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Daily Dispatches – Doom and gloom in Singapore’s financial sector

Feeling down about prospects

Feeling down about prospects

Business confidence fell in Singapore during the third quarter with only 18% of businesses reporting an improvement, according to a report in Asian Banking & Finance.

A survey conducted by the Association of Chartered Certified Accountants and the Institute of Management Accountants in their Global Economic Conditions Survey (GECS) –  the largest regular economic survey of accountants in the world – revealed that confidence in the prospects of Singapore businesses were down on the previous quarter.

A number of factors were cited: Inflation is close to its Q1 highs while pressures on demand and cash-flow have increased. Growth capital has also become less accessible after supply peaked in early 2013.

BRICS looking at setting up reinsurance company

The five large countries on four continents that make up the BRICS emerging markets giants are preparing to set up their own reinsurance company, after discussing establishing a joint development bank, according to Asian Insurance Review.

Westpac cuts some bonuses

Banking Day reports that eight of the most senior staff of Westpac got pay rises over the last year. Two key banking executives, however, earned a lower short-term cash bonus.

But they still earned more overall taking into account their share-based payments.

Gail Kelly, the managing director, also received a higher short-term cash bonus and received a slightly lower bonus paid in shares. However, Kelly still earned over AU$9 million for her work, making her one of the highest paid executives in the country.

China’s next 10-years reform agenda fails to impress

Reuters reports that China’s leaders failed to impress markets with their reform agenda for the next decade. Investors sold Chinese shares on Wednesday concerned with Beijing’s apparent reluctance to overhaul dominant state-owned firms.

Private equity in Asia employing more women

Asia-based PE firms have the world’s highest proportion of women in senior roles at 12.8%, according to a report in Asian Investor.

One of the reasons cited for the number of women in senior roles in the sector in Asia was the availability of domestic help.

 

 

 

 

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