DOCSLIB.ORG

Annual Reports and Related Documents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Reports and Related Documents effgehÿpqrsptuÿefvÿpqhetqvÿvswgxqftuyy ÿÿ ÿ ÿ !"#$%ÿ$ &'!(ÿ) 0 (' !"ÿ(" ) ÿ !"#$%ÿ$ &'!(ÿ) 0"ÿ1ÿ&2324556787ÿ1ÿ29 ÿ @ABÿ C !D D Eÿ) A D Eÿ" A Aÿ$@DÿBÿ$ABÿ)D E )ÿ" EÿDFÿGDB 2511H72Iÿ24P7IP9H !Q $@Dÿ"C@ Aÿ$@D D Eÿ$F &2I7R25'"S$2T0 UE BÿGCÿVDWÿBWÿ!EX ( EÿGÿ3 ) D DE@Cÿ C FF Yÿ)ÿBÿ" EÿDFÿ`ÿY 257RH72Iÿ24P77P77 ) @ DÿVAÿ@DY BÿÿB ABÿB @ DÿDFÿ`ÿYÿ ÿ`ÿUDaÿUADQÿ1ÿ$FÿDÿ`ÿ'A ÿ`A@ÿFDÿ`ÿFDEX AÿFÿDÿ`ÿ `BÿAÿ$@DÿH725ÿBÿ(ÿDÿ``DABÿBBÿ25ÿ `ÿH72IW BB DAÿ) A DBÿ BB R22HH725 `E $)(H7AH7$@DH7H725W@BF $)(H7(H7DH7``DABW@BF "DAÿ bÿcR69IdÿG Pacific Century Regional Developments Limited Developments Regional Century Pacific Annual Report 2018 Report Annual Pacific Century Regional Developments Limited Annual Report 2018 Pacific Century Regional Developments Limited 50 Raffles Place, #35-01 Singapore Land Tower, Singapore 048623 Tel: (65) 6438 2366 Fax: (65) 6230 8777 Company Registration No. 196300381N Contents 01 Corporate Profile 02 Message from the Executive Chairman 03 Corporate Structure 04 Board of Directors 06 Business Review 10 Financial Highlights 12 Corporate Information 13 Financial Statements 88 Report on Corporate Governance 106 Sustainability Report 116 Shareholding Statistics 119 Notice of 55th Annual General Meeting 126 Notes to the Proxy Form Proxy Form This annual report is printed on environmentally-friendly paper. Corporate Profile Pacific Century Regional Developments Limited (PCRD), a Singapore-based company listed on the Singapore Exchange Securities Trading Limited (SES: P15), has interests in telecommunications, media, IT solutions, logistics and property development and investment, in the Asia-Pacific region. PCRD’s most significant investment is its stake in Hong Kong-listed PCCW Limited (PCCW) (SEHK: 0008; American Depositary Receipts on the OTC Markets Group Inc. in the US: PCCWY). PCRD is 89% owned by the Pacific Century Group, which was founded in 1993. The Pacific Century Group acquired control of PCRD in September 1994. Pacific Century Regional Developments Limited 02 Annual Report 2018 Message from the Executive Chairman It is my pleasure to present PCRD’s annual report for the In 2019, the global economic outlook is less than certain, financial year ended 31 December 2018. not least due to trade tensions between China and the US. Nevertheless, we are confident that PCCW will be able to chart The core businesses of PCRD’s most significant asset, PCCW a course of continued growth based upon the firm foundation Limited (“PCCW”), reported solid operational results for the of its resilient and diversified business operations. year ended 31 December 2018. The performance of PCRD’s logistics investment in KSH PCCW’s media business last year continued to strengthen Distriparks in India has continued to improve. KSH Distriparks its leadership position by offering premium local, regional remained profitable with increased activity for its inland and international entertainment and sports content across container depot and transport businesses with increased multiple platforms. PCCW Media has secured exclusive pay-TV, triangulation volumes. free TV and OTT (over-the-top) broadcast rights in Hong Kong for the Premier League up to 2021/22. PCCW’s pan-regional In the light of prevailing global uncertainties and on the back OTT video streaming service Viu, which offers popular Asian of PCRD’s commendable performance over recent years, content and Viu Original programs, nearly doubled its monthly your Board proposes a special dividend of 6.3 cents per share active users to 30 million from a year ago in 16 markets in in addition to a final dividend of 2.4 cents per share. Your Southeast Asia, the Middle East and India. Board will continue to evaluate new investment and business opportunities for the Company. Last year, PCCW’s enterprise IT solutions business and Hong Kong’s number one IT service provider, PCCW Solutions, Sustainability has always been a key consideration in further expanded its Pan Asian presence with the aim to strategy formulation for the Company and, as a responsible become a leading enabler of enterprise digital transformation investment holding company, your Board of Directors in the region. To meet growing customer demand, PCCW is will continue to take into consideration ESG factors when expanding its data center capability in Hong Kong with a new seeking new business opportunities. world-class facility which will come into