Orient Issue 31 by BritCham Singapore

ORIENT T H E O F F I C I A L MAGAZINE OF THE BRITISH CHAMBER OF COMMERCE - SIN G A P O R E

I S S U E 31 • J U N E - J U LY 2011

w w w. b r i tc h a m . o rg. s g

HEADLINE

ROYAL WEDDING CELEBRATIONS BRITCHAM AGM 2011 BRITCHAM BOARD 2011/12

CORPORATE SOCIAL RESPONSIBILITY

BEYOND THE HOUR

Feature

Corporate

Banking &

Personal Finance

building networks connecting business creating opportunities

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

8 -11

Pr e s i d e n t ’s M e s s a g e

Headline

Royal Wedding Celebrations AGM 2011 and the new Board 2011/12

1 2 J u n e Fe a t u r e – C o r p o r a t e B a n k i n g a n d Pe r s o n a l Fi n a n c e

Headline: AGM 2011 and the new Board 2011/12

UK Budget – Issues Relevant to Expats – The Fry Group Current Market Trends, Be Bullish or Bearish? – LSBF Building Businesses From the Ground Up – BT ASEAN Integration – The Blueprint for an Economic Community – Cicero Mobile Banking in 3D – Definition, Development, Deployment – SAP

24 Inside Britain

New Capital and Credit Insurance for UK Companies – ECGD

26 Special Feature

12-19

Hays Quarterly Report – Hays

29 Economic and Business Insights

Feature: Corporate Banking and Personal Finance

The Ten Financial Commandments – ipac The F Word – Think8 Adit Jain – Has India Reached its Tipping-Point? – The Insight Bureau BBC 20th Anniversary – BBC World News

38 Corporate Social Responsibility

Interview with Adam Horler – LOHAS Asia

40 Out of the Box

22-30

Economic & Business Insights: Adit Jain – Has India Reached its Tipping-Point?

Interview with Jeremy Hillman – BBC World News WHAT IT SHOULD HAVE BEEN

42 High Commission News

British High Commission News June / July 2011

44 Chamber News

Chamber News – June / July 2011 Events Calendar BritCham Members Offers

4 8 B r i t C h a m Yo u n g Pr o fe s s i o n a l s

Introduction & Interview with Committee Member

40-41

The names and corresponding roles of the people featured in the article “OH BOY: WHY BUDDY HOLLY STILL MATTERS” on page 59 of the April-May print edition of the Orient were in the wrong order. The correct order, from left to right, was: Adam Keast, Ally Holmes, Dan De Cruz, Jason Blackwater, John Faulkner, Tara Nelson, Tom Connor, Billy Geraghty and Kevin Oliver Jones. We apologize for this error.

Out of the Box Interview with Jeremy Hillman

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

EDITORIAL EDITOR: Akansha Gupta Wahi & Loong Yong En

LAYOUT BY Semco Design Communications

138 Cecil Street #11-01 Cecil Court Singapore 069538

PRINTED BY

Semco Design Communications

Tel: +65 6222-3552 Fax: +65 6222-3556 Email: info@britcham.org.sg

MICA (P) 089/12/2007

www.britcham.org.sg

PAG E 1

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. All rights reserved. No reproduction of articles without the prior permission of the Chamber. Unsolicited transparencies ad articles are sent at owners’ own risk and the Chamber accepts no liability for loss or damage.

building networks • connecting business • creating opportunities

CO N T E N TS 49 The BritCham Membership

Sterling News

54 BritCham Events

54-57

BritCham Events: Breakfast Club: Demystifying Social Business Design

Breakfast Clubs Purchasing Property in Great Britain – The Fry Group Growth of Ship Broking in Singapore – Island Insurance Brokers Demystifying Social Business Design – HeadShift Understanding Generation Y – talentsmoothie Are Ever Increasing IT Expenses Boosting Your Productivity? – Alpha & Omega Implementing Sustainable Business Transformation – Accenture Lunches South East Asia, As Viewed from the UK – Jeremy Browne MP The Powershift to Asia – BBC World News n n n n n n

n n

58 The BritCham Membership

Corporate News

70 Sports

London 2012: Still On Time, Still Within Budget – Dept for Culture, Media and Sport

71 Arts & Culture

Billy Geraghty and “Buddy VS The Killer” take Singapore – British Theatre Playhouse From the House to the City: An Interview – Rogers Stirk Harbour + Partners

74 Travel

71-73

Arts & Culture: Billy Geraghty and “Buddy VS The Killer” take Singapore

Hampi – The Lost City in Karnataka – BBC World News

76 Wine Club

British Chamber of Commerce, Singapore SPONSORS PLATINUM SPONSORS

SILVER SPONSORS

BRONZE SPONSORS

PAG E 2

BREAKFAST CLUB SPONSOR

building networks • connecting business • creating opportunities

PRE S I D E N T ’S M E S S AG E Dear Members, Spring in Singapore had a touch of British pageantry and tradition as we celebrated the Royal Wedding of Prince William and Kate Middleton with a roof-top party overlooking the Padang. A delightful evening event with souvenirs kindly provided by the High Commission, Universal Studios and The Fry Group for lucky raffle winners. As has become customary in recent years, our AGM on May 26th was held at Eden Hall and we thank His Excellency the British High Commissioner Antony Phillipson for welcoming us into his home. It was a lively event at which members gathered to hear of the progress over the past year, shared their views and networked. The past year has seen increased membership, more events, improved communications with a new web-site, a closer working relationship with UKTI and stronger ties with Singaporean business associations. I thank the Board and many others who give freely of their time and I look ahead with a vision for a Chamber that can offer even more. This year I am supported by Vice Presidents Hugo Walkinshaw and John Horsburgh. Damian Adams will continue as Honorary Secretary and David MacDonald will be our new Treasurer – these are roles that are vital to the continued good stewardship of the Chamber’s activities. Our Committees and our Business Groups continue to inspire and guide the Chamber’s activities. Our Business Groups are evolving further with new areas of focus. Further information can be found on the website and members are encouraged to participate and get full value from them. The month of June sees two ever popular flagship events upon us. Our annual Golf Tournament, sponsored by Barclays Capital which has a full complement of golfers to enjoy the challenge of Sentosa’s Serapong course and the Rugby dinner, sponsored by GS Wealth and DHL which will be enjoyed by a full house at the Shangri-La.

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

PAG E 4

Coming up later in the year are the Business Awards, sponsored as usual by RBS and produced in collaboration with UKTI. This year the Awards will have the support of Singapore business associations – the EDB, SPRING, and SBF and they will have the BBC as exclusive media partner. This will be the 12th year of the Awards and Emma Boyd and her committee have preparations well in hand. In the call for nominations you might notice a further evolution in the format, which is expected to broaden the reach of the Awards. There are nine categories to highlight business achievements at this prestigious event and the gala dinner will be held on October 5th. The theme this edition of Orient is corporate banking and personal finance, which is an increasingly vital and growing component of UK business in Singapore and an area of interest to many members. While Singapore continues to prosper there remains at this time a high degree of global financial uncertainty in Europe and the US, bringing both challenges and opportunity. Finally, whether you are travelling far or staying here in the region, I wish you well and enjoy the summer break.

Steve Puckett, President, British Chamber of Commerce

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

building networks • connecting business • creating opportunities

moving?

Door to door moving with Allied Pickfords Allied Pickfords is one of the largest and most respected providers of moving services in the world, handling over 50,000 international moves every year.

PC11176

We believe that nothing reduces stress more than trust, and each year thousands of families trust Allied Pickfords to move them. With over 600 offices in more than 40 countries, weâ&#x20AC;&#x2122;re the specialists in international moving and have the ability to relocate you anywhere anytime. Move with Allied to Allied worldwide.

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

www.britcham.org.sg

STE R L I N G M E M B E R S

British Chamber of Commerce, Singapore Sterling Members

PAG E 6

building networks â&#x20AC;˘ connecting business â&#x20AC;˘ creating opportunities

HEA D L I N E

Royal Wedding Evening Friday 29th April 2011 Stumps Bar, Singapore Cricket Club

PAG E 8

building networks â&#x20AC;˘ connecting business â&#x20AC;˘ creating opportunities

www.britcham.org.sg

share in our success in Asia When making investment decisions it makes sense to be guided by the experts. Our Executive Investment Account has just been awarded Best Single Premium Investment Product (Far East) in the International Life Awards 2010. And our Investment Account won Best New Product (Far East) in 2009. These were voted for by an independent panel, appointed by ‘International Adviser’, a recognised publication for global investment advice. Royal Skandia is a premier offshore provider that truly understands your financial goals. Please ask your financial adviser how you can share in our success.

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

HEA D L I N E

britcham Annual General Meeting 2011 H

eld once again within the elegant surroundings of Eden Hall, the residence of HE Antony Phillipson, British High Commissioner to Singapore, the 2011 British Chamber of Commerce AGM kicked off with 62 members in attendance, on Thursday, 26th May 2011. HE Antony Phillipson started off the proceedings by welcoming members and sharing his early impressions of Singapore. This was followed by Steve Puckett’s President’s Report in which he took the members through some of the highlights of 2010, followed by a summary of key developments and initiatives for 2011. Peter Allen, as Treasurer, then gave a summary report of the Chamber’s financial position at the end of 2010.

For those members who were unable to make the AGM, the following is a quick summary of the President’s Report and Treasurer’s Report as presented on the night. President’s Report 2010 – A Year of Continued Growth

PAG E 1 0

Membership • Further network development in 2010 to over 1,200 executives, a 9% growth over the previous year • 398 new members joined the Chamber in 2010, and attrition rate fell • A 13% increase in the number of companies in 2010 compared to 2009 Events • Total attendance close to 4,500 • Once again an increase in number of Breakfast Clubs conducted • Introduction of Business Group working lunches and UKTI Regional Briefings • A new flagship event, the Rugby Dinner Continued and sustainable membership growth, a diverse and dynamic events programme, a revamped and modernised website, strong relationships with existing and new sponsors and an active and engaged membership were the key highlights of a successful year 2010. Treasurer’s Report 2010 The Chamber is in good shape financially. In 2010 revenue grew by 7%. Growth

was driven by a 2% growth in member subscriptions, a stable income from functions, a strong contribution from sponsorship and 19% increase in income from publications driven mainly by the newsletter and website. The Chamber ended the year with a strong operational cash position at the end of the period of S$1.1million in fixed deposits (including a long-term reserve of S$500,000). There was a net surplus of S$53,000 after investments in website modernisation and office IT, as well as donations, raised from events, totalling S$26,000 to the Singapore Sports School and the Dyslexia Association of Singapore The first 4 months of 2011 showed a solid financial performance driven by Membership, Events and Sponsorship. If you wish to have more information on the point raised in this summary please contact the Chamber office at 6222 3552.

building networks • connecting business • creating opportunities

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

BRITCHAM BOARD 2011

PRESIDENT

VICE PRESIDENT

Steve Puckett Managing Director – Tri-Zen International

HONORARY SECRETARY

TREASURER

Hugo Walkinshaw Principal – Deloitte Consulting SE Asia

John Horsburgh COO – Rolls-Royce Singapore Pte Limited

Peter A. Allen Group Managing Director – Pacific Century Regional Developments Limited (PCRDL)

Damian Adams Partner, International Corporate Group – Watson, Farley & Williams LLP

David Macdonald Principal Officer & Head of Sales Asia – Skandia International

Richard Burn Corporate Relations Director – Diageo Asia Pacific

Emma Boyd Director, Client Relationships – Ernst & Young Advisory Pte Ltd

James Deely Chief Operating Officer, Asia-Pacific , The Royal Bank of Scotland

Stephen Crisp Global Head of Policy and Government Relations Nokia Siemens Networks Singapore Ingrid Child Chief Risk Officer, HSBC

Stephen William Mangham Group Chairman – Ogilvy & Mather (S) Pte Ltd

Pek Hak Bin Country President – BP Singapore EX OFFICIO

Charlie Maclean Managing Director, Barclays Capital

Nick McGlynn Regional General Manager, SEA – British Airways EX OFFICIO

Roman Scott Chairman - The Calamander Group Incorporated

Andrew Vine Managing Director – The Insight Bureau Pte Ltd Philippe Touati Managing Director, Head of Origination & Client Coverage – Standard Chartered Bank

PAG E 1 1

Mark Howard Director – British Council

Amanda Brooks Deputy High Commissioner

building networks • connecting business • creating opportunities

FEAT U R E : CO R P O R AT E B A N K ING/PERSONAL FINANCE

UK Budget – Must know issues for expats by David Pugh CFP AIFP – General Manager, The Fry Group

few thoughts on the issues relevant to expats from the UK Budget in March 2011. Statutory Residence Test The government has announced that it will begin a period of consultation with a view to bringing a formal test for residence into law with effect from 6 April 2012. Please see below for detailed comment. Inheritance Tax Reduction For deaths occurring on/after 6 April 2012 a lower rate of IHT will apply where at least 10% of the estate is given to a UK registered charity. The rate charged on the remaining 90% or less, is 36%. Personal Allowances Increased to GBP 7475 with effect from 6 April 2011, and to GBP 8105 from 6 April 2012. The basic rate threshold with drop to GBP 35000 on 6 April 2011, and further to GBP 34,370 on 6 April 2012. Corporation Tax Those clients who trade through a UK trading company will enjoy a 2% reduction in Corporation Tax with effect from 1 April 2011. Income Tax and National insurance The government will be entering into a consultation during the course of this year to look at the feasibility of merging Income tax and national insurance. No details have been given yet, but I suspect that it will apply only to UK employment income. After all, it would be totally unfair to pop the basic rate to 32% (which is the combined IT/NI rate today) and apply that to the rental income or pension of a nonresident. Watch this space. Enterprise Initiative Scheme Available for non-residents if they have taxable income. The rate of income tax relief on subscriptions will go up from 20% – 30% from 6 April 2011. From 6 April 2012 PAG E 1 2

the maximum subscribable amount will go up to GBP1m from GBP 500k. Non-Dom Remittance Basis changes A few things to report here, which are relevant to any non-dom clients moving back to the UK: (a) Remittances are not taxable if they are to be used for commercial investment in the UK (whether this would apply to VCT/EIS schemes I have no idea). (b) They have promised some further simplification of the rules in the next few months. No idea what that means. (c) A new Remittance Basis Charge of GBP 50,000 would apply for non-dom remittance basis users after 12 years in the UK, such that the cost of using the remittance basis is: - Years 1-7 : loss of tax allowances - Years 8-12 : loss of tax allowances and GBP 30,000 annual charge - Years 13 – : loss of tax allowances and GBP 50,000 annual charge Scrapping Compulsory Annuitisation With effect from 6 April 2011, compulsory annuitisation at the age of 75 is being scrapped. Pension Changes The annual allowance falls from GBP 255,000 to GBP 50,000 on 6 April 2011. Statutory Residence Test As stated above it was announced in the recent Budget that the Government is to consider introducing a statutory residence test. This test, which would come into force in April 2012, would provide a legal framework by which taxpayers could determine whether they are resident in the UK or not. Press speculation about this topic is sure to be widespread. Residence rules have become increasingly stringent in recent years, and the legislators have a tricky job on their hands to try to ensure the

test is reasonable and useable. Hopefully a sensible solution can be found which satisfies the need of taxpayers, advisers and business for clarity on the one hand, and the Exchequer’s need for tax revenue today and tomorrow, on the other. Whilst crystal ball gazing can always be hazardous, we would expect that certain elements will form part of the text: (i) Days of presence in the UK - not just in the most recent tax year but perhaps over a period of years. In the last few years Parliament has debated the virtues or otherwise of the Irish and US day counting systems. It is questionable whether the 91 day average rule will survive. That said, a count of the number of days an individual is in the UK is a measurable and provable fact and so we would be astonished if there wasn’t some kind of test along these lines. (ii) Separate and different sets of conditions applying to those who leave the UK to work full-time and those who do not. Any terms must confirm the level of attachment a person in either category may have to the UK to be able to maintain their non-resident status. It is likely that items to be taken into account would include the availability of accommodation in the UK (which was in statute law until 6 April 1993) and in the host country, the location of immediate family members, the question of whether a

building networks • connecting business • creating opportunities

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

person is resident in their host country for tax purposes, and where the duties of any employment are undertaken. (iii) Some form of requirement for registration and deregistration for tax purposes in the UK might be introduced – i.e. some administrative step to prove that a person has left the UK or has returned. This is already a feature of many European tax systems.

There is a further facet to this. Will the new residence test help those people who are UK resident presently to break residence in the future? Or will it merely be a guidance mechanism to help non-residents stay non-resident, or to capture the unwary non-resident? It is too early to say for sure. However, it is unlikely that the new test will be entirely satisfactory to everyone. There will be winners and losers and inevitably there will be devil in the detail which will complicate any interpretation. As with so much government legislation time will tell. On a positive note The Fry Group will be involved in the government’s consultation process. After dealing with clients and residence issues for many years we are well placed to try to ensure that the test provides a sensible, useful framework for determining residence status.

If you have any queries about the above please get in touch at info@thefrygroupsg. com or via the website at www.thefrygroup. co.uk David Pugh AIFP CFP has been living and working in South East Asia for three years. Prior to his move to Asia, he was employed by Hargreaves Lansdown, one of the leading wealth management firms in the UK. The Fry Group has been providing financial advice for 110 years. They enjoy helping clients achieve the peace of mind that comes from knowing their wealth is managed wisely.

Expert tax and financial planning since 1898.

PAG E 1 3

building networks • connecting business • creating opportunities

FEAT U R E : CO R P O R AT E B A N K ING/PERSONAL FINANCE

‘Current market trends, how to best manage personal finance, tips and tricks, common mistakes, be bullish or bearish?’ by Rick Sturge, Group Business Development Director, EMENA of London School of Business & Finance

ersonal finance management preferences vary from person to person, depending on factors, including current and future earning levels, job security, disposable income, age, retirement preferences, dependent support, capital base, status of health, attitude to risk, need for capital growth and regular income. So, should we be bullish and aggressive, or bearish and more cautious in managing our own finances? There is no right answer to this question, but here we try and give a few pointers to consider. Global Situation The world is changing, as is our position and responsibility in it, and we are all aware of more and more factors and issues affecting PAG E 1 4

our lives both positively and negatively. Some of these include: • Globalisation with corresponding changes in communications, language capabilities and a desire from organisations to access cheaper brainpower in emerging countries • Economic power shifting east, with consequential increase in consumer demand • Rising world population and younger global workforce • Environmental disasters having global impact and far beyond the immediate area affected • Rising commodity prices, with people paying more for food and fuel • Desire for political change from people

in north Africa and the Middle East • Fallout from recession leading to unprecedented levels of sovereign debt and central ‘bailouts’: €80 billion injection from Europe into Portugal; current concerns being raised about Greece’s ability to maintain interest cover on their European bailout package; in the UK, an £850bn diversion of funds to purchase shares of failing banks, indemnities and liquidity support, guarantees for wholesale borrowing, loans to Bradford and Bingley, insurance for selected assets from public finances There have however been a number of recent positive changes. For example, there are high rates of growth in developing and

building networks • connecting business • creating opportunities

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

emerging markets, and new opportunities exist for a flexible, migrating workforce. These changes have, however, perhaps made the whole sphere of personal finance management more complicated, as there are far more opportunities to consider than in years gone by. People are no longer constrained by the physical borders of their country and consider investment opportunities across the world. Previously, many have responded to periods of uncertainty and decline by liquidating assets, and moving into cash rather than other forms of less liquid investments. An old saying among amateur investors in Europe is ‘sell in May and go away’, reflecting a traditional dip in equity markets during northern hemisphere summer months. This was particularly attractive when interest rates were high and solid returns were available to cash savers. But with low interest rates in a number of countries, there is less of an inclination towards this policy of ‘ultimate caution’. For example, an annual average return of 7 per cent on equities, as opposed to 3 per cent on cash deposits, will drive different thought processes. So, what do we do? The most important part of personal financial planning is determining what you want out of life, and adopting an approach appropriate to your lifestyle and long-term objectives. The most common mistake is to fail to establish a mid to long-term plan of what you want for yourself and your family. As always the, profligate will spend it all and have a great time, but may leave themselves short in terms of what they need to live on until they die, with very little being passed onto their offspring. At the other end of the scale, some people will opt for a more modest and cautious lifestyle. They will

ensure that they save as much as possible to provide for a rainy day and their later years, and to be able to leave the residual estate to their offspring. As a general rule, the younger you are, the more risk appetite you will have. The older you get, the more likely it is that you will adopt a lower risk profile and shift your expectations. You must ensure the right balance for you. Tips and Tricks Therefore, in considering what is right for you: • Don’t be a bull or a bear: look at the long-term and find the right balance for you • Equity returns are reasonable at the moment, but beware ‘promises’ • Turnover is vanity, profit is sanity, but cash-flow is reality – make sure you research the reality • Question the independence of your advisor • Commodities are the defensive stock for the long-term in a carbon constrained world

• Cloud technologies are seriously disruptive and should offer high risk and reward • Beware hidden transaction costs • Put away at least 15 per cent of your earnings (in terms of superannuation contributions) during your working life • Make a will • ‘Self insure’ by being physically fit • Be prepared for market volatility, but remember that gold does little good for anyone in this or future generations • Inflation will be with us for a long time to come – plan accordingly For people who want to be different and have funds available, consider something a little more exotic and interesting such as modern art (returns are healthy at the moment); fine wine (provided you lay it down); property in emerging markets (provided that downside risk is assessed and understood) or perhaps a vintage car. Choose what works for you, carry out full research, ask questions of others and then stick to your plan. Article contributed by Rick Sturge, Group Business Development Director, EMENA of London School of Business & Finance. For more information, please contact the Singapore campus on +65 65807700 or EnquireSG@LSBF.org.uk You may also visit 1 Finlayson Green, #0700, Raffles Place, Singapore 049246.

