Professional Documents
Culture Documents
SPECIAL FEATURE
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Contents
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FEATURES
The Impact of Social Media on the World A CEOs Perspective on Helping Ex-offenders Focus on Small / Micro / Entrepreneurial The Good, The Bad and The Downright Ugly George Osbornes Third Budget Singapore Budget: Will This Worsen a Tight Labour Market? The Foreign Account Tax Compliance Act Back to Britain - The Key Tax Planning Issues Fundamentals in Commodities Investing
SILVER SPONSORS
BRONZE SPONSORS
BRITCHAM BOARD: PRESIDENT: Steve Puckett Tri-Zen International VICE-PRESIDENTS: John Horsburgh Rolls-Royce Singapore Hugo Walkinshaw Deloitte Consulting SE Asia TREASURER: David Macdonald Skandia International HONORARY SECRETARY: Damian Adams Watson, Farley & Williams LLP EX-OFFICIO: Judith Slater British High Commission Mark Howard British Council BOARD MEMBERS: Peter Allen Pacific Century Regional Developments Emma Boyd Pinstripe Business Solutions Richard Burn Diageo Singapore Ingrid Child HSBC Bank Stephen Crisp Nokia Siemens Networks Singapore James Deely The Royal Bank of Scotland plc Charlie MacLean - Barclays Bank plc Nick McGlynn British Airways Pek Hak Bin BP Singapore Roman Scott Calamander Capital Andrew Thomas Ogilvy & Mather Singapore Philippe Touati Standard Chartered Bank Andrew Vine The Insight Bureau
Editor:
COMMITTEE CHAIRPERSONS: Corporate Social Responsibility: Richard Burn Events & Sponsorship: Philippe Touati External Affairs: Steve Puckett Marketing & Communications: TBC Membership: Andrew Vine BUSINESS GROUP CHAIRPERSONS: Energy & Utilities Damian Adams Entrepreneur & Small Business Sonia Fuller Financial Services Patrick Donaldson IT and Communications Technology Henry Farahar Leadership TBA Media & Marketing TBA Professional Services TBA Property & Construction Alan Dalgleish Shipping Transport & Logistics Neil Johnson Young Professionals Miles Gooseman MANAGEMENT TEAM: Executive Director: Brigitte Holtschneider Accountant: Sabitha Munnangi Business Enhancement & Events Development Manager: Erica Hegarty Business Events & Business Group Relations Manager: Tiffeny Kua Marketing & Communications Manager: Vipanchi Marketing & Communications Assistant: Loong Yong En Membership Manager: Katie Hudson Office Administration & Membership Support: Emi Hosono
AT THE CHAMBER
Executive Directors Message New Members Sterling News Corporate News Members Offers Events Events Calendar
Vipanchi vipanchi@britcham.org.sg
Assistant Editor:
Yong En yongen@britcham.org.sg Orient is a bi-monthly magazine published by the British Chamber of Commerce.
138 Cecil Street, #13-03 Cecil Court, Singpore 069538 Tel: +65 6222-3552 Fax: +65 6222-3556 Email: info@britcham.org.sg www.britcham.org.sg All rights reserved. The views and opinions expressed or implied in Orient are those of the authors or contributors
and do not reflect those of the British Chamber of Commerce, its officers or editorial staff. No reproduction of articles without the prior permission of the Chamber. Unsolicited transparencies ad articles are sent at owners own risk and the chamber accepts no liability for loss or damage.
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Presidents Message
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Dear Members, The year is once more flying by with Singapore increasingly being a focus of interest from UK visitors with an eye on business. As anyone who has had to recruit talented local staff or find a hotel room at a decent price of late will tell you, Singapore continues to thrive despite some of the austerity elsewhere. Along with price inflation, employment issues frequently rank at the top of the list of concerns expressed by British businesses. As the largest European national business organisation by far, the views of BritCham are regularly sought by government agencies and the media and, reflecting this, we have included questions on key business issues in our 2012 Member Survey. The survey is managed by an independent professional body and targets a random group of members. Im expecting that well be able to share the survey findings at the AGM to be held this year on May 10th at Eden Hall. The Chamber has had a particularly busy and successful start to the year and the programme does not let up. So far weve held a very well received CSR seminar sponsored by BP; we have had three Leaders in Business lunches; and we have had a busy breakfast event calendar where in March we saw a record turnout for a breakfast with nearly 160 people attending the briefing on Indonesias oil and gas industry. The years events continue with our Annual Golf day on May 31st followed by our Annual Rugby Dinner on June 7th and, if you are an enthusiast, Id encourage you to book soon as places are moving fast. There have been several official visits from the UK already this year, including a visit by the Treasury Committee where the Chamber organised a closed-door briefing with financial business leaders. On the cultural front, the British Theatre Playhouse has successfully brought Ray Cooneys award winning comedy Out of Order over from London, where the charity gala opening night performance at Raffles was attended by Singapores President Tony Tan. While for Shakespeare in the Park in May this year, Twelfth Night is being staged by the Singapore Repertory Theatre with the Chamber coordinating a British night. Of course London will host the 2012 Olympic Games and Sir Alan Collins, who as many of you will know was High Commissioner here at the time the Games were awarded to London, will return in his current role as Business Ambassador for the Games and spoke to us during our Leaders in Business Lunch on Delivering the International Business Legacy. I trust you will enjoy your new look ORIENT magazine and I look forward to seeing many of you at Eden Hall for the AGM on May 10th, when we will review the Chambers progress and look forward to your continued engagement.
Steve Puckett
President, British Chamber of Commerce
Sterling Members
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The campus will be the Groups first facility outside the UK.
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Two decades ago Rolls-Royce had just emerged from nationalisation, and predominantly operated in Western Europe and America, with a smattering of former colonial flag-carriers as customers, including Singapore.
Over the last 20 years, Asia has transformed into the beating heart of the global economic landscape. GDP growth in the region averaged at 7.0 per cent annually, while Singapores GDP growth averaged 6.5 per cent. Singapore, located at the economic and cultural crossroads of the region, is well positioned to be the gateway connecting Asia to the rest of the world.
the Rolls-Royce Seletar Campus, which was officially opened on February 13, 2012 by Prime Minister Lee Hsien Loong, brings us closer to our growing customer base in Asia, which now represents over 50 per cent of our record order book of 62.2 billion; that is larger than our entire order book in 2006. In an increasingly complex and challenging global marketplace, we are compelled to constantly enhance operational efficiencies, skills, product value and global capacity. Ours is a business of innovation and high product integrity, one driven by a highly skilled workforce. As a result, key global hot spots that have a steady supply of skilled labour and government support are a good fit for our business model.
business to Singapore, in recognition of the increasing importance of the Asia-Pacific markets and Singapores strategic location as a regional hub. Today we manage about a third of our revenue from Singapore. Not surprising, since Asia accounts for over 80 per cent of global commercial shipbuilding, and is also leading the worlds civil aviation growth Asia is expected to account for over 30 per cent of global air traffic by 20301. Of this, we project that the industrys growth over the next seven or eight years would amount to demand for about 500 Trent aero engines annually. With such demand, we saw the strategic need for an Asian hub to complement our existing manufacturing facilities in the UK, as well as bring us closer to our growing customer base in the region. Singapore, with its strong R&D focus, business-friendly environment, robust intellectual property regime, and ready pool of highly skilled talent provided us with an excellent platform from which to expand our footprint. These factors also allowed Singapore to firmly establish itself as an important aerospace and aviation hub in the region.
The newly opened Rolls-Royce Seletar Campus is the first of its kind to bring advanced aerospace high- value manufacturing technology to Singapore. In doing so, it significantly increases our global manufacturing capacity, and allows us to better satisfy our customers. The campus will be the Groups first facility outside the UK to assemble and test Trent aero engines, as well as manufacture hollow titanium wide-chord fan blades, a unique capability and technology that has played a key role in the success of the Trent aero engine family. The state-of-the-art campus will also house an Advanced Technology Centre, which will lead cutting-edge research in materials support technology, computational engineering, electrical power and control
In 2011 alone, the Group invested over 467 million on new and improved facilities. Our business diversity and strong commitment to research and development (R&D) have given us a competitive edge and contributed to our exceptional growth globally.
As a global company, engineering the worlds most advanced power systems in civil and defence aerospace, marine and energy markets, we continue to build on our integrated network of manufacturing and service facilities spanning over 50 countries. In 2011 alone, the Group invested over 467 million on new and improved facilities. Our business diversity and strong commitment to research and development (R&D) has given us a competitive edge and contributed to our exceptional growth globally. One of our most important projects in the past five years has been the completion of our newest manufacturing, research and training facility, the Rolls-Royce Seletar Campus in Singapore. At an investment of over S$700 million and built on a 154,000-square-metre site,
Rolls-Royce has been doing business in Singapore for over 50 years. From a handful of employees in the late 1980s, Rolls-Royce along with its joint venture partners today employs over 1,500 people in Singapore, accounting for over 15 per cent of the total aerospace industry workforce in the city-state. In 1999, we established our first marine office and, in 2009, relocated our global headquarters for the marine
Singapore, with its strong R&D focus, business-friendly environment, robust intellectual-property regime, and ready pool of highly skilled talent provided us with an excellent platform from which to expand our footprint.
Airbus, 2011, Delivering The Future. Global Market Forecast 2011 - 2030, p.57 www.airbus.com/company/market/forecast/passenger-aircraft-market-forecast/
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Orders topped US$31 billion at the Singapore Air Show in February this year, a three-fold increase over the value announced two years ago. The number included a record US$22.4 billion order for aircraft placed by Indonesia-based Lion Air, further highlighting the pace of expansion of the regions carriers. As we enter the next chapter of our journey in Asia, we are working tirelessly to ensure we are prepared to take on the new challenges facing the industry and make an impact on growing the civil aerospace industry in Singapore and the region. Asia
About the Author Jonathan Asherson is Regional Director, South East Asia, Rolls-Royce and is responsible for all Group activities across its four key businesses - civil and defence aerospace, marine and energy. A veteran of the
company, Mr Asherson has held a number of leadership positions around the world. Notably, Mr Asherson was a Board Member of the Economic Development Board of Singapore (EDB) from 2007 2011 and was
conferred the Public Service Medal (Friends of Singapore) Award at the Singapore National Day Awards 2010.
