Orient Issue 52

Orient

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

T H E O F F I C I A L M A G A Z I N E O F T H E B R I T I S H C H A M B E R O F C O M M E R C E - S I N G A P O R E ISSUE 52 / DEC 14–JAN 15

SPECIAL FEATURES

ISSN 0219-1245

ISSUE 52

52

9 770219 124002

24

UK: DECENT GROWTH IN AN UNCERTAIN WORLD

19

IN FOCUS: PETER HUBER

International Life Awards 2014

International Life Awards 2014

International Life Awards 2014

International Life Awards 2014

International Life Awards 2014

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Best for adviser support/ customer service (offshore UK)

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Building Networks Connecting Business Creating Opportunities

8

Contents

11

PRESIDENT’S MESSAGE

13

EXECUTIVE DIRECTOR’S MESSAGE SPECIAL FEATURE

19

In Focus: Peter Huber

24

UK: Decent Growth in an Uncertain World

FEATURES 16

Scotland Referendum

27

Trends: Health Foods

30

The Role of the CFO on the Modern Board

35

Three Simple Steps to Becoming a Powerful Writer

BRITISH HIGH COMMISSION / UKTI 42

Old Ties, New Links, More Opportunities

46

UK-Singapore Innovating Together for the 21st Century

AT THE CHAMBER 50

Britain in South East Asia News

51

Business Services News

53

Business Group News

54

BritCham New Members

56

Sterling News

59

Corporate News

62

Members’ Offers

64

Events

70

BritCham Events Review 2014

CULTURE & LIFESTYLE 79

Music that Travelled Through Time…

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

British Chamber of Commerce, Singapore Sponsors PLATINUM SPONSOR

GOLD AND DIVERSITY SPONSOR

SILVER AND BREAKFAST CLUB SPONSOR

SILVER SPONSORS

GOLD SPONSOR

BRONZE SPONSORS

BRITCHAM BOARD: PRESIDENT: Hugo Walkinshaw: Deloitte Consulting SE Asia VICE-PRESIDENTS: Damian Adams: Simmons & Simmons Mark Buchan: Grant Thornton Advisory SECRETARY: Chris Kilburn: Watson, Farley & Williams Asia Practice LLP TREASURER: Dominic Nixon: PricewaterhouseCoopers BOARD MEMBERS: Andrew Vine: The Insight Bureau Pte Ltd Peter Hatt: Standard Chartered Bank Ian Williams: HSBC Bank Robert Williams: British Airways Terence Yuen: BP Singapore Bicky Bhangu: Rolls-Royce Singapore Pte Ltd Ronald Totton: BT Singapore Sian Brown: Barclays Bank PLC Rudi Geerdink: The Royal Bank of Scotland Andrew Thomas: Ogilvy & Mather Singapore Pte Ltd David Pugh: The Fry Group Richard Warbuton: EC Harris Annabel Moore: Diageo Singapore Pte Ltd Judith Slater: British High Commission Roland Davis: British Council

COMMITTEES: Diversity: Stephen Trevis Events: Mark Buchan External Affairs: Steve Puckett Membership: Damian Adams Sustainability & Responsibility: Rosie Danyluk BUSINESS GROUP CHAIRPERSONS: Energy & Utilities: Damian Adams Entrepreneur & Small Business: Jonathan O'Byrne (co-chair), Miles Gooseman (co-chair) Financial Services: Gary Haran Doyle IT & Communications Technology: Henry Farahar Leadership: Zsuzsanna Tungli (co-chair), Mike Huges (co-chair) Creative Industries: Frazer Macdonald Hay Professional Services: Martin Riddett Property & Construction: Richard Warburton Scottish Business Group: Neil Melnnes Shipping Transport & Logistics: Neil Johnson Women in Business: Sian Brown Young British Chamber: Zoë Marmot MANAGEMENT TEAM Executive Director: Brigitte Holtschneider Finance Manager: Pauline Yeo Business Services Manager: Jennifer Hainsworth Senior Events Manager: Alexandra Packman Membership Manager: Katie Hudson Marketing & Communications Manager: Vipanchi Membership & Events Support Manager: Emi Hosono Marketing & Communications Executive: Clara Tan Business Services Advisor: Umagliya Kankanangai Tina Business Services Advisor: Jared Sim Office Administration Executive: Anna C Garciso

Editor: Vipanchi vipanchi@britcham.org.sg

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

Content Coordinator: Clara Tan

© All rights reserved.

138 Cecil Street, #13-03 Cecil Court, Singapore 069538 Tel: +65 6222-3552 Fax: +65 6222-3556 Email: info@britcham.org.sg www.britcham.org.sg

The views and opinions expressed or implied in Orient are those of the authors or contributors and do not reflect those of the British Chamber of Commerce, its officers or editorial staff. No reproduction of articles without the prior permission of the Chamber. Unsolicited transparencies and articles are sent at owner’s own

risk and the Chamber accepts no liability for loss or damage. Copy is not for sale and images belong to their respective owners. They are for illustrative purposes only, and no copyright infringement is intended.

Sub-edited, designed and printed by: NOVUS CONTENT. DI G I TAL. PUBLI SH ING.

www.novusasia.com

Contact: Simon Cholmeley simonc@novusasia.com Design: Kevin Ong kevinong@novusasia.com Khairunnisa khai@novusasia.com Sub Editors: Chua Kim Beng kimbeng@novusasia.com Chin Wei Lien weilien@novusasia.com Creative Services: Kwan Gek Lian gek@novusasia.com

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President’s Message

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

Dear Members,

As I look back over the year, and in light of the recent visit by Boris Johnson, Mayor of London, at our Leaders in Business Lunch on 28 Nov, I was struck by how many prominent figures we have hosted in the last 11 months.

This list includes people such as former Trade & Investment Minister Lord Green, Chancellor George Osborne, former Financial Secretary to the Treasury and current Secretary of State for Culture, Media and Sport Sajid Javid, former Minister of State for Faith and Communities Baroness Sayeeda Warsi, and UK Prime Minister’s Business Ambassador and Unilever’s CEO Paul Polman, to name but a few.

I believe this reflects the UK government’s perspective and priority with regards to overall economic growth, to their support of UK corporates and SMEs in their overseas expansion, and the growing importance of integrating business networks such as Chambers of Commerce and Business Associations across the world in achieving the ambitious target of increasing exports from the UK to £1 trillion by 2020.

Hugo Walkinshaw President, British Chamber of Commerce, Singapore

We have been able to play a part in this growth agenda because of the strength of our partnership with the British High Commission, UK Trade & Investment, and the British Council here in Singapore. As a testament to those relationships, the launch of our Business Services initiative as well as being the first globally accredited overseas chamber by the BCC UK network have been key milestones in our recent development.

It is evident that the Chamber is moving from strength to strength, and continues to deliver a strong value proposition that underpins our core strategic objectives: Building Networks, Connecting Business and Creating Opportunities. It has been a landmark year in the Chamber’s long and proud history, and it is only fitting that we end it with a grand finale celebration of our 60th Anniversary at The Great BritCham Ball.

I would like to take this opportunity to thank HE Antony Phillipson, Judith Slater and their teams, Sponsors, Members of the Chamber, my colleagues on the Board, Committees, Business Groups and the dedicated Chamber management team lead by Brigitte Holtschneider for all the milestones we achieved in 2014.

I wish you and your families a Merry Christmas and a Happy New Year, wherever you may be this holiday season.

Best regards,

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Executive Director’s Message

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

Dear Members, An exciting and in many ways challenging 2014 has flown by very fast!

Your Chamber is in good shape; corporate membership is steady at 400 companies and the number of executives has grown to 2,700. The 12 Business Groups, from Creative Industries to Young Professionals, continued to develop; some were more active than others, mostly due to shortage of time available from members who volunteer to drive the Chamber’s agenda. I would like to take this opportunity to thank all members who are actively supporting the network by taking on positions on the board, chairing or participating in Committees and Business Groups, or coming on board as sponsors; we would not be where were we are without this engagement!

Reflecting on some of the highlights of this past year, I would like to mention:

Brigitte Holtschneider Executive Director, British Chamber of Commerce, Singapore

t 60th anniversary celebrations with members connecting at special events in April and August, and the publication of an anniversary issue of the Orient magazine t The 15th Annual Business Awards with increased number of submissions, an excellent Awards dinner with high attendance from the membership, high-calibre guests and proud and happy winners t The visit of Boris Johnson, the Mayor of London, exclusively talking to members at a Leaders in Business Lunch in November t A very successful LNG50 Celebration ceremony at Eden Hall, organised by the Energy & Utilities Business Group, bringing members together with major industry players from all over the world t The accreditation of the Chamber by BCC London as the first Overseas Business Network within the UK Government’s global initiative t Dynamic uptake of the Business Services offering by UK companies exporting to or investing in Singapore and the wider SEA region t Growth of the Business Services team with the hiring of two Business Services Advisors to meet demand t Upskilling of Chamber resources in the Events and Finance functions to better service members t The move to a new, larger office in November, improving and increasing facilities for members’ use The Board held two strategy meetings in September and October and is committed to sustainable membership growth to keep the network relevant and dynamic. Lessons learnt in 2014 will be taken on board to provide member value through t A frequent, relevant and affordable business networking programme t Closer link-up between all Business Groups and the two key Committees, Diversity and Sustainability & Responsibility t Further strengthening the connection with the Singapore Business Community and relevant government bodies and agencies t Recalibration of resources to improve communication, with the emphasis on knowledge sharing and content On a personal note, it is with great sadness that I announce the passing of Rosemarie Wallace, Partner in Novus Media Solutions. Rosemarie was active in the network, very supportive of the Chamber and instrumental in helping to develop the Orient magazine up to the current top quality. My thoughts are with her family, friends and business partners. She will be greatly missed.

In conclusion, I would like to thank all members for their loyalty and commitment, and look forward to seeing all of you in 2015!

I wish you and your families a wonderful, relaxing Christmas break, and a happy and healthy New Year!

Best wishes

dĂŶŐůŝŶ dƌƵƐƚ ^ĐŚŽŽů

Creating Lifelong Learners tŝƚŚ ĂůŵŽƐƚ ϵϬ LJĞĂƌƐ͛ ĞdžƉĞƌŝĞŶĐĞ ŽĨ ƉƌŽǀŝĚŝŶŐ Ă ƌŝƟƐŚͲďĂƐĞĚ ĞĚƵĐĂƟŽŶ ƚŽ ƚŚĞ ŝŶƚĞƌŶĂƟŽŶĂů ĐŽŵŵƵŶŝƚLJ ŝŶ ^ŝŶŐĂƉŽƌĞ͕ dĂŶŐůŝŶ provides a unique learning environment for children from Nursery ƌŝŐŚƚ ƚŚƌŽƵŐŚ ƚŽ ^ŝdžƚŚ &Žƌŵ ;ϯͲϭϴ LJĞĂƌƐͿ͘ tŚŝůƐƚ dĂŶŐůŝŶ͛Ɛ ĂĐĂĚĞŵŝĐ ƚƌĂĚŝƟŽŶƐ ĂŶĚ ĂƉƉƌŽĂĐŚ ƚŽ ƚĞĂĐŚŝŶŐ ĂƌĞ ĮƌŵůLJ ŐƌŽƵŶĚĞĚ ŝŶ ĂŶ ĞŶŚĂŶĐĞĚ ĂŶĚ ƌŝŐŽƌŽƵƐ ŶŐůŝƐŚ EĂƟŽŶĂů ƵƌƌŝĐƵůƵŵ͕ ƚŚĞƌĞ ĂƌĞ ŵĂŶLJ ĂƐƉĞĐƚƐ ŽĨ ƐĐŚŽŽů ůŝĨĞ ƚŚĂƚ ŚĂǀĞ Ă ŐůŽďĂů ĨŽĐƵƐ ǁŚŝĐŚ ŝƐ ĐŽŶƚĞdžƚƵĂůŝƐĞĚ ƚŽ ƚŚĞ ƐĐŚŽŽů͛Ɛ ůŽĐĂƟŽŶ ŝŶ ƐŝĂ͘ dĂŶŐůŝŶ ŚĂƐ ĂůƐŽ ĂĚŽƉƚĞĚ Ă ƐĞƚ ŽĨ ϭϬ >ĞĂƌŶĞƌ WƌŽĮůĞ ĂƩƌŝďƵƚĞƐ ǁŚŝĐŚ ďƵŝůĚ on its mission ‘to develop a community of lifelong learners who ĐĂŶ ĐŽŶƚƌŝďƵƚĞ ǁŝƚŚ ĐŽŶĮĚĞŶĐĞ ƚŽ ŽƵƌ ǁŽƌůĚ͛͘ dŚĞ ƌĞƐƵůƚ ŝƐ ƚŚĂƚ dĂŶŐůŝŶ ƐƚƵĚĞŶƚƐ ŶŽƚ ŽŶůLJ ĂĐŚŝĞǀĞ ĞdžĐĞůůĞŶƚ ƌĞƐƵůƚƐ ďƵƚ ĂƌĞ ŽƉĞŶͲ ŵŝŶĚĞĚ͕ ƉƌŝŶĐŝƉůĞĚ ĂŶĚ ĚĞǀĞůŽƉ Ă ŶĂƚƵƌĂů ĂďŝůŝƚLJ ƚŽ ƌĞŇĞĐƚ ŽŶ ƚŚĞ ŝŶƚĞƌŶĂƟŽŶĂů ĞŶǀŝƌŽŶŵĞŶƚ ĂƌŽƵŶĚ ƚŚĞŵ͘