service later this year. May I take this opportunity to thank our shareholders and HKT recorded another year of stable performance across its business partners for their continued support and trust in core business lines. Both the fixed broadband and mobile the Company. I would also like to express my appreciation businesses held steady amid intense competition. Offering to our management and employees for their dedication and a range of smart living and smart business services and hard work. To my fellow directors, thank you for your valuable products, HKT has been playing an active role in facilitating guidance and wise counsel. Lastly, I like to put on record my the development of Hong Kong into a smart city. special thanks to Mr. Alexander Arena, who retired in August 2018, for his invaluable service to the Company. The overseas projects of Pacific Century Premium Developments continued to make good progress. Its premium office building in Indonesia, Pacific Century Place, Jakarta became fully operational in 2018. In Japan, construction of a new ski center at Niseko, Hokkaido is continuing according Richard Li to plan. Chairman Pacific Century Regional Developments Limited Annual Report 2018 03 Corporate Structure Pacific Century Regional Developments Limited Communications Services Property and Logistics Hong Kong China North Asia Hong Kong South Asia North Asia Southeast Asia South Asia Global Southeast Asia PCCW Limited Pacific Century Premium Developments Limited (associated corporation & major investment) (subsidiary corporation of PCCW Limited) Media Business Cyberport, Hong Kong Now TV n Hanazono Resort, Japan Solutions Business PCCW Solutions n Phang Nga Resort, Thailand Sudirman CBD Office Building, Jakarta HKT Limited KSH Distriparks, India (subsidiary corporation of PCCW Limited) (associated corporation) Telecommunications Services Logistics and Warehousing Local Telephony Services Inland Container Depot Local Data Services Warehousing International Telecommunications Services Logistics Other Services Customer Premises Equipment n Teleservices n Mobile Pacific Century Regional Developments Limited 04 Annual Report 2018 Board of Directors RICHARD LI TZAR KAI was appointed as Chairman of Mr. Allen joined KPMG in 1976 before taking up an PCRD in 1994 and was last re-elected as a Director in 2017. appointment at Occidental International Oil Incorporated in An Executive Director and Chairman of the Executive 1980. In 1983, he joined Schlumberger Limited and worked in Committee of PCRD, Mr. Li is also Chairman and Chief various countries holding key management positions. In 1989, Executive of the Pacific Century Group, Chairman and Mr. Allen moved to Singapore as Regional Financial Director of Executive Director of PCCW Limited, Executive Chairman the Vestey Group. He later joined Boustead Singapore Limited and Executive Director of HKT Limited and HKT Management as Group Operations Controller in 1992 and Morgan Grenfell Limited, the trustee-manager of the HKT Trust and Chairman Investment Management (Asia) Limited as Director and Chief and an Executive Director of Pacific Century Premium Operating Officer in 1995. Mr. Allen joined the Pacific Century Developments Limited. Group in 1997. Mr. Li is a member of the Center for Strategic and International Mr. Allen was educated in England and graduated from the Studies’ International Councillors’ Group in Washington, University of Sussex with a degree in economics. He is a Fellow D.C., and a member of the Global Information Infrastructure of the Institute of Chartered Accountants in England and Wales, Commission. Mr. Li was awarded the Lifetime Achievement a Fellow Member of CPA Australia, a Fellow Member of the Award by the Cable & Satellite Broadcasting Association of Asia Hong Kong Institute of Directors and a Fellow of the Institute in November 2011. of Singapore Chartered Accountants. FRANCIS YUEN TIN FAN was appointed as Deputy Chairman FRANCES WONG WAIKWUN was appointed as a Director of PCRD in 2005 and was last re-elected as a Director in in June 2013 and was last re-elected as a Director in 2016. 