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May 2011 • Vol 26 • No 5

In This Issue

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Women’s Financial Planning

Advertising Online Targeting Customers In The Digital Realm By Ian Cruz

Ever PAGE

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Lord Mayor of London

since online advertising boomed

importance for businesses to have an online

utilise audience targeting, who saw their

in the early 2000s, advertisers have relied on

presence, coupled with the new hardware

display budgets decrease by 43%. While

buying display advertisements on websites

and devices that leverage digital technology,

a small share of advertisers and agencies

to reach their potential online customers.

the benefits of spending money online are

that do employ audience targeting saw their

This mainly consisted of buying space

starting to become more evident.

budgets decrease, this does not necessarily

for online ‘banners’ which would appear on web sites - many of which were often overlooked or ignored. This was mainly due to them being lost in the slew of online advertisements which would all appear within a particular page, or simply because it advertised a product or service that had absolutely no relevance to the reader, and therefore attracted little interest. As a

Sir Martin Broughton B.A. Chairman

With the online space now being an integral element in reaching new customers, businesses are constantly trying to better understand how their target audience uses

16

Visiting Borneo

Plus

c l a i m e d t h a t d u e t o t h e e ff e c t i v e n e s s of targeted advertising, they were able t o re a c h t h e i r t a r g e t e d a u d i e n c e a t a lower cost.

the internet and thus, gain a better idea of how to use the online space to reach them.

Social Media In the business world, it has been hard not

businesses which spend money on

to notice the ever growing importance of

audience targeting online have found that

social media. The medium is now a regular

it has played a large part in the success of

part of people’s daily lives as people take

their campaigns, not by just by generating

to websites such as Facebook and Twitter.

Flash forward to today, and the landscape of

sales online, but also by improving general

With close to 700 million users on Facebook

online advertising has drastically changed.

brand awareness. As a result, we are now

and over 200 million on Twitter, it is no

Much of the success of companies such

seeing a sizeable amount of ad budgets

surprise that businesses are clamouring for

as Google and Yahoo can be attributed to

being allocated from the more traditional

a presence on social media sites. In fact it

the wealth they have created from online

means of advertising to the online space.

was recently reported that of the over 1.11

accordingly, the justification for setting aside a share of their advertising budgets for it.

trillion advertisements which were viewed

advertising. Online advertising is booming

PAGE

t h o s e t h a t s a w a d e c re a s e , 2 4 % h a d

demographic profile or online behaviour,

effectiveness of online advertising, and

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Targeting An Audience

Whether it be an online user’s location,

result, businesses began to question the

PAGE

diminish its effectiveness. In fact, among

thanks in large part to the ability advertisers

In a recent report conducted by global

online in the US in the first quarter of this

and agencies now have to more accurately

online advertising technology company,

year, a staggering 31.2% were delivered

target the specific audiences that they

AudienceScience, it was reported that 48%

on Facebook; that is a third of all online

want to reach, thus justifying advertising

of the agencies and 52% the advertisers

ads within the country. With 346.46 billion

budgets for businesses. It has taken a few

who utilise audience targeting saw a

impressions (views), this made Facebook

years for advertisers to effectively market in

rise in their budget for online display

the leader in all websites that display online

the digital realm and they are still learning.

advertising from 2010 to 2011, by 27%

advertising. This is double the figure of the

After all, online advertising is still a relatively

and 24% respectively. This is opposed to

second leading website Yahoo, with only

young industry. But with the ever growing

the advertisers and agencies who do not

112.51 billion impressions. This clearly

• News / New Appointments • New Members • Shaken Not Stirred

(Continued on page 2)

www.britcham.com


COVER STORY (Continued from cover)

indicates how advertisers and publishers view the importance of social media when it comes to targeted advertising. Ever increasing its hold on the online advertising market, Facebook is looking to expand its online advertising, allowing businesses to target their audience even more precisely. For example, it is looking to introduce a new ad service that allows companies to place their logos alongside Facebook content and posts which involve that particular company.

Refining The Process In the online space, advertisers and agencies are constantly trying to find new ways for their advertisements to reach their defined target audience. A s a re s u l t , s e a rc h a d v e r t i s i n g i s quickly proving to be the most focused means of audience targeting from the perspective of businesses. In 2000, search advertising make up 1% of online spending in the US. Today, that figure has risen to nearly 50%. The reason for this is that search advertising is directly based on the interests of the consumer through digital traces online. As a consumer goes online to search for a new flat-screen television for example, and visits a particular brand or company’s website, the website will drop digital markers on to that particular computer. Having shown interest in that product, as he or she searches through the web, advertisements from that particular brand will reappear on other web sites that they would visit, with the intention that they will eventually buy that particular brand’s television – or any of their other products for that matter. Why advertisers and agencies feel this is so effective is that it allows them to retarget those very same consumers – consumers they know already have an interest in that brand or company. This makes it easy to justify online advertising budgets as no money is wasted on buying general ad spaces that are often seen by consumers who have little or no interest in that particular brand or product, and instead buys advertisements specifically for a known audience.

Moving Forward With new devices such as smartphones and tablets being adopted by consumers on mass, the opportunities for advertisers and agencies to reach their target audience online are rapidly increasing. As consumers, we are slowly changing our daily habits, in large part due to how we consume information online. We can easily read the daily news on our mobile devices. People are taking to watching videos online as opposed to television. The world is changing – and advertisers are rolling with the punches, embracing that change by expanding their reach in the digital domain. In the AudienceScience report, 77% of advertisers and 72% of agencies cited indicated that they are intending to place more emphasis on mobile audience targeting. Much as internet advertising had a boom in the early 2000s, the market for advertisements on mobile devices is something advertisers are now looking to corner due to the prominence of mobile devices as a means for consumers to acquire information. Online video components are another aspect in which advertisers are looking to further expand, especially when it comes to in-stream video audience targeting. According to a report for Q1 from video advertisers Brightroll, their respondents said that they would shift nearly 65% of their ad dollars from television advertisements, and 80% from display advertisement, to online video. As the prominence of online advertising continues to rise, companies are striving to reach a point where advertisers and agencies will be able to utilise one-to-one marketing with their targeted audience. And in the digital age, when targeted audiences are becoming more defined, it seems that is could become reality.

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www.brit cha m.co m


The Magazine of the British Chamber of Commerce in Hong Kong

CHAIRMAN’S MESSAGE

Editors

The royal wedding of Prince William to Catherine Middleton certainly gave everyone the ‘feel good’ factor and marked a very special

Ian Cruz Sam Powney

occasion for British people all over the world. The Chamber in Hong Kong celebrated this historic event at the Hong Kong Club with

Design

and more than 300 people joined in the fun to wish the Duke and Duchess of Cambridge well in their future.

Bill Mo Alan Wong Ken Ng

Advertising Contact Charles Zimmerman

Project Management Vincent Foe

Jointly Published by Speedflex Medianet Ltd and The British Chamber of Commerce in Hong Kong 1/F, Hua Qin International Building 340 Queen’s Road Central, Hong Kong Tel: 2542 2780 Fax: 2542 3733 Email: info@speedflex.com.hk Editorial: Ian@speedflex.com.hk sam.powney@speedflex.com.hk Advertising: charles@speedflex.com.hk

live screening of BBC coverage of the wedding. It was a wonderful evening kicked off by British Consul General, Andrew Seaton

I recently had the pleasure of hosting our Chief Executive of Hong Kong SAR, Donald Tsang, together with InvestHK at the BT regional headquarters in Hong Kong. We discussed the business environment in Hong Kong and China and Mr. Tsang was keen to ensure that we have the government support we need to be successful in our business investments here. Mr Tsang said: “The presence of multinational corporations underlines the strengths and vibrancy of the Hong Kong economy”. “Apart from creating abundant high-value-added job opportunities, these companies bring in new management cultures, promote transfer of technology and enhance local creativity.” “Local young people benefit a great deal from these rewarding work experiences, which come with international exposure and great career prospects.” “As the Financial Secretary stated in the Budget, we will step up promotion efforts and take the initiative in approaching overseas enterprises to encourage them to set up business here. We will also provide aftercare services and support to foreign companies already established in Hong Kong.” It does quite rightly appear that there is a focus on securing both SME and large multinational investment in Hong Kong. This is

British Chamber of Commerce Secretariat

good news indeed for international companies conducting or looking to do business in Hong Kong. I also took the opportunity to

Executive Director

moving here for business purposes. We are still waiting to see progress in this area.

raise the issue of lack of places in quality independent schools here, which, as we all know, can act as a deterrent to professionals

CJA Hammerbeck CB, CBE

General Manager

Another key event on the horizon is the British Chamber of Commerce and Standard Chartered Bank Annual Ball 2011 on Friday 24

Cynthia Wang

June at the Grand Hyatt ballroom. This event is the highlight of the Chamber’s event calendar and enjoys a reputation as one of the

Marketing and Communications Manager

best nights out in Hong Kong! This year’s fancy dress theme is ‘Rock Stars,’ so don’t miss this opportunity to don your costume and party like a rock star!

Hilary Thomas

Special Events Manager Becky Roberts

Events Assistant Mandy Cheng

Business Development Manager

Once again this is a sold out event, but sponsorship opportunities are still available – and as the highest profile event in the Chamber’s calendar, the Ball offers fantastic exposure to a key audience. So please take a look at the different sponsorship options on the Britcham website. Proceeds from this year’s event go to the KELY Support Group (KELY), a bilingual local charity that offers non-judgmental, empathetic and confidential support to young people between the ages of 14 to 24 in Hong Kong - a very worthy cause.