“Tanglin has been my home since 2001. /Ŷ ĂƩĞŶĚŝŶŐ ƚŚĞ ƐĐŚŽŽů / ŚĂǀĞ ŶŽƚ ŽŶůLJ ĚĞǀĞůŽƉĞĚ ĂŶ ĂĐĂĚĞŵŝĐ ĐƵƌŝŽƐŝƚLJ͕ ďƵƚ ĂůƐŽ Ă ƐŽĐŝĂů ĂŶĚ ƉĞƌƐŽŶĂů ĂǁĂƌĞŶĞƐƐ͘ /͛ǀĞ ĐŽŶŶĞĐƚĞĚ ǁŝƚŚ ŝŶĐƌĞĚŝďůĞ ƉĞŽƉůĞ ŽĨ Ăůů ǁĂůŬƐ ŽĨ ůŝĨĞ ĂŶĚ ďĞĞŶ ĂďůĞ ƚŽ ĚĞǀĞůŽƉ Ăůů ŽĨ ŵLJ ŝŶƚĞƌĞƐƚƐ ƚŚĂŶŬƐ ƚŽ ƚŚĞ ǀĂƐƚ ŽƉƉŽƌƚƵŶŝƟĞƐ ƚŚĂƚ ĂƌĞ ŵĂĚĞ ĂǀĂŝůĂďůĞ ƚŽ ŵĞ͘ dŚĞ ďĂůĂŶĐĞ dĂŶŐůŝŶ ŚĂƐ ŐŝǀĞŶ ŵĞ ŚĂƐ ŚĞůƉĞĚ ƚŽ ŽƉĞŶ ŵĂŶLJ ĚŽŽƌƐ ĨŽƌ ŵLJ ĨƵƚƵƌĞ ĂŶĚ ŚĂƐ ŐŝǀĞŶ ŵĞ ƚŚĞ ĚĞƐŝƌĞ ƚŽ ŬĞĞƉ ĂĐŚŝĞǀŝŶŐ ĂŶĚ ŵĂŬŝŶŐ Ă ĚŝīĞƌĞŶĐĞ ŝŶ ƚŚĞ ĐŽŵŵƵŶŝƟĞƐ / ďĞĐŽŵĞ Ă ƉĂƌƚ ŽĨ͘͟ ^ŝŵŽŶĞ WĂŶŐ͕ ,ĞĂĚ 'ŝƌů͘

t: +65 6778 0771 e: ĂĚŵŝƐƐŝŽŶƐΛƩƐ͘ĞĚƵ͘ƐŐ w: ǁǁǁ͘ƩƐ͘ĞĚƵ͘ƐŐ a: ϵϱ WŽƌƚƐĚŽǁŶ ZŽĂĚ͕ ^ŝŶŐĂƉŽƌĞ ϭϯϵϮϵϵ dĂŶŐůŝŶ ŝƐ Ă ŶŽƚͲĨŽƌͲƉƌŽĮƚ ŽƌŐĂŶŝƐĂƟŽŶ ĂŶĚ ŝƐ ƌĞŐŝƐƚĞƌĞĚ ĂƐ ĂŶ ĞĚƵĐĂƟŽŶĂů ĐŚĂƌŝƚLJ͘

ƌŝƟƐŚͲďĂƐĞĚ ůĞĂƌŶŝŶŐ ǁŝƚŚ ĂŶ ŝŶƚĞƌŶĂƟŽŶĂů ƉĞƌƐƉĞĐƟǀĞ͘

Open-minded

Risk-takers

Communicators

Resilient Inquirers

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Sterling Members

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

SINGAPORE

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Feature

Scotland Referendum

By Andrew Naylor What does the result of the recent Scottish referendum for independence mean for businesses? he Scottish referendum was one of the most talked about political events in the UK for many years—it gained significant media coverage across the world, including here in Singapore. Many were amazed that the 307-year union— perhaps one of the most successful and stable in the world (Great Britain’s territorial integrity has endured throughout, and has not been subject to the internal revolutions, civil wars and the emergence of despots that have plagued many countries in the same period)—could come to an abrupt end.

T

In the run up to polling day, it was becoming clear that whatever the ultimate result, the independence referendum signalled a profound change for how the British Isles are governed. For many months the UK government and UK-wide political parties rested on the assumption that a ‘no’ vote was all but guaranteed. The ‘yes’ campaign had trailed in the polls since the campaign began unofficially two years ago, when David Cameron and Alex Salmond signed the Edinburgh Agreement that paved the

way for a referendum on independence.

Throughout most of the period, the independence movement was behind by 15–20%.

That changed two weeks before the referendum. Suddenly, the polls narrowed and at one time the ‘yes’ campaign was ahead. There were a few reasons for this. Salmond performed well in the second TV debate, the ‘yes’ campaign was much better run, and many traditional Labour Party voters started switching sides as the SNP played up their left-wing credentials. Suddenly, Westminster—and the rest of the world—was awake to a potential breakup of the United Kingdom.

Businesses—including many in the financial services industry—were worried; not necessarily about independence per se, but about the uncertainty that a vote for independence would bring.

There were many unanswered questions, such as an independent Scotland’s

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

monetary system and whether it would retain (or even regain) European Union membership and the unhindered access to the world’s largest single market that EU membership accords. Another big unanswered question was how markets would react in the event of a dissolution of the Union, and whether an independent Scotland could realistically support a financial services industry seven times its GDP. In the end, the ‘no’ campaign won by a reasonably comfortable margin. What is now clear, though, is that change is still on its way—not just for Scotland, but for the constitutional relationship that underpins the United Kingdom. The people of Scotland may not have voted for full independence, but 45% did and, as Salmond noted, the 55% that voted to remain part of the UK did so on the premise that much more power would be ceded to Scotland.

Implications for business and financial services Details of the new constitutional arrangement are still being hammered out, but we can expect Scotland to get greater fiscal powers, both to raise taxes (including corporate taxes) and spending.

There is also talk of the Scottish Executive being able to borrow more (to a limited extent) through financial markets.

The debate also awakened voters south of the border. Many in England are now calling for a reciprocal relationship, perhaps expressed through a new English Parliament. While the constitutional settlement is still being debated, it looks like the UK is moving towards a more federal system. Much will depend on the Smith Commission, reaction south of the border to Lord Smith of Kelvin’s recommendations, and the result of next year’s General Election. Whatever the result, businesses will need to prepare— for an uneven fiscal regime, for dealing with a greater number of perhaps conflicting institutions in the UK, and for developing a multi-country strategy when dealing with the UK.

Neverendum?

A big question now is whether we will

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Feature: Scotland Referendum

Facts & Figures t Final result: 55.3% No, 44.7% Yes t Turnout: 84.59%—one of the highest in the UK t Electorate: 4,283,392 t Only four out of 32 regions voted in favour of independence t Simple yes/no vote on the question: “Should Scotland be an independent country?”

see another referendum any time soon.

The SNP have conceded that another referendum is unlikely for at least another generation, perhaps even for a lifetime.

One of the main factors contributing to support for independence has been North Sea oil. This oil is running out, though; as it does, so too will the main economic rationale for independence. For some, this year’s referendum could perhaps be the last on Scottish independence for a century. So long as the reaction to the ultimate settlement hammered out by the Smith Commission is positive, another referendum on independence is off the table for many, many years to come.

Although the United Kingdom remains intact, businesses—including many in the financial services industry—will have to get used to a United Kingdom of semi-autonomous countries. No-longer will a one-size-fits-all approach to doing business in the UK suffice. Investors will have to develop much more localised business strategies. Many already do so, but those that don’t will have to get used to a new system of governance in the UK and its member-countries.

About the Author Andrew Naylor is a member of the British Chamber of Commerce’s financial services business group. He is an executive director of Cicero Group, a global corporate communications, research

and government relations agency. He comments regularly on political and economic developments for Channel NewsAsia, BBC World, Sky News and CNBC.

London - Brussels - W ashington - Singapore

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In Focus

In Focus: Peter Huber The CEO of Zurich Life Singapore speaks with Vipanchi about the company’s development in the Lion City. He also believes in bringing “emotions” back into the insurance industry.

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

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In Focus: Peter Huber

You joined Zurich Life Singapore (ZLS) recently. What is in your to-do list as the CEO of a relatively new player in the Singapore market?

Let me begin with some background. We established ourselves here in 2006 as an Isle of Man branch. We had a Divided Market Segment licence, which catered to British expats traditionally. We have expanded that and have been a market leader since, and are quite happy with the growing market share as published in Life Insurance Association’s statistics.

In 2012, we established a local subsidiary to cater to the broader market here in Singapore. We currently focus on the unitlinked market, which is a savings product.

As the No. 3 player, we’ve carved out quite a nice position, considering we’re relatively new in the market.

I joined ZLS in Jul 2013. After a bit of internal restructuring, we decided to focus on three areas. Firstly, we want to be a player in the independent distribution market, which is focused on brokers, IFAs and banks. Secondly, we want to have an organisation structure that is fit for purpose, which means we have to constantly assess if we’re doing the right things to streamline the organisation. Last but not least, we need to instil a culture of competitiveness and focus on quality delivery rather than mass. We cannot be the biggest in Singapore—those days are over. We came too late into the market; that’s why we have to define a niche, and within that niche, we want to be the best.

From your point of view, what’s the insurance market like in Singapore?

What are some of the trends you’ve noticed?

Singapore is a relatively small market, but its purchasing power is quite high.

From that perspective, Singapore is a very attractive market. If you look at our average premium size, it is very high compared to Malaysia and Indonesia.

However, the industry is dominated by regulatory changes. To be fair, it is the regulators’ effort to bring more transparency to the business, and regulations do help close society’s protection gap—and it’s a growing gap.

People don’t have enough protection. Let’s take health, for example. When you retire, there might be a widening protection gap, hence the government and the MAS have to ask, “How can you make distribution better? How can you make it available to more people?” That’s the recent trend, and it will carry into next year.

You will also see a general convergence around regulations. Early next year, we will see the launch of a web aggregator, which is an MAS aggregator tool where all insurance companies will have to display their products and make it comparable to the public. This initiative empowers the consumer.

Do you think the industry is ready to empower the customers?

There are two answers to this.

We as insurers need to build the element of trust with the customers. Today, if you tell people you are selling insurance, everyone will just walk away—at least that’s the perception, right? I am very much of the belief that we have to bring emotions back to insurance. These days, it has become all about risk management and pushing back the customer, and I think we have to change that. Someone at Unilever recently told me that they even try to make the purchase of a shampoo an emotional experience. That’s

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

why I think it is about how we engage our consumers and empower them.

Secondly, we need to give some power back to the consumer. Today, it’s very much a one-way street: the insurer tells you how you can buy, where you can buy and when you can buy. Technology, on the other hand, is empowering the consumer.

We see this in other industries as well, and it will start for the insurance industry.

Crowdsourcing, for example, is where the consumer gets the power back. And it’s not just companies, either: you can take this all the way to the Arab Spring—a lot of it was fuelled by technology and how it empowered the people.

That’s why it is good to buy in to similar things that are applicable to insurance.

Technology is an important enabler or change agent for us. I think that’s going to be the norm over the next few years.

We are still far away from that, but I truly believe that those who will win are those who embrace technology earliest.

Speaking of change and embracing technology, how is ZLS adapting to fast-changing technology and social media?

Again, I think it’s up to us as insurance companies to adopt technology and introduce a congruent business model between consumers and distributors.

Early next year,we will see the launch of a web aggregator, which is an MAS aggregator tool where all insurance companies will have to display their products and make it comparable to the public.

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Our job is to focus on independent distribution and us as an insurer. And then there is a wider stakeholder audience, including the public, communities and regulators that you need to consider. Regulators are everywhere, and it’s getting tougher to do business. As a business leader, you need to anticipate these things; you need to have a radar all day and understand how you are going to adjust to it.

On this front, we recently launched an award-winning app called Zurich Community, which brings consumers, distributors and us together. In essence, we created our own Facebook. It currently has about 300 customers and some distributors participating. There, we run projects where we share ideas and ask for feedback and engage them

In Focus: Peter Huber

in discussions. It has been very successful and received an award, for which we are very proud.

This must be a huge step for a company with a long history. Was it easy to balance adopting new technologies and maintaining wellestablished practices?

Well, if you’re a 142-year-old business, it shows a lot about what you stand for.

The reason why we have been here for so long is because we have adapted to the times. However, at the core, there are a few things we shouldn’t change.

One of them is being conservative and making sure that whatever you do is not risking the company. We have seen so many companies disappear over time, even insurance companies and banks. If

you look at the financial crisis, Zurich wasn’t affected at all because we were so conservatively set up, and we understood what it means to run an insurance balance sheet. It’s dangerous if you forget the basics. So adaptation is key—but if you’ve survived so many years, you have shown a level of adaptation while maintaining some of the core values that you have. It becomes even more important in this society that, at the heart, you have some values that don’t change. Your mission can change, and your shortterm goals can change, but the purpose of what you are trying to do never changes.

My only mission is to run this company so that it keeps going forever. And every manager and employee needs

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to have the same mindset, because ultimately we are entering into a longterm contract with the consumers and cannot risk our reputation. Zurich has shown that, for 142 years, its success is not due to luck, but rather the sustainability, the values and the way we run a company.

that are able to deal with the level of fast learning. That’s one of the things we are currently debating.

What are your views on innovation and productivity?

One other point I think is very important is financial literacy, because financial literacy helps us to learn, grow and think about the steps that will help to drive a sustainable environment. In Singapore, we contribute significantly through our work in the Life Insurance Association.

Because our product is in the market for a very long time, we need to innovate. At the same time, we want to think about how we can engage our distributors and how the customer experience is going to look like in the future. We really need to be more like an Internet start-up, try and do small things and see how it goes and keep learning. For this, you need IT infrastructure, the people and systems

On a personal note, it’s about the passion for innovation and learning. That’s what I am trying to tell people: if you have that, you will win.

Speaking of literacy, do you mentor young professionals? What advice would you give to fresh graduates?

We have partnered with SMU. Five of

their students will be with us this quarter, and I will be giving them some guidance.

They are working on the sustainability of not just the insurance industry, but also the financial advisory industry. I am very curious to see what the results would be.

For fresh grads, I say, “Don’t stop learning.” Personally, I try to learn every day, and I have a curiosity that doesn’t block me from doing that.

Also, it’s important to be prepared to work hard. It doesn’t matter how gifted you are; those who work hard will ultimately succeed. If you’re not gifted but still work hard, you can still get somewhere. I think the basis of that is a good work ethic, which is why, in Singapore, you see this growth in such a short time.

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Special Feature

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UK: Decent Growth in an Uncertain World

By Ian Stewart Record employment and strong business investment are strengthening growth stemming from outside financial services and government spending. On the other hand, excesses in the housing market, weak exports, troubles in Europe, and a continuing drop in real consumer incomes make the outlook for next year modest at best. he standout feature for the United Kingdom in the last year has been the pace of activity. GDP has increased by 3.0% over the last year, making the United Kingdom one of the world’s fastest-growing developed economies.

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Activity is rebalancing away from finance and government. Output from the financial and insurance services sector, one of the supergrowth sectors of the boom years, is in its sixth year of decline. Government spending is growing more slowly than GDP as the drive to reduce the public sector deficit continues.

Over the course of the year, manufacturing output growth has outstripped activity in the wider economy. The construction sector, which suffered two deep recessions in the last six years, is expanding strongly, helped by a surge in house building. Employment has reached a record high, with unemployment back to levels last seen in 2008.

The United Kingdom’s fastest-growing sector

is professional and business services. This sector accounts for 11% of GDP (now more than manufacturing) and covers services provided to the other businesses, including law, accountancy, architecture, consulting, scientific research, and business support services. Output growth here has risen by a heady 9.1% in the last year.

