A new survey puts Singapore ahead of Hong Kong as the preferred place to work for UK bankers.
Singapore came top out of five financial centres listed as options on the survey by recruitment firm Astbury Marsden. It was chosen by 27 per cent of the 300 UK banking-sector professionals surveyed. London clocked up 22 per cent of the votes and Hong Kong 20 per cent. New York and Dubai trailed further behind.
Although this sample group is fairly small, there is other anecdotal evidence to suggest that Singapore’s status as a talent magnet is increasing. Here are six reasons why British bankers are seeking jobs in the city state.
1) Lifestyle
The demographics of the people surveyed could partly explain Singapore’s popularity, says Mark O'Reilly, managing Director, Asia Pacific, Astbury Marsden. “They are predominately mid to senior-level professionals, many of whom might have young families. While Hong Kong offers excellent career opportunities for senior banking staff, Singapore residents benefit from better value housing as well as access to excellent career progression opportunities.”
2) Profile
There has been more positive coverage of the Singaporean market in the UK financial press in recent months, says O'Reilly. “Singapore didn't loom as large on the radar three years ago but now there is an increasing number of people interested in Singapore specifically. And overall enquiries to relocate to Asia are continuing to surge.”
3) Ease
Most western candidates think Singapore is the easiest Asian city for starting a new job, says a head of resourcing at a major European bank in Singapore, who asked to remain anonymous. In Hong Kong, an increased need for bankers to speak Mandarin and understand the mainland market means some people struggle to transfer their skills from London. “Let’s face it, Singapore is still ‘Asia lite’. In most roles, English is the only language you need,” he adds.
4) Career
Such is the career pull of Singapore that most candidates aren’t attracted there by expat luxuries such as accommodation, cars and school fees. “The level of supply of staff wanting to come to Singapore and the depth of the local talent pool means that expensive relocation packages are no longer seen as key," says O'Reilly.
Budding expats are demanding relatively modest base pay rises of 10 to 15 per cent when moving to Singapore. “With Asian markets taking off, people are coming to the region for career development – it’s not just about the money.”
5) Push
Push factors out of London help to explain some of the enthusiasm for Singapore. “Now that bonuses in the UK have largely been announced, and are generally disappointing, we are seeing more movement. Bonuses are becoming a reason not just for people to change companies, but to change countries too. There’s been an influx of CVs in recent weeks,” says O'Reilly.
A headhunter from another firm, who asked not to be named, adds: “We’re seeing more candidates from London, especially from EU banks. Why stick around at RBS in London, where your cash bonus is limited to £2,000, when you could join a different bank in Asia?”
6) Need
Candidates are cottoning onto the fact that after a lull during the GFC, banks in Singapore are now doing more overseas recruitment. Although they prefer to hire people with local experience, this pool gets exhausted quickly for many roles, says the anonymous headhunter. Standard Chartered, he adds, recruits globally at most levels from the outset. According to new data from recruitment firm Hays, 47.3 per cent of its financial services placements in Singapore are overseas-based candidates.
Source: Efinancialcareers. By Simon Mortlock
We are a specialist recruitment and Executive Search Consultancy providing expert recruitment and HR services that really add value. We find the very best of the best talent in the global marketplace
Monday, February 28, 2011
Friday, February 25, 2011
Global IPOs have best start to year on record
Global listings activity has been the highest on record so far this year, with firms raising a total of $24 billion (14 billion pounds) to date, according to Thomson Reuters data, boosted by buoyant stock markets and improved investor interest.
It follows a record quarterly volume of initial public offerings (IPOs) in the final three months of 2010, which saw $122.2 billion raised globally, lifted by the mega floats of Asian insurer AIA Group (1299.HK) and U.S. automaker General Motors (GM.N).
Fundraising activity has been buoyed by relatively strong stock markets, with world equities, measured by the MSCI All-Country World Index .MIWD00000PUS, hitting 2-1/2 year highs this month despite unrest in the North Africa region.
"Investor appetite for IPOs is effectively leveraged to equity market tone, and we finished 2010 with an exceptionally strong four month window from September to December that continued into early 2011," said Chris Whitman, global co-head of equity capital markets at Deutsche Bank.
"A larger universe of willing buyers then entices a larger universe of aspiring sellers."
Last year pockets of market volatility linked to euro zone sovereign debt worries created windows in which the IPO market, particularly in Europe, effectively closed, with billions of dollars worth of planned listings pulled.
"It's a sign of confidence that businesses which have been holding off in the past, as conditions weren't right, feel there's enough demand at the moment to get their floats away," said Henk Potts, equity strategist at Barclays Wealth.
