Hong Kong employees of Asian financial companies, including mainland banks and securities firms that have expanded their offshore business in the city in recent years could be in line for bonuses that best their counterparts at Western banks, according to the South China Morning Post.
Financial executives at the Hong Kong offices of several mainland firms, including Haitong Securities and China Merchants Securities, reported that they had received year-end bonuses that doubled their salaries. Many expect a further payout in the first quarter as part of their bonus for last year.
Asian banks, including major Singaporean lenders DBS and United Overseas Bank, are expected to give many of their staff in Hong Kong a bonus equal to five or six months of their salaries on average.
Widespread smog in China’s cities has prompted government warnings for residents to remain indoors, and local authorities are planning to adopt emergency measures, according to a Bloomberg report.
The pollution is becoming a serious factor for both local and foreign professionals when considering relocating for top jobs.
China has taken a significant step towards opening its multitrillion-dollar capital markets to the outside world by giving a western asset management group freedom to invest in its domestic stocks and bonds, reports the Financial Times.
Ashmore Group has become the first group outside Hong Kong to announce it has been granted a licence to invest directly in China’s $3.4 trillion domestic equity market, which is quoted in renminbi and known as the A-share market, and its $4.7 trillion bond market.
Vietnam will allow foreign investors to hold a larger stake in domestic financial institutions as the country seeks to accelerate the restructuring of a banking system burdened by bad debt, reports the Wall Street Journal.
Prime Minister Nguyen Tan Dung has signed a decree to allow a foreign strategic investor to hold a stake of up to 20% in a domestic financial institution from February 20 onward, up from 15% currently, the government said in a statement posted on its website.
The number of college graduates in China will reach a record 72.7 million in 2014, reports People’s Daily Online.
Investment banks are expecting a bonanza year in terms of deal flow in China but Finance Asia reports that extracting fees from clients is proving tricky.
French asset manager Amundi is setting up an office in Thailand and has boosted in Malaysian headcount as part of a buildout in SE Asia, says Asian Investors.