During the recession, companies hunkered down, saving rather than investing or expanding, and became major providers of capital to the rest of the economy.

Investment plummeted, and the corporate sector financial surplus—a rough proxy for corporate saving—rose.

This is changing. In the last year, business investment rose by 10.6%. In a sign of growing confidence, the corporate sector financial surplus is shrinking. Corporates are prioritising expansion over strengthened balance sheets. A recovery in investment offers the prospect of more balanced and sustainable growth.

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Special Feature: UK: Decent growth in an Uncertain World

Summer jitters over Scotland’s independence referendum and geopolitical worries from Ukraine and the Middle East did not arrest the uptrend in corporate risk appetite. In September, a record 72% of CFOs in the Deloitte CFO Survey said that now was a good time to take greater risk—a seven-year high. For CFOs, the external negatives seem to have been offset by good news on the US and UK economies, plentiful liquidity, and a feeling that the policy environment in the United Kingdom is pretty benign.

renewed fears that the global economy is running out of steam. The International Monetary Fund now sees a 40% chance that the Euro area—the United Kingdom’s largest trading partner—will relapse into recession. This appears to be affecting sentiment already, with the British Chambers of Commerce ringing the alarm bell for the UK recovery after manufacturing firms reported the weakest export growth in almost two years in its quarterly economic survey.

Moreover, some of the United Kingdom’s familiar problems have re-surfaced. The housing market has shown signs of excess.

Productivity, or output per person, remains weak, as does the United Kingdom’s trade performance. Investment is way below its long-term levels, and consumer incomes are still falling. The government has been successful in cutting public spending, but tax receipts remain disappointingly weak as a result of weak income growth, and the deficit remains stubbornly wide.

With inflation likely to run below its target over the next 18 months, the Bank of England seems likely to aim for gradual increases in interest rates, probably from early 2015.

A slowdown in two of the world’s major emerging economies, Brazil and Russia, has further dampened spirits, while non-economic events such as the spread of Ebola, conflict in the Middle East, and continued fighting in Ukraine have added to the external uncertainties. These concerns have led to a global sell-off in equity markets, with the FTSE 100 falling to its lowest levels of the year in October.

This recovery is strong, but its sustainability will depend on how the United Kingdom deals with these challenges. Our expectation is that after a strong bounce in 2014 with the economy growing at around 3.0%, UK activity will decelerate modestly in 2015 to post growth of around 2.7%. Ultimately, however, much depends on how persistent and severe the slowdown in Europe is.

After a grim few years, the United Kingdom is outperforming expectations as well as its peers. Yet it is not all easy sailing, and the United Kingdom is not immune to

About the Author Ian Stewart is chief economist, Deloitte UK.

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Feature

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Trends: Health Foods

By U.K. Tina Understanding the growing Health Foods market and how to maximise what it has to offer.

Market Trends & Opportunities Food safety concerns There have been increasing concerns about food safety issues globally as food scare incidents continue to be reported. For instance, in 2012, horse meat was found in meatballs sold by Swedish furniture maker, IKEA. It was also revealed then that Nongshim Instant Noodles contained cancer-causing substances in their soup powder. Such incidents increase food safety concerns and fuels the shift towards premium products that are safe for consumption.

Change of population demographics Singapore’s educated and mostly middle class population is ageing rapidly. It comprises educated and well-informed individuals who have access to global news and lifestyles. They are discerning in their choices and seek the best deals with good value. They are willing to trade up for premium products when these products are perceived as beneďŹ cial to them. This can be attributed to the increased sophistication of the population and shift in taste.

Faced-paced & stressful lifestyles With a demanding and stressful working culture, the people are less hesitant to reward themselves with premium foods that provide them with a convenient way to look after their health and body image.

Healthier Choice Symbol The symbol was introduced by the government in 2009 to encourage people to make more informed decisions and thus have healthier diets. As a result, people will have an extensive range of healthier variants, such as products with

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Feature: Trends: Health Foods

reduced fat, sugar and sodium. More importantly, it was reported that 70% of consumers use this logo to assist them in making healthier food choices.

Increased expenditure on children’s nutrition In recent years, due to recurring low birth rates, where local residents prefer to conceive only after attaining certain markers of adulthood, such as a stable career and home ownership, an increasing number of parents are capable and insistent on purchasing products of top quality. They are increasingly demanding for organic, low-calorie and reduced-sugar packaged food and beverages.

Blurred line between Naturally Healthy foods and organic foods As manufacturers of organic foods have yet to successfully entrench the benefits of organic options in consumers’ minds, most people don’t see a clear distinction between the benefits of NH Foods and organic foods, and perceive them to be on par. NH Foods continue to outstrip sales of organic food due to the high price of organic foods.

Rising number of premium supermarkets in suburbs More luxury malls are set to open, in line with the Government’s decentralisation strategy to transform suburbs into regional centres.

Thus, premium retailers have better access to suburban Singapore consumers, who are just as wealthy and sophisticated as those living in the city centre.

Do you have a product that may be of interest for the consumers in the Singapore market? Contact Tina at tina@britcham. org.sg to find out more about what works or to identify potential clients.

Maximise the Potential Leverage on the market information available Identify where you fit in. Is your health product able to meet consumers’ desires? You might like to contact us to find out more.

Leverage on Singapore’s IT-savviness Apart from traditional media channels, Singapore’s population is largely informed through social media. Internet penetration in Singapore is significantly above the

global average at 73% (from wearesocial.sg).

Social media penetration is also significantly above the global average at 59%. In fact, Internet users in Singapore view social network sites 3.1 billion times every month!

Leverage on Singapore’s increasingly sophisticated growing middle class Members of the growing middle class are educated and IT-savvy. They are wellinformed, capable and willing to purchase premium products so long as these products provide substantial benefits. Younger consumers (below 40) tend to follow trends and pick up information through social media reviews as well as word-of-mouth recommendations. By effectively engaging consumers through social media, you will be able to tap into the market through costeffective means.

More luxury malls are set to open, in line with the Government’s decentralisation strategy to transform suburbs into regional centres. Thus, premium retailers have better access to suburban Singapore consumers, who are just as wealthy and sophisticated as those living in the city centre.

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Leverage on Singapore’s International Agreements 20 Regional & Bilateral Free Trade Agreements/Economic Partnership Agreements (FTAs/EPAs), 74 Double Taxation Agreements (DTAs) and 41 Investment Guarantee Agreements (IGAs). With FTAs, Singapore-based exporters and investors stand to enjoy benefits such as tariff concessions, preferential access to certain sectors, faster entry into markets and Intellectual Property (IP) protection.

Leverage on Singapore’s status as a world-class logistics hub Systems are secure and reliable. Moreover, Singapore has many world-class facilities and experts who will be able to provide you with top advisory services. Singapore has Zero GST Warehouses, which are highly beneficial when importing/exporting into and from

Singapore. Singapore has a wide spectrum of professional services that can help you to outsource easily.

experience working with international companies and a wealth of knowledge on import/export laws and logistical issues.

Leverage on Singapore’s multiracial and multinational society This population mix is ideal for conducting market research and testing the APAC market. Companies such as Unilever and P&G use Singapore as a base to access a wide range of nationalities and race types for their market research at one go. Singapore is reputed as product and services test bed prior to launching products in the rest of Asia. Singapore is positioned as a link between the West and Asia.

Leverage on Singapore’s campaigns to promote healthy living Singapore’s Health Promotion Board has been actively championing healthy lifestyle and diet. They have a slew of initiatives (including the Healthier Choice Symbol) and campaigns to raise awareness of healthy eating throughout the nation.

This healthier food strategy is one of the key initiatives under the Healthy Living Master Plan, announced in Apr 2014. To achieve this, a host of partners, including restaurant chains, food courts, caterers and ingredient suppliers, have all come on board to make healthier eating easy, affordable and more rewarding for everyone.

Leverage on Singapore’s reliable distributors, which have access to the APAC Market Many distributors have

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Feature

The Role of the CFO on the Modern Board

By Gillian Lees The CFO is more than just the top executive in charge of the company’s pursestrings. Learn the four key tasks and relationships a modern CFO needs to master.

he role of the modern board is challenging. Not only have boards come under greater scrutiny following the global financial crisis, but they are faced with greater complexity and uncertainty than ever before.

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Stakeholders are also expecting more from organisations and the boards that oversee them. They want greater transparency and, with the advent of social media, there are no hiding places. Therefore, those who govern companies need to work hard to achieve and retain trust, which is something I call “transparency with conviction.”

It is no longer sufficient for boards to tick the boxes in order to comply with corporate governance codes. Instead, they need to

provide an effective overview of the company’s strategy, performance and risk by having a thorough understanding of the business.

information, the job of a CFO is to clear the air and influence better decisions. I see the role of the CFO in terms of tasks and relationships. Allow me to explain:

Alongside this, boards need to set the right tone from the top and demonstrate the right ethical behaviours for the business, all while ferociously guarding organisational reputation.

The four key tasks of the CFO 1.

Financial Security Ultimately, the CFO must ensure that the organisation is financially secure by guaranteeing financial stability in the short-term while working through longer-term issues.

2.

Compliance & Control The second key responsibility is to ensure that wider business controls remain fit for purpose as the organisation evolves.

The role of the CFO The CFO is the guardian of the integrity and rigour of both financial and non-financial management information. On top of that, he or she has to help others understand how different parts of the organisation can come together to create value. And since most boards are usually drowning in

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be reinforced by the right behaviours, training, development and tone from the top.

3.

4.

Strategic Direction The CFO needs to provide the organisation with a strategic direction by understanding the business model within the context of the external environment. In short, CFOs need to reflect on the wider context in which their organisation operates.

Building Capability The CFO must lead the finance

About the Author Gillian Lees is Head of Research and Development, CIMA

community within the organisation and build capability for the future.

The four key relationships of the CFO 1.

Head of HR for finance Leadership from the top and people selection are fundamentals of an organisation. This underpins all four of the key tasks. They must

2.

The CEO/CFO relationship The CFO plays an important role in providing checks and balances to the CEO. A key competency is to choose the right battles and where to make the most impact in a challenging yet constructive way.

3.

Management team member The CFO works with peers and helps the CEO drive the agenda of the organisation.

4.

Executive director of the company Key aspects of this role involve informing the agendas for the audit committee and providing an alternative view from the CEO’s on how the organisation is doing.

For a CFO to make good use of board time, he or she must focus on the key issues and manage board expectations. The CFO should also capitalise on opportunities for informal conversation. For example, dinners the night before the board meeting can be valuable for leveraging the diverse talents of the nonexecutive directors by getting them to talk about their skills and experience. The CFO should also think carefully about presenting what the board needs to hear, which doesn’t necessarily mean using a 40-slide deck.

Utilising technology effectively, such as video conferencing, can also ensure that all board members can remotely attend meetings.

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Advertorial

The Penny Black: The World’s First Adhesive Postage Stamp

By Eric Chua, Head of Investment, Stanley Gibbons Singapore

Find out why this old postage stamp still holds such fascination for modern investors.

ast month, I introduced the concept of and the ease with which one can start an investment in rare stamps and coins. This month I am writing about the world’s first adhesive postal stamp: the Penny Black.

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Issued on 6 May 1840, the Penny Black is the world’s most iconic stamp and every collector wants to own one. Our most recent experience of this was at the International Stamp Exhibition in Melbourne, Australia. We took a wide selection of Penny Blacks with us to display on our stand. And guess what …

WE SOLD OUT! But, here’s the interesting fact …

None of the buyers collected British stamps, yet they still wanted a Penny Black.

Historic prices Today a fine used example Penny Black is worth £350, up from £160 in 1999. This equates to an average compound annual growth rate (CAGR) of 5.8%. During the same 14 years, Penny Blacks used on envelopes (covers) have increased in value from £275 to £700, an average CAGR of 6.9%.

A mint example is worth £12,000 today, up from £3,000 in 1999, which equates to an average CAGR of 10.4%. And finally, exceptional rarities such as blocks of multiple unused Penny Blacks have shown the highest growth, up 460% during the past 14 years,

equal to an average CAGR of 13.1%.

Exceptional rarities generally belong to the “philatelic connoisseur” and become part of award winning collections. Philatelic gems such as the one pictured: an item that used to belong to Mr Bill Gross, the co-founder of PIMCO. It last sold for £350,000 when Mr Gross sold his collection of rare British stamps amassed for US$2.5 million over the course of 10 years for US$10.5 million at auction in 2007 and is currently valued at £480,000.

Based on these performances, I recommend investors to include a Penny Black in their portfolio; simply because it is one the safest investments among rare stamps, possibly in the world.

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The Bull Points The key reasons I remain bullish on the prospects of Penny Blacks are: 1. The Penny Black will always hold the title of being the world’s first postage stamp. It is the most coveted stamp in the world.

2. It is the most liquid stamp in the world.

As a result of the consistent demand for Penny Blacks, it is easy to sell one quickly.

3. Interest from China remains strong. With a reported 20 million collectors in China, even a modest interest in Penny Blacks from those collectors could literally take all available Penny Blacks to the Far East.

4. The emergence of the Internet for online auctions and the ability to bid in live room auctions online has resulted in an increase in sales of Penny Blacks to buyers outside of the UK. 5. Buying quality examples remains challenging (especially for unused Penny Blacks with original gum).

In my opinion, the current market price of Penny Blacks does not reflect two market dynamics we have experienced for many years: Mint Penny Blacks in the right quality rarely become available in the market and every time we get one, we sell it immediately.

Own the world’s first postage stamp today Whatever one’s budget, every serious investor should consider rare stamps and coins as an anchor of wealth preservation and for diversification purposes. And, every investor should include at least one Penny Black item in their portfolio. Fine quality used examples start at £350 as mentioned above, whereas top quality unique rarities can sell for as much as £1 million.

One can invest anywhere within this range.

We, at Stanley Gibbons, can cater for any investment level, subject to supply.

About the Author Eric Chua is Head of investments for Stanley Gibbons (SEA) Pte Ltd in Singapore.

Backed by a specialist team comprising some of the world’s most well-respected philatelists and numismatists, Stanley Gibbons (est. 1856)

as well as its subsidiary A.H. Baldwin & Sons (est. 1872) bring expertise in relation to investment in rare stamps, coins and other premium collectibles to the Asian Market.

Storage (in Singapore Freeport) and insurance are free of charge when investing with

Stanley Gibbons, there are no management fees during the holding period, exit options are contractually documented from the outset and a lifetime guarantee of authenticity is issued for everything that is included in investment portfolios

THE KING WHO SOLD HIS QUEEN SO HE COULD MARRY HIS MISTRESS. King Carol II of Romania was exiled in 1940.

