte Holtschneider Accounts Manager: Sabitha Munnangi Marketing & Communications Manager: Vipanchi Marketing & Communications Assistant: Loong Yong En Events Manager: Tiffeny Kua Membership Manager: Katie Hudson Membership & Events Assistant Manager: Emi Hosono Office Administration Executive: Anna C. Garciso
Orient is a bi-monthly magazine published by the British Chamber of Commerce. © 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 and articles are sent at owner’s own risk and the
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Building Networks Connecting Business Creating Opportunities
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President’s Message
W W W. B R I T C H A M . O R G . S G
Dear Members, Happy New Year and best wishes to all for a healthy and prosperous 2013! The past year was notable for the Chamber in many ways, particularly the celebration of the Diamond Jubilee and the Olympics, with the close links between Singapore and London after the Games award was announced here back in 2005. The Diamond Jubilee was the theme of our BritCham Ball and what a spectacular event that turned out to be— heralded as best ever night that lived up to expectations in all areas, full of glamour and surprise, and a great way to close the year. The past year was also notable for the growth we had in the Chamber; we saw record membership acquisition and now have a network of over 1,600 and we held a record number of events with almost 5,000 attendees. Our finances remain strong too, and this in spite of the challenging economic climate. Our flagship events such as the Golf, the Rugby Dinner, and the Business Awards were also great occasions enjoyed by many in 2012 and we plan a similarly full programme for this year.
Steve Puckett
President, British Chamber of Commerce
We continue to have strong support from our corporate sponsors and there is growing demand for sponsorship opportunities. We are delighted that RBS and Cognita continue as our Platinum and Gold sponsors, respectively, this year and we welcome Standard Life for the first time as Silver sponsors alongside Allied Pickfords, British Airways, HSBC, Standard Chartered, and The Fry Group. We are pleased that all our sponsors have continued to engage with us this year to support our varied programme of events. Among the Business Groups, which form the foundation for the Chamber’s business events, the Young British Chamber has a growing membership and is an increasingly vocal presence in our community. The newly formed Leadership Group is underway and we can look forward to opportunities for shared experiences and focused exchanges at their future events. Our strong collaboration with UKTI will move to another level this coming year as we extend our engagement to providing background briefings and, if appropriate, introductions to those UK businesses seeking assistance in doing business here in Singapore and the region. This is the genesis of an initiative launched by Lord Stephen Green, UK Minister of State for Trade and Investment. For the year ahead, the business climate looks as though it will remain challenging, with lower growth forecasts for Singapore and the region, reflecting the weak and uncertain global business climate. However, Asia, and increasingly these days Southeast Asia, continues to be a target for international investment. Finally, we begin the year welcoming a group of new faces representing corporate members of the board. Firstly, though, I’d like to recognise and express our gratitude for the many strong contributions made by those moving on to new pastures at the end of the year. The new faces include Rob Williams, who replaces Nick McGlynn representing BA; Derek Masser, who replaces Andy Jones representing Barclays; Clive Christison, who replaces Pek Hak Bin representing BP; Ian Williams, who replaces Ingrid Child representing HSBC; and Peter Hatt, who replaces Caroline Bagshaw representing Standard Chartered. I look forward to another great year for the Chamber in 2013.
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Building Networks Connecting Business Creating Opportunities
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Leadership Feature
W W W. B R I T C H A M . O R G . S G
Leading a Multinational Team In today’s hyper-connected world, organisations are not only competing for customers, they are also competing for the best talent. The number of individuals living and working outside their home country has been growing steadily for the last two decades, creating an increasingly diverse workforce. Many organisations see this diversity as a competitive advantage, a catalyst for innovation and a channel to understand the diverse needs and expectations of different customer segments. But in order for these strategies to work, it is imperative for today’s leaders to be effective at managing multinational and multicultural teams.
By Mario Ferraro
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G
ood leaders have been managing diversity for a long time. After all, cultural differences are not limited to ethnic groups or countries. Nuances can often be perceived between different races of the same nationality, or even between offices, departments and floors within the same company. Individuals will naturally tend to identify with a group and adopt, to a great extent, a defined set of values and beliefs, which will then influence their thinking process, perceptions and, ultimately, behaviour. Modern technology and communications, together with globalisation and the widespread use of the English language, have bridged some superficial cultural gaps, almost leading us to forget that deep differences still exist. On a daily basis, leaders need to decide how to interact with individuals and teams, knowing that what is acceptable or common in one culture may be frowned
Special Feature Leadership Feature: Leading a Multinational Team
upon in another. For example, recognising individual achievements is perfectly acceptable in the West, but may cause offence or embarrassment in many Eastern cultures. Asking questions, raising objections and debating different viewpoints during a meeting are quite common in some cultures, but virtually unthinkable in others.
as having a cultural bias—for example, by referring to neutral and/or externally focused values, such as “what is best for our customers.” Leveraging corporate culture as a neutral ground for consistent handling of professional matters across nationalities and cultures is an effective strategy to mitigate the potential risks and pitfalls of managing a diverse team.
Leaders managing multicultural teams are likely to be more closely scrutinised by their staff, who will try to figure out “which side they are on.” This is a tricky predicament because a leader’s status is not always gained by virtue of his position, but rather through respect, which can be lost in an instant with a cultural blunder or an insensitive remark.
Far from being “intangible,” corporate culture can be designed, articulated and embedded into the way people behave, at least in the workplace. A good place to start is the organisation’s mission statement and the corporate values. In the most successful organisations, corporate values are more than just nice words behind the receptionist’s desk. They are reflected in everything that the organisation does, including how decisions are taken, how meetings are run, the performance management process, the physical environment of the workplace, office
A good leader will know how to manage a variety of cultures and personalities simultaneously and resolve differences and conflicts without being perceived
W W W. B R I T C H A M . O R G . S G
In the most successful organisations, corporate values are more than just nice words behind the receptionist’s desk
events and rituals, and the relationship between leaders and employees. In order to be deeply embedded into the company’s culture, corporate values should also be reflected in goal-setting, budgeting, management reports and performance appraisals. And needless to say, the ultimate statement of the behavioural norms that an organisation encourages is made through incentives and disincentives. The key to managing multinational teams may therefore well be in aligning all employees, irrespective of their nationality, to a common set of values. Culture thus
About the Author Mario Ferraro is a Director in the Human Capital Consulting of Deloitte Southeast Asia. Deloitte has assisted numerous organisations in aligning their workforce to corporate values and culture.
becomes an integral part of the leader’s agenda, manifesting itself in tangible and quantifiable ways: team effectiveness, employee engagement and staff retention. Today’s leaders need to manage culture just as well as they manage the execution of business strategies. After all, in the words of Mark Fields, Ford Motor’s President for the Americas, “Culture eats strategy for breakfast.”
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Leadership Feature
Pushing the Boundaries Human capital management must evolve away from its industrial roots. By Juani Swart and Nick Kinnie
W W W. B R I T C H A M . O R G . S G
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Special Feature Leadership Feature: Pushing the Boundaries
T
hink back to your last project team. Who were the members? Were they all employees of your company? We experience the world of work in a much more networked way today than we did just a few years ago. Firms therefore actively manage people whom they do not directly employ. If this way of working is so familiar, why do our human capital management (HCM) practices reflect that of an industrial economy? Many leaders today are simply unaware that a new and collaborative approach to HCM exists. Leaders therefore need to reassess their understanding of their firm’s boundaries, adapt their HCM practices, and ensure that they are fitfor-purpose both within and across these new parameters. This is easier said than done. Thinking across corporate boundaries doesn’t come naturally to many leaders. Nor, does becoming involved in the human capital governance of other companies. An additional challenge for leaders will be the integration of what they have learnt from the network into their current systems. Leaders will also have to embrace an environment whereby they relinquish sole ownership and control over resources. This is something many people find most challenging. Leaders must also rethink how they define an employee. Most of us think of employees as people who are employed and managed, but we are increasingly seeing that organisations need to manage people whom they do not employ. This change in perception will, in turn, redirect a firm’s human capital strategy and practice. The view that human capital is situated within a network of firms will positively impact the entire human capital value chain, as each stakeholder becomes exposed to new and fresh ways of working. In the recruitment process, leaders must identify talent competencies that are associated with working effectively in networks, and focus on how such skills build and maintain relationships. That is
W W W. B R I T C H A M . O R G . S G
to say, the focus shifts from looking only at human capital (talent) to incorporating social capital (relationships). The performance management system thus becomes the property of the network. Within this system, companies work together to set performance targets and decide on rewards attached to behaviours that benefit the network and collaboration within the network. Ultimately, the development of talent becomes the shared responsibility of all network members. Therefore, it is in everyone’s interest to develop cutting-edge skills and create an ecosystem that outperforms other less-well integrated networks. A successful example is the One Team network, led by British retailer Marks &
About the Authors Dr Juani Swart is Director of Work and Employment Research Centre at School of Management, University of Bath. Dr Nick Kinnie is a Reader in Human Resource Management at School of Management, University of Bath.
Spencer. It teamed up with a number of logistics and fulfilment solution providers, including DHL, Tesam Distribution, Wincanton, IDS, CML and The Elite Group. The network implemented a number of common practices and a shared approach to HCM. Upon formation of the network, each party agreed the goals of the group were to be high customer satisfaction, establishing a common culture, and building the most competitive of retail networks. Most importantly, the leaders of One Team learnt that collaboration across third-party contractors could work in the right environment. However, the biggest challenge was the release of information deemed to be intellectual property. Fortunately, boundaries surrounding such
This article is reproduced from Issue 03/2012 of HQ Asia, a business magazine published by Novus Media Solutions for the Human Capital Leadership Institute.
issues were quickly agreed upon, allowing information to pass freely. One Team now collectively decides on training and development, performance management, and reward. This network contributed to Marks & Spencer saving approximately £12 million in 2011. It is also worth noting that the group’s practices are now uniform across organisations that were previously competitors. There is growing consensus that companies which collaborate effectively across boundaries have an important competitive advantage—they are more innovative and cost-effective. Leading companies such as Marks & Spencers are showing that it is possible to build human capital systems and practices to facilitate such collaboration.