Dovenia Chow

Membership Executive

On membership, I would like to remind you to renew if you have not already done so. There are a number of different categories

Lucy Jenkins

including some new ones, so please take a look at the different options on the website. I also encourage you to take a look at the

Accountant

Britcham Wine Club and to sign up if you are not already a member. Membership is simply the cost of signing up for 1 case of wine!

Michelle Cheung

Executive Assistant Jessie Yip

Secretary

In this month’s issue of the Chamber magazine, we have lots of interesting articles including one by ipac Hong Kong on women’s financial planning, another by PWC on the rise of the Chinese economy and an interview with Martin Broughton, who spoke recently at a Chamber event on the 75th anniversary of BA’s first flight to Hong Kong. Enjoy your reading!

Yammie Yuen

Office Assistant Sam Chan Kevin Taylor

Room 1201, Emperor Group Centre, 288 Hennessy Road, Wanchai Tel: 2824 2211 Fax: 2824 1333 Website: www.britcham.com © All published material is copyright protected. Permission in writing from the Publishers must be obtained for the reproduction of the contents, whole or in part. The opinions expressed in this publication are not necessarily the opinions of the Publishers. The Publishers assume no responsibility for investment or legal advice contained herein.

WOMEN’S FINANCIAL PLANNING . . . . . . . . . . . . . . . 4 LORD MAYOR OF LONDON . . . . . . . . . . . . . . . . . . . . 6 OFF BALANCE SHEET RISKS . . . . . . . . . . . . . . . . . . . 7 SIR MARTIN BROUGHTON INTERVIEW . . . . . . . . . . . 8 FUTURE OF FREIGHT ROUTES . . . . . . . . . . . . . . . . 10 EMPOWERING YOUTH . . . . . . . . . . . . . . . . . . . . . . . 12 FOOD WASTE DISPOSAL . . . . . . . . . . . . . . . . . . . . . 14

THE DRIVE FOR SUCCESS . . . . . . . . . . . . . . . . . . . . VISITING BORNEO . . . . . . . . . . . . . . . . . . . . . . . . . . . ROYAL WEDDING CELEBRATION . . . . . . . . . . . . . . . NEWS AND NEW APPOINTMENTS . . . . . . . . . . . . . . NEW MEMBERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SHAKEN NOT STIRRED . . . . . . . . . . . . . . . . . . . . . . .

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BUSINESS

Holding up half the sky...? By Alison Asome, Client Advisor, IPAC

Soon

after the Chinese Revolution in 1949, Chairman Mao commented that ‘Women

life she wanted so much for us to have. To alleviate this concern, what she did was plan for

Hold up Half the Sky’. This rhetoric in China brought about great change for women in that

the future by paying all our education fees up front, up to the age of 18. Some may not view

it gave women equal legal rights to land, property and marriage. It essentially gave women

this as the most efficient use of money (certainly in terms of cash-flow); however, for her it

a voice and independence. This opened up a whole new world for Chinese women. Fast

put her mind at ease and meant that one of her goals was ticked off from the ‘to-do list’.

forward to 2011 and how have the rights assisted the modern women of Hong Kong SAR?

Thankfully, her fears were never realised, she could feel comforted that this priority remained in place throughout our educational years.

Despite this, statistics still show that women, across the world and not just in China or Hong Kong, continue to be at a financial disadvantage. With some 47% of women over the age of

The point here is that one should live within one’s means. Of course this may not apply to

50 being single, by this alone there is a negative impact on their wealth and their finances.

you if you are fortunate enough to be born into privilege etc, but for the most of us, living

But why is this so? One of the main reasons is that women spend on average 14.7 years

can be expensive and more often than not, we see clients whose expenditures exceed

away from the workforce, for a variety of reasons; namely child-rearing, relocation to follow

their income (regardless of how much income they receive). The best way to do this is put

spouses, changing careers and the like. This, along with traditionally lower salaries, adds up

a budget in place and have a written (financial) plan. Work out your priorities and stick to

to retirement benefits that are only about a quarter of those of men.

them. Knowing that this is in place will be hugely comforting and will mean that it is more than likely you will realise your goals.

1

As we are aware, from the statistics , approximately 50% of marriages end in divorce and again women

The second thing everyone (not just women) should do is to be pragmatic about

seem to be the real losers; and in their first year

protection and insure against the unexpected. With the Global Financial Crisis still on

after a divorce a woman’s standard of living will drop

our heels, no one could have predicted the impact it had or would have had on us

by approximately 73%. Frightening statistics, but

all. It may have affected some more than others, but what it did teach us was that no

surprisingly true, not to mention the fact that women

one can determine what will happen next… and with this, sometimes the worst does

will probably be the main carers of children from a

happen. As one accumulates wealth over a lifetime, it is important that one secures this

marriage, and therefore will most likely take on a

by implementing the necessary insurances, thereby safe-guarding against possible risks.

more flexible working-hour role, which in turn is likely

As such, make sure for example that you have life insurance in place. Check with your

to be lesser paid.

employer that you are entitled to receive benefits in the event of a disability or critical illness. Make sure that you have

Further, the statistics show that women are expected to live an average of 7-10 years longer

income protection which replaces

than their male counterparts which means that they must provide for those extra years.

your income so that your obligations

With most married baby boomer women expected to outlive their husbands by 15-20

and lifestyle can be maintained

years, again women are statistically at a financial disadvantage, such that by old age, of the

if you lose your job, and ensure

elderly living in poverty: three quarters are women.

that if something happens to you health-wise, this can be paid for.

So, whether you are single or married, divorced or separated, at some stage in a woman’s

This assumes that you are working

life, 90% of women will have sole responsibility for their finances. Even more frightening is

and your employer is contributing

that 79% of all women have not planned for this…

to the possible risks, but in areas where you are not covered, then

So what should a woman do?

get covered. Nothing is worse than having worked hard, reaching your

Firstly, every woman should be able to hold

goals and then having it all taken

her own part of the sky up - by this I mean that

away from you because you did not

every woman should be able to support herself

plan properly for the ‘just in case’.

financially; to provide for her dependents and to meet her obligations. Compromises may of

Thirdly, invest correctly. As with your insurances, no one can predict the future, but what we

course be necessary, but there are certainly goals

do know is that some 90% of your asset allocation determines one’s portfolio performance2.

which cannot be compromised. For example,

Depending on how risk averse you are, consider the traditional asset classes: cash, bonds

for my mother, the most important thing as far

(fixed interest), property and equities and invest in them by using the four guiding principles

as I can remember was to educate us three

of: diversity, quality, time and value.

children. Although we were comfortably well-off,

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my mother feared that should something happen

Diversification is important in any sound portfolio in that you should not over-expose

to her, we would not be given the opportunity in

yourself to any one investment class i.e. make sure all your eggs are not just in one basket.


With regards to quality investments, ensure that the asset has good prospects and can

If you would like to discuss this article, or would like to learn more about ipac, please email

be bought at a reasonable price (value). Timing is also critical – so try to remove emotion

Alison.Asome@ipac.com.hk or visit www.ipac.com.hk

when investing. Emotional cycles often reflect the economic cycle and unfortunately as the markets change so does investor sentiment. This can be managed better by having a plan

The above information is of general advice only, which has not taken into account the

and knowing that the market will rebound and that by sticking to your plan, you are more

investment objectives, financial situation or particular needs of any person. Before making

likely to reach your goals than if you pulled out of the markets altogether.

an investment decision, you should speak to a financial planner to consider whether this information is appropriate to your needs, objectives and circumstances.

So to conclude, every woman (and man) can hold up their part of the sky. All you have to do is just work out which bit you want to hold (what is important to you) and adhere to a

1

From the book “Rich Woman”, by Kim Kiyosaki

sound Financial Plan.

2

Does Asset Allocation Policy Explain 40, 90, or 100% of Performance by Roger G. Ibbotson and Paul D. Kaplan

May 2011 • Vol 26 • No 5

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BUSINESS

London’s Lord Mayor Visits Hong Kong By Sam Powney

London’s

Lord Mayor, Alderman Michael Bear visited Hong Kong in April

training, it has helped hundreds of people to gain “life chances” which would otherwise

to continue the government’s close communications with Hong Kong’s government and

be inaccessible.’ The Lord Mayor also stressed the challenges that faced the 18-year

business. Arriving after a tour of several cities in the mainland, the Lord Mayor talked

project, including archaeological and environmental aspects. In fact, the developers took

with Hong Kong government representatives and delivered a press statement as well as

care to preserve some of the history unearthed, and even incorporated some of the old

speaking at a breakfast briefing organised by the British Chamber of Commerce and Hong

materials, such as cannonballs, into the newly paved pedestrian areas as reminders of the

Kong General Chamber of Commerce.

area’s past.

The Lord Mayor of London is a post with an 821 year history. Previous Lord Mayors include a signatory of the Magna Carta, the killer of Watt Tyler, the first Governor of the Bank of England, and the hero of the popular rags-to-riches tale - Dick Wittington. The role of the Lord Mayor is to support and promote the City brand; this encompasses the whole of the UK’s financial and professional services – from accountancy to banking, law to insurance and including the UK-based maritime services industry. The last seven

In a press conference later in the day, Mr. Bear continued to stress the vast potential for UK-Hong Kong co-operation, especially on major construction projects. Besides the West Kowloon Cultural District, he also noted the contributions of British engineering and consultancy firms in the construction of Chek Lap Kok Airport, the Lantau Link, and several new MTR stations. He stressed the essential provision in the 21st century of ‘complex engineering, complex financing, and complex delivery.’

consecutive Lord Mayors have made visits to China and Hong Kong. ‘It is clear that the UK and Hong Kong have a lot of experience to share. The UK can serve Lord Mayor Alderman Michael Bear has decades of experience in the engineering and construction industries and is perhaps most famous in the UK for his role in the redevelopment and regeneration of the Spitalfields area of London. At the joint Chamber breakfast he introduced his experiences with that project, and detailed some of the rewards that regeneration can bring to deprived areas. Although particular conditions on the ground may differ, the broad concept of regeneration has fairly universal applicability. Hong Kong has long experience in the often urgent need for urban planning, and the next few years should allow for plenty of urban development, major plans for which have been incentivised by the large government budget surplus. Norman Foster’s winning bid to redevelop the West Kowloon Cultural District looms large as part of the Hong Kong’s self-image, but recently the city has also been mulling over how to ameliorate conditions in some of its more neglected areas like Tin Shui Wai and Yuen Long and overcrowded districts like Kwun Tong.