2017. Mr. Yuen was the Chairman of PCRD in 1993 and 1994 An Independent Director and Chairman of the Nominating when it was known as Seapower Asia Investments Limited Committee, Ms. Wong is also a member of the Audit Committee and Deputy Chairman of PCRD from 1997 to 2002. He was of PCRD. Ms. Wong is also an Independent Non-Executive a member of the Executive Committee of PCRD until July Director of PCCW Limited, HKT Limited and HKT Management 2011. Re-designated as Independent Non- Executive Deputy Limited, the trustee-manager of the HKT Trust. Chairman on 12 February 2015. Mr. Yuen is Chairman of the Remuneration Committee and also a member of the Audit Ms. Wong is currently a financial advisor of Good Harbour Committee of PCRD. Finance Limited. She began her career as a management consultant at McKinsey & Company in the United States. He joined the Pacific Century Group in 1996 after an extensive Ms. Wong returned to Hong Kong and joined the Hutchison career in investment banking and financial regulatory affairs Whampoa group of companies in 1988, taking on various across Asia. From 1988 to 1991, he was Chief Executive of positions. She was managing director of Weatherite The Stock Exchange of Hong Kong Limited. Mr. Yuen was Manufacturing Limited, an air conditioning manufacturer. Later, also a founding director of Hong Kong Securities Clearing Ms. Wong became chief executive officer of Metro Broadcast Company Limited. He served from 1992 to 1994 as a member Corporation Limited. Eventually, she became chief financial of the International Markets Advisory Board of NASDAQ in the officer of Star TV, Asia’s first satellite television company.
Load more

Recommended publications
  • Pacific Century Cyberworks Limited: the Bid for Cable & Wireless Hkt Limited
    HKU173 SU HAN CHAN KO WANG PACIFIC CENTURY CYBERWORKS LIMITED: THE BID FOR CABLE & WIRELESS HKT LIMITED It was a hastily arranged lunch in late January 2000. Fang Fenglei, Chief Executive of Bank of China International, and two senior executives from China Telecom (Hong Kong), were having serious discussions with a visionary, big-thinking young man in Hong Kong over a proposed merger of equals between Cable & Wireless HKT Limited (“HKT”) and Singapore Telecommunications (“SingTel”). As a Chief Representative of the Chinese state-run bank’s investment banking arm in Hong Kong, Fang was far more than an aggressive deal maker who had successfully managed the initial public offering of China Telecom (Hong Kong) in 1997. He was perceived by the young man as being particularly close to the seat of power in Beijing. Through his peculiar connections, Fang might have known of Beijing’s attitude to SingTel’s bid for HKT. As the group tucked into their soup, Fang prompted the young man to consider launching a rival bid for HKT. He cited what he called ‘the strong negative reaction of the Hong Kong people” to SingTel’s bid for the leading telecommunications company in Hong Kong.1 The young man did not express an opinion, as he thought launching a rival bid “would be too big” for his company.2 The young man was Richard Li Tzar-kai, the 33-year-old son of the property tycoon Li Ka- shing, who controlled two of Hong Kong’s biggest conglomerates, Cheung Kong and Hutchison Whampoa, and was said to collect six cents from every dollar spent in Hong Kong.
    [Show full text]
  • Weekly Watch Asia
    Weekly Watch Asia 13 January 2012 Economic Analysis Though slowing, Asia retains its appeal Even as growth and exports from the region slow due to ongoing weakness in the Eurozone, Asia emerging markets are still luring foreign investors. This is evident in recent successful global bond Stephen Schwartz issues in the Philippines (January 5) and Indonesia (January 9). Both attracted strong investor [email protected] interest for their 25- and 30-year USD bonds, respectively, at record low yields (Chart 1), thanks to Mario Nevares strong fundamentals and recent rating agency upgrades. Meanwhile, in North Asia, political [email protected] developments continue to weigh on sentiment. North Korea dominated headlines in recent weeks. William Fitchett And for now, Taiwan’s Presidential elections scheduled for tomorrow (January 14) are stealing the [email protected] spotlight for their implications on cross-strait ties. A victory by the opposition DPP could dampen Fielding Chen market sentiment if it were to result in a cooling in relations with the Mainland. [email protected] Easing inflation in China paves the way for more policy easing Le Xia [email protected] The most closely watched data release this week came in line with expectations, as China’s inflation eased to 4.1%; y/y (BBVA: 4.1%; consensus: 4.0%) increasing the likelihood of further Zhigang Li [email protected] monetary easing in the months ahead to support growth (Chart 2 and Highlights). Credit growth for December expanded by more than expected (new loans of RMB 640.5 billion vs.
