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Daily Dispatches – China to unveil new 10-year economic reform plan

China is today expected to reveal its plans for the country’s reform over the next decade, balancing the need to overhaul the economy, while maintaining stability and entrenching the Communist Party’s power.

A Reuters report says economic reforms are likely to have dominated four days of closed-door talks that began on Saturday and involved the 205-member Central Committee of China’s ruling Communist Party.   

President Xi Jinping and Premier Li Keqiang must unleash new growth drivers as the economy, after three decades of breakneck expansion, begins to slow due to industrial overcapacity, debt and declining competitiveness.

DBS divestment to focus on core business

Singapore’s DBS Group Holdings, Southeast Asia’s largest lender, will sell its 9.9% of Bank of the Philippine Islands for S$850 million ($681 million) as it focuses on core markets. 

Bloomberg reports that the Singapore lender is selling to GIC Pte, Singapore’s sovereign wealth fund, and Ayala Corp. (AC), the Philippine conglomerate.

China’s ICBC joins exclusive ‘too big to fail’ club

Industrial & Commercial Bank of China Ltd. was added to the list of too-big-to-fail banks after global regulators revised the roster of lenders that must hold extra capital to prevent another financial crisis, Bloomberg reports.

ICBC, China’s largest bank by assets, was the only firm joining the updated list of systemically important firms released yesterday by the Financial Stability Board. Lenders whose capital buffers were cut from last year included Citigroup Inc., Deutsche Bank and Bank of New York Mellon Corp. Credit Agricole Group was told to add more.

Body calls for greater scrutiny on recruiter’s commitment to diversity

A new report calls on employers to scrutinise their recruiters’ commitment to gender diversity, by analysing their shortlists and asking for evidence of training to eliminate gender bias, according to shortlist.com.au

Moving to an advisory relationship based around quantitative and qualitative performance metrics will encourage recruiters to act in a way that assists employers with gender diversity efforts, the Business Council of Australia says in a report released last week.

“These metrics should be based around a proven commitment to gender diversity, so they invest in understanding the client’s ongoing strategic intent and business plans, and they assist in the identification and assessment of talent, and the development of role requirements,” it says.

StanChart invests in RMB trading team

Finance Asia reports that Standard Chartered has set up a global team for renminbi trading, with staff in Hong Kong, London, Taipei, and Shanghai.

Private banks in Asia look at outsourcing

Private banks in Asia are increasingly considering outsourcing operational functions due to stricter regulatory requirements and rising costs, says Asian Investor.

 

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