PAG E 1 5

building networks • connecting business • creating opportunities

FEAT U R E : CO R P O R AT E B A N K ING/PERSONAL FINANCE

Building from THE UK AT business SHANGHAI EXPO: BUILDING ONthe THE ground PAST, SHAPING upOUR FUTURE by Chris Pickles – Head of Marketing, Financial Markets and Wholesale Banking, BT

ur everyday world has been hit by a global market crash. The last time that anything like this happened on this scale - the Wall Street Crash of 1929 - it changed the whole shape of the financial services industry globally. It changed the core businesses that financial institutions ran. It split up businesses. It changed the legal and regulatory environment totally. The financial industry today faces again not only world-changing challenges like these – it also faced with the fact that technology makes changes happen faster. Firms can no longer automatically consider that their basic business is the same as 10 years ago, or even 5 years ago. The exchange landscape has changed – which Frenchman would ever have thought that the New York Stock Exchange would buy the Paris Stock Exchange? The banking environment has changed – who would have thought that a bank would not be processing payments for customers itself anymore? Change is happening so fast that we have to look backwards to work out what has been happening to us. Volatility is a key aspect of financial markets – if markets didn’t move, nobody would make any money from them. This is particularly true of derivatives markets – their volatility is what creates business opportunities and drives other markets for equities, bonds, commodities, etc. That volatility creates permanent and ongoing change which is just as vital to financial markets as a heartbeat is to a human being. The flood of data and messages that this volatility creates, and the speed at which that data must be processed to turn it into useful information, is creating a whole new world for financial firms. There is no turning back the tide, no telling the nasty monster of change to go away. The business challenge is Darwinian – how to adapt quickly to a changing environment, and not only to survive but to grow. Market volatility creates volume. The more a market moves, the more quotes get created. Competition increases, bid/ask PAG E 1 6

spreads narrow, deal sizes reduce and more deals get done. Overall, the total value of business that gets done may be similar, but the workload necessary to achieve that same total value of business increases.

been alternatives to on-exchange trading, even if it is just using the telephone to trade. The difference now is that those alternatives are automated.

Today, one change in the traded price of an underlying equity or commodity can result in 24,000 new bid/ask quotes being created within a fraction of a second. The dealing room of any major international bank is processing over 1.5 million messages per second, in terms of inbound market data and transactional traffic. Volume creates potential economies of scale – but you can only realise those economies if your business and technology are structured and agile enough to take advantage of the volume.

As a result, market opportunities are created faster, appear faster and disappear faster. The situation in financial markets has become very black-and-white: banks, brokers, investment managers and exchanges are either equipped to work at the speed of these changing markets, or they are out of the market. That means being able to afford the right technology in the right place at the right time.

Competition in financial markets today is between banks, brokers and investment managers, but also between exchanges and alternative trading systems. Being able to trade the same type of asset across more than one venue creates arbitrage opportunities. Today it is easier and less expensive to use technology to build those alternative systems, and easier and less expensive to automate processes that used to be manual. “Alternative” trading systems are not necessarily new – there have always

Some forty years ago major banks around the world got together to build an international data network to replace their use of telex machines. Today, all of the traffic carried by that network on behalf of all the banks around the world would fit down one private household’s home internet connection. Forty years ago that volume of data was considered to be enormous. Gigabytes have replaced megabytes not only in our day-to-day world but also in how firms must think in order to generate economies of scale. The world is a huge financial marketplace,

building networks • connecting business • creating opportunities

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

with some parts of it more global than others. The foreign exchange market is truly global, derivatives markets are international, and most equity markets are still primarily domestic. This means that market participants can be “bearish” about some countries or asset classes, while at the same time being “bullish” about other countries or asset classes. Many financial institutions are particularly bullish about the Asia/Pacific region for at least the near future, and are investing heavily in expanding their capabilities within the region. This also applies to major technology providers that support those financial institutions: BT itself has a major investment programme in place across the region. Again, having the right technology in the right place at the right time with the ability to deal with heavy market volatility and at the same time generating economies of scale are all critical to the success of financial institutions. Having the wrong technology in place means that if you’re bullish you’ll lose, and if you’re bearish you won’t win. When considering whether to be bullish or bearish in Asia/Pac, it’s important to make comparisons with other regions, but also to consider the differences between those regions so that you know whether comparisons are being made on a likefor-like basis. The USA is a single country with a single currency and a single legal environment. The European Union/EEA is a hybrid market, with half of the 30 countries using the same euro currency and the other half using a variety of currencies, but with a relatively harmonised legal environment. Asia/Pac is very different from both of these other regions. The sheer complexity of doing business in the region can be a business attraction in itself: where there is high complexity, customers perceive greater added-value from financial institutions that can address and solve business problems, and this added-value that they deliver can be translated into better profit margins. Asia/Pac is not at a standstill in time: like any other market it is constantly changing, but it is changing faster at a fundamental level than probably any other region of the world. Communication is an even greater challenge in such a geographically enormous and multi-national region when compared to the single-nation USA or PAG E 1 7

the small-geography EU. Profiting from the boom in the region is very much dependent on the ability of financial institutions to communicate domestically, internationally and cost-effectively with their customers, their suppliers and their business counterparts.

just as much to their communication and network infrastructures as it does to their hardware and software. Having built and implemented DIY solutions, they are now being held back by their own legacy technology from benefiting from the boom in Asia/Pac.

Most of us will have attended conferences where speakers refer to “Moore’s Law” – the accepted principle that technology drives change quickly, and that computer processing power doubles every 18 months to 2 years. But in the world of communications that rate of change is considered to be slow. Communications has faster laws of its own: for example, Butter’s Law says that the output capacity of networks doubles every nine months – that’s double the rate of Moore’s Law. With that very fast rate of change, financial institutions must consider how likely it is that their approach to communication across the Asia/Pac region is still appropriate, costeffective and of true competitive advantage to their business.

Three very basic but very important tenets from Economics 101 can help financial institutions to identify how to gain maximum advantage from this Asia/ Pac boom: time-to-market, critical mass and economies of scale. Which approach will get me fastest to new markets and new opportunities? because these opportunities won’t continue forever in the same way that they exist today. Which approach will get me to most opportunities? - because I don’t want to miss out on further longer-term opportunities while I’m focusing on just the early ones. And which approach has got intrinsic economies of scale? - because when my plan does make me successful and I win lots of opportunities, I don’t want to be strapped with an over-expensive infrastructure that causes those opportunities to end up being unprofitable.

“Agility” must be a keyword for harnessing the potential of the Asia/Pac region, whether it’s for new market entrants to the region or for established firms within the region wanting to grow their business further across the region. Building bridgehead operations, expanding business into new countries or cities and reaching new customers is timeconsuming, investment-intensive and risky. To paraphrase an old joke, if firms want to get to where they want to go, they shouldn’t start from where they are today! Many financial institutions use technology and IT architectures that are from the 1990s, and that were never designed to meet the business challenges that their firms are facing for the coming decade. That applies

Networks are the foundation of modern financial business, for trading, clearing, settlement, access to market-moving financial information and for delivering services to customers. They have to be capable of continuing to operate reliably at times of high market volatility and peaktimes for market activity. They have to be secure, so that the millions of dollars-worth of transactions that flow across them each second get to their destination tamper-free and with certainty. They have to have scale and reach – not just reach to a country, but reach to the client

building networks • connecting business • creating opportunities

FEAT U R E : CO R P O R AT E B A N K ING/PERSONAL FINANCE that the firm wants to communicate with. Not all network solutions are the same, and choosing the right one can make the difference between gaining the maximum advantage from the Asia/Pac boom or watching new business opportunities just pass you by.

About the author: Chris Pickles is Head of Marketing, Financial Markets and Wholesale Banking, for BT. With over thirty-five years experience in the financial technology sector internationally, his responsibilities include interpreting the impact of industry and technology changes and new regulations on BTâ&#x20AC;&#x2122;s customers across the financial services sector globally. BT supports the largest secure networked

financial community in the world, and its network solutions reach over 170 countries. BT Global Services is a managed networked IT services business that operates globally and delivers locally to help our customers succeed. The business capability to manage major contracts to deliver communications and networked IT services globally to corporate and public sector organisations. We have a unique breadth of scope, reach and capability. Our network reaches all corners of the world, underpinning global business by delivering networked IT services securely and efficiently wherever it operates. We work for 8,500 organisations, such as BMW, Credit Suisse, Deutsche Bank, Emirates, the EU, Fiat, FTSE, Microsoft, Nato, NYSE Euronext, Thomson Reuters, Unilever, Volkswagen and Volvo.

PAG E 1 8

building networks â&#x20AC;˘ connecting business â&#x20AC;˘ creating opportunities

FEAT U R E : CO R P O R AT E B A N K ING/PERSONAL FINANCE

ASEAN Integration – the Blueprint for an Economic Community and its impact on the financial sector By Andrew Naylor, Regional Director, Cicero Asia Pacific

Introduction ASEAN Heads of Government met in Jakarta, Indonesia, for their twice yearly summit at the beginning of May. Top of the agenda was the Blueprint for an Economic Community – an ambitious action plan for integrating the markets of ASEAN into a more coherent economic community. The fundamentals are good – ASEAN’s growth rate averages at c8% and the overall demographic fundamentals make for a continued positive outlook. ASEAN is also home to the major international financial centre of Singapore and the powerhouses of production – Indonesia and Malaysia. Integrating ASEAN makes sense – a regional bloc with a population approximately

600million people will be able to compete more effectively with large rivals such as China, India, the European Union and the United States. The question remains, however, whether the target to create an ASEAN Economic Community by 2015 is too ambitious. As Malaysia’s Trade Minister Dato’ Sri Mustapa PAG E 2 0

Mohamed recently pointed out – the target could be anywhere between January 1st 2015 or December 31st 2015 – and the extra year could make all the difference. What is clear, however, is that there is an increased resolve amongst ASEAN leaders to come together and speak with a stronger voice on the international stage, be it when negotiating with single countries such as China or the US, or when participating in dialogues with regional blocs such as the European Union. This requires stronger institutional mechanisms, and ASEAN leaders are working hard to put the institutions in place that can deliver and support a truly single market in the region.

ASEAN Heads of Government Meeting At the recent Heads of Government meeting in Jakarta, Indonesia, ASEAN leaders signified their renewed desire to ‘develop and enhance’ ASEAN’s capacity ‘in order to maximise ASEAN’s potential to shape global develop on issues of common concern’. This means ASEAN countries must cooperate more, and more effectively. This

requires institutional development and in their declaration following the Jakarta Summit ASEAN leaders committed to developing a community with the following characteristics: • A more coordinated, cohesive, and coherent ASEAN position on global issues of common interest and concern, based on a shared ASEAN global view, which would further enhance ASEAN’s common voice in relevant multilateral fora; • An enhanced ASEAN capacity to contribute and respond to key global issues of common interest and concern which would benefit all ASEAN Member States and its peoples; • A strengthened ASEAN Community centered on ASEAN as a rules-based organization, with the ASEAN Charter as the foundation, while upholding the fundamental principles, values and norms of ASEAN; and • A strengthened capacity of the ASEAN Secretariat which is able to support the vision and development of the ASEAN Community in a global community of nations. Regional Economic Integration More specifically on economic integration, the blueprint for an ASEAN Economic Community has an ambitious target of creating an economic community by 2015, transforming ASEAN into a single market and production base. The Highlevel Taskforce on ASEAN Economic Integration has issued a number of recommendations which ASEAN governments are now implementing as part of the AEC roadmap. These wide-ranging provisions are aimed to accelerate regional integration in priority sectors, facilitate the movement of business persons, skilled labour and talents, and strengthen the institutional mechanisms

building networks • connecting business • creating opportunities

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

of ASEAN. The ultimate aim of the AEC is a single market with completely free flow of goods, services, investment and labour, and the freer flow of capital in the region. ASEAN’s economic integration initiatives are being completed by specific processes developed by ASEAN and its partners through the ASEAN + 3 process (ASEAN, China, Japan and the Republic of Korea). ASEAN +3 has already instigated a number of processes aimed at deepening economic integration in the region: • The Chiang Mai Initiative Multilateralization (CMIM) – the CMIM is a multilateral currency swap agreement aimed at providing emerging liquidity in the region. This has been backed up with the establishment of an economic surveillance unit, AMRO, in Singapore. • Asian Bond Markets Initiative (ABMI) – this has recently been underpinned with a credit guarantee and investment facility and work through the ASEAN+3 Bond Market Forum to standardise market practices and regulations affecting regional cross-border bond transactions. • ASEAN +3 Research Group – the research group aims to strengthen the academic underpinning of economic integration. What next? Looking ahead, there are a number of developments in the pipeline - the Taskforce on the Future Priorities of ASEAN+3 Financial Cooperation has proposed new priority areas for action, including infrastructure financing, disaster risk insurance and local currency regional trade settlements. Indonesia’s Ministry of Finance Agus D W Martowardojo recently reminded the financial sector to prepare themselves for greater economic integration in ASEAN and the changes this may bring. Speaking at the Indonesia Banking Expo on May 11th, Martowardojo said ASEAN is accelerating ‘integration in the fields of tax, capital market, insurance, and custom and excise’ and the financial community should ‘prepare themselves’. What will this actually mean? In the long run we are likely to see new supervisory organisations emerge, not just in ASEAN but in the wider region. ASEAN’s secretariat is increasingly being PAG E 2 1

strengthened and the recent opening of the Asia Pacific Macroeconomic Research Office (AMRO) in Singapore signifies a renewed intent to develop strong, regional institutions that can better manage Asia’s financial services sector. Institutional change, however, takes time – it took the Europeans many many years to create supranational regulatory institutions and there is still a lot of work to be done in Europe. In the short term, however, financial institutions operating in ASEAN should prepare themselves for greater regulatory and supervisory coordination. A harmonisation of rules in ASEAN is not likely to result in a ‘race to the bottom’ where only the lowest common dominator prevails. Instead, ASEAN member states are more likely to adopt the tougher standards of the highest common denominator in the region. For ASEAN to be a credible economic bloc all ASEAN member states need to adopt regulatory standards of best practice. First on the list is likely to be tougher corporate governance regimes and greater transparency. Martowardojo specifically pointed to the banking industry which he said ‘needs to improve the implementation of good corporate governance’.

their products and services to the investing public’. Stronger regional institutions and a harmonisation (and strengthening) of ASEAN regulatory regimes will ultimately bring about greater opportunities for the financial sector in ASEAN. Greater market access, a more level playing field and easier access to capital will fuel the growth of the financial sector and wider economy in the region. The financial sector, will, however, have to grasp the changes that are taking place in order to successfully navigate the changing regional landscape and the ASEAN of the 21st Century.

Cicero Group is a financial sector government relations, research and public policy information services provider with offices in Singapore, London, Brussels and Washington. To keep up to date with financial services policy developments affecting your region please visit www.cicero-group.com or contact Andrew Naylor, Regional Director – Asia Pacific on andrew.naylor@cicerogroup.com

Similarly strengthening corporate governance was a cornerstone of Malaysia’s recently published Capital Markets Plan 2. The Chairman of Malaysia’s Securities Commission, YBhg Tan Sri Zarinah Anwar recently said ‘CMP2 is predicated on the fundamental precepts of Growth with Governance. Past financial crises have shown us that growth is not sustainable unless it is underpinned by high standards of integrity, governance and accountability; that the pursuit of profits must be underscored by a strong sense of responsibility on the part of all who offer

building networks • connecting business • creating opportunities

FEAT U R E : CO R P O R AT E B A N K ING/PERSONAL FINANCE

Mobile Banking in 3D Definition, Development and Deployment for Banks By: Raphael P. Young, Managing Principal, Business Transformation Services, SAP Asia Pacific Japan Mobile Banking - A New Phenomenon and Business Model Imagine a bank with no branches. Imagine a generation of customers who no longer need to go to branches for their banking. Imagine bankers who do not work in branches or even offices. This scenario is fundamentally new and threatening to the traditional business model of banks which makes many of them heavily reliant on their branches for sales and services to their customer. The distribution and servicing landscape of banking is changing rapidly, and banks need to be prepared for this scenario in order to be able to compete, to add value and to survive. This is applicable to consumer banking, corporate banking as well as private banking. This scenario is not a hypothesis. It is, in fact, a reality. It is already happening in many markets in the world. It is now and the future. The advancement of mobile banking technology will only get better in terms of applications, functionality, availability of mobile devises and, most important of all, the speed of customer adoption of the mobile channel.

Definition: What is Mobile Banking? Mobile banking can be defined as the sum of the following five activities: Mobilising the Banked Mobilising the Unbanked Mobilising Payments Mobilising Marketing Mobilising Remittances Mobilising Payments are transactions that can be implemented anywhere with a phone or a card. Mobilising the Banked are everyday transactions such as balance enquiries, deposit alerts and pushed SMS. These are already quite common in Singapore. In fact, Citibank, not just in Singapore but in many other markets is one of the early adaptors in offering this facility to its customers. Mobilising Marketing is delivering marketing and sales messages directly to your customers through their mobile devices driven by lifestyle, social media and self-service activities.

Mobile Banking can be a new revenue source Why go to a bank when you can do all your transactions at home or at work or actually anywhere? This is particularly true for the Generation Y (born 1982 to 1995) who hardly go to bank branches at all. In a recent study published in May 2011 of Generation Y consumers –– those aged 18 to 26 in the U.K. –– the survey found that 76 percent would be willing to pay five pounds for mobile banking services. This demographic group constitutes 12 percent of the U.K. population. Most banks see mobile banking as a means of reducing costs by migrating expensive branch and call-centre transactions to mobile devices. However, this recent study shows that mobile banking can be a new revenue source for banks instead of providing the service for free. In order to understand how to leverage the mobile banking channel, it is important to define mobile banking in the first place. PAG E 2 2

building networks • connecting business • creating opportunities

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

Mobilising Remittances is utilizing mobile device for Peer to Peer domestic and international remittances. Development: The proliferation of mobile devices and surging customer demand have shifted the balance of power.

The emergence of revolutionary iPad, iPhone, BlackBerry, Android and the latest Playbook by BlackBerry devices has enabled consumers to do whatever they can imagine they want to be doing such as: listening to music and podcasts, watch YouTube videos and television programs, send text and e-mail messages, surf the Web, playing games, reading an e-book, ordering meals and mobile banking. These smart phones and mobile devices have transformed primarily voice-based wireless communication into multifunction digital texting, browsing, e-mailing and voice communication devices that people carry with them everywhere 24/7. It is these transformative and continually evolving devices, supported by high-speed, pervasive wireless infrastructures, that have helped set the stage for the customer adoption of mobile banking internationally across many markets. Consumer cannot get enough and are demanding more in terms of volume, speed and functionalities. For example, when the iPad 2 make its debut in Asia on 29 April 2011, most of the markets including Singapore, Malaysia and Hong Kong were sold out in the morning of the same day. Customers are demanding more, and the balance of power has shifted to them from the providers whether they are technology companies, device manufacturers, banks or financial institutions. Those who cannot satisfy the demand and meet customer expectations will fall behind the competition. The short to medium term horizon for mobile banking is bright: By 2012, according to Juniper Research, 150 million consumers are expected to use mobile banking. That projection encompasses use of mobile devices for everything from receiving mobile financial alerts and monitoring account balances to viewing statements and transferring funds between accounts.

Mobilising the Unbanked are everyday transactions such as mobile wallet deposits and debits (e.g. using ezlink in Singapore and debit cards from banks) and micro payments at convenience stores.