He left in a train laden with Royal Treasure: paintings by Titian, Rubens, Rembrandt, plus jewels and even the ceremonial armour. And of course, his prized stamp collection. % 2E^M ½ RERGIH HIEXL WUYEH ½ VIH SR XLI 6S]EP 8VEMR FYX JEMPIH XS WXST MX 8LI /MRK ERH LMW QMWXVIWW PE] SR XLI ž SSV ERH IWGETIH MRNYV] JVSQ XLI FYPPIXW Later, when exiled in Mexico, he sold part of his famous stamp collection to raise funds for his marriage to his QMWXVIWW %QSRK XLIQ [EW XLMW ½ RI I\EQTPI SJ E ³JVEQI MRZIVXIH´ IVVSV 5YIIR :MGXSVME´W WXEXYI MW XLI VMKLX [E] YT FYX LIV REQI ERH XLI VIWX SJ XLI WXEQT´W JVEQI MW YTWMHI HS[R Unsurprisingly, given its pedigree, the investment performance is very strong.

An example of this stamp sold at auction for ÂŁ19,000 in 2005; the most recent example sold in 2012 for ÂŁ30,000.

8LEX´W E VMWI SJ MR NYWX ]IEVW A paper by Elroy Dimson (London Business School and Cambridge Judge Business School) and Christophe 7TEIRNIVW ,)' 4EVMW WLS[IH XLEX PEWX GIRXYV] &VMXMWL WXEQTW VIGSVHIH ER ERRYEPMWIH KVS[XL SJ outperforming bonds and even gold*.

Although past performance does not necessarily give a guide for the future, rare stamps can offer you a store of wealth unlike many other investments.

And, as King Carol II knew, the right stamps can make you money.

INVEST IN HISTORY sginvest.sg/mistress Call the dedicated Singapore Investment Manager, Eric Chua, for more information: 6438 4381 The value of your investment can go down as well as up and you may get back less than you put in. Stamps and certain other collectibles are not designated investments for the purposes of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and as such are not subject to regulation by the Financial Conduct Authority (FCA) or otherwise. *Elroy Dimson and Christophe Spaenjers, “Ex post: The investment performance of collectible stamps�, Journal of Financial Economics, Volume 100, issue 2, May 2011, pages 443–458. Prices quoted are as sold where stated. Auction prices exclude any premiums. Please note: Past performance does not necessarily give a guide for the future.

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Feature

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Three Simple Steps to Becoming a Powerful Writer

By Neil Stoneham Persuasive writing is an incredibly important and influential skill in business. Isn’t it time to supercharge the way you write?

n the digital age, we produce and consume a vast amount of words.

Whether you are writing sales documents or pithy statements on social media, words are the oxygen of our business.

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Words inspire clients to buy from us. They can lift the spirit and motivate a team. Words can even compel your audience to take action.

You’d think, then, that the ability to produce the kind of writing that commands attention would be highly valued. Yet, judging by the poorly written e-mails and jargon-filled websites that plague the world of commerce, it seems like anything but.

Companies that prize the written word reap the benefits—just take a look at Apple. They

began to dominate the market not just by creating products that people wanted, but also by communicating their message in a powerful, user-friendly way.

Gone were the baffling technical jargons. Instead, phrases such as “Think Different” and “Simplicity in the ultimate sophistication” won hearts and minds, and made people feel comfortable using new gadgets such as the iPhone or iPad.

Some of this is intuitive, but the psychology of persuasion is uppermost in any good copywriter’s mind.

Compelling copy doesn’t simply happen by accident. It is drafted, redrafted and then redrafted some more, until the copy is finely tuned and ready to beguile its audience.

While the means to communicate have evolved, the way our brains respond to information remains much the same.

The science of writing Most of the copy you see in major advertising campaigns are written by professional copywriters. These are the people who spend a lot of time thinking about which words to use in the right order so as to persuade customers.

Back in the 1960s, Father of Advertising David Ogilvy wrote this: “At 60 miles an hour, the loudest noise in this new Rolls-Royce comes from the electric clock.”

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Feature: Three Simple Steps to Becoming a Powerful Writer

writing stronger. It also increases the likelihood of you achieving the results that you want.

It is a clever copy, and it sells the quality of the engine by focusing on a fairly trivial feature.

The best part is that it shows but doesn’t tell.

2.

Yes, you can The good news is that anyone with the ability to construct a sentence can develop effective writing skills. Often, it is simply a case of changing your approach.

Here are three simple steps you can take to become a more powerful writer: 1.

Define your purpose A lot of writing is badly constructed because it hasn’t been properly thought through. Being clear about your objective(s) before you write and doing the necessary research will make your

About the Author Neil Stoneham is director of Voxtree Ltd—a copywriting and training company based in the UK. He has written for many global companies and creative agencies, as well as international publications such as the Bangkok Post

Keep it simple Professional people often believe they must write in a business voice in order to impress. The result is a mess of clichés and platitudes—lots of phrases such as “customerfocused solutions” and “innovative opportunities to leverage.” Instead, you should aim for clarity, which results in less confusion and more sales. From the humble e-mail to the latest annual report, cutting out the jargon, the repetition and the tired empty business rhetoric will make you stand out.

and Weekly Telegraph. In addition, Neil provides training throughout Asia on the art of writing effectively in business.

E-mail: neil@voxtree.com

3.

Make it colourful Adding colour to your writing draws attention and keeps your audience engaged. For example, instead of writing, “A few techniques to minimise the shortcomings in writing designed to persuade,” I could write, “Six simple secrets that will make your writing utterly irresistible— guaranteed.” People love to read about benefits, and if anything is “guaranteed,” they immediately have more confidence in it.

Of course, there’s much more to becoming an effective writer than these points. But any time invested in brushing up your writing skills is certainly well worth the effort.

Invest for your little genius Good quality education is a priority for every parent. Almost half a million dollars is needed for education and that's just the cost for one child.

At Standard Life, we are here to make it easier. With our Regular Savings Plan Wealth, you can save towards different financial goals, with varying time horizons in a single savings plan. Without having to worry about fees and charges on multiple plans. We make savings simple and flexible for you so that you can focus on what's important in life.

Find out more online at bit.ly/invest in your little genius

Standard Life International Limited (Singapore Branch) is the Singapore branch of Standard Life International Limited and is registered in Singapore (T12FC0118K) at 30 Cecil Street, #26-00 The Prudential Tower, Singapore 049712. Authorised and regulated by the Monetary Authority of Singapore as a direct life insurer. Standard Life International Limited is a company registered in Ireland (number 408507) at 90 St Stephen’s Green, Dublin 2. Standard Life International Limited is authorised and regulated by the Central Bank of Ireland. www.standardlife.sg 0914SG1149 V1 ©2014 Standard Life, images reproduced under licence

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Advertorial

Living in World’s Most Expensive City: Rising Costs of Living Throw Responsible ,_WH[YPH[L :H]PUN 6ă JV\YZL The rising cost of living appears to be outpacing expat salary growth in Singapore, the world’s most expensive city. This is impacting expats’ ability to save responsibly for future. In a Standard Life survey of expatriates, 90% of respondents prioritise lifestyle over retirement savings and savings for children’s education, while 47% of respondents feel nervous about their retirement financial situation, finding it hard to save due to more immediate commitments. tandard Life’s second survey for expatriates in Singapore found that the rising cost of living in the Lion City, recently named the world’s most expensive city to live in 2014 by the Economist Intelligence Unit, is impacting the savings habits and priorities of British and European expatriates here.

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The survey studied the saving, spending and investment habits and priorities of British and European expatriates living in Singapore, and how they are planning for their future.

Standard Life, a leading long-term savings and investments company, opened its office in Singapore in Oct 2012 and offers retail investors flexible international savings products for those looking to grow their savings over the medium to long term.

The rising cost of living impacts expatriate savers’ ability to exercise prudence in financial planning as more of monthly outgoings are dedicated to maintaining current lifestyle

choices. It appears to be outpacing expat salary growth in Singapore, with 50% of respondents saying that they do not feel their salary matches the cost of living in Singapore, even though 80% earn more and 70% save more than they did before moving here.

Nearly half of this year’s respondents set aside less than 10% of monthly income towards long-term savings, such as for retirement planning. Compared with findings from Standard Life’s inaugural expatriate survey last year, this means that there is close to a 10% year-on-year decline in the number of respondents who make an effort to save regularly, with only 54% of this year’s respondents falling into this category against last year’s 62%.

Consistent with last year’s findings and despite the escalating cost of living in Singapore, lifestyle is still the main savings priority for most. Showing a 10% increase from last year, 88% of expatriates surveyed

this year put 20% of their monthly income towards holiday expenditure and 20% of monthly income towards short-term savings for lifestyle. This demonstrates how the anxiety expressed by nearly 50% of respondents regarding their long-term financial situation surprisingly does not appear to translate into direct action.

Neal Armstrong, Chief Executive Officer of Standard Life Singapore, commented, “At first glance, the results of our survey have revealed to us an interesting dichotomy for expat savers in Singapore. A greater number of savers are earning and saving more in Singapore than they did before coming here, but the increase in earning power and disposable income coupled with greater saving potential have unexpectedly been offset by the rising cost of living. From our point of view, although easily overlooked, this makes smart financial planning even more important, particularly as those living for today are anxious for what tomorrow might have in store.”

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Expats were divided between saving for retirement and saving for family commitments; few were confident of doing both.

Continuing a trend seen in last year’s survey findings, those who do save more place retirement and property purchase above family commitments. More than 50% of respondents prioritise savings for pension/ retirement and property over children’s education or marriage/starting a family.

Conversely, those who do prioritise saving for family commitments over retirement are nervous about their retirement financial situation. In fact, 47% of respondents feel

About Standard Life At Standard Life, we’re in the business of helping build a more prosperous world. We’re dedicated to making sure that everything we do helps our customers to save and invest for their future, our

industry to improve and our society to progress.

These things have been important to us since we were established in Edinburgh in 1825.

Since then, we’ve also been growing globally.

nervous about their retirement financial situation as they have not saved up to a desired level, have not set up a proper retirement plan or find it hard to save due to other commitments, such as raising a family.

Neal Armstrong added, “It is of concern that many of the expatriates we reached out to through this survey view balancing financing family commitments and retirement planning as mutually exclusive.

One of the main benefits of early, prudent financial planning is that you can do both!

There are many opportunities available, and seeking financial planning advice

Today, the Standard Life group employs around 8,500 people internationally—through businesses in the UK, Europe, North America and Asia.

early in working life will help many lighten the burden of saving, helping them to afford their desired standards of living comfortably both now and in retirement.”

He concluded, “This has been once again an insightful study for Standard Life as it enables us to better understand the top saving priorities of the expatriate community in Singapore, which makes up one of our largest customer segments in the region. As we approach our third year in Singapore, these findings will allow us to further develop suitable investment and saving solutions to best serve their financial planning needs.”

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Advertorial

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stablishing and running a small business is both challenging and exciting. The empowerment gives a feeling of tremendous freedom and control over one’s destiny, tempered by the reality that the buck really does stop with you!

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In Singapore, the business is run by Steve Settle, the Regional Director for Asia.

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Contact details: steve.settle@cfocentre.com.sg +65 9776 0969 www.cfocentre.com.sg

for the same thing, namely to spend more of their time doing the things they enjoy doing the most and are best at; the things they envisaged doing when they first set up the business!

Consequently, our main objective is to take away or prevent the problems of their finance department in a systematic and proactive way, and build the company infrastructure to underpin long-term stability, enabling the business to scale.”

Most SMEs probably do not need nor can they afford a full-time CFO to improve business efficiency, focus on key business drivers and manage risk.

The inputs from a part-time CFO can be invaluable, and can even save a business from bankruptcy, or if looking to sell the business, significantly improve the cash multiple.

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British High Commission

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Old Ties, New Links, More Opportunities

By Grace Fu & Hugo Swire MP The British High Commission in Singapore files this report on President Tony Tan Keng Yam’s recent State Visit to the UK, which marks the next chapter in the story of the deep ties between these two countries. n the eve of President Tony Tan Keng Yam’s State Visit to the UK, The Straits Times noted in an article on 20 Oct 2014, titled When the Merlion Sups with the British Lion, that it would be “an opportunity for both sides to reflect on their long relationship” and to “celebrate the ever-evolving dynamics of an old relationship that started with the arrival of Sir Stamford Raffles in 1819.”

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The programme, put together by our officials and their colleagues in the Royal Household and the Istana, focused on the shared heritage of our two countries, developed over almost two centuries since Raffles landed in Singapore. The fact that President Tan stopped by Sir Stamford Raffles’ statue in Westminster Abbey was a nod to that history, as was his lunch at Lloyd’s of London, built on the site of the old East India Company, Raffles’ employer.

Both President Tan and Her Majesty the Queen also paid tribute to the depth of our friendship and the importance of our ties in their speeches at the State Banquet, which we both attended. More importantly, both of them addressed the key question of what our countries can achieve together in the future.

> Photo: Today Online

And that is what the State Visit was all about. While it certainly helped to highlight the deep reservoir of affection and goodwill that President Tan mentioned on more than one occasion, it also underlined the broad themes of our future collaborations.

We announced a new Innovation and Research Partnership (IRP), signed by the two Prime Ministers. The IRP builds upon the UK-Singapore Partners in Science programme, through which over 50 joint workshops have been organised. Other important collaborations include the Cambridge Centre for Carbon Reduction in Chemical Technology, a partnership between the University of Cambridge, National University of Singapore and Nanyang Technological University (NTU), as well as the Lee Kong Chian School of Medicine, a partnership between Imperial College and NTU. The new IRP takes our cooperation to a new level, thus allowing research and technology to translate into jobs and prosperity in both countries. Also announced were the new Commonwealth Scholarships in Innovation for Singaporeans to study in the UK, to be managed through a revived Royal Commonwealth Society of Singapore.

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British High Commission: Old Ties, New Links, More Opportunities

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Photo: Getty Images

Many of our companies and academics also took part in the ‘Innovating Together in the 21st Century’ seminar during the State Visit. They shared best practices and explored opportunities to do more in areas such as healthcare and cityplanning alongside President Tan, his accompanying Ministers and British Trade Minister Lord Livingston. Two separate workshops, on ‘Science of Learning’ and ‘Future Cities,’ were also held during the State Visit. Our colleagues attended the latter workshop, along with the Minister of State for National Development and Minister of State for Defence Dr Mohamad Maliki Bin Osman and Minister for Cities Greg Clark.