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One recent example was an interview we had scheduled with the Secretary-General of the North Atlantic Treaty Organisation (NATO). I had planned to begin the interview by asking about Afghanistan and in particular the Koran-burning incident. However, when I requested on the BBC World News Facebook page for queries that people had for the Secretary-General, a torrent of replies came pounding in, asking why NATO was not taking action against Syria as it had in Libya. As a result, I switched the structure with that very point attributed to our viewers. While filming our BBC series - How Facebook Changed the World, I also found clear evidence of the pivotal role played by social media in the Arab uprisings, most notably Tunisia and Egypt. In Tunisia, Facebook was used to share dramatic pictures of the street protests that began in December 2010, which led to the toppling of its president less than a month later.
In Egypt, a Facebook page honouring the memory of a young man beaten to death by the police became a rallying point. Even in Libya, where Gaddafi tolerated no dissent, and where Internet penetration was low, people had cautiously begun to use Facebook to share grievances about corruption. We met on Facebook was a phrase that quickly became a familiar refrain when I spoke to groups of young people in Benghazis nascent media centre, in the first months of the uprising. In Syria, the crackdown on protesters meant that the focus soon shifted to live forms of communication that are harder to trace. Communication between activists became recurrent on Skype, and pictures would be streamed live from laptops that people would place in the direction of the crowds. However in doing so, they were taking a huge risk of being spotted by the security forces.
About the Author Mishal Husain is one of the main anchors on BBC World News (Starhub Cable TV Channel 701), fronting the programme Impact with Mishal Husain, which airs every Monday to Thursday at 21:00 in Singapore.
She is known for the critically acclaimed BBC documentary How Facebook Changed the World The Arab Spring, where she journeyed to five countries in 2011, documenting the use of social media by activists.
Mishal will be presenting a new Singapore-based programme airing in July on BBC World News called Mishal Husain Meets, which will see her interviewing Asias leading personalities who are making their name on the global stage.
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Mishal Husain with Rami Nakhle. He was forced to flee Syria in January as the security services began to suspect he was responsible for a Facebook page fiercely critical of the regime.
Everywhere I went, the desire to document the protests, to gather evidence of what was happening and then share it with the outside world, was overwhelming. In Libya, a group of impassioned young friends told me of the first night they were out on the streets of Benghazi in February 2011, taking on the authorities in one of the most repressive countries in the world. I asked if they had any weapons. I had a rock in one hand and a mobile phone in the other, said one. It was all he needed to turn his moment of protest into something bigger. Towards the end of a filming journey across five Arab countries, it was clear to me that the Internet had indeed played a significant role in the uprisings. The challenge for the activists will be to use these tools to work towards longer-term goals in their countries, and in using them to build the new societies they crave.
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Mishal Husain in Cairo. She talks to activists about their revolution and asks how they made it happen, online and on the streets of Tunisia, Egypt, Libya, Bahrain and Syria.
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Think of the safest and most conducive place to live in, and Singapore will surely come to mind. The countrys crime rate, one of the lowest in the world, makes this cosmopolitan city an attractive haven for businessmen and expatriates. Known globally for its rigorous law enforcement and impartial legal system, another contributing factor to its low crime rate is the rehabilitation and reintegration efforts to help offenders and ex-offenders turn over a new leaf. Singapores recidivism rate the percentage of local inmates detained, convicted and imprisoned again for a new offence within two years from their release is at 27.3 per cent for the 2008 release cohort, and considered very low compared to other nations. This is a collaborative effort of the Community Action for the Rehabilitation of Ex-offenders (CARE) network, the group behind the Yellow Ribbon Project. One of the founding members, ISCOS (Industrial & Services Co-operative Society Ltd), has made its social mission to help exoffenders and their families. Through ISCOS, I had the privilege of obtaining a deeper understanding of the painstaking efforts to help ex-offenders through second chances. I was invited to support ISCOSs social programmes, but more than just giving a monetary donation and extending professional advice on event management and fundraising activities, I decided to be more involved and try to make an impact on ISCOS members. prison. However, time spent behind bars is a big hindrance to landing a job and gaining financial independence. This is where the business community plays a big role to alleviate this social concern. My company supports ISCOSs Corporate Doors initiative, which engages employers to hire at least one reformed ex-offender. I decided to employ one such person who was a potential fit for my companys requirements. With proper coaching and mentoring in the workplace, he performed well in his job, even beyond what was expected of him. When he expressed an interest in returning to full-time education, my company was more than willing to sponsor him.
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networks. Since Vanda Sports Group includes some boxing clubs within its businesses, I was happy to open the facilities to ISCOS members who are keen to develop their interest in this sport. To date, there are 15 ISCOS members who have tried out, and four are training consistently. I desire to share my resources and work closely with ISCOS to come up with support services that could help exoffenders in their reintegration journey. It is often said that one reformed exoffender means one less crime in the future, and one less victim of crime. With 10,000 ex-offenders being released each year, there is a tremendous need to engage corporates in this social cause. I am privileged to support ISCOSs reintegration and rehabilitation efforts. It is only a small contribution to make Singapore a safe and secure home for all.
Mentoring Ex-offenders
Changing an ex-offenders mindset is a critical factor in helping him or her become a productive member of the community. I signed up as a Volunteer Mentor in the ISCOS Mentoring Programme for Youth Offenders, with the in-care phase (first six months) involving letter-writing and faceto-face prison visits, while the aftercare phase (next 12 months) entails fortnightly meetings with the mentee who has been released on supervision (ROS). Currently, I am mentoring four youth offenders. I hope that my small contribution and support will ease their transition back into the community. Indeed, to create a positive influence on someone is one of the most fulfilling achievements any person can have.
About ISCOS
ISCOS is a social organisation that helps members (ex-offenders) reintegrate successfully into society. Established in 1989, it has now over 12,000 members who have benefited from various programmes and initiatives, from employment and skills training to familybonding activities. ISCOS also engages its members through community involvement and volunteerism efforts, which enable them to contribute to society.
Other Resources
It is imperative for any ex-offender to be able to stand on their own two feet and support their families upon release from
ISCOS utilises sporting activities conducted through its soccer and running clubs, in order to strengthen members character, instil discipline and create positive peer-
About the Author Ian Mullane is the Chief Executive of Vanda Sports Group, who help corporations with sports in their marketing mix to drive measurable value. He has been living in Singapore with his family for 9 years.
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It can be tempting to think of the annual Budget Report as a bit of an irrelevance given that most of us are fairly well removed from the UK tax system. Yet amidst all of the post-Budget headlinemaking news about Granny Taxes and the like, there were a number of important announcements which affect us here in Singapore.
Third, the Government has decided finally to do away with the rather archaic concept of ordinary residence, which no-one other than the legislators ever truly understood anyway. This will help to make residence issues clearer when the draft legislation for the long awaited Statutory Residence Test is finally published.apparently any day now. Watch this space! Fourth, the Government has also decided to look at increasing the inheritance tax exempt amount which can pass from a UK domiciled person to their nonUK domiciled spouse. At present this is GBP 55,000 in addition to the standard Nil Rate Band of GBP 325,000. I have seen commentators already speculate that GBP 55,000 could be raised to GBP 325,000, which, if true, would amount to a generous inheritance tax saving of up to GBP 108,000.
(GAAR), which potentially has the power to put paid to plenty of perfectly legitimate and reasonable tax planning. We will have to wait to see exactly how the consultation is framed, but it could become necessary for many to bring their tax planning forward in anticipation of some awkward new legislation.
The Good
First of all, the Budget confirmed that the Personal Allowance would rise to GBP 8,105 on 6th April 2012 and still further to GBP 9,205 on 6th April 2013. Although not a surprise, this is welcome news for anyone who still has UK taxable sources of income. Secondly, for those who have a stake in businesses which suffer UK corporation tax, the news is even better. A reduction in the headline rate of corporation tax to 24% on 1st April 2012 makes the UK the lowest cost corporate tax environment in the western world, with a further reduction to 22% coming in from 1st April 2014. In the scramble to position the UK for the best possible economic recovery after the banking crisis, the Government appears to have chosen corporation tax reduction as the best means of enticing investment and jobs into the UK, and to tell the world that the UK is, once more, open for business.
The Bad
For those who wish to purchase residential property for GBP 2m or more, a new stamp duty land tax rate of 7% will apply to all purchases of UK residential accommodation the new rate came into effect on Budget Day (21st March 2012). George Osborne also announced plans for a new General Anti-Avoidance Rule
For an investor who is domiciled outside of the UK, it is quite common to buy UK residential property through an offshore company, as this provides complete sheltering from Inheritance Tax. However, many also use offshore companies as a means of transferring real estate in a way which avoided a substantial amount of stamp duty. In consequence, the Chancellor announced an unprecedented rise in stamp duty on residential property purchased by what he called non-natural persons (i.e. companies, unit funds and other special purpose vehicles). From 21st March 2012, the new rate of stamp duty is a staggering 15%. And if this wasnt bad enough, the Chancellor has unveiled plans to consult on a new annual levy to apply on the residential real estate held by offshore companies, and a second consultation to look at applying Capital Gains Tax on gains
The Ugly
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Feature: The Good, The Bad and The Downright Ugly - George Osbornes Third Budget
Suffice it to say, as far as real estate investment in the UK is concerned, there has never been a greater need for proper personal tax planning advice and that is of course something that The Fry Group can provide. In closing, you will be heartened to learn that the Chancellor actually also mentioned Singapore by name in his budget speech! The government has announced extra funding to improve broadband coverage in 10 cities, saying that it is not content to be the best in Europe when countries like Korea and Singapore do even better! We all know that Singapore has a great deal more than fast broadband to commend itself to the UK Government, not least of which is a tax system which is transparent, easy to understand and easy to plan for! If you would like to discuss how the budget affects you, please dont hesitate to get in touch.
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realised from the sale of residential real estate by a non-resident company or other non-natural person. For private individuals hoping to avoid inheritance tax by holding their properties through an offshore company this is a bit of a disaster. However, for the most part inheritance tax can still be avoided in large part by funding the property using a mortgage, and taking life assurance written in trust for the balance of any personal funds which are used to purchase the property. Expect to see a significant migration of residential property out of non-UK structures within the next year or so, though of course the question now is how to do so in a way which avoids stamp duty. I think I may have found a way of doing this.