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Special Feature Leadership Feature
How Should Young Leaders Manage Older Colleagues? G
eneration Y is moving into management roles in organisations across the world, particularly in industries and careers with a rapid pace of change, like technology. In many of these roles, these younger managers now find themselves in charge of older colleagues with significantly more experience. If not handled properly, this relationship can be fraught with difficulties as resentment can foster if the older individuals do not feel respected and valued by their new supervisor. There’s a fine line between commanding and demanding respect, and while the younger individual may have more up-to-date knowledge on a particular area, their older colleagues have an important role to play. Here are a few simple steps that you can take to manage a team of older colleagues successfully: • Respect their experience: One of the first things to do is get to know your team members. Take the time to have a oneon-one conversation with each of them
and to look into their backgrounds and get their opinions. If you can understand them, their strengths and weaknesses, their desires and their motivating factors, it will be easier to work with them. • Earn your respect, don’t demand it: Everybody has to earn respect from your staff. The fact that you are younger than they does not change that; so don’t expect the respect from the beginning, but rather make a conscious effort to earn it. • Define your decision-making structure: Look for ways to involve your experienced colleagues in decision-making through consultations, committees or direct supervision of tasks. Give them the opportunity to lead and to feel like they are being listened to. • Focus on communication: Something many younger managers overlook is the difference in communication style between generations. Younger employees have grown up in an age
W W W. B R I T C H A M . O R G . S G
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where the majority of business communication, including important matters, is done by email and using corporate intranets. However, older employees still value face-to-face communications and two-way dialogue, and engaging with them personally can be beneficial. • Understand the generational gap: Many younger managers are still in the fast-track mindset of working longer hours, building their careers and focusing on work as their key priority. In contrast, many older managers have children and have reached a point in their career where they are simply not willing to make the same commitment
Leadership Feature: How Should Young Leaders Manage Older Colleagues?
of time because they have other priorities. As a younger manager, you need to identify this and learn to work within that framework, and not expect all team members to subscribe to your style of working. Ultimately, the best solution to keeping everyone in harmony is to be successful. If the team is focused on results and is able to deliver those, then it makes the situation much easier to manage. It is important to remember that you are a team and that you are not in competition with each other. You should communicate to the group that everyone has the opportunity to be successful and to achieve their individual goals as long as you work together.
About the Author James Walton is the Clients & Markets Director for Deloitte Singapore and Deloitte Southeast Asia.
And when you are successful, be sure to celebrate that success. The achievement belongs to everyone, not just you as the manager. As one of my colleagues said recently, “I don’t follow my manager because of their age, their degree or their personality. I follow them because they lead me, develop me and because I believe that we will be successful and that will benefit me and the organisation in the end.”
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Leadership Feature
Neuroscience in Business: Great Minds at Work By Gemma Calvert and Stephen Thomas
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T
o the uninitiated, it is widely assumed that running a business, pleasing consumers, and managing people are straightforward tasks. Yet there is plenty of evidence suggesting that businesses are not doing anything as well as we might suppose. In any given decade since the 1970s, half of the Fortune 500 companies disappear, and current market research figures estimate that 80% of all new product launches fail within three years. In a similar vein, employee surveys continue to show management in a poor light, prompting serious academic and Harvard Business Review contributor Jeffrey Pfeffer to devote an entire book to management mistakes, entitled What Were They Thinking? So how did we get it so wrong?
The Big Disconnect
Over the past few decades, neuroscientists have made unprecedented progress in understanding the workings of our minds and illuminating central truths about human nature. The ability of the latest neuroscientific tools to look “inside the
Leadership Feature: Neuroscience in Business: Special Feature Great Minds at Work
head” during normal behaviour has induced a step change in our understanding of how people function, what makes them behave the way they do, how decisions are formed and acted upon, and how social interactions influence behaviour (often subconsciously) in the supermarket, the home and the workplace. And although our brains are fantastically adaptable— and more than we ever thought possible, according to recent research on plasticity— our brains are not infinitely flexible devices: they have biases and limitations that reflect their biological evolution. So, put another way: how did we expect to progress in understanding and managing human activity without understanding the nature of the central device that produces all progress and innovation in technology, business and society?
and the “explicit” world of the conscious. Neuroscientists now believe that as much as 90% of brain activity is subconscious. Yet these brain processes that operate below our conscious awareness are now known to influence and determine a vast amount of our behaviour. Contrary to Descartes’ supposition of the dominance of the (conscious) rational mind, brain research has revealed that it is our emotions, and not thoughts, that are the instigators of our choices; our subsequent explanations are mere post-hoc rationalisations of our behaviour. So how can companies tap into this growing body of knowledge about the human brain and apply these insights to effect not only better understanding of their customers but also of their own internal management structure?
Supercomputer of the Subconscious
Neuroscience is making significant contributions in the areas of leadership and management. Brain research has revealed that our social motivations are governed by the principle of minimising threat and maximising reward. For example,
Of many new revelations, perhaps the most fundamental involves our new appreciation of the power of the subconscious and the balance that is always present between the “implicit” world of the subconscious
Neuromanagement
W W W. B R I T C H A M . O R G . S G
Neuromarketing
when a human being senses a threat, the brain reacts by focusing its resources on minimising the threat, leaving it less able to deploy resources required for creative thinking and problem-solving. Perceived threats also inhibit the ability to think laterally, reducing vital “aha” moments of insight. By understanding the drivers that provoke a threat response and removing them (for example, excessive micromanagement, holding spur-ofthe-moment brainstorming sessions where senior management expect junior employees to come up with groundbreaking ideas in front of a large audience), and replacing these “threats” with positive actions that underpin reward responses (for example, increasing an individual’s perception of fairness, autonomy and self-worth), companies will release untapped creative potential, enhance
positive outcomes and substantially reduce absenteeism and staff turnover.
Neuroleadership
Neurally informed leaders, as we call them, know that leadership does not come from some arbitrary authority or from applying some unifactorial theory of management (“do ‘X’ and success will follow”). The “extra mile” that characterises so many winners comes first from within. This can only be achieved by understanding how and why the biological brain needs its freedom to operate, free from individual stress and distraction, and to be socially engaged and rewarded in a culture of high performance and fair reward. Neuroscience, it seems, is the science of freedom, focus, engagement, achievement and reward—coincidentally, isn’t that what every successful business wants?
About the Authors Professor Gemma Calvert is the Founder of Neurosense Ltd and a Visiting Professor at the Nanyang Business School, Nanyang Technological University, Singapore. Professor Stephen Thomas is Director of Leadership at Neurosense Ltd and Visiting Professor at the Neuroleadership Institute, Southampton, UK.
Traditional market research tools, which involve asking consumers what they want or whether they are likely to buy a new product, seldom accurately predict their subsequent purchasing behaviour. To quote the late advertising guru, David Ogilvy, “Consumers don’t think how they feel, they don’t say what they think and they don’t do what they say.” Brain scans and, more recently, scalable web-based behavioural tests that tap into consumers’ implicit thoughts and emotions at timescales too brief for the conscious brain to interfere, have found that consumers’ subconscious brain responses are better predictors of what people will remember when listening to marketing messages and also how they will act upon these advertisements. This new approach to market research, which also allows companies to capture consumers’ subconscious responses about potential new products, existing brands or planned campaigns, is termed “neuromarketing.” Neuromarketing is now being used by companies worldwide to reduce new-launch failures and to gain competitive advantage with greater predictability of consumer behaviour.
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Special Feature Leadership Feature
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The Leadership Challenge By Ray Bigger
T
he last five years have seen unprecedented condemnation of poor leadership in business, politics and sport. Numerous surveys—such as those from Edelman and Harvard Business Review—have highlighted poor ratings of trust, respect and integrity in leadership and senior management from stakeholders. Thus it raises the question: is the type of leader of the past the type of leader for the future? Gary Hamel, during his presentation at the Singapore Institute of Management Annual Lecture in September last year, constantly referred to the need for an overdue “Management Revolution” that embraces the new reality. We are most definitely in a new age, so why do we hang on to old habits or obsolete tools? And Hamel is absolutely right. The next question is: how are leaders going to grasp the nettle and resolutely implement change? Is the executive suite a dynamic forum for change? The hotbed is in the ranks but do leaders listen? Change is something we as humans are not that comfortable with, unless people are actively involved and engaged in the process. Look
at the world’s education systems that were originally built for the industrial age. Today, unless you have been living under a rock, we are well into the knowledge age and governments are belatedly and feverishly reengineering their education systems. How do leaders embrace failure? AG Lafley, former CEO & President of Procter & Gamble, remarked thus in his book: “Failures were nuggets of gold so long as you learn from failing but do so early and cheaply.” Do you cherish or chastise failure, or live in fear of it? Is there the perfect leader? Probably not, but a consistently great leader, yes. You can do so by staying connected to, not distancing from, your people, by holding your staff accountable with challenging work. As Steve Jobs once said, “I believe people just want to do great work.” Do leaders understand what that means? Take a look at Undercover Boss on BBC Knowledge—it is quite an eye opener. The main leadership challenges today are: • emotional intelligence • mastery of key basics (yes, I believe we have let that slip)
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Leadership Feature: The Leadership Challenge
Get these right and leadership can become effective, productive and trusted. The focus of leadership has mainly been centred purely on the financials as a sole measure of business success. Kaplan and Norton’s balanced scorecard would be a good start. Leadership author, Daniel Goleman, has observed robust business performance when leaders demonstrate substantial emotional intelligence competence. Nevertheless, the notion of emotional intelligence still has its doubters: people regard it as woolly, flaky, soft, a sign of weakness. And they can’t be more wrong. Control and command leaders still cling to that outdated flotsam—probably out of fear, possibly ignorance, or worse, arrogance. The challenge is in executing the transition.
About the Author Ray Bigger, a former CEO of the British Chamber of Commerce Singapore, a former Premier League / Football League Referee, is Managing Director of Think 8, a group of Productivity Architects helping companies
The transition will not be a quick fix or sideways shuffle; it will need to be a dedicated and sustained implementation over time, slowly gaining traction for the leader and his team.
• creating a dynamic environment in which people would want to work • articulating a vision, mobilising support and getting buy-in from motivated followers
You may want to objectively consider the following:
They say there are three types of leaders:
• how people would rate you as a leader • the effectiveness of your communication and listening skills • your communication styles • your leadership style(s) • the styles you lack and whether they are covered by other team members • how you would rate your own emotional intelligence competency level on a 1–10 scale • how well you really know your team members
in Sales Force Development, Making Conferences & Meetings Effective and Developing Critical and Creative Thinking skills. He is a master practitioner in Neuro Linguistic Programming, and has an MBA from Edinburgh Business School.
• those who make it happen • those who watch it happen • those who wondered what happened Now, which one are you?
