DOCSLIB.ORG

Annual Report 2009 001 Far East Consortium International Limited ANNUAL REPORT 2009

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2009 001 Far East Consortium International Limited ANNUAL REPORT 2009 Stock Code: 035 Annual Report 2009 001 Far East Consortium International Limited ANNUAL REPORT 2009 Corporate Information We believe the strategic initiatives being implemented will position the Group in a strong footing to capture future opportunities and the Group will have a good mix of recurring cashfl ow and development income streams. Our pri- ority is to deliver consistent long term return to our shareholders and we are confi dent we have the right model to achieve this objective. 002 Far East Consortium International Limited ANNUAL REPORT 2009 PLACE OF INCORPORATION PRINCIPAL BANKERS Cayman Islands Hong Kong Cathay United Bank Company, Limited Chong Hing Bank Limited Citic Ka Wah Bank Limited EXECUTIVE DIRECTORS Dah Sing Bank, Limited Deacon Te Ken CHIU, J.P. (Chairman) DBS Bank (Hong Kong) Limited David CHIU, Tan Sri Dato’, B.Sc. Hang Seng Bank Limited (Deputy Chairman and Nanyang Commercial Bank Limited Chief Executive Officer) Public Bank (Hong Kong) Limited Dennis CHIU, B.A. The Hongkong and Shanghai Craig Grenfell WILLIAMS, B. ENG. (CIVIL) Banking Corporation Limited Wing Hang Bank Limited Malaysia NON-EXECUTIVE DIRECTORS Affin Islamic Bank Berhad Ching Lan JU CHIU, J.P. Affrin Bank Berhad Daniel Tat Jung CHIU OCBC Bank (Malaysia) Berhad Public Bank Berhad Singapore INDEPENDENT NON-EXECUTIVE DIRECTORS The Hongkong and Shanghai Jian Yin JIANG Banking Corporation Limited Kwok Wai CHAN Australia Peter Man Kong WONG, J.P. Australia and New Zealand Banking Group Limited Commonwealth Bank of Australia Limited MANAGING DIRECTOR China Chris Cheong Thard HOONG, B. ENG, ACA Construction Bank of China DBS Bank (China) Limited The Industrial and Commercial Bank of China Limited CHIEF OPERATING OFFICER Denny Chi Hing CHAN REGISTERED OFFICE P.O. Box 1043, Ground Floor, QUALIFIED ACCOUNTANT, CHIEF FINANCIAL Caledonian House, Mary Street, George Town, OFFICER AND COMPANY SECRETARY Grand Cayman, Cayman Islands, Bill Kwai Pui MOK, B.A., M.B.A., A.I.C.P.A., C.P.A. British West Indies AUTHORIZED REPRESENTATIVES PRINCIPAL OFFICE Deacon Te Ken CHIU 16th Floor, Far East Consortium Building, 121 Des Voeux Road Central, David CHIU Hong Kong SOLICITORS SHARE REGISTRAR Hong Kong Tricor Standard Limited Woo, Kwan, Lee & Lo 26th Floor, Tesbury Centre, 28 Queen’s Road East, Wanchai, Australia Hong Kong Freehills LISTING INFORMATION AUDITOR Ordinary Shares (Code: 035) Deloitte Touche Tohmatsu Zero Coupon Convertible Bonds 2009 (Code: 2508) Certified Public Accountants The Stock Exchange of Hong Kong Limited Hong Kong WEBSITE http://www.fecil.com.hk 003 Far East Consortium International Limited ANNUAL REPORT 2009 Contents Chairman’s Statement 4 Report of Deputy Chairman & Chief Executive Offi cer 6 Profi le of Directors and Senior Management 9 Five-Year Financial Summary 16 Business Overview and Financial Review 17 Directors’ Report 30 Corporate Governance Report 38 Independent Auditor’s Report 43 Consolidated Income Statement 45 Consolidated Balance Sheet 46 Consolidated Statement of Changes in Equity 48 Consolidated Cash Flow Statement 49 Notes to the Consolidated Financial Statements 51 List of Major Properties Held by the Group 124 Hotel Portfolio 136 China Projects 138 004 Far East Consortium International Limited ANNUAL REPORT 2009 Chairman’s Statement Since its listing, Far East Consortium has experienced various kinds of challenges. With our determined ambition and accomplishment, we have now grown out of the exploration stage. Mr. Deacon Chiu, J.P. Chairman 005 Far East Consortium International Limited ANNUAL REPORT 2009 Chairman’s Statement It has been twelve years since the Since its listing, Far East Consortium handover of Hong Kong back to has experienced various kinds of our