Many other collaboration opportunities were discussed as well. For example, both countries will be stepping up the efforts to work on cyber security, making sure that our businesses and vital services are

Prime Minister David Cameron and President Tan also discussed how we can do more to tackle the threat posed by Islamic State (IS), including exchanging experiences in de-radicalisation and rehabilitation programmes. Health issues were also on the table, as President Tan shared Singapore’s experience in tackling SARS and how it can be translated to deal with Ebola and other pandemic health risks. Lastly, they explored how best to maximise the opportunities offered to our companies by the expeditious ratification of the EU-Singapore Free Trade Agreement.

the UK, an important element to our future relationship. President Tan met around 200 students out of the more than 6,000 who currently study at Bristol University and Imperial College. At Aardman Animations in Bristol, President Tan heard about how two friends, freshly graduated from school, created a hugely successful creative business and how they are currently entering a partnership with the British Council to deliver English language training through a pilot site in Singapore starting next January. Later at Kew Gardens, he commemorated their ties with Singapore, which dates back to the mid-19th century, and heard about their plans to enhance the ties between Kew and the Singapore Botanic Gardens (SBG), including supporting SBG’s bid for UNESCO World Heritage Status.

The visit illustrated the extensive peopleto-people ties between Singapore and

A number of other areas remain of great importance, including our roles

protected from new threats. Also, looking ahead to several crucial meetings in 2015, we will also be working together on climate change.

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That marks the beginning of the next important chapter in the story of the deep and enduring partnership between our countries.

as members of the Commonwealth, and our defence cooperation, both at the bilateral level and through the Five Power Defence Arrangements, whose most recent exercise concluded in Singapore during the State Visit. The exercise not only involved Typhoon fighter jets from the Royal Air Force, which were deployed alongside air and naval forces from Singapore, Australia, Malaysia and New Zealand, land forces from all five member-nations also worked together for the first time.

Although the State Visit is now over, we are sure that it will live in the memory

About the Authors Grace Fu 2nd Minister for Foreign Affairs, Singapore Hugo Swire MP Minister of State, Foreign and Commonwealth Office, United Kingdom This article was published in The Straits Times on 31 October 2014

for all who took part and witnessed the evident warmth between the countries. The visit came on the eve of Singapore’s 50th anniversary of independence in 2015. President Tan invited Her Majesty the Queen or her representative to attend those celebrations, and there will surely be many opportunities for the UK to celebrate this important milestone for Singapore. That, together with the State Visit, marks the beginning of the next important chapter in the story of the deep and enduring partnership between our countries.

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UK Trade & Investment

UK-Singapore Innovating Together for the st 21 Century

By Judith Slater On the occasion of the State Visit by Singapore’s President Tony Tan Keng Yam to the UK, the UK-ASEAN Business Council (UKABC) teamed up with the British High Commission in Singapore’s UKTI and Science & Innovation teams and Singapore’s National Research Foundation on 22 October to deliver the ‘UK-Singapore Innovating Together for the 21st Century’ event at the Royal Society.

ttended by over 100 businessmen, policy makers and scientists from the UK and Singapore, the event both celebrated the strength of the ongoing collaboration between the two countries and looked ahead to a bright future, implementing the Innovation and Research Partnership (IRP), launched the same day at No 10 by UK Prime Minister David Cameron and President Tan.

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Welcoming the IRP, Trade Minister Lord Livingston, who opened the event said “this partnership will help the joined-up approach between our two countries

to thrive”, and called on participants to “delve deeper, share ideas and meet new collaborators”. He said “innovation and reinvention...[are] at the heart of the Singapore story”, and he highlighted the “synergies between the UK and Singapore as outward-looking, open economies and gateways to our respective regions of Europe and Asia”.

Singaporean Minister in the Prime Minister’s Office, Grace Fu said her country offered a warm welcome to UK businesses large and small who wished to do business in and with Singapore, the natural gateway to

South East Asia. She echoed Lord Livingston in welcoming the EU-Singapore Free Trade Agreement, concluded earlier in the week.

Jonathan Asherson, ASEAN and Pacific Regional Director of Rolls Royce, Lily Chan, CEO of NUS Enterprise at the National University of Singapore and Geoff Mulgan, CEO of the UK’s National Endowment for Science, Technology and the Arts (NESTA) also spoke at the Plenary, chaired by UKTI SE Asia Regional Director, Judith Slater.

Mr Asherson described Rolls Royce’s holistic approach to innovation as part of their long-

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UK-Singapore Innovation & Research Partnership The United Kingdom and Singapore share common aims of using research and innovation to enhance competitiveness and generate prosperity. Our governments, companies and universities have long standing collaborations focused on creating knowledge and boosting the education and skills of future generations.

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Singapore and the United Kingdom sit at the crossroads of global flows of knowledge and trade, providing access to the best talent and opportunities in our respective regions. Our partnership is underpinned by the strength of our bilateral collaboration in research and innovation activities. We are also working together to address wider challenges, particularly barriers to development in South-East Asia.

Lord Livingston and Grace Fu (fifth and sixth from left) with panellists and representatives of UK businesses succeeding in Singapore

standing collaboration with A*Star and other Singaporean government agencies.

Ms Chan spoke of NUS Enterprise’s establishment of an innovative culture throughout NUS and Singapore’s ongoing work to develop an ecosystem which enabled and encouraged innovative companies to spring up and flourish. She referred to their learnings from Cambridge and Tech City in the UK and also local infrastructure such as Block 71 and its upcoming neighbouring buildings which were ideal for start-ups.

Geoff Mulgan described NESTA’s burgeoning work overseas and efforts to ensure government interventions nurtured innovation and got as many people involved as possible, through inducements such as the recently revived Longitude Prize.

Two afternoon seminars attracted outstanding panels. The “Smart Nation” panel consisted of Professor Bertil Anderson - President, Nanyang Technological University (NTU); Professor Low Teck Seng - CEO, National Research Foundation of Singapore; Steve Leonard,

The UK–Singapore Partners in Science initiative, launched in 2004, encouraged joint work on a wide range of scientific topics and has delivered real benefits to both countries. Ten years on we expand our commitment by broadening the partnership to include innovation and the wider research agenda.

The successful application of knowledge and research to drive the development and exploitation of ideas will mean that our countries can continue to respond to challenges and changes, increasing competiveness and improving standards of living.

This is a genuine partnership in which both countries will contribute and benefit through a range of approaches such as: t

Shared learning through exchange and mobility of students, researchers, entrepreneurs and policymakers;

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UK Trade & Investment: UK-Singapore Innovating Together for the 21st Century

Co-ordination, joint funding and shared access for research and development activities and infrastructure; Joint challenge and prize initiatives, testbeds and support for early stage innovative companies.

Executive Vice-Chair, Infocomm Development Authority of Singapore; Professor Dame Wendy Hall, University of Southampton and Director of the Web Science Institute; and Neil Crockett - CEO, Connected Digital Economy Catapult. The discussion ranged across the various aspects of building a truly smart nation, from developing a regulatory structure that creates public confidence in how their data is shared and used, to the ways in which improvements to infrastructure can respond to the challenge of ageing societies.

A clear link was the way in which the UK and Singapore are hubs for their respective regions, and could collaborate to test and deploy solutions for wider markets.

The “Reinventing Healthcare” panel comprised Ben Seet, Executive Director , Biomedical Sciences Research Council, A*STAR; Professor Ragna Krishnan, Dean, Duke-NUS Medical School; Sir Roy Anderson, Professor of Infectious Disease Epidemiology, Imperial College; and Polly Wilson, Lead Technologist, InnovateUK. The session explored some of the many common challenges our two ageing populations faced, and how to work with the rise of patient lobby groups pressuring for earlier trials of new drugs for dementia and other conditions.

UK panellists described the UK’s ongoing issues with antimicrobial resistance, and their Singapore colleagues explained Singapore’s approach to public health and how that

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Implementation of the partnership will be co-ordinated by the National Research Foundation in Singapore and the Department of Business, Innovation and Skills in the United Kingdom. A working group will be formed including representatives from companies and universities with progress reviewed at Permanent Secretary level as necessary.

President Tan being welcomed by Lord Livingston

differed from the UK’s. The panel also discussed the international response to Ebola, including whether there was read-across to how Asia/Singapore handled SARS (although the two diseases are very different). They also debated the ethical and legal issues raised by seeking to deploy vaccines quicker than normal in crises.

The closing plenary was chaired by the Royal Society’s CEO, Dr Julie Maxton. Addressing the plenary, Martin Donnelly, Permanent Secretary of BIS, welcomed both the signing of the IRP and the continuing broader bilateral collaboration under the auspices of the UK-Singapore Economic and Business

A clear link was the way in which the UK and Singapore are hubs for their respective regions, and how the two can collaborate to test and deploy solutions for wider markets.

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Rolls-Royce in Singapore Foundation, Prime Minister’s Office, Singapore.

– In addition, our Advanced Technology Centre (ATC) at our Seletar Campus is an important part of the Group’s investment in developing advanced technologies to support core business areas. The ATC focuses on four key fields of research: materials support technology, computational engineering, electrical power and control systems, and manufacturing technology.

Rolls-Royce is working closely with Singapore’s top universities and government agencies to conduct research, to find new ways to apply that research in manufacturing processes and to train workers for employment in advanced manufacturing. t

Research & Technology: – As part of its global Research & Technology acquisition activities, Rolls-Royce is engaged with local research partners in Singapore including A*STAR (Agency for Science, Technology and Research), NTU (Nanyang Technological University) and NUS (National University of Singapore).

– In May 2012, Rolls-Royce signed a MOU with A*STAR’s SIMTech (Singapore Institute of Manufacturing Technology) and NTU along with industry leaders to establish the Advanced Remanufacturing & Technology Centre (ARTC) of Singapore. This ARTC is scheduled to be opened in January 2015.

– In July 2013, Rolls-Royce signed an agreement with NTU to establish the Rolls-Royce@NTU Corporate Lab at a joint investment of S$75 million between NTU, RollsRoyce and the National Research

Partnership, signed in 2011 by Business Secretary Vince Cable and Singapore’s Trade Minister Lim Hng Kiang. Sir John O’Reilly, Prof Low and Ben Seet agreed on the importance of both government and academicinstitution- built frameworks for collaboration and their funding, as well as more spontaneous and free-flowing exchange. The

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Training and Development: – Rolls-Royce has been working with Singapore’s National Trade Union Congress’ e2i (Employment and Employability Institute) and the Singapore Workforce Development Agency to develop specialist training and qualifications to support the aerospace and marine industry as it continues to develop in the region.

– The Group also participates in the EDB’s Training and Attachment Programme (TAP), which aims to help companies develop manpower capabilities and prepare for growth.

The Rolls-Royce Seletar Campus at Seletar Aerospace Park is a testament to our commitment to Singapore. The Campus significantly increases Rolls-Royce

IRP would add to the existing architecture and facilitate creativity.

Prior to the event, President Tan met the keynote speakers and also representatives from a selection of UK businesses with recent success stories in Singapore, as follows: Nick Lamb Vice Chairman of architects

About the Author Judith Slater Deputy High Commissioner and SE Asia Regional Director of Trade & Investment

manufacturing capacity, and provides greater proximity to the Group’s growing customer base in the Asia Pacific region.

Built on a 154,000 sqm site, we employ over 700 people on site, 90% of who are Singaporeans or PR, bringing innovative high value manufacturing techniques to Singapore.

Our Wide Chord Fan Blade manufacturing facility (WCFB) is the Group’s first facility outside the UK to manufacture hollow titanium WCFBs, a unique technology which has played a key role in the success of the Trent aero engine family. At full capacity, this facility will produce over 7,600 fan blades per year.

Our Seletar Assembly and Test Unit (SATU) assembles and tests Trent 900 and more recently the Trent 1000 engines. It is the Group’s first in Asia and is designed to allow simultaneous assembly and testing of large Trent aero engines under one roof.

At full capacity the facility will produce up to 250 engines per year.

We are pleased to say that the Seletar Campus has come full circle as we prepare to launch and produce a Trent 1000 engine Made in Singapore for Singapore’s very own low cost carrier, Scoot.

Benoy; Gary McIlraith, CEO of Netnames, protectors of brands through technology; Julie Flanagan , MD of Eleisha Training Ltd, who deliver outsourced learning online; and Daryl Arnold, CEO of Singaporean company Newton Circus, who have tied up with Appello, UK to provide mobile and smart home assisted living technologies.

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Britain in South East Asia News

Think Beyond the Killing Fields Lord (David) Puttnam, the UK Prime Minister’s Trade Envoy to Cambodia, was on an official two-day visit to the capital, Phnom Penh.

i he British Chamber of Commerce in Cambodia (BritCham) was excited to be involved in what was an interesting and packed agenda for Lord Puttnam during his second visit to Cambodia this year. Highlights of his trip include:

experts from Ogilvy and Brand Union were present to provide advice to the local brands.

Lord Puttnam urged the audience to “think beyond the Killing Fields” and to recognise Cambodia as an “exciting, successful and creative country”

‘Stand Out’ Branding Seminar

CSR Forum for Responsible Business

Hosted by the British Embassy, UK Trade & Investment (UKTI) and the Ministry of Commerce, BritCham’s own ED moderated this exciting session, aimed at helping Cambodian brands to compete internationally.

Organised by the ASEAN Corporate Social Responsibility (CSR) Network and supported by the British Embassy and UKTI, BritCham was a proud partner of the first forum for Responsible Business in Cambodia. As keynote speaker, Lord Puttnam stressed the importance of developing and sustaining human capital in this context. The UK was once again at the forefront of the

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The UK is recognised as being a world leader in the creative industry. As such, UK brand

conversation, with British manufacturing company Dewhirst sharing best practices with an audience of close to 400.

BritCham Evening Reception with Lord Puttnam BritCham members were given the opportunity to meet Lord Puttnam in a close encounter. Our hosts for the evening, Hong Kong Land, provided an intimate setting where members heard from Lord Puttnam on his visit so far and his reflections on his role as UK Trade Envoy.

For more information on the visit, please visit our website www.britchamcambodia.org

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Business Services News

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Business Services Update

By Jennifer Hainsworth

n 20 and 21 Oct 2014, the Business Services team supported one of our UK customers at the Asia’s Customer festival. The festival brought together six shows: Loyalty World, Big Data World, OMNI Channel World, Engagement World, CRM World and Experience World. Over the two days, participants were able to hear speakers discuss a range of topics and putting customer service at the heart of everything businesses do. For more information, or if you would like to participate in the show next year, please contact jennifer@britcham.org.sg

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In the second week of November, I participated in the seventh UKTI Explore Export. It is an event that tours the United

Kingdom to provide British companies with export advice and insight into global business opportunities.

picked up in the UK local press. I was featured in an article in the Yorkshire Post, which coincided with my visit to Harrogate.

This year, 130 UKTI Commercial Officers and British Chamber of Commerce representatives from 80 countries visited 10 cities across the UK.