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Feature
W W W. B R I T C H A M . O R G . S G
ASEAN Plus Arrives
ASEAN is opening up trade to the rest of the world and, by 2015, is expected to change the structure of the global supply chain. Is your business ready for the new ASEAN?
By Chris Devonshire-Ellis
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T
he term “ASEAN” is cropping up more often these days, yet many businesses worldwide are still unaware of what it is and why it is gaining importance. The basic answer is fairly simple: free trade across Asia. That means reduced or zero customs duties across a space that includes 10 ASEAN nations in Southeast Asia. These are Singapore, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand and Vietnam. ASEAN—the Association of Southeast Asian Nations—was formed in 1967 and comprises these 10 Asian countries as an economic trade bloc. Collectively, ASEAN represents a market of some 600 million people, with a combined GDP of about US$1.8 trillion. If it were a country, in economic terms it would be the ninth largest in the world. Effectively a trade bloc situated between China and India, ASEAN is the third Asian dragon in terms of its development as an emerging economy. The influential Organisation for
Special Feature Feature: ASEAN Plus Arrives
Economic Co-operation and Development (OECD), which counts the UK as a full member, has projected growth within ASEAN to be about 6% per year from 2013 to 2015. Because of that, and its developing wealth, China has specifically targeted ASEAN as a bloc for Chinese companies to do business with. It makes sense: Chinese companies need to expand overseas, ASEAN is right next door and it represents a fast-growing opportunity for boosts in sales and trade. Indeed, ASEAN overtook Japan last year to become the third-largest trade partner with China, with trade figures reaching US$362.3 billion, only behind the EU (US$567.2 billion) and the US (US$446.6 billion). Even so, aware that not everyone has fully recognised the significance of ASEAN, the Chinese government has been going to some lengths to encourage Chinese trade with the bloc, going so far as to set up a
China–ASEAN trade office just recently to raise ASEAN’s profile within China. That’s important, as China has double tax and free trade agreements with ASEAN, only recently inking a deal that permits zero tariffs on over 7,000 products. That was done as part of the ASEAN–China Free Trade Area (ACFTA), an agreement between China and the 10 member states of ASEAN. ACFTA is the largest free trade area in terms of population and third-largest in terms of nominal GDP. The free trade agreement reduced tariffs on 7,881 product categories, or 90% of imported goods, to zero. This reduction has already taken effect in China and the six original ASEAN members: Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. The remaining four countries—Cambodia, Laos, Myanmar and Vietnam—will follow suit in 2015. On top of that, ASEAN has also signed other significant agreements. The ASEAN– India Free Trade Area (AIFTA), which came into effect on 1 January 2010, is
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a similar agreement. AIFTA will see tariff liberalisation on over 90% of products traded between the two dynamic regions, including so-called “special products” such as palm oil (crude and refined), coffee, black tea and pepper. Tariffs on over 4,000 product lines will be completely eliminated between ASEAN and India by 2016. Additional agreements are also in place with Australia and New Zealand, in the form of the ASEAN–Australia–New Zealand Free Trade Area; with Japan, in the form of the ASEAN–Japan Comprehensive Economic Partnership Agreement; and in South Korea, with the ASEAN–Korea Free Trade Area. All of these came into effect in 2010 and have already begun to lift trade figures between ASEAN and their respective partnering countries. They are all also being enshrined in yet another free trade agreement that will further cement free trade between ASEAN and the rest of Asia: the Regional Comprehensive Economic Partnership (RCEP). The RCEP has just
recently been formally acknowledged as open for negotiation, and it includes China, India, Japan, South Korea, Australia and New Zealand. What this means is that from now till 2015 and then 2016, the flow of trade, the shape of the global supply chain, and the opportunities for selling goods and services right across Asia are changing, and in doing so, the customs duties will be increasingly attractive. To take advantage of this means to get prepared now. The impact of the ASEAN bloc upon the region and global trade dynamics will be immense. It also opens up huge potential for global businesses to enter the ASEAN market, establish a presence and use that to reach out to China, India and beyond. China’s manufacturing capacity is slowing and becoming more expensive just at the time when its population is moving to a more consumer-based society. The role of ASEAN, to some extent, is to provide a
lower-cost manufacturing base and use that as a springboard to export to China. This is why manufacturing in Vietnam is starting to take off as an alternative to China—not purely because Vietnam is cheaper in terms of labour costs, but also, as part of ASEAN, 90% of manufactured goods will be traded with zero duties by 2015. The same applies to Cambodia, Laos and Myanmar, which is one reason why the latter suddenly appears to be in a hurry to get its reforms in place. Because of the direct border with China and the long coastline with increasing TEU capacity through its ports, Vietnam has seen a lot of MNCs base themselves there in order to target the Chinese and Indian markets. ASEAN, then, is developing as an excellent starting point for reaching out to the region’s developing markets, but the benefits of that extend beyond setting up a physical presence in the bloc. An ASEAN-based company enjoys not just
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Feature: ASEAN Plus Arrives
the automatic tax and free trade benefits of intra-ASEAN trade, but also those free trade and double tax agreements ASEAN has and is extending with China, India, Australasia, Japan and South Korea. Taking advantage of ASEAN is thus a relatively simple matter. Just as many Hong Kong companies have been used as springboards and advantageous tax structures for getting into China, Singapore as a financial and services hub fulfils the same role for ASEAN, and even India and beyond. Singapore—the de facto financial capital of ASEAN—enjoys a low corporate income tax rate of 17%, has no tax payable on dividends earned externally from its borders, and even offers tax incentives for SMEs wishing to establish operations in the country. It is also possible to operate a Singapore company as a “shelf” entity to take advantage of these benefits, without the need to fully go to the expense of setting up a full service office. As such, it is an excellent base from which to direct operations from ASEAN, while also qualifying for the intra-ASEAN free trade agreements and those coming into effect with China and India. UK-based businesses should be looking at Singapore-based ASEAN subsidiaries to take advantage of what is going to be a huge free trade area with a significant impact on global trade and supply chains. For businesses looking at investing in ASEAN countries, the place to start is Singapore—and the time to begin planning your business to ride the free trade train is now. Is your company prepared for ASEAN 2015?
About the Author Chris Devonshire-Ellis is the Principal of Dezan Shira & Associates and heads up the practice’s Singapore office. He has spent 27 years in Asia, including 20 in China, five in India and now Singapore. The firm provides foreign direct investment, legal advice,
due diligence, country cost comparisons, tax planning, accounting and payroll services throughout the firm’s 20 offices across Asia. Please see: www.dezshira.com or visit www.asiabriefing.com. Contact: Singapore@dezshira.com
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UK Trade & Investment
W W W. B R I T C H A M . O R G . S G
The UK as a GREAT Leader
By Judi Leon
I
think it’s fair to say that the UK has a reputation for not always promoting what it does well despite it being a leader in many areas, including in the commercial field. Last year’s outstanding successes—the Diamond Jubilee and the Olympic and Paralympic Games—have reminded us all what Britain is capable of by supplementing our traditional strengths with some innovative thinking. While 2012 was an exceptional year, there
will always be opportunities for the UK to show leadership globally and for us in UK Trade and Investment (UKTI) working with partners like the Chamber to build on our deep and growing business relationship with Singapore and the region through new initiatives. This year the UK holds the Presidency of the G8, and while this won’t grab headlines in the same way as the highlights of 2012, this is an opportunity to convince other countries about the relevance of the UK’s priorities, prosperity and growth.
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Crown copyright
PM David Cameron arrives in Muskoka, Canada for his first G8 Summit in 2010
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UK Trade & Investment: The UK as a GREAT Leader
Trade There is no greater stimulus for growth in the world economy than trade and no more important battle than the fight against protectionism. The G8 has collective responsibility to drive forward trade liberalisation. Among G8 countries, work is already ongoing to prepare a free trade agreement between the EU and Canada, and work will start next year to begin free trade negotiations between the EU and Japan and the EU and US. An EU– US free trade agreement would be particularly significant—the EU and US together make up nearly a third of all global trade and an ambitious deal between the two could provide an enormous boost to jobs and growth. The G8 leaders’ summit will be an opportunity to show the importance of this ongoing work and to agree how to accelerate progress across our common trade priorities.
>
The UK’s G8 priorities as announced by Prime Minister David Cameron
Alan Duncan MP in Singapore
The UK wants to use its role as President to • show leadership on trade deals as opportunities for global growth, and support trade facilitation by reducing paperwork and bureaucracy at borders; • galvanise international action on tax transparency, by encouraging more countries to sign up to international standards and strengthening information sharing to tackle abuses of the tax system, so that Governments can collect the taxes due to them; and • increase transparency, accountability and open government, including in the extractives industries, in order to tackle the corruption that holds back development and growth.
For UKTI and the wider prosperity team at the British High Commission in Singapore, we see 2013 as the opportunity to be innovative and lead in a number of areas in which we started work last year. Many of these form part of the UK–Singapore Economic and Business Partnership, signed in October 2011, and we are working with relevant partners in the UK and Singapore to make progress in the key areas of policy exchange, business cooperation and R&D. On policy exchange, the EU and Singapore concluded negotiations in December on the European Union–Singapore Free Trade Agreement which will allow UK and Singaporean companies to have better access to each other’s markets. The full benefits to UK business are
We are discussing with the Chamber ways in which we can work together to deliver more assistance to UK companies looking to do business in Singapore
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Tax The UK’s G8 Presidency will focus on strengthening international tax standards and working on greater international tax information exchange to tackle tax havens. This will build on work that is already underway in the Organisation for Economic Co-operation and Development (OECD) and maintain the momentum set by the G20. And we will work with developing countries to enable them to collect tax that is due to them.