motherland. In the past twelve challenges. With our determined years, together we went through ambition and accomplishment, the Asian financial crisis in 1997, the we have now grown out of the burst of dotcom bubble in 2001, exploration stage. Under the SARS in 2003 and the recent global leadership of our Deputy Chairman financial tsunami triggered by the and Chief Executive Officer, as well as subprime mortgage crisis in the the hard work and dedication of our United States. senior management and officers, the road ahead is extremely promising. I am delighted to see that the recent robust growth of the PRC economy Lastly, on behalf of the Board, I has made us one of the largest would like to take this opportunity economic systems in the world, to express my sincere gratitude to and playing a prominent role in all shareholders, directors, senior the global economic development. management and staff for their After the Second World War, Hong contributions and supports in the Kong has experienced a period of past year. downturn, but with the rectifying economic development strategies led by Mr. Deng Xiaoping, one of the greatest contemporary leaders Deacon Te Ken Chiu of the Mainland, the standard of Chairman living of the 1.3 billion citizens of the PRC has seen an unprecedented 16th July, 2009 leap. 006 Far East Consortium International Limited ANNUAL REPORT 2009 Report of Deputy Chairman & Chief Executive Offi cer “We believe the strategic initiatives being implemented will position the Group in a strong footing to capture future opportunities and the Group will have a good mix of recurring cashfl ow and development income streams. Our priority is to deliver consistent long term return to our shareholders and we are confi dent we have the right model to achieve this objective.” Tan Sri Dato’ David Chiu Deputy Chairman & Chief Executive Offi cer I am pleased to present the annual With significant resources invested results of Far East Consortium in the past few years to build up the International Limited for the hotel business, we now have one of financial year ended 31 March the largest hotel operations focusing 2009. Financial Year 2008/09 was on the value-for-money segment a challenging year for the global in Asia, with 13 hotels totaling over economy with the financial crisis 3,200 rooms in operations and a affecting many businesses. The further 10 hotels being developed Management carried out a number which will increase our room of strategic initiatives and the Group capacity to over 6,000. has emerged to be a stronger organization and is well-positioned to capture many new opportunities ahead of us. 007 Far East Consortium International Limited ANNUAL REPORT 2009 Report of Deputy Chairman & Chief Executive Offi cer Our three hotel brands, “Dorsett”, Our property development division We hold investment properties “Cosmopolitan” and “Cosmo”, are remains a key contributor to our in Hong Kong, mainland China increasingly gaining recognitions overall profitability. We have and Singapore which contributed in the industry and we have also presence in Hong Kong, mainland to a steady revenue stream for developed a series of boutique China and Australia with the the Group. Currently, we are hotels, such as “Lan Kwai Fong” latter two countries being the key repositioning our asset portfolio and “Central Park”, which have contributors. During the year, we with the objective to focus on larger won us many awards. With the focused on developing our land assets. We believe this will allow establishment of our name in the bank in California Garden and the more efficient use of resources and industry, we are now considering to Northbank project in Australia. free up some capital for investment branch out into hotel and serviced in assets with higher long term apartment management business Earlier this year, we took advantage return. which will generate a new source of of the weak market and acquired a stable