Edinburgh: Monday 10 Nov 2014

In total, I visited six cities and saw 48 British companies.

The week kicked off at Edinburgh’s Murrayfield Stadium. Each market adviser had a programme of one-to-one meetings with Scottish companies. The advisers provided information on direct routes to market and new commercial opportunities.

In advance of the tour, commercial officers were asked to participate in the Explore Export selfie challenge on Twitter. This drove a lot of traffic to the whole UKTI and Chamber network, and several markets had their stories

Companies attending the event were also given the opportunity to attend four breakout seminars: ‘Export Finance,’ ‘Developing Your Products and Services for International Markets,’ ‘E-commerce: Reach New Markets

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Business Services News

by Selling Online,’ and ‘Safeguarding Your Intellectual Assets.’

Newcastle: Tuesday 11 Nov 2014 On Tuesday, the groups were based in Newcastle at the racecourse for another intensive day of one-to-one meetings with companies. There was a great deal of interest in Asia, particularly Singapore, from companies in the North East, and many had already begun to win business in the ASEAN region. The North East is the only UK region with a positive trade gap and currently exports in excess of £11.5 billion in goods and services annually.

Harrogate: Wednesday 12 Nov 2014 Enthusiasm for doing business in South East Asia increased as the week progressed.

Wednesday brought a full programme for Singapore, with many companies staying behind to meet me at the end of the day.

Alongside the one-to-one programme with market advisors, UKTI Yorkshire ran a small exhibition zone where companies could meet with selected intermediary organisations that were able to assist them with their exporting requirements.

East Midlands: Thursday 13 Nov 2014 On Thursday, the tour was based at Radisson Blu near East Midlands Airport. Without the backdrop of theatres and racecourses, it was visible just how many markets were participating in the tour and the volume of companies that were exploring their export potential. One advisor likened it to sitting his ‘A’ levels with rows and rows of desks as far as the eye could see.

The number of companies with physical products increased significantly, and this was one of the interesting distinctions in this region. The East Midlands has the UK’s highest proportion of employees in manufacturing, with exports rising to £21.3 billion in 2013 (up from £18.3 billion in the previous 12 months).

There was also a much bigger range of sectors seeking to do business in Singapore.

Sheffield & Doncaster: Friday 14 Nov 2014 On Friday, I worked with ITA Neil Brown to visit four companies in Sheffield and Doncaster. It is always valuable to see a company in its own surroundings as it helps us to have a much deeper understanding of its business so we

can tailor the most appropriate support. It was refreshing to see how much regeneration had gone into the cities of Sheffield and Doncaster, and the result was two really dynamic innovative start-ups, a growing family-run SME and one of Sheffield’s oldest companies.

One of the companies I visited was Chimo Sheffield (Mfg) Ltd, a premier British manufacturer blending traditional Sheffield craftsmanship with modern technology to produce an impressive range of the finest quality cutlery, gallery trays, silver and giftware and promotional merchandise, sold all over the world. I had the opportunity to witness first-hand a range of silver tableware being handcrafted. Chris Hudson, the Team principal, spoke to me about his plans for Singapore and his current challenges in the UK, particularly with regards to apprentices, so that he could continue the craft into the future. Chris had some constructive suggestions that he was putting to Nick Clegg, his MP, later that day.

We will be welcoming Chris to Singapore as part of a Trade mission from SYITF in December.

The second company we visited was a dynamic tech-based spinoff from Sheffield and Cranfield universities that uses technology to support the motor insurance industry. It was interesting to learn how technology was used to map behaviours and improve safety on the roads.

Next, we went across the city to visit a young but progressive marketing firm that has grown quickly to support a number of other

Sheffield-based start-ups. Their innovative creative approach was apparent as soon as we arrived, and it was nice to see examples of the work they had done for other British brands, including creative cake packaging and beer labelling. They even managed to make an accountant look cool! It was also great to see that they had fully embraced children in need, and there was a full superhero (this year’s theme) exercise challenge taking place in the lobby.

Finally, the tour concluded with a trip to Doncaster to visit a family-owned construction firm specialising in ambient acoustic systems that have been used in the Bank of England, Bulgari Hotel Knightsbridge, Heston Blumenthal’s ‘Dinner’ Restaurant, British Medical Association and Hilton Metropole, Marble Arch. The firms are now working with Jenny to explore opportunities for their product and skills in Singapore.

The Business Services team has also been meeting with many members this month to explain more about business services, our role and our plans for next year. Many of you have already helped us to support UK companies coming into Singapore, and we look forward to working with more of our members over the coming months. We are also pleased to see so many of you regularly contributing to the knowledge bank. If you haven’t yet met the team but would like to learn more about how we could work with you to support UK exporters, please give us a call at 65 6222 3552, or pop into our new office to see us!

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At the Chamber: Business Group News

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Property & Construction Group Chairperson: Richard Warburton —EC Harris Singapore Pte Ltd s is customary at the end of the year, we reflect upon the last 12 months and begin to assess what’s on the horizon. Looking back at 2014, I believe one really positive development was the formation of the Asian Infrastructure Investment Bank (AIIB). This new institution, initiated by China and supported by many other countries, including Singapore, has been specifically set up to provide support for infrastructure projects across the region.

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Since the signing of the MOU by 21 countries, much has already been written about where the AIIB will operate compared to other bodies, such as the Asian Development Bank and the World Bank. While a valid point, it overlooks a more fundamental issue: the volume of investment required to build, improve or maintain infrastructure

across Asia massively exceeds what any one organisation can support alone, so more help is undoubtedly required.

Thirty years ago, Singapore, Hong Kong, South Korea and Taiwan were beneficiaries of funding from multilateral development banks to improve their infrastructure base; they subsequently emerged as the highgrowth ‘tiger’ economies of Asia.

Similar potential exists in many other countries across the region, and the challenge for them will now come in making their projects attractive to funds like the AIIB, which will not be short of suitors. In that respect, recent ARCADIS research offers some positive news for Southeast Asia, with Malaysia scoring highly in terms of its attractiveness to inward investment, while both the Philippines and Indonesia have made

significant improvements in the last two years.

By supporting China in this initiative, Singapore is positioning itself as a supporter of regional development.

By exporting its core skills in legal, financial, architectural, construction and strategy expertise, Singapore will contribute greatly to major infrastructure programmes. All things considered, the future looks brighter for infrastructure in 2015, with an enhanced focus on the development of infrastructure as the backbone of a country’s economic development.

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At the Chamber

BritCham New Members Sterling Lloyds Banking Group Ralph Andrew Scott

Corporate Plus AAM Advisory Ian Duncan Black ISS International School Ken Lee

Corporate Representative (Voting) Smith & Nephew Antony Brian Rayment IPP Financial Advisers Pte Ltd Ian James Pryor Grant Thornton Advisory Mark Buchan Enermech Pte Ltd David Peter Drysdale Ryan Nigel Leslie Mellor

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Corporate SME

Overseas Corporate

Dryad Maritime (Singapore) Pte. Ltd Mark Thomas

Criticaleye (Asia) Ltd Michael Crompton

MeD8 Pte Ltd Dana Bachar Grossman

GGV Ltd (Gandhi Global Ventures Ltd) Raj Gandhi

Poseidon Research Pte Ltd Velisarios Kattoulas

Bovill Limited Billie-Jo Dixon

Wentworth People Pte Ltd Anna Tan

Ian Henery Solicitors Limited Irene Michelle Yoong-Henery

Medra Capital Pte Ltd James Green

Loughborough University Ian Herbert

Shoretech Pte Ltd Vijay Kumar Pillay

Finance Accreditation Agency Amat Taap Bin Manshor

Olmec Search Pte Ltd Gary Smith The Bank Bar Pte Ltd Steven Peh

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At the Chamber: Sterling News British Airways brought the finest in British design and culture to Singapore last night as the airline hosted an exclusive event to celebrate the launch of its new Airbus A380 service on the Singapore to London route at the SkyPark in Marina Bay Sands.

The event was graced by distinguished guests, including the British High Commissioner to Singapore Antony Phillipson, leading British physicist Professor Brian Cox, and special guests from Singapore’s aviation, travel, business, entertainment and hospitality industries.

The launch was also marked by the presence of Hollywood superstar Gwyneth Paltrow, who was in Singapore for a one-of-a-kind photo shoot in Marina Bay Sands’ famous infinity pool.

Robert Williams, Regional General Manager, South East Asia, said, “Today marks another milestone in our long and proud tradition of connecting Singapore and London—two truly global hubs. For more than 80 years, this city state has been an important part of British Airways’ worldwide network, connecting Europe with Southeast Asia and Australia.”

Classic soft-rock living legend Leo Sayer will ring in 2015 with a one-night-only concert in Singapore on Saturday, 17 Jan, showcasing his 40 years of success at the top of the charts.

With more than 20 Top 10 singles and five Top 10 albums in his celebrated career, this Grammy Award-winning artiste has seen his career evolve through the decades across different music genres.

Catch him belt out familiar smash hits, including ‘More Than I Can Say,’ ‘You Make Me Feel Like Dancing,’ ‘The Show Must Go On’ and ‘I Can’t Stop Loving You.’ Tickets for the Singapore concert are now on sale at SISTIC, priced between S$100 and S$250. The British Theatre Playhouse will be having a charity gala, with tickets priced at S$500 each for VIP seating and an after-show party. A portion (30%) of the charity gala ticket sale proceeds will be donated to the Breast Cancer Foundation.

ASEAN Economic Community (AEC) Survey results Out of the 100 C-level respondents for Deloitte Southeast Asia’s AEC Survey, 62% feel that the AEC measures introduced to date have limited or no impact on their business. The survey sought the opinions on how the integration can affect their business.

As a group, most feel that the AEC will provide incremental opportunity and will make Southeast Asia a more compelling investment destination—granting access to new and bigger markets as well as lowering costs. Equally, most are of the view that there will be winners and there will certainly be losers from increased competition. Although that is a widely held view, the state of understanding and readiness is low: only 20% of businesses have made plans in anticipation of the AEC. The full report, The ABC of AEC: To 2015 and Beyond, can be found at www.deloitte.com

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Lloyds Banking Group has announced that Singapore will become its Asian hub for its Commercial Banking activities. The Singapore office will serve as a gateway for Commercial Banking’s UK clients operating in Asia and Australia, and for Asian and Australian companies that operate and invest in the UK. Andrew Bester, CEO, Commercial Banking commented, “The UK has a long tradition of trading with Asian nations; ensuring that our UK corporate and financial institution clients can be supported in Asia and Australia will help them to fulfil their growth aspirations, as well as help secure investment into the UK from Singapore and across Asia.”

Lloyds Bank Commercial Banking offers a broad range of products that spans import and export trade finance, structured and asset finance, securitisation facilities and capital market funding. Commercial Banking clients range from privately owned firms to multinational corporations and financial institutions.

The Commercial Banking office in Singapore is headed by Stephen Skulley. http://www.lloydsbank-commercialbanking.com/

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At the Chamber: Sterling News Zurich Life Insurance launches its first multi-currency protection plan Zurich Life Singapore launched its first multi-currency protection plan, Zurich ProtectPrestige (ZPP), in July. This innovative protection plan addresses a clear gap in the market for flexible life insurance solutions for internationally mobile customers.

ZPP was developed using research and feedback from Zurich’s distributors and existing customers through its online tool, Z Community (ZCom), which offers an ongoing and iterative exchange between the Community members and Zurich. The findings highlight the need for international coverage and protection versatility in Singapore, particularly among business travellers, expatriates as well as affluent and emerging affluent segments. Listening to the customers’ needs, Zurich has included features such as the ability to maintain the policy from any location as well as the option to pay premiums in multiple currencies and via credit cards.

To find out more about ZPP, visit zurich.com.sg

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At the Chamber: Corporate News

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

The HMRC tax return online deadline is fast approaching.

If you’ve been too busy to get your form in, time is running out and you’ve only got until midnight on 31 Jan to finish your tax return online. If you don’t get it done, you’ll be hit with a £100 penalty.

The AAM UK Tax Return Service gives you peace of mind in managing your UK tax affairs.

Our fees are fixed with no hidden extras, and 100% of any refund obtained is paid to you by HMRC. BritCham members receive a 20% discount.

For more information contact: wealthsolutions@aam-advisory.com

Small and medium sized enterprises (SMEs) around the world have seen confidence levels rise and economic outlook improve drastically in the 12 months to mid-2014, according to findings from ACCA (the Association of Chartered Certified Accountants) and IMA® (Institute of Management Accountants) in their second Global SME Performance Review.

After lagging behind the wider economy in 2012 and early 2013, SMEs are now experiencing the benefits, with both business confidence and economic outlook improving dramatically.

The report Back in the Game noted that government policy has continued to play both an enabling and an inhibiting role.

More at http://www.accaglobal.com/

Rentokil Initial Singapore Pte Ltd is privileged to have been awarded the prestigious Business and Consumer Superbrands status, bringing with it recognition of our consumers’ trust and confidence towards our brand. The accolade is extended to brands that fulfil stringent evaluation criteria, and marks an achievement in our reputation as the leading pest management and hygiene solutions provider in Singapore. We are committed to delivering service excellence and product innovation to our customers and businesses locally.

Following the hugely positive reaction to this year’s Channel 4 television documentary about the brand, Rolls-Royce Motor Cars has decided to engage directly with fans new and old in a series of free live exhibitions called ‘Inside Rolls-Royce’ presented by Rolls-Royce Motor Cars.

Appropriately for this most popular of great British brands, the first of these exhibitions will open in London on Thursday 13 Nov at Saatchi Gallery on London’s King’s Road and will remain open for just four days. It will then go on tour, visiting major cities around the world throughout 2015.

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At the Chamber: Corporate News BritCham Members: treat yourself or gift an SC card, and enjoy an exclusive 10% off or a complimentary bottle of bubbly worth $90 Benefits of SC Membership: s

30% off at more than 50 top restaurants—including alcohol & guests, sets & brunches— every day

s

Complimentary & VIP invites every week to the city’s most sought-after private events

SC can be used for personal and corporate dining & entertainment; members make back their fee within three to four card uses.

We are happy to count many BritCham community among our Members; references available! www.survivalchic.com or i@survivalchic.com

We are a Singapore-based content and communications company offering editorial, design, digital and a range of publishing services to companies around the world.

Working across platforms and with multi-lingual skills, we will develop the right solution for your specific communications and content requirements. Talk to us.

WWW.NOVUSASIA.COM Telephone +65 6223 7149

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The Insight Bureau in October congratulated Graeme Maxton on becoming the next elected Secretary-General of The Club of Rome. An economist, writer and widely acclaimed author of The End of Progress: How Modern Economics has Failed Us, Graeme has been a regular speaker in Singapore, including some British Chamber forums over the past few years.