PAG E 2 3

Here are just a few examples of mobile banking already well underway in Asia: • Japan has more than 40 million handsets in use that are capable of making payments at the point of sale • South Koreans can check their bank balances in real time, make bill payments, and pay for items in the check-out lane using their mobile devices • Leading financial institutions in the Asia-Pacific region have built a solid revenue model for mobile banking by charging customers for mobile banking services. Banks have also reduced costs by diverting customers, particularly

those in the Generation Y age group, from more expensive channels such as the call center to the mobile channel. Financial institutions that offer mobile banking also have significantly lower churn rates on average as they have created “customer stickability” Deployment: How Can Banks Leverage Mobile? Customers are demanding access to their bank using all types of devices and all types of media, from iPads, iPhones and Blackberry to Twitter. The iPad type devices and Smart Phones are redefining what information banks can provide to customers while on the move. If systems are down, customers can know about it via Facebook or Twitter before banks do! Banks need to treat mobile banking as a genuine and important channel. In a recent dialogue with the Head of Channels with a major banking group, the most profitable business in his portfolio was not mortgage, credit card, nor personal loans, it was online securities trading. Since the platform has already been built with fixed costs which have been amortised over the years, it is operating with very low variable costs. Because customers trade through self-service, the large volume of online trades has generated substantial profits. It is more than Mobile Banking, as it is able to offer multi-channel as well as customer experience and choice. The customer experience is key. Banks need a mobile strategy, not just a mobile solution. Banks can be successful through being technologically strong, or functionally strong – but the winners are both. Leaders continually monitor and leverage handset functionality evolution. Although the mobile channel is still regarded as early in its maturity relative to other channels, it must be recognized as an integral delivery channel, with dedicated, passionate support structure. Staff engagement is critical and is a far better investment than in external marketing. The author can be contacted at raphael.young@sap.com

building networks • connecting business • creating opportunities

INS I D E B R I TA I N

New Capital and Credit Insurance available to UK companies by The Export Credits Guarantee Department

ll companies need access to trade finance if they are to realise their international potential. The recent economic crisis has shown that its availability cannot be taken for granted. The UK Government is therefore increasing its support for all exporters, especially SMEs, through an expanded range of products aimed at widening access to the capital and credit insurance exporters need to make the most of international trade opportunities. The Exports Credits Guarantee Department (ECGD) has launched four new initiatives to support exporters, particularly smaller companies. • a Bond Support Scheme, to help exporters raise tender and contract bonds by sharing risks with banks that issue bonds or counter-indemnities in respect of export contracts. • An extension of ECGD’s existing short term credit insurance to cover a broader range of manufactured exports. • an Export Working Capital Scheme, to facilitate exporters’ access to working capital finance for specific export contracts by sharing risks with the banks on loans above £1m. • a Foreign Exchange Credit Support Scheme to facilitate exporters’ management of their exposure to foreign exchange rate movements, where exporters have taken out another ECGD product, by sharing risks with banks.

Bond Support Scheme What it does ? ECGD has provided insurance cover for many years to UK exporters against the risk of unfair calling of on-demand contract bonds (for example, advance payment bonds, performance bonds, or retention bonds) by overseas buyers. With this new scheme, by sharing risk with banks ECGD helps exporters to raise bonds from their banks in the first place. How it helps exporters? For the larger exporter, it provides additional capacity to the banking market to increase its ability to meet demand for contract bonds.

In addition, the Department for Business will set up an Export Enterprise Finance Guarantee Scheme to offer export finance for contracts under £1m to SMEs. The UK Minister for Trade and Investment, Lord Green, said: “These new initiatives will offer an expanded, better coordinated range of products to large and small businesses alike, widening access to the capital and credit insurance exporters need to make the most of their opportunities.”

For the SME exporter, it should free up additional working capital: for example, an exporter’s bank will not hold back 100% of the cash received from an advance payment or other cash receipts supported by bonds, as security for the issue of the related advance payment guarantee. This will allow the exporter to use these cash payments as working capital in connection with the particular export contract.

The extended insurance is available directly from ECGD. The other three ECGD measures are available from participating banks.

What are the key features? • ECGD provides a guarantee to the bank issuing the contract bond or

PAG E 2 4

indemnifying the overseas issuing bank. • Generally, ECGD’s guarantee will be for 50% of the credit risk on the exporter, but ECGD will be willing to go up to 80% in appropriate circumstances and particularly for advance payment guarantees and progress payment or other cash-related bonds. • ECGD will share pro rata with the bank any collateral or other security being held by the bank in respect of the particular bonding facility being supported by ECGD, but there will be no requirement for the bank to share with ECGD any fixed and floating charges or other security it may hold in respect of other facilities. • ECGD’s guarantee is triggered in the event of a demand for payment being made by the buyer on the underlying contract bond and the UK exporter failing to reimburse its bank as contractually required. Extension to short-term credit insurance policy What it does? ECGD’s existing short-term insurance product, the Export Insurance Policy (EXIP) was previously available only for capital and semi-capital goods. It has been extended to provide support to a wider group of

building networks • connecting business • creating opportunities

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

exporters. Now we will support finished manufactures and intermediate goods. We will not usually cover clothes, consumables, foods and other perishable goods, but if exporters cannot get cover from the private sector we will consider offering support on a case-by-case basis.

How it helps exporters? The scheme will be applied by banks to high growth SME exporters that are outstripping their available security for banks. By helping with their cashflow, it will support SME exporters to win or perform specific export contracts.

How it helps exporters? It addresses an apparent gap in the provision of cover against the risk of nonpayment by creditworthy buyers on single transactions in emerging markets; SME exporters in particular could benefit.

What are the key features? • ECGD will provide a guarantee to the lending bank for loans above £1 million, with ECGD usually taking 50% of the risk, although ECGD may take up to a maximum of 80% of the risk in certain cases.

What are the key features? • The transaction must relate to an export from the UK and the overseas buyer must meet ECGD’s minimum risk standard. • ECGD will cover buyer non-payment risk cover up to 95% of contract value, to be provided for single transactions. • A minimum contract value of £20,000. • ECGD’s long-standing EXIP policy document to be expressed in more accessible terms. • Cover will be for buyers in countries outside the OECD and the EU (deemed by the EU Commission as ‘nonmarketable risk’). Export Working Capital Scheme What it does? It facilitates exporting firms’ access to preand post-shipment working capital finance for specific export contracts.

It will be for working capital facilities with a maximum end-to-end risk horizon of up to two years and in respect of specific export contracts. • As with the bond support product, ECGD will share pro rata and pari passu with the bank any collateral or other security being held by the bank in respect of the particular loan being supported by ECGD. There will be no requirement for the bank to share with ECGD any fixed and floating charges it may hold in respect of other facilities. Proposed Foreign Exchange Credit Support Scheme What it does? ECGD has started discussions with banks through the British Bankers Association(BBA) on sharing risk with

them on their credit exposure arising from the foreign exchange hedging contracts provided to SME exporters, where there is some other form of ECGD support. How it helps exporters? It facilitates exporters’ management of their exposure to foreign exchange rate movements. What are the key features? • This is intended to be an ancillary product to be taken out alongside another ECGD finance or insurance product. Relationship of these proposals with the BIS Export Enterprise Finance Guarantee A scheme based on its existing Enterprise Finance Guarantee is to be launched by the Department for Business, Innovation and Skills (BIS), following consultation with the BBA, in order to support businesses seeking finance for export trade. It is designed to enable smaller SME exporters to receive support of up to £1 million for their short term working capital loans, letters of credit and contract bond needs, subject to an overall budget limit for the same. The new ECGD products are intended to be complementary to the BIS scheme, as they will be for loans or bonds above £1million.

The Export Credits Guarantee Department (ECGD) is the UK’s official export credit agency. Its services include: - insuring UK exporters against nonpayment by their overseas buyers; - helping overseas buyers to purchase goods and/or services from UK exporters by guaranteeing bank loans to finance those purchases; - insuring UK investors in overseas markets against political risk Customer services: +44 (0)20 7512 7887 General enquiries: +44 (0)20 7512 7000 Fax: +44 (0)20 7512 7649 www.ecgd.gov.uk

PAG E 2 5

building networks • connecting business • creating opportunities

SPE C I A L F E AT U R E

hays quarterly report Accountancy & Finance Hotspots Finance Business Partners are required to work very closely with the sales and marketing and the management teams to provide financial strategy for new products or brands. Cost Management positions are still in demand while businesses are in budget control mode. In the banking sector, IFRS Advisory/Accounting Policy roles are on the increase. Product Control also continues to be a major area of focus as are Internal Audit and Risk Management roles. The end of quarter one is typically when bonuses are paid, leading to increased recruitment activity within the Accountancy and Finance sector in quarter two. We will see an increase of vacancies and candidates, right across the spectrum. In many cases, bonuses and salary increments have been lower than anticipated which has led to a substantial increase in the number of candidates in the market place. Overcoming the skills shortages Employers are looking internally first for skills but due to shortages are also looking externally. Many are also now considering international candidates. We are seeing an increased need to source candidates from the UK, US or Australian markets. We advise companies to widen their search to include candidates with experience from

different industries and who have the skill set required, e.g. strong financial planning and analysis, and financial modelling skills. The coming quarter There will definitely be increased hiring within the coming quarter as the candidate movement in this quarter will be extensive. Newly created roles will be less common as there is still some uncertainty in the market and headcount is still high on the agenda. Employer trends With the more specialised roles clients are extremely selective as these are crucial hires with high-level exposure. Clients are therefore willing to pay in most cases but the fact these skills can be rare can make the recruiting timetable longer. Once a candidate has been identified, even if the client doesn’t have a comparison, it is advisable to move quickly to hire as these candidates will often be interviewing elsewhere. We are also noticing a slight increase in salaries in these specialised areas, although as always businesses will never be prepared to break internal benchmarking guidelines. Employers are extremely selective on crucial hires with high-level exposure. They are willing to pay for specialist skills, but the fact these skills are rare can make the recruiting process more protracted. We advise companies to move fast once they have interviewed a potential applicant.

We note also a slight increase in salaries in those specialised areas. Candidate trends As mentioned above there has been a significant increase in candidate flow across the board due to the time of year. Banking Hotspots As large corporate firms are going through a growth period due to strong financial results driving expansion and investment, many of the Singapore banks are trying to gain a competitive edge by winning business from these companies. Individuals experienced in transaction banking, wealth management, commodities, specialised finance and credit risk management are all in demand as many of the world’s major players announce growth and development plans in this sector. Singapore is fast becoming a hub for the commodities area, with firms recognising significant opportunities arising from global commodities markets at the moment. This is across varied product classes, for example oil, metals and derivatives. Structured trade finance, export finance and project finance are specialised areas experiencing growth and as a result there is increasing demand for professionals with strong networks and proven origination and execution experience. As well as this, due to the focus and reinforcement of capital regulations, there is a growing demand for senior banking professionals with strong regulatory and risk management experience, particularly in corporate credit risk, portfolio risk, compliance and economic capital.

PAG E 2 6

building networks • connecting business • creating opportunities

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

Overcoming the skills shortages Employers are building up their own internal recruitment teams, looking at overseas candidates and are offering highly competitive packages. Hays can source candidates via GlobaLink and our international market knowledge. The coming quarter Hiring remains cautious within most financial institutions, the intention to hire is there but there is no rush to proceed. Employer trends Employers are definitely being more selective when recruiting as their expectations are high. Consequently, interview processes and approvals are taking longer. Candidate trends Post bonus season there was an increase in candidate numbers as expected. Keeping with this trend there has been growing interest in Asia over the past three to four quarters.

new roles, as firms expand or restructure. These positions will mainly be permanent, although some companies may utilise contractors until a permanent solution can be found. Executive recruitment Senior executive level recruitment has slowed down due to company restructuring and refocusing towards the end of last year. There is however demand for executives with solid operational management experience. Employer trends Employers are accelerating recruiting timeframes as they now realise postponing decisions on suitable candidates can be detrimental to their business. Companies are also more open-minded as to where talent can be found. Candidate trends Bonuses have been paid out and this is typically the time of year when staff explore

Overcoming the skills shortage With the talent pool receding due to rapid growth, employers will need to broaden their search parameters, either by considering candidates from other industries with transferable skills or overseas candidates who may bring new ideas to the industry. There should also be some long term investment through training and development of new talent. The coming quarter We expect a mix of replacement and

PAG E 2 7

The coming quarter Most banks had hiring restrictions over the last three months but have now been lifted, resulting in more hires across the Analyst and AVP level. This is due to various eCommerce projects being launched across the front office. Executive recruitment With bonuses now paid there has been an increase in hiring activity across the VP and Executive level. Programme Managers and Production Support Managers have been the most active with banks looking to effectively streamline support activities. Project Managers with specific front office Treasury, Fixed Income or FX experience are also being sought to deliver eCommerce led projects. Employer trends The number of contract roles has increased significantly as employers counter the headcount restrictions seen over the past quarter. Mobility is still a key topic with many banks raising awareness of job postings in other departments/countries. There are also fresh drives to attract more women into IT roles from most of the major Investment Banks. Salaries are remaining relatively static.

INSURANCE Hotspots The insurance industry in Singapore is still aggressively growing, so there is an ongoing requirement for business development, distribution and bancassurance professionals. The devastation caused by recent natural disasters such as the tsunami in Japan, the Christchurch earthquake and the Queensland floods, has prompted insurers and reinsurers to review the ways in which they do business. This is creating more junior to mid-management positions particularly within claims, underwriting, business development and distribution, as well as risk management and actuarial.

or implementations are sought after. Companies had headcount restrictions over the last quarter so we have seen a significant increase in contract roles.

other options in the interests of career progression and higher salary. However candidate numbers have stayed relatively stable in comparison to job movement as those with highly sought after skill sets do not stay on the market for long. Finance Technology Hotspots The relocation of headcount to Singapore for some banks is leading to large scale recruitment drives with the need to quickly build up teams with experienced resources. Java and C# net developers are well regarded as the increase in electronic banking continues. Grid computing is also becoming more common with the need for business facing programmers with specific experience in this area being in demand. Vendor led technologies such as Murex and Wall St are still popular and technical consultants and Project Managers experienced in upgrades

Candidate trends Candidates have more choice but also need to consider counter offers, as employers would rather retain their top talent than have to replace. There has been an increase in the number of candidates open to contract roles as more employers offer fixed term hires. Long-term employees are now also looking at the job market. This is due to a lack of internal promotion opportunities, pay rises and average bonuses. For more information on the HAYS Quarterly Report and to see the rest of this report please visit www.hays.sg/report

building networks â&#x20AC;˘ connecting business â&#x20AC;˘ creating opportunities

Live Elite in 2011! Sun

Banyan Tree Samui

Sea

Huvafen Fushi by Per AQUUM

Spa

AYANA Resort and Spa

Snow

The Greenleaf Niseko Village

This is your chance to 'Live Elite' and experience some of the most amazing resorts in the Asia Pacific region, courtesy of Elite Resorts of Asia Pacific.

Prize Details Enter between March and August 2011, and you could win one of Elite Resorts Sun, Sea, Spa & Snow experiences!

Visit the 'Live Elite' competition on Facebook and enter today! For more details on the Elite Resorts of Asia Pacific visit

eliteresortsofasiapacific.com

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

The Ten Financial Commandments By Scott Mitchell, Vice President and Appointed Representative, ipac Singapore

lthough 2011 has seen increasingly positive economic data, markets continue to be volatile in the face of geopolitical unrest and inflationary pressures. With so many external factors at play, it is crucial to build a strong financial foundation for your own security. Regardless of which stage you are at in your life or career, there are ten principles that can help you be successful in boosting your financial independence. Spend less than you earn. It’s the most basic rule in the book, but one that is ignored by many, regardless of their income. In fact, sometimes it seems like the more people earn, the more they’re likely to spend because of the perception that they have more disposable income. To keep on the straight and narrow, start by drawing up your personal budget with your income and outflows. Next, pay yourself first every month, and also pay off any debt you may have (credit cards, home mortgage, etc). Avoid spending money you don’t have. Cash is trash. To put this in context, we’re talking about sitting in large amounts of cash over the long-term. Being risk-averse and keeping everything in cash isn’t the best strategy, because in the long run your purchasing power will be eroded by inflation. Whereas in the past a 2% long-term assumed inflation rate was the norm, today 3 to 4% (or even as high as 6% if some recent predictions are to be believed) is more appropriate these days, taking into consideration today’s climate and the potential for inflationary pressures going forward. You’d be better off investing in a globally diversified portfolio which will help to manage risk and also grow your wealth over a long time horizon. Go against the herd. There are two aspects to this: ~ Following the Joneses. If you’re trying to keep up with your friends, enemies, or colleagues when it comes to the latest gadgets or apparel, perhaps it’s time to re-examine your priorities and be clear on your needs versus your wants. PAG E 2 9

~ Investment behaviour. Warren Buffett said: “Be fearful when others are greedy, and be greedy when others are fearful.” When the markets are low and the fearful retreat, there are usually good buying opportunities of value stocks; however, a word of caution to the brave, ensure you have done the necessary due diligence and understand what you are investing in. Save for a rainy day. Make sure you have a buffer consisting of at least three to six months of your living expenses. Emergencies aside, you may make the personal decision to take a career sabbatical or consider a career change, which you should also be financially prepared for. Focus on the long-term. It’s about time in the market, not timing the market. We believe in the benefit of staying invested over the long-term, instead of trying to switch in and out of the market. According to US research firm Dalbar, for the 20-year period ending 2010, the average investment return was about 9.1% to the average equity investor’s return of approximately 3.8%.

opportunity with returns that sound too good to be true, ask questions until you fully understand it: How is it sustainable? What is the worst-case scenario? What recourse is available if things go belly up? Is this money I can afford to lose, in a worstcase scenario? Protect yourself. Ensure you and your family are covered with the appropriate insurance in case anything happens to you, especially if you’re one of the breadwinners. We believe in keeping insurance and investments separate, because with the latter you can end up paying too much in premiums for too little in coverage. Products are but means to an end. They are not the be-all and end-all when it comes to growing your core wealth. Without a plan to tie everything together, it’s a bit like trying to buy medicine without understanding your illness first and the possible side-effects on your health. Understand what you aim to achieve with the money that you grow.

To help you focus, Paul Clitheroe, Executive Director of ipac securities recommends having a “financial independence number” for yourself, for example, $100,000 a year. This sum should last you for the rest of your life if you wish to maintain that particular lifestyle. To calculate this, multiply that sum as follows: ~ Multiply by 17 if you intend to retire at age 55 = $1.7m ~ Multiply by 15 if you intend to retire at age 60 = $1.5m ~ Multiply by 13 if you intend to retire at age 65 = $1.3m Ask tough questions. The old adage goes: “Curiosity killed the cat.” This certainly doesn’t apply when making financial decisions. If something sounds too good to be true, ask questions until you are satisfied. If you’re being offered an investment

building networks • connecting business • creating opportunities

ECO N O M I C & B U S I N E S S I N S I GHTS

Have a plan. Just as your enterprise or company has a business plan for the future, you too will benefit from a personal business plan. List down your short-term, medium-term and long-term goals, as well as your income and outflow. It should be a living plan that is able to accommodate life’s surprises, for example your job in Singapore leads to a regional position that requires you to travel frequently, or you or your partner decide to take a break from work to take care of your children or to pursue a different calling in life. Seek help from the professionals. Seek the help of a professionally qualified, licensed adviser that you trust, who has

PAG E 3 0

your interests at heart and takes the time to understand your needs and financial goals. Be wary of those who push products and proffer “free” advice, because there may be hidden costs involved with such “advice”. If possible, look for someone experienced and who has advised clients through market cycles, and/or is part of an organisation with the necessary support framework (investment research, paraplanning, tax, for example). This article is contributed by Scott Mitchell, Vice President and an Appointed Representative with ipac financial planning Singapore private limited, which is licensed with the MAS, Financial Adviser’s Licence No FA100003-4.