revenue stream for the Group. piece of land in central Melbourne We announced on 7 May 2009 business district. The land is now that the Group is expanding its We are also currently investigating earmarked for a major residential business into car park operations. avenues to unlock a significant project in Melbourne where Through the acquisitions, the Group revaluation surplus of our hotel we intend to build 1,500-2,000 will become one of the largest assets which is not reflected in our apartments with approximately independent car park operators book. This may include the adoption 1 million square feet of gross floor in the Asia Pacific region with 200 of a sale and leaseback model for area. car parks comprising over 42,600 some of our assets and/or a spin-off parking bays under its management of our hotel division. The Management is determined in strategic locations in Australia, to strengthen our property New Zealand and Malaysia, among Despite the fact that the H1N1 development business by which 18 car parks comprising 5,200 flu pandemic is having an impact enhancing our organizational parking bays will be owned by the on the overall travel industry, we infrastructure and increasing our Group. remain confident of the long term pipeline for development. We prospects of the hotel industry will focus on projects in mainland The car park business is a defensive given the significant potential of China where demand for middle- business supported by real estate the global travel industry, and, in class housing is huge and Australia value. Some assets also have particular, the Asia and the China where we have proven track records redevelopment potential. The new markets. Due to our relatively low and the long term prospects of the car park business will generate new entry costs for our hotel assets and property market remain good. recurring cashflow streams going our business model to optimize forward and we intend to continue space utilization, our hotel operation to develop this business utilizing the is highly defensive with one of the existing platform. highest margins in the industry. We are well-positioned to capture the upturn in the market when the negative macro factors subside.
Load more

Recommended publications
  • Recent Declines in Warming and Vegetation Greening Trends Over Pan-Arctic Tundra
    Remote Sens. 2013, 5, 4229-4254; doi:10.3390/rs5094229 OPEN ACCESS Remote Sensing ISSN 2072-4292 www.mdpi.com/journal/remotesensing Article Recent Declines in Warming and Vegetation Greening Trends over Pan-Arctic Tundra Uma S. Bhatt 1,*, Donald A. Walker 2, Martha K. Raynolds 2, Peter A. Bieniek 1,3, Howard E. Epstein 4, Josefino C. Comiso 5, Jorge E. Pinzon 6, Compton J. Tucker 6 and Igor V. Polyakov 3 1 Geophysical Institute, Department of Atmospheric Sciences, College of Natural Science and Mathematics, University of Alaska Fairbanks, 903 Koyukuk Dr., Fairbanks, AK 99775, USA; E-Mail: [email protected] 2 Institute of Arctic Biology, Department of Biology and Wildlife, College of Natural Science and Mathematics, University of Alaska, Fairbanks, P.O. Box 757000, Fairbanks, AK 99775, USA; E-Mails: [email protected] (D.A.W.); [email protected] (M.K.R.) 3 International Arctic Research Center, Department of Atmospheric Sciences, College of Natural Science and Mathematics, 930 Koyukuk Dr., Fairbanks, AK 99775, USA; E-Mail: [email protected] 4 Department of Environmental Sciences, University of Virginia, 291 McCormick Rd., Charlottesville, VA 22904, USA; E-Mail: [email protected] 5 Cryospheric Sciences Branch, NASA Goddard Space Flight Center, Code 614.1, Greenbelt, MD 20771, USA; E-Mail: [email protected] 6 Biospheric Science Branch, NASA Goddard Space Flight Center, Code 614.1, Greenbelt, MD 20771, USA; E-Mails: [email protected] (J.E.P.); [email protected] (C.J.T.) * Author to whom correspondence should be addressed; E-Mail: [email protected]; Tel.: +1-907-474-2662; Fax: +1-907-474-2473.