Among the 23 countries he will be visiting, the Lord Mayor explained the importance he attaches to this region in particular, ‘Chinese and UK Premiers agreed our countries should be ‘Partners for Growth’, and pledged to double bilateral trade to $100 billion by 2015. My visit has focused on finding ways to meet this goal.’ He sees his field of experience as a key part of continuing economic development, even in a thriving metropolis like Hong Kong, ‘Urban regeneration is an investment;’ he said, ‘an investment in communities and businesses – providing the jobs, homes and services that can transform the peoples’ lives and help them realise their aspirations.’ Characterising this growth as a ‘renaissance’ of business and community confidence, he recalled his experiences as Director of Regeneration at Hammerson, where he witnessed urban regeneration transforming local communities, and improving aspirations in some of the UK’s poorest areas. The regeneration of Spitalfields has been recognised as an outstanding success story a deprived and neglected area being transformed into a hub for business and lifestyle. ‘The development at Bishop’s Square was not just a series of buildings and public spaces – it was a celebration of the area’s unique feel and heritage. Through employment and

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as a valuable partner for Hong Kong’s many High Value Opportunity projects. And we can learn from Hong Kong’s terrific record in delivering large scale, dramatic infrastructure. We welcome the opportunity to continue building a strong future for Hong Kong.’


BUSINESS

How to manage “Off-Balance Sheet Risk”? By Barry Tong, Partner, Advisory, Grant Thornton Jingdu Tianhua

There

have been a string of recent and

Currently, there are many new entrepreneurs in mainland China, with excellent qualifications, skills

highly publicised scandals involving Chinese firms

and good connections. However, these cannot always be taken at face value and businesses

listed in the stock exchanges of Hong Kong,

need to verify and authenticate whether such qualifications and claims are in fact genuine.

m a i n l a n d C h i n a , S i n g a p o re a n d t h e U S . T h e s e scandals have highlighted the unfortunate fact that

Whether a potential target partner is a listed company, privately-held business or former

a major risk in business comes from off-balance

state-owned enterprise, focused reviews need to be conducted to gain a deeper insight

sheet issues. This issue is especially prevalent in

into potential risks.

the mainland, where reliable and accurate business, accounting and legal information is not often

Companies require a level of comfort to support strategic and investment decisions. Issues

available and where, as a consequence, there is

such as the target partner’s reputation, history, background, connection, network, business

a heavy reliance on personal relationships and

ethics and individual management’s integrity and actual influence in its local environment

consequently on personal integrity.

can be the key to a successful deal.

To avoid major problems, it is vital to examine not only the company’s financial

However, it is also necessary to identify potential problems, such as labour disputes,

statements and legal documents, but also to closely review the workforce and the

litigation history, undisclosed indebtedness, significant capital expenditures and

organisation as well.

operating commitment and contingent liabilities, and potential regulatory or environmental breaches. Equally important are bribery-related considerations (e.g.

Most importantly, contingent liabilities, also referred to as off-balance sheet items,

employees taking kick-backs or rebates) or potential money laundering exposure.

should be carefully analysed as part of the overall risk assessment. Potential offbalance sheet exposures include: understatement of tax payments, pending litigations,

Off-balance sheet risk can be manageable if a company is willing to adopt a robust

corporate guarantees, capital expenditures and financial commitments given to third or

approach to due diligence.

related parties. Negative information acquired through due diligence can lead to more favourable Due diligence should therefore be a critical part of the evaluation process before any

negotiation terms for the acquirer, and can ensure that deals are structured to reduce

merger and acquisition transaction. Essentially, the due diligence process helps identify

the identified risks.

issues that have not been disclosed and identify business, financial, legal and human resources risks that are not immediately visible or obvious. Businesses should look

Due diligence is particularly cost-effective when undertaken in the early stages of a

closely at the entities and people (such as senior management) involved in any given

transaction, because it allows businesses to identify problematic issues quickly before

transaction, examining their background, reputation, track record and litigation history.

committing considerable financial and management resources to the deal. It can identify potentially serious failures in disclosure which can lead to expensive delays, further negotiations, cancellations or, most costly of all, damage to corporate reputation. And for the end: Grant Thornton Jingdu Tianhua is an integrated part of Grant Thornton China that offers a full range of assurance, tax and advisory services to privately held businesses and listed companies of all sizes. For more information please visit www.grantthornton.cn. Contact: Barry.Tong@cn.gt.com.

May 2011 • Vol 26 • No 5

7


BUSINESS

Up in the Air Interview with Sir Martin Broughton

Sir Martin’s speech to the Chamber was part of the Captains of Industry series, sponsored by KPMG.

Interview Background: Similar to Richard Branson, Sir Martin went straight from a secondary education into a high-

On

flying business career. Sir Martin joined British the 75th anniversary of British Airways’ first flight to Hong Kong, Sir Martin

American Tobacco in 1971, ultimately becoming

Broughton, Chairman of British Airways came here in late March, and gave a lunchtime

Chairman and Chief Executive in 1998. In 1999,

speech to the British Chamber of Commerce. Sir Martin called for a third runway at Hong

he became an independent director of the British

Kong’s Chek Lap Kok Airport, warning that Hong Kong should not fall into the trap that

Horseracing Board, eventually succeeding Peter

London did in failing to allow for increasing air traffic demands. In the face of small but vocal

Saville as Chairman in July 2004, at which point

opposition, the proposed third runway at Heathrow Airport was jettisoned last year, to the

he retired from his roles at BAT. Though a lifelong

widespread dismay of the aviation sector and British business groups generally.

Chelsea supporter, Sir Martin served as Chairman of Liverpool F.C. during 2010.

Chek Lap Kok Hong Kong International Airport

Aviation: Are carbon taxes on airliners and/or passengers effective in hastening development of

Facts and Figures •

In 2010, 50.9 million passengers used the Hong Kong International Airport (HKIA), and 4.1 million tonnes of air cargo passed through Hong Kong.

HKIA is connected to about 160 destinations, including around 45 in mainland China, through about 900 daily flights by over 95 airlines.

HKIA is the busiest airport for cargo throughput and the third busiest airport for international passenger traffic in the world.

viable, cleaner innovations in the airline industry? I am a great believer in emissions trading but not in carbon taxes. Carbon tax is a very blunt instrument. Emissions trading allows people to focus on the cheapest, most economically rational means of reducing carbon. For example, because of the UK’s climate solar energy is by far and away the most inefficient natural energy source there, yet the UK government still subsidises solar energy schemes. Emissions trading eliminates impractical measures.

Chek Lap Kok commenced operations in July 1998. Terminal 2 opened in June 2007, and there is currently a HK$4.5 billion programme underway to enhance capacity and improve the

Airlines are already doing a huge amount in terms of reducing carbon output. The airline

airfield at Terminal 1. HKIA is also carrying out engineering feasibility and environmental studies

industry accounts for about 2.5% of carbon emissions; we also contribute about 8% of

for building a third runway.

global GDP. Aviation is a social and economic good. So, you have to think about how to reduce carbon whilst allowing growth in the aviation industry. And there are some very

Third runway

simple procedures which can contribute quite significantly. For example, continuous

As one of the busiest airports in the region, HKIA has seen a steadily increasing flow of

descent rather than stepped descent greatly reduces fuel consumption, and now airliners

air traffic over the last few years. Nearby airports in Shenzhen and Guangzhou have also

are introducing much more fuel-efficient engines. Personally I think that a good way to

seen great increases in traffic, not just in competition with Hong Kong but also from direct

improve both fuel-efficiency and safety globally would be to withdraw all passenger aircraft

agreements with an overburdened Chek Lap Kok. There have been growing calls from public

over 25 years old.

and private sector figures for a third runway at HKIA in order to ensure that Hong Kong retains its edge as a key global and international business hub.

The Hong Kong Ideas Centre, a non-profit organisation, estimates that by 2017 Chek Lap Kok will be saturated and may have to turn away flights. They also note with concern that an airport runway usually takes around 10 years to build. Mr. Patrick Lau, HKIC’s Airport Study

We are at the moment working with a company called Solena making jet-fuel out of household waste. There is a real possibility that by 2030 we could have the majority of jetfuel coming from bio-fuels. If you had asked me about that five years ago, I would have said that it couldn’t happen in the next century.

Group convener and former Director of the Lands Department, explains the immediacy of the need, “Given the intense competition now facing us, we contend that Hong Kong has to

Although British Airways is a very international company, Heathrow is still very

address the third runway issue with a sense of utmost urgency, otherwise our competitive

much your base. Do you see it remaining so in the future?

advantage will be diminished”.

Yes. Although we can’t grow it, it is our hub. We tried for several decades to have a dual hub – both Heathrow and Gatwick. Gatwick is a very good South-

The government is currently pursuing a public consultation on the construction of a third runway.