"Valuations remain attractive and investors believe the equity market is a promising place to invest and therefore demand for those riskier equities has been increasing, and of course that very quickly filters through into a flourishing IPO market."
Although there are still some difficulties in the macro environment, investors are viewing the corporate environment more positively, Potts added.
The $24.3 billion raised globally since the start of January is a 20 percent increase on the same period last year, the data showed. Secondary offerings have also seen a boost, up 23 percent year-on-year to raise $67.7 billion globally.
Asia, which dominated equity capital markets in 2010, has continued to lead the field so far this year, with China accounting for 41 percent of issuance, including wind turbine maker Sinovel Wind's (601558.SS) $1.4 billion listing last month.
Boosted by strong energy and commodity prices, energy and power has been the most active sector, making up 30 percent of fundraising, followed by industrials on 16 percent.
U.S. pipeline company Kinder Morgan (KMI.N) raised around $2.86 billion earlier this month in the largest U.S. energy-related IPO since 1998, upping the size and price of its offering after strong demand.
With several big listings -- including a $3.7 billion offering from U.S. hospital operator HCA Holdings and a $2.4 billion IPO by Denmark's ISS -- currently in the works, and a huge pipeline of deals still to launch, the market shows no signs of slowing.
In particular, Europe is braced for a flurry of stock market listings in the next two months as firms use annual results as launching pads for share sales and hope to complete deals before investors disappear for the Easter break.
"If equity markets continue to be stable-to-higher, IPO activity is poised to continue to intensify," said Whitman.
"There is a good chance that IPO volumes for 2011 will be markedly higher than 2010."
Source Reuters: By Kylie MacLellan and Simon Jessop
It follows a record quarterly volume of initial public offerings (IPOs) in the final three months of 2010, which saw $122.2 billion raised globally, lifted by the mega floats of Asian insurer AIA Group (1299.HK) and U.S. automaker General Motors (GM.N).
Fundraising activity has been buoyed by relatively strong stock markets, with world equities, measured by the MSCI All-Country World Index .MIWD00000PUS, hitting 2-1/2 year highs this month despite unrest in the North Africa region.
"Investor appetite for IPOs is effectively leveraged to equity market tone, and we finished 2010 with an exceptionally strong four month window from September to December that continued into early 2011," said Chris Whitman, global co-head of equity capital markets at Deutsche Bank.
"A larger universe of willing buyers then entices a larger universe of aspiring sellers."
Last year pockets of market volatility linked to euro zone sovereign debt worries created windows in which the IPO market, particularly in Europe, effectively closed, with billions of dollars worth of planned listings pulled.
"It's a sign of confidence that businesses which have been holding off in the past, as conditions weren't right, feel there's enough demand at the moment to get their floats away," said Henk Potts, equity strategist at Barclays Wealth.
"Valuations remain attractive and investors believe the equity market is a promising place to invest and therefore demand for those riskier equities has been increasing, and of course that very quickly filters through into a flourishing IPO market."
Although there are still some difficulties in the macro environment, investors are viewing the corporate environment more positively, Potts added.
The $24.3 billion raised globally since the start of January is a 20 percent increase on the same period last year, the data showed. Secondary offerings have also seen a boost, up 23 percent year-on-year to raise $67.7 billion globally.
Asia, which dominated equity capital markets in 2010, has continued to lead the field so far this year, with China accounting for 41 percent of issuance, including wind turbine maker Sinovel Wind's (601558.SS) $1.4 billion listing last month.
Boosted by strong energy and commodity prices, energy and power has been the most active sector, making up 30 percent of fundraising, followed by industrials on 16 percent.
U.S. pipeline company Kinder Morgan (KMI.N) raised around $2.86 billion earlier this month in the largest U.S. energy-related IPO since 1998, upping the size and price of its offering after strong demand.
With several big listings -- including a $3.7 billion offering from U.S. hospital operator HCA Holdings and a $2.4 billion IPO by Denmark's ISS -- currently in the works, and a huge pipeline of deals still to launch, the market shows no signs of slowing.
In particular, Europe is braced for a flurry of stock market listings in the next two months as firms use annual results as launching pads for share sales and hope to complete deals before investors disappear for the Easter break.
"If equity markets continue to be stable-to-higher, IPO activity is poised to continue to intensify," said Whitman.
"There is a good chance that IPO volumes for 2011 will be markedly higher than 2010."
Source Reuters: By Kylie MacLellan and Simon Jessop
Thursday, February 24, 2011
Jobless claims fell more than expected in USA
Jobless claims fell more than expected last week, dragging down a closely watched moving average to a more than 2-1/2-year low in a sign the labor market was gradually healing.
First-time applications for jobless aid dropped to 391,000 in the week ended February 19, down from 413,000 a week earlier, the Labor Department said on Thursday.