About the Author Martin Rimmer is Head of Tax Asia Pacific at The Fry Group and is based here in Singapore. The Fry Group is a Private Client specialist in UK taxation planning and wealth management. For more than 110 years it has focussed on the particular financial needs of British expatriates and is the trusted long-term adviser to many clients in Singapore and around the world. The Singapore office is located at #13-03, 6 Battery Road. More information is available at www.thefrygroupsg.com
Singapore Budget:
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The new rules require foreign financial institutions (FFIs) to provide the Internal Revenue Service (IRS) with information on certain US persons invested in accounts outside of the US and for certain non-US entities to provide information about any US owners. The fundamental premise of FATCA is that an FFI will be subjected to a 30 per cent rate of withholding on all withholdable payments (basically US Fixed or Determinable, Annual, Periodic (FDAP) income and the gross sales proceeds on sales-of-securities that generate US dividend or interest income) unless the FFI enters into a legally-binding agreement with the IRS, under the terms of which it agrees to identify US accounts and reports certain information on these accounts to the IRS. The US government has recently announced an inter-governmental approach to enable FFIs to report directly to the tax authority in the FFIs home jurisdiction. Further details on this approach are yet to be released. However, at this stage it appears that this will not significantly change what the FFI is required to do.
1 Educating senior management. Implementation of FATCA will be complex, onerous and costly. Senior management needs to be made aware of the potential costs and consequences of noncompliance. It is imperative to obtain senior management buy-in at this early stage. 2 Identifying client types (US, Non-US and Unknown status). FATCA applies differently to each of these types. Therefore defining a process of how to deal with each of these will be necessary. 3 Identifying all client files that may need remediation work. For example, those that have legacy clients whose KYC did not include country of birth or passport details or ultimate ownership of corporate clients. 4 Identifying processes and procedures that impact these clients or products. Ensure that procedures are in place to capture missing data, and consider starting look-back reviews to gather data required for continuation of existing services. 5 Identifying key personnel within each affected business area, with a view to assembling a core project team. This team should incorporate expertise from a withholding-tax and operations perspective, as well as legal, IT, compliance and risk specialists. 6 Carrying out a high-level system analysis. This should include a review of core accounting-systems to determine whether FATCA withholding is possible with the system. If not, the organisation has to consider upgrading the system so that it can.
7 Consider potential conflict locations. While it is possible that the US government may not enforce compliance locally where there is directly conflicting banking secrecy legislation, this has been done in the past and the risk or reward of continued business as usual in a noncompliant jurisdiction requires assessment, as the 30 per cent withholding-tax will likely be applied regardless of local law for non-compliant institutions. Pre-emptive identification of local-country legal issues is a must, whether or not your organisation currently operates in jurisdictions where there are prohibitions on disclosing customer-account details. 8 Promoting client awareness. FATCAs withholding rules will have a large impact on some clients; therefore, education is critical. Depending on the relationship, this education may be as limited as an explanation of changes in the treatment of client accounts, or as extensive as conducting formal workshops or one-to-one meetings with high-networth clients. Ensuring your organisation is FATCAcompliant cannot be viewed as an internal tax-function project. To be FATCAcompliant, there could be significant systems enhancements required, a multitude of changes to the controls and procedures utilised when opening new accounts or establishing new relationships, and the reworking of many operational processes. This will require a devoted and multifunctional project team.
Given the time it will take to make the process changes and systems modifications necessary to become FATCA-compliant (approximately 18 to 24 months), it is imperative for your institution to at least conduct an initial impact assessment so that you can plan your response. There are a number of proactive steps an organisation should consider undertaking immediately. Such steps include:
About the Author Gary Haran Doyle, Director, Advisory, KPMG Singapore Gary provides advisory services to financial institutions in the ASEAN region across a range of banking
products and projects. Gary has implemented AML, KYC and CDD business solutions, as well as managed technical projects in areas such as finance, payments, operations and compliance.
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Back To Britain
that arose before they became a UK tax resident. There are, however, concessions that modify the position and allow for a split-year treatment. The concessions for income tax and CGT are different in their requirements and they may not necessarily be available to a shorterterm resident of Singapore. Accordingly, careful consideration must be given to the requirements of the concessions to see what pre-return income and gains will be brought into account. If the concessions are not available, any pre-immigration planning in those planning steps will need to be taken in the tax year before their return to the UK. It should also be borne in mind that the UK has a CGT clawback rule. This can result in gains being realised while a non-UK resident is being taxed in the year of return if five entire tax years have not been spent as a non-UK tax resident.
may be required for an expatriate to dispose of assets standing at a significant gain before making a return to the UK while he is outside the scope of CGT.
Income tax
CGT planning
Capital gains are today computed for CGT purposes by deducting any allowable expenditure from the disposal proceeds. A period of non-UK residency during the ownership of an asset is not generally relevant in computing a CGT liability on its disposal. Accordingly, sensible planning
The UK has a particular tax regime applicable to offshore funds. It was introduced to discourage investors from placing their money in offshore collective vehicles. Where it applies, the regime acts to convert capital gains realised on investments in offshore funds without a reporting fund status into income for UK tax purposes. This conversion can be unfortunate because the UKs rates of income tax (40 per cent and 50 per cent at the top rate) are significantly higher than the rates of CGT (28 per cent and 18 per cent). Expatriates returning to the UK may prefer to move fund investments into reporting fund funds before their return. This movement will avoid gains being subject to income tax. For individuals who may not remain in the UK long-term following their return, an attractive method of planning may be to invest through an offshore insurance bond before their return. The UK has a particular
regime for taxing insurance bonds. If an investor places a single lump sum with an insurance provider (usually non-UK based), it is possible for the insurance company to provide a modest amount of life insurance for the investor (perhaps using one per cent of the premium) and to invest in the balance. The UK does not tax returns within the bond itself. This tax arrangement means that the investment returns within an insurance bond roll up gross and compound without tax. The insurance bond legislation in the UK contains particular provisions that can confer significant advantages in certain instances. Notably, policyholders can withdraw up to five per cent per year of the original premium invested without any tax charges arising. If the five per cent for a particular year is not withdrawn, then it can be extracted (again on a tax-free basis) in future years. This extraction can be a very useful way of accessing funds whilst continuing to accrue a gross roll-up in relation to the balance of the premium invested. If more than five per cent is withdrawn in a year, an income tax-charge applies. Traditionally, as with now, income tax-
rates have been higher than CGT rates in the UK. The benefits of the insurance bond need to be measured therefore against the risk that they can, in effect, convert capital gains-returns into an income tax event. That said, it is possible to break an insurance bond during a period of future non-UK tax residency without a UK income tax-charge arising. This flexibility means that insurance bonds can be attractive vehicles where a period of residency in the UK is to be followed by further time abroad. Individuals returning to the UK usually have enough to think about without worrying about their tax position. However, taking the relatively straightforward step of obtaining information on tax planning in the tax year prior to their return to the UK and completing a full review of their position will ensure that they can take full advantage of their tax planning options.
About the Author Philip Munro is an international estate and trust specialist at the law firm of Withers. He is qualified to practise in England & Wales and Hong Kong. philip.munro@withersworldwide.com
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recovery. Energy and industrial metals tend to recover during this period. Although these findings provide valuable insight, let us not forget about the highs reached by commodities in July 2008 and the fact that these prices have not yet been attained, despite other risky assets reaching that point in 2010. This is because predicting changes in the cycle is simply not straightforward. The 2001 dot-com crash and 2008 credit crisis were driven by different factors and fundamentals. In addition, global dynamics are changing, and these introduce further complication as commodity markets are closely tied with economic activity and growth.
Investing in commodities is not a simple proposition. The asset class is extremely broad and taking a one-size fits all approach to investing in commodities is dangerous. Yet, as many investors are moving into commodities for the first time, it is unsurprising that the investment community is still coming to terms with the fundamental drivers of commodity prices. In this article, we hope to provide insight into both the macroeconomic environment and the long-term drivers of commodity prices.
such as the uncertainty in supply brought about by natural disasters, monopolies and conflict, or the disruption in demand due to fluctuating inventories or consumption, have also affected the price of commodities. This rise of new economies has fuelled a phenomenal increase in consumption that has not been met by a similar change in supply or manufacturing. This higher demand with a low supply is likely to contribute to rising commodity prices. Clearly, demand for commodities is a significant factor contributing to rising inflation in both rapidly industrialising economies and in countries that import raw materials, such as the United States and Germany. Since the credit crisis in 2008, emerging market currencies have rallied by more than 22 per cent against the US dollar. In addition, the S&P GSCI Index of commodities has also rallied by almost the same amount to December 2010. In real terms, consumption-based economies (rather than commodity-producing countries) have not seen real increases in commodity prices that are quoted and traded in US dollars during this period.
This means the demand for commodities remains relatively unchanged and, hence, makes US dollar-quoted commodity investments potentially attractive. Demand appears to be playing a more important role in determining commodity-pricing and as consumption patterns change, the price of commodities and their importance in our life, likewise, change.
We live in an era where lifestyle changes are now dominating the demand for commodities. The rise of new economies has created multiple consumption patterns that are reflected by rising and often volatile prices. Commodities, therefore, are closely linked to technology, fashion and lifestyle assets. For example, in the last century we moved from posted mail to e-mails, reducing reliance on wood and increasing consumption of energy. Other factors,
Commodity prices are universally understood to correlate with the business cycle. The demand for commodities is largely driven by consumer and industrial uses, which fluctuate at different phases within business cycles. Among the different sectors, the demand for agricultural commodities is generally less tied up with business activities when compared to others. In contrast, energy and industrial metals are typically influenced by business activities and consumer confidence. An exception to the rule might be precious metals particularly gold that are generally considered a safe-haven currency rather than a commodity.
In the third stage of the business cycle, economies tends to grow at a very low rate, or even fall into recession. Commodities markets here suffer as inflation and demand both decrease. This stage is normally characterised by supporting fiscal and monetary policies, negative returns on stock markets, increasing unemployment and low inflation or deflation. Most commodities tend to experience large price corrections during this period. As the use of derivatives increases, fluctuations can be large. During this stage, gold tends to suffer less compared to the other two sectors as investors pull money from risky assets and invest in safe-haven currencies and securities. In the fourth and early recovery stage, commodities prices begin to recover. Yet, given that investor confidence remains weak, prices continue to be volatile. This stage is normally characterised by low short-term interest rates, recovering stock markets, moderate recovery of the job market and increasing inflation. Manufacturers also start to build up their inventories to prepare for the full
consider the information or commentary contained in this communication to be objective or independent of the interests of Barclays and should assume that Barclays is an active participant in the markets, securities (or related derivatives), investments or strategies contained herein. No liability whatsoever will be accepted for any direct, indirect or consequential losses arising from the use of this document or reliance on the information contained herein. No representation is hereby made as to the accuracy or completeness of information which is contained in this document and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. Past performance contained herein is no indication as to future performance.