He is The Insight Bureau’s most sought-after speaker. “This is really great news for Graeme, who feels passionately about driving the Club of Rome’s agenda and influencing people to be more aware of the limits to global growth,” said Andrew Vine, Founder & CEO of The Insight Bureau. “Graeme tackles all the challenging economic, environmental and social issues we’d probably prefer not to talk about, yet absolutely need to—and with some urgency!”

BG Group announces the appointment of Helge Lund as Chief Executive and as an Executive Director with effect from 2 Mar 2015.

Helge is currently the Chief Executive Officer of Statoil, a $77 billion international energy company operating in 36 countries. Over the past 10 years, Helge has led the transformation of the business into one of the world’s leading oil and gas companies.

His decision to step down from Statoil to join BG Group was announced recently.

Diageo wins prestigious gender diversity awards Diageo, a global leader in beverage alcohol, was announced as the winner of the ‘Large Corporate’ category at the prestigious Breaking the Mould Awards, held at The Institute of Directors, Pall Mall. It was recognised for the success of its diversity and leadership programmes globally, beating off competition from other large multinational companies in the financial and engineering sectors. Diageo impressed the judging panel with its original and rigorously monitored programmes, which have been implemented to boost the numbers of senior women executives at the company.

Annual global EY survey finds organisations are still unprepared for inevitable cyber attacks s

More than a third (37%) of organisations have no real-time insight on cyber risks, lacking agility, budget and skills to combat rising cybercrime

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One vulnerability to cybercrime was revealed as careless or unaware employees, while another threat was the theft of financial information

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Organisations need to be in a constant state of readiness, anticipating where new threats may arise

For further information please visit www.ey.com/sg

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At the Chamber: 4LTILYZ» 6MMLYZ

4LTILYZ» Offers

;V ÄUK V\[ TVYL HIV\[ V\Y TLTILYZ» VăLYZ ]PZP[ V\Y ^LIZP[L \UKLY 4LTILYZOPW % 4LTILYZ 6ăLYZ

20% off AAM Tax Return Service

AAM Pension Review Service Special Offer

10% off airfare on British Airways

10% off show tickets to Leo Sayer Live in Singapore

10% off Leo Sayer Charity Gala Tickets at $500 each

10% off ISO certification, training services and purchase of standards

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15% off British Club lifetime memberships

10% off all public courses

10% off Medical Insurance Plan

10% off facilities and services

10% off The Accelerated Development Program

5% off electrical & 10% off furniture

15% off Effective Cross-Cultural Communication workshop

15% off full-service outsourcing of payroll

Stay 3 Pay 2 Nights for one Four-Bedroom Pool Villa

Special Discount for FT ASEAN Economic Summit

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7YLZPKLU[»Z *OHSSLUNL 2014 3 Oct 2014 This year, the British Chamber of Commerce once again worked with the Social Enterprise Association to organise the 2014 President’s Challenge Social Enterprise Corporate Networking Event.

The event took place at the Grand Copthorne Hotel on 3 Oct and was co-hosted by the Ministry of Social and Family Development. More than 80 people attended the event, including local companies, international companies and representatives from social enterprises.

The aim of the event was to encourage corporate support for social enterprises, showcase successful examples of social enterprise-corporate partnerships and facilitate new partnerships.

President Tony Tan was the Guest of Honour and gave the opening speech.

Representatives from Ben & Jerry’s, Uniqlo, Banyan Tree and Olswang LLP were also present. During the panel, they shared experiences on social enterprise work and provided tips for other organisations to get involved. Kevin Teo from Asian Venture Philanthropic Network was also present to provide an overview on how companies can move towards corporate citizenship.

After the main presentations, the attendees met a number of social enterprises during a networking session, including Bettr Barista, Crossings Café, Ecosoftt, Ground-up Initiative, Make The Change, Playeum, Playmoolah, Silver Spring, Tagbio and Weekender.

For more information, please visit www.seassociation.sg.

Matthew Hunter, Associate, Olswang LLP, Singapore matthew.hunter@olswang.com

([ [OL *OHTILY! 7YLZPKLU[»Z *OHSSLUNL

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At the Chamber: 3LHKLYZ PU )\ZPULZZ 3\UJO

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The New Energy Future 26 Sep 2014

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At this lunch event, Neil Gilmour from Shell delivered an outlook for energy with the role of gas and highlighted some of Shell’s key projects in the region. The talk focused on one of Singapore’s current and future key industry sectors, as well as the advance in technology and new markets for what many view as the fuel of the century.

Neil Gilmour – Vice President Integrated Gas, Shell

The BritCham Breakfast Club PZ WYV\KS` ZWVUZVYLK I`!

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At the Chamber: Special Event

Making Connections in Global Business 10 Oct 2014

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In this brieďŹ ng, attendees learnt how to overcome cultural and language barriers and get tools to create a strategy for better global online communications. In addition, they learnt tips on how to use social media to target foreign clients and to optimise their company website for an international audience.

Neil Stoneham – Director, Voxtree

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At the Chamber: Breakfast Clubs

)LZ[ 7YHJ[PJL *YPZPZ Issues & Reputation Management 24 Sep 2014 During this event, attendees learnt where risks and reputation come from, and how organisations can predict, prevent and prepare for them. The speaker provided advice on how to devise issue-resolution strategies, respond to fast-moving crises, and recover reputation following a crisis.

> Andrew Griffin – Chief Executive, Regester Larkin

Fly Paperless with *SV\K -PUHUJL 25 Sep 2014 At this event, the speaker gave several examples of the problems some SMEs face, and how using a secure cloud-based finance system would help automate receipts and improve productivity.

> Namita Sethi – Managing Consultant (CPA Australia), FutureBooks

The BritCham Breakfast Club PZ WYV\KS` ZWVUZVYLK I`!

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At the Chamber: Breakfast Clubs

High Performing 9LNPVUHS 3LHKLYZ! What Gives Them [OL ,KNL& 9 Oct 2014 At this event, speakers shared case studies from the world’s leading companies on some innovative approaches to ensuring that their leaders have an edge.

Attendees gained access to some leadingedge thinking around organisation and leadership performance, and some insights on how to apply to their organisations.

> Margot Hennessy - Board Adviser, International Performance Consultant Jane Grafton - Mindfulness Coach

Global Corporate Compliance: Yes it Matters!

17 Oct 2014 In this event, Gerard Forlin spoke about international corporate global compliance and why it matters. The speaker drew on some recent examples and sectors.

> Gerard Forlin QC - Barrister, Cornerstone Barristers in London, Denman Chambers in Sydney and Maxwell Chambers in Singapore

The BritCham Breakfast Club PZ WYV\KS` ZWVUZVYLK I`!

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Scottish Business Group Networking Evening 9 Oct 2014 The Scottish Business Group had their informal networking session at The Highlander at Clarke Quay. Members and non-Members had the opportunity to learn more about the Scottish Business Group as well as network with one another.

At the Chamber: Evening Presentation/Networking

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At the Chamber: BritCham Events Review 2014

BritCham Events Review 2014 January

February

Thu, 16 Jan 2014 Breakfast Club: The Role of Standards to Drive Innovation for Business & Industry David Horlock - Managing Director, BSI Asia Pacific

Thu, 16 Jan 2014 Evening Presentation/Networking: Back to Work Networking Evening British Chamber of Commerce Thu, 6 Feb 2014 Annual Event: Sterling Members & Sponsors Acknowledgement Dinner British Chamber of Commerce

Tue, 11 Feb 2014 Breakfast Club: The Changing Corruption Landscape Dane Chamorro - Managing Director, South East Asia Corene Crossin - Director of Integrity Risk, Asia Pacific Wed, 22 Jan 2014 Evening Presentation/Networking: IT Security & Your Business Pierre Noel - Chief Security Officer and Advisor for Microsoft in Asia.

Fri, 24 Jan 2014 Breakfast Club: Excellence in Execution Robin Speculand - Chief Executive, Bridges Business Consultancy Int

Wed, 19 Feb 2014 BritCham Supported Event: The Future of Emerging Markets: Prospects for Global Economic Convergence Dr Yuwa Hedrick-Wong - Distinguished Visiting Professor of International Business, University of British Columbia, Global Economist & Business Strategist Andrew Vine - Founder and CEO, The Insight Bureau

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Thu, 20 Feb 2014 Evening Presentation/Networking: Challenging Climates: The Outlook for the Oil and Gas Industry in 2014 Ernst Meyer - Vice President & Regional Manager, DNV GL South East Asia, Oil & Gas

Fri, 21 Feb 2014 Breakfast Club: UK Property Hotspots Peter Grant - CEO/Founder, Grant Property Thu, 13 Mar 2014 Wed, 26 Feb 2014 YBC Mentor Series: UFIT Urban Fitness Pte Ltd James Forrester - Director, UFIT

Wed, 27 Feb 2014 Special Briefing: Reinvesting Your Experience to Grow Future Leaders Diane Varrin Eshleman - Managing Director & Chief Procurement Officer, Barclays Bank Plc

Breakfast Club: Talent Retention or Nailing Jelly to the Floor: Which Seems to be Harder?

Ray Bigger - Managing Director, Think8 - Productivity Architects

Thu, 13 Mar 2014 Evening Presentation/Networking: Scottish Business Group Networking Evening British Chamber of Commerce

Fri, 14 Mar 2014

March

Breakfast Club: Powerful Communication in the Global Market

Wed, 5 Mar 2014

Neil Stoneham - Director, Voxtree Ltd

Special Event: Managing Business Risks & Opportunities in the Asian Knowledge Economy Rt Hon David Willetts MP - UK Minister of State for Universities and Science; Mr Boon Swan Foo - Director, SingBridge Holdings Pte Ltd; Mr Chin Phei Chen - CEO, Sino-Singapore Guangzhou Knowledge City Investment & Development Co Ltd; Mr Sun Xiu Qing - Vice Chairman, Administrative Committee of Guangzhou Development District

Mon, 17 Mar 2014 Business Group Working Lunch: Getting & Staying Connected with LinkedIn Alvin Kan & Phillip Dunne - Relationship Managers with LinkedIn

Thu, 20 Mar 2014 Tue, 11 Mar 2014

Breakfast Club: The LNG Market

Breakfast Club: Financial Crime: See it First, See it Through

Ashley Wilkins - Deputy CEO & Head of Global Finance, Asia Pacific, Societe Generale

Tom Scampion – Partner, Deloitte UK Thu, 27 Mar 2014 Evening Presentation/Networking: New Members’s Evening British Chamber of Commerce

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At the Chamber: BritCham Events Review 2014

April

Fri, 4 Apr 2014 Business Group Working Lunch: Making Your Mark: How to Differentiate Yourself Ray Bigger - Managing Director, Think8 - Productivity Architects

Wed, 9 Apr 2014 Breakfast Club: Stumbling Giant: The Threats to China’s Future: Can Growth Continue?

Timothy Beardson - Author & Chairman of the China Oxford Scholarship Fund

Tue, 1 Apr 2014

Wed, 9 Apr 2014

YBC Mentor Series: Meet Sir Vernon Ellis

Evening Presentation/Networking: How Can You Make LinkedIn Work for You and Your Company in Singapore

Sir Vernon Ellis - Chair, British Council

Chris J Reed - CEO & Founder, Black Marketing

Wed, 2 Apr 2014

Thu, 10 Apr 2014

Evening Presentation/Networking: Scottish Business Group: Whisky Tasting Session

Breakfast Club: UK Budget Briefing & Capital Gains Tax Update

Matthew Fergusson-Stewart - Whisky Ambassador

Martin J Rimmer - Senior Tax Manager, The Fry Group

Wed, 2 Apr 2014

Thu, 10 Apr 2014

Networking: Apex Harmony Lodge Garden Build

Evening Presentation/Networking: ICT Exchange with FCCS and SiTF members

British Chamber of Commerce

British Chamber of Commerce Thu, 3 Apr 2014 Breakfast Club: How are Banking CEOs Priming Their Business for Market Transformation?

Antony Eldridge - APAC & Singapore FS Leader Karen Loon - Singapore Banking & Capital Markets Leader, PwC

Fri, 11 Apr 2014 Special Event: Evolution of the Gas Market in Asia Pacific: New Opportunities and Challenges Mr G Groslière, ExxonMobil Moderator: Mr H Virag-Lappas, StormHarbour Securities

Thu, 3 Apr 2014 Evening Presentation/Networking: Financial Services: Network After Work British Chamber of Commerce

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Tue, 29 Apr 2014 Special Event: Progressing to Leadership: The Power of Sponsorship Christine Lee - Financial Services Partner, Ernst & Young Winston Ngan - Partner & Head of Financial Services, Ernst & Young Moderator: Anne-Marie Balfe - Talent Leader Financial Services, Asia Pacific and Diversity & Inclusiveness Leader

May Fri, 17 Apr 2014 Wed, 7 May 2014 Special Event: Leadership Panel: Developing a Global Mindset: The Leadership Profile for Tomorrow?

Bettina Büchel - Professor of Strategy and Organisation, IMD Zsuzsanna Tungli - Founder & Managing Partner, Developing Global Leaders Asia Moderator: Charles Ross - Senior Editor, Asia Thought Leadership - The Economist

Tue, 22 Apr 2014 Networking: Afternoon Tea with UK Cards Payments and E-Commerce Specialists

Breakfast Club: Customer Experience: How to Survive in the 21st Century?

Margaret Manning - CEO, Reading Room Tom Voirol - Global Head of User Engagement, Reading Room

Wed, 7 May 2014 Special Event: Shakespeare in the Park: The Merchant of Venice British Chamber of Commerce

British Chamber of Commerce

Thu, 8 May 2014 Annual Event: Annual General Meeting Wed, 23 Apr 2014 Special Event: 60th Anniversary Celebration Evening British Chamber of Commerce

British Chamber of Commerce

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At the Chamber: BritCham Events Review 2014

Fri, 16 May 2014 Breakfast Club: Leadership in Asia Christian Kurt Nielsen - CEO/Regional Director, Mercuri Urval

Fri, 16 May 2014 Special Event: Moving to the Next Level: Rolls Royce in Asia

Tue, 20 May 2014 Breakfast Club: Innovation & Trends in Social Media Daniel Posavac - CEO, Bonsey Jayden

Wed, 28 May 2014 Evening Presentation/Networking: How to Harness the Internet of Things?