The four-week moving average of claims, which smooths out volatility, dropped to 402,000, the lowest since mid-2008, before the financial crisis took a turn for the worse.
Claims have been bouncing around 400,000 for several weeks, having retreated sharply from peaks above 650,000 seen in early 2009. While the level of claims still suggests labor market strains, economists found the break below 400,000 encouraging.
"It is consistent with our belief that we are going to see a very strong gain in non-farm payrolls. We are putting a number on that around plus 230,000 and it might go higher before we finalize it this week," said David Resler, chief economist at Nomura Securities International in New York.
The government issues its report on February employment on March 4. An early Reuters poll found economists looking for an increase in non-farm payrolls of 160,000 after an anemic increase of 36,000 jobs in January.
The claims report showed the number of Americans remaining on the jobless rolls after an initial week of benefits declined by 145,000 to 3.79 million in the week ended February 12.
The total number of overall benefit recipients, including those receiving assistance under an emergency federal program, edged down in the February 5 week, the latest for which data is available, but remained around 9.2 million.
The U.S. unemployment rate fell sharply in the last two months to 9.0 percent, an encouraging sign that a long-dormant job market was coming back to life. However, hiring has remained anemic, and analysts worry about the impact of renewed spikes in oil prices on the ability of U.S. firms to commit to new investments.
Source Reuters, Reporting by Pedro Nicolaci da Costa
First-time applications for jobless aid dropped to 391,000 in the week ended February 19, down from 413,000 a week earlier, the Labor Department said on Thursday.
The four-week moving average of claims, which smooths out volatility, dropped to 402,000, the lowest since mid-2008, before the financial crisis took a turn for the worse.
Claims have been bouncing around 400,000 for several weeks, having retreated sharply from peaks above 650,000 seen in early 2009. While the level of claims still suggests labor market strains, economists found the break below 400,000 encouraging.
"It is consistent with our belief that we are going to see a very strong gain in non-farm payrolls. We are putting a number on that around plus 230,000 and it might go higher before we finalize it this week," said David Resler, chief economist at Nomura Securities International in New York.
The government issues its report on February employment on March 4. An early Reuters poll found economists looking for an increase in non-farm payrolls of 160,000 after an anemic increase of 36,000 jobs in January.
The claims report showed the number of Americans remaining on the jobless rolls after an initial week of benefits declined by 145,000 to 3.79 million in the week ended February 12.
The total number of overall benefit recipients, including those receiving assistance under an emergency federal program, edged down in the February 5 week, the latest for which data is available, but remained around 9.2 million.
The U.S. unemployment rate fell sharply in the last two months to 9.0 percent, an encouraging sign that a long-dormant job market was coming back to life. However, hiring has remained anemic, and analysts worry about the impact of renewed spikes in oil prices on the ability of U.S. firms to commit to new investments.
Source Reuters, Reporting by Pedro Nicolaci da Costa
Wednesday, February 23, 2011
World trade tops pre-crisis level in December: Dutch CPB
World trade volumes exceeded pre-crisis levels for the first time in December, and global trade expanded by a record 15.1 percent in the whole of 2010, the Dutch CPB economic institute said on Wednesday.
The data were further evidence of a buoyant global economy, with the full-year expansion in trade more than compensating for a 13.0 percent contraction in 2009 in the wake of the financial crisis, it said in its monthly world trade monitor.
Reporting by Reuters - Jonathan Lynn
The data were further evidence of a buoyant global economy, with the full-year expansion in trade more than compensating for a 13.0 percent contraction in 2009 in the wake of the financial crisis, it said in its monthly world trade monitor.
Reporting by Reuters - Jonathan Lynn
Tuesday, February 22, 2011
Fine Gael outline Jobs Creation Bill
Fine Gael’s Finance Spokesman Michael Noonan has announced his Party’s plans to hold a ‘Jobs Creation Bill’ (JCB) within 100 days, if elected to office on 25 February.
Mr Noonan was speaking at the launch of the YFG Youth Manifesto ‘Let’s Get Young Ireland Working’.
Noonan said the total cost of the initial measures for 2011 will cost €338m.
He added that in order to finance the additional job-creation measures, while respecting the deficit targets agreed with the EU and IMF, the 0.5% levy on pension funds will be brought forward.
“If we get elected to Government on 25 February, we want to start implementing the jobs plan element of our Five Point Plan straight away.
“The primary focus of the ‘Jobs Creation Bill’ will be to stimulate growth, protect jobs and create new sustainable jobs in the economy. We would plan that the ‘Jobs Creation Bill’ will have passed all stages by 1 July.”