Disclaimer
This document does not have any regard to the specific investment objective, financial situation and the particular needs of any specific persons. This document should not be regarded as an offer or solicitation to sell any investments in any jurisdiction. The commentary set out herein does not constitute research. The information in this document is not intended to predict actual results and no assurances are given with respect thereto. Barclays, its subsidiaries, associated companies or affiliates and the individuals associated therewith may (in various capacities) have positions or deal in the transactions or securities (or related derivatives) identical or similar to those described herein. Readers should not
Funds and Advisory at Barclays is the asset management unit of Barclays and provides a broad range of services to institutional clients and distributors globally. BCFS manages 18.23 billion* on behalf of clients globally with a dedicated team of over 100 investment professionals and operations specialists. A wide range of strategies are available for investors, including commodities based portfolios delivering absolute returns. For further information about BCFS, please visit our web site www.barcap.com/bcfs
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The Queens
Our new First is progressively being rolled out and is available on selected international flights from Singapore to London and Sydney.
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British High Commission / UKTI: Special Feature: The Queens Diamond Jubilee Celebrations
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2012 is a momentous year for the UK, not least because this year marks Her Majesty The Queens Diamond Jubilee.
Celebrations have already begun in the UK and other Commonwealth realms and countries around the world, but the highlight for Singapore will be the visit of Their Royal Highnesses the Duke and Duchess of Cambridge, later this year. There is already great excitement about their visit and we are in discussions with the Palace to agree a full programme of events and activities to showcase the best of Singapore. The eyes of the world will be on the city during their stay and this visit will only help to reinforce the strong relationship between Singapore and the UK. The Queen started the Diamond Jubilee celebrations on 8 March 2012 with a visit to Leicester with The Duke of Edinburgh and The Duchess of Cambridge. From March until July, The Queen and Duke of Edinburgh will continue their tour across England, Scotland, Wales and Northern Ireland, while many other members of the Royal Family will visit every Realm, Commonwealth country, Crown Dependency and British Overseas Territory. One clear theme that has emerged throughout every speech made by The Queen for the Diamond Jubilee so far is the power of togetherness, the strength of family, friends and good neighbourliness. To continue this theme, we are encouraging those in Singapore who wish to join in with celebrations to arrange your own Big Lunch or participate in those already arranged by the British communities in Singapore, including the British Club and British Association.
We will be joining in wherever we can to celebrate this historic milestone. For those of you who may be visiting the UK during this time, we have a handy guide to all the events taking place around the Diamond Jubilee central weekend. Saturday 2 June 2012: The Queen will attend the 2012 Investec Derby at Epsom Downs Racecourse. Sunday 3 June 2012: The Big Diamond Jubilee Lunch will see friends, families and neighbours come together and celebrate The Queens 60 year reign. Sunday 3 June 2012: The Thames Diamond Jubilee Pageant will see up to 1,000 ships make their way down the Thames. The Queen and The Duke of Edinburgh will be aboard the Royal Barge, which will form the centrepiece of the flotilla. Monday 4 June 2012: The BBC Diamond Jubilee Concert takes place in the grounds of Buckingham Palace, with some of the biggest names in music performing for The Queen and Royal Family.
Monday 4 June 2012: The Queen will light the National Beacon, the first of at least 2,012 beacons to be lit across the UK, Channel Islands, Isle of Man, the Commonwealth and other countries around the world. Tuesday 5 June 2012: The central weekend celebrations end with a Service of Thanksgiving at St Pauls Cathedral and a formal carriage procession.
the current financial crisis that has been credited as the longest and deepest during the Queens reign. In the 1950s, Britain was seen as one of the leading nations for trade, with manufacturing making up 40 per cent of the total workforce. This saw a steady decline in the British economy, and with globalisation, came lower-cost options from overseas. In todays world, the UK economy is often referred to as a service economy with the services industry accounting for more than 70 per cent of GDP (gross domestic product) growth. There appears to be little changed in the amount of work undertaken, however it is clear the workforce in todays world is far more productive, with the value of the output around four times greater than that of the early 1950s. Basically people today are working smarter, not harder. In the past 60 years, the world has gone through social, industrial and economic change and will continue to do so.
With the introduction of a Twitter feed, YouTube channel, website, Flickr and Facebook page, The Queen has embraced the rapid growth of the digital age. The world continues to change at an everincreasing rate, as it has over the past 60 years. The Queen and Royal Family remain the one constant for the people of the UK and the Commonwealth.
The Chartered Institute of Personnel and Development recently published a report that takes a look at how the working world has changed over the past 60 years of the Queens reign. When Princess Elizabeth received the news of her accession to the throne, Britain was still recovering from World War II. Identity cards were a necessity and food rationing was still part of daily life. The first dip in economic growth was noticed in 1952, together with an increase in unemployment rates, however it is
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UK Export Statistics
2011 Top Line Performance The export performance of UK food and non-alcoholic drinks in the first half of 2011 was much stronger than many would have predicted, growing by 13.1 per cent to 5.8bn (S$11bn). This growth was split: exports to the European Union were up 12.6 per cent; and to non-EU markets up 14.8 per cent. Exports, including alcoholic drinks, were up 15.5 per cent in 2011. This includes a particularly strong 21.4 per cent increase in the key whisky sector.
UK Exports to Singapore
UK exports of food and non-alcoholic drinks to Asia increased by 18.2 per cent, while those to Singapore increased by 26.4 per cent, from 16.4m (S$32m) to 20.7m (S$40m), in the first half of 2011. This is evident in the growing number of British products on the shelves of supermarkets and speciality stores, as well as in the dynamic restaurant and finedining sectors. The products range from
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Case Study
More British Products Making Their Way to Singapore. Leading supermarket chain, Cold Storage, is set to bring more British food products to Singapore following a recent UKTI Meet the Buyer event. Once again, UKTI officers from around the world had identified exactly the right buyers and the right brands to put in front of them, said David Hill, Managing Director of Cocoda Ltd. Cold Storage, is well known for bringing in exciting new products from around the world to please its customers sophisticated palates. With over 50 stores, including speciality stores under the Market Place banner, Cold Storage offers over 30,000 products to Singapores five million population that includes one million expatriates. Cold Storage approached UKTI Singapore to explore new products from the UK for immediate introduction to its stores, as well as for a special promotion of British brands in 2012. As more Singaporeans study, work and travel to the UK, there is an increasing recognition of the quality and innovation of British products. Together with the Food and Drink Exporters Association (FDEA), UKTI organised a busy day of meetings for the five-member senior management team on 28 July 2011. Over 40 UK companies representing an exciting crosssection of UK strengths, from salmon, sausages, cheese, organic yoghurt and sea salt to baby food, ethnic sauces, chocolates, indulgent desserts, tea and
beverages met with Cold Storage. Following an initial trial order, a second order was placed with several companies, who are collaborating with Cold Storage to develop a long-term presence in Singapore. Alison Lee-Wilson of Anglesey Sea Salt said Having visited Singapore in the past I was well aware of the potential for Welsh, artisan foods in the retail market. I was delighted to be given the opportunity to meet with Cold Storage and even more thrilled when the presentation resulted in an order. Im looking forward to visiting the Food and Hotel Asia exhibition in Singapore in April 2012 when Halen Mn will be doing a series of tastings in the Cold Storage stores. One of the delegates at this Meet the Buyer event in London was David Hill, Managing Director of Cocoda Ltd, who is a leading exporter of luxury British confectionery. Id
not done any business in Singapore before and the Meet the Buyer event was an opportunity to do just that said Hill. It felt like speed dating and was incredibly well organised and efficiently managed. Once again, UKTI officers from around the world had identified exactly the right buyers and the right brands to put in front of them. Since the meeting, Cocoda has received four orders for Chocca Mocca from Cold Storage including its new organic range, Roots & Wings. One can spend hundreds or thousands on trade shows for these sort of results, continued Hill but this has to rate as one of the most successful 15 minute meetings Cocoda has had in recent years. Im absolutely delighted with the outcome and all the efforts put in by UKTI to organise this event.
Cold Storage Supermarket is part of publiclisted Dairy Farm Group, a leading pan-Asian retailer, owned by British conglomerate Jardine Matterson. In Singapore, Dairy Farm operates more than 800 stores and owns local retail banners Cold Storage and Market Place supermarkets, Shop N Save supermarket, Giant Hypermart, Guardian Health & Beauty and 7-Eleven.
Fast Facts
Export Sectors
the UKs traditional strengths as well as the continual innovations in the sector.
Particularly strong growth in the first half of 2011 was seen in: Dairy sector including cheese; fruit and vegetables; meat (driven by beef); fish and seafood; prepared foods (driven by ice cream ); cereals and bakery products; alcoholic and non-alcoholic drinks; tea; coffee; and confectionary. The UK offer is diverse: Indian sauces to Spain, cheese to Japan and breakfast cereals to China; all supported by considerable R&D, innovation and a commitment to quality. The most striking point is that British food abroad is no longer a niche item or limited to those expat treats we all love and miss (HP sauce, Birds custard, Marmite) but the offer now also includes mainstream lines which form part of anybodys weekly shop.
On 27 January 2012, Defra, UK Trade & Investment (UKTI), and industry announced Driving Export Growth in the Farming, Food and Drink Sector: A Plan of Action. This Action Plan is intended to export growth in the farming, food and drink sector by: Working to open markets and removing trade barriers Helping to build a business mindset of exporting as a key route to growth Encouraging more SMEs to explore overseas opportunities and supporting those who already export to do more Shifting the focus of the sector towards the opportunities of emerging economies where there is the greatest future-growth potential Further information: On export Strategy: http://www.defra.gov.uk/publications/files/ pb13702-food-export-actionplan.pdf On F&B statistics: http://www.fdf.org.uk/statsataglance.aspx General information and follow up: contact Valsa Panicker at the British High Commission.