We s t re g i o n a l a i r p o r t ; i t ’s n o t a h u b . R e g re t t a b l y, I t h i n k w e ’ v e p ro v e n t h a t

Building a third runway will be a major engineering project involving land reclamation, and will

beyond doubt.

provide a great number of additional jobs on the largely undeveloped island of Lantau. The existing 12.48 km² airport site was created in the 1990s by levelling the tiny Chek Lap Kok and Lam Chau islands and reclaiming adjacent seabed, adding nearly 1% to Hong Kong's total surface area.

8

www.brit cha m.co m

We could certainly have a hub elsewhere in Europe. If in the future North America has genuinely open-skies, we could have a hub there too.


Education: Should one need a university education to progress in a high-level business or political career? No. It is increasingly expected of young people, but I think it’s time to think again about direct entry into demanding careers – which is in itself a form of tertiary education. There are ways to become, for example, a chartered accountant without doing a degree – but the perception is that there aren’t, and therefore less than 2% of accountants have actually arrived through those routes of entry. We do need to catch more numerate students at an earlier age, especially if they plan to go into a career in which they will gain a professional qualification in any case. I didn’t do a degree but I think that I actually got a head start over a lot of other people in my field. I’m all in favour of education and of tertiary education; I’m not in favour of promoting tertiary education as a mechanism of keeping people off the unemployment register. And one is suspicious that too much of it is done for those purposes. There are very good reasons for going to university and I would encourage anyone to go to university; there are also other options which can be equally dependable. At British Airways we’ve just restarted our apprenticeship system, launching two brand new apprenticeship schemes this time last year. This is a step forward I think. There has always been a mismatch between what business wants from a school leaver or university leaver and what is delivered by the education system. The CBI spends a lot of time trying to align ‘output with input’. And let’s not forget that, in the UK at least, business spends ten times what the gover nment spends on tertiary education.

Smoking and Gambling: Football:

In terms of public and government acceptance in the

In what key ways do you see globalisation affecting/

UK, smoking and gambling seem to have followed

changing football culture?

inverse trajectories. Is that kind of shift in public

It has changed it - it’s no longer a local sport. If you look

consciousness entirely rational?

at the Premier League, the players are international, the

No. Smoking has been demonised. If you look at the

managers are international, the owners are international. It

courts in the UK, you will see that around half of all

has been dramatically changed by the globalisation process.

criminal cases are alcohol-related. Scarcely one is

Clubs have to focus on who their fan-base is. I think there’s

smoking-related. But smoking is banned in pubs while

still too much of a tendency to think of the fan-base as being

drinking is not. This is because smoking is a minority

the people who come to watch the games at the stadiums.

occupation while drinking is a majority occupation.

I feel that some of the large clubs don’t focus enough on

Legally one is not allowed to discriminate against

their global fan-base, perhaps the largest part of which is

minorities…except in the case of smokers where one is

here in Asia. Where you already have an entrenched football

encouraged to!

culture, such as in South America, people tend to support their local teams, but in countries like China which don’t

Gambling is one area where the British government took

have such a significant football heritage, fans often support

the opportunity to capture a global leadership position.

both a Premier League club and perhaps a local club as

Even today, in other European countries betting tends to be

well. That’s a big fan-base which the Premier League clubs

strictly government-organised.

would do well to dedicate more time to. Is horse-racing catching on in China? We think there is rising interest in China. There are strict laws against gambling in China, but that doesn’t have to be a problem. Horse-racing is a hugely popular phenomenon in Dubai and there’s no gambling allowed there. People who go to the races in Dubai can bet on which horses will win in several races, but no money is involved – that’s included in the ticket price. They can still win money of course – so it’s more like a lottery in some ways. That could be an option in China too.

May 2011 • Vol 26 • No 5

9


BUSINESS

China set to overtake the US and dominate global trade by 2030 Emerging and developing economies to make up signiďŹ signiďŹ cant cant share of global output From PricewaterhouseCoopers

HONG KONG

growth – and many of the customers they have are the T&L industry’s players,� says Alan Ng,

US, and dominate global trade by 2030. Together with China, emerging economies like

PwC’s Transportation and Logistics Leader for China and Hong Kong.

, 22 March 2011 – China is expected to overtake the

Indonesia, Malaysia, Nigeria, Saudi Arabia and India are also poised to play an increasingly important role in the top sea and air freight routes in 20 years. These ďŹ ndings are revealed in

Global trade suffered a sharp decline in 2009, but bounced back robustly over the past

the latest PwC “Future of world trade: Top 25 sea and air freight routes in 2030� report.

year. It’s estimated to have ended 2010 above its 2008 peak. Trade as a proportion of world GDP is expected to increase in the short term, as the world economy gains strength and

In the report, PwC economists use special modelling techniques to project bilateral trade –

conďŹ dence. But in the coming years, the trade landscape will undergo fundamental change,

requiring either sea or air freight – between 29 economies over the next two decades. The

as the emerging economies begin to play an increasingly critical role in the trade landscape.

key ďŹ ndings reveal four key areas that could present signiďŹ cant opportunities for transport and logistics (T&L) ďŹ rms:

The table below shows how, by 2030, China will have moved into a dominant position,

•

Trade within the Asia-PaciďŹ c region.

appearing in 17 of the top 25 trade pairings. Also in the mix are some emerging countries

•

Trade between emerging and developed economies – inspired by Germany/China

such as Indonesia, Malaysia, Nigeria, Thailand, Saudi Arabia, Brazil, India and UAE.

•

Trade between emerging economies, such as parts of Asia and Latin America

•

Trade between China and Africa PricewaterhouseCoopers Ltd., 22/F, Prince’s Building, Central, Hong Kong

“Transport and logistics companies will need to adapt to the change in trade patterns to

T: (852) 2289 8888, F: (852) 2810 9888, www.pwchk.com

ensure they maximise their proďŹ t opportunities. Planning for the trends that will shape the trade landscape over the next 20 years would beneďŹ t a company in this highly globalised marketplace. The ‘first mover’ advantage is likely to be important, and establishing a presence before your competitors on a route that becomes a signiďŹ cant global trade ow is likely to be highly valuable,â€? says Yael SelďŹ n, PwC’s Head of Macro Consulting. In fact, the changing picture of global trade has already been providing opportunities and challenges for those operating in the T&L industry. For example, 73% of T&L CEOs say they are changing their strategies to respond to the potential growth in emerging markets. “Many growth stories

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remain in Asia, with China still being considered as the epicentre of global trade. In the recent PwC’s 14th Annual Global CEO Survey, most CEOs, regardless of the sectors in which they’ re operating, are looking to Latin America and Asia – and to China in particular. 39% of CEOs

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think China is one of the three foreign countries which is most important to their company’s

Top air and sea freight bilateral trade pairs in 2030 Rank

Air and sea freight bilateral trade pair

1

China

United States

594,741

2

China

Japan

336,183

3

China

Korea

281,140

4

China

India

263,063

5

China

Germany

201,382

6

Japan

United States

189,785

7

China

Singapore

178,291

8

China

Indonesia

169,356

9

Germany

United States

167,467

10

China

Malaysia

162,376

11

China

Nigeria

151,570

12

Germany

United Kingdom

144,131

13

United Kingdom

United States

143,725

14

China

Thailand

141,201

15

China

Saudi Arabia

140,320

16

China

Brazil

136,295

17

United States

India

125,826

18

China

United Kingdom

121,603

19

China

United Arab Emirates

120,318

20

China

Australia

117,340

21

Korea

United States

116,741

22

Hong Kong

United States

111,972

23

China

Netherlands

102,373

24

China

France

92,581

25

United States

Brazil

90,756

Retains position

10

Trade value (2009 US$m)

Moves up

www.brit cha m.co m

Moves down

New entrant

Source: PwC projections

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BUSINESS

Rebalancing The Global Economy Interview with Andrew Walker, BBC Economics and Business Correspondent

Nearly

three years after the global financial

crisis, countries that previously wielded a great deal of clout such as the US and European economies are still feeling the ripples. Meanwhile here in Asia, the picture is very different. China continues to be a thriving

Many people, particularly in the US, fear not just the economic implications of China’s economic rise, but the political ramifications as well. China’s tightly managed exchange rate has already been a point of strong contention. What other issues do you feel need to be resolved in order to avoid political conflict, and create a mutually beneficial global economy?

economic superpower, financial centres such as Hong Kong and Singapore are seeing steady growth, and

The exchange rate is an important issue as you suggest. Allowing the currency to rise

developing economies such as India, Indonesia and

certainly could help moderate global economic imbalances by encouraging China to import

Vietnam are seeing an influx of foreign investment.

more. It would also help China with its inflation problem by making imported goods cheaper.

Ian Cruz speaks to Andrew Walker, Economics and

On the other hand there is the concern about possible job losses in export industries. And

Business Correspondent, BBC World Service to

many critics of the US say it’s the Federal Reserve’s monetary policy that is the real cause of

explore the effect which the power shift towards Asia is

trouble in the currency markets, because it has weakened the dollar.

having on the rest of the world and what are some of the impacts of the rebalancing of the global economy.

Trade and investment between countries within Asia is on the rise, and the East now seems less reliant on economic activity from the West. Are Asian economies still looking to the West for business, with the increasing opportunities here in Asia?