For more information, please send your questions and comments to financial. planning@ipac.com.sg In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any person. Before making an investment decision, you should speak to a financial adviser to consider whether this information is appropriate to your needs, objectives and circumstances.

building networks • connecting business • creating opportunities

ECO N O M I C & B U S I N E S S I N S I GHTS

The ‘f’ word By Ray Bigger - Sales, Marketing, and People Development Architect, Think 8

he ‘F…’ word is now synonymous with Wayne Rooney. This ‘F’ word is more fundamental. I mean FAILURE If you could take an MRI brain scan of a group of people simultaneously and mention the word ‘Failure’ I guess the screen would light up for all the wrong reasons!! Failure is seen as harsh in any language. In our early years it doesn’t bother us or anyone else for that matter because we seem to fail all the time except then it is called ‘learning’. For those fist 5 years we are all experimenting and we do/did indeed learn from our failings sometimes painfully. After about 5 years of age the negative effect of “failure’ is reinforced by most education systems and overbearing parents, frowned upon by business and bosses alike and generally avoided at all costs. No one wants to be associated with it and in some cultures particularly here in Asia failure it is almost the kiss of death. And yet this perception creates even more failure – why? Steve Jobs the founder and creator of Apple

PAG E 3 2

has recently been described as a ‘Corporate Dictator’ who refuses to accept failure at all. When Apple released its iPhone 3G and MobileMe service about three years ago it suffered its most humiliating failure to date. The team was summoned, an expletive rant was delivered and they were never given the chance to right the wrongs – they were fired! Larry Ellison of Oracle apparently adopts an equally acerbic approach to failure. The top sales person for the quarter gets a crown to put in his office on full view to the office. The worst performing sales person gets a large donkey for his office also on full view to the office. I wonder if you would ever get the donkey twice!! Yet notable global luminaries past and present have a different view namely:As Henry Ford said. “Failure is only the opportunity to begin again, only this time more wisely.” Winston Churchill said “Success is the ability to go from failure to failure without losing your enthusiasm” Proctor & Gamble’s former legendary CEO

A.G. Lafley was very open on failure. “I had my fair share of failure. However it’s all part and parcel of growth and development. It’s like Darwin’s theory. When you stop learning you stop developing and growing”. J.K.Rowling said “It is impossible to live without failing at something, unless you live so cautiously that you might as well have not lived at all”. That is backed up by the renowned creativity and innovation expert Sir Ken Robinson’s who said “If you have never done anything wrong you have never had an original thought” Clearly if the seven people mentioned above were on a panel debating the subject it would be a very lively debate indeed. In business how do we perceive failure? Clearly it can have dire consequences. I wonder; has Steve Jobs never had one single failure that he did learn, or, could have learnt from? I personally doubt it. I am not suggesting we except failure carte blanche without question. I am however suggesting we should tolerate failure when we fully understand what type of failure we are dealing with and not leap to

building networks • connecting business • creating opportunities

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

condemnation as a first response. When you understand exactly what type of failure you are looking at you might change your approach. Is it one of the following which is by no means an extensive list? 1. A deliberate and intentional breach of the rules, policy or process 2. A deliberate disregard of a specific instruction 3. A lack of focus, attention or application to the task 4. The task was beyond the required skill and competency set 5. A person or team was unclear as to what they were seeing and just blundered along 6. Style exceeded substance. 7. An experiment, test or pilot that produces different results to that which was expected 8. Something happened that was outside the control of the process. Well, would you view your approach differently? Again I suggest you would. In particular the last two would have clearly avoided a potentially greater error and the opportunity to make any necessary changes and a subsequent success. I would further suggest that a failure that brings a tide of unbridled criticism on you and/or your team will almost certainly result in people ‘keeping their heads” down and is that what you want. Put your head above the trench in the future and watch it get shot off is hardly a mature response to failure I firmly believe that for people to grow failure is inevitable and goes hand in hand with organizations who aspire to the highest standards In my 30 years as a Referee with the last 13 years as a Football League/Premier League Referee I got some decisions wrong for a variety of reasons. It was inevitable. I had to learn to recover from an error quickly because if I didn’t then my overall performance would have suffered. Organisations can equally control how they understand failure, learn from it, recover from it and move on. Yes, it is both mental and emotional rather than physical. Another trap is the belief that learning from

PAG E 3 3

a failure is straightforward, only it isn’t. The usual approach is form a review committee, review everything, and write a report which apportions blame, well almost every time. What a waste of learning time! This is an issue that demands strong leadership within a strong culture. It requires carefully maintaining a fine balance between not discouraging risk taking/experimentation and avoiding an ‘anything goes’ message. Reviewing failure requires, as strange as it may sound, a high degree of enthusiasm and determination within a trusted process. As I said above, the process is an emotional one because no one wants to carry the can. The medical profession as one example has adopted a ‘no blame’ process in the event of an unusual/unexpected death where something was believed to be, or seen to be, lacking. Failure manifests itself in the failure, yes failure, to engage across the spectrum of what is today a very diverse and increasingly complex work force. I learnt a valuable, some might say, surprising lesson from a wise and experienced board member of a major merchant bank. It was this. Venture Capitalists are very hesitant to invest in a project or founder who has not suffered a failure? Are you surprised – maybe, maybe not. If you have watched the BBC’s “Dragons Den” an individual failure within a track record is given favourable airtime by the experienced panelists. Not having faced a failure is seen as a gap in the experience curve whereas a failure is seen as a positive by most venture capitalists. As a simple personal example, I interviewed a candidate for a sales manager position who told me proudly that he had recruited some 100+ people in his career. When I asked him how many of those had not made the grade (failed) he said smiling with pride “None”. “Wow” I thought - I didn’t hire him.

project fail or a manager where the deliverables on a task were missed? As I have said in previous posts I project fail or a manager admits that deliverables on a task were missed? I would put money upon reading your thoughts most of you would take a ‘mental step back’ or when faced with a failure in any circumstances, by nature we tend to retreat. So here are some final thoughts you might like to consider for minimising failure:• Picture, literally, success and failure side by side - mind maps are very helpful • Get as much information and knowledge as possible, but not as an excuse to delay taking action. • Balance the risk and the gain – banks please note • Do not under fund an initial project otherwise you set yourself up to fail • If it fails, fail early • Learn and consider celebrating failure. Failure manifests itself in the failure, yes failure, to engage across the spectrum of what is today a very diverse and increasingly complex work force. It all starts with a constructive and robust process for bringing all the components together. For more information please contact the author via email at ray@think8.net

Yet what principles are we applying in the corporate world when recruiting or managing people when failure occurs/has occurred? The interviewee who offers up that he indeed had a product development

building networks • connecting business • creating opportunities

ECO N O M I C & B U S I N E S S I N S I GHTS

Adit Jain – Has India Reached its Tipping-Point? As part of the Café Insights series of interviews with inspiring speakers, The Insight Bureau recently caught up with Adit Jain, Chairman of IMA India and leading commentator and speaker on Indian business and key economic and political developments. When you think back to 10 - 15 years ago India seemed to be so full of promise and great potential, yet today, more than a decade later, we still seem to be talking about India in terms of promise and potential. However, we’ve recently seen growth rates move up from the modest 5-6% level to more like 8-9%, so has India finally made it? Is India now permanently on a faster growth trajectory? I think it has. I remember the old days when we talked about India having a promising future, but I think that in the wake of the global financial crisis, and rather abruptly, that future is already here. For several reasons, I think the most important amongst them is the fact that India will grow in the decade ahead, at about 9% – 9.5% per year, because of certain fundamental structural changes in the economy. It is a structural shift for the following reasons. The most important reason is that India’s savings rate is now 36% – 38%, with an incremental capital output ratio (which is basically jargon for efficiency in the economy) of 4. You divide 36 by 4, using an empirical formula and you get 9. So, I believe that the average growth rate going forward will be in the reasonable 9%. What can we really put this higher performance down to? I think you would have noticed this as well, if you look at other Asian economies, we have seen physical transformation take place in their infrastructure, such as better roads, better ports, better airports and nicer hotels. That happened when their savings rate actually exceeded 50%. This is happening in India too, albeit at a slow, wobbly pace. But now, you will see nicer airports, motorways and expressways, and the infrastructure is actually coming up. So, PAG E 3 4

the first driver to growth would be a higher savings rate and a more efficient economy. I think the second driver is going to be the effective privatisation of the economy. I was looking at some sums which suggested that in the year 2000, the private sector share of GDP (in turn the total revenue of private sector companies) was 40% and state enterprise was 60%. Ten years down the road, private sector share of total revenues was 68% – 70%. So, we did a very rough plot, and ten years forward we noticed is that the economy is effectively being privatised because the private sector is growing faster. And what that actually means is that you have more efficiency. So, greater efficiency will drive growth.

The joke that does the rounds is that the Indian economy only grows during the night when the government is asleep and can’t therefore get in the way. What’s your view on governance across the various shades of government over the past decade? You are quite right that our performance and efficiency has not really been the result of good governance. I think India will grow at 9%, despite the best efforts of politicians. But, there is a silver lining to this cloud, which stems from the rise of civil society. For the first time, politicians and senior bureaucrats are going to jail for the crimes they have committed and I think that is very important. The most important legislation which is being debated is the Lokpal bill, which is basically the appointment of an ombudsman to examine corruption. If that bill is passed, even the prime minister could be charged whilst he is still in office. Do you think that the reform initiatives,

which have been underway in India now for over 15 years still have a long way to go? I remember it was Manmohan Singh back then as the Finance Minister leading the way? Yes, I think they have been plodding on but I think the pace of reforms has narrowed, rather slowed, and I think a lot of them have moved from the Federal Government to the States. I mean there are a few important reform initiatives that the federal government needs to undertake. The first one I mentioned is about passing the anti-corruption bill. The second one is actually on its way, which nobody has even mentioned or discussed openly, which is very surprising, because it will be a very important game changer: it is called the Unique Identification Number (UID). The UID Authority of India is chaired by Nandan Nilekani, who used to be the Chairman of Infosys. The idea is to give every Indian a unique PIN number or Smartcard, which will essentially ensure that government services that are delivered to people, for example, subsidies – fertilizer subsidies, food subsidies, and education vouchers -- can all be delivered more efficiently. Currently, the efficiency rate of government delivery is no more than 20%. I cannot claim that this will reach 100%, but even if it were to double, then suddenly you will find a more productive India. That is the second reform. The third reform that is pending is the goods and services tax. If this were to go through, it would add to my mind, additional revenue of 3% of GDP per year. I did some sums which suggested that over a 10 year period, that would amount to an extra 1 trillion dollars in the treasury coffers which they would not have received. So, I think there are three or four important legislations which are pending. If they happen, I would be quite happy. Right now, the world economy has Asia to thank for dragging it out of the recent global recession, but it is China, rather than India or other economies, powering this. Well, I think currently it remains a China

building networks • connecting business • creating opportunities

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

story. But, if you were a multi-national executive running a large business, you would look at India 10 years henceforth and I think in 2020, 50% of global growth will come out of India and China. I think China will contribute 30% of global growth, and India will contribute 20%. The comparisons with China are inevitable and often talked about in too simplistic terms but they are starkly different systems; do you ever see a day when India will honestly rival China as an economic power? I think we will have a younger population, at least for the next 25 years. The other important point is we talked about global growth and market opportunities. In 2020, India will be a 5.5 trillion dollar economy. So, big companies like GE, Samsung and LG will have to place their bets in India, as they are doing now. Adit, you are one of the most comprehensively well-placed people to advise international companies on India, you regularly engage with India’s Government ministers and other politicians, economists and captains of Indian businesses and you are bringing foreign subsidiary CEOs and CFOs together throughout the year to talk about business in India. Do you think global companies have changed their perceptions of India? In very serious ways; the most tangible way is that the chap running the India business now reports directly to someone in America or Europe. So, the concept of India reporting into Singapore or Hong Kong is dying. In fact, a lot of our 1,400 clients who run India are actually running a number of other countries too. So, that shows a rise in the pecking-order. One important example is GE, which has moved away silos – from vertical product structure into a country structure. So, the guy running India actually has plainer responsibility -- they want to become a 20 billion dollar business in a few years. A lot of the larger companies are already worth 10 billion dollars in India, so it is in fact a very large market. So, if you were to cast China aside in the equation, you would find that in nonJapan Asia, apart from China, India is the only country that can provide such a large market opportunity.

PAG E 3 5

When you brief CEOs of American, British, European companies, or present to Boards, perhaps it is hard to generalise, but do you find that there are frequent misunderstandings or wrong assumptions they tend to make? Yes, I suspect these misperceptions might arise. I think they might over-judge the ease of tapping into opportunities in India. I think the opportunity is very large but clearly the biggest challenge and competition does not stem from other multinational companies. Their challenge actually stems from taking on Indian companies, who are run more efficiently, have better cost structures and are able to attract good people. So, there is no question that a few of them will go wrong. India has a reputation for simply not getting its act together -- especially on hard infrastructure projects that let the economy down, but also soft infrastructure (despite its booming population) of sufficiently well educated managers and professionals. Is that unfair? Does this continue to put-off international companies or prevent them from making the kinds of returns they should from India? I think you are quite right. Eventually, we will be able to fix the hard infrastructure, though it will take a lot longer than it did in other countries, by virtue of the fact that we are fundamentally inefficient. I think it will be a lot harder to fix the soft infrastructure. The biggest challenge these days for most managers is to find people. But, I think the way forward is to fix education and the way to do that is to allow private universities to be set up, so as to produce competent and educated people who can actually spell, read and write. That will be a longer challenge and a slower process, and until we get a grip on it, the struggle will continue. Also, our costs are going up with salaries rising at an average of 12 – 15% a year, with a currency that is appreciating at 2 – 3% a year.

will also rise by about 15% over the next three years. So China will have its problems too, but I guess they will handle them better. Sitting here in Singapore, dealing with international business people and hearing the general enthusiasm for India, one could easily get the impression that India has now reached its “tipping-point” and that progress on a number of fronts is gaining momentum and that India is finally breaking away from its past. How would you sum this up? I think you are right, but I am sure there is a high probability that India will get stuck as a middle income country, where you achieve mediocrity and you go so far but no further. We could increase our per capita income to US$ 8,000k to US$10,000k a year and get stuck there without becoming a first world country in the next 50 years. There are several reasons why that would happen, one of them being a lack of governance, the evolution of oligarchies and conspiracies between politicians, businesses and governments. Unless we are able to fix that, we might just find that we have gone thus far and no further. This interview forms part of The Insight Bureau’s Café Insights series of inspiring, Q&A style interviews conducted with our speakers in a casual, informal café setting. Café Insights is also available in audio format for you to download and listen to on the go. To see other interviews we have conducted with our speakers, visit www.youtube.com/ theinsightbureau. Adit Jain is a speaker based in New Delhi and represented by The Insight Bureau providing speeches at conferences and briefings for corporate executive teams. To learn more about Adit and The Insight Bureau visit www. insightbureau.com.

I believe China’s problems are different but they are also there. I think China’s cost structures are rising and some of it is the government’s intent for domestic consumption to rise as the economy rebalances from exports to domestic consumption. Coupled with that, the RMB

building networks • connecting business • creating opportunities

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

bbc 20th anniversary by Richard Porter, Controller of English, BBC Global News

his year marks the 20th anniversary of BBC World News, which has given those in our newsroom the chance to reflect on what our audiences have seen in those two decades. The year is also a significant one for the BBC in Asia, because a number of editorial initiatives are being introduced during 2011 that reflect the importance of the region both to our audiences, and the world as a whole. As I write, the world’s eyes are fixed on Asia for h e a r t b re a k i n g reasons. The earthquake and tsunami in Japan have brought destruction and tragedy, and the subsequent explosions at the Fukushima nuclear plant have caused further distress for Japan’s embattled people. Working for an international news organisation such as the BBC it is impossible to be unaffected by the stream of images from the scene, and even the most seasoned of reporters have been greatly moved by the images and stories from the catastrophe. It has also been an event that demonstrates, yet again, that the biggest stories today are global, and that the world is so often united around these events. We are more tightly bound and interdependent than ever, and countries are often affected by stories unfolding thousands of miles away. 20 years ago, the world was a much simpler place. Politics were dominated by the two superpowers, while China had only just emerged from the ignominy of Tiananmen Square, and remained quite impenetrable. International news organisations were greatly restricted in their access to states such as Malaysia, Vietnam and, of course, Burma. So while the world’s attention was on the collapse of the Soviet Union and the end of the Cold War, Asian coverage in international news was relatively narrow. The other key issue for international newsgathering was technology. Reporters were reliant on cumbersome equipment to deliver stories from remote areas. Satellite phones, trucks full of kit, the cooperation of domestic broadcasters and PAG E 3 7

access to ground stations were needed to relay reports home. The advent of broadband and the smartphone have utterly transformed this. The logistics of newsgathering have been dramatically reduced by the fact that a reporter needs only a small case of equipment to deliver broadcast-quality reports to the studio (although, as we saw recently in Egypt when the government ‘switched off’ the internet, it remains important to have a contingency plan). Asia itself has changed beyond recognition too. China has not quite thrown open its doors, but the freedom it offers international business was unthinkable not so long ago. While access to international media remains restricted for its citizens, China itself is highly engaged with the world. For some it is the greatest modern symbol of growth, opportunity and power; for others, it retains a darker edge and, on issues such as its currency, wields pivotal and unpredictable power over the global economy. Elsewhere in the region, major business players have emerged such as South Korea’s Samsung; while the economic difficulties faced by Japan have not prevented many of its companies achieving

dominant positions in the automotive and electronic markets. Japan faces many new challenges in the coming months, but few doubt its ability to bounce back, even from a disaster on the scale it faces now. The BBC’s international news services have always closely followed Asia’s story, but this year will mark a renewed focus for BBC World News and BBC.com. In March we launched bbc.com/asiabusiness, a new section designed to deliver more of our global perspective on business news in Asia. With in-depth coverage and features such as bespoke video content, it offers a fresh picture of the human face of business in Asia. Meanwhile, on BBC World News, we will showcase a season of Asia-focused programming, including documentaries, interviews and, later in the year, new regular editorial. Audiences in Asia are vitally important to us, and our aim is to offer them an international perspective that cannot be found locally; but we are also acutely aware of the huge interest in the region from elsewhere, and the growing importance of Asia to the world. It seems certain that this trend will continue and it is our intention to follow it as closely as we can.

building networks • connecting business • creating opportunities

CO R P O R AT E S O C I A L R E S P O NSIBILIT Y

Interview with Adam Horler Beyond the Hour – What’s your LOHAS? By Liz Smailes - PR & Communications Director, LOHAS Asia

arth Hour came and went on March 26th, now what? Green consumers today don’t just think about green, they think about jobs, and love, and family, and travel, and fun etc. It’s about living a good life that also happens to be good for others, and our planet. Today, more consumers than ever are using their purchasing power to make a genuine statement about their concern for the environment. Combined, they make a dedicated group, fond of everything from organic potatoes to hybrid cars, and marketers have given them their very own name to wear as a badge of honour; ‘Lohasian’. A far more wide-reaching term than the semantics of “eco” or “green” could encompass, LOHAS stands for Lifestyles Of Health And Sustainability and represents a social movement that has conscious consumption at the centre of its values. Stemming from a business movement in the USA, LOHAS has morphed in Asia to become a term used to describe all manner of environmental products and services. First taking off in Japan, then Taiwan and the rest of North-East Asia, and now spreading rapidly throughout the Asia-Pacific region. As the LOHAS movement grows in Asia, the easier it will be for governments, companies and consumers to speak the same language and accelerate the change needed to preserve our planet, and with it our way of life. With consumer attitudes to the environment changing in AsiaPacific, new market opportunities emerge for green products, which will replace traditional non-green items. Adam Horler, President of Asia-Pacific LOHAS Pte. Ltd. explains how and why he left a comfortable corporate life as a CEO to become a leading Lohasian in Asia. Why did you start Asia-Pacific LOHAS Pte.Ltd? I left corporate life in late 2008 with a view to “do something better for the world”, and I was searching for a concept that I could use PAG E 3 8

as a driver for sustainability in the region. I came across LOHAS in the States through an acquaintance of mine, and I found their aims to very much fall in line with mine. I asked them what was happening with LOHAS in Asia and whether they were open to having someone in the region who could help promote the LOHAS ideals. They were, so I started to research LOHAS in Asia. What I found was surprising – LOHAS has morphed from being a market research term in the States to being a word used by people on the street in Asia to describe a new, better way of living. This encouraged me to start a regional social enterprise that could capitalize on the fact that LOHAS is already in the public arena and use modern communication and branding tools to maximize the appeal of LOHAS to as many Asians as possible (all, hopefully!).

Where did you first hear about LOHAS? Actually, I first heard the word LOHAS in 2007 when I was the CEO for a luxury brand (Molton Brown) in Asia. I was giving an interview to a paper in Tokyo and the journalist asked me if the brand was a LOHAS brand. I had to ask my translator what it meant, as I had never heard of it before. How did you make the transition from theorist to practitioner? I have always been an environmentalist, concerned about the preservation of the natural world more than I have been about human causes. Humans have the capacity, as a species, to alter their environment and better it, whereas the natural world is largely unable to react fast enough to system shocks, so we need to look after the wondrous planet we find ourselves living on. As the news of climate change and

continued environmental destruction mounted over my lifetime, I realized that it is not enough to support causes with money or rhetoric, I need to “do my bit”. So, over the years I have evolved into a bicycle-commuting, recycling, conscious consuming person, someone who sees themselves as a part of nature not apart from it. Is LOHAS about products or ideas? Primarily, it is about ideas, providing a roadmap to how to live a healthy and fulfilling life, while minimizing individual impact on the environment. However, we live in a modern, progressive world, and the average person wants to enjoy the modern convenient life, so LOHAS becomes more and more about the products that enable this sort of life but are designed, manufactured and used in such a way that they support a low impact modern life. Since you left the corporate life as a CEO, what are the most significant observations about LOHAS in Asia? Overwhelmingly, I have been met with support for the mission of spreading LOHAS throughout Asia, from all strata of society. I put this down to the fact that LOHAS is not owned by me (or anyone for that matter), and because it is such a positive ideal. Who wouldn’t want a lifestyle of health and sustainability?! I have met a huge amount of people who ask me how they can help, and volunteer their time, their company’s time and resources to help the cause. Has the LOHAS consumer changed over the last five years? The LOHAS consumer is constantly evolving. They are seeking the latest technology and concepts to help them live in a modern manner, but in an environmentally-friendly manner. If yes, what are the influences of those changes? Five years ago those who practice LOHAS were the first consumers to buy hybrid cars (assuming that we really needed to

building networks • connecting business • creating opportunities

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

have a car), but now the LOHAS consumer is looking to buy Electric Vehicles, and they will be the first to buy fuel cell cars in the future. Through their quest to consume responsibly, LOHAS consumers drive industry to innovate and meet their demands. Where are the big changes evident in the commercial world within the Asia-Pacific market? The Financial sector is really starting to sit up and pay attention to LOHAS-related issues, with respect to the companies they invest in. Sustainability strategies are seen as necessary factors to consider when making investments in companies (buying their shares). The other big change is at the other end of the scale, in the SME and Entrepreneur sector, where we are seeing tremendous dynamism and innovation coming through in all sectors. This indicates a groundswell and that this is the next big megatrend. Can you give examples of companies targeting the LOHAS market sector in Asia? Coca-Cola overtly targets LOHAS consumers with their I-LOHAS bottled water in Japan and the LOHAS Juice drink from COFCO (Coke’s largest bottler in China). We also see small businesses targeting LOHAS through organic cafes, organic creameries and so on.