About the Author Sarah Croft Director, Trade UK Trade & Investment
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April/May 2012
About the Author Judith Slater Deputy High Commission Director of Trade and Investment
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At The Chamber
Dear Members,
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As you will certainly have noticed this April/May issue of your ORIENT magazine is presented with a modern, contemporary design and layout. We worked together with our publisher Novus Media Solutions to improve and enhance what reputably is one of the best Chamber magazines in Singapore and the Asia region. I hope you like your ORIENTs new look! Please do give me your feedback and comments to share with our Board, the team and the publisher. Your Chambers programme 2012 is packed with activities, and amongst these are the following key flagship events and initiatives on which we are now working on: The Annual Chamber Golf Day on the 31st of May in Sentosa; most of the flights have already been booked, so if you are a golf enthusiast and have yet to secure your place you may want to log on to www.britcham.org.sg and do so. Our 3rd Annual Rugby Dinner takes place on the 7th of June in the Shangri-La Hotel. If you are looking for a fun evening, filled with good company and entertainment, bring along your colleagues and friends and join Justin Sampson, Martin Corry, Paul Wallace and Peter FitzSimons! The 13th Annual Business Awards is now open for nominations. We are very pleased that our official supporters; EDB, SPRING, SBF, EuroCham and UKTI are all on board again this year. Youll find a copy of the updated nominations guide in this magazine and all further details under www.bccbusinessawards.com. The grand finale and awards presentation will take place on the 4th of October in the Shangri-La Hotel. Remember, if you do not compete, you cant win!
Brigitte Holschneider
Executive Director, British Chamber of Commerce
To celebrate and commemorate a very special year for Britain, the Queens Diamond Jubilee year, the Chamber is going to publish an exclusively designed coffee-table book. Scheduled for completion on 1st September 2012. This book will feature the history of British commerce in Singapore intertwined with the sixty years of Her Majestys reign. What an ambitious and exciting project! Every member will receive a copy and will also serve to reach out to the key players in Singapores government and the countrys business community. To conclude, I would like to inform you that our Events Development and Business Enhancement Manager, Erica Hegarty, has stepped down from her role to pursue personal interests. I would like to thank Erica for her contribution to the Chambers events calendar and wish her all the very best for her future endeavours. Ms Hima Patel joins the team on May 3rd replacing Erica. Hima has a strong background in events, having worked in the British Chamber of Commerce in Shanghai and for the last three years in the New Zealand Chamber of Commerce in Singapore. I look forward to seeing you at our AGM in Eden Hall on the 10th of May.
Best wishes,
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At The Chamber
EA Consulting Group Expat Insurance Friends Provident International Ltd (Singapore Branch) Grass Roots Asia Pacific Grayling Asia Pte Limited Hallin Marine Singapore Pte Ltd Ince & Co Singapore LLP Kennedys Singapore LLP Keppel Corporation Limited David Morris Sheila Brennan Sien Hui Quah Colin Ng Kate Sibbett Julia Elizabeth Rowley Terng Shing Chen Jas Foo Robin Acworth Karnan Thirupathy Chiau Beng Choo Chin Hua Loh Ching Chuan Lai Hee Hon Pang Hock Chye, Michael Chia Lim Heng Tay Soon Hoe Teo Tiong Guan Ong Graham Owens Christine Ho Pierre-Paul Jacquet Rowena Geronimo Chee Yuen Yap Doni Taube Edward Goh Ee Boon Seah-Khoo Greg Allan John Henry Bernard Sloane Rodney Johns Roger Lienhard Enoch Tan Ellinor De Groote Ian William Horsburgh Kadence International Pte Ltd Logicalis Asia Mariflex Asia Pte Limited Michael Page International PLC New World Capital Pte. Ltd Pinsent Masons MPillay PTS Consulting Singapore Pte Ltd Regus Spark Design Consulting Singapore Pte Ltd Tanglin Trust School Ltd The Leading Hotels of the World-Singapore
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Philip Steggals Lisa Milnes Ruud Cogels John Mayes Prasanna Ogale Helen Waddell James Rix Sharmain Kong Wenhui Lim Guan Heng Ling Jasmine Gladys Loh
Sterling Additional
Allied Pickfords (S) Pte Ltd BT Singapore Pte Ltd Harriet Wood Vincent Carthigasu Allan Tseng John Ryan Sanjay Yadave Talib Yousry Aditya Agarwal Puneet Maheshwari Allen Fukada Marc Howard Daniel Maglietta Mike Wilkshire Pearly Ng Permada Darmono Sean Clark Alex Bellingham Angeline Lu Benjamin Willsher Jessica Carret Ozias Ong Paloma Lam Tim Murphy Yannick Dedigama May Hleileh Jun Er Alethea Seow Alexandra Faris Brendan Warner Carolyn Wild Chris van Gend Colin Robinson Diane Chong Hafiz Bin Zakaria Hui Zhi Pek Ian Craigs Itono Hakim Jamie Chambers Kevin Leung Li Lin Kea Matthew Cannock
Corporate Additional
BG Asia Pacific Pte Ltd En-World Singapore Pte Ltd Global Financial Consultants Pte Ltd Kadence International Pte Ltd Mott MacDonald Singapore Pte Ltd Sandeep Mahawar Sunil Dutta James Kniveton Kim Tyler Peter Carden
Deloitte Consulting SE Asia DHL Global Mail Garner International (S) Pte Ltd Hays Specialist Recruitment Pte Ltd
KPMG LLP M Moser Associates Mazars LLP Resorts World at Sentosa Pte Ltd
Corporate SME
ATR Associates Pte Ltd Developing Global Leaders Asia Pte. Ltd. IG Markets LAMC Productions Maritime Strategies International Asia Pte Ltd Moylan Consulting Pte Ltd Portfolio Builders (S) Pte Ltd Samadhi Retreats Securewest International The Partners Visionnaire Pte Ltd Ashish Raivadera Michael Hughes Justin Harper Laurrietta Alabons Roger Bartlett Ian Dunsmore Karen Anderson Federico Asaro John Howells Anant Deboor David Desbordes
PricewaterhouseCoopers
Prudential Assurance Company Singapore (Pte) Ltd Rolls-Royce Motor Cars Limited Rolls-Royce Singapore Pte. Ltd. Standard Chartered Bank
Corporate
Cegos Asia Pacific Pte Ltd Cliftons Operations Pte Ltd dmg events Asia Pacific Pte Ltd Global Capital & Development Lodestone Management Consultants Pte Ltd Microsoft Singapore Pte Ltd New World Capital Pte. Ltd Pinsent Masons MPillay Regus Spark Design Consulting Singapore Pte Ltd VP Bank (Singapore) Ltd CH2M Hill Singapore Pte Ltd Global Financial Consultants Pte Ltd Institute of Chartered Accountants in England and Wales Jones Lang LaSalle Jeremy Blain Daniel Tyson-Jones Paul Beckley Keith Richard Martin Stephen Wise John Fernandes Sanjay Kirpalani Jonathan Phelan Howes Andrew Tull Stephen John Pimbley Patrick Donaldson Nam Lay Tay James Booth Jane Broadfoot Hannah MacDonald
Corporate Plus
Grey Group Asia Pacific Nirvik Singh
Individual
Anne Yap Isabelle Todd Khalid Muhmood Philip Munro Stuart Pearce Don Mackay James Brown Michael Heath Ryan ONeill Tessa Chester Holly Harvey Katherine Baker Paul Lambden Shaun Boulter Xerxes Medora
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The diversity of economic paradigms of the Asia-Pacific has resulted in more mid-market merger and acquisition (M&A) deals in the region than any other territory worldwide. The findings from Deloittes latest report on mid-market deals worth US$5 million to US$500 million each highlight Asia-Pacifics growing weight in the global M&A market. It reported 2,066 transactions coming to the Asia-Pacific, compared to Europes 1,960 deals, and North Americas 1,834 acquisitions in 2011. The report was launched in Singapore at the annual Asia-Pacific mid-market M&A seminar. www.deloitte.com/sg
27 February: ANZ today announced appointments to the senior leadership team for its combined Global Institutional and Asia Pacific Europe and America (APEA) Division, reporting to Divisional CEO Alex Thursby. Some of these appointments include Gilles Plante, CEO Asia, based in Hong Kong; Mark Robinson, CEO Europe, America, Middle East and India, based in London; Michael Rowland, CEO Pacific, based in Melbourne; Sameer Sawhney, Managing Director Institutional Asia Pacific Europe & America, based in Singapore; Ivy Au Yueng, Managing Director Commercial Banking, Asia Pacific, based in Hong Kong; Wendy Lim, Managing Director Retail Banking, Asia Pacific, based in Singapore. www.anz.com
Rolls-Royce, the global power systems company, has grown its presence in Singapore considerably in recent years, and on the February 13th launched a new chapter in the Groups history with the official opening of the Rolls-Royce Seletar Campus in Singapore. Singapore Prime Minister, Mr Lee Hsien Loong accompanied by Sir Simon Robertson, Chairman, Rolls-Royce plc opened the campus at an event attended by dignitaries, customers and partners. At over S$700 million, the campus significantly increases Rolls-Royce manufacturing capacity in the Asia Pacific. www.rolls-royce.com
Cognita is proud to announce the opening of the Permanent Campus of Stamford Singapore, 23 March 2012. Presented by the award-winning business journalist Adam Shaw and reporter Saima Mohsin, the new series of Horizons continues its journey around the globe, visiting destinations including Brazil, China, India and the USA to discover the scientific and business ideas that could shape the future of the planet. Now in its second year, a new 10-part series of Horizons starts on Saturday 7th April on BBC World News. www.bbc.com American International School this August 2012, which will offer world class learning facilities with the latest in classroom technology and IT infrastructure. Conveniently and centrally located, it will eventually cater to approximately 2,500 students in Nursery through Grade 12. For further info please email admissions@sais.edu.sg or visit www.sais.edu.sg. Stamford American International School will be holding an Open House on, May 11th at the Foundation Campus. Its the perfect opportunity to meet Stamfords teachers, see classes in session and learn more about their program. Please visit www.sais.edu.sg to RSVP. Award-winning Chef de Cuisine at The Cliff, Yew Eng Tong presents a brand new menu that promises a dining experience that is decadent and yet exquisite. Set in stunning interiors with commanding views of the South China Sea, The Cliff, features a show kitchen, cascading water features and a split-level platform built over lush jungle. Savour brand new dishes such as the pan seared foie gras, hokkaido scallop, oyster emulsion and exotic mains such as monkfish and quail which play up Chef Eng Tongs daring and genius in his use of combinations and ingredients. For reservations, please call +65 6371 1425 or email thecliff@thesentosa.com. www.thecliff.sg Dimension Data has unveiled a comprehensive range of cloud services aimed at making it easier for companies to accelerate their adoption of cloud computing. Available globally, Dimension Datas Cloud Services enable companies to be more agile, lower IT infrastructure management expenses and reduce cloud migration complexity and risk solutions. These solutions and services will be delivered over a global network of MCPs, which are located in each of our five regions. www.dimensiondata.com
BT, one of the worlds leading providers of communication services, recently announced a series of initiatives aimed at doubling its business across Turkey, the Middle East and Africa. With this, global and local companies can leverage on BTs network breadth and depth with help of additional highly qualified staff. These initiatives build on similar programmes in Asia Pacific and Latin America, where orders in the first nine months of this financial year were up over 50 per cent. For its efforts in the Asia Pacific investment programme, BT was named a leader in the IDC MarketScape: Asia Pacific Next-Generation Telecom Services 2011 Vendor Analysis. www.bt.com
Nokia Siemens Networks Facebook self-care app enables operators to let customers personally manage their telecom services, share their experiences across their social network and get rewards for recommending services to friends it also allows operators to engage with customers directly and online. With the app, people who share their experiences and recommend services can benefit from special rates and incentives. Friends benefit from recommendations that help them to evaluate the best service package for their needs. It also provides instant access to account information, recent call duration, cost and contact details all within Facebook. www.nokiasiemensnetworks.com
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The IB Asia Pacific Annual Conference is the largest gathering of educators and the education industry in the Asia-Pacific. The conference puts a spotlight on the host nation as the Asia-Pacific hub of activity within the education sector. The conference provides a platform for delegates to share experiences and solve common issues. It is also a key networking opportunity for corporations that supply and assist the education industry. www.ibo.org
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Globe Telecom was recently awarded with the very first BS 25999 Business Continuity certification amongst Philippines telecommunication players by BSI Group. Albert de Larrazabal, Chief Financial Officer of Globe Telecom says, Globe is proud to be the first telecommunications company in the Philippines to receive the BS 25999 certification. Using global standards in our Business Continuity Management Program is a testament of our greater resolve to put our customers first and help them mitigate business risks. Business continuity is a reality that all organisations must soon come to realise; and the sooner they start managing this area, the less likely they would be caught off guard when disruption happens in their business. www.bsigroup.com.my
Cicero has published an in-depth report of the financial services sectors use of social media after conducting interviews with senior business leaders from across the industry. The report, Marriage from Hell or Made in Heaven: The Financial Sector and Social Media, is the first analysis of its kind focusing on financial services.