The main components of the JCB include a cut in the 13.5% VAT rate to 12%, halving the lower 8.5% rate of PRSI and exempting companies that export more than 90% of their output from VAT.
At present this exemption applies to manufacturing companies only.
There are also calls for the abolition of the Travel Tax, re-allocation of the remaining National Pension Reserve and the creation of 5,000 National Graduate Internship Places.
“These make up the first stage of the policies needed to support recovery in the jobs market,” Noonan said.
“The ESRI projects that, with the right policies, the Irish economy has the capacity to add 100,000 additional jobs by 2015.”
By Jacqueline Purse
Mr Noonan was speaking at the launch of the YFG Youth Manifesto ‘Let’s Get Young Ireland Working’.
Noonan said the total cost of the initial measures for 2011 will cost €338m.
He added that in order to finance the additional job-creation measures, while respecting the deficit targets agreed with the EU and IMF, the 0.5% levy on pension funds will be brought forward.
“If we get elected to Government on 25 February, we want to start implementing the jobs plan element of our Five Point Plan straight away.
“The primary focus of the ‘Jobs Creation Bill’ will be to stimulate growth, protect jobs and create new sustainable jobs in the economy. We would plan that the ‘Jobs Creation Bill’ will have passed all stages by 1 July.”
The main components of the JCB include a cut in the 13.5% VAT rate to 12%, halving the lower 8.5% rate of PRSI and exempting companies that export more than 90% of their output from VAT.
At present this exemption applies to manufacturing companies only.
There are also calls for the abolition of the Travel Tax, re-allocation of the remaining National Pension Reserve and the creation of 5,000 National Graduate Internship Places.
“These make up the first stage of the policies needed to support recovery in the jobs market,” Noonan said.
“The ESRI projects that, with the right policies, the Irish economy has the capacity to add 100,000 additional jobs by 2015.”
By Jacqueline Purse
Monday, February 21, 2011
UK city jobs rise in January 2011
The number of new City jobs rose by 142% in January on December, according to the latest Morgan McKinley London Employment Monitor.
The Monitor reveals that compared to January 2010, job numbers rose by 28% this January. The number of new candidates also rose by 76% month-on-month in January 2011.
Compared to the corresponding period last year, January 2011 saw a 64% rise of professionals new to the jobs market.
Meanwhile, of the 200 HR and line managers working across financial services in London who were surveyed, 62% expect basic salary offers to rise this year, with 55% expecting the rise to be no more than 10%.
Almost a third (31%) predict temporary/contract rates to increase by the end of the year, with only 27% expecting the rise to be no more than 10%.
The key contributor for the pay hikes is anticipated to be the need to attract and retain key staff, according to 56% of respondents.
The Monitor reveals that compared to January 2010, job numbers rose by 28% this January. The number of new candidates also rose by 76% month-on-month in January 2011.
Compared to the corresponding period last year, January 2011 saw a 64% rise of professionals new to the jobs market.
Meanwhile, of the 200 HR and line managers working across financial services in London who were surveyed, 62% expect basic salary offers to rise this year, with 55% expecting the rise to be no more than 10%.
Almost a third (31%) predict temporary/contract rates to increase by the end of the year, with only 27% expecting the rise to be no more than 10%.
The key contributor for the pay hikes is anticipated to be the need to attract and retain key staff, according to 56% of respondents.
Friday, February 18, 2011
Finance jobs in Singapore ''beat Dubai and NY''
New research has revealed that Singapore is viewed as the most desirable global finance centre to be working in among banking employees.
Indeed, finance jobs in Singapore were found to be the most attractive positions available in the international financial services sector for 27 per cent of respondents to the survey.
This was ahead of the 22 per cent of bankers who chose London as their preferred location, while 20 per cent revealed they most wanted to work in Hong Kong, 19 per cent in New York and 13 per cent in Dubai.
Mark Cameron, revealed that the Asian economies of Hong Kong and Singapore boast attractive propositions because they are growing fast.
"Singapore and Hong Kong are thriving economies without the growing swell of anti-banker bias. The UK's super tax and EU bonus proposals have played into the hands of these low-tax jurisdictions," he added.
Jyoti Narasimhan, spokeswoman from IHS Global Insight, also recently praised the city state, calling it an "advanced" global trading centre.
Source: Astbury Marsden
Indeed, finance jobs in Singapore were found to be the most attractive positions available in the international financial services sector for 27 per cent of respondents to the survey.
This was ahead of the 22 per cent of bankers who chose London as their preferred location, while 20 per cent revealed they most wanted to work in Hong Kong, 19 per cent in New York and 13 per cent in Dubai.
Mark Cameron, revealed that the Asian economies of Hong Kong and Singapore boast attractive propositions because they are growing fast.