Some would say that China consolidated its position as an economic superpower due to the way in which it handled its economy during the global financial crisis. Would you agree with this, and what other factors have contributed to putting China in this position? This raises a very contentious issue. Many people say that China’s actions before the financial crisis caused it. I wouldn’t put it as baldly as that. There were plenty of other

In one sense, Asian economies don’t have much choice. They will have to look for opportunities outside the large developed economies, and I include Japan in that, as well as “the West”. Consumers in those countries will be constrained by high levels of debt and by the tax and spending consequences of government’s trying to stabilise their debts. Western consumers are not going to be the reliable source of export growth they once were. Asia by contrast, excluding Japan, is likely to enjoy stronger economic growth with a growing army of consumers keen to improve their standard of living. Having said that, I think you can exaggerate Asian economies’ de-coupling from the West. Last year, the US and the EU were the destination for 38 per cent of China’s exports. That’s about the same as in the early 2000s and higher than in the 1990s. There was a short period when it was higher, a few years before the great financial meltdown and probably will continue to decline. I do think, however, that the traditional western markets are going to be important to Asia for many years.

culprits. But there’s a good case for saying that the China’s high savings and investment of its rising foreign exchange reserves provided the fuel for the crisis. China’s excess liquidity proved to be a very flammable liquid. It was the US and other housing and financial markets that put a match to it. Once the crisis came, you could say that China’s global economic status was reinforced by the fact that growth slowed and then quickly accelerated again. It helped that China had a low level of government debt, so it could use the budget to stimulate the economy without having to worry unduly about the consequences. What a contrast with the US, Japan and much of Europe, where the recovery has been relatively sluggish and government debt is a deepening problem.

Which current issues do you see as being pivotal to the future shape of Asia’s role in the world economy? Whether or not the global recovery continues with its current two-speed performance:

Do you see China looking to reshape the global economy and its international systems to better serve its (and Asia’s) needs, or will China be integrating itself to significantly bolster the global economy as a whole?

strong in the developing world and less convincing in the rich world. My own guess is that debt, private and government, in the developed world will be a strong headwind to economic growth for some years. Asia will need its own consumers to spend more; dare I say – to become a bit more western. That is an essential element of the global economic

China will pursue its own interest as its leaders and business people perceive them

rebalancing that the IMF is trying to facilitate.

– what country does anything different? How much benefit that brings the global economy depends on how much Chinese consumers come to be a growing source of

Some of the rebalancing is already underway. The rapid growth in consumer spending in

demand for other countries’ exporters. Private savings rates in many Asian countries

the US, Britain, Ireland and other countries has ended and their governments are trying

are very high. If they come down as China grows, others will benefit from increased

to stabilise their debts. Unless there is a massive surge in business investment in those

sales. In international fora such as the IMF, China will undoubtedly seek to become

countries, which seems unlikely, that will mean smaller international trade deficits, which in

more influential. It already has made some gains in terms of share of the IMF’s complex

turn means smaller trade surpluses for others, including large parts of Asia. If they want to

weighted voting system, but not very much and I am sure they will keep up the

continue their prodigious recent growth, the chances are they will have to start consuming

pressure for more.

more of what they produce at home.

May 2011 • Vol 26 • No 5

11


The British Chamber of Commerce and Standard Chartered Bank have chosen KELY Support Group to be the benefitting charity for the 2011 Annual Ball. We asked Chung Tang, Executive Director, to talk about the issues facing young people growing up in Hong Kong today.

By Chung Tang, Executive Director of KELY Support Group

uch has been said about the state of our young people in Hong Kong,

M

rate for local students is only 15% to 18%, which suggests that only a

in particular, their lack of self-awareness, self-direction, engagement

minimal proportion of our local Chinese students are receiving degrees to

in society, as well as readiness to be part of the adult world. Whether it’s

prepare them for their future.

issues of poverty, technological advancement, family breakdown, drug abuse or problems with the current education system; there has been

Some have also argued that youth today seem disconnected from society

much debate about how these variables are impacting our young people’s

and lack a sense of family, community and social structure. Others have said

development and how our systems are failing our youth.

that there exists a real disconnect between our youth and decision-makers within our systems, a growing apathy which is also contributing to a sense

12

As the older generation continues to mature and the birth-rate in Hong

of mistrust and an unwillingness to work together. For their part, many

Kong continues to decline, there is also a genuine concern from the public

young people in Hong Kong feel that while policy makers think that they

about the lack of locally skilled and critical talent, which is necessary to

are making decisions in the best interest of the young, the reality is that

ensure the prosperity and sustainability of our future society. According to

they often don’t genuinely know what young people want, nor are they

the Hong Kong Census and Statistics Department, the university admission

even interested in consulting them.

www.brit cha m.co m


KELY Support Group (KELY) is a non-government funded charity which was

disturbing trend is the fact that an increasing number of young drug

established 20 years ago for young people with drug and alcohol addiction

abusers are female, many of whom are also first time users. The youngest

issues. Through the provision of various programmes and services, we reach

reported drug abuser in Hong Kong was 10 years old. Based on the most

out to over 35,000 local Chinese, ethnic minority and English-speaking

recent statistics from the Narcotics Division, the newly reported drug abuse

youth in Hong Kong. Whether it’s through our harm reduction education,

cases by age for 2010 is 10.5% for those under 16 years, and 36.8 % for

peer support, circus skills training, our helpline, or our youth forums,

those between 16 to 20 years of age.

young people have told us that what they are searching for is simply what most young people around the world want: a sense of belonging, family,

In the face of all the compounding issues affecting our youth, KELY remains

community, healthy relationships, and solid education and employment

optimistic when it comes to how we can support them and help them see

opportunities, just to name a few.

their own potential. Our mission is to empower young people through nonjudgmental peer support to help them make informed choices. Using a peer

Although what our youth is searching for seems very basic and attainable to

support and self-help approach, we work with vulnerable youth to help

many, the reality is quite the contrary because the situation in Hong Kong

them see failure as opportunities, and to always value themselves and what

has become so dire for our youth compared to 10 years ago. Despite the fact

they can contribute to society.

that Hong Kong’s economy continues to grow, a large number of our youth are still not reaching their goals and continue to fall through the cracks.

KELY also places heavy emphasis on helping youth develop strong selfesteem through “doing”. Our work is all about creating accessible

According to the Hong Kong Council of Social Services, poverty and

platforms for young people to obtain important skills such as: leadership,

unemployment amongst young people is on the rise. Based on the statistics

communication, negotiation, and teamwork; all of which help to foster

compiled by the Council, poverty rose from 15.4% 10 years ago to 20% in

a sense of achievement and contribute to positive self-esteem building.

the first half of 2009 – an indication that over 180,000 young people were

Whether it’s having our youth organise large scale youth forums or

living on the poverty line in the city. Further statistics from the government’s

multimedia art productions, young people are guaranteed the opportunity

General Household Survey have indicated that in 2005, the number of students

to learn new things about themselves and obtain knowledge and expertise

who had earned an associate degree or high diploma and were receiving

which will help them in meeting their future goals.

Comprehensive Social Security Assistance (CSSA) was 500. For 2011, the number receiving CSSA with the same level of education is a shocking 900 students.

For more information about KELY, please click onto www.kely.org

There has also been an increase in the number of young people emerging from families experiencing social breakdown. The bi-annual social development index released by the Hong Kong Council of Social Services “found that family solidarity and child welfare in Hong Kong have been declining steadily over the past 10 years”. According to the Council, young people have increasingly grown up in families with either separated or divorced parents – with this number having increased from 97,000 to 224,000 families in the last 10 years; an indication that our young people are receiving less support at home. Drug abuse is also an on-going issue facing our youth. According to the 2009 Report of the Task Force on Youth Drug Abuse, Hong Kong has seen an alarming rise in the number of abusers below the age of 21. The report states that there has been a steady increase with younger first-time abusers under the age of 16, as this group has grown 57.8% from 2006 to 2008, compared to 29.5% for youth aged 16 to 20 over the same period. Another

May 2011 • Vol 26 • No 5

13


ENVIRONMENT

An Elephant in the Living Room Hong Kong’s Looming Food Waste Problem By George Woodman, Director Teng Hoi Conservation Organisation

‘The

elephant in the living room’, that wonderful English idiom, that refers to a

truth that is being overlooked, even though it’s as obvious as an elephant in your living room. The elephant we are illuminating here that has been almost overlooked until now is the importance of food waste in Hong Kong in the context of waste management. Our government maintains and publicises excellent statistics for the SAR that includes figures for our daily disposal needs and a breakdown of the types of waste. Food waste has typically made up around 40% of all domestic waste over the last few years, with around one third of the total waste going into landfill. When food waste is buried in a landfill it decays anaerobically (in the absence of oxygen) generating gases such as methane, hydrogen sulphide and carbon dioxide. Some of the gases smell bad and lead to complaints from local residents. Less well-known is that methane is a potent greenhouse gas: each tonne of methane is equivalent to around 25 tonnes of carbon dioxide in its Global Warming Potential, and that methane from landfills has contributed up to 12% of Hong Kong’s emissions in recent

An important key to Hong Kong’s waste problem is to separate putrescent waste from all

years. Food waste is therefore

other waste. Then there would be no need to collect rubbish so frequently. In fact, once the

a component of our solid waste

putrescent waste has been separated, then recycling of the non-putrescent waste such

that generates significant issues.

as plastic and metal can be much more efficient and pleasant. However, the difficulty of engaging the public with this has confounded policy makers. Bokashi Composting is a Japanese solution that has been successfully used in other countries to separate food waste. Normal putrefying microorganisms are out-competed when food waste is placed into an airtight container with Bokashi, which contains other microorganisms that ferment the food waste. Bokashi composting is a technique that can buy time for more sensible handling of food waste. In our work with schools, we’ve kept Perhaps one reason why we’ve managed to miss

food waste in sealed boxes for periods of many months. When opened, there’s a distinct

this elephant in our living room is the stupendous

smell of vinegar and pickles, but it’s not the awful smell one would expect. The other great

efficiency with which the Food and Environmental

advantage with Bokashi composting (when compared with worm composting) is that it can

Hygiene Department (FEHD) deals with our waste and, more importantly perhaps, at no

handle nearly all types of food waste, including cooked and uncooked meat and fish as well

charge to the public. By contrast, in many developed countries one has to pay directly for

as vegetables and carbohydrates such as rice and noodles. It is possible to imagine a Hong

domestic waste disposal and there is a financial incentive to ‘Reduce, Reuse, Recycle’. So

Kong where domestic waste is collected once a week from flats and homes in a sealed box

why is Hong Kong so different? One reason for the evolution of Hong Kong’s system is that

where it is safely and hygienically fermenting, free from vermin and unpleasant smells. Such

putrescent waste (which is mostly waste food) is a potential health hazard and therefore the

systems exist elsewhere: in east London a charity group has successfully run a scheme that

maintenance of high standards of cleanliness has facilitated the evolution of a zero-charge

handles over 80% of the residents of tower blocks that are not too dissimilar to the mostly

system to avoid fly tipping and other non-compliance issues. Whatever the reason, the Hong

urban environment of Hong Kong.