London - Brussels - W ashington - Singapore
Logicalis, one of the worlds largest ICT solution providers, has launched its joint venture operation in Indonesia. The new company, known as Logicalis Metrodata Indonesia, was formed with leading Indonesian ICT Group, P.T. Metrodata Electronics, Tbk based in Jakarta. Logicalis has a 51 per cent shareholding and Metrodata, 49 per cent. Logicalis Metrodata Indonesia has approximately 25 employees reporting to a new managing director, Dewi W. Irawan, and will focus on network communications, collaboration and data centre solutions to the commercial, enterprise and service provider markets in Indonesia. www.logicalis.com
Cicero Group is a financial sector communications consultancy offering government relations, media relations, research, and digital communications from its four centres in London, Brussels, Washington and Singapore. For more information contact: andrew.naylor@cicero-group.com
Our professionals lease office and industrial space across Singapore for multinational corporate tenants. Our team has also completed a number of investment sales and valuations for developers and investors. Cushman & Wakefield is one of the largest commercial real estate services firms globally with 234 offices and more than 13,000 employees. (CEA Registration No: R040477F, Estate Agents Licence No: L3007333E). www.cushwake.com
Recently the British Club together with the American and Tanglin Clubs were voted tops amongst Social & Recreational Clubs & Associations by the readers of Expat Living. http://www.expatliving.sg/article/reader-awards-2011-the-results?page=0,3 The Club is pleased to have been voted as the second best in Singapore, after the American Club. This is wonderful testament of the quality service, facilities and ambience that we offer to our members, said General Manager Sean Boyle about the award. www.britishclub.org.sg
Cited in the recently released prestigious legal directory, Chambers Asia Pacific 2012 under Other Notable Practitioners Goh Sze-Hui of Eversheds LLP has a versatile M&A practice, and is particularly noted for her TMT expertise. One client pointed out: She went above and beyond what Id expect normally of a lawyer, she saw what we had to address, told us what is usually done, explained it in non-legalese, and really got to the heart of the matter. Her advice was simply superior to anything else we got. Another enthused: She is easily one of the top ten corporate lawyers Ive worked with out here in the last decade. www.eversheds.com
www.uwcsea.edu.sg
UWCSEA Dover is registered by the CPE CPE Registration No. 197000825H Registration Period 18 July 201117 July 2017 UWCSEA East is registered by the CPE CPE Registration No. 200801795N Registration Period 10 March 20109 March 2017
037ADV-1112
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People issue, what people issue? Small, growing businesses see HR as a cost, not an investment but your (very lovely) receptionist also covering HR could have serious consequences! How can that be, you say? Some examples using employment contracts that look OK (lucky, there have been no law suits so far), constant hiring and firing, just cant get the right staff (this revolving door is distracting you from your business pipeline), think HR policies are a waste of time (and constant questions and conflicts are not?). A little can go a long way Pinstripe can supply what you need, for just as long as you need it. www.pinstripe.asia
This September, catch multiple Grammy-award winner MAROON 5 as they headline the Padang stage on Saturday, 22 September, at the 2012 FORMULA 1 SINGTEL SINGAPORE GRAND PRIX. The American rock band has churned out numerous hits including She Will Be Loved, This Love, and most recently, Moves Like Jagger and Misery. Additional artistes will be announced in the coming months. Early-bird tickets are available from now until 30 April, with tickets priced from S$178 for a three-day Zone 4 Walkabout ticket, to S$1088 for a three-day Pit Grandstand ticket. For more information or to get your tickets, visit www.singaporegp.sg
Novotel Singapore Clarke Quay, one of Singapores prominent business hotels ideally located within the citys business and entertainment district, is pleased to unveil their newly upgraded guest rooms and Premier Lounge. The revamped Premier Floor features a stylish modern look, designed to please the tastes of discerning business travellers. The renovation work included an upgrade to all Premier Floor rooms and suites, as well as the Premier Lounge, which now offers a new level of sophistication on the 24th floor. Check out www.novotelclarkequay.com.sg for more news and promotions.
The Singapore Cricket Club (SCC) is one of the premier sports and social clubs in the Asia-Pacific with 160 years of heritage. Our members are established captains of industry, community leaders and outstanding sportsmen/women. Proudly situated right in the heart of town, the SCC is located in the Formula 1 racing circuit, with a wide range of international tournaments and social events held throughout the year. Make the ultimate sporting and lifestyle statement by being part of the SCC family! Start enjoying these premium benefits today! For membership enquiries, please call Snow at +65 6338 9271 ext. 221 or Email snow@scc.org.sg
International law firm Stephenson Harwood has hired Geraldine Ong as an associate in the Aviation Finance Group based in Singapore. Geraldine specialises in asset finance and leasing and acts for lenders, owners, lessors and airlines in the aviation industry. Her experience also covers aviation litigation, regulation and risk. Geraldines hire follows the hire of aviation associate Michelle Runagall in January, and of senior associate Tulia Rajamki in April last year. In recent months, Stephenson Harwoods Aviation Finance team has been involved in numerous high-profile deals including advising Lion Air on a record-breaking US$21.7 billion deal to purchase 230 Boeing 737 aircraft, as well as acting on behalf of AirAsia in a landmark joint-venture agreement with All Nippon Airways to form a new low-cost carrier in Japan. www.shlegal.com
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Members Offers
To find out more about our members offers, visit our website under Membership -> Members Offers.
British Club
British Club offers a 15% discount (= S$600) for their 1 year membership* which retails
@ S$4,000 to members of the Chamber who are not yet members of the Club. Contact membership@britishclub.org.sg for more information.
Bupa
Britcham members will enjoy special rates for Bupa Lifeline or Worldwide Health Options covers. Enquiries: Mui or Liz, Office Tel No: +65 6634 5888, Mobile: +65 9754 4770, Email: liz@bricon.com.sg
CITYGOLF
Save $500 off the membership fee at CityGolf. Experience tasty tapas, the finest whiskeys and a mesmerizing city view, all whilst playing a round of golf on one of our six state of the art golf simulators. Join the exclusive Citygolf Personal Membership at a special rate of S$1,000 (usual rate S$1,500), limited to the first 50 BritCham members only. T&Cs apply. Please call +65 6536 4846 for enquiries and bookings.
Courts
5% off electricals and 10% off furniture. Please show membership card to obtain discount.
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Regus
30% off Regus Businessworld card! Regus Businessworld is great for professionals who work from home or on the road or who travel frequently on business. Say goodbye to...meetings in noisy coffee shops, catching up on emails in your hotel room and having to host conference calls at the airport.
Expat Living
FREE THREE month subscription to Expat Living magazine (Usual annual price $60 for Twelve monthly issues). Expat Living is full of great ideas for making the most of living in Singapore. Take a peek inside the homes of your fellow expats and read their personal referrals on living, shopping, dining, travelling and keeping fit and healthy. Whatever you need to know about expat life here, our monthly magazine will put you on the right track! Usual annual price $60 for Twelve monthly issues plus five annual guides worth a total of $108 delivered to your door. Call us on +65 6259 0058 or Email circulation@expatliving.sg to subscribe for a longer period or to sign up a friend.
Say hello to...productive business lounges or your own private office where you can hold meetings, check email, print reports and run your business. Regus is pleased to offer Chamber members a 30% discount on the first 6 months of a Businessworld card. For more information call 1-800-622-1565.
Harrys Bar
15% discount rate for Chamber members when you present your membership card.