PM David Cameron and Aung San Suu Kyi in Burma
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being worked through but are expected to include new opportunities to bid for public procurement contracts; additional prospects in the services sector; a lowering of technical barriers in key sectors such as cars, pharmaceuticals, electronics and renewable energy equipment; and a higher level of Intellectual Property Rights protection. We will promote these once we have more details. The UK and Singapore government agencies have put together a range of activities to encourage businesses to leverage on the advantages of our complementary roles as gateways to Asia and Europe. In December, UKTI hosted the first Smart Cities, Smarter Living regional trade mission to Southeast Asia, led by Alan Duncan MP. Over 20 UK companies participated and represented different aspects of “smart� technology that can be incorporated into the planning, design, operations and management of cities to improve the quality of life and increase sustainability. The Smart Cities, Smarter Living mission is the first step in a three-year programme of activity to match UK capability with the needs of smart city developments in
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UK Trade & Investment: The UK as a GREAT Leader
Transparency and accountability are vitally important to achieve these conditions. Too often, development at the G8 has been about rich countries doing things to poor countries. But at Lough Erne, the G8 will focus on getting its own house in order and helping developing countries to prosper in the process. An example of this is mineral wealth. It’s important that developing countries rich in minerals see this as a blessing not a curse. The UK is already leading efforts in the EU that will require oil, gas and mining companies to publish key financial information for each country and project they work on. The UK’s G8 Presidency will push for greater transparency all around the globe so that revenues from oil, gas and mining are transparent. This should encourage greater accountability and ensure money doesn’t fuel conflict and corruption, but instead is used to provide better public services for citizens. The combined action on trade, tax and transparency during the
>
Transparency The G8 has a long history of advancing the development agenda—and the UK’s G8 Presidency will be no different. The UK is meeting its commitment to spend 0.7% of its gross national income on aid from 2013 and will hold other countries to account for their promises too. With this track record on aid, the Prime Minister plans to use the G8 Presidency to support the ‘golden thread’ of conditions that he sees as critical to the growth and prosperity of countries across the world. These include the absence of conflict, clamping down on corruption and ensuring strong and accountable government.
Through partnerships with Singapore, businesses may be able to discover opportunities in China and Burma
the Asia Pacific region. The trade mission started in Singapore with a seminar, one-to-one meetings with Singapore companies and government agencies and a reception—which many Chamber members attended—and then went to Malaysia and the Philippines. Future missions will look to build on the success of this event and will use Singapore as a springboard into other regional markets. The UKTI team in Singapore, working with regional UKTI colleagues, have also led innovative thinking in the rail sector. In November, we arranged for a trade mission from the UK to take part in a third markets seminar that began with a series of country presentations from South Korea, Singapore, Malaysia, the Philippines and Thailand. The UK side and representatives from South Korea’s relevant government
authorities, trade body, infrastructure companies and three of its chaebols that operate in Singapore then made individual presentations, participated in a matched meet the buyer event, attended a networking reception and visited both a South Korean and a UK rail project site in Singapore. This led to the possibility of some UK companies working with Koreans in Singapore and in a third market in the region. The new approach was regarded as being so successful that a similar seminar is being planned in Manila this year. As I write this, preparations are being made for the UK Business Opportunities in China, Burma and Beyond in Partnership with Singapore event on 5 February. This will help gauge the level of interest from UK companies in activities to support them going into
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UK’s G8 Presidency could lay the foundations of long-term growth and prosperity for generations to come and will support the development of open economies, open governments and open societies. The UK’s G8 Presidency will also make progress across a range of vital global issues, including foreign policy challenges and supporting Arab Spring countries. The UK’s Presidency will also build on the Olympic Hunger Summit and the US’s New Alliance for Food Security and Nutrition, leading the way in the battle against hunger. And this year the UK will also produce a comprehensive accountability report (CAR) that will show progress against key commitments made by the G8. The report is a concrete example of transparency and accountability at work, a central theme of the UK’s G8 Presidency, and an opportunity to hold G8 leaders to account.
these third markets so we can see whether to develop this area of work further. Finally, but definitely not least, we are discussing with the Chamber ways in which we can work together to deliver more assistance to UK companies looking to do business in Singapore. Headstart, a new service providing practical support for UK businesses to export to high growth markets in Southeast Asia was launched in October. This is a partnership between UKTI, the UK–ASEAN Business Council and the British Chambers of Commerce (BCC) in Singapore, Thailand and Indonesia and is delivered by the Chambers. The service offers access to local business networks, introductions to already established UK companies,
temporary office space with the local BCC and ongoing access to BCC staff. Headstart is initially being offered as a sixmonth pilot which, if successful, will be expanded to other markets in Southeast Asia. You can find out more through the Professional Services Group page on the Chamber’s website. I hope that these examples give you a flavour of some of the ways in which we are demonstrating that the UK—and UKTI in particular— can be a leader in innovative thinking. We look forward to continuing to work closely with the Chamber in these and other areas and I will update you on progress in future articles.
https://www.gov.uk/ government/news/the-uks-g8priorities
About the Author Judi Leon Deputy Director Trade and Investment UK Trade and Investment, Singapore
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At the Chamber
W W W. B R I T C H A M . O R G . S G
Dear members, I wish you a healthy, successful and prosperous New Year! I hope you enjoyed a relaxing break over the Christmas holidays and were able to recharge energy and enthusiasm for 2013. When you read this, the New Year is well under way and we are celebrating Chinese New Year. According to feng shui experts, the year of the Water Snake promises “better times, thanks to its well-balanced element combinations.” This sounds very positive and promising for both business and personal outlooks. Gong Xi Fa Cai! Back to business: In the course of last year, operating in Singapore became more difficult in some sectors due to the tightening foreign labour policies. Just before Christmas, we launched a survey, together with AmCham and the European Chamber, to identify areas where our members face challenges and difficulties conducting business. In summary, the majority of respondents (54%) do not face issues with the new work pass policy while they are conceding a higher rate of work pass rejection than in 2011. British Chamber members are committed to Singapore as an open and diverse location to do business and they are not deterred from their plans and goals. 56% of respondents plan to increase their total headcount in 2013. That is a very encouraging feedback and the Chamber is committed to support where we can. Brigitte Holschneider Executive Director, British Chamber of Commerce
We have kicked off an engaged and dynamic events programme concentrating on delivering manifold economic insights, business updates and networking opportunities with the aim to surpass the 82 events we organised in 2012. For an overview of key dates, please refer to page 78. We are working to ensure constant progress of our website with an emphasis on the member’s resource library as well as timely and relevant updates of the Business Group web pages. If you have not yet seen the improvements made in the last quarter of 2012, please log on to www.britcham.org.sg. I hope you find navigating the site a much easier and a more pleasant experience. The Orient magazines in 2013 present themselves with upgraded and broadened content, now featuring themed issues—Leadership this month—and addressing news from the various Business Groups in every issue. We also invite contribution from our SME members aiming to publish case studies on how challenges have been mastered and businesses have been set up and developed. As mentioned in my message in December, a group of members got together last year and conceptualised the “Leadership in Singapore and Asia Business Group” chaired by board member Caroline Bagshaw of Standard Chartered Bank. Caroline left the bank and Singapore mid-December to take up a new role and challenge outside of SC in London. This means we are going to regroup and will launch the intended programme a bit later in the year, most likely in the 2nd quarter. In closing, I’d like to update you that the UKTI driven HEADSTART initiative, a special programme to encourage UK-based companies to utilise our Chamber’s services in becoming overseas members, got some very good traction since its launch in October 2012. We now manage a healthy list of leads and prospects and increased our interaction with companies in the UK assisting to start and develop business in Singapore and Southeast Asia. Best wishes and I hope to see you at one of the upcoming events,
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At the Chamber
Survey Report on Singapore’s Manpower Policy By Vipanchi Dinavahi
W W W. B R I T C H A M . O R G . S G
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ingapore’s latest regulation on foreign manpower has sparked nation-wide debates within the business community and the media. Amid continuing influx of foreign population towards the greener pastures in the East, The Economist’s 2013 Asia Business Outlook Survey found the factors affecting Singapore’s allure as a regional headquarters hub include cost of living and inflation (52%), soaring property prices (38%) and labour shortages (34%).
The question really is: will the regulations affect the steady foreign investment into the country? Fifty-four member companies from the British Chamber of Commerce responded to the European and American Business Communities Manpower Survey 2012. These companies include SMEs and MNCs that have business operations in Singapore.
The following statistics give an interesting perspective:
Industry Sector
Auditors/law firm/consultants
2.36%
Bank/Finance/Investments/ Insurance
9.6% 7.7%
25.0%
9.6% 5.8% 9.6%
13.5%
Hospitality/Events/ Restaurants/Clubs Human Resources/EducaAon & Training Insurance/Reinsurance PharmaceuAcal/Medical Equipment Travel/Tourism/Leisure Others
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At the Chamber: Survey Report on Singapore’s Manpower Policy
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Length of Business OperaIons in Singapore
Foreign Workers Employed
35.0%
30.8%
35.0%
25.0%
30.0%
20.0%
15.0%
12.0%
10.0% 5.0%
10.0%
6.0%
0.0%
5.0% 0.0%
22.0%
20.0%
17.3%
9.6%
15.0%
28.0%
25.0%
25.0%
17.3%
32.0%
30.0%
Less than 25% Less than 2 years
2 – 5 years
5 – 10 years
10 – 20 years
European Union member states
16.7%
4.2% 79.2%
56.3%
25.0%
51 – 75%
76 – 100%
No foreign individuals
Strength of Workforce in Singapore
Foreign NaIonaliIes Employed
12.5% 8.3%
25 – 50%
More than 20 years
34.6% 35.0%
Asia-‐Pacific (Australia, New Zealand, Korea, Japan)
30.0%
South East Asia
25.0%
25.0% 21.2%
20.0%
United States
15.4%
15.0% China
10.0% India
3.8%
5.0%
Other (please specify)
Number of Work Pass ApplicaIons & Renewals Filed
0.0%
Less than 10
10 – 50
51 – 200
201 – 1,000
Work Pass RejecIon Rate as compared to 2011 60.0%
2.9%
5.7%
5.7%
1,001 – 10,000
54.3%
50.0% 42.4%
8.6%
40.0%
8.6%
36.4% New
30.0%
68.6%
Renewal
22.9%
18.2% 20.0%
20.0% 0 – 10 11 – 20 21 – 30 31 – 50 50 – 70 More than 100
10.0% 3.0% 2.9% 0.0%
More than in 2011
Less than in 2011
About the same
Not applicable
W W W. B R I T C H A M . O R G . S G
Impact of new foreign workers policies to the company
Foreign Workers regulaIons: difficult to cope with 60.0%
53.1%
50.0% 40.0% 30.0%
10.7%
21.9% 20.0%
Tightening of salary and educaAon-‐ level requirements for foreigners holding Employment Passes
25.0%
9.4%
10.0%
9.4% 6.3%
0.0% Strong impact Some impact
Low impact
No impact
I do not know
Reducing various Dependency RaAo Ceilings (DRCs)
82.1% 32.1%
RestricAng further the dependent privileges for certain work pass holders Other
Much to our surprise, only 45.7% of these companies have issues with the new work pass policy while 54.3% have none. Overall, 56.3% of the 54 companies intend to grow their headcount despite changes in policies. With such results, one can only conclude companies look for the right talent to achieve business growth and success.
