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Daily Dispatches – Singapore inquiry into improving HR profession

The Auditor

Talent management contributes more than half to overall business performance in Singapore firms, and the government is now urging local companies to do a better job at hiring and developing staff.

The Straits Times reports that Singapore’s Acting Manpower Minister Tan Chuan-Jin believes that identifying and grooming leaders gives he biggest boost to business performance in all aspects of talent management.

Singapore’s Workforce Development Agency has joined forces with Spring Singapore, IE Singapore and the Ministry of Manpower to commission a study to determine the supply and demand for HR professionals, identify skills gaps and benchmark HR professionals in the Lion City against their international counterparts.

Unexpected drop in Aussie job numbers

Australian employers unexpectedly cut jobs in August as weaker demand discouraged hiring, according to Bloomberg.

The number of people employed fell by 10,800 from the previous month, when it declined by a revised 11,400 The jobless rate rose to 5.8% from 5.7%.

South Korea’s strong performance

The Bank of Korea has maintained its key key interest rate steady on economic resilience that is attracting foreign capital and made the country’s won currency the best performer in Asia over the past month, Bloomberg says.

Governor Kim Choong Soo and his board kept the seven-day repo rate at 2.5% for a fourth straight month.

The BOK believes domestic growth will accelerate this year.

Singapore invests in new Cambodian bank 

An investment company owned by the Singaporean government is a minority partner in a fully licensed commercial bank set to open later this month in cooperation with Canadia Bank PLC and the country’s postal service, says The Cambodia Daily.

Fullerton Financial Holdings, a subsidiary of Temasek Holdings, has a 45% interest in Cambodia Post Bank.

RBS ‘Robin Hood’ banker goes to jail

A former RBS executive in Hong Kong has been jailed for four years for transferring almost HK$28.9 million from the Royal Bank of Scotland accounts of four clients in 2009 to compensate 10 others who suffered investment losses.

Helen Chow Hoi-ching, 39, did not benefit from the fraud personally. She apparently was so sorry for causing some of her clients to lose money during the 2008 financial crisis that she first used her own money to cover up the shortfall before moving funds from the other accounts. 

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