"Singapore and Hong Kong are thriving economies without the growing swell of anti-banker bias. The UK's super tax and EU bonus proposals have played into the hands of these low-tax jurisdictions," he added.
Jyoti Narasimhan, spokeswoman from IHS Global Insight, also recently praised the city state, calling it an "advanced" global trading centre.
Source: Astbury Marsden
Wednesday, February 16, 2011
Top 50 Jobs in America with great pay and growth prospects
We looked for careers with great pay, superior growth prospects, intellectual challenge, flexibility and more. Which are the winners?
Rank Job title Job growth
(10-year forecast)
1 Systems Engineer 45%
2 Physician Assistant 27%
3 College Professor 23%
4 Nurse Practitioner 23%
5 Information Technology Project Manager 16%
6 Certified Public Accountant 18%
7 Physical Therapist 27%
8 Computer/Network Security Consultant 27%
9 Intelligence Analyst 15%
10 Sales Director 10%
11 Anesthesiologist 14%
12 Software Developer 28%
13 Pharmacist 22%
14 Occupational Therapist 23%
15 Nurse Anesthetist 23%
16 Software Product Manager 28%
17 Business Analyst, IT 29%
18 Attorney/Lawyer 11%
19 Physician/General Practice 14%
20 Human Resources Manager 13%
21 Senior Financial Analyst 34%
22 Physician/Obstetrician/Gynecologist 14%
23 Clinical Psychologist 16%
24 Psychiatrist 14%
25 Veterinarian 35%
26 Marketing Manager 14%
27 Speech-Language Pathologist 11%
28 Technical Writer 20%
29 Finance Director 13%
30 Telecommunications Network Engineer 53%
31 Director of Communications 17%
32 Hotel General Manager 12%
33 Securities Trader 25%
34 Account Executive 10%
35 Education/Training Consultant 22%
36 Corporate Paralegal 22%
37 Quality Control Engineer 20%
38 Manufacturing Engineer 20%
39 Computer Software Program Manager 28%
40 Applications Systems Analyst 29%
41 Senior Internal Auditor 18%
42 Commercial Property Manager 15%
43 Creative Director 26%
44 Pharmaceuticals Sales Representative 12%
45 Associate - Investment Banking 34%
46 Training & Development Manager 16%
47 Product Marketing Manager 14%
48 Quality Assurance Manager 16%
49 Financial Research Analyst 34%
50 Outside Sales Representative 12%
From Payscale.com
Rank Job title Job growth
(10-year forecast)
1 Systems Engineer 45%
2 Physician Assistant 27%
3 College Professor 23%
4 Nurse Practitioner 23%
5 Information Technology Project Manager 16%
6 Certified Public Accountant 18%
7 Physical Therapist 27%
8 Computer/Network Security Consultant 27%
9 Intelligence Analyst 15%
10 Sales Director 10%
11 Anesthesiologist 14%
12 Software Developer 28%
13 Pharmacist 22%
14 Occupational Therapist 23%
15 Nurse Anesthetist 23%
16 Software Product Manager 28%
17 Business Analyst, IT 29%
18 Attorney/Lawyer 11%
19 Physician/General Practice 14%
20 Human Resources Manager 13%
21 Senior Financial Analyst 34%
22 Physician/Obstetrician/Gynecologist 14%
23 Clinical Psychologist 16%
24 Psychiatrist 14%
25 Veterinarian 35%
26 Marketing Manager 14%
27 Speech-Language Pathologist 11%
28 Technical Writer 20%
29 Finance Director 13%
30 Telecommunications Network Engineer 53%
31 Director of Communications 17%
32 Hotel General Manager 12%
33 Securities Trader 25%
34 Account Executive 10%
35 Education/Training Consultant 22%
36 Corporate Paralegal 22%
37 Quality Control Engineer 20%
38 Manufacturing Engineer 20%
39 Computer Software Program Manager 28%
40 Applications Systems Analyst 29%
41 Senior Internal Auditor 18%
42 Commercial Property Manager 15%
43 Creative Director 26%
44 Pharmaceuticals Sales Representative 12%
45 Associate - Investment Banking 34%
46 Training & Development Manager 16%
47 Product Marketing Manager 14%
48 Quality Assurance Manager 16%
49 Financial Research Analyst 34%
50 Outside Sales Representative 12%
From Payscale.com
Tuesday, February 15, 2011
Rehn says interest rate on Ireland's EU-IMF bailout could be cut
The European commissioner for Economic and Monetary Affairs, Olli Rehn, said today that a unilateral Irish re-negotiation of the EU/IMF deal is not feasible but he signalled that the interest rate could be adjusted.