    [Show full text]
  • Annual Report 2018 1 CORPORATE PROFILE (CONTINUED)
    CONTENTS 1 Corporate Profile 3 Statement from the Chairman 4 Statement from the Group Managing Director 8 PCCW in Numbers 10 Significant Events in 2018 12 Awards 18 Board of Directors 24 Corporate Governance Report 42 Management’s Discussion and Analysis 53 Financial Information 224 Investor Relations CORPORATE PROFILE PCCW Limited is a global company headquartered in Hong Kong which holds interests in telecommunications, media, IT solutions, property development and investment, and other businesses. The Company holds a majority interest in the HKT Trust and HKT Limited, Hong Kong’s premier telecommunications service provider and leading operator in fixed-line, broadband and mobile communication services. Beyond connectivity, HKT provides innovative smart living and business services to individuals and enterprises. PCCW also owns a fully integrated multimedia and entertainment group in Hong Kong, PCCW Media. PCCW Media operates the largest local pay-TV operation, Now TV, and is engaged in the provision of OTT (over-the-top) video service under the Viu brand in Hong Kong and other places in the region. Through HK Television Entertainment Company Limited, PCCW also operates a domestic free television service in Hong Kong. Also wholly-owned by the Group, PCCW Solutions is a leading information technology outsourcing and business process outsourcing provider in Hong Kong and mainland China. In addition, PCCW holds a majority interest in Pacific Century Premium Developments Limited, and other overseas investments. Employing over 23,600 staff, PCCW maintains a presence in Hong Kong, mainland China as well as other parts of the world. PCCW shares are listed on The Stock Exchange of Hong Kong Limited (SEHK: 0008) and traded in the form of American Depositary Receipts (ADRs) on the OTC Markets Group Inc.
    [Show full text]
  • Weekly Watch Asia
    Weekly Watch Asia 24 June 2011 Economic Analysis Markets rally on China inflation remarks Despite headwinds from European debt worries, Asian equity markets managed to post their first Asia weekly gain in almost two months on falling oil prices, and as concerns of aggressive monetary Stephen Schwartz tightening in China eased. The latter was fueled by remarks from China’s Premier about the [email protected] authorities’ success in battling inflation (see Markets). That said, the region’s struggle with inflation is far from over, as seen in higher than expected May CPI outturns released this week in Hong Mario Nevares [email protected] Kong and Singapore (see Highlights). Next week will feature important updates on inflation trends, with Korea, Indonesia, and Thailand set to release their June inflation outturns. We expect the Fielding Chen outturns to confirm that inflation in the former two may have already peaked, although price [email protected] pressures remain elevated throughout the region, with risks still to the upside. Le Xia [email protected] The inflation genie is not yet back in the bottle, despite slowing growth trends Jenny Zheng Singapore’s inflation for May remained elevated at 4.5% y/y, ahead of market expectations [email protected] (consensus: 4.1%); and in Hong Kong, inflation rose to 5.2% y/y (consensus: 5.0%), the highest Serena Wang outturn since mid-2008 (Chart 1). Inflation in Vietnam, where the authorities continue to struggle [email protected] to maintain macro stability, accelerated to 20.8% y/y (from 19.8% in May).