    [Show full text]
  • Wu Guanzhong's Artistic Career Yong Zhang1,*
    Advances in Social Science, Education and Humanities Research, volume 572 Proceedings of the 7th International Conference on Arts, Design and Contemporary Education (ICADCE 2021) Wu Guanzhong's Artistic Career Yong Zhang1,* 1 State Specialist Institute of Arts, Rezervnyy Proyezd, D.12, Moscow, 121165 Russia *Corresponding author. Email: [email protected] ABSTRACT Combining with Wu Guanzhong's learning experience, this paper analyzes Chinese oil painting art characteristics in different periods, and the method of integrating traditional Chinese ink and wash painting language with the western modern design language in the aspects such as modelling, colour and composition. Wu Guanzhong successfully used western painting method to show the Oriental artistic conception, and formed unique composition views and forms. With the use of concise and simple colors and free-writing lines, the painter's personal emotions, thoughts and standpoint and deep understanding of life can be expressed. On the basis of in-depth research on the essence, connotation and thought of Chinese and Western art, Wu Guanzhong found the "junction" of the integration of Chinese and Western art. Keywords: Wu Guanzhong, Hangzhou Academy of Art, Ink and wash painting, Oil painting, Integration of Chinese and Western art. 1. INTRODUCTION Wu Guanzhong entered Hangzhou Academy of Art to study Chinese and Western paintings. In the Wu Guanzhong (1919-2010), the People's school, he received direct guidance from teachers Artist, Art Educator, and Professor of the Academy such as Li Chaoshi, Fang Ganmin, and Pan of Arts and Design of Tsinghua University, used to Tianshou. Li Chaoshi and Fang Ganmin are both be an executive director of the Chinese Artists teachers who have returned from studying in Association, a member of the Standing Committee France, but their styles of painting are different.
    [Show full text]
  • Tidal Resonance in the Gulf of Thailand
    Ocean Sci., 15, 321–331, 2019 https://doi.org/10.5194/os-15-321-2019 © Author(s) 2019. This work is distributed under the Creative Commons Attribution 4.0 License. Tidal resonance in the Gulf of Thailand Xinmei Cui1,2, Guohong Fang1,2, and Di Wu1,2 1First Institute of Oceanography, Ministry of Natural Resources, Qingdao, 266061, China 2Laboratory for Regional Oceanography and Numerical Modelling, Qingdao National Laboratory for Marine Science and Technology, Qingdao, 266237, China Correspondence: Guohong Fang (fanggh@fio.org.cn) Received: 12 August 2018 – Discussion started: 24 August 2018 Revised: 1 February 2019 – Accepted: 18 February 2019 – Published: 29 March 2019 Abstract. The Gulf of Thailand is dominated by diurnal 1323 m. If the GOT is excluded, the mean depth of the rest tides, which might be taken to indicate that the resonant fre- of the SCS (herein called the SCS body and abbreviated as quency of the gulf is close to one cycle per day. However, SCSB) is 1457 m. Tidal waves propagate into the SCS from when applied to the gulf, the classic quarter-wavelength res- the Pacific Ocean through the Luzon Strait (LS) and mainly onance theory fails to yield a diurnal resonant frequency. In propagate in the southwest direction towards the Karimata this study, we first perform a series of numerical experiments Strait, with two branches that propagate northwestward and showing that the gulf has a strong response near one cycle per enter the Gulf of Tonkin and the GOT. The energy fluxes day and that the resonance of the South China Sea main area through the Mindoro and Balabac straits are negligible (Fang has a critical impact on the resonance of the gulf.
    [Show full text]
  • China-Southeast Asia Relations: Trends, Issues, and Implications for the United States
    Order Code RL32688 CRS Report for Congress Received through the CRS Web China-Southeast Asia Relations: Trends, Issues, and Implications for the United States Updated April 4, 2006 Bruce Vaughn (Coordinator) Analyst in Southeast and South Asian Affairs Foreign Affairs, Defense, and Trade Division Wayne M. Morrison Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division Congressional Research Service ˜ The Library of Congress China-Southeast Asia Relations: Trends, Issues, and Implications for the United States Summary Southeast Asia has been considered by some to be a region of relatively low priority in U.S. foreign and security policy. The war against terror has changed that and brought renewed U.S. attention to Southeast Asia, especially to countries afflicted by Islamic radicalism. To some, this renewed focus, driven by the war against terror, has come at the expense of attention to other key regional issues such as China’s rapidly expanding engagement with the region. Some fear that rising Chinese influence in Southeast Asia has come at the expense of U.S. ties with the region, while others view Beijing’s increasing regional influence as largely a natural consequence of China’s economic dynamism. China’s developing relationship with Southeast Asia is undergoing a significant shift. This will likely have implications for United States’ interests in the region. While the United States has been focused on Iraq and Afghanistan, China has been evolving its external engagement with its neighbors, particularly in Southeast Asia. In the 1990s, China was perceived as a threat to its Southeast Asian neighbors in part due to its conflicting territorial claims over the South China Sea and past support of communist insurgency.