Craig Stires - Associate Vice President, IDC Asia/Pacific Research Group Thomas Jakob - Managing Director, Asia Pacific, Bosch Paul Wheeler - Managing Director, ASEAN Enterprise and Public Sector Sales, Cisco

Fri, 6 Jun 2014 Special Event: Re-live the Excitement of the 2003 Rugby World Cup with Ben Kay MBE Ben Kay MBE

Fri, 13 Jun 2014 Business Group Working Lunch: Singapore Customs: Avoiding Financial Penalties & Delays with Advance Export Declaration (AED) Neil Johnson - CEO, Mangrove Holdings

June Tue, 3 Jun 2014 Breakfast Club: Who is Thriving, Surviving and Diving in the Global Shipping Market

Tue, 17 Jun 2014 Breakfast Club: The World Cup: Leadership/Business Insights from a Premier/Football League Referee Ray Bigger - Managing Director, Think8 - Productivity Architects

Timothy Ross - Managing Director & Head of Asia Pacific Transport Research, Credit Suisse 18 Jun 2014 Thu, 5 Jun 2014

Leaders in Business Lunch: BBH: Building a Global Success Story in Just 30 years

Special Event: Fair Consideration Framework

Simon Sherwood - Chairman, BBH Group

Speakers from the Ministry of Manpower Mon, 23 Jun 2014 Breakfast Club: The Future for Gas in China Dr Philip Andrews-Speed - Principal Fellow, NUS Energy Studies Institute

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Tue, 24 Jun 2014

Thu, 31 Jul 2014

Special Event: Insights for the Business Owner in Going Public & Managing Currency Risks

YBC Networking: YBC Twilight Sail British Chamber of Commerce

Alun Branigan - Head of the Institutional Solutions Group, UBS Tan Teck Leng - FX Analyst, UBS

Thu, 26 Jun 2014

August

Evening Presentation/Networking: A PechaKucha Night – Curiosity: Discover the Merits of a Curious Mind at Work

Wed, 13 Aug 2014

Frazer Macdonald Hay - Director, The Glasgow School of Art; Stephen John Pimbley - Director, SPARK; Centre Stage School of the Arts; Graham Perkins - President, SGMUSO; Esther Lussier - Managing Director, Invisible Artists; Peter Hepenstall - Vice President, Global Real Estate and Resilience, Barclays; Steve Lawler - Managing Director, Kult; Andrew McGlinchey - Senior Product Manager, Google; Raymond Hoefer - Managing Director, BP

Terry O’Connor (OBE) – CEO, Courts Asia

July

Tue, 26 August 2014

Wed, 2 Jul 2014 Evening Presentation/Networking: Taste

YBC Mentor Series: An Evening with Terry O’Connor OBE

Mon, 25 Aug 2014 BritCham Business Tour: Rolls-Royce’s Factory in Seletar

Breakfast Club: The Energy Shift from West to East: Powering Asia Dr Janet Kong - Head of Market Analysis, Integrated Supply & Trading, BP

Ivan Brehm - Executive Head Chef, Bacchanalia

Thu, 3 Jul 2014 Breakfast Club: The Emotionally Intelligent Leader – Superhero or Not? Michael Jenkins - Chief Executive, Roffey Park

10 Jul 2014 Evening Presentation/Networking: Making the Emotional Connection with Your Clients Using Voice Biometrics Elizabeth Bell - Head of Global Service Centre, Wealth & Investment Management, Barclays

Thu, 28 August 2014 Special Event: 60th Anniversary Networking Evening

Wed, 30 Jul 2014 Evening Presentation/Networking: Technology in Marketing Simon Wood - Head, Branding and Advertising, Group Consumer Financial Services, OCBC Bank Prashant Agarwal - Director - Edge (Group Innovation), AIA Rob Findlay - Customer & Innovation Culture Lead, DBS Moderator: Chris J Reed - CEO & Founder, Black Marketing

British Chamber of Commerce

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At the Chamber: BritCham Events Review 2014

September

Wed, 17 Sep 2014

Tue, 2 Sep 2014

Special Event: Women & Men Senior Leaders: Similarities & Differences

Evening Presentation/Networking: Talent Battles

Mark Powell - Senior Coach, Praesta

Michael Wright - Head of Talent Acquisition APAC, Group M Simon Bradberry - Managing Director, APAC, Resource Solutions Aki Taha - Head of Asia Recruiting, Uber Jeff Rajeck - Digital Marketing and Analytics Director, Maachu Usman Sheikh - Managing Director, Identifi Tushar Tejuja - CEO & Founder, TechKnowledgey Pte Ltd

Wed, 3 Sep 2014 Evening Presentation/Networking: Connect with Regional Heads of British Chambers in ASEAN Region British Chamber of Commerce

Thu, 4 Sep 2014

Thu, 18 Sep 2014

YBC Networking Evening: Cocktail Making Masterclass with Luke Whearty of Oxwell & Co.

Annual Event: F1 Networking Evening

Luke Wherty - Mixologist, Oxwell & Co.

Bob Fearnley - Deputy Team Principal, Sahara Force India Geoff McGrath - Vice President, McLaren Applied Technologies Jennie Gow - BBC Radio 5 Live’s Formula One Reporter

Fri, 5 Sep 2014 Special Event: One-to-One Meetings with Regional Chamber Heads in BCCS Office Chris Wren - Executive Director, British Chamber of Commerce in Indonesia Karen Butterfield - Project Director, Overseas Business Network, British Chamber of Commerce in Indonesia Chris Broughton - General Manager, British Chamber of Commerce in the Philippines Greg Watkins - Executive Director, British Chamber of Commerce in Thailand

Tue, 9 Sep 2014 YBC Mentor Series: Panel Discussion Ang Shih Huei - CEO, Asia Partner, Bell Pottinger Martin South - CEO, Asia-Pacific Region, Marsh Inc Moderator: Hugo Walkinshaw - President, British Chamber of Commerce, Singapore

Tue, 23 Sep 2014 Special Event: LNG 50: A Celebration of the First Commercial Shipment of LNG British Chamber of Commerce

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Wed, 24 Sep 2014

Thu, 9 Oct 2014

Breakfast Club: Best Practice Crisis, Issues & Reputation Management

Breakfast Club: High Performing Regional Leaders: What Gives Them The Edge?

Andrew GrifďŹ n - Chief Executive, Regester Larkin

Margot Hennessy - Board Adviser, International Performance Consultant Jane Grafton - Mindfulness Coach

Thu, 25 Sep 2014 Breakfast Club: Fly Paperless with Cloud Finance

Thu, 9 Oct 2014

Namita Sethi - Managing Consultant (CPA Australia), FutureBooks

Evening Presentation/Networking: Scottish Business Group Networking Evening

Fri, 26 Sep 2014

British Chamber of Commerce

Leaders in Business Lunch: The New Energy Future Neil Gilmour - Vice President Development Integrated Gas, Shell

Fri, 10 Oct 2014 Special Event: Making Connections in Global Business

Tue, 30 Sep 2014

Neil Stoneham - Director, Voxtree

UKTI Philippine Delegation with BritCham Singapore British Chamber of Commerce

October

Fri, 17 Oct 2014 Breakfast Club: Global Corporate Compliance: Yes it Matters!

Gerard Forlin QC - Barrister, Cornerstone Barristers in London, Denman Chambers in Sydney and Maxwell Chambers in Singapore Wed, 1 Oct 2014 Annual Event: 15th Annual Business Awards Presentation & Gala Dinner Guest of Honour: Dr Vivian Balakrishnan - Minister for the Environment and Water Resources Keynote Speaker: Paul Polman - CEO, Unilever (Fast Moving Consumer Goods)

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At the Chamber: BritCham Events Review 2014

November

December Wed, 3 Dec 2014 Special Event: Breakfast in Support of International Day of People with Disability: Education, Employment & Empowerment Speakers from SG Enable, Riding for the Disabled, Running Hour and Bizlink

Thu, 4 Dec 2014 Breakfast Club: The Regulatory Challenges of 2015 for the Financial Services Industry Tue, 4 Nov 2014 Leaders in Business Lunch: The Rise of Creative Leadership Within the Fashion Industry Hilary Alexander OBE - British Journalist and Former Fashion Director of The Daily Telegraph

Thu, 6 Nov 2014 Evening Presentation/Networking: Financial Services Business Group Networking Evening British Chamber of Commerce

Frederic Bertholon-Lampiris – FSI Risk & Regulatory Advisory Services, Director, Teck Soon Thng - FSI Risk & Regulatory Advisory Services, Director, Manu Anand - Senior Manager and Radish Singh - Executive Director (all from Deloitte & Touche)

Sat, 6 Dec 2014 Annual Event: Celebrating 60 Years in Singapore: The Great BritCham Ball British Chamber of Commerce

Tue, 9 Dec 2014 Breakfast Club: RiskMap 2015

Wed, 26 Nov 2014 Annual Event: Annual Global Economic Briefing by Roman Scott Roman Scott - Chairman, The Calamander Group Inc.

Thu, 27 Nov 2014 Breakfast Club: Private Property Investments in Asia: The Markets and the Tax Considerations Ben Pickford - International Tax Director, Deloitte Southeast Asia Nick Holt - Asia Pacific Head of Research, Knight Frank Asia Pacific Pte Ltd

Fri, 28 Nov 2014 Leaders in Business Lunch: Leaders in Business Lunch with Boris Johnson Boris Johnson - Mayor of London

Richard Fenning - CEO, Control Risks

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Culture & Lifestyle

Music that Travelled Through Time‌ Grammy Award-winning singer Leo Sayer will be holding a one-nightonly concert here soon. Orient reviews his long career, which started back in the 1970s.

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Culture & Lifestyle: Music that Travelled Through Time…

L

country. Leo’s highly exportable talents also became evident as his popularity extended to Australia, where he performed for the first time in 1974.

His first music partnership started with promoter and songwriter David Courtney, which landed him in the pop genre right from his first album, Silverbird. The album was released in the UK and the US simultaneously; Leo even made an appearance on a BBC show. From then on, the entire industry became aware that a new star was born. The BBC then put Leo in Concert on TV and, by the time 1973 drew to a close, both the Melody Maker and The Sun newspaper (on the cover of its new year issue) proclaimed Leo as ‘The Star of ‘74.’

In the spring of 1976, Leo met Richard Perry in Los Angeles. Richard had a distinguished reputation in the US, having been a producer for Barbra Streisand, Harry Nilsson, Ringo Starr, Art Garfunkel and Diana Ross, among others. Richard produced the album that would prove to be Leo’s biggest success.

During this period, Leo wrote two songs for the album with New Yorker Barry Mann and created ‘You Make Me Feel Like Dancing,’ which came from a jam session in the studio. He completed the song with co-writer Vini Poncia, who had produced Kiss and Ringo Starr. When the song was released in Sep 1976, it became Leo’s first American No. 1 hit.

Leo’s success in the US led him to write songs such as ‘Long Tall Glasses,’ which was about his reaction to the US. It later became his first Top 10 record in the

The ricochet of Leo’s US success echoed around the globe. In Feb 1977, Leo got the biggest accolade of all, the coveted Grammy Award for Best Rhythm &

eo Sayer’s introduction to music started early. At the age of 16, the music of Buddy, The Crickets and Bob Dylan had a great influence on him. Rhythm and Blues, or R&B, became a genre that he took to, and he started singing with soul bands then.

Blues song, ‘You Make Me Feel Like Dancing.’ He also won awards in Britain (a BPI Award and a TV Times Award), Canada (a Juno Award), and Europe (Belgium’s Golden Lion).

1978’s Leo Sayer got introspective and showed another side of his talent, where he brought out his harmonica and put a country feel into songs. 1979 also saw the release of The Very Best of Leo Sayer, and Leo subsequently received the Best Male Artist at the 1978 British Pop and Rock Awards (now known as The BRIT Awards).

Cool Touch was released in 1990 on EMI. The single and its accompanying video introduced Leo to the new MTV and dance generation of the 1990s.

Between 1991 and 1996, his career progressed steadily along similar lines.

He toured the Far East, including Saigon, where he performed the first concerts since the Vietnam War. It was also around this time when a group called The Groove Generation hit the

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UK charts with a ‘90s style re-working of Leo’s classic, ‘You Make Me Feel Like Dancing,’ which featured Leo himself. This opened up an entirely new market for Leo, and he started appearing in discos and at university dances and balls throughout the UK to a younger crowd, who thought he was the epitome of chic. This kicked off the revival of the ‘70s, with Leo being one of the great pacesetters.

In 2000, Leo’s works started going truly international and took off across media platforms. In Feb 2000, ‘You Make Me Feel Like Dancing’ was featured in the hit movie, Charlie’s

2015 will see Leo’s world tour kick off in Singapore, with a onenight-only concert on Saturday, 17 Jan 2015, followed by his first performance in Kuala Lumpur on Tuesday, 21 Jan 2015. Tickets for the Singapore concert are now on sale at SISTIC, priced between S$100 and S$250. The British

He started appearing in discos and at university dances and balls throughout the UK to a younger crowd, who thought he was the epitome of chic. This kicked off the revival of the ’70s, with Leo being one of the great pacesetters.

Theatre Playhouse will be having a charity gala, with tickets priced at S$500 each for VIP seating and an after-show party, and 30% of the charity gala ticket sale proceeds will be donated to the Breast Cancer Foundation.

Angels. The accompanying soundtrack for that movie entered the US charts at No. 5, while the movie became a huge hit all over the world, both in theatres and on video.

In Dec 2007, Leo collaborated with Garth Porter on the album, Don’t Wait Until Tomorrow. The album’s lush tones and stylish re-workings of Leo’s most popular songs marked a special milestone in Leo’s long-running and continuously evolving career. Leo released the album 10 days after his 60th birthday.

BUILDING NETWORKS, CONNECTING BUSINESSES, CREATING OPPORTUNITIES. THIS IS WHAT WE DO BEST. JOIN NOW AND RECEIVE 15 MONTHS MEMBERSHIP FOR THE ANNUAL FEE! Celebrating 60 years in Singapore this year, The British Chamber of Commerce Singapore (BCCS) traces its history back to 1954 and is now one of the largest foreign business chambers in Singapore. BCCS’s network currently comprises close to 400 businesses across all industry sectors; membership is open to all nationalities. The network of executives representing their companies grew substantially over the past years to now over 2,600; a dynamic development that is going to continue in the future.

Membership options range from Sterling, the most valuable and prestigious package allowing the nomination of an unlimited number of representatives, to the SME package designed for entrepreneurs, start ups and small businesses.

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* All fees are quoted in Singapore dollars and subject to 7% GST Membership application is easily done online at http://britcham.org.sg/KPJO For further information contact Katie Hudson at Katie@britcham.org.sg

British Chamber of Commerce Singapore, 39 Robinson Road, #11-03 Robinson Point Phone: +65 6222-3552 | Fax: +65 6222-3556 | Email: katie@britcham.org.sg