    [Show full text]
  • Weekly Watch Asia
    Weekly Watch Asia 30 September 2011 Economic Analysis Asian growth holds up, but for how long? Regional markets continue to be buffeted by swings in global sentiment towards the US growth Asia outlook and prospects of a resolution of the European debt crisis. Asian markets finished up for Stephen Schwartz the week on hopes of passage of a broadened European Financial Stability Facility (EFSF), but [email protected] then ended on a whimper due to growth concerns (see Markets). In Hong Kong markets closed sharply lower, possibly due to reverberations from reports of US Justice Department Mario Nevares [email protected] investigations of the accounting practices of Chinese companies listed overseas, as well as lingering concerns about the regional growth outlook. With respect to the latter, signs of resilience Fielding Chen could be found in today’s release of China’s HSBC PMI which was not as bad as had been feared [email protected] (it comes just ahead of the release of the official PMI index; see our last Weekly Indicator). Le Xia Nevertheless, regional growth is moderating, with industrial production weakening in Japan and [email protected] Korea, along with lower exports in Hong Kong and Thailand (see below). Zhigang Li [email protected] Production and exports show signs of weakening Sumedh Deorukhkar Industrial production released today disappointed in Japan (0.8% m/m for August; consensus: 1.5%) [email protected] (Chart 2 and Highlights) and in Korea (-1.9% m/m; consensus: -0.3%), despite a better-than- Jeffrey Cantwell expected outturn for Singapore released earlier in the week (3.9% m/m; consensus: -4.5%).
    [Show full text]
  • RMB on HK.Pdf (1.154Mb)
    SAE./No.83/July 2017 Studies in Applied Economics AN ANALYSIS OF THE IMPACT OF RMB DEPRECIATION ON HONG KONG Richard (Ziyuan) Li Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise An Analysis of the Impact of RMB Depreciation on Hong Kong By Richard (Ziyuan) Li Copyright 2017 by Richard Li. This work may be reproduced provided that no fee is charged and the original source is properly cited. About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, Co-Director of The Johns Hopkins Institute for Applied Economics, Global Health and the Study of Business Enterprise ([email protected]). The authors are mainly students at The Johns Hopkins University in Baltimore. Some performed their work as summer research assistants at the Institute. This working paper is one in a series on currency boards. The currency board working papers will fill gaps in the history, statistics, and scholarship of the subject. About the Author Richard Li ([email protected]) is a graduate student at The Johns Hopkins University in Baltimore, pursuing a master’s degree in Financial Mathematics. He wrote this paper as a research assistant at the Institute for Applied Economics, Global Health, and the Study of Business Enterprise in Spring 2017. He will graduate in December 2017. Abstract Hong Kong is one of the main economies operating a currency board system today. With its currency fixed to the U.S. dollar, the system has functioned successfully since it was restarted in 1983. The last time it faced severe challenges was during the East Asian financial crisis of 1997-98.
    [Show full text]
  • The Saxophone in China: Historical Performance and Development
    THE SAXOPHONE IN CHINA: HISTORICAL PERFORMANCE AND DEVELOPMENT Jason Pockrus Dissertation Prepared for the Degree of DOCTOR OF MUSICAL ARTS UNIVERSITY OF NORTH TEXAS August 201 8 APPROVED: Eric M. Nestler, Major Professor Catherine Ragland, Committee Member John C. Scott, Committee Member John Holt, Chair of the Division of Instrumental Studies Benjamin Brand, Director of Graduate Studies in the College of Music John W. Richmond, Dean of the College of Music Victor Prybutok, Dean of the Toulouse Graduate School Pockrus, Jason. The Saxophone in China: Historical Performance and Development. Doctor of Musical Arts (Performance), August 2018, 222 pp., 12 figures, 1 appendix, bibliography, 419 titles. The purpose of this document is to chronicle and describe the historical developments of saxophone performance in mainland China. Arguing against other published research, this document presents proof of the uninterrupted, large-scale use of the saxophone from its first introduction into Shanghai’s nineteenth century amateur musical societies, continuously through to present day. In order to better describe the performance scene for saxophonists in China, each chapter presents historical and political context. Also described in this document is the changing importance of the saxophone in China’s musical development and musical culture since its introduction in the nineteenth century. The nature of the saxophone as a symbol of modernity, western ideologies, political duality, progress, and freedom and the effects of those realities in the lives of musicians and audiences in China are briefly discussed in each chapter. These topics are included to contribute to a better, more thorough understanding of the performance history of saxophonists, both native and foreign, in China.