Where do local suppliers fit in the environmental ambitions of LOHASians? For brands and products to be truly LOHAS, they need to source locally. This may add some costs on in the short term, but we believe the benefits to the local community and the environment at large far outweigh any marginal cost increases. Is there a common factor in the regions/ commercial sectors where LOHAS is prominent? Not really, as far as regions and sectors are concerned, but the LOHAS consumers PAG E 3 9

themselves display remarkably similar likes/dislikes and behaviours, no matter where they are. How will LOHAS evolve? LOHAS will continue to push the boundaries of low/no impact modern living, to the point in the future where we are free from fossil fuels and have all the conveniences we desire. Other consumers in the market will follow LOHAS consumers and look to them for the trends in how to consume and live responsibly. LOHASians are pioneers. Which areas need to try harder? Which are missing out on opportunity? I think it is fair to say that Governments and Big Corporations are not being especially brave at the moment. How do you see LOHAS’s place in the current business environment? Central. The world needs to become sustainable, we have no choice if we want to exist on this planet for generations to come, and LOHAS holds the key to making this possible, we believe. What are the differences between LOHAS and your previous career positions as CEO? Actually the skills required are very similar – I need to be a good communicator, motivator, leader and visionary in LOHAS, as much as I ever had to be in business (maybe more so) – but the end result of success looks very different. I am not measuring success by profit, but by change achieved. What does your LOHAS look like? When I am in Singapore, I cycle everywhere for work, and very rarely drive our car. We do have a car, which my wife uses for her work and to ferry our son around (the roads are not safe for a child seat on a bike unfortunately), it is a Toyota Prius. I limit consumption of clothes and durables, and when I do buy, I buy the best I can afford in terms of quality and craftsmanship. These products are better made, last longer and usually can be repaired when they break. We eat a mainly vegetarian diet at home and limit meat intake. We focus on buying as local as possible, and organic where available, even though this is expensive to do in Singapore. I do not use personal care products that contain SLS, parabens, and I prefer organic ingredients, certified by the Soil Association, USDA or BDIH. Basically, the focus is on how things are made, where

they are made, who made them and how far they travelled before I bought them. We also take care of our electricity and water consumption at home and avoid any man made chemicals in our household cleaning products. My LOHAS is evolving continually, the more I learn. It is said that by 2050, 75% of the global population will be living in cities, how do you see the future of a city? I hope that cities can become self-sufficient in serving the needs of their populations’ needs for energy, water and food. The technology exists today to power buildings from the sun, wind and geo-thermal, collect, filter and reuse water as well as even to grow food hydroponically in vertical farms as well as on rooftops and roadside verges. I also would like to think that we reconnect with the idea of community being central to society and pay more attention to those we live cheek by jowl with. Each condominium complex is a village or town in itself, and can also look to generating power, reusing water and having community farms as means of binding the people together behind a common cause. I would like to see cars become a thing of the past in cities, with inspired transport systems replacing them – of course public transport is important, but the vehicle of the future was actually invented 150 years ago – the bicycle. I see a future of bicycle super highways and each workplace providing shower and storage facilities to their staff. Of course, work should be much more location-flexible using IT to enable this. The focus should not be on growth and money but human interactions and quality of life. For more information or an interview with Adam Horler, the president of LOHAS Asia please contact Liz Smailes, PR & Communications Director at liz@lohas-asia. org or visit www.lohas-asia.org

building networks • connecting business • creating opportunities

OU T O F T H E B OX

Interview with

jeremy hillman

by Akansha Gupta – Marketing and Communications Manager, British Chamber of Commerce Singapore

eremy Hillman, Editor of the BBC’s Economics and Business Centre, visits Singapore Welcome to Singapore, hope your trip has been good so far... Tell us about the motivations behind this visit and how are you finding Singapore? Two motivations really. Firstly - Just to come and see the team, which is always nice to do. Secondly, to meet some people and spread the good news about the launch of our new Asia Business Index (bbc.com/ asiabusiness), which we soft launched about a month ago (it is an online index which covers all of Asian business and economy news) and is doing very well indeed, we are pleased to say that although we have not really publicised it yet it is already gathering a lot of new users and page views. We are very pleased with the way it is starting to shape up. You have been to Singapore a few times since 2001, do you think the physical and economic landscape has changed a lot? Singapore has transformed, it is incredible, every time I come back it feels like a slightly different city, there is so much construction. I’m amazed at the scale of change. The last time I was here was just a couple of days after the on-set of the global financial crisis and obviously things were a little bit tough, the property valuations had taken a bit of a dip, things were a bit depressed and there were a lot of uncertainties. Coming back this time it seems very clear that all of that is far behind and Singapore (along with many other parts of Asia) is back to full blooded growth, there is a lot of optimism , a lot of drive, a lot of buzz around the place and it certainly feels great to be back and picking that up. What are BBCs’ views and perceptions on Singapore and Asia? We have a long history of having our reporters and correspondents cover Asia. There have been a lot of amazing stories coming out of Asia, the biggest one at the moment is what has been happening in Japan, obviously a terrible human tragedy PAG E 4 0

and also a major story from a business / economic perspective. The fall out resulting from the Japan Earthquake includes implications for the recovery, the supply chain disruption and the whole question around the future of nuclear power. In terms of perceptions, we don’t have fixed views or perception about Asia, I think overall the story we tend to be telling at the moment is one of great economic growth returning to Asia, but also some big threats to the economy here, notably inflation and tensions surrounding the exchange rate (between Washington and Beijing) so there have been a number of stories we have been looking at in the Asian and the global context. The news industry has undergone a very drastic change in the past few years, as all facets of information gathering, delivery and consumption have changed. What is your take on what is going on right now? I think it is one of the most exciting times to be in the journalism industry. Technology has had and is continuing to have a massive impact on the way that we gather and disseminate news. One of my personal interests and passions is social media, and certainly social media has been a fantastic vehicle for BBC journalism. It has enabled the BBC to form a connection and start a conversation with our audience, to gather

stories / perspectives or feedback about the coverage that we are providing, but also just a great platform to showcase some of our strongest journalism. We have a BBC Breaking news Twitter feed that has over a million followers, a BBC World News Facebook page which has many followers. I think we are only at the beginning of the change that social media and changing technology will bring to news coverage in the future. You, yourself are an active blogger. What are your thoughts, when you see nonprofessionals dawning on a reporter hat and reporting on events through social media? I’m a very amateur blogger, I must admit! Luckily we have a number of much better bloggers in my department than me. Robert Peston, our business editor has a very well respected and heavily read blog and Stephanie Flanders, our economics editor also has a very strong blog. I think the more dialogue the better. I absolutely welcome the chance for people to be able to reach audiences. This evening I am meeting a whole team of bloggers in Singapore, who have an avid and large following, they blog on various subjects. I welcome the growth of blogging and the growth of social media.

building networks • connecting business • creating opportunities

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

or what new media, or digital innovation comes along, this is the one thing that is constant and never changes. The trust of our audience and their belief is the most precious thing to us. It means not rushing to do the stories before we make sure we have got our facts right. We endeavour to make sure we absolutely earn the trust of our audience.

Since a lot of our readers are smaller corporate entities and SME companies, do you have any tips or tricks on how they should be coping with this post depression era? I think what we have seen from a lot of our coverage is that the most important thing coming out of the recession is being able to be agile, flexible, to be able to hire and retain the best talent and skills. Going back to Social media and digital technology, I think it is amazing that even the smallest business can now compete with the largest multinational corporation or government, using social media in the right way. Small businesses can make tremendous use of some of the digital and social media tools to reach new customer and new suppliers. There are fantastic tools available for small businesses. I think it is a great opportunity and the future is very bright. News credibility has been a concern for all consumers, what steps does BBC (and you personally) take to stay on consumers good side? We have the same values that we always had - the quality of the news, the accuracy of our news, telling all sides of the story, always asking about any and every story whether there is an angle we have not covered. Those are the enduring values of BBC journalism and we keep those going through all kinds of rapids, it is very much inbred into our culture and our DNA at the BBC. We have systems of checking and editorial oversight, and it is very much at the heart of everything we do. So it does not matter what new platforms PAG E 4 1

What are your perspectives on interdependencies between Europe and Singapore? The truth is, we live in such an interdependent global economy now that what happens in Europe and the UK is inextricably tied to what happens here in Singapore, and in Asia more widely or the US. What we try to do in our coverage, as you suggest, is draw those linkages and try to point out to people – how what happens here affects what happens back there. If you look at inflation and exchange rates, if you look at the soaring debt crisis in Europe right now and the potential threat that might pose here in Asia, these are the sort of stories that we cover. We live now in a very interdependent world especially economically and therefore there is no such thing as reporting Singapore business news in isolation or the UK news in isolation, you can only make sense of the global economy by looking at it as a whole. Does BBC have expansion plans in Asia? Absolutely we do, we have huge plans for investments in Asia in the upcoming months. Some of those are going to be around our television coverage here, and we will go to broadcasting more hours from Singapore, and we are currently upgrading our studios and facilities in our HQ in Singapore, which are looking fantastic. We also have plans to expand our online coverage more deeply as well. One area that I’m looking at the moment is coverage of technology. I was listening to a report by World Economic Forum the last week, which placed Singapore and Sweden at top of a list of countries which have the best use of technology and innovation and it is an area that we probably under-report right now. Most of the technology coverage tends to concentrate on the Silicon Valley and the West Coast of the US. I think there are some very interesting stories to be told around the development and application of technology in Asia and in Singapore.

What are your views on Mobile as a Marketing Channel and a mode to transmit news? I think mobile is a key part of the future, we’ve all heard of the tremendous effect that Iphones and smart phones have had on the way people are consuming news especially. The proliferation of broadband wireless connections, there is absolutely no doubt that all organizations should have a very strong mobile proposition. And if you look at Africa, its mobile usage has almost leapfrogged; it has gone straight to mobile and skipped the fixed line stage on the way. I think mobile is a great growth area it demands a lot of creativity as the screen sizes and bandwidth available are limited, you have to be incredibly effective in the way you put your content into mobile, including through apps. It is fascinating and the opportunities are limitless. What would you advice our readers, on how to cope with the flood of information that they have to traverse every day, how should they locate the right source and get the correct and relevant information without wasting much time? I would recommend for them to just come to the BBC (Laughs...) No, seriously... it is a great question... there is such a wealth of information now. I think if you are tech savvy there are ways to filter the information to search. I suppose my hope is that with all that information people don’t become too restrictive of what they consume, that they don’t limit what they expose themselves to. We’ve all seen that often people when faced with too much choice tend to just switch off and they go back to the small number of things they know, which only reinforces their own views. I think the beauty of the amount of information out there is that there is every view point available, making it possible to challenge your views. It is important for people to keep an open mind. Gone are the days when people have only one news service provider and that is the only one they can use. We live in a different world now where people will have huge access to everything.

building networks • connecting business • creating opportunities

HIG H CO M M I S S I O N N E W S

British High Commission News JUNE/JULY 2011

ne of my main pre-occupations over the last few weeks has been considering how to translate the new UKTI global strategy into the work of the team here in Singapore. For those of you who may not have spotted the launch, “Britain – Open for Business” was launched in May by the Foreign Secretary, Secretary of State for Business and the Minister for Trade & Investment.

priority sectors, underpinned by two crosscutting areas whose breadth means they drive and enable all the other sectors. The strategy goes on to describe four pathways to growth, and a series of activities underpinning these (see box

to follow. Many of the UK’s top exporters already have regional headquarters in Singapore and, although we have good relationships with many of them, we will be discussing with them what more we could usefully be doing to support them more strategically over the coming months.

The strategy sets out the Government’s clear ambitions for trade and investment: - Ensuring the UK remains one of the top destinations for foreign direct investment - Increasing our exports, especially to high growth and emerging markets. The first bit of good news for UKTI Singapore is that Singapore remains one of the high growth market. But plenty of other parts of the strategy will have an impact for us too. A key element of delivering this strategy is moving the UK towards a more broadly based economy that builds upon the UK’s strengths across a range of innovative and high growth sectors. UKTI has reviewed how it targets its support to sectors of the economy and this review has highlighted that global opportunities are increasingly generated where sectors overlap. For example, providing health and wellbeing solutions for an ageing population – a priority issue that the Singapore Government has identified for them to address – brings together pharmaceuticals, medical devices, healthcare services, training, construction, financial services, design and technology. As a result, UKTI will focus primarily on 18

below, which highlights the activities most relevant to UKTI Singapore). Work on some of these activities is already underway across the world and here in Singapore. So, for example, UKTI Singapore has identified four high value opportunities here on which we are providing more intensive support, relating to rail, healthcare, sports infrastructure and energy. If you want to know more about these opportunities and how we are approaching them, please do get in touch. Similarly, a number of key Singaporean investors into the UK have been moved on the key account management system in the last six months and we expect more

Other activities will only reach the pilot stage later this year or in 2012, for example the programme linking SMEs with overseas venture capital or the online peer to peer community which we will start with a pilot for technology companies later this year, before rolling out more widely in 2012. If you wish to participate in these new activities, again please do get in touch.

Amanda Brooks Deputy High Commissioner Director of Trade and Investment

If you want to know more, the full strategy, “Britain – Open for Business”, can be read at www.ukti.gov.uk/uktihome/aboutukti/aimsobjectives/corporatestrategy.html www.ukinsingapore.fco.gov.uk • www.uktradeinvest.gov.uk PAG E 4 2

building networks • connecting business • creating opportunities

LIve

The Cliff at The Sentosa Resort & Spa | 2 Bukit Manis Road, Singapore 009891 Tel: +65 6371 1425 Fax: +65 6275 1417 Email: thecliff@thesentosa.com www.thesentosa.com

winning restaurant is an alfresco haven for connoisseurs of exquisite seafood and fine wines.

Offering contemporary seafood cuisine inspired by the finest seasonal ingredients, this award-

a show kitchen, cascading water features and a split-level platform built over lush jungle.

Set in stunning interiors with commanding views of the South China Sea, The Cliff features

here the finest seasonal FLAVOURS COME

www.britcham.org.sg

CH A M B E R N E W S

June/July ’11 identify needs and preferences to help shaping the programme going forward.

Dear Members, Time is flying and most of you may well already be preparing for the summer break. Before you are heading off, I would like to share with you the status of some major Chamber initiatives that are now underway: We have re-branded and broadened the Business Awards. You may have already received our call for nominations and recognised a more dynamic, modern approach. For the first time we have secured Singapore Associations EDB, SPRING and SBF as official supporters. To create a wider reach for the platform we offer, the eligibility for submission now mirrors our inclusive membership policy. This year we are presenting an Award to the SME Rising Star as our 9th category, providing an exposure and recognition platform particularly for Entrepreneurs and Small Businesses. We are in the process of finishing the development of a standalone 12th Annual Business Awards website to provide concentrated, one-stop-shop information, background and guidance.

In line with our mandate to build business connections, the objective of the E & SB Group is to provide a network of or likeminded business owners and directors of small businesses to share experiences and gain knowledge from expert advisors. We are in the process of establishing a Leadership Business Group, the first group concentrating on functional aspects across industry sectors. The group aims to substantially raise the bar and be instrumental in transforming the current leadership model by being at the heart of a new era of leadership, which is being driven by an evolving work force and the events of the past few years. We will be communicating more about this initiative in the next issue of the ORIENT. Please watch out for our membership directory 2011/2012. You should be receiving the handbook at the end of June. Last but not least, a piece of very happy chamber staff news to share: Katie Hudson, our Membership Manager, gave birth to a healthy baby boy Oliver on May 25th. Best wishes for a wonderful summer break!

Please encourage business partners, clients and suppliers to participate and showcase excellent achievements. In case you need assistance and have queries please contact the Chamber team at Tiffeny@britcham.org.sg or call 6222 3552. Business Groups Our Property and Construction Business Group under the chairmanship of Alan Dalgleish from CBRE is going to kick off shortly and will launch its activities in the 2nd Half of this year.

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

Our member Sonia Fuller, MD of FS Consulting now leads the Entrepreneur and Small Business Group as chairwoman. Sonia, supported by Andrew Vine’s Membership Committee, is launching a simple survey amongst our SME members and Entrepreneurs to

PAG E 4 4

building networks • connecting business • creating opportunities

www.britcham.org.sg

CH A M B E R N E W S

2011 BRITCHAM EVENTS ry Mark Your Dia

BritCham Breakfast Clubs (June – July 2011) iPhone and iPad as part of a mobility strategy Tuesday 21st June 2011 Retirement and Succession Planning Thursday 23rd June 2011

BritCham Business Awards 2011 British Chamber of Commerce, Singapore Wednesday 5th October 2011

Young Professionals Networking Twilight Sail and Mentoring Session Thursday 28th July 2011 Young Professionals Business Tour at the SAESL facility Thursday 25th August 2011

BritCham Ball 2011 British Chamber of Commerce, Singapore 18th November 2011

Jones Lang LaSalle Half Page.pdf 3/12/2011 3:04:51 PM

PAG E 4 6

building networks • connecting business • creating opportunities

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

british chamber of commerce MEMBERS OFFERS AVIS Car Rental & Leasing As a member of the British Chamber of Commerce you can receive up to 20% discount off standard rates on your car rental booking. Visit http://www.avis.com.sg/ bccs/ today. Bobby’s Taproom.Grill.Ribs • 15% off a la carte food and drinks menus • Privilege Valid At Bobby’s @ Chijmes AND Bobby’s @ Cuppage • Valid until 30 Jun 2011 Terms and conditions apply: Please present your chamber membership card prior to payment

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

Bupa Britcham members will enjoy special rates for Bupa Lifeline or Worldwide Health Options covers. Enquiries: Mui or Liz, Office Tel No: 66345888, Mobile: 97544770, Email: liz@bricon.com.sg CITYGOLF Save $500 off the membership fee at CityGolf. Join the exclusive Citygolf Personal Membership at a special rate of S$1,000 (usual rate S$1,500), limited to the first 50 BritCham members only. T&Cs apply. Please call 6536 4846 for enquiries and bookings.

Courts 5% off electricals and 10% off furniture. Please show membership card to obtain discount. Damai Spa - Grand Hyatt Singapore Grand Hyatt, Damai membership for $280 (plus GST) per month with no annual fee (one year contract. Annual fee is normally $2000). Enjoy all the benefits of being a Damai Member for less than $ 10.00 a day. 20% discount at Oasis restaurant - 20% discount on all Spa treatments.

Harry’s Bar 15% discount rate for Chamber members when you present your membership card. Raffles Hotel, Singapore Britcham members will be entitled to: 15% discount of all Food and Beverage outlets of Raffles Hotel, Singapore 15% discount off meeting and banquet packages at Raffles Hotel Singapore Please present your BCC membership card on payment to receive your 15% discount Regus 30% off Regus Businessworld card! Regus Businessworld is great for professionals who work from home or on the road or who travel frequently on business. Say goodbye to...meetings in noisy coffee shops, catching up on emails in your hotel room and having to host conference calls at the airport. Say hello to...productive business lounges or your own private office where you can hold meetings, check email, print reports and run your business. Regus are pleased to offer Chamber members a 30% discount on the first 6 months of a Businessword card. For more information call 1 800 622 1565.