    [Show full text]
  • Inception of the Modern Public Health System in China
    Virologica Sinica www.virosin.org https://doi.org/10.1007/s12250-020-00269-4 www.springer.com/12250 (0123456789().,-volV)(0123456789().,-volV) PERSPECTIVE Inception of the Modern Public Health System in China and Perspectives for Effective Control of Emerging Infectious Diseases: In Commemoration of the 140th Anniversary of the Birth of the Plague Fighter Dr. Wu Lien-Teh 1,2 2 1,3,4 1,2 Qingmeng Zhang • Niaz Ahmed • George F. Gao • Fengmin Zhang Received: 30 January 2020 / Accepted: 28 June 2020 Ó Wuhan Institute of Virology, CAS 2020 Infectious diseases pose a serious threat to human health insights into the effective prevention and control of and affect social, economic, and cultural development. emerging infectious diseases as well as the current world- Many infectious diseases, such as severe acute respiratory wide pandemic of COVID-19, facilitating the improvement syndrome (SARS, 2013), Middle East respiratory syn- and development of public health systems in China and drome (MERS, 2012 and 2013), Zika virus infection around the globe. (2007, 2013 and 2015), and coronavirus disease 2019 (COVID-19, 2019), have occurred as regional or global epidemics (Reperant and Osterhaus 2017; Gao 2018;Li Etiological Investigation and Bacteriological et al. 2020). In the past 100 years, the world has gradually Identification of the Plague Epidemic established a relatively complete modern public health in the Early 20th Century system. The earliest modern public health system in China was founded by the plague fighter Dr. Wu Lien-Teh In September 1910, the plague hit the Transbaikal region of during the campaign against the plague epidemic in Russia and spread to Manzhouli, a Chinese town on the Northeast China from 1910 to 1911.
    [Show full text]
  • Understanding the Relative Impacts of Natural Processes and Human Activities on the Hydrology of the Central Rift Valley Lakes, East Africa
    HYDROLOGICAL PROCESSES Hydrol. Process. (2015) Published online in Wiley Online Library (wileyonlinelibrary.com) DOI: 10.1002/hyp.10490 Understanding the relative impacts of natural processes and human activities on the hydrology of the Central Rift Valley lakes, East Africa Wondwosen M. Seyoum, Adam M. Milewski* and Michael C. Durham Department of Geology, University of Georgia, Athens, GA, USA Abstract: Significant changes have been observed in the hydrology of Central Rift Valley (CRV) lakes in Ethiopia, East Africa as a result of both natural processes and human activities during the past three decades. This study applied an integrated approach (remote sensing, hydrologic modelling, and statistical analysis) to understand the relative effects of natural processes and human activities over a sparsely gauged CRV basin. Lake storage estimates were calculated from a hydrologic model constructed without inputs from human impacts such as water abstraction and compared with satellite-based (observed) lake storage measurements to characterize the magnitude of human-induced impacts. A non-parametric Mann–Kendall test was used to detect the presence of climatic trends (e.g. a decreasing or increasing trends in precipitation), while the Standard Precipitation Index (SPI) analysis was used to assess the long-term, inter-annual climate variability within the basin. Results indicate human activities (e.g. abstraction) significantly contributed to the changes in the hydrology of the lakes, while no statistically significant climatic trend was seen in the basin, however inter-annual natural climate variability, extreme dryness, and prolonged drought has negatively affected the lakes. The relative contributions of natural and human-induced impacts on the lakes were quantified and evaluated by comparing hydrographs of the CRV lakes.