    [Show full text]
  • A Study of Beijing's Competitive Advantage As An
    A Study of Beijing‘s Competitive Advantage as an Emergent Media Capital Angela Lin Huang Bachelor of Law / Master of Law A dissertation presented in fulfilment of the requirements for the degree of Doctor of Philosophy Creative Industries Faculty, Queensland University of Technology 2012 1 Keywords Media capital Media industries Media market Media cluster Media policy China Beijing Institution i Abstract The development of creative industries has been connected to urban development since the end of the 20th century. However, the causality of why creative industries always cluster and develop in certain cities hasn‘t been adequately demonstrated, especially as to how various resources grow, interact and nurture the creative capacity of the locality. Therefore it is vital to observe how the local institutional environment nurtures creative industries and how creative industries consequently change the environment in order to better address the connection between creative industries and localities. In Beijing, the relocation of CCTV, BTV and Phoenix to Chaoyang District raises the possibility of a new era for Chinese media, one in which the stodginess of propaganda content will give way to exciting new forms and genres. The mixing of media companies in an open commercial environment (away from the political power district of Xicheng) holds the promise of more freedom of expression and, ultimately, to a ‗media capital‘ (Curtin, 2003). These are the dreams of many media practitioners in Beijing. But just how realistic are their expectations? This study adopts the concept of ‗media capital‘ to demonstrate how participants, including state-media organisations, private media companies and international media conglomerates, are seeking out space and networks to survive in Beijing.
    [Show full text]
  • Cross-Border Mergers & Acquisitions
    CROSS-BORDER MERGERS & ACQUISITIONS: CASE STUDIES OF KOREA; CHINA; AND HONG KONG, CHINA September 2003 By Hwy-Chang Moon Seoul National University Hee-Kyung Kim Sangmyung University Dong-Hyun Lee Catholic University For The APEC Secretariat, 35 Heng Mui Keng Terrace Singapore 119616 Telephone: (65) 6775-6012 Facsimile: (65) 6775-6013 Email: [email protected] Website: www.apec.org © [2003] APEC Secretariat ISBN 981-04-9763-6 APEC #203-CT-01.6 CROSS-BORDER MERGERS & ACQUISITIONS: CASE STUDIES OF KOREA; CHINA; AND HONG KONG, CHINA Hwy-Chang Moon Seoul National University [email protected] Hee-Kyung Kim Sangmyung University [email protected] Dong-Hyun Lee Catholic University [email protected] ABSTRACT This paper explores the impact of cross-border M&As on host economies of Korea; China; and Hong Kong, China. For an intensive analytical research on this topic, this paper presents a comprehensive framework for analyzing the various impacts of cross-border M&As on the competitiveness of the host economies. We apply this framework to the data from five outstanding and considerable cases of each host economy. Differences in impact of cross-border M&As are shown along four dimensions (Porter 1990, Dunning 2003): Factor Conditions, Demand Conditions, Related & Supporting Sectors, and Strategy, Structure & Rivalry. The results of this study give a better understanding of cross-border M&A impacts, and provide strong support for positive impacts on host economies. Key Words: Cross-border M&A, APEC, Korea; China; Hong Kong, China, diamond model, competitiveness. INTRODUCTION Gross production associated with foreign direct investment (FDI) has been increasing faster than global GDP or global exports.
    [Show full text]
  • Building Asia Pacific Community Mapping Long Term Prosperity
    APEC Business Advisory Council Report to APEC Economic Leaders ABAC REPORT TO APEC ECONOMIC LEADERS %8,/',1*$6,$3$&,),&&20081,7<0$33,1*/21*7(5035263(5,7< )\PSKPUN(ZPH7HJPÄJ*VTT\UP[` 4HWWPUN3VUN;LYT7YVZWLYP[` APEC Business Advisory Council BEIJING, CHINA ÷&+,1$ 2014 APEC Member Economies Australia Brunei Darussalam ABAC Executive Director 2014 Canada Xia Bing Chile China Council for the Promotion of International Trade China 1, Fuxingmenwai St. Hong Kong, China Beijing 100860 China Tel: (8610) 8807 5736 Indonesia Fax: (8610) 8807 5406 Japan Email: [email protected] Korea Malaysia Mexico New Zealand Papua New Guinea APEC Business Advisory Council Secretariat Peru Philippines Antonio Basilio Russian Federation Director Singapore Evelyn Manaloto Chinese Taipei Deputy Director Thailand 32/F Zuellig Building Makati Avenue Corner Paseo de Roxas United States Makati City 1225 Philippines Tel: (632) 845 4564, 843 6536 Viet Nam Fax: (632) 845 4832 Email: [email protected] Website: https://www.abaconline.org Chinese knotting, an ancient hand-tied art woven using a single thread, originated over 5,000 years ago and evolved to be the lasting beauty today. In Chinese language, “knot” means community and “thread” means prosperity, and thus Chinese knotting is always used to express good wishes and commitments. Each Chinese knotting is comprised of multiple basic knots with dierent appearance and symbols, while all knots are made by the same single thread and are interlaced cohesively to enhance the value together, just as our Asia-Pacic community does. Report to APEC Economic Leaders APEC Business Advisory Council APEC Business Advisory Council His Excellency Xi Jinping Chair, Asia-Pacific Economic Cooperation President, People’s Republic of China Beijing, China Your Excellency: It is our great privilege to present to you the report and recommendations of the APEC Business Advisory Council (ABAC) for 2014.