Shipping Business Fundamentals 15% discount for British Chamber Members If you are in trading, shipping firms staff working in operations, risk management, finance/banking professionals who would like to be successful in this growing industry…You should Register now! Quoting “British Chamber of Commerce’ to receive your discount or email Mariza msantos@smu.edu.sg This is an entry-level course designed for those who need to have an understanding of the shipping and ship-chartering business in their daily job function. Register now and enjoy an additional 30% Course Fee Subsidy from MPA *terms and conditions apply

Singapore Cricket Club The Singapore Cricket Club are offering Chamber members their special Term Membership (1 year term) at a rate of SGD2,500 (usual rate $3,500). Contact snow@scc.org.sg *offer available for Britcham members only

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

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

The Insight Bureau Sign up for a one-year subscription to GEMS and receive 2 additional months free (equivalent to a 17% discount) Keep your finger on the pulse with The Insight Bureau’s Global Emerging Markets Service The Insight Bureau is pleased to offer members of BritCham two months free on its new Global Emerging Markets Service for senior executives. Sign your organisation up for a subscription to GEMS and receive monthly business intelligence reports for 5 nominees around the world, get access to 4 CEO forums a year and on-line access to our chief economist. For more information, visit www.insightbureau.com/GEMS.html or contact gems@insightbureau.com

Vanda Boxing Club Free trial session for Boxing training and Muay Thai. Plus (exclusive for Britcham members) join for 6 months and receive one month free. Join for 1 year and also receive a free pair of gloves and wraps worth $100 upon joining. No joining fee (usual joining fee is $250) For full details contact Sarah Livingston sarah@vandasportsgroup.com Tel 63052288

* Terms and Conditions apply.

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

PAG E 4 7

building networks • connecting business • creating opportunities

BRI TC H A M YO U N G P R O F E S S IONALS

Objective

Young British Chamber of Commerce

This new BritCham group is exploring ways to encourage and engage with the under 35 professionals in Singapore. Companies are provided with the opportunity through Chamber activities and networking to develop the skills of their up and coming employees by encouraging Chamber involvement. In doing so, the group is providing a forum for ‘young professionals’ to connect and learn from each other.

Young Professionals BritCham Mentor Series with John Horsburgh of Rolls-Royce Aerospace With a management career spanning over 35 years, twenty two of which had been out of the UK, John Horsburgh’s mentoring session on 28th April generated a large amount of interest and HOST was once again full with young professionals eager to hear John’s story as well as engage with peers to share their ideas and network. John gave a fascinating overview of the Rolls-Royce business as well as his personal views on the evolution of Singapore. With the upcoming visit for the Young Professionals group to the engine overhaul facility that services all types of Rolls-Royce Trent engines on 25th August, John gave an insight into the background behind the incorporation between Rolls-Royce and Singapore Aero Engine Services Pte Ltd (SAESL). John shared his belief in the ‘work hard and play hard’ attitude, which was very well received by the group. There were some very probing questions from the audience which John kindly answered. A great event that was well received, we would like to thank John for taking the time to share his experiences.

PAG E 4 8

building networks • connecting business • creating opportunities

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

DANIEL LEVY BC Upcoming Y s.... 2011 Event 11 8th July 20 n Thursday 2 toring Sessio en M d il an Twighlight Sa 2011 5th August Thursday 2 ness Tour ssionals Busi Young Profe 2011 7th October Thursday 2 tor Evening ssionals Men Young Profe

- General Manager of SMi Group Singapore

have been responsible for setting up and overseeing the successful launch of SMi Group Singapore, the company’s first overseas office. Ongoing general management of the business in Singapore includes content direction, oversight and responsibility for all marketing, logistics and sales functions and the management of all strategic, legal and financial matters. The SMi Group is a lead business to business information provider which specifically targets high level senior executives. Its core function is the production of strategic management conferences, executive briefings, newsletters and management reports, developed through extensive research and strong relationships with government bodies, trade associations and professional advisers. www.smi-online.sg What prompted you to join the chamber? I moved from the UK to Singapore to set up and run a new branch of the SMi Group in August 2010. When I arrived in Singapore I did not know anyone and I decided to join the chamber in order to help develop my professional and social network. After attending a number of mentoring events I was introduced to the Young British Chamber Chairman Miles Gooseman who offered me the opportunity to join the committee. The YBC has grown and developed quickly over the past year and we have already run a number of successful mentoring sessions in Singapore that have covered a range of different topics. The first event I have organised will be taking place on the 28th July and offers YBC members the chance to take part in a twilight sail and see Singapore from the water.

schedule range from mentoring sessions to interactive site visits and focused networking sessions which cover a number of different disciplines meaning that there is something for everyone. ABOUT DANIEL Nickname: Levy Hometown: Hull Hobbies: Traveling, lifting weights (but not running), watching football and rugby (my playing days seem to be over) and film Favourite music: Muse, Foo Fighters, Vampire Weekend, The Libertines and The Killers Where is top of your ‘must travel to’ list and why? I would like to travel to Kathmandu and then fly onto Lukla in order to hike to Everest Base Camp as I enjoy hiking and I am told that it is an unforgettable experience with outstanding views. I would also enjoy the challenge. How do you think your friends would describe you? Extroverted, ambitious, confident and positive. If you were to be stranded on an island and could only take 3 things with you, what would you take and why? A machete – To kill things and look hard A magnifying glass – To make fire in order to cook my fish and stay warm A fishing pole with some hooks – To get my required daily intake of protein. I can find my five a day in the trees A football with a drawn on face named Wilson that I can talk to so that I don’t go mad

Why should young professionals in Singapore join the Chamber? If you have just moved to Singapore or have been in Singapore for a while and you want to develop your professional and social network with a group of likeminded professionals of a similar age then you should come to one of the upcoming YBC initiatives. Activities in our forward

PAG E 4 9

building networks • connecting business • creating opportunities

MEM B E R S - S T E R L I N G N E W S

HABITAT-BARCLAYS BAREFOOT CHARITY WALK NEEDS YOUR SOLES!

ingapore, 18 April, 2011 – The third annual Habitat-Barclays Bare Your Sole 2011 charity walk will take place on Saturday, 18 June at Gardens by the Bay East, Tanjong Rhu. Building on the success of previous years’ events, the organisers hope to attract more than 5,000 pairs of

bare feet for the 9.00am start. Participants in the barefoot walk will help raise funds for local and overseas beneficiaries. The event will also assist in raising awareness for Habitat for Humanity projects that build homes and fight poverty for the less fortunate.

To register online for the event and find out more information, please visit: www.bareyoursole.org.sg

BT ROLLS OUT MICROSOFT LYNC ACROSS ASIA PACIFIC

May 2011: BT today announced availability in Asia-Pacific of its converged communications platform, BT Onevoice, with Microsoft Lync (Office Communications Server 2010). By combining BT’s global voice and video services with Microsoft Lync, business customers based in Asia-Pacific will benefit from an innovative suite of collaboration tools which delivers advanced capabilities,

significant cost savings and operational efficiencies. A key advantage of Microsoft Lync is its ability to offer a wide range of collaboration technologies on a single platform – from simple phone calls or chat, to emails, conferencing and much more. This is especially important in a region such as Asia-Pacific, which comprises a vast array

of countries and cultures, with many at different stages of technology development and adoption. The growing influence in the work place of the new generation of “digital natives” (also known as “Gen Y”) adds to the comfort level when using platforms such as Microsoft Lync that offers a wide range of connectivity options. www.bt.com

Cognita enters Vietnam

he International School Ho Chi Minh City (ISHCMC) joined Cognita, the educational group that owns and manages 53 schools around the world, including the Australian International School of Singapore, Stamford American International School in Singapore and the St. Andrews Group of Schools in Thailand. Brian Rogove, Chief Executive Officer, Asia Pacific, Cognita welcomed the new addition to the network and said “I admire

ISHCMC’s outstanding reputation and commitment to academic excellence. Like all schools in our network, ISHCMC will have access to world class academic support, professional development opportunities for staff and enhanced resources in the areas of education, finance, property. HR and ICT. This will allow the administration and teachers to focus on what matters the most – teaching and learning. Our network in Asia Pacific includes five other renowned high quality international schools, two in

Singapore and three in Thailand. We are excited to raise the bar and improve the offering of international schools in Asia Pacific.” Cognita employs over 3,400 teachers and supporting staff, and educates more than 16,000 students in Europe, Asia, and Latin America. The Asia regional headquarters is located in Singapore. www.cognitaschools. co.uk

Businesses recruiting in response to growth

favourable first quarter saw staffing demand surge in Singapore and created hotspots for skills such as Finance Business Partners, Office Managers and strategic sourcing professionals, according to recruiting experts Hays.

PAG E 5 0

In their April-June Hays Quarterly Report, the recruiter found that companies are recruiting as a consequence of growth and to fill skills gaps that have stood vacant for the past two to three years, rather than solely recruiting to replace departing employees. The full Hays Quarterly Report, including skills in demand and employer

and candidate trends, can be viewed at www.hays.com.sg/report. The 2011 Hays Salary Guide is also available from the recruiter’s website and is a comprehensive guide to typical market rates. www.hays.com.sg

building networks • connecting business • creating opportunities

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

HSBC Premier’s seamless banking service supports overseas educational needs

SBC Premier has launched a comprehensive overseas education online platform via www.hsbc.com.sg/ premier.education. It provides country and education guides, university rankings, predeparture check-lists as well as financial planning tools such as the education planning calculator.

HSBC Premier also supports families with overseas educational needs via a global online banking platform backed by seamless banking service from a network of over 300 HSBC Premier offices in 40 countries. From saving early towards an education fund, to preparing for school and

onboarding as well as day-to-day financial support overseas, HSBC Premier’s unparalleled global connectivity means that children or families living overseas can directly access their accounts and financial information in their home country.

Qatar to phase in additional non-stop services between Doha and Singapore from May 1

he Doha-based airline currently operates daily flights from Doha to Singapore, with the services continuing on to the Indonesian resort island of Bali. Additional non-stop services between Doha and Singapore will be phased in from May 1 when the airline adds three weekly flights to its schedule. Three further weekly flights will be introduced from October 1.

An extra flight will operate to Singapore from November 3, taking frequency up to double daily. The new services will vastly improve connectivity for Qatar Airways’ passengers travelling to or from Singapore and onward within the airline’s expanding global network. Passengers will now have the option of a morning or evening departure

from Doha or an evening and late night departure from Singapore. Qatar Airways’ entire European network will connect with Singapore via Doha, with a minimum transit time of one hour. Connections with the airline’s Middle East network will also be enhanced for passengers transiting through Doha. www.qatarairways.com

Rolls-Royce leads the way – First Dreamliner B787 engine in SATU / Seletar and Singapore is developed for the Boeing 787 Dreamliner and will be used to test and commission the Test Cell which, when fully commissioned and calibrated, will be the biggest test cell in the region.

olls-Royce received the first Trent 1000 engine in SATU/Seletar and Singapore on 12 May 2011. The Trent 1000

The Trent 1000 has demonstrated worldclass fuel burn and is the quietest engine for the Boeing 787. Recently, the engine was granted Extended Twin Engine Operations (ETOPS) approval by the Federal Aviation Authority (FAA). This important milestone

makes the Trent 1000 the first engine for the 787 to have ETOPS certification, a critical step towards entry into service. The Trent 1000 powered the 787 Dreamliner’s first flight in December 2009 and has since powered 80 per cent of all test flights. The engine will be the launch engine for the first All Nippon Airways (ANA) 787 Dreamliner which will go into passenger service later this year. www.rolls-royce.com

LAUNCH OF MICROSOFT OFFICE 365 BETA M icrosoft and StarHub have partnered to launch the public beta of Microsoft Office 365 for businesses in Singapore. Office 365 makes available through the Internet the software giantís familiar, industry leading productivity tools, such as Microsoft Office and Exchange Online, on computers, tablets and smartphones. Together with StarHubís PAG E 5 1

comprehensive end-to-end solutions which include its quality broadband service, customer and technical support, business users now can have affordable access to the best, always-up-to-date cloud productivity service anytime, anywhere. Businesses interested in registering for the trial can visit http://www.starhub.com/mso365.

building networks • connecting business • creating opportunities

MEM B E R S - S T E R L I N G N E W S

Sea Consortium X-Press Container Line Expands

he privately owned and Singapore Headquartered X-Press Feeder Group, run container shuttle services to outlying Ports throughout Asia, the Mediterranean, and North Europe. After a very difficult period for the Industry in 2009, X-Press Group managed to significantly grow their business throughout 2010, and continue to see volume growth in 2011. Recent expansion includes: July 2010. A service to Aalborg in north Jutland, Denmark. Volumes

have grown as shippers/consignees in the area have routed cargo through their local port. For every container we load one less truck drives through Denmark. March 2011. A direct service from Portugal to Tunisia via Tangier. This service operates as a fixed day weekly feeder to Portugal and Tunisia and as a regional link for local cargo. April 2011. A service from Singapore and Port Klang to Mombasa and Dar Es Salaam

in East Africa. The Group have recently in become the 25th largest container operator by shipboard slots, and 2010 saw a record 2.5million Teus carried across the network. www.seacon.com.sg

Unilever Asia Private Limited receives the Green Mark Platinum Accreditation for Office Interiors by Singapore’s Building and Construction Authority on 19th May. This is the highest award given to Companies in recognition of their strong commitment towards CSR and outstanding achievement in environmental sustainability. Unilever Singapore is one of the companies that received the Platinum rating this year.

nilever’s regional hub for Asia, Africa, Central & Eastern Europe in Singapore has been awarded the Green Mark Platinum Accreditation for Office Interior

Its office is designed with environmental sustainable features such as motion sensors for light and temperature control, Energy Star rated electronic office equipment, recycled content in office furniture and

fittings, and in-house video conferencing systems to reduce work-related travel and minimise carbon emission. “This is a major achievement that demonstrates our commitment to develop new ways of doing business that allow us to double the size of our company while reducing our environmental impact,” says Mark Smith, Senior Vice President for Finance. He adds, “The sustainable design of our office interior is a reflection of our belief that small everyday actions can lead to a big difference.” www.unilever.com.sg

Zurich International Life appoint new sales managers in Singapore

ingapore, May 20, 2011 – Zurich International Life (ZIL) has announced the appointments of Mark Kelly as Corporate Savings Manager and Tng Woon Kiat as International Group Protection Sales Manager, Singapore. Commenting on Mark and Woon Kiat’s

PAG E 5 2

appointments, Neal Armstrong, Branch Manager for ZIL in Singapore said: “This is excellent news for our business; both Mark and Woon Kiat bring a deep understanding of the corporate marketplace and will help us drive growth in the region.” ZIL was one of first international companies to respond to the growing demand in

Singapore for employee benefit solutions for multinational companies, when it launched its corporate life and pensions business at the beginning of 2010.

building networks • connecting business • creating opportunities

BRI TC H A M E V E N TS

Purchasing Property in Great Britain – Practical and Tax Considerations by Martin Rimmer – International Tax Manager, The Fry Group Nicholas Moraitis – Senior VP Business Development, Lloyds TSB

Thursday 24th March 2011 • Shangri-La Hotel Singapore

An overview of the current state of the Shipping Market – Growth of ship broking in Singapore by Chris Jones, Island Insurance Brokers

Wednesday 30th March 2011 • Pan Pacific Singapore

PAG E 5 4

building networks • connecting business • creating opportunities

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

Demystifying Social Business Design by Anne Bartlett-Bragg – Managing Director, HeadShift Tuesday 5th April 2011 • Pan Pacific Singapore

Understanding Generation Y – Getting your young talent to deliver results by Simon Walker – Co-Founder & Senior Consultant, talentsmoothie

Friday 8th April 2011 • Shangri-La Hotel Singapore

PAG E 5 5

building networks • connecting business • creating opportunities

BRI TC H A M E V E N TS

Drastically decreasing IT budgets – Are ever increasing IT expenses boosting your productivity? by John Kerckhoffs – CEO, Alpha & Omega

Tuesday 12th March 2011 • Pan Pacific Singapore

Implementing Sustainable Business Transformation – How Management Boards can Drive Success by Anthony Lucas – Partner, Accenture

Tuesday 10th May 2011 • Pan Pacific Singapore

PAG E 5 6

building networks • connecting business • creating opportunities

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

South East Asia, as viewed from the UK – The UK Government agenda on emerging powers by Jeremy Browne MP, Minister of State at the Foreign and Commonwealth Office

Friday 8th April 2011 • Shangri - La Hotel

The Powershift to Asia – Rebalancing of the Global Economy by Jeremy Hillman – Editor of the Economics and Business Centre, BBC News Sharanjit Leyl – Presenter and Producer, Asia Business Report and Asia Today

Wednesday 20th April 2011 • Pan Pacific Singapore

PAG E 5 7

building networks • connecting business • creating opportunities

MEM B E R S - CO R P O R AT E N E WS

ABI’s Sustainability Driver Leverages Green Actions to Build Business

BI, the leader in business-tobusiness marketing public relations, announces Sustainability DriverTM, a new program that helps BtoB companies effectively communicate sustainable initiatives and realize positive business results from green practices.

Sustainability DriverTM will help identify and position sustainability benefits and create strategic messaging platforms to help businesses fuel relationships with key customers and prospects.

Founded in 1980, ABI, Inc. specializes exclusively in business-to-business marketing public relations. ABI provides global market support services to companies in diverse industrial and technology market segments. www.abipr.com

Allens Arthur Robinson

llens Arthur Robinson was one of the first international law firms to establish an office in Singapore and 2011 marks 30 years since our opening here. Allens’ Singapore office specialises in cross-border work across the Asia-Pacific region, working closely with our 13 offices throughout Asia and Australia. We have a leading reputation for our energy & resources, banking, corporate, insurance and arbitration practices. www.aar.com.au/offices/singapore.htm

Ambition strengthens Singapore banking & financial services team

mbition, the leading global boutique recruitment business, has strengthened its Banking and Financial Services practice in Singapore with the hire of Chris Graham.

Graham will have overall responsibility for the Banking & Financial Services teams which encompass Finance and Accounting, Operations, Marketing, Corporate Communications and Front Office.

He brings extensive experience in the recruitment industry in Asia and Europe, building and managing teams across the banking, finance, accounting and operations sectors. www.ambition.com.sg

ONE@Changi City by Ascendas

ome to high-tech and knowledgeintensive industries, ONE@Changi City merges natures’ beauty with work-live-play elements to create an innovative integrated hub. Ascendas’ latest offering at Changi Business Park provides the largest column-free

floor plates of its kind in Singapore, complete with infrastructure offering 24/7 wireless connectivity. ONE@Changi City is designed with Singapore Building and Construction Authority’s Green Mark GoldPLUS standards. www.ascendas.com

The Boston Consulting Group Leaps to Number Two Among FORTUNE’s 100 Best Companies to Work For

OSTON, January 20, 2011—The Boston Consulting Group (BCG) has jumped six spots to number two on FORTUNE’s “100 Best Companies to Work For” list this year, making it one of only two firms to be ranked

in the top dozen for six straight years. An emphasis on employee development, a collaborative culture, extensive training, high-impact client work, progressive

benefits, and a commitment to socialresponsibility initiatives contributed to the strong performance—the best among consulting firms by far for the sixth straight year. www.bcg.com

A TASTE OF ‘HEIGHT CUISINE’

ritish Airways will unveil ‘Height Cuisine’ in an interactive display at the revered food festival, Taste of London, from 16-19 June 2011. The feature will showcase how the senses can be affected at altitude. The airPAG E 5 8

line recently engaged celebrity chef Heston Blumenthal to create the ultimate inflight menu. The Blumenthal-inspired creations will appear on flights from June. Tickets are available on ba.com/taste. ww.ba.com

building networks • connecting business • creating opportunities

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

HRH Prince Andrew, Duke of York Graces the Opening of PT BSI Group Indonesia

akarta, 5 April, 2011 – HRH Prince Andrew, Duke of York graced the opening of PT BSI Group in Jakarta, Indonesia, the latest BSI Office to be opened in the ASEAN Region. The Vice-Minister of Trade for the Republic of Indonesia, Mahendra Siregar was also present and expressed confidence that the presence of BSI in Indonesia would strengthen trade ties between Indonesia and the EU. www.bsigroup.com

Cable&Wireless Worldwide further expanded its network infrastructure to Singapore Exchange (SGX)

able&Wireless Worldwide, a leading provider of mission critical communications based in Singapore, has further expanded its Asia-Pacific financial markets network infrastructure with reliable, high speed connectivity to Singapore Exchange (SGX). C&W

Worldwide already operates its Points of Presence (POPs) at SGX which provides its financial sector customers with access into the exchange. The newly installed network will further expand C&W Worldwide’s global financial network infrastructure connectivity to key venues across the Asia-

Pacific region, positioning the company’s Algorithmic trading network as one of the preferred platforms for traders and provide a secure, high-speed communications solution for inter-regional trading activities. www.cw.com

Global Relocation Assignments into China Continue to Grow

ingapore (May 11, 2011)—Expatriate assignments to China are expected to increase over next two years. 96% of multinational companies, according to Cartus survey, “Destination: China’, saw increased relocation assignment activity within China in the past two years. Kenneth Kwek, head of Cartus Asia-Pacific operations said, “Companies are looking to China for its tremendous market opportunities. Finding the right talent is always a challenge.” www.cartus.com

Chicago Booth – The University of Chicago Booth School of Business

ounded in 1898, Chicago Booth - a Nobel Prize winning powerhouse - created the world’s FIRST Executive MBA program in 1943 to provide senior managers with the most-up-to-date management education. The same EMBA program which connects high powered

international executives and which is taught only by Chicago faculty is available in our Singapore campus as well as in our London and Chicago campuses. www.chicagobooth.edu

Cicero Asia Pacific launches new services

icero – the financial sector corporate affairs and policy information consultancy - launches to the Asia Pacific market their global financial services monitoring and intelligence platform, NovaRes, global financial regulatory news and analysis, GFS News, and new research division Cicero Insight. A longside regional and international policy developments – such as changes in ASEAN, the G20 and APEC - financial services companies need to understand policy changes in Europe and the US, and their potential impact. Through Cicero’s global network, clients receive coverage of the key issues that affect them worldwide. www.cicero-group.com PAG E 5 9

building networks • connecting business • creating opportunities

MEM B E R S - CO R P O R AT E N E WS

CIMA 2011 international conference ‘Business in Tomorrow’s World – a sustainable future’

IMA international conference from 24-25 October 2011 will be held at the Cape Town International Convention Centre in South Africa. The theme for the 2011 international conference is ‘Business in Tomorrow’s World – a sustainable future’. The conference will showcase organisations and people

who have successfully emerged as leaders within their respective industries, who have showed success in transparency, sustainability, leadership, enterprise governance and management accountancy. 500-600 finance decision makers from local and international companies are expected. www.cimaglobal.com

Citygolf – the venue of choice

itygolf gives you the chance to play over 65 of the world’s best courses on 6 state of the art simulators. Showing live sport from around the world on 18 LCD screens and the truly amazing views of the Singapore skyline, this is why Citygolf is the venue of choice for Singapore’s socialites and business executives alike. www.citygolf.com.sg

Cushman & Wakefield

ushman & Wakefield is one of the largest commercial real estate services firms globally with 234 offices and more than 13,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. In Singapore the firm focuses on Office and Industrial Leasing and Sales, Capital Markets, Project Management and Valuation services. www.cushwake.com

Barclays Capital and DNV Petroleum Services sign up for DHL GOGREEN Carbon Neutral service

HL Express, the world’s leading express company, recently had DNV Petroleum Services and Barclays Capital sign on for its DHL GOGREEN Carbon Neutral shipping service. This environmentally-responsible service calculates carbon emissions generated from the transporting of each shipment and helps customers offset emissions via existing official climate protection projects

such as a windpark in China or small hydro plant in Brazil. DHL is committed to continually provide innovative, sustainable solutions for customers and ‘GoGreen’ is a core element of DHL’s corporate strategy. By 2020, DHL aims to improve carbon efficiency of its operations by 30 percent, compared to its 2007 baseline. h t t p : / / w w w. d h l . c o m / e n / a b o u t _ u s / sustainability/gogreen.html

Financial Times

he Financial Times’ recently launched an international advertising campaign that underscores its position as the go-to source for global news and analysis and its channel-neutral strategy in delivering award-winning content whenever and wherever readers wish to consume it. The central image features the world’s iconic business buildings (FT cityscape) set upon a person’s fingertips.