We are a Singapore-based content and communications company offering editorial, design, digital and a range of publishing services to companies around the world. Working across platforms and with multi-lingual skills, we will develop the right solution for your specific communications and content requirements. Talk to us. Call Paul Coleman at +65 6220 2900
Digital
Media Sales
www.novusasia.com
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Leaders in Business Lunch: The UKs Growth Strategy: what this means for international business
Presenter: Lord Green of Hurstpierpoint - UK Minister of State for Trade and Investment
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The British Chamber of Commerce has been running the Annual Business Awards for over a decade, making 2012 the 13th Annual Business Awards event it will be organising. The energy and enthusiasm of successful businesses, prominent academics, business leaders and thought leaders coming together over the years is reward in itself for us, and we hope that you will take part to celebrate your business and your achievements; take the chance to stand shoulder to shoulder alongside the Best of Businesses in Singapore!
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Nominate now!
Deadline: 12 August 2012 www.bccbusinessawards.com
Organised By
Title Sponsor
Supported By
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F1 Networking
Thursday 27th September 2012 Venue to be confirmed
BritCham Ball
Saturday 1st December 2012 Island Ballroom, Shangri-La Hotel
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e Singapore Cricket Club is one of the premier Sports and Social clubs in Asia Paciic, proudly situated right in the heart of town with 160 years of heritage. Our Members are well established
Gourmet Restaurant
With its diverse collection of more than 430 of the finest independent properties, The Leading Hotels of the World is the largest luxury-hospitality organisation in the world. Here we proudly present a memorable one-of-a-kind Experience. Opened in 1938, the Hotel Knigshof was the third hotel purchased by the Geisel family, and it quickly became their most luxurious showpiece. Located on the famous Karlsplatz, it is a favourite for special events, particularly at night when the private salons offer stunning views of the Frauenkirche cathedral. Whisk through VIP security and passport control, and head to the hotel via a BMW 7-series limousine. Tonight, savour a Martin Fauster signature menu at the hotels Michelin-starred gourmet restaurant, with corresponding wines introduced by Sommelier Stphane Thuriot. The following day, choose a top-of-the-line Porsche to drive to Stuttgart for a behind-the-scenes factory visit to see craftsmen producing these refined cars. A guided tour of the Porsche Museum details the brands history. On the third day, your private excursion to Schloss Neuschwanstein takes place after-hours, enabling you to enjoy the art and history of the 19th-century Romanesque Revival castle without the crowds of other visitors. Discover more one-of-a-kind experiences such as a private visit of the Louvre followed by a three-course gastronomic menu at the three-Michelin star restaurant Epicure at Hotel Le Bristol, or a class in the art of woodinlay with Grand Hotel Excelsior Vittoria. Visit www.lhw.com/oneofakind
captains of industry, community leaders and outstanding sportsmen/women. Make the ultimate sporting and lifestyle statement by being part of the SCC family! We are introducing a limited number of Special Term Membership (1 year term) to Chambers of Commerce Members in Singapore. To enjoy the SGD $1,000 savings simply present your membership card upon application.
Hotel Knigshof Leading One-of-a-Kind Experience for two, in a Deluxe Suite is priced at EUR 5,700 inclusive of taxes
Three-night in a Deluxe Suite Daily breakfast Round-trip limousine transfer with private shuttle (BMW 7-series) VIP service directly from and to the aircraft with a separate security screening, passport control and custom clearance, in addition personal care and guest liaison with multilingual and professional staff members Drive to Stuttgart to explore the Porsche factory, in one of Porsche latest models. Guest is able to select amongst Panamera, Porsche 911 and Cayenne Guided tour to the Porsche Museum Martin Fauster signature menu at the Gourmet Restaurant Knigshof awarded with one Michelin Star and 18 of 20 points Gault Millau. Including corresponding wines introduced by Sommelier, Stphane Thuriot Private guided excursion through the Schloss Neuschwanstein after hours
Experience is valid until December 31, 2012. A minimum 3-night stay is required. Blackout dates apply.
For further enquiries and application details, please call Snow at 6338 9271 ext. 221 or email snow@scc.org.sg.
The Leading Hotels of the World has launched a collection of exciting new benefits for members of its Leaders Club programme, designed to make the travel experience more personalised and enriching. Leaders Club members, in addition to their existing benefits, can now also enjoy daily complimentary continental breakfast for two and complimentary Internet access, complimentary upgrades and free room nights at over 430 Leading Hotels around the world. Enjoy these generous benefits at an annual cost of USD 150 for an Access level membership. For reservations and membership enrolments, telephone Leading Hotels in Singapore at 1800 737 9955 toll-free. Alternatively, email reservations.singapore@lhw-offices.com or visit www.LHW.com
Singapore Cricket Club | Connaught Drive Singapore 179681 Tel: +65 6338 9271 Fax: +65 6337 0119 For more information on the Club, please visit our website at www.scc.org.sg
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usicity is an evolving city-by-city programme of curated music that blends the best of music and design. Following on from its debut in London and Tokyo, Musicity had its Singapore premiere in March and promises to scatter its splendid sounds throughout Singapore during the year. Bringing a new dimension to architecture through the experience of music, the Musicity project unites musicians with specific spaces in the city. Two of UKs recording artists, the alluring Mara Carlyle and electronic artist Jon Hopkins, will collaborate with seven local recording artists to compose original music tracks inspired by seven selected locations in the city. Through a mobile application, the tracks will then be accessible after visiting each location and downloading the track with a geo-located app. This will allow the visitor to perceive the space in a unique way, through the creative lens of the artist. In search of the otherwise unobtainable tracks, Musicity encourages enthusiasts on a treasure-hunt like trail of excitement as visitors progressively collect the music. Musicity fans in Singapore will be led through the citys cultural history, stepping into the past at cultural sights such as the Asian Civilisations Museum, the Hong San See Temple and the Singapore Art Museum. They will then peek into a cradle of contemporary creativity as they explore ArtScience Museum, SOTA (School of the Arts) and the Esplanade before reaching the green groves of Gardens by the Bay. Along their journey, they will be exposed to the dynamic sounds of the selected artistes whose names will become synonymous with the Musicity experience. Some of Singapores best musicians, namely, Octover, Sonicbrat, The Analog Girl, DJ Kowflow, Cosa Nostra, Muon and I Am David Sparkle, will form a cultural and artistic collaboration
as they explore the theme of Music and the City with Mara Carlyle and Jon Hopkins. Carlyles first recorded appearance was on the Plaid album Not For Threes (Warp Records, 1997). She subsequently sang on Plaids next two albums, Rest Proof Clockwork (1999) and Double Figure (2001). Having sung on Matthew Herberts big band album Goodbye Swingtime (2003), Carlyle signed to Herberts label, Accidental Records. Her debut album, The Lovely, was released in July 2004. It consisted mostly of original compositions, as well as a few reworkings of pieces of classical music. She recorded her second album in London with producer Dan Carey (that of The Kills and Kylie Minogue). In August 2011, Carlyle released Floreat (meaning let it flourish) to critical acclaim. The dreamy tones of Carlyles songs stand beside Musicitys second UK artist, Jon Hopkins, a London-based producer and musician who writes and performs his brand of melodic electronica and dance music. After starting his career performing
the keyboard for Imogen Heap, Hopkins has both produced and contributed to albums by Brian Eno, Coldplay and David Holmes. He also composed the soundtrack for the 2010 film Monsters, which was nominated for an Ivor Novello Award for Best Original Score. His third solo album, Insides, reached #15 on the Dance/Electronic Album Chart in 2009. His collaborations on Small Craft on a Milk Sea with Brian Eno and Leo Abrahams and Diamond Mine with King Creosote both reached #82 on the UK Albums Chart. In 2011, Diamond Mine was nominated for a Mercury Prize, which is awarded annually for the Best Album from the United Kingdom and Ireland. Highlighting the talent of both these two UK artistes and the seven selected Singaporean artistes, the Musicity Singapore project will span several months and include a comprehensive array of research visits, music workshops, live performances, a forum and, most excitingly, the launch of the Musicity app and tracks to be held around September. Throughout the year, and in the future,
Musicity Singapore aims to inspire people to see the urban fabric in dynamic ways and to explore the city, creatively and comprehensively, with an appreciation of both musical and architectural artistry.
For more information about the British Councils Musicity project, please visit http://www.facebook.com/Musicity.SG
Mara Carlyle
John Hopkins
About the Author Dr Sarah Meisch is the Acting Director of Arts at the British Council Singapore. She holds a PhD in Literature.
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Round up your mates and hop on a plane to Manila. A short domestic flight, a leisurely yacht cruise and a refreshing array of fresh juices and cocktails later, youll find yourself on Ariara an exquisite private island located in the Palawan Archipelago. Part of the undiscovered Calamian Islands, this little gem boasts the beautiful Karen Joy, a 100ft tri-maran with air-conditioned en-suite cabins, while its spacious yet homely beachfront rooms accommodate up to 18 guests. Guests can look forward to be pampered and spoilt by the friendly and efficient Ariara family. Perfect for weddings, celebrating an anniversary, a big birthday party, or simply a fantastic summer retreat to indulge in your definition of the perfect beach holiday. You can also sip a lazy cocktail by the pool, go trekking in the lush green jungles, or comb the psychedelic reefs beneath the azure sea. A trip to Ariara Island starts from USD 295 per person per night for a group of up to 17 people, with a minimum stay of seven nights. This package includes the exclusive use of the island and access to staff, meals, all watersports equipment including the tri-maran and fishing equipment, and two dives per person per week with PADI dive instructors. Guests are required to top up their fuel used on island-hopping and diving trips. BEST WEATHER: January May
Niyama
It goes without saying that the Maldives are an obvious choice for holiday-goers looking for pristine, unrivalled beauty and blissful tranquility. However with the opening of the worlds first underwater club in the superbly stylish Niyama, we think its time to revisit the Maldives for an even edgier experience. Located across two idyllic islands, the Niyama fuses luxury with style to offer you an irresistibly exclusive experience. Kick off your shoes in your villa with private sea views (a must-have!), pamper yourself at the 24-hour LIME Spa before you head out for a one-of-kind party experience in their underwater club, Sub Six. BEST WEATHER: January April
Song Saa
Over the years Cambodia has been tourist-driven with everyone scrambling to catch a glimpse of its legendary Angkor Wat temples. The Cambodian coastline remains very much an unspoiled paradise for those looking for a tranquil retreat from the sometimes overbearing crowds. With the arrival of the luxuriously exclusive Song Saa located amongst the dazzling waters of the Koh Rong archipelago, your search for an intimate hideaway ends here. The private island spans the two islands of Koh Ouen and Koh Bong which are connected by a footbridge over a marine reserve that safeguards the islands undiscovered reefs and abundant marine life that make for a divers paradise. BEST WEATHER: November March If beach weekends in Bali and Phuket are getting to be old hat, or if you are stuck with planning the trip of a lifetime, hear what the folks at Lightfoot Travel have to say. They aim to make travel fun and fuss-free, whether you are gearing up for the best trip ever or have a few days to spare. Weve shortlisted three sizzling hot islands to zip off to.