    [Show full text]
  • Salvia Plus Formula (Adapted) Dan Shen Yin
    Far East Summit ®® Salvia Plus Formula (Adapted) Dan Shen Yin Biomedical Presentation Angina pectoris , chronic gastritis , peptic ulcer , pancreatitis, hepatitis, and cholecystitis. Clinical Presentation Palpitations , stabbing abdominal pain or epigastric pain which radiates upward , hypochondriac pain, and irritability. Tongue Purplish, possibly pale-purple. Pulse Deep, choppy. Energetic Functions Quickens the blood and transforms stasis, courses the qi, nourishes blood, relieves pain. Chinese Medical Indications Qi stagnation and blood stasis in the middle burner. Blood vacuity. Herbal Ingredients and Analysis Pharmaceutical Latin Binomial Pinyin English Radix Salviae Miltiorrhizae Salvia miltiorrhiza dan shen Salvia root Radix Polygoni Multiflori Polygonum he shou wu Polygonum (he shou multiflorum wu) root Fructus Mori Albae Morus alba sang shen White Mulberry fruit Fructus Crataegi Crataegus pinnatifida shan zha Chinese Hawthorn berry Semen Cassiae Torae Cassia obtusifolia jue ming zi Cassia seed Rhizoma Alismatis Alisma orientale ze xie Alisma rhizome Fructus Schisandrae Chinensis Schisandra chinensis du zhong Eucommia bark Radix Angelicae Sinensis Angelica sinensis dang gui Dong Quai root Fructus Schisandrae Chinensis Schisandra chinensis wu wei zi Schisandra fruit Radix Rubrus Paeoniae Lactiflorae Paeonia lactifora chi shao Red Peony root Salvia Plus (cont.) Herbal Ingredients and Analysis (cont.) Pharmaceutical Latin Binomial Pinyin English Radix Scutellariae Baicalensis Scutellaria huang qin Scutellaria (huang qin) baicalensis root Lignum Santali Albi Santalum album tan xiang Sandalwood wood Fructus Amomi Amomum villosum sha ren Cardamon Amomum (sha ren) fruit Radix Aucklandiae Lappae Aucklandia lappa mu xiang Saussurea root Salvia nourishes blood, quickens the blood, dispels stasis, and relieves pain. Sandalwood, Cardamon and Saussurea rectify qi. Together these medicinals provide the main action of the formula by quickening blood, transforming stasis and rectifying qi.
    [Show full text]
  • Cold Season Emissions Dominate the Arctic Tundra Methane Budget
    Cold season emissions dominate the Arctic tundra methane budget Donatella Zonaa,b,1,2, Beniamino Giolic,2, Róisín Commaned, Jakob Lindaasd, Steven C. Wofsyd, Charles E. Millere, Steven J. Dinardoe, Sigrid Dengelf, Colm Sweeneyg,h, Anna Kariong, Rachel Y.-W. Changd,i, John M. Hendersonj, Patrick C. Murphya, Jordan P. Goodricha, Virginie Moreauxa, Anna Liljedahlk,l, Jennifer D. Wattsm, John S. Kimballm, David A. Lipsona, and Walter C. Oechela,n aDepartment of Biology, San Diego State University, San Diego, CA 92182; bDepartment of Animal and Plant Sciences, University of Sheffield, Sheffield S10 2TN, United Kingdom; cInstitute of Biometeorology, National Research Council, Firenze, 50145, Italy; dSchool of Engineering and Applied Sciences, Harvard University, Cambridge, MA 02138; eJet Propulsion Laboratory, California Institute of Technology, Pasadena, CA 91109-8099; fDepartment of Physics, University of Helsinki, FI-00014 Helsinki, Finland; gCooperative Institute for Research in Environmental Sciences, University of Colorado, Boulder, CO 80304; hEarth System Research Laboratory, National Oceanic and Atmospheric Administration, Boulder, CO 80305; iDepartment of Physics and Atmospheric Science, Dalhousie University, Halifax, Nova Scotia, Canada B3H 4R2; jAtmospheric and Environmental Research, Inc., Lexington, MA 02421; kWater and Environmental Research Center, University of Alaska Fairbanks, Fairbanks, AK 99775-7340; lInternational Arctic Research Center, University of Alaska Fairbanks, Fairbanks, AK 99775-7340; mNumerical Terradynamic Simulation
    [Show full text]
  • Arctic Report Card 2018 Effects of Persistent Arctic Warming Continue to Mount