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At the Chamber: Business Group News
ICT Business Group
Chairperson: Henry Farahar —Sales Director, Unified Communications Group, Logicalis Asia
I
s Santa Claus changing the way we work? 2013 is the year of the smart device, with over 1.2 billion pieces expected to be sold worldwide, according to Gartner. These devices, which are expected to be used for work, will be introduced to your business by you and your employees. Whether you see this as a risk or an opportunity, it is inevitable. In Singapore, according to a recent Ovum white paper, the Bring Your Own Device (BYOD) initiative is already practised by 80% of employees. Be it the iPad, the Surface, the Galaxy, the Fire or another faster, slimmer, smaller, smarter device, there is no getting away from the everincreasing impact this technology has on our lives.
Santa Claus may have been generous to the technology retailers, but how has the blurring of the work–life boundary affected us and what opportunities and challenges does the pervasive BYOD trend mean to our business? Allowing our employees to be more mobile, to have greater operational efficiency and the ability to work how and when we want, is a fantastic opportunity for the individual and the company. When managed properly, a good BYOD strategy can contribute to the bottom line through efficiency and better customer service, while also cutting down and in some cases removing company-owned devices and support altogether. However, if not
managed properly, your company could face a different type of BYOD: Bring Your Own Disaster. Out of the 80% BYOD-ers in Singapore, only 30% have reviewed or signed a company policy. With great opportunity, there is always risk; however, these risks are easily managed. Data and infrastructure security, mobile device management and the network capability required are available via a variety of vendors and channels. We’ve seen major MNCs, including financial organisations, putting BYOD strategies in place, and if you haven’t already done so, why not? Make the smart choice and make the most of BYOD in 2013.
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Property & Construction Business Group Chairperson: Richard Warburton —Area Leader, Southeast Asia, EC Harris
F
irstly, I would like to wish you all a Happy New Year and I hope 2013 will be a healthy and successful period for yourselves, your families and your organisations. Before we consider the year ahead, however, it’s also worth reviewing what the Property and Construction Group has achieved over the past year. The year 2012 was the inaugural year for our group, and in this period, we came together to host a number of thought-provoking seminars. The market economic briefings on the outlook for the commercial real estate, residential and wider property sector in the Asia Pacific region were definite highlights, stimulating valuable debate among the membership on what the market may present over the coming years. Hearing from the Urban Redevelopment Authority on the Marina Bay, Central Business District and Tanjong Pagar masterplans offered members an understanding of how Singapore will develop and the opportunities these will create. Similarly, business tours to live projects like the Singapore Sports Hub and Chinatown MRT offered unique access and insight to some of the biggest developments in the market today and the chance to learn from industry experts who are delivering these schemes. As we look ahead, the vision for the group will continue to remain focused on providing members with value, through a series of events and engagements that will ultimately help us all to meet our own business plans and improve our professional capability. A brief look at the market suggests there are a number of important issues, and a collective discussion on these matters, I believe, would be immensely beneficial
for all of us. How can we help to engineer a more sustainable approach to property development and ownership? What impact will issues such as labour restrictions and the drive for enhanced productivity have on the wider business community within Singapore?
In that spirit, I welcome suggestions from the membership on potential topics and events for 2013, and I look forward to speaking and meeting with you all over the coming weeks and months.
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At the Chamber: Business Group News
Young British Chamber Business Group Chairperson: Miles Gooseman —Financial Planning consultant, The Fry Group
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magine sitting across British High Commissioner HE Anthony Phillipson and listening to him talk about foreign policy. Then imagine him inviting you to his home at Eden Hall to meet and learn from his colleagues. Opportunities such as these aren’t normally available to young professionals, but not so for Young British Chamber (YBC) members, who were invited to these exclusive events throughout what was surely a memorable 2012. Among these opportunities were a tour of Changi Airport, including a visit to the cockpit of a ready-to-fly Airbus A380; a networking event in partnership with RBS Young Bankers Association, where YBC members could network with highly accomplished mentors from RBS and
the British High Commission; and a mentorship session with Angel’s Gate CEO Ash Singh. With the support of the British Chamber and British High Commission, the Young British Chamber (YBC) is able to put its members in contact with their dream professional experience. The Young British Chamber is the only organisation of its kind to offer young professionals from all backgrounds and careers this type of unique experience. The committee members of YBC consist of driven, intelligent businessmen and women who meet regularly to brainstorm for YBC programmes. Plans are currently underway for new
opportunities this year. For the YBC Mentor Series, we have Captain Paul J Foster, the US Navy Commanding Officer; David Wynne-Morgan, CEO of Pelham Bell Pottinger Asia; and Michael Ma, Founder of the Indochine Group—all of whom are ready to share their professional experiences and advice. Off-site tours are also being planned, including a trip to the Tiger Beer brewery and a twilight sail. Additionally, partnerships with other young professional groups are being forged to create truly unforgettable networking nights. For more information about YBC activities, like our Facebook page at www.facebook. com/Young.British.Chamber.SG
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Professional Services Business Group
Chairperson: Carolyn Lints —Legal Director, Commercial and Intellectual Property, Hill & Dickinson LLP
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he Professional Services Group (PSG), the largest business group within the Chamber, relaunched last year with a new 12-member committee and a new focus on external trade. The PSG represents a diverse range of business sectors, including accountancy, business and management consultancies, public relations and communications specialists, engineers, industrial services, lawyers, tax specialists and travel consultants, among others. The main focus of the PSG committee, whose members cut across a wide variety of professions, is being a resource hub for: UK corporates with an interest in coming to Singapore and Southeast Asia; UK corporates who are already here and looking to expand; and Singapore corporates who are keen on investing in the UK. The intention is to create business opportunities for members of the PSG as we proceed, alongside attracting new members to the Chamber. As far as working with UK corporates is concerned, we are very fortunate to be able to work with the UK Trade and Investment on its Headstart programme, which “offers practical in-market support for SMEs in the UK, including access to office space and locally established UK expertise.” The Chamber is one of three in Southeast Asia that has been selected to receive enquiries from UK SMEs and provide services to them. For more information, please see www.ukti.gov. uk/uktihome/item/374640.html. A PSG launch event in October at the Crown & Anchor pub at the British High Commission was very well attended, with more than 50 people enjoying the unique atmosphere of the venue, which is accessible only by private invitation.
The feedback from those attending was overwhelmingly positive, with an appreciation of the networking opportunities that presented themselves—a major benefit that was highlighted in the feedback questionnaire completed by attendees.
The next event will be on 21 February at our sponsor’s—Regus’—serviced offices at Marina Bay Financial Centre, and we look forward to welcoming as many PSG members as possible.
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At the Chamber: Sterling News Stamford American International School: In a world first, Cognita has announced that it is building a world-class innovation centre as part of the Phase II development of Stamford’s new campus at Upper Serangoon Road. The Cognita Innovation Center will be a place of partnership between Stamford’s students and the corporate sector, bridging the gap between theory and real-world execution. Cognita Asia CEO Brian Rogove said, “The Innovation Center will enable students to acquire the skills and confidence they need to take their own ideas into the commercial world and make them successful.” Features and activities of the Cognita Innovation Center at Stamford include: • a fully outfitted and functioning trading floor where students will get to learn about the power of economics by witnessing and participating in market transactions • a centre for entrepreneurship, in partnership with leading US universities and venture capital firms, that includes resources to develop the next “big idea” through to the point of registering and protecting the intellectual property • the ability to undertake research projects in partnership with local and international businesses that will put real-life problems before the students • inviting the world’s best business thinkers to teach the students through physical or virtual lectures. www.sais.edu.sg
Faithful+Gould: Faithful+Gould—a multinational cost and project management consultancy that provides expertise for construction and engineering projects in transport, property and industry—has recently celebrated its 25 years in Asia Pacific, and is announcing organisational changes. The Singapore office, which was previously led by William Bottomley, will now see Martin Riddett take the helm, while the Asia Pacific operations will be overseen by Barry Piper, Chief Operating Officer, Asia Pacific. In his new role, Martin will be in charge of our newly located Singapore office. He will also be supporting Barry in expanding our footprint in the Asia Pacific regions—including Hong Kong, Thailand, Indonesia, Malaysia and Vietnam—and continuing to support and grow our business in Singapore and China. www.fgould.com/asia
International SOS: The world’s leading medical and travel security services company—is strengthening its IT leadership team, with the creation of a Singapore-based Group Chief Information Officer position. The company is delighted to announce the appointment of Richard Davies to this newly created position, effective from 1 November 2012. Richard brings with him extensive experience and understanding of global IT operations for MNCs, having grown his career in several leadership positions in Fortune 500 companies across various industries. On behalf of International SOS, we would like to wish Richard every success as we continue the transformation of our IT capabilities. www.internationalsos.com
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EC Harris: EC Harris recently launched their “Global Infrastructure Investment Index,” a study that ranked 40 countries across the globe according to how attractive they are to infrastructure funds. The research assessed the appeal of each market against various categories, including the ease of doing business in each country, tax rates, GDP per capita, government policy, the quality of the existing infrastructure and the availability of debt finance. Overall, it found that Singapore is the world’s most attractive location to invest in infrastructure schemes, while Malaysia also features in the top 10 list. The study identified major opportunities in many other markets across Asia, including Indonesia and the Philippines. However, in these locations, investors need to focus on mitigating risk in order to guarantee a safe return. To better support our infrastructure fund clients on the projects they will be involved in over the coming years, EC Harris has appointed David Stollard from PwC. David will be based in our Singapore office but will have a remit that covers the wider Southeast Asia region. www.echarris.com
Rolls-Royce: On 28 November 2012, Rolls-Royce, the global power systems company, delivered the first Trent 900 aero engine produced in Singapore to Airbus in Toulouse, France. Paul O’Neil, Director of Seletar Campus, Rolls-Royce, said, “The delivery of the first Trent aero engine produced in Singapore is a significant milestone for us. It represents a huge collaborative effort with colleagues in the UK supporting our team here to ensure that the engine, produced to our exacting standards, was delivered on time.” The Trent 900 aero engine was developed for the Airbus A380 family and delivers the lowest lifetime fuel burn in addition to its excellent environmental attributes. The Trent 900 has been selected by 11 of the 17 airlines who operate the aircraft. www.rolls-royce.com
Standard Life: Standard Life recently announced the launch of its first suite of retail savings and investment plans that target both locals and expatriates in Singapore. The product suite will include three core savings and investment plans suitable for regular savings or lump-sum investment, catering to varying financial needs like saving for a future nest egg, child’s education or retirement. With access to 155 direct funds, Standard Life currently offers more choices than any other international life insurance provider, giving clients investment options across 13 global fund managers. The plans also offer a wide range of features targeted at expatriates looking for a flexible international saving product, such as multi-currency portability and tax efficiency options. All three plans will offer additional allocation in units from the start, helping customers grow their investments with Standard Life. More details available at www.standardlife.sg.