PAG E 6 0

building networks • connecting business • creating opportunities

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

Frasers Hospitality opens its first Gold-Standard Fraser Residence property in Singapore

ocated at a prime locale in Orchard Road, Fraser Residence Orchard offers 72 serviced residences ranging from onebedroom to five-bedroom penthouse. Designed as a sanctuary from the business bustle, it offers a quieter environment

that is ideal for extended corporate stays. Opening rates starts from $7500. For enquiries or reservations, contact 6270 0800 or email: reservations.singapore@ frasershospitality.com

Fulford PR further strengthens Sports practice and Consumer / Corporate expertise

very eventful first-half of 2011 saw Fulford PR further strengthening its Sports practice with new high profile clients including the Singapore Sports Hub, Standard Chartered Marathon Singapore 2011, HSBC Women’s Champions, and the renewal of Pure Fitness. Its Consumer / Corporate expertise was similarly enhanced with the Singapore Art Museum, Singapore Biennale, MCYS, National Heritage Board, iProperty.com, among others. www.fulfordpr.com

GetIT – provider of innovative marketing and communication solutions for hi-tech and telco companies

etIT provides innovative marketing and communication solutions for hitech and telco companies using interactive digital media and social media. We combine consulting expertise and execution capabilities in B2B content development, social media and programme management.

Established in 1997, GetIT has delivered results to companies such as Cisco Systems, HP, IDC, IBM, Zebra Technologies, Singtel, Datacraft, Arbor Networks and CNET Asia. www.getitcomms.com

GLOBAL MARINE SYSTEMS REPRESENTS INDUSTRY ON THE INTERNATIONAL CABLE PROTECTION COMMITTEE

s a leading international marine engineering business, Global Marine Systems works for every major telecommunications company in the world, specialising in the installation and maintenance of the undersea cables that

cross the world’s seas and oceans. We offer cableships, subsea equipment, operational teams and unrivalled project management expertise to install and maintain the vast network of subsea fibre optic cables.

Last month, Global Marine represented the industry on the International Cable Protection Committee (ICPC) at their annual conference hosted in Singapore. www.globalmarinesystems.com

Hallin Marine announces the award of contract by BP Berau Ltd for subsea inspection, repair and maintenance services

allin Marine, a Superior Energy Services company, announces the award by BP Berau Ltd of a contract for subsea inspection, repair and maintenance services at the naturalgas field in Bintuni Bay, Papua Barat, Indonesia.

PAG E 6 1

Hallin will supply its offshore support vessel Penrith plus two remotely operated vehicles. The project will be managed by PT Hallin Indonesia from their Jakarta office. www.hallinmarine.com

building networks • connecting business • creating opportunities

MEM B E R S - CO R P O R AT E N E WS

Need a Helping Hand at your next Event?

he Helping Hand Group are giving hardworking Fundraisers and Event organisers the assistance they need. The leaders in Auction Services, they continue to look for opportunities to assist at and sponsor events.

Company Co-Founder, Oliver Slobodetsky says “people involved in the events industry have so many demands on their time. We started our business with the goal of becoming the people event organisers could rely on to manage the auction element of their events, from start to finish...” www.helpinghandgroup.com

Hilton Singapore offers distinctive Italian dining at new il Cielo

l Cielo, located on the rooftop of Hilton Singapore, offers a chic dining experience with a distinctive Italian menu and a poolside bar. Since its inception, the restaurant has received raving reviews for its quality specialties using seasonal

organic and natural produce. Open for lunch and dinner, il Cielo now offers a 3-course set lunch priced at $36++, from Monday to Friday. Reservations: 6730 3395 / ilcielo@hilton.com

Ince & Co recently established Ince Law Alliance with Incisive Law LLC

nternational law firm Ince & Co has recently established the Ince Law Alliance with Incisive Law LLC, being the first of the English firms specialising in maritime law to do so. Through the Ince Law Alliance, Ince & Co Singapore now offers an experienced team of dual-qualified lawyers in a ‘one-stop’ shop for both Singapore and English legal advice. www.incelaw.com

Ink works with Tiger Airways to enable advertisers to reach more than half a million travellers a month

nk, the world leader in connecting companies with travellers, now works with Tiger Airways to enable advertisers to get targeted messages in front of more than half a million Tiger Airways travellers in Asia each month. Companies can now advertise specific messages on print-at-home travel confirmation documents of passengers, based on their airport of departure or their travel destination. www.ink-global.com

Tap into Asia’s $8 Trillion infrastructure market

nalysts expect the Asian region to commit almost $8 trillion on infrastructure projects by 2020. Construction IQ has a broad range of conferences in the infrastructure sector that can help you network with and influence Asian asset owners. To know more about our range of infrastructure specific conferences, call +65 6722 9388 or send an e-mail to enquiry@iqpc.com.sg

JCP Marine provides range of technical services worldwide

CP Marine established by Capt Brown in 1992 is a fast growing marine consultancy firm with offices worldwide. The company provides a range of technical services to oil majors, ship owners, marine law firms, charterers, H&M underwriters, syndicates and almost all the P&I clubs worldwide. In addition the company also provides Arbitration and Mediation services to the shipping industry. www.jcpmarine.com PAG E 6 2

building networks • connecting business • creating opportunities

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

Kerry Consulting provides Banking, Financial and Human Resources recruitment services throughout SE-Asia and Greater China

erry Consulting is one of the leading recruitment firms in Singapore specialising in Banking, Financial and Human Resources recruitment. We provide

services throughout South East Asia and Greater China. Our client base includes many of the world’s leading companies and financial institutions and our recruitment consultants combine tremendous market knowledge with a dedication to providing the highest standards of service to both

clients and candidates. Kerry Consulting has been recognized in both the 2009 and 2011 Asiamoney Headhunters Poll as one of the top banking and finance recruitments firms for the back and middle office category. www.kerryconsulting.com

Michael Andrew elected as Chairman of KPMG International

ichael Andrew, 54, has been elected as the Chairman of KPMG International. He will lead the KPMG global network of professional services firms providing Audit, Tax, and Advisory services for a four-year term, effective October 1, 2011. He succeeds Timothy P. Flynn, who announced in January that after 32 years with KPMG, he would retire when his term as Global Chairman expires at the end of September 2011. www.kpmg.com.sg

“SWEET DREAMS” WITH THE LEADING HOTELS OF THE WORLD

ith a portfolio of legendary hotels, each unique in nature and character but with an unfaltering commitment to customer experience, the latest promotion

from Leading Hotels allows wellheeled travellers to traverse the globe with exceptional savings. Enjoy 10% to 40% off ‘best available rates’ when making advance bookings for stays until

January 31, 2012. Visit www. LHW.com/dreams or telephone a Leading Hotels representative at 1-800-737-9955 Singapore toll free.

London Metal Exchange – The Premier Global Metals Exchange

he London Metal Exchange has a unique role in the global metal markets, established for over 130 years and located in the heart of the City of London. The LME is the Premier Global Metals Exchange, trading over 120 million lots equivalent to US$11.6 trillion in 2010. In 2010 the LME opened its first overseas office in Singapore as recognition of the huge influence of Asia in LME growth both past and future. www.lme.com

Luminous – Experiential Marketing Agency

lways focusing on the audience, our job is to communicate your message, deliver your brand and support your business objectives. Luminous is an experiential marketing agency with 40+ passionate event specialists representing 12 nationalities with 20 years of experience

PAG E 6 3

across Asia. We have created outstanding experiences for Marina Bay Sands, RBS, Unilever, Louis Vuitton, HSBC and CLSA among others in Singapore. We are headquartered in Hong Kong with offices in Singapore and Macau. www.luminousasia.com

building networks • connecting business • creating opportunities

MEM B E R S - CO R P O R AT E N E WS

Mandarin Oriental: Weekend Champagne Brunch at Dolce Vita - Relax with our Italian A La Carte Brunch, Saturday and Sundays at Dolce Vita

rought to you by Michelin Star Chef Marco Pedrelli, the a la carte buffet brunch features a selection of Italian classics and modern creations. For more information or reservations, please call Dolce Vita at +65 6885 3551 or e-mail mosin-dolcevita@mohg.com

Masters Medical – Global UK Healthcare Solutions Provider

ith its Asia headquarter in Singapore, Masters Medical is a global UK healthcare solutions provider with a strong reputation for its Named Patient Supply program. We pride ourselves in sourcing the newest pharma products, orphan drugs and medicines under clinical investigation as well as discontinued products for individuals in need worldwide. www.masters-uk.com

Michael Page International announces appointment of Andrew Norton as Regional Managing Director for SE-Asia

ichael Page International is pleased to announce the appointment of Andrew Norton as our new Regional Managing Director for South East Asia. With more than 18 years of experience at Michael Page, Andrew will be responsible for the expansion of business operations throughout the region during an exciting period of growth for the company. www.michaelpage.com.sg

Mott MacDonald – a global management, engineering and development consultancy

ott MacDonald is a $2.2 billion global management, engineering and development consultancy of unrivalled diversity spanning 140 countries, across 12 core business areas, with over 14,000 staff. Mott MacDonald Singapore has been operating for over 30 years with a team of 200 employees. We support a range of clients with developments in the rail, road, buildings, infrastructure and energy sectors. www.mottmac.com

MSIG Insurance has new CEO Paul Faulkner

SIG Insurance, one of the major general insurers in Singapore, has a new CEO in Paul Faulkner. Previously, he worked in the regional office as Finance Director, Asia. Paul has lived in Asia for 23 years and joined MSIG in 2000. He sees a great future for MSIG and looks forward to continuing growth, especially in personal insurances covering travel, motor cars, health and home. Paul is not new to Britcham. He was a previous Treasurer and is looking forward to renewing some old acquaintances. www.msig.com.sg

PAG E 6 4

building networks • connecting business • creating opportunities

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

UK spill response organisation takes part in Brunei’s first-ever National Oil Spill Exercise

ur emphasis on working together with other organisations was demonstrated in April when a team of 14 responders from the Singapore base was sent to Brunei’s first ever National Oil Spill Exercise. This exercise aimed to assess Brunei’s capability in dealing with a major oil spill along the country’s coastline and involved over 700 people, including senior government officials. Our staff provided technical expertise within the exercise command centre and supervised field activities. Our Hercules C-130 aircraft was deployed from Singapore to conduct chemical dispersant spraying operations, a key response strategy for major oil spills (see photo). www.oilspillresponse.com

RBS Coutts establishes Coutts Institute in Asia

BS Coutts, the international private banking arm of the Royal Bank of Scotland Group, has established the Coutts Institute in Asia. An extension of Coutts & Co’s successful Wealth Institute in the

UK, the Coutts Institute offers advisory services to clients on philanthropy, family business and next-generation matters. The Institute is helmed by Dr Roger Low, who brings a wealth of industry and academic

experience to the bank. RBS Coutts’ philanthropy service was recently named Outstanding Philanthropy Offering at the respected Private Banking International Awards 2010. www.rbscoutts.com

Reading Room has launched new Asian Headquarters

eading Room has launched their new Asian Headquarters with the opening of their new office in Duxton Hill, Singapore. The digital specialist combines the expertise of both traditional digital agencies and system integrators. With over 180 digital, mobile and social media experts in Singapore, the UK and Australia, their Asian expansion includes planned offices in Shanghai, Mumbai and Japan. This week they celebrate this opening with their Singapore launch party held at their offices, the first of a series of events and talks to be hosted this year on a variety of specialist digital topics. www.readingroom.com

Sage ERP X3 is A ERP Solution Designed to Meet Process Manufacturing Unique Requirements

ay 16th, 2011 – Sage ERP X3 is designed to support the dynamics of process manufacturing, and to achieve greater product and process consistency, while to satisfy increasing customer demand. The advanced planning and

control capabilities use real-time and historical data to help manage inventory levels and costs, optimize product mix, reduce waste and shorten product development cycle. Its industry focus and modular design promote faster

implementation and business functions to rapid Return of Investment. For more information please contact +6012 489 8478 / email Adam Chang at mktgadmin.asia@ sage.com or, visit www.sageasiapac.com

Savills Singapore on a charge expanding both locally & internationally

avills Singapore has expanded its Residential Sales business with the formation of an over 650 strong Associate Sales Team. “…by year end I am looking to further expand this team to between 1,200 and 1,500 brokers and be a market leader in this space,” Chris Marriott, CEO, Savills South East Asia. In addition to the PAG E 6 5

expansion of its local business Savills recently announced the formation of a strategic alliance with CresaPartners LLC – North America’s largest specialised tenant representation firm. The arrangement will see Savills and CresaPartners providing global tenant representation services. www.savills.com.sg

building networks • connecting business • creating opportunities

MEM B E R S - CO R P O R AT E N E WS

The Rose Veranda at Shangri-La Hotel Singapore

n institution for high tea since 1991, The Rose Veranda is the preferred venue for leisurely afternoon respites. It offers a range of over 128 premium tea blends and a high tea spread featuring a choice of international and local delights. Between 3 and 6 p.m.,

guests can look forward to a delectable traditional three-tier English afternoon tea with treats like scones, sandwiches, English fruit cake and more. For reservations, please call 6213 4398. www.shangri-la.com

Singapore Management University

stablished in 2000, the Singapore Management University (SMU) is known for its leading-edge research with global impact, as well as interactive and technologicallyenabled pedagogy of seminar-style teaching in small class sizes. Home to 7,000 students, SMU comprises six schools – Accountancy, Business, Economics, Information Systems, Law and Social Sciences – offering a wide range of bachelor’s, master’s and PhD degree programmes in various disciplines, and executive education programmes for working professionals. www.smu.edu.sg

The Bridge Project – Richard III, Cocommissioned and presented by SRT, Presented in Singapore in collaboration with Esplanade - Theatres on the Bay 17 - 26 Nov 2011: Sam Mendes returns to the stage to direct Old Vic Artistic Director Kevin Spacey in the title role of Richard III in the final season of The Bridge Project. This transatlantic endeavour reunites them for the first time since American Beauty, for which they both won BAFTA and Academy Awards. Richard III premieres in London and tickets are sold out, so this is your chance to catch Kevin Spacey – right here at our doorstep! For more information about tickets and sponsorship opportunities please contact charlotte@srt.com.sg

STEPHENSON HARWOOD HIRES SHIP FINANCE ASSOCIATE

nternational law firm Stephenson Harwood has added a new associate Robert Guttfield to expand its awardwinning Ship Finance practice. Before joining Stephenson Harwood, Robert was an Asset Finance lawyer at Berwin Leighton Paisner in London, where he advised banks, financial institutions, intermediaries and ship owners on

the financing of ships, drillships, rigs and FPSOs. Robert has advised on ship sale and purchase, registration and flagging issues and the negotiation of shipbuilding contracts and refund guarantees. He has also advised on joint venture arrangements for FPSO projects in Angola and Brazil. www.stephensonharwood.com

Pangdemonium! Productions brings contemporary comedy cult classic DEALER’S CHOICE

angdemonium! Productions brings to stage the “exhilaratingly funny and emotionally acute” (The Independent) contemporary comedy cult classic, DEALER’S CHOICE this September. Starring a stellar cast of six that includes Adrian Pang (The Full Monty, Macbeth), Daniel Jenkins (Blackbird, The Pillowman) and UK’s Daniel York (Boeing Boeing, The Importance of Being Earnest), these men - each with their own dreams, own demons and own delusions of what it means to be a man - come together to joke about sex, argue about money and fight about PAG E 6 6

everything else. Their hilarious high-jinks lead to a game of poker...except that for these men, poker is never just a game... 29 September - 16 October 2010 Drama Centre Theatre, National Library Tickets through SISTIC Directed by Tracie Pang

building networks • connecting business • creating opportunities

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

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

ME M B E R S - CO R P O R AT E N E WS

TBWA\GROUP SINGAPORE OFFERS ROBUST INTEGRATED MARKETING SOLUTIONS

ed by Philip Brett, President, TBWA\GROUP Asia-Pacific, South and Southeast Asia, TBWA\Group Singapore is an advertising & communication services company whose strength lies in being a global and regional hub for many brands in Asia-Pacific. We create Disruptive ideas for global, regional and local clients including AIA, Corona, Energizer, GlaxoSmithKline, KrisFlyer, Martell, Michelin, Pernod Ricard, Procter & Gamble, Singapore Airlines, Standard Chartered Bank, and VISA. One of the top three agencies in Singapore, TBWA was recognized in 2010 by Advertising Age as the “Best International Network of the Decade” and a Fast Company Magazine Innovation All-Star. www.tbwa.com

The Economist full print edition is now available on iPhone and iPad

etaining the familiar feel of The Economist, our app features all the articles, charts, maps and images from each week’s print edition. It also includes our audio edition so users can listen to every article, with easy switching between reading and listening. The app is free to download from the App Store. For more details, please visit www.economist.com/digital

The Planet Group – Global Marketing Services and Solutions

he Planet Group is a global marketing services and solutions company offering a fully managed outsourced channel process solution to help technology companies increase return on partner value, reduce cost, and improve ROI.

We use our channel sales and marketing expertise to develop a solid Channel Strategy, execute tailored Channel Marketing programs, all underpinned with our solid technology platform, Channel-on-Demand™. www.the-planet-group.com

TOPSHOP PERSONAL SHOPPING & FASHION CONCIERGE Only available at Topshop Knightsbridge

OPSHOP’s bespoke Personal Shopping service - the first of its kind in Singapore - is complimentary and offers first access to all latest arrivals. Tailor-made appointments ensure the personal shopper develop an intrinsic sense of our customers’ sartorial aspirations as well as the personal styles they covet. Visit TOPSHOP Concierge and let our experts advise you on all you need to know, both inside and outside of Topshop. You can leave your shopping bags with us, have your shopping deliver to your home and even hire an umbrella should the weather take a turn for the worse.

PAG E 6 8

building networks • connecting business • creating opportunities

GES BUSINESS LEADERS SUMMIT 2011 17 – 20 October 2011 Resorts World Sentosa

GLOBAL TRENDS ASIAN INSIGHTS th

8 Edition 4 days of thought-provoking debates 50+ International Speakers 4 Social Events 700+ Regional Business Leaders 6 Forums

Join the discussion with global thought leaders on the latest megatrends, business innovations and the Asia opportunity • Global Business Outlook 2012 - Can growth be sustained ? • The Indian Economic Juggernaut - What's Next?