    Arctic Report Card 2018 Effects of persistent Arctic warming continue to mount 2018 Headlines 2018 Headlines Video Executive Summary Effects of persistent Arctic warming continue Contacts to mount Vital Signs Surface Air Temperature Continued warming of the Arctic atmosphere Terrestrial Snow Cover and ocean are driving broad change in the Greenland Ice Sheet environmental system in predicted and, also, Sea Ice unexpected ways. New emerging threats Sea Surface Temperature are taking form and highlighting the level of Arctic Ocean Primary uncertainty in the breadth of environmental Productivity change that is to come. Tundra Greenness Other Indicators River Discharge Highlights Lake Ice • Surface air temperatures in the Arctic continued to warm at twice the rate relative to the rest of the globe. Arc- Migratory Tundra Caribou tic air temperatures for the past five years (2014-18) have exceeded all previous records since 1900. and Wild Reindeer • In the terrestrial system, atmospheric warming continued to drive broad, long-term trends in declining Frostbites terrestrial snow cover, melting of theGreenland Ice Sheet and lake ice, increasing summertime Arcticriver discharge, and the expansion and greening of Arctic tundravegetation . Clarity and Clouds • Despite increase of vegetation available for grazing, herd populations of caribou and wild reindeer across the Harmful Algal Blooms in the Arctic tundra have declined by nearly 50% over the last two decades. Arctic • In 2018 Arcticsea ice remained younger, thinner, and covered less area than in the past. The 12 lowest extents in Microplastics in the Marine the satellite record have occurred in the last 12 years. Realms of the Arctic • Pan-Arctic observations suggest a long-term decline in coastal landfast sea ice since measurements began in the Landfast Sea Ice in a 1970s, affecting this important platform for hunting, traveling, and coastal protection for local communities.
    [Show full text]
  • Final Chien and Wu Formatted
    The Transformation of China’s Urban Entrepreneurialism: The Case Study of the City of Kunshan By Shiuh-Shen Chien, National Taiwan University Fulong Wu, University College London Abstract This article examines the formation and transformation of urban entrepreneurialism in the context of China’s market transition. Using the case study of Kunshan, which is ranked as one of the hundred “economically strongest county-level jurisdictions” in the country, the authors argue that two phases of urban entrepreneurialism—one from the 1990s until 2005, and another from 2005 onward—can be roughly distinguished. The first phase of urban entrepreneurialism was more market driven and locally initiated in the context of territorial competition. The second phase of urban entrepreneurialism involves greater intervention on the part of the state in the form of urban planning and top-down government coordination and regional collaboration. The evolution of Kunshan’s urban entrepreneurialism is not a result of deregulation or the retreat of the state. Rather, it is a consequence of reregulation by the municipal government with the goal of territorial consolidation. Introduction There is no doubt that local authorities the world over play a crucial role in promoting economic development in the context of globalization (Harvey 1989; Brenner 2003; Ward 2003; Jessop and Sum 2000). On the one hand, globalization may cause huge unexpected job loss when investors decide to shut down their companies and move out. Capital flight may also create opportunities in a different site. To deal with these challenges and opportunities, local authorities become entrepreneurial in improving their regions, in the hopes of accommodating more business investment and attracting more quality human capital.
