Last week we reported on the plight of equity analysts who’ve lost their jobs in Asia and are still struggling to find work. This week brings more bad news as Korea’s Mirae Asset Securities is reportedly shrinking its Hong Kong office from 38 to about 20 people, cutting back its team of analysts in response to poor equity trading volume.
Mirae noted in a statement to Asian Investor that the total volume of equities trading in Hong Kong was $1.2 trillion for 2012, 21% down from the previous year, forcing it to cut jobs its “as a natural course”.
The layoffs come just two months after another Korean firm, Samsung Securities, cut equities jobs in Hong Kong to focus on its home market.
Foreign workers (Straits Times)
The question most people want Singapore Deputy Prime Minister Tharman Shanmugaratnam to answer is how much more the Government will tighten the foreign worker tap.
Bancassurance success (Asian Banking & Finance)
Why OCBC, the Singapore bank, has been successful in bancassurance.
Card fraud (Asia One)
Beijing prosecutors have called on banks to review credit card applications more carefully, a move prompted by a recent spike in fraud.
Aussie unemployment (Sydney Morning Herald)
The Australia jobless rate rose to 5.6 per cent in March, the highest for 3.5 years.
Travel tips (WSJ)
John White, head of Asia-Pacific for Heitman, a real-estate investment firm, gives his top tips for executive travel.