Kong public has been spoilt by our marvellous FEHD. The rapidly-filling landfills have been reported in the newspapers over the last decade or more – yet Hong Kong’s volume of waste

One common misconception with Bokashi composting is that the end result is a

has steadily risen. By contrast, Taiwan reduced its waste stream by 50%

container of compost. It’s not quite as straightforward as this: the pickled food waste in

over the same time period.

its container needs to be either digested in a purpose-built machine or buried into soil where the soil microorganisms finish off the decomposition. The end result in both cases is a rich compost. There is now a need to demonstrate that Bokashi composting is acceptable in the Hong Kong community and hence underline its potential to resolve one of the thorniest issues of our waste management problem. Community acceptance of a new way of handling waste is a very important component of an effective solution. Teng Hoi is currently working with Britcham along these lines to help develop educational and practical approaches to the food waste management problem that are suitable for Hong Kong.

14

www.brit cha m.co m


LIFESTYLE

The Drive for Success By Ian Cruz

Here

in Hong Kong, those looking for the thrill of speed will be sorely disappointed.

However, considering the high profile of motor sports in Asia, with races like the Japan

success and positive response from sponsors, as well as the positive media coverage it has been garnering, Wong believes the races will mature within the next twelve months.

Grand Prix and Macau GP, and the relatively recent addition of the Singapore GP, the potential for the growth of motor sports here in Hong Kong and around China is something

Though somewhat of a thrill-seeker himself, Wong is not just pursuing his desire for speed,

that hadn’t escaped the attention of Richburg Lotus CEO, Eric Wong. Through a new

or indeed his wish for business success with this venture, but is actually attempting to

racing scheme initiated by Wong, drivers in China and Hong Kong have recently been

develop motor racing as a viable sport for people in Hong Kong and China to enjoy. “We’re

given the opportunity to experience some of Lotus’ most powerful machines as they are

not creating a hobby, we’re creating a sport,” says Wong. “You need a lot of training and

meant to be experienced – fast. “Lotus

commitment, but it’s also a lot of fun. We believe that teamwork on and off the

has a long history in racing,” says Wong.

track – during training, networking and building team spirit – can provide a bond

“The brand has gotten stronger through

between owners, all with the aim to create good sport.”

its involvement in motor sports in the US, Europe and in Asia, and so we’d like to

Sponsors for the Lotus team have reacted positively, with companies such

take the same approach in China and

as Nokia, Yokohama and Speedmaster getting involved, while the increasing

Hong Kong.”

media support and market exposure shows promise of more business to come. With regards to Lotus owners, Lotus’ base in Guangdong houses facilities and

M u c h l i k e t h e b r a n d h e re p re s e n t s ,

a VIP lounge for car owners and their families to get involved and comfortably

the man behind the scheme, business

immersed in the racing experience, with an eye to creating branding valuation

entrepreneur Eric Wong, has a six cylinder

that will hopefully bolster the number of Lotus owners on the mainland and

past. Trained in the Hong Kong Police Force prior to his current ventures, he has applied

sustain the brand’s racing scheme. Wong feels that it is important that this close connection

the same regimented approach he learnt on the force to conducting his business, resulting

with the motor sports world will offer a totally new type of ownership experience for those

in a very successful and illustrious career. “Through my police career, I’ve learnt how to

with a Lotus.

turn ideas into action - how I successfully execute my missions, and how I conduct my contingency plan. In the police, we learned two sayings – firstly, ‘no pain, no gain.’ You

While the drivers for the Lotus team are made up of people from Hong Kong, China and

need to put in a lot of commitment if you want to be successful. The second is – ‘failing

Britain, Kwok hopes that even more homegrown interest will help spur the sport forward

to plan is planning to fail.’ These are the first cautionary words I learned when I joined the

as they look for more drivers in the future. This is why, in addition to organising the team

tactical unit.”

and their races, Wong has also started a school for racers, where potential drivers

This steadfast attitude has led Wong to be awarded the Young Entrepreneur of the Year at

from around the region can be developed

the 2007 DHL/SCMP Hong Kong Business Awards, as well as a list of seemingly endless

and hone their skills in the burgeoning

businesses involvements outside of Lotus, from restaurants and consulting, to NGOs and

sport, while being coached and advised

high tech engineering. This is all on top of his role as a published writer, radio personality

by professional drivers in each session

and social commentator. “I’m a man of the future. I’m not a man of history so I don’t keep

on skills, experience and how to improve

my own records. I’m a record breaker, I create my own legend. I never look back. The future

competitively on the race track. Having

is more fascinating than looking back.”

already built a strong foundation for motor sports in such a rapidly growing economy

It took this unique business foresight for Eric Wong to truly foresee the true potential for

as the mainland, the future for the sport

both motor sports and Lotus in Asia. On the Mainland, they are taking up motor sports

and for Lotus looks bright.

quite fast as can be seen in the growing infrastructure for racing, with seven racing tracks around China and another two on the way which are being built to international standards. The first Lotus race took place last March at the Guangdong International Circuit with nine cars taking part, and involving drivers from different walks of life – entrepreneurs, professionals, engineers – from Macau, Hong Kong and China. Given the initial

May 2011 • Vol 26 • No 5

15


LIFESTYLE

Borneo Jungle By Richard Witts When Richard Watts and wife Akiko won a holiday in the auction at last year’s Britcham Ball, they had little idea of all that Borneo held in store for them...

Let me first say that the hospitality of the Iban people was overwhelming. We were told that 15 families stayed in the longhouse and we were offered one of two areas for our “bed”. We had a “deluxe” area because a mosquito net was somehow erected round our mattress, lying on the floor. I had been warned that I would be expected to drink copious amounts of

A

the native rice wine, known as tuak, and prepared myself slight sense of curiosity combined with

for the task ahead with a few Tiger beers. I had also been

alcohol-inspired enthusiasm at the always

tipped off that I may well be expected to sing. Now, this

splendid fun Annual Ball in June last year, saw

was OK with me as I actually like singing. Whether anyone

me outbid all others in one of the items in the

else likes it is totally irrelevant to me. Unfortunately, and

British Chamber’s Annual Ball. My wife, Akiko,

inexplicably, no singing was called for at all. Instead we had

and I had obtained a 12 day tour of Borneo,

dancing, which I am not good at and don’t like at all. The

generously sponsored by HSBC. The Borneo

village Chief came to watch from his chair (the only one I

jungle is famous not only for its orang-utans but also for the head-hunting Iban tribe, man-

saw in the longhouse) but seemed strangely unimpressed

eating crocodiles, malaria, snakes, leeches and all sorts of other unspeakable creepy-

as he sat there impassively smoking his cigarettes.

crawlies. I could not help but ponder, on the morning after the Ball, on how well I had done! I also wondered how long could we put this trip off… The voucher seemed to be good for

Akiko and myself had a somewhat restless night. I don’t think either of us slept. It was hot

one year. We went in March.

and it was also noisy with dogs barking, cocks crowing, pigs snorting and 15 families doing whatever they do at night time. Next morning brought my attempts with a blowpipe and

There was no gentle easing into our new environment. We were met at Kuching Airport by

two lads with a cock-fight demonstration, then we were on our longboat waving goodbye.

our genial guide at 9:30 pm, conducted to our hotel, advised that we would go down river

That was basically the end of the Sarawak tour. What would Sabah bring?

to Bako National Park on the next day and that we would be collected from the hotel lobby at 6am. By 6:45am, whilst sitting in a hut by the river waiting for our boat, I had my first

We were met at Sandakan Airport and taken straight to the Sepilok Orang Utan

mosquito bite despite having been drenched in some special OFF, having anti-mosquito

Rehabilitation Centre but we only saw a few so on we went to the jetty for our cruise up

patches on my shirt and a high-pitched buzzing contraption dangling round my neck. ‘What

the Kinabatangan River. Now this was more like it. This was a boat with a roof and proper

on earth are we doing?’, I thought.

seats and two 150 hp Yamaha outboard motors at the back. We headed to a lodge at Abai for lunch with choices of chicken, prawns, and fish plus rice and fruits. Very pleasant it was

The Bako jungle trip was no relaxing stroll. They have many trails. Our very knowledgeable

as well. Then back on our launch to head further up the mighty Kinabatangan to another

guide, formerly a forester, took one look at me and decided we would be best on the

riverside lodge, 61 miles up river from where we had started. Before dusk we investigated a

easiest one, a mere 800 metres long. A bagatelle, I thought to myself. How wrong I was!

small tributary river and saw wild pygmy elephants, monkeys, snakes, lizards and a myriad

Though we started on a relatively flat boardwalk, it soon disintegrated into a rocky, slippery

of birds, some of them startlingly beautiful.

path, with tree roots everywhere, which seemed to be permanently climbing up or sliding down. The guide compassionately decided that we should drop down from the trail to the

On the next day we headed by boat back to Abai, where we had had lunch the day before.

foreshore, where the tide was out, and return on reasonably flat terrain. We saw wild pigs

Akiko and I each planted a tree by the river. When it grows it will be transplanted to a part of

charging around and a troop of long-nosed, pot bellied proboscis monkeys, having their

the rainforest denuded by illegal loggers. The two highlights for me here were taking a night

breakfast. They are comparatively rare. We also spotted a flying lemur trying to disguise

cruise to see the fireflies, which are in fact beetles, in the ‘Christmas tree’. Amazing and

itself as part of a tree – presumably because it is nocturnal, a few long tailed macaques, one

beautiful and unlike anything we had ever seen before. The other was the night walk on the

with a baby “on board” and almost at the end, half a dozen or so orang-utans, languorously

(flat!) nature boardwalk with powerful torches to spot all the wild life having its beauty sleep

moving through the trees or just hanging around.

as well as nocturnal creatures getting on with their businesses.