Rehn was speaking in Brussels, ahead of the monthly meeting of the Eurogroup of Eurozone finance ministers.
The commissioner said the EU had signed a Memorandum of Understanding with the Irish State and "we expect continuity" from the next government.
But he said there could be "changes to the pricing policy," and he made clear that this would be as a result of an EU agreement rather than Irish political pressure.
In Berlin, Fine Gael leader Enda Kenny, said after meeting German chancellor, Angela Merkel, that he told her Ireland wouldn’t consider changing its corporation tax rate as part of a proposed pact of competitiveness agreed by Merkel and Nicolas Sarkozy, the French president.
Speaking to Reuters, Kenny said corporate tax was fundamental to attracting foreign direct investment to Ireland.
He said his party had “signed on” to discuss other issues proposed in the pact such as increasing the pension age and greater fiscal consolidation and regulation in the Eurozone.
In Brussels, Finance Minister Brian Lenihan said there is "no leeway" to re-negotiate the EU/IMF deal and to suggest it's possible was "very misleading."
Also speaking to reporters as he arrived for the Eurogroup meeting, German Finance Minister Wolfgang Schäuble said his government is seeking agreement on a package of measures to strengthen fiscal policy by the end of March. The German government is linking agreement on that package to an expansion of the European Financial Stability Facility (EFSF) bailout fund.
"On the sidelines we will probably discuss whether there is a need to discuss additional measures for the EFSF in the short term, but the markets are so stable that we probably won't upset them with unnecessary discussion," he said.
"We'll discuss all these questions but it's clear that we won't take any decisions," he added.
Source: finfacts.ie
Rehn was speaking in Brussels, ahead of the monthly meeting of the Eurogroup of Eurozone finance ministers.
The commissioner said the EU had signed a Memorandum of Understanding with the Irish State and "we expect continuity" from the next government.
But he said there could be "changes to the pricing policy," and he made clear that this would be as a result of an EU agreement rather than Irish political pressure.
In Berlin, Fine Gael leader Enda Kenny, said after meeting German chancellor, Angela Merkel, that he told her Ireland wouldn’t consider changing its corporation tax rate as part of a proposed pact of competitiveness agreed by Merkel and Nicolas Sarkozy, the French president.
Speaking to Reuters, Kenny said corporate tax was fundamental to attracting foreign direct investment to Ireland.
He said his party had “signed on” to discuss other issues proposed in the pact such as increasing the pension age and greater fiscal consolidation and regulation in the Eurozone.
In Brussels, Finance Minister Brian Lenihan said there is "no leeway" to re-negotiate the EU/IMF deal and to suggest it's possible was "very misleading."
Also speaking to reporters as he arrived for the Eurogroup meeting, German Finance Minister Wolfgang Schäuble said his government is seeking agreement on a package of measures to strengthen fiscal policy by the end of March. The German government is linking agreement on that package to an expansion of the European Financial Stability Facility (EFSF) bailout fund.
"On the sidelines we will probably discuss whether there is a need to discuss additional measures for the EFSF in the short term, but the markets are so stable that we probably won't upset them with unnecessary discussion," he said.
"We'll discuss all these questions but it's clear that we won't take any decisions," he added.
Source: finfacts.ie
Monday, February 14, 2011
Job placements rise at fastest rate in six months in the UK
The number of permanent and temporary appointments grew at a faster rate in January than at any time in the past six and seven months respectively.
This is according to the Report on Jobs by the Recruitment and Employment Confederation (REC) and professional services firm KPMG, which also found the rise in staff appointments reflected an increase in vacancies, with demand for IT and computing workers showing the strongest growth.
Equally, the availability of candidates to fill permanent jobs remained stable and improved for temporary and contract positions.
The survey, of 400 recruitment and employment consultancies, also found that average salaries for permanent staff increased, but pay rates for temporary staff decreased for the first time in four months.
Bernard Brown, partner and head of business services at KPMG, explained that despite a "real bounce" from the previous month's figures for blue collar, engineering and IT jobs, it was too early to speculate whether or not these were signs of a private sector led recovery.
"With looming public sector job cuts, the VAT rise and slowing economic growth, the UK job market is likely to remain volatile over the coming months," Brown warned.
Kevin Green, chief executive of the REC said that the findings suggest that employer confidence, which up until now has been fragile, is finally starting to harden. However, he has called on the Government to focus on finding ways of getting more young people into work.
"While the upcoming Work Programme will focus on the long-term unemployed and those on incapacity benefit, the Government will still need to either incentivise SMEs to take on young people, or provide more career and job-search support to those looking for work."
