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Daily Dispatches – Singapore bans 15 companies from hiring foreign workers

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Singapore’s Ministry of Manpower has cracked down on 15 more recruitment firms – bringing the total to date to 27 since the beginning of the year – that have transgressed rules about posting discriminatory jobs ads.

The Lion City’s Business Times says the firms have been banned from hiring new foreign workers for seven months and they will have to put up online public apologies for 30 days.

The firms are: IPM Global Solutions, Link-8 Security, Wanco Manpower, RGF HR Agent, Chiu Teng Enterprises, Cayman Management Consultants, Renaissance Management Services, Talent2 Singapore, La Fondue, Linny Service and Supplies, Singapore Human Resource Consultants, Imag Global Resources, New Channel Manpower International and Ministry of Recruiters.

More penalties may be in the pipeline. The Ministry says that it is continuing with its investigations.

Anbank possible suitor for Wing Hang Bank

Anbang Insurance Group is one of bidders for Hong Kong’s second largest family-owned lender Wing Hang Bank, says Bloomberg.

Wing Hang has a market value of US $4.5 billion, and has attracted other bidders including Canada’s Bank of Nova Scotia.

Korea’s Kookmin Bank grovels over corruption scandals

The head of South Korea’s largest lender, Kookmin Bank has apologised and ‘bowed deeply’ before the media after admitting fault in three corruption scandals that have hit the bank, says the Wall Street Journal.

South Korea’s financial authorities and prosecutors are looking into allegations that Kookmin employees faked government bonds used to fund housing policy and embezzled the money from their sale; that the bank’s Tokyo branch lent more than permitted to a Japan-based firm to secure returns used to set up a slush fund; and that the bank didn’t return interest as required to businesses for a mortgage product.

 

Hong Kong should change private equity rules

The Hong Kong government should consider introducing a change in the law to allow private equity funds to be set up as limited partnerships, so as to further enhance the city’s fund industry, according to a report in the South China Morning Post.

A member of the  Financial Services Development Council has proposed the changes, which suggest allowing private equity funds or certain non-retail fund products to be set up as limited partnerships in order to attract more international fund houses to set up in Hong Kong. 

Marine insurer plans to open Singapore office in early 2013

Gard, a shipowner-controlled provider of P&I, marine and energy insurance products, will open an office in spring 2014, according to the Singapore Business Review. The firm has 450 staff in 13 offices around the world, and offices in Asia include Hong Kong and Tokyo.

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