• Thriving amidst Disruptive Innovation: Rethinking your business

& SAVE

• The Future of Design Thinking in Business • Managing Growth: Strategies to exploit the Asia Opportunity

UP TO

• Crisis Leadership: Is there a Survival Guide?

Don’t miss the foremost Business Leaders Summit in Asia! Presented by

International Print Media Partner

Organised by

Platinum Sponsor

Media Partners

Gold Sponsor

25%

Knowledge Partners

Held in

SPO R TS

London 2012: still on time, still within budget By the Department for Culrture, Media and Sport

s the Handball Arena is completed, anticipated final cost of 2012 construction programme falls by £35m. (S$70m) Figures from the May 2011 Quarterly report from the Government Olympic Executive show that the overall funding package for the Games remains at £9.298bn (approx S$18.6bn). The anticipated final cost of the construction programme is £7.266bn (S$14.5). This is a decrease of £35m (S$70m) on the last quarterly report. Funding of up to £12.5m (S$25m) has been made available to the Greater London Authority to support its plans for the Games. This funding will be used to provide facilities for the non-accredited media, to improve accessibility on London’s Southbank and to recruit and train 8,000

PAG E 7 0

volunteers to help visitors to the city at Games-time. Handball Arena complete Construction of the venues and infrastructure for the Games is 83 per cent complete. The Velodrome and the Olympic Stadium are finished and the Olympic Delivery Authority (ODA) also announced on 12th May 2011 that the handball arena is now complete. “The beginning of this year has seen considerable progress on the Olympic Park with two of the centre-piece venues finished and the handball arena now complete,” said Sport and the Olympics Minister Hugh Robertson. “The ODA has continued its focus on costs - driving efficiencies across the programme resulting in a £35m (S$70m) reduction in the anticipated final cost.”

In total £830m (S$1.6bn) in savings have been achieved by the ODA since the November 2007 baseline budget was agreed, including £49m (S$98m) in the last quarter. “Today we can announce the handball arena as the third venue to be completed on the Olympic Park, with the project now 83 per cent complete in what is the ODA’s final year of construction,” said ODA Chief Executive Dennis Hone. “We are on track to deliver an excellent platform for the Games, although we care not complacent as we push ahead on the final straight.” For more information please visit the Department for Culture, Media and Sport website at http://www.culture.gov.uk

building networks • connecting business • creating opportunities

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

e’s taken on the UK, Canada and Australia and earned rapturous acclaim in London’s West End, and once again, Billy Geraghty took Singapore by storm.

British Theatre Playhouse’s world premiere of “Buddy vs The Killer” in Singapore which opened on the 4th - 8th May, 2011 at Raffles Hotel’s Jubilee Hall Theatre proves great music from the past supported by a strong, all-British cast of eight actorsmusicians led by Billy Geraghty who played both Buddy Holly and Jerry Lee Lewis in the musical produced an electrifying result which went down very well for audiences everywhere it performed - in Indonesia (at an exclusive preview at Turi Beach Resort in Nongsa, Batam), Singapore (at the Raffles Hotel, Jubilee Hall Theatre) and Malaysia (at the Hilton Kuala Lumpur.) Billy Geraghty is the West End star of the award-winning musical, “Buddy” (he played the part of Buddy Holly at The Victoria Palace in London’s West End) and took on the formidable role of Jerry Lee Lewis in “Great Balls of Fire” at the Cambridge Theatre in the West End. “Buddy vs The Killer” has eight multitalented actors-musicians each taking on multiple roles, in addition to playing their own instruments. It tells the story of two great rock ‘n’ roll legends, Buddy Holly and Jerry Lee Lewis through their music and both roles are played by Billy Geraghty who put in a star turn performance. The show also pays tribute to other outstanding musicians who changed the face of rock ‘n’ roll like Ritchie Valens, Johnny Cash, Carl Perkins and Elvis Presley: Since 2004, the British Theatre Playhouse has brought the best of British culture and talent to Singapore and “Buddy vs The Killer” is their tenth production.

British Theatre Playhouse is a professional theatre production company incorporated in Singapore but is internationally focused with a strong British connection, working very closely with established British playwrights, actors, directors, musical arrangers, choreographers, set and costume designers. The company has produced and presented a series of highly successful British productions in Singapore, Malaysia, Thailand, Sri Lanka and Indonesia. British Theatre Playhouse productions include “How The Other Half Loves” by Alan Ayckbourn; “The Importance of Being Earnest” by Oscar Wilde; “Funny Money” by Ray Cooney; “Private Lives” by Noel Coward; “A Bedful of Foreigners” by Dave Freeman; “Relatively Speaking’ by Alan Ayckbourn; “The Rise and Fall of Little Voice” by Jim Cartwright; “Blonde Bombshells of 1943” by Alan Platter and “From a Jack to a King’ by Bob Carlton. The founders of the British Theatre Playhouse, Cecilia LeongFaulkner and John Faulkner believe in good corporate citizenship and under the company’s “Art for Charity” programme, the company makes it their aim to contribute to a worthwhile cause by dedicating one performance and evening to help raise funds for a chosen charity. This year, through the world premiere of “Buddy vs The Killer” and with the support of the British Chamber of Commerce and European Chamber of Commerce, the British Theatre Playhouse has raised SGD$130,000 for Viva Foundation for Children with Cancer. The charity’s aim is to

PAG E 7 1

improve the survival rate among children with cancer and support efforts to cure pediatric cancer in Singapore and the region. The Patron of the British Theatre Playhouse in Singapore is the British High Commissioner, H.E. Mr Antony Phillipson. “Buddy vs The Killer” will transfer to Wolverhampton Grand Theatre in the UK in September 2011. Plans are currently underway to re-run the show in Singapore and also tour the show in the Far East. “I was thrilled to attend the official debut of “Buddy vs the Killer” in Singapore on Wednesday 4th May, 2011. The show was hugely entertaining. The music was nostalgic but also enormously energising owing to the live performance on stage. I hope the hard work put in by the UK cast and the British Theatre Playhouse will be rewarded by the show moving on from Singapore to other places so that audiences elsewhere can share in the experience”, says H.E. Mr Antony Phillipson. For more information, please contact: Ms Cecilia Leong-Faulkner Director BRITISH THEATRE PLAYHOUSE www.britishtheatreplayhouse.com Mobile: +65 9815 6230 DID: +65 6449 4855 EMAIL: cecilia2@singnet.com.sg

building networks • connecting business • creating opportunities

AR TS & C U LT U R E

FROM THE HOUSE TO THE CITY: AN INTERVIEW

he ‘Richard Rogers + Architects: From the House to the City’ exhibition will tour to the Urban Redevelopment Authority in Singapore from 21 May to 23 July 2011. The British Council asked Architect Ivan Harbour and modelshop manager Mike Fairbrass of Rogers Stirk Harbour + Partners to discuss the way they work together – and with their clients – to produce 3-D visualisations of new schemes, as well as to talk about the importance of models in the evolution of projects. Is there still a demand for 3-D models of projects when computergenerated images (CGIs) and virtual visualisations can apparently perform the same function? And how has Rapid Prototyping affected modelmaking? Mike Fairbrass: “Yes, there is still a very high demand for models from clients for three main reasons. Firstly, CGIs and visualisations – whilst valuable when used in conjunction with models – are essentially twodimensional in format as they can only be viewed on screen or as print-outs. Models have the advantage of being tangible, 3-D PAG E 7 2

objects. Secondly, someone looking at a model can move around it and choose their own viewpoint when considering the pros and cons of a project rather than being offered a limited selection of views. Lastly, models can be abstracted more effectively to reflect the early concept stages of a project when the need is to persuade and excite without the level of detail that renders often require. Many architects thought that Rapid Prototyping (RP) might replace more traditional modelmaking but in fact, RP has been absorbed into the project visualisation process as a new tool that complements the role of models rather than offering an alternative solution.” How do you go about collaborating on making a model? What determines factors like the scale, the materials you use, the level of detail you include and so on? Ivan Harbour: “Models are created out of a close collaboration between modelmakers, architects and their clients. Together, we discuss factors such as scale, materials and the level of detail required to determine

the look and size of a model. These will change according to how the model is used to support the design process, particularly through the various planning stages of a scheme or in its marketing to prospective investors. Different models can be used to focus on different aspects of a single scheme, for example groundscape and public space or a single apartment at a larger scale or a sectional model to show the relationship of the interior spaces to these façades.”

building networks • connecting business • creating opportunities

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

Mike Fairbrass: “Any model which you are personally responsible for helping to create will always be a bit special. However there may be some in particular which you have a soft spot for either because they seem to meet the brief exceptionally well or you just positive memories making them. The time when models are most vulnerable to damage is when they are in transit between venues. This sort of damage is dealt with by my team when we are installing an exhibition at a new venue. The kind of minor damage associated with any exhibition once it has opened is usually repaired when we come to de-mount the exhibition, although we normally establish contact with local modelmakers who monitor the condition of our models on a weekly basis and deal with any emergencies if necessary.”

How often are your models used in public exhibitions to win support for projects from stakeholders and members of the public? Do you believe that a well-made model can play a significant part in helping decision-makers understand the benefits of a proposal (i.e. more so than 2-D imagery)? Are models of earlier/previous versions of schemes still relevant compared with those of schemes which have actually been built? Ivan Harbour: “During public consultations on schemes, models are almost always used in exhibitions as stakeholders and the wider public are usually able to understand and respond more favourably to a scheme modelled in its context than to 2-D imagery which can only depict part of a scheme in any one view.” Mike, what sort of a background do you need to become a model maker? Mike Fairbrass: “There are several threeyear BA (Hons) modelmaking degree courses in the UK. I and other colleagues in my department have formed close ties with certain colleges as visiting lecturers, sharing our experiences as professional modelmakers with students. Other routes into the profession are via more general arts backgrounds or through hands-on experience gained from starting as a junior trainee. Increasingly, UK modelmakers are taking their skills around the world especially to the Far East, Canada and Australia.”

PAG E 7 3

Ivan, how much were you taught about making models when training to be an architect and was it of any use? Ivan Harbour: “I studied architecture prior to the digital revolution. Modelmaking was seen as an essential part of the design process. Although we were never instructed specifically on how make models, we had access to a workshop and technical assistance. We were encouraged to explore and develop our own ideas about materials and the ways in which schemes could be represented. As students, we recycled materials and looked for shortcuts to the process. This introduced me to ideas about appropriateness, utility and abstraction, tools which I continue to use today.”

There are over 70 of your models included in the exhibition: ‘Richard Rogers + Architects: From the House to the City’. Do you have any particular favourites? How will you deal with models which are damaged during the course of the exhibition?

Ivan Harbour: “It’s worth noting that when ‘Richard Rogers + Architects’ was being designed, Richard and his partners felt strongly that all the featured models should be uncovered to maximise their impact for visitors. This has actually resulted in fewer models being accidentally damaged than we might have anticipated while the exhibition has been on public display, and many visitors have commented on how their experience of our work has been enhanced by being able to see models without glass covers. Everyone can understand a model – it may show a scheme in miniature, but it’s real and tangible.”

building networks • connecting business • creating opportunities

TR AV E L

HAMPI – THE LOST CITY IN KARNATAKA By Mike London, editor of Fast:Track on BBC World News

hanks to my job as Editor and Reporter for Fast:Track, BBC World News’ weekly travel show, I am lucky enough to have been able to visit many of the world’s best-known World Heritage Sites. The one thing lots of these places have in common is crowds – hordes of tourists desperate to take snaps at the latest “must-see” destination. At most of the sites, travelling with a BBC TV crew usually pushes you somewhere towards the front of the queue, much to the annoyance of everyone else who has been waiting in line for their chance to glimpse more of the wonders of the world, which my colleagues and I have become, perhaps sadly, rather blasé about seeing up close. Every now and again though, those BBC credentials can hinder your progress, like the time in Ethiopia we had to wait for three hours while a local official plucked up the courage to wake up the archbishop from his afternoon nap so that he could cast an eye over the permit we had been given to film at the rock hewn churches in Lalibela. It was with these memories in mind that we set off to film a report from the ruins at Hampi - however what we found were not queues but a World Heritage Site that most of the world seems to know very little about. That’s a blessing if you have ever suffered the queues at Angkor Wat or Machu Picchu.

Situated about 300km from Bangalore, the capital of the state of Karnataka, the temples and palaces at Hampi were left behind by one of the biggest and most powerful empires India has ever known. The Vijayanagara Empire ruled over most PAG E 7 4

of Southern India between the 14th and 17th century. Formed out of a number of different Hindu clans, it used its core religious beliefs to unite its people in the face of Muslim invaders from the North. Although its origins were military it grew to become a prosperous trading block where the arts and architecture flourished. You’ll find the best examples of what’s left of that stunning architecture at Hampi. The sheer scale of what’s left is breathtaking. Set amidst a bizarre almost lunar landscape of flat plains and Flintstone like boulders, and spread over 26 sq km, to call these ruins is something of a mistake. Given the roasting summer temperatures and the ransacking by the Mughals who eventually over ran the city, what’s surprising is how much survives. Exploring Hampi it’s easy to try and imagine how the city of Vijayanagara once looked and felt in its heyday. In the same way that walking the preserved streets of Pompeii or the stepped terraces of Machu Picchu reminds you that these places weren’t once remote shrines or temples but cities full of life. The walled enclaves, temples, wide concourses and bath-houses remind you

that Vijayanagara was a bustling centre of commerce and home to a thriving population long before it became a World Heritage Site. Amateur British colonial photographer, Alexander Greenlaw was the person who brought Hampi to the wider world’s attention when he became the first person to extensively photograph the site in 1855. You enter the main site via a road, which was once one of the most important thoroughfares in the whole of India. On the day that I visited, the temperature was in the high 30s so the prospect of attempting the walk on foot wasn’t a welcome one. Luckily to the side of the main entrance you’ll find a parking lot full of smart, new electric golf buggies, driven strangely enough, only by women. This isn’t some bizarre manifestation of a centuries old tradition that only the fairer sex can operate electric vehicles – it’s part of an economic empowerment programme aimed at increasing the finances and skills of the women who live in Hampi. So whereas visiting princes and dignitaries may have once arrived on ornately

building networks • connecting business • creating opportunities

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

decorated elephants, most visitors now travel on an electric golf cart and this is how my visit began, feeling more like Bob Hope arriving at a Pro-Am Golf Game than a tourist visiting Maharaja, but I was grateful for the cover that the cart gave from the relentless mid morning sun. Once inside the Vittala Temple Complex it’s hard to work out what to focus on first. Within a relatively small area you will find exquisitely carved temples, soaring edifices and, perhaps what the iconic structure Hampi has become best known for the Stone Chariot. Carved out of granite and modelled on a traditional processional chariot, it was originally a shrine with wheels of stone that turned. Opposite the Chariot you’ll find the main temple, full of some of the most exquisite stone carvings and bas-reliefs I have ever seen. Built into the columns of granite that support the roof are carefully carved stone rods, which are tuned to play a different note when tapped lightly with your finger. Whether these were designed to be used during worship or purely created for the King’s amusement, no one is certain but it’s fascinating to think they make the same sound now as they did 500 years ago.

Travel to other parts of the vast site at Hampi and you’ll see the imposing granite stables where the royal family kept their elephants and the fusion of Hindu and Islamic architectural styles in the Queen’s gigantic bath house. Frankly there is so much to see here that it would take at least two or three days to see everything and feel that you have done the place justice. Around ten years ago the Indian Government announced that it was going to start taking the protection of Hampi more seriously and do all it could to preserve the site whilst also trying to develop its tourist potential. If you look closely you’ll see that PAG E 7 5

Mike London is the editor of Fast:Track on BBC World News (Starhub Cable TV Channel 701). The programme airs every Saturday at 12.30pm and 8.30pm.

some of the temples and monuments have been renovated, some more sympathetically than others but teams of specialists are now doing all they can to try to maintain the integrity of the structures. Perhaps the greatest threat comes though, not from the elements or the passing of time, but from tourists. During my visit I saw a group of Russian sightseers clambering over the Stone Chariot totally unchallenged whilst security staff and locals looked on. It’s also heartbreaking to see some of the graffiti that has been carved into the walls of the Queen’s Bath House – not the declarations of devotion from long dead lovers, but more mundane declarations of love for a local cricket team or foreign football club. I left Hampi though with a feeling of hope rather than despair - the sheer scale of how much there is to see here, combined with the quality of the master craftsmen who created the place is truly inspiring, and it wont be long I’m sure before the tourists begin to arrive en masse. For the time being though, if you are looking for a World Heritage Site without a queue you could do a lot worse than to head for Hampi. Getting there The nearest airport is at Hubli with regular flights from Bangalore and other major Indian cities.

The BBC attracts a global audience of 241 million people to its international news services including BBC World Service and the BBC World News television channel. BBC World News, the BBC’s commercially funded international 24-hour news and information channel, is owned and operated by BBC World News Ltd, a member of the BBC’s commercial group of companies. BBC World News attracts 71 million viewers a week, is available in more than 200 countries and territories worldwide, and reaches 306 million households and more than 1.8 million hotel rooms. The channel’s content is also available on 81 cruise ships, 46 airlines, 39 mobile phone networks and a number of major online platforms including bbc.com/news. Issued by: Dunbar•Jones & Associates On behalf of: BBC World News For more information, contact: Coleen Tan / Janice Loh Dunbar•Jones & Associates 1 Goldhill Plaza #03-45 Podium Block Singapore 308899 Tel: (65) 6356 2830 Fax: (65) 6254 8971 Email: ctan@dunbarjones.com.sg jloh@dunbarjones.com.sg

The nearest railway station is Hospet Junction 13km away. Overnight trains run several times a week from Bangalore, Hyderabad, and Goa. You can also catch an overnight train from Mysore to Hubli, and from there to Hospet / Hampi.

building networks • connecting business • creating opportunities

WIN E C LU B

Szigetti Overview Centuries old know-how from the Champagne region, combined with the latest technology and innovative ideas; this is how Peter and Norbert Szigeti produce their fine sparkling wines in Gols, Austria. The basic philosophy of the brothers Szigeti is to use only the best, ripe and healthy grapes to make the finest bottlefermented sparkling wine. The charm of their products, of which most reflect single vine varieties, lies in their aromatic taste and distinct fruity flavor.

Auntsfield Overview Auntsfied Estate is run under the watchful eye of the Cowley family and is the home of Marlborough’s first colonial vineyard and winery. The dramatic hillside vineyard with its unique variety of soils is the inspiration to produce exciting hand crafted wines of balance and individuality that display the special terroir of this historic Marlborough vineyard. Already the winners of numerous awards, Auntsfield is establishing an international reputation for its wines, which its original pioneer founders would no doubt be proud of. Hamilton feels, “It is a great pleasure to have the first established vineyard in Marlbourgh NZ as part of our portfolio.”

PAG E 7 6

Szigetti Neuberger This sparkling wine is elegant and full-bodied with a delicate fine bouquet and harmonious taste. The nutty aromas and full body complement the perfect balance in acidity with a lovely finish. The Neuberger flavours are further released when combined with fish, vegetables and cheese dishes. As a sparkling wine it is a formidable all round talent for all occasions. According to Rubicon Reserve Wines General Manager, Scott Hamilton, “A great way to start an event or an evening with a glass of Szigeti Neuburger, it is an affordable easy drinking style.”

Auntsfield Cardonnay 09 The fruit for this wine was hand harvested and whole bunch pressed, allowing clean and intensely flavoured juice to be crushed from the grape. The rich aromas of stone fruit and ripe citrus peel are integrated with a subtle French oak influence. Ripe peach and nectarine flavours are balanced with hints of hazelnut, butterscotch and honeycomb, creating a vibrant and powerful wine with seamless integration. This hand crafted wine has won numerous awards including the Gold Medal at the 2009 San Francisco International Wine Competition.

building networks • connecting business • creating opportunities

www.britcham.org.sg

Providing a gateway to China with extensive offshore RMB capabilities.

As international access is granted to China's currency, you need a bank that can help maximise the new opportunities that are open to you. With over 100 years on the ground in China, we have both the experience and the expertise to handle all of your offshore RMB needs. With proven capabilities in bond issuance, cash management, trade financing, FX and RMB interest rate swaps trading, we are your gateway to China.

rbs.com/gbm This information has been prepared by The Royal Bank of Scotland plc which is authorised and regulated by the Financial Services Authority in the United Kingdom. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. Registered in Scotland No. 90312. This article has been prepared for information only. It should not be construed as an offer to sell or the solicitation of an offer to subscribe for a product or service. The Royal Bank of Scotland N.V. is incorporated in the Netherlands. The Royal Bank of Scotland plc and The Royal Bank of Scotland N.V. are authorised agents of each other in certain jurisdictions.