Next morning was a visit to the Semenggoh

By the way; I nearly forgot. We did spot just one man-

Nature Reserve, primarily to see the orang-

eating crocodile. We saw it on our last jungle river day and

utans and we saw plenty. We were advised

it was almost 18 inches long at the most!

not to make eye contact but it was difficult not to do so. They are engaging animals and

Next day we checked in at the luxurious Shangri-La in Dalit

I would have thought that if they attacked

Bay. It really had been a marvellous experience but it was

any people, they probably deserved it. That

lovely to be back to air-conditioning, hot water, flushing

afternoon we boarded the longboat to head

toilets, ice cubes, etc.

up the Lemanak River for 4 hours to stay with an Iban family in a longhouse for the night.

16

www.brit cha m.co m

We wonder what’s in the auction this year……………….


MEMBERSHIP

Introducing the British Chamber’s

Sterling Members

Thank you for your continued support

Wine Club Tasting Riedel Room@Q88 at JW Marriott Hong Kong Elegance and style marked the meeting of the British Chamber’s Wine Club on the 13th of April. The Marriott’s Riedel Room@Q88 is undoubtedly one of Hong Kong’s premier wine-sampling locations; decorated with sparkling crystals and subdued LED lights, it lends an exciting air to wine-tasting proceedings. The guests were introduced to a wide range of wines by expert Gregory Brossard, starting with Burgundy Chardonnays including a Grand Cru Henri Boillot Bienvenue Batard Montrachet. The assembly then moved on to the Chinon – a 100% Cabernet Franc from the Loire Valley. Finally, to Australia for the Highbank - a Bordeaux blend from South Australia and finishing with a beautiful big and bold Aussie Shiraz from Greenock Creek in Barossa Valley.

Britcham Wine Club – The more the merrier! Join: Membership is simply the cost of signing up for 1 case of wine. Each member will select their own mixed case in any combination from our list of 9 premium wines from all over the world. These 12 bottles will then be delivered directly to your home or office free of charge within a few days. Perfect to stock up on wine for the summer or to use as gifts! This represents at least 20% off the normal cost, and you are also entitled to a 10% discount on additional wine purchases and Vintec fridges. All members will then be invited to an exclusive tasting event every 3 months, where they can try a new selection of wines and put together another mixed case. It’s a great way to discover new wines while networking with fellow members, and there is no obligation so you can cancel your membership at any time. The Enthusiast (HK$1,888 per quarter) –

for wine tasting beginner who is looking to learn more about different regions.

The Connoisseur (HK$3000 per quarter) – for the experienced drinker who enjoys quality wines from popular vintages. Please email wineclub@britcham.com or call 2147-2931 to receive the full wine list and make your selections! May 2011 • Vol 26 • No 5

17


EVENTS

Royal Wedding Celebration On Friday, 29th April 2011 the world watched the marriage of Prince William to Catherine Middleton. Among them were 300 Hong Kong residents who toasted the occasion at a special celebration in the Hong Kong Club. The party, kindly sponsored by HSBC Bank International, was organised by the Chamber in partnership with a number of British organisations including the British Consulate-General, the Royal Geographical Society, the Royal Overseas League and the Royal Commonwealth Society. Ensuring every part of the country was represented, the St. George’s Society, the St. David’s Society and the St. Andrew’s Society were also involved. This very British occasion was marked in apposite style with traditional party fare including cucumber sandwiches, scones, strawberries, and Pimms. The champagne was sponsored by Berry Bros. & Rudd, who are the official suppliers to the royal household. BBC coverage of the event was screened so that guests could follow the event while drinking to the happiness of the couple with old friends and new. After the wedding ceremony, Andrew Seaton asked all present to charge their glasses and toast the happy couple and the Queen.

The Royal Wedding Celebration was sponsored by HSBC Bank International

Several happy Lucky Draw winners were presented with gifts to take home, including a ‘Romance Package’ from TaDa! and two cases of English Ale, kindly donated by Mybrewerytap.com.

Thanks to the following for sponsoring champagne and prizes:

May 2011 • Vol 26 • No 5

19


MEMBER BENEFITS MEMBER DISCOUNTS To enjoy exclusive member discounts please log onto www.britcham.com, log in and click on membership discounts. If you have forgotten your login details please email info@britcham.com to request them. Accor

British Airways

The Mira Hong Kong

AGS Four Winds International Movers Ltd

Carey

Renaissance Harbour View Hotel Hong Kong

Alfie’s

Compass Offices

Ta Da

Allied Pickfords

Dot Cod

Virgin Atlantic

Andara

Grand Hyatt

VisitBritain

B&W Group Asia Limited

Hyatt Regency

Berry Bros & Rudd

Le Meridien Cyberport

For up to date event listings and information, check out www.britcham.com

20

www.brit cha m.co m


NEWS / NEW APPOINTMENTS

PWC’s Cities of Opportunity report places Shanghai first among emerging market centres

AirconMiser becomes poster-child of British business in Asia

Shanghai comes in first in economic clout among 10 emerging market centres featured in

a showcase example of successful British business in Asia. HKTDC used AirconMiser as

the fourth edition of Cities of Opportunity, released by PwC and the Partnership for New York

an example of bringing British technology and commercial acumen together with all the

City. According to the 26-city study, it also leads the world in foreign direct investment for both

advantages of operating from Hong Kong as a hub for business in Asia.

greenfield and capital invested and contends strongly with global leaders in domestic market capitalisation, ranking fifth — just below London and above Hong Kong.

British Chamber member AirconMiser Limited, the manufacturer and distributor of energy saving devices for air conditioning and cold storage equipment was recently featured as

Executive Director Graham Cottingham reflected “With delivered energy savings typically in the range of 40-50% we were the victims of our own success to begin with, as people

The study’s key indicators of economic growth are: intellectual capital and innovation, technology

didn’t believe we could make such a big difference. But now that respected testing

readiness, transportation and infrastructure, demographics and livability, economic clout, cost,

authorities and well known international brands have proved it for themselves and given us

lifestyle assets, health, safety and security, ease of doing business, and finally, sustainability.

endorsements for our products the enquiries have grown exponentially. The recent HKTDC

Shanghai ties with Toronto in transportation and infrastructure, outperforms London, Singapore and New York in sustainability and ranks in the top four in the visual impact of

coverage has boosted this international awareness of our brand and products and now we have grown to the point of selling in about 50 countries around the world”.

its skyline. New York leads the study, but is followed closely in the top five by Toronto, San

The revolutionary AirconMiser technology benefits from a worldwide patent that allows

Francisco, Stockholm and Sydney — cities more notable for quality of life and balance than

for other applications too. AirconMiser is currently developing its product range for cold

global business dominance.

storage and mobile applications using the same technology.

The complete report can be found at: www.pwc.com/cities.

Contact Graham.Cottingham@AirconMiser.com or 3752 2664 for further information.

New Jazz Band in Captain’s Bar at Mandarin Oriental, Hong Kong

HSBC sets out Strategy Execution Plan

Captain’s Bar at Mandarin Oriental, Hong Kong is delighted to welcome the Valeria Proaño

headquarters.

Trio as its newest resident jazz band. The band’s vast knowledge of jazz, Brazilian jazz, pop and Latin American styles makes it the perfect match for this vibrant venue. Watch these professionals perform between 18 April and 17 July from 9 pm and 12.45 am Monday to Thursday, and until 1.45 am on Fridays and Saturdays. Valeria Proaño was born in Quito, Ecuador, and moved to Miami to attend Miami Dade College, where she first studied classical voice before winning a scholarship to attend the world-renowned jazz programme at the University of Miami. For the past 15 years, Valeria has been performing professionally in jazz clubs, hotels and diverse venues all over the world, and has successfully led her own groups on two European tours. Valeria has also appeared as a back-up singer for Grammy Award winners and world renowned Latin artists

HSBC’s senior leadership and executive management have recently held a series of presentations on their group strategy for investors and analysts at HSBC’s London

This included a description of HSBC’s distinctive position aligned with key trends, its disciplined capital allocation aimed at driving growth priorities, a sustainable cost savings programme of US$2.5-3.5bn to improve efficiency, and the group’s focus on maintaining an experienced management team accountable for delivery. Stuart Gulliver, HSBC Group Chief Executive, commented, “Our strategy is to be the leading international bank, concentrating on commercial and wholesale banking in globally connected markets. We will also focus on wealth management in 18 of the most relevant economies and limit retail banking to those markets where we can achieve profitable scale.”

Jose Luis Rodriguez, Paulina Rubio and Miguel Bose.

