Singapore must adhere to international agreements and allow multinational firms to transfer foreign staff here, Acting Manpower Minister Tan Chuan-Jin was reported as saying by the Straits Times when asked if such transfers circumvent the new Fair Consideration Framework.
The framework, which takes effect next August, requires all firms to advertise openings on a government jobs bank before hiring skilled foreigners.
But, says Channel News Asia, the acting minister added that the government will take a firm stand against companies that try to circumvent the country’s labour laws if they try to find loopholes in the framework.
Australia’s largest investment bank Macquarie is pushing rapidly into home mortgages, says Reuters, and threatening to disrupt a highly profitable segment of the banking industry long dominated by the country’s top four lenders. The Big Four write as much as 90% of the nation’s home loans.
Mizuho Financial Group’s failure to act on loans to crime groups stemmed from a lack of awareness and executives didn’t deliberately mislead regulators probing the matter, according to an investigative panel, and reported by Bloomberg today.
“As an organisation, Mizuho lacked awareness of the significance of tackling the issue of relationships with anti-social groups,” the third-party panel, set up by Mizuho’s banking unit to investigate the loans, said in a report in Tokyo today. .
Singapore Exchange, Southeast Asia’s biggest bourse operator, wants to lure more high-speed traders onto its stock market as it grapples with lower volume, says Bloomberg.
Computerised trading firms, which execute transactions in fractions of a second, account for a negligible share of volume on Singapore Exchange’s cash equities market.
The Financial Times reports that Hong Kong’s financial secretary has backed calls for market consultations on the need to change local listing rules, after Alibaba, China’s largest ecommerce company, abandoned plans for a US$60 billion-plus initial public offering in the Chinese territory.
Chinese conglomerate Yuexiu Enterprises said Friday it is acquiring a majority stake in Hong Kong’s Chong Hing Bank for US$1.5 billion, the first bank sale in Hong Kong in several years, reports the Wall Street Journal.
Chong Hing, which was previously owned by Hong Kong’s Liu family, said in August that an unnamed party had approached it about a takeover. Yuexiu, based in Guangdong province, owns brokerage Guangzhou Securities Co. but has never owned a bank.