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At the Chamber: Corporate News Think8: Ray Bigger, Think8 Managing Director, is pleased to announce some upgrades to the suite of unique Sales Force Development Tools. The arsenal of tools includes the Sales Force Evaluation tools, for existing sales forces and sales management, and the Express Screen Sales Recruitment Tools, for hiring sales people and sales management. Bigger said, “These upgrades will give CEOs/VP Sales even more access to otherwise hidden but crucial data, that will help them develop a world-class sales force.” The new features include a ‘Longevity Index’ indicating how long an applicant will stay with the company and a specific VP Sales/MD of Sales Assessment, measuring accurately effectiveness of a candidate/candidates in either the ‘C’ Suite or the Executive Team. www.think8.net
KPMG: KPMG is pleased to present its first ever report culminating from the survey of General Counsels (GCs) across 32 countries including the Asia Pacific, North America, Latin America and Europe. Some 320 corporate counsels from different sectors in both mature and high-growth economies were interviewed. KPMG also conducted detailed in-depth interviews with selected GCs of major global companies and KPMG professionals for additional insights. Titled Beyond the Law, the survey aims to find out how much progress GCs are making as general business decision-makers and the challenges they face in this growing role. From our research, we uncovered that the greatest challenge for GCs is regulation. More than 60% of respondents said that regulation was their top main area of work while nearly 90% chose a general increase in volume and complexity of regulation as the greatest risk to their companies in the next five years. What the findings suggest is that GCs are spending more time on regulatory compliance, investigations and disputes rather than fulfilling key roles managing litigation and contractual arrangements. Other interesting key findings: • Dispute resolution is taking longer and costing more to settle. GCs pointed to the complexity of subject matter (61% of respondents) and the volume of information needing to be disclosed (59% of respondents) as the biggest challenges to managing disputes. Dispute avoidance will therefore emerge as an important focus for GCs. • GCs are becoming more involved with the formulation of business strategy (67%) compared to five years ago. • In the Asia Pacific, only 20% of respondents said their legal department was represented on the company board. Worldwide, about 62% of GCs said they do not sit directly on the Board. www.kpmg.com
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Collective Works: Collective Works is pleased to announce the opening of its Cecil Street co-working space catering to entrepreneurs, freelancers and small businesses. Co-working is a new movement whereby independent businesses share a common office space. Unlike serviced offices, co-working spaces are designed to foster a sense of community and promote interaction, collaboration and knowledge-sharing among their members. Collective Works CEO Jonathan O’Byrne said of the space, “We are more than a space provider; before long we will be a professional network to our members: offering the chance to promote their businesses, meet new clients and forge new partnerships by just going to the office.” To mark the start of 2013, Collective Works is offering an exclusive discount to BritCham members of 15% off their membership fees for the first year if they sign up during the month of February. Collective Works is located at 100 Cecil Street, #10-01 The Globe, 069532. For more information, visit www.collectiveworks.com.sg British Orient_Half Horizontal Ads.qxp
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IMC Welcomes Dr Michael Rodger Dr Michael Rodger qualified in medicine at the University of Liverpool (UK) in 2001, and completed a fellowship of the Royal College of General Practitioners (UK) in 2005. He has worked in a wide variety of settings, from providing private health care to the financial sector in the City of London, to working in several smaller primary health care centres in London and South East England. He has provided care in the areas of family medicine, preventative medicine,
travel medicine and health screening. Dr Rodger grew up in Oxfordshire, in Southern England. In his free time he is an avid follower of international cricket and rugby union. He also supports Liverpool FC. He has an interest in military history and international politics and enjoys travelling especially to South East Asia and the United States. Moving to Singapore with his wife in 2010, Dr Rodger looks forward to providing medical care for families from the expatriate and local community.
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At the Chamber: Corporate News Lawrence Graham: International business law firm Lawrence Graham LLP has hired widely respected trusts partner Zac Lucas. Dual UK and British Virgin Islands (BVI)qualified, Zac will be based in the firm’s Singapore office, which opened earlier this year. Zac specialises in international trust and estate planning with a particular focus on business and succession planning. He has created numerous innovative BVI trust solutions that take advantage of the provisions of the Virgin Islands Special Trusts Act 2003. Currently a partner and head of private client at Ogier in the BVI, Zac is regularly instructed by international law firms, professional trust companies, leading private banks and wealthy families on all matters relating to trust law and private client planning. Lawrence Graham consolidated its 21 years of business in Southeast Asia by forming an alliance with Singapore law firm PK Wong and Associates LLC earlier this year. Nick Jacob, who is one of the best known private client lawyers operating in East Asia, and senior associate Dan Ugur divide their time between London and Singapore advising significant business families, UHNWs and their advisers. Nick is also deputy chairman of STEP worldwide. Nick commented: “Zac’s reputation and trusts expertise will give us a formidable offering in the region, which will further enhance what we believe is the firm’s excellent reputation in East Asia for private capital work. We have seen a very significant step up in Family Governance and trust work in the region over the last 12 months, and Zac’s hire is a major stepping stone to achieving our aspiration of building the strongest private client offering in East Asia”. Zac said: “I am looking forward to joining the team at Lawrence Graham—it has a market-leading reputation. By establishing a permanent presence in Southeast Asia, the firm has made a statement of intent to consolidate and expand in a very dynamic region. This strategy ties in particularly well with my current practice.” www.lg-legal.com
MSIG: MSIG, a member of the MS&AD Insurance Group, has launched a new brand campaign in Asia. “‘Seeing the heart in everything’ communicates our philosophy and spirit of ‘going above and beyond,’ which is an integral part of MSIG’s corporate character. At our core, we seek to understand the motivation behind our client’s purchase of general insurance. We view what is insured with us not merely as objects, but represent and define the emotions and aspirations of our customers,” said Alan Wilson, Regional CEO of MSIG Holdings (Asia) Pte Ltd. “With this campaign, the MSIG brand will reach out to many potential customers who will realise our promise of insurance solutions that are delivered sincerely,” said M Paul Faulkner, CEO of MSIG Insurance (Singapore) Pte Ltd. For more information, visit www.msig-asia.com
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Rolls-Royce: Rolls-Royce Motor Cars celebrates the first decade of the latest chapter in its extraordinary 108-year history this month. In the 10 years since moving to a purpose-built facility on the Goodwood Estate, West Sussex, the revered British marquee has re-established itself as the world’s pinnacle super luxury goods manufacturer. Designers of this new Rolls-Royce had one chance to create a motor car befitting the most revered name in motoring. In little over four years, a dedicated team of designers and engineers achieved this, redefining super-luxury motoring forever. Paul Harris—British export, car enthusiast and the current Regional Director for Rolls-Royce Motor Cars Asia Pacific—has no qualms expressing his excitement at celebrating this success story, “A brand with such a great and lengthy history celebrates many milestones, but being able to demonstrate 10 years of excellence, and great success, is the most exciting.” “To maintain this we have continued to evolve our product, all the while listening to our customers’ needs. The personal relationship Rolls-Royce has with its consumer base is the most vital, and I believe that this, married to world leading standards of design and engineering, is why we remain such a success to this day.” www.rolls-royce.com
LAMC Production: Due to overwhelming demand, LAMC Productions is proud to announce that Canada’s biggest comedy export and global comedy rockstar, Russell Peters will return to Singapore on 25 March 2013 at the Singapore Indoor Stadium. Russell Peters was last in Singapore on 5 and 6 May playing two sold-out shows that set attendance records for a single stand-up comedian at the Singapore Indoor Stadium. Russell Peters has spent the last three years setting attendance records around the globe; in 2008, he had the largest comedy show in UK history at London’s O2 Arena with 16,000 fans in attendance. He repeated that same feat in 2010 at Sydney, Australia’s Acer Arena, where he had the largest comedy show in Australian history with over 13,000 fans in attendance. In March 2012, Peters became the fastest selling concert in Dubai history. His two shows in Dubai sold out in eight minutes—faster than Madonna. Russell Peters’ Notorious World Tour will last well into 2013 with dates from Muscat to Montreal and from Las Vegas to Cape Town. The shows will feature Russell’s Official Tour DJ, New York City’s DJ Spinbad, as well as video cameras and screens for an up-close and intimate show in an arena setting. Produced by LAMC Productions. More information available at www.lamcproductions.com
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At the Chamber: Corporate News Shangri-La: Singapore’s first CHI, The Spa at Shangri-La officially opened at Shangri-La Hotel, Singapore in December 2012. Nestled amid 15 acres of lush tropical greenery, CHI draws inspiration from the origins of the Shangri-La legend, a place of personal peace and well-being. Unique treatments that define Singapore’s CHI include the Singapore Wave and Tropical Retreat, inspired by the local blend of energy and multicultural heritage. CHI offers nine treatment rooms. The new spa is named after beliefs in traditional Chinese philosophy; “chi” is the universal life force that governs well being and personal vitality. It is believed that “chi” must flow freely within the body to maintain good health. CHI presents a personal sanctuary where holistic treatments are based on time-honoured methods shared by many Asian cultures. A spectrum of massages, facials and treatments is available under different categories. “CHI, The Spa’s unique location amid 15 acres of lush, tropical gardens makes it the perfect retreat within the heart of Singapore. Leisure and business travellers alike will appreciate this new facility to complement their garden resort experience. At CHI, guests will find tranquillity, sincerity and something a great deal rarer—our Shangri-La hospitality delivered from the heart,” said Manfred Weber, General Manager of Shangri-La Hotel, Singapore. www.shangri-la.com
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SPECIAL OFFER for The British Chamber of
Commerce members
The British Chamber of Commerce members can get a one-year subscription to Expat Living Magazine for only $30 instead of the usual price of $48. YOU WILL GET: 12 months subscription to Expat Living FREE annual guides: Body & Mind Guide, Kids’ Guide, Travel Guide, City Guide (valued at $26) FREE delivery to your postbox
To take advantage of this special offer sign up at
www.expatliving.sg/britishchamber
Expat Living is a monthly magazine that focuses on what is happening in Singapore for expats covering travel, property, food, entertainment and the arts.