Martin Schaumburg

InterContinental Grand Stanford Hong Kong (ICGS)

Professional services real estate firm Jones Lang LaSalle recently appointed Tina Ting

has recently announced the appointment of Martin

as Director of International Residential Property Services. Utilising her years of successful

Schaumburg as Director of Food and Beverage. Martin

residential sales, Ms Ting is responsible for growing the firm’s international luxury residential

brings with him more than 11 years of experience in the

sales business, managing overseas property sales launches and representing clients in

hospitality industry.

marketing their projects throughout Asia. Ms Ting joined Jones Lang LaSalle on 1 April 2011.

Martin started his career in 1990 and worked in a number

With over 20 years in the industry, Ms Ting brings with her a wealth of international

of prestigious luxury hotels throughout Europe and Asia,

property experience in sales and marketing overseas projects locally. Prior to joining

such as Hotel Nassauer Hof in Wiesbaden, Germany,

Jones Lang LaSalle she spent over 15 years with another real estate service firm in

Claridge’s in London and Westin in South Korea. He joined

Hong Kong where she led the international sales team and worked closely with the

Kempinski Hotels Group in China in 2004, where he participated in the hotel openings

company's London office and other branches. Ms Ting

as Executive Chef that brought him from Shenyang to Shenzhen. With his impressive

has a strong track record handling prominent overseas

background and significant contribution to his role, he switched from Culinary to Food

residential sales projects including Neo Bankside,

and Beverage department in 2008.

Wellington House, Bramah House, One Hyde Park,

Prior to joining ICGS, Martin was part of the pre-opening team as Executive Assistant Manager for Kempinski Hotel Huizhou in charge of Food and Beverage department, and worked on task-force assignments at hotel pre-openings and openings in Sanya and Yinchuan.

The Knightsbridge, The Phillimores and The Stadium. In addition to her sales experience in marketing luxury residential properties in London, Ms Ting has experience in sales of overseas residential property developments in China, Australia, Thailand and the USA.

Tina Ting May 2011 • Vol 26 • No 5

21


NEW MEMBERS Chairs of Specialist Committees Business Policy Unit Tim Peirson-Smith Executive Counsel China Committee David Watt DTZ Construction Industry Group Derek Smyth Gammon Construction

ADDITIONAL Aedas Limited

Pacific Basin Shipping (HK) Limited

Hong Kong Sotheby’s International

Liliana Silva

Mark Hardy

Realty

Head of Communications - Asia

General Manager, Corporate Affairs

Suzanna Boon

Tel

2861 1728

Tel

2233 7191

Senior Manager

Fax

2529 6419

Fax

2110 0171

Tel

3108 2167

liliana.silva@aedas.com

mhardy@pacificbasin.com

Fax

3101 9338

31/F, One Island East

7/F, Hutchison House

suzanna.boon@hksothebysrealty.com

18 Westlands Road, Quarry Bay

10 Harcourt Road, Central, Hong Kong

Suite 2001, Three Pacific Place

Hong Kong

Shipping

1 Queen’s Road East, Hong Kong

Architecture/Interior & Urban Design

Property / Real Estate Services PricewaterhouseCoopers

Chartis Insurance Hong Kong Limited

Linda Kempenaar

Cynthia Sze

Senior Manager - Assurance

Education Committee Stephen Eno Baker & McKenzie

AVP - Head of Broker Relations

Tel

2289 2301

Tel

3555 0173

Fax

2810 9888

Fax

2147 1450

linda.lm.kempenaar@hk.pwc.com

Lloyds TSB Bank plc, Lloyds TSB

cynthia-lk.sze@chartisinsurance.com

22/F, Prince's Building, Chater Road

Pacific Limited

Environment Committee Anne Kerr Mott MacDonald Hong Kong Limited

46/F One Island East, 18 Westland

Central, Hong Kong

Gavyn Letley

Road, Quarry Bay, Hong Kong

Accounting

Business Development Manager

Financial Services Interest Group Debbie Annells Azure Tax Consulting HR Advisory Group Brian Renwick Boyden Search Global Executive

Insurance

YNETWORK

Tel

2524 1723 2524 1723

Sir Elly Kadoorie & Sons Ltd

Fax

Chartis Insurance Hong Kong Limited

Andrea Capol

gavynletley@lloydstsb.com.hk

Louise Wai

Senior Executive

805-806, 8/F, Man Yee Building

AVP

Tel

68 Des Voeux Road, Central, Hong Kong

2905 3367

Tel

3555 0183

ac@kadoorie.com

Fax

2838 5029

24/F, St George’s Building

louise-lf@chartisinsurance.com

2 Ice House Street, Central, Hong Kong

46/F One Island East, 18 Westland Road

Conglomerate/Holding

Quarry Bay, Hong Kong Insurance

ICT IT Committee Craig Armstrong Standard Chartered

Banking

Sovereign Trust (Hong Kong) Ltd

INDIVIDUAL

John McGale

Robert Footman

Chartis Insurance Hong Kong Limited

LLB BCom

Tel

90397565

Eliza Wong

Tel

2542 1177

Fax

25182677

Marketing & Communications Committee Adam O’Conor Ogilvy & Mather Group

Professional Associate

Fax

2545 0550

rclfootman@yahoo.com.hk

Tel

3555 0146

jmcgale@sovereigngroup.com

Flat 1A, Beach Pointe

Fax

2838 7006

Suites 1601-1603, Kinwick Centre

16 Stanley Beach Road, Stanley

eliza-tk.wong@chartisinsurance.com

32 Hollywood Road, Central, Hong Kong

Hong Kong

46/F One Island East, 18 Westland Road

Financial Services

Real Estate Committee Jeremy Sheldon Jones Lang LaSalle

Quarry Bay, Hong Kong

Scottish Business Group Dr. Jim Walker Asianomics Limited Logistics Committee Mark Millar M Power Associates Small & Medium Enterprises Committee Kate Kelly Women in Business Committee Lisa Bowman DG3 Asia Limited YNetwork Committee Fiona Foxon Business Angel Programme Neil Orvay Asia Spa & Wellness Limited Tim Hay-Edie Pilot Simple Software

Tel

2966 7388

Clifton Tang

Fax

2966 7713

Citigroup Global Markets Asia Limited

Business Development Manager

michael.j.moir@hkjc.org.hk

Fleur De Koning

Tel

2542 1177

6/F, Hong Kong Jockey Club,

Associate

Fax

2545 0550

1 Sports Road, Happy Valley, Hong Kong

Tel

ctang@sovereigngroup.com

6206 1707

fleur.dekoning@citi.com

Suites 1601-1603, Kinwick Centre

46/F, Citibank Tower, 3 Garden Road

32 Hollywood Road, Central, Hong Kong

Central, Hong Kong

Financial Services

STARTUP

Withers

Enecore Carbon International Limited

English Schools Foundation

Katie Graves

Jessica Robinson

Chris Durbin

Partner

Director

Chief Operating Officer

Tel

3711 1600

Tel

Tel

6770 0190

Fax

3711 1601

jessica.robinson@enecore.com

Fax

2816 5440

katie.graves@withersworldwide.com

Unit 8, Level 3, Three Pacific Place

chris.durbin@esfcentre.edu.hk

Suite 2005-7, 20/F, Gloucester Tower

1 Queen’s Road East, Hong Kong

25/F, Fortis Centre, 1063 Kings Road

The Landmark, Central, Hong Kong

Environmental Services

Quarry Bay, Hong Kong

Legal

Banking

Education

9826 1201

Lloyd & Limited Withers

Bobby Tsang

The Oval Partnership Ltd

Patrick Hamlin

Business Development Manager

Taryn-Lee Swales

Partner

Tel

2156 2053

Project Director

Tel

Fax

2156 2130

Tel

2528 8627

patrick.hamlin@withersworldwide.com

boby.tsang@lloyd-and.com

Fax

2815 6377

Suite 2005-7, 20/F, Gloucester Tower

1902-03, Chinachem Hollywood Centre

tarynswales@ovalpartnership.com

The Landmark, Central, Hong Kong

1 Hollywood Road, Central, Hong Kong

14/F, Malaysia Building

Legal

Consultancy

Architecture/Interior & Urban Design www.brit cha m.co m

Michael Moir Sovereign Trust (Hong Kong) Ltd

Insurance

50 Gloucester Road, Wanchai, Hong Kong

22

CORPORATE

3711 1635


EVENTS

Shaken Not Stirred March 2011 The Quarterdeck Club G/F, 1 Lung King Street, The Fleet Arcade Fenwick Pier, Wanchai, Hong Kong Stuart Northrop (Widnell Sweett), Ben Lester (Elite Capital Solutions)

Wendy Lam (The Executive Centre), Roger Thompson (PricewaterhouseCoopers)

Ally Lung (Civil Aviation Department), Hody Lai (The Executive Centre), Roger Wu (Purcell Miller Tritton), Kenneth Sham (Hudson)

Lucy Jenkins (The British Chamber of Commerce in Hong Kong), Lilian Chan (American Express), Amine Loukia (AGS Four Winds)

Suzanne Wasson, Richard Bracken (Consulate General of the United States)

Hody Lai (The Executive Centre), Antony Eden (Ernest Maude), Andy McBride (Al Masaoud & Sons) Helena Wong (Executive Homes), Maureen Mills (Executive Homes)

Steven Resco (Widnell Sweett), Jason Wong (EHM)

Amine Loukia (AGS Four Winds), Eleanor Stormonth (ANZ)

Becky Roberts (The British Chamber of Commerce in Hong Kong), Liz Hamerton (Strategic Office Solutions), Lucy Jenkins (The British Chamber of Commerce in Hong Kong)

May 2011 • Vol 26 • No 5

23

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