Thailand is favoured by foreign workers as the best place to work and live in Asia, according to the HSBC Expat Survey, and reported in the Wall Street Journal. .
The Southeast Asian country topped the rankings for best overall expat experience, particularly when it comes to setting up, integrating and finding friends. China, Singapore, India and Taiwan all emerged in the top 10, with Malaysia (No. 20), Indonesia (No. 31) and Vietnam (No. 32) still among the top 50.
The ranking, now in its sixth year, compiles surveys from among more than 7,000 expatriates from nearly 100 countries across the globe.
When it comes to economics, Thailand (No. 4), Indonesia (No. 6) and Singapore (No. 9) ranked among the best places to live for expats. Lower living costs and higher earnings potential, however, made Thailand the most cost-effective place for foreigners, while Vietnam and Indonesia ranked highly for presenting the best career opportunities.
Investec Asset Management has applied for a licence to begin retail distribution of its funds in Singapore and elsewhere in Southeast Asia in 2013.
China Construction Bank, the nation’s second-biggest lender by assets, is close to reaching a deal to acquire Brazil’s Banco Industrial & Comercial SA, according to Bloomberg. The deal is apparently motivated by the number of Chinese companies doing cross-border business in Brazil.
The Financial Times says that London, Luxembourg, Paris, Frankfurt and Zurich are vying to be the rightful European trading centre of the Chinese currency. Contenders for the Asian crown are Hong Kong, Singapore, Taipei and Sydney.
The China Banking Regulatory Commission, China’s banking regulator, says the expansion is part of an attempt to bring more private capital into lending markets, according to a report in Asian Banking and Finance. It also said the expansion will meet demand from middle and lower income consumers and boost consumption and private sector participation in China’s finance industry.
Standard Chartered said its income and operating profit recorded low single-digit growth in the first nine months of the year on souring credit quality at its South Korean business, according to a report in the South China Morning Post.
The bank says
GDP growth forecasts for 2013 and 2014 have been raised to 3.8% and 4.0% respectively, up from 2.9% and 3.5% previously. Better than expected third quarter growth compounded by the significant revision in the first half GDP numbers make for this upward adjustment, according to the Singapore Business Review.