Lightfoot Travel is an Asian-based luxury tour operator, offering expert travel advice and inspiration, tailor-made itneraries and full booking services. Get in touch with Lightfoot Travel at 6438 4091 or info@lightfoottravel.com for promotional offers.
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evisiting a place is always daunting and challenging. Visiting a well-known tourist destination like Krakw, Poland, deserves a little extra thought. My first time in this medieval city in the heart of central Europe saw me doing all the traditional tourist-like things. Located in southern Poland, Krakw is a perfect city-break destination. The nearby international airport is well connected via taxis and trams. The old Polish town is breathtakingly beautiful with the Sukiennice market hall in the town square, Wawel castle overlooking the whole city and also boasts the folklore of a fire-breathing dragon. The old town is steeped in history, both inspiring and tragic. Veit Stosss altarpiece in the St Marys Basilica is a magnificent example of Gothic art. Be impressed by the nearby Auschwitz-Birkenau State Museum that acts as a brutal reminder of the horrors of the Second World War. By now, my guidebook was very well thumbed and I began looking for something a little off the beaten track. Luckily for me, Krakw is a tale of two cities.
The citys eastern most district is the antithesis of the old towns quaint charm. Its very name, Nowa Huta, translated as New Steelworks, conjures up images of stark Communist architecture and after a short tram-ride out of the historic city-centre I was not let down. The dainty medieval townhouses disappear and in their place are huge grey blocks of flats that line enormous boulevards, wide enough to let tanks roll down them. Moreover that was the point. Built by Polands Communist government in the 1950s, Nowa Huta was Stalins brainchild. This purpose-built industrial centre was created to act as the showcase for the best of Communisms achievements. In the 1960s and 1970s, Krakw was deemed a success story. Its residents had everything they needed in one place as they worked in the purpose-built local factories, bought groceries in the local shops and exercised in the local sports centres. Peering through the archways of these monolithic blocks, it is possible
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of its productivity. It seems those dainty medieval buildings are not as delicate as their pretty facades make them seem. At the end, it was my time away from them that made me appreciate their beauty all the more.
About the Author Kasia Madera is the Presenter of Working Lives: Krakw on BBC World News, which sees her travelling to Krakw to find out what its like to live and work in Polands second
largest city more than 20 years after the fall of the Comminusm.
to glimpse the remnants of community life. In the courtyards, there are wire racks, which were used for beating rugs, childrens climbing frames and the occasional park bench. What I also found surprising was the amount of greenery. Although overshadowed by the box-like apartment buildings, there are still plenty of trees and green spaces. No matter how many green squares there were, they still felt drab and one had an overwhelming feeling of suffocation while walking around this once utopian vision. It may have had to do with the factories that still churn out smoke and which in Nowa Hutas heyday actually threatened the historic buildings in Krakws city centre. Another reason may have been because Nowa Huta was an idea that was inflicted upon thousands of people and which, like the rest of the Communist dream in this part of the world, simply did not work. By the 1980s, the vision fell apart, only to be replaced by rationing and food queues. Moreover rather than fuel the Communist propaganda machine, Nowa Huta set the scene of protests as the Solidarity Movement gathered strength, eventually overthrowing the Soviets in 1989. Many of the Solidarity Unions members were workers at the local steelworks. This can be viewed as a microcosm of post-war Poland. Upon its opening in 1954, the plant was called the Vladimir Lenin Steelworks. At its height in the late 1970s, around 40,000 people worked here. Following the collapse of Communism, it was renamed the Tadeusz Sendzimir Steelworks in memory of the Polish scientist and engineer. After Poland joined the European Union, this vast site was bought by the Mittal Steel Company and is now part of the international Arcelor Mittal conglomerate employing just over 4,000 people. With some extra planning, I was lucky enough to be invited on a tour of the steelworks. I was transported to what could have been the set of a futuristic apocalyptic film. The formidable Tadeusz Sendzimir Steelworks sign did absolutely nothing to prepare me for
what lay behind those gates. As we drove through the site with our guide, this grey shrine to industrialisation made the colourful Krakw townhouses feel like a distant dream. Bear in mind you do need access to a car as the plant is enormous at around 750 hectares, equivalent to 52 football pitches, with its own road and railway network. The first thing I noticed was the seemingly endless lengths of large pipes along the sides of the roads that were criss-crossing overhead. Every now and again, grey smoke would billow out of nowhere creating a fog-like effect, not that this place needed to be any more atmospheric. In the distance, blackened buildings towered over yet more pipelines. The buildings that were no longer in use, had broken windowpanes, which were too dirty to catch the rays of sunlight. The sheer scale was overwhelming and it was easy to imagine the plant in its heyday bustling with tens of thousands of people working there.
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We often talk of the New World and the Old World, with Old World being wines from a region with a long history of wine production, such as France and Italy, and New World wines hailing from countries such as Australia, New Zealand and Chile. It is evident where the grapes are grown will have an impact on how your wine will taste and this is influenced by the culture of winemaking that has developed in a region we can consider the other most influential factors under the term terroir. Terroir (arriving from terre, French for earth or land) represents the climate, geography and geology of a region and these are what make wines from certain regions so distinctive. It is often said that Old World wines place more emphasis on the terroir, and this view can be supported when exploring wines such as Bordeaux, Barolo, Chianti and Champagne, all Old World wines that are named after the region and not after the grapes. However this does not mean that wines from the New World have no influence from the land where they are grown, for example, Marlborough in New Zealand produces Sauvignon Blancs that are characterised by aromas of gooseberry and passionfruit. These scents are due to the contrast between hot sunny days and cool nights, which extend the ripening period of the grapes. In addition, within the region, soil composition plays a large role in the flavours and aromas that arise in the wine. What we view now as a consumer, is a far better reflection of a wines terroir than what we have seen at any other point in history. It is this point of difference that countries, regions and even
vineyards can use to differentiate themselves in the market and ultimately this difference gives us choice, consistency and a great value for money. It is worth noting this variety does not provide the average, or indeed experienced, wine drinker with a dilemma when choosing their wines but instead provides for seasoned drinkers, a choice of flavours to explore and experience. The perception of a type of wine can often be shaped by wine critics, with the recommendations of famous connoisseurs such as Robert Parker, or publications such as Wine Spectator. These are great sources of information on wines and these connoisseurs experience and knowledge can provide you with an excellent guide. However you must understand that their opinion is not the all-knowing final verdict, as each wine lover also has their own say. Robert Parker is a respected wine critic and deservedly so. Some wineries can work hard to create a wine, which is designed just to please the palate of Robert Parker, and not yours! Probably one of the greatest things about wine is that its flavour is never as good as it could be without something to accompany it; be it food, conversation or even a good book. As such I think the question we should be asking ourselves, is not what is best, but what goes best for us to get a satisfying and meaningful answer.
About the Author Mr David Coleman is an Australian connoisseur of wines from all over the world and possesses a strong entrepreneurial spirit to match. Based in Singapore, David enjoys the challenges and
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The scale of the production is not bad for a director who started out training as an actor. Along the way, I found that I got much more of a kick from conveying a story to the audience, rather than focussing on a character. Moving from Scotland to England as a 20-year-old lad turning down a full scholarship to study psychology and learning to play golf, he laughed Guthrie studied acting in Guilford for a few years before embarking on his directorial career. It is this intense training that makes him very much an actors director. I have a deep respect for the practice. The ability to go up there and expose something of yourself is incredibly difficult. And to do it in front of 2,000 people every night its a hard thing to do, he said. He seems to have a purists dedication to the craft of acting on stage. For example, he chose to set Twelfth Night in a somewhat vintage-ish period, but not
confined to one era. Music will also play a big role in the production. If you do, you end up making the play for the concept, rather than building a concept for the play. In effect, doing what you think would be a cool idea, rather than what the play is trying to do, he said. This begs the question, what then is at the heart of Twelfth Night? The director pauses. Well, I think its simply about love. All different kinds of love. Play on.
If you do, you end up making the play for the concept, rather than building a concept for the play. In effect, doing what you think would be a cool idea, rather than what the play is trying to do.
About the Singapore Repertory Theatre Founded in 1993, Singapore Repertory Theatre (SRT) is one of the leading English language theatre producers and presenters in Asia.In addition to its repertoire of originalmusicals like Forbidden City: Portrait
of an Empress, the company has produced a number of critically acclaimed plays that include Into the Woods, Rent, M. Butterfly, Theyre Playing our Song, ART, and The Pillowman. SRT was the first Singaporean theatre company on Broadway in 1998 as
Associate Producer of Golden Child, which went from Singapore to New York and earned three Tony Award nominations. SRT presented Royal Shakespeare Companys King Lear and The Seagull, starring Sir Ian McKellen in 2007, as well as
all three instalments of The Bridge Project SRT are producers of 4 colour Shakespeare in the Park and is via its Little Company, the biggest producer of theatre for young audiences in the region.Please visit www.srt.com.sg.
Skandia International is the divisional name for the international group of companies within the Skandia Group. Calls may be monitored and recorded for training purposes and to avoid misunderstandings. Skandia International is the registered business name of Royal Skandia Life Assurance Limited (Singapore Branch). Royal Skandia Life Assurance Limited (Singapore Branch), Level 25, North Tower, One Raffles Quay, Singapore 048583. Phone: +65 6622 5406 Fax: +65 6622 5400 Registered in Singapore Number T08FC7158E. Authorised by the Monetary Authority of Singapore to conduct life assurance business in Singapore. Member of the Life Insurance Association of Singapore. Member of the Singapore Finance Dispute Resolution Scheme. Royal Skandia Life Assurance Limited a member of the Skandia Group of companies. Registered Office/Head Office: Skandia House, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles. INT11-006