Terms and Conditions: Subscription is non-refundable but transferable. Annual Guides are published at different times of the year and will be mailed only upon request. An email will be sent to you prior to publication.
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At the Chamber: Members’ Offers
Members’ Offers
To find out more about our members’ offers, visit our website under Membership -> Members Offers.
Up To 15% Off Medical Insurance Enjoy 10% off your medical insurance with MSIG. An additional 5% discount applies if you take up a family policy! Prestige Healthcare Insurance covers up to an annual limit of $3 million* for inpatient and outpatient treatments. Call +65 6827 7602 or email service@sg.msig-asia.com and quote your BritCham Membership number to apply now and enjoy this offer. *Policy terms and conditions apply.
A Hidden Gem in the Heart of the City Start your meal on the right note with a complimentary apéritif when you dine in the newly opened Waterfall Cafe in Shangri-La Hotel, Singapore. Offering healthy yet creative cuisine with Mediterranean-inspired flavours, Waterfall Cafe only uses fresh, seasonal produce and gourmet merchandise. What’s more, enjoy 10% discount off your total food and beverage bill when you present your membership card from now until 31 August 2013. For more information or to make a reservation, call Dining Reservations at +65 6213 4138. Terms and conditions: • Discount is not applicable with other promotions or discounts • Offer is only applicable for a minimum of 4 persons for lunch and dinner • Valid until 31 August 2013
Spinal Balance Spinal Balance Pte Ltd is pleased to offer a 20% discount on the initial consultation and a further 10% discount on subsequent visits. Just present your Chamber membership card upon arrival to receive this valuable rate and start living a healthy life today! Spinal Balance boasts a team of doctors of chiropractic specialisation in Gentle Holistic SOT Care. www.spinalbalance.org
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Expat Living Free three-month subscription to Expat Living magazine (Usual annual price $60 for 12 monthly issues). Expat Living is full of great ideas that allow for making the most of living in Singapore. Take a peek inside the homes of your fellow expatriates 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 12 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.
MC Corporate Services Pte. Ltd. MC Group of Companies offer you their comprehensive range of services at startup 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. Call +65 6222 8880 or email contact@mccorporate.com.sg.
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).
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 having 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. Contact 1 800 622 1565
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At the Chamber: Members’ Offers
Rubicon Reserve Wines
Durvillea Sauvignon Blanc 2008, Marlborough NZ Buy 12 / Get 18 Delivered (6 free bottles)! Save $ 216 Average cost @ $24 nett per bottle (min. purchase of 12 bottles) Free delivery included Order online www.rubiconreservewines.com/britcham or call our sales team on +65 6837 8012. Quote BritCham Wine Club Special
Singapore Cricket Club The Singapore Cricket Club is offering Chamber members their special Term Membership (1 year term) at a rate of S$2,500 (usual rate $3,500). Contact snow@scc.org.sg *Offer available for BritCham members only. Offer applies to NEW Singapore Cricket Club membership (excluding renewals).
Shipping Business Fundamentals 15% discount for British Chamber Members. If you are a trading, shipping firms staff working in operations, risk management, finance/banking professionals who would like to be successful in this growing industry, you should register now! Quote “British Chamber of Commerce” to receive your discount or email Mariza at msantos@smu.edu.sg This is an entry-level course designed for those who need to have an understanding of the shipping and ship-chartering business in their daily job function. Register now and enjoy an additional 30% Course Fee Subsidy from MPA *Terms and conditions apply
Harry’s Bar 15% discount rate for Chamber members when you present your membership card.
Vanda Boxing Club • Free trial session for Boxing and Muay Thai training. • Plus (exclusive for BritCham members) join for six months and receive one month free. • Join for one year and also receive a free pair of gloves and wraps worth $100 upon joining. • No joining fee (usual joining fee is $250) For full details contact Sarah Livingston at sarah@vandasportsgroup.com or call +65 6305 2288
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At the Chamber
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Organised by
Commemorating an eventful year for Britain and named after HM The Queen’s Diamond Jubilee, the 2012 Diamond Jubilee Ball was an evening to remember! Attendees were treated to a special dinner created by celebrity chef Jason Atherton, while emcees Anita Kapoor and Jason de la Peùa, as well as auctioneer Justin Sampson entertained a lively audience. Exciting raffle prizes were given away to lucky winners, and guests danced to their favourite tunes until the wee hours of the morning. We thank all our sponsors, partners, members and guests for your continued support in making this one of the best events of the year! Mark your diaries for our 2013 Ball on 7 December 2013!
Title Sponsor
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At the Chamber: Special Feature Diamond Jubilee Ball 2012
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Guests arrive
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(From L–R) Steve Puckett, Julie Phillipson, HE Antony Phillipson and Brigitte Holtschneider smile for the camera
Guests settle down as pipers play a welcome tune
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Guests at the James Bond-themed table
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Guests at the Downton Abbey-theme table
Guests at the Olympics-themed table
Guests at the Dr Who-themed table
Madan Menon, Head of International Banking, Asia Pacific with HE Antony Phillipson, British High Commissioner, Singapore
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At the Chamber: Special Feature Diamond Jubilee Ball 2012
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Celebrity chef Jason Atherton on stage with Anita Kapoor and Jason de la Pe単a
Raffles Prize winner with Steve Puckett
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Themed table talents with Anita Kapoor and Jason de la PeĂąa on stage
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It’s party time!
Young British Chamber members striking a pose
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At the Chamber: Special Feature Diamond Jubilee Ball 2012
We thank our sponsors: TITLE SPONSOR
GOLD SPONSOR
SILVER SPONSOR
BRONZE SPONSOR
PHOTOGRAPHY
FLIGHT
auction
EMCEES
BAND
auctionEER
Tabula
Justin Sampson
Anita Kapoor TV Host, Writer
Jason de la Peña Television News Presenter and Journalist
SUPPORTED CHARITY
EVENT MANAGEMENT
GOURMET DINNER
Jason Atherton
WINE
SPIRITS
BEER
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FOOTAGE
THEMED TABLE PARTNERS
RWS LOGO Stacked Full Colour 4C STACKED WHITE BACKGROUND
GIFT BAG
RAFFLE PRIZE
TALENT PARTNER
SILENT AUCTION
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At The Chamber: ICT Lunch
ICT Lunch: How Can I Take My Business into the Cloud? November 23, 2012 Dane Anderson
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Simon Kahn
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Todd Cione
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There are today countless platforms, vendors, products and opportunities available in the Cloud space. How can we decipher all of the offerings and what should we consider when taking our business technology into the Cloud? In this session, we heard Dane Anderson, Vice President, Research Director and Region Manager from Forrester Research, present the latest trends in the business of Cloud. Simon Kahn, Chief Marketing Officer from Google, and Todd Cione, Chief Marketing & Operations Officer for Microsoft’s Asia Pacific region, also presented the latest Cloud-integrated products available to businesses.
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At the Chamber: Energy and Utilities Briefing
The Outlook For Energy—A View to 2040 November 28, 2012 David Reed, Senior Energy Advisor for the Corporate Strategic Planning Department of Exxon Mobil Corporation, outlined the following against a backdrop of growing gas demand in Asia Pacific and increasing potential for large LNG exports from North America:
David Reed
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• Global energy demand will increase to about 30% by 2040 • Developing country demand is up 60% as living standards improve • Developed country demand is flat • Electricity will grow 80% to remain the largest driver of energy needs • Oil and natural gas will continue meeting about 60% of global energy demand • Natural gas demand will increase by 60% while coal demand will peak by 2030 before declining • Renewable energies and nuclear power will meet over 40% of electricity demand
Unlocking the Resources of the Spratly and Paracel Islands December 7, 2012
• The Spratlys and Parcel Islands remain out of reach to exploration companies (and to exploitation of fisheries resources) due to ongoing disputes over territory • One key factor that might break this deadlock is a new independent map generated from satellite data to which all parties could agree • Satellite data has been used to compile a Features Inventory of all the islands, new bathymetry maps (to 20m depth) and a new slick and oil seepage map of the region
Alan Williams
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Alan Williams, Oil & Gas Manager of Fugro NPA (UK), outlined the following during a panel discussion on the developments in the South China Sea:
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Property Market Outlook 2013 and Were the 2012 Predictions Correct November 22, 2012 Singapore has seen rapid growth in its importance as a hub for the Asia Pacific region over the past five to 10 years. Discussing this, a panel of experts highlighted that this has engendered a population boost, demand for talent from business, and a resultant increase in wealth creation. This, in turn, had a material impact on the real estate market, in terms of office demand and occupation, as well as in residential demand and pricing. The panel comprised: Petra Blazkova, Head of Research Southeast Asia CBRE; Nicholas Holt, Asia Pacific Research Director, Knight Frank; Ong Teck Hui, National Director Research, Singapore, Jones Lang LaSalle; and Toby Dodd, Country Manager, Cushman & Wakefield Singapore. Chris Archibold, International Director & Head of Singapore Markets, Jones Lang LaSalle, acted as moderator.
At the Chamber: Property & Construction Briefing
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At the Chamber: Breakfast Club
The Changing Landscape of the Global Construction Market November 9, 2012 Ian Metcalfe, Managing Director, Strategy and Development, Faithful+Gould, highlighted that construction demand has been affected by the current global economic slowdown, reflecting a more cautious market sentiment. His presentation focused on:
Ian Metcalfe
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• The changing volume of, and demand for, construction in the major markets of the world • Factors that are driving this change and how the construction industry, one of the key contributors to GDP growth, will be affected by all these changes • How this industry can contribute to the economies of some of the mature and emerging economies in the current decade
The BritCham Breakfast Club is proudly sponsored by:
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When Can I Afford to Retire? November 20, 2012 Julian Chester, Vice President, Coutts & Co, shared tips on saving for retirement and realistic assumptions on achievable income. He explained the practical side of planning for retirement, highlighting the amount required at present and at the point of retirement so as to generate the desired retirement income.
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(Extreme Left) Julian Chester
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Running an SME: Business Insights into Managing a Business November 27, 2012 Mark Spofforth, President, ICAEW, shared his personal experiences helping run a successful family business in the UK, Spofforths. With this as an example, he discussed ideas on how to run an SME. He touched upon issues such as the right time to start a business, and the perfect environment for SMEs. He also shared the UK’s experience—particularly around trust, regulation and company accounts—and illustrated some lessons that could be learned from the UK’s mistakes.