    [Show full text]
  • Annual Report 2007
    股份代號：035 Stock Code: 035 Annual Report 2007 2007 二零零七年年報 年 報 Annual2007 Report 00 FEC AR07 cover output.indd 1 2007/7/30 10:48:26 AM We are well-positioned to capture every opportunity for our rapid hotel expansion plan in China. We fi rmly believe that the keys to success are effectively implementing our strategies, injecting the right resources and bringing in the right people. 00 Far East Con Looking.indd 章節1:1 2007/7/30 10:28:31 AM Corporate Information PLACE OF INCORPORATION PRINCIPAL BANKERS Cayman Islands Hong Kong Citic Ka Wah Bank Limited EXECUTIVE DIRECTORS Hang Seng Bank Limited Deacon Te Ken CHIU, J.P. (Chairman) Chong Hing Bank Limited David CHIU, Tan Sri Dato’, B.Sc. Nanyang Commercial Bank Limited (Deputy Chairman and The Hongkong and Shanghai Chief Executive Offi cer) Banking Corporation Limited Dennis CHIU, B.A. Wing Hang Bank Limited Craig Grenfell WILLIAMS, B. ENG. (CIVIL) Malaysia Alliance Bank Malaysia Berhad NON-EXECUTIVE DIRECTORS Southern Bank Berhad Ching Lan JU CHIU, J.P. Daniel Tat Jung CHIU Singapore The Hongkong and Shanghai INDEPENDENT NON-EXECUTIVE Banking Corporation Limited DIRECTORS Australia Jian Yin JIANG Australia and New Zealand Banking Kwok Wai CHAN Group Limited Peter Man Kong WONG, J.P. Commonwealth Bank of Australia China CHIEF OPERATING OFFICER Construction Bank of China Denny Chi Hing CHAN The Industrial and Commercial Bank of China Limited QUALIFIED ACCOUNTANT, REGISTERED OFFICE CHIEF FINANCIAL OFFICER AND P.O. Box 1043, Ground Floor, COMPANY SECRETARY Caledonian House, Mary Street, Bill Kwai Pui MOK, B.A., M.B.A., A.I.C.P.A., C.P.A.
    [Show full text]
  • OFFICIAL RECORD of PROCEEDINGS Thursday, 14 April
    LEGISLATIVE COUNCIL ─ 14 April 2016 7379 OFFICIAL RECORD OF PROCEEDINGS Thursday, 14 April 2016 The Council continued to meet at Nine o'clock MEMBERS PRESENT: THE PRESIDENT THE HONOURABLE JASPER TSANG YOK-SING, G.B.M., G.B.S., J.P. THE HONOURABLE ALBERT HO CHUN-YAN THE HONOURABLE LEE CHEUK-YAN THE HONOURABLE JAMES TO KUN-SUN THE HONOURABLE CHAN KAM-LAM, S.B.S., J.P. THE HONOURABLE LEUNG YIU-CHUNG THE HONOURABLE EMILY LAU WAI-HING, J.P. THE HONOURABLE TAM YIU-CHUNG, G.B.S., J.P. THE HONOURABLE ABRAHAM SHEK LAI-HIM, G.B.S., J.P. THE HONOURABLE TOMMY CHEUNG YU-YAN, G.B.S., J.P. THE HONOURABLE FREDERICK FUNG KIN-KEE, S.B.S., J.P. THE HONOURABLE VINCENT FANG KANG, S.B.S., J.P. THE HONOURABLE WONG KWOK-HING, B.B.S., M.H. 7380 LEGISLATIVE COUNCIL ─ 14 April 2016 PROF THE HONOURABLE JOSEPH LEE KOK-LONG, S.B.S., J.P., Ph.D., R.N. THE HONOURABLE JEFFREY LAM KIN-FUNG, G.B.S., J.P. THE HONOURABLE ANDREW LEUNG KWAN-YUEN, G.B.S., J.P. THE HONOURABLE WONG TING-KWONG, S.B.S., J.P. THE HONOURABLE CYD HO SAU-LAN, J.P. DR THE HONOURABLE LAM TAI-FAI, S.B.S., J.P. THE HONOURABLE CHAN HAK-KAN, J.P. THE HONOURABLE CHAN KIN-POR, B.B.S., J.P. DR THE HONOURABLE PRISCILLA LEUNG MEI-FUN, S.B.S., J.P. THE HONOURABLE CHEUNG KWOK-CHE THE HONOURABLE WONG KWOK-KIN, S.B.S. THE HONOURABLE IP KWOK-HIM, G.B.S., J.P.
    [Show full text]