Singapore’s efforts to boost the employment of locals is having the desired effect, with new government figures showing that growth in expat hires has slowed.
Singapore’s Business Times reports that the Ministry of Manpower’s (MOM) Employment Situation 2013 report, released yesterday, revealed that higher-wage workers have borne the brunt of the stricter regulations for employing foreign labour.
Deloitte is the world’s top accounting firm
Deloitte has overtaken rival PwC to become the world’s top accountant by revenue in the face of rising pressure on fees and new rules boosting competition, reports the Sydney Morning Herald.
The International Accounting Bulletin said Deloitte , PwC, KPMG and EY, dubbed the Big Four, still dominate the sector with over two-thirds of the market, dwarfing the combined 33% share of mid-tier firms like BDO and Grant Thornton.
Citi joins other investment banks in ordering juniors to take time off
Bloomberg reports that Citigroup, the third-largest US lender, will require junior bankers to take Saturdays off and use all of their vacation time each year as the firm joins an industry effort to improve working conditions.
Goldman Sachs and Bank of America have already made similar moves.
ICBC buys controlling interest in major African bank’s markets unit
Industrial and Commercial Bank of China, the world’s most profitable lender, has bought 60% of South Africa’s Standard Bank’s markets unit US$765 million in order to expand in commodities and currency trading, according to a Bloomberg report in the South China Morning Post.
Standard Bank, Africa’s largest lender, has also granted ICBC a five-year option to acquire a further 20% stake in the London-based business.
The long working life of Singaporeans
Findings from the latest Manulife Investor Sentiment Index survey show that Singaporean investors expect to retire at 61 years of age and then continue working for a further nine years, well above the regional average of six years, reports Asia Insurance Review.
Financial services firms setting up in Singapore will struggle to fill roles
Channel News Asia reports that Malaysia’s fourth largest bank, RHB, which recently announced plans to ramp up hiring in Singapore, and China’s second biggest brokerage Haitong Securities, which opened an office in the Lion City last week, may have difficulty filling jobs.
Singapore’s unemployment rate stands at 1.8% – technically regarded as zero unemployment by economists.