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Mark Spofforth
The BritCham Breakfast Club is proudly sponsored by:
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At the Chamber: Other Events
Young British Chamber Network After Work November 22, 2012
HE Antony Phillipson
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It was the most successful networking evening for the Young British Chamber (YBC) in 2012! This evening was a collaboration between YBC and RBS at the lively Harry’s Bar on Boat Quay. Among the attendees were HE Antony Phillipson, British High Commissioner, Madan Menon, Head of International Banking Asia Pacific, RBS, and many other senior executives. The event was an excellent platform for networking and learning for all the young professionals in attendance.
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BritCham/ UKTI Briefing: Opportunities for British Businesses in Thailand December 5, 2012 Bradley Jones, Director of Trade and Investment, British Embassy, Bangkok, highlighted that Thailand is a resilient and diversified high-growth economy, which offers opportunities for British investors in a wide range of sectors, from engineering to life sciences to education, financial services and energy. However, perceptions of political risk, corruption and natural disasters have discouraged new British companies from taking advantage of these opportunities. However, existing British investors are growing their operations in Thailand and ease of doing business indicators suggest that the market is one of the more attractive business destinations in ASEAN.
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Bradley Jones
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Business Tour of the Chinatown Station (Downtown Line) December 11, 2012 Chinatown Station (C909) is one of the stations on the Downtown MRT Line Stage 1, situated in Singapore’s Chinatown district and interconnecting with the existing North East Line. Construction is particularly complex: the underground station sits below a congested carriageway at close proximity to pre-war houses, and the area has extensive pedestrian and vehicular traffic. The contract scope consists of the design and construction of the underground station and approximately 300m-long tunnels, all carried out in ‘cut-and-cover’ for the Land Transport Authority.
At the Chamber: Other Events
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2013 BritCham Events: Mark Your Diary
At the Chamber: Events Calendar
BritCham Breakfast Club Jan–Dec Tuesday February 20, 2013 Introduction to Large/Complex Project Implementation and Transition Management Wednesday February 27, 2013 A Camera in Every Hand? The Power of the Visual Image: Challenge and Opportunity Friday March 1, 2013 Computer Forensic Investigations—Real-Life Corporate CSI Wednesday March 6, 2013 Salary and Employment Forecast in Singapore
Networking Evening Thursday February 21, 2013 Professional Services Business Group Networking
YBC Mentor Series Thursday February 28, 2013 Captain Paul J Foster, US Navy Commanding Officer Tuesday March 5, 2013 Michael Ma, Founder & Group CEO (IndoChine Group), Entrepreneur, Conservationist
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Annual General Meeting Thursday May 16, 2013 Eden Hall
Rugby Dinner Wednesday June 5, 2013 Shangri-La Hotel, Singapore
Annual Corporate Golf Tournament Thursday June 13, 2013 Sentosa Golf Club
F1 Networking Thursday September 19, 2013 Tower Club, Republic Plaza, Singapore
BritCham Business Awards Thursday October 3, 2013 Shangri-La Hotel, Singapore
The BritCham Ball Saturday December 7, 2013 Shangri-La Hotel, Singapore
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Culture & Lifestyle
Summer Destinations
Suffering from holiday withdrawal symptoms? The best way to combat this withdrawal is to plan for the next one; this will help you to feel that tingly glow of anticipation as you try to get back into work mode. We know because we feel the same way too. We’ve picked five destinations both near and far that will leave you excited and completing your load of work in a mad rush for summer!
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Bustling Brazil
One of our favourite long-haul destinations has to be Latin America for its intoxicating variety, vitality and passion for life. Among the region’s incredibly diverse nations, the jewel in the crown has to be Brazil. In the run up to the 2014 World Cup and 2016 Olympics, the country is really upping the ante in terms of sprawling infrastructure projects, reducing its notorious crime rate, and generally ensuring that Brazil puts on an incredible show when the world converges on its sun-kissed shores in two years’ time. This lush country is home to thousands of kilometres of unspoilt coastline, the wetland region of the Pantanal—a complete naturalist’s playground— as well as almost a billion acres of Amazonian rainforest. Aside from the incredible biodiversity of the land, it’s the cultural diversity apparent in everyday life that often sticks in travellers’ minds—from the sound of the bongo drums reverberating off the cobbled streets, to the Samba halls in Rio de Janeiro and the epic clubs in Florianopolis. Spend your days soaking up the atmosphere and then relax in the comfort of an endless selection of private villas and boutique hotels. However, if you’re going to only do one thing in Brazil, we recommend a stay at the Philippe Starck-designed Fasano Hotel in Rio de Janeiro. Sip caipirinhas from the rooftop pool that overlooks Ipanema beach under the watchful gaze of Christ the Redeemer—we really can never get enough of this geographically stunning city.
Culture & Lifestyle: Summer Destinations
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Scenic South Africa
An 11-hour flight from Singapore is all that stands between you and a country with rich heritage, diverse people, and some of the most stunningly varied landscapes on Earth. In a nation brimming with luxurious boutique hotels, mouth-watering five-star restaurants, and once-in-a-lifetime experiences, the biggest problem with South Africa is knowing where to begin. Start with an awe-inspiring safari in Africa’s most game-heavy reserve— Kruger National Park. Singita Lebombo is set deep within a 15,000-hectare private concession on a secluded cliff top overlooking the stunning N’wanetsi River. The 15 rooms in this sleek steel and timber lodge each have enormous decks and outdoor lounge beds, providing the perfect spot to drink in the views (and some of that fabulous South African wine of course). Despite the remoteness of the wilderness location, modern luxuries have not been overlooked— rooms are replete with iPod docking stations, air-con and Wi-Fi, so photos of the Big Five can be uploaded straight onto Facebook!
Next, set out on an urban adventure and experience one of the most picturesque cities in the world. Cape Town is positively humming with life and sophistication thanks to the rise of cutting-edge galleries, hip night spots, sexy beaches and a fantastic selection of tasty eateries. Choices for luxe accommodation abound, but if you’re looking for somewhere with a great downtown city vibe, you can’t beat Kensington Place with its knockout views of Table Mountain. Wind down in the idyllic Winelands of Franschhoek, Stellenbosch and Paarl just a scenic hour’s drive from Cape Town. This region consists of one vineyard after another nestled into the rugged mountainside. Days can be spent vineyard-hopping by bicycle and dining at some of the amazing fine restaurants dotted throughout the area. Delaire Graff Lodge is in a league of its own when it comes to service, spa pampering and gob-smacking views. Owned by Laurence Graff (of Graff Diamonds fame), each suite contains art from his personal collection and the wine-tasting lounge is truly splendid in its tastes of wine.
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Culture & Lifestyle: Summer Destinations
Quintessential Queenstown
If you’re longing for a bit of summer snow, why not go all out and head to Queenstown, New Zealand’s premier ski playground that hosts a mountain of winter activities. Just a short 20-minute drive away from the centre of Queenstown lies the open slopes and wide rolling terrain of Coronet Peak—a classic ski hill with everything from beginner slopes to rolling off-piste runs that’ll have you carving in style whatever your level or speed. Night skiing here is an experience in itself. Snowboarders, we haven’t forgotten you— Cardrona, or “home of the boarders,” is 320-hectares of snow-covered fun. New Zealand’s most comprehensive Children’s Alpine Centre, with facilities catering to children aged three months to
12 years is also based here. Queenstown promises other forms of heart-pumping adventure as well. You’ll be striking things like bungee jumping, sky diving, canyoning and river boarding, off your bucket list in no time. If your body needs a rest from all this action, factor in some leisurely sightseeing and go cruising aboard Queenstown’s historic steamship, or ride the gondola to the top of Bob’s Peak for unobstructed views across Queenstown and the lake. A tour of the region’s award-winning vineyards is an excursion that will leave any wine and food lover satisfied. Furthermore, in the wake of Hobbit mania, you can enjoy a private 4WD or guided horseback tour to the various locations where Lord of the Rings was shot—a dream come true for any Tolkien fan.
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Irresistible Indonesia
Indonesia is the place to head for turquoise seas, tropical sunsets and powdery white sands, and we’ve found the perfect way to enjoy this magnificent archipelago: she’s called Silolona. A 49-metre wooden sailboat straight out of Robinson Crusoe, Silolona has been hand-carved in the traditional phinsi-style and luxuriously fitted out with crisp white cushions, one-off Asian artefacts, and a stunning sundeck from which to survey your private kingdom. Each trip is as unique as the vessel you sleep on, should you wish to explore the mythical Komodo Island, meet indigenous Papuan tribes, or just lazily sail through Southeast Asia’s open seas; you are your own captain. As 17 crewmembers work the sails and whip up gourmet meals
from fresh local sources, you can while away your time swimming in the pristine blue waters, scuba diving, sea-kayaking, water-skiing and fishing. Each day comes to an end watching the sun turn from orange to pink to purple as it dips over remote, exotic islands. With five cabins and rooms that can house 10 guests, Silolona offers luxury yacht charters for sailing in Indonesia from April to November every year, before going up to the west coast of Malaysia, Thailand and Myanmar from December to March.
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Heritage of Hoi An
If you don’t have the time to travel halfway across the world, but still feel the immense call of wanderlust, hop on a quick flight to Da Nang. A short private car transfer will deposit you at the romantic UNESCO-protected town of Hoi An. This ancient fishing port is straight out of a storybook, full of colourful markets, crumbling old buildings, museums and temples. Poke around former merchants’ houses and stop by traditional tailors where magnificent garments can be knocked out in a day. For a dose of extreme pampering, the Nam Hai is just 30 minutes down the road. Set yourself down on an amazing white sandy beach, where the resort’s huge split-level villas are designed in Vietnamese style, each set within its own landscaped garden with outstanding sea views. Put the kids to work painting traditional Vietnamese hats at the kid’s club while you take a dip in the Nam Hai’s iconic swimming pool and tuck into some delicious White Rose dumplings—a Hoi An specialty.
About the Author Lightfoot Travel is an Asian-based luxury tour operator, offering full booking services alongside expert travel advice and inspiration for tailor-made itineraries and short breaks. Get in touch with Lightfoot Travel at 6438 4091 or info@lightfoottravel.com for your designer holiday.
Culture & Lifestyle: Summer Destinations