    [Show full text]
  • Blended Learning: Re-Thinking and Re-Defining the Learning Process
    Lecture Notes in Computer Science 12830 Founding Editors Gerhard Goos Karlsruhe Institute of Technology, Karlsruhe, Germany Juris Hartmanis Cornell University, Ithaca, NY, USA Editorial Board Members Elisa Bertino Purdue University, West Lafayette, IN, USA Wen Gao Peking University, Beijing, China Bernhard Steffen TU Dortmund University, Dortmund, Germany Gerhard Woeginger RWTH Aachen, Aachen, Germany Moti Yung Columbia University, New York, NY, USA More information about this subseries at http://www.springer.com/series/7407 Richard Li • Simon K. S. Cheung • Chiaki Iwasaki • Lam-For Kwok • Makoto Kageto (Eds.) Blended Learning Re-thinking and Re-defining the Learning Process 14th International Conference, ICBL 2021 Nagoya, Japan, August 10–13, 2021 Proceedings 123 Editors Richard Li Simon K. S. Cheung Hong Kong Polytechnic University Open University of Hong Kong Hong Kong, China Hong Kong, China Chiaki Iwasaki Lam-For Kwok Kansai University City University of Hong Kong Osaka, Japan Hong Kong, China Makoto Kageto Nihon Fukushi University Nagoya, Japan ISSN 0302-9743 ISSN 1611-3349 (electronic) Lecture Notes in Computer Science ISBN 978-3-030-80503-6 ISBN 978-3-030-80504-3 (eBook) https://doi.org/10.1007/978-3-030-80504-3 LNCS Sublibrary: SL1 – Theoretical Computer Science and General Issues © Springer Nature Switzerland AG 2021 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed.
    [Show full text]
  • Pacific Century Regional Developments Limited
    Pacific Century Regional Developments Limited Century Developments Regional Pacific Pacific Century Regional Developments Limited 50 Raffles Place, #35-01 Singapore Land Tower, Singapore 048623 Tel: (65) 6438 2366 Fax: (65) 6230 8777 Company Registration No. 196300381N Annual Report 2016 Annual Report Annual Report 2016 Pacific Century Regional Developments Limited Contents Corporate Profile 01 Message from the Executive Chairman 02 Corporate Structure 03 Board of Directors 04 Business Review 06 Financial Highlights 10 Corporate Information 12 Financial Statements 13 Report on Corporate Governance 74 Shareholding Statistics 88 Notice of 53rd Annual General Meeting 91 Notes to the Proxy Form 98 Proxy Form Corporate Profile Pacific Century Regional Developments Limited (PCRD), a Singapore-based company listed on the Singapore Exchange Securities Trading Limited (SES: P15), with interests in telecommunications, media, IT solutions, logistics and property development and investment, in the Asia-Pacific region. PCRD’s most significant investment is its stake in Hong Kong-listed PCCW Limited (PCCW) (SEHK: 0008; American Depositary Receipts on the OTC Markets Group Inc. in the US: PCCWY). PCRD is 89% owned by the Pacific Century Group, which was founded in 1993. The Pacific Century Group acquired control of PCRD in September 1994. Pacific Century Regional Developments Limited 01 Annual Report 2016 Message from the Executive Chairman I am pleased to present the annual report of PCRD for the The overseas property projects of PCCW’s subsidiary, financial year ended 31 December 2016. Pacific Century Premium Developments (PCPD), progressed as scheduled. In particular, Pacific Century Place Jakarta, PCRD’s most significant asset, PCCW Limited (PCCW), reported the 40-storey Premium Grade A office building in Indonesia, a steady performance for 2016.
    [Show full text]