Source: Check4jobs
This is according to the Report on Jobs by the Recruitment and Employment Confederation (REC) and professional services firm KPMG, which also found the rise in staff appointments reflected an increase in vacancies, with demand for IT and computing workers showing the strongest growth.
Equally, the availability of candidates to fill permanent jobs remained stable and improved for temporary and contract positions.
The survey, of 400 recruitment and employment consultancies, also found that average salaries for permanent staff increased, but pay rates for temporary staff decreased for the first time in four months.
Bernard Brown, partner and head of business services at KPMG, explained that despite a "real bounce" from the previous month's figures for blue collar, engineering and IT jobs, it was too early to speculate whether or not these were signs of a private sector led recovery.
"With looming public sector job cuts, the VAT rise and slowing economic growth, the UK job market is likely to remain volatile over the coming months," Brown warned.
Kevin Green, chief executive of the REC said that the findings suggest that employer confidence, which up until now has been fragile, is finally starting to harden. However, he has called on the Government to focus on finding ways of getting more young people into work.
"While the upcoming Work Programme will focus on the long-term unemployed and those on incapacity benefit, the Government will still need to either incentivise SMEs to take on young people, or provide more career and job-search support to those looking for work."
Source: Check4jobs
Tuesday, February 8, 2011
Regulators seek to foil moves to undermine pay reform
Regulators began their most forceful attempt yet to clamp down on bank bonuses since the 2007-2009 financial crisis, and warned firms they would seek to counter attempts to circumvent the reforms.
While the proposals pale in comparison to similar restrictions in Europe, the talk of keeping a keen eye on loopholes indicates regulators want to get tough on banks that make symbolic pay changes while finding ways to gut the intent of reforms.
The Federal Deposit Insurance Corp endorsed on Monday a proposal that executives at the largest financial institutions, such as Bank of America and Goldman Sachs, have half of their bonuses deferred for at least three years.
The bank regulators said they may go further to ensure the bonuses properly align executives' interests with investors, and are considering toughening the proposal to restrict executives from hedging deferred bonuses in the form of stock.
The concern is executives could use hedging techniques to make up for losses if their company's stock goes down during the deferral period, which could put executives' interests at odds with those of shareholders.
"Whether we should be prohibiting hedging in this, that is an issue that is left open," FDIC Chairman Sheila Bair said.
Despite the tough talk, the U.S. plan is markedly softer than the European Union, which in December set guidelines that top bankers be limited to receiving 20 percent of their annual bonuses upfront in cash, with some exceptions.
Massive cash payouts that reward bank executives and traders for short-term returns, without regard to long-term risk, have been cited by international regulators as a factor in the recent financial crisis.
The U.S. plan responds to both the Dodd-Frank financial overhaul law of 2010, that directed regulators to curb pay plans that encourage excessive risk-taking, and principles agreed in 2009 by the world's group of 20 leading economies (G20).
The FDIC vote on Monday is just a first step and the proposal must still be approved by other U.S. financial regulators, such as the Federal Reserve and Securities and Exchange Commission, before being put out for comment for 45 days.
It is unclear when the other regulators will act, although FDIC staff said it should be within weeks.
PAYCHECK BOUNCEBACK
The U.S. proposal tackles pay for top executives at financial companies with $50 billion or more in assets, including JPMorgan Chase & Co and Morgan Stanley.
How much of the deferred pay an executive could receive would be tied to the performance of the company based on decisions made by the executive during the period covered.
It also calls for a large financial company's board of directors to identify employees other than top executives, such as top traders, whose activities could potentially endanger the institution or who pose a "material risk."
The company would then have to come up with a method of paying these employees that would limit excessive risk taking. This could include, but is not limited to, deferring bonuses.
Many Wall Street firms have already spread out their bonus payments in anticipation of the impending rules, but the rule could prevent banks from slipping back to old practices once public pressure wanes.
"This proposal is kind of catching up with what companies are doing right now anyway," said Joseph Sorrentino, managing director at compensation consulting firm Steven Hall & Partners.
There are signs that in both the United States and Europe that there is upward creep in total compensation figures that offsets the curbs.
Goldman Sachs revealed last month that it tripled Chief Executive Lloyd Blankfein's base salary and awarded him $12.6 million of stock, even after the bank's net income plunged last year.
Citigroup's board approved a base salary of $1.75 million for CEO Vikram Pandit. Pandit had vowed in 2009 to receive an annual salary of $1 until Citigroup returned to sustained profitability.
In Britain, banks such as HSBC and Barclays have raised the fixed part of bank pay in what they say is an essential move to retain staff.
Paul Hodgson, an expert at independent research firm Corporate Library, said it is encouraging that regulators are trying to sniff out loopholes like the hedging of deferred bonuses -- a practice he suspects is rampant at banks.
"(Hedging) does even more to divorce the interests of shareholders and management," Hodgson said.
GLOBAL VARIATIONS
Bonus reforms in the United States have lagged behind international counterparts in carrying out the G20 framework.
The G20's regulation task force, the Financial Stability Board, found in a study last year that implementation of pay reforms had been patchy and it will do another review soon.
While Asia avoided the worst of the financial crisis, China, Hong Kong and Singapore have all introduced rules or guidelines that aim to put the G20 agreement into practice.
Bair acknowledged that international counterparts have moved more quickly on bank pay reform, and in some cases have been more prescriptive in their rulemaking.
"It does bring us closer to international standards that have been adopted," Bair said about Monday's proposal. "It's not perfect uniformity."
The FDIC board also approved a final rule that will require large banks to pay more into the agency's fund used to cover the cost of failing banks. The change was required by Dodd-Frank and smaller banks lobbied hard for its inclusion in the law.
Bank of America, JPMorgan and Citigroup combined could have to pay about $1 billion more per year under the new, liabilities-based assessment plan, according to industry estimates.
Reporting by Dave Clarke in Washington, Huw Jones in London, Rachel Armstrong in Singapore and Elinor Comlay in New York; Editing by Tim Dobbyn
While the proposals pale in comparison to similar restrictions in Europe, the talk of keeping a keen eye on loopholes indicates regulators want to get tough on banks that make symbolic pay changes while finding ways to gut the intent of reforms.
The Federal Deposit Insurance Corp endorsed on Monday a proposal that executives at the largest financial institutions, such as Bank of America and Goldman Sachs, have half of their bonuses deferred for at least three years.
The bank regulators said they may go further to ensure the bonuses properly align executives' interests with investors, and are considering toughening the proposal to restrict executives from hedging deferred bonuses in the form of stock.
The concern is executives could use hedging techniques to make up for losses if their company's stock goes down during the deferral period, which could put executives' interests at odds with those of shareholders.
"Whether we should be prohibiting hedging in this, that is an issue that is left open," FDIC Chairman Sheila Bair said.
Despite the tough talk, the U.S. plan is markedly softer than the European Union, which in December set guidelines that top bankers be limited to receiving 20 percent of their annual bonuses upfront in cash, with some exceptions.
Massive cash payouts that reward bank executives and traders for short-term returns, without regard to long-term risk, have been cited by international regulators as a factor in the recent financial crisis.
The U.S. plan responds to both the Dodd-Frank financial overhaul law of 2010, that directed regulators to curb pay plans that encourage excessive risk-taking, and principles agreed in 2009 by the world's group of 20 leading economies (G20).
The FDIC vote on Monday is just a first step and the proposal must still be approved by other U.S. financial regulators, such as the Federal Reserve and Securities and Exchange Commission, before being put out for comment for 45 days.
It is unclear when the other regulators will act, although FDIC staff said it should be within weeks.
PAYCHECK BOUNCEBACK
The U.S. proposal tackles pay for top executives at financial companies with $50 billion or more in assets, including JPMorgan Chase & Co and Morgan Stanley.
How much of the deferred pay an executive could receive would be tied to the performance of the company based on decisions made by the executive during the period covered.
It also calls for a large financial company's board of directors to identify employees other than top executives, such as top traders, whose activities could potentially endanger the institution or who pose a "material risk."
The company would then have to come up with a method of paying these employees that would limit excessive risk taking. This could include, but is not limited to, deferring bonuses.
Many Wall Street firms have already spread out their bonus payments in anticipation of the impending rules, but the rule could prevent banks from slipping back to old practices once public pressure wanes.
"This proposal is kind of catching up with what companies are doing right now anyway," said Joseph Sorrentino, managing director at compensation consulting firm Steven Hall & Partners.
There are signs that in both the United States and Europe that there is upward creep in total compensation figures that offsets the curbs.
Goldman Sachs revealed last month that it tripled Chief Executive Lloyd Blankfein's base salary and awarded him $12.6 million of stock, even after the bank's net income plunged last year.
Citigroup's board approved a base salary of $1.75 million for CEO Vikram Pandit. Pandit had vowed in 2009 to receive an annual salary of $1 until Citigroup returned to sustained profitability.
In Britain, banks such as HSBC and Barclays have raised the fixed part of bank pay in what they say is an essential move to retain staff.
Paul Hodgson, an expert at independent research firm Corporate Library, said it is encouraging that regulators are trying to sniff out loopholes like the hedging of deferred bonuses -- a practice he suspects is rampant at banks.
"(Hedging) does even more to divorce the interests of shareholders and management," Hodgson said.
GLOBAL VARIATIONS
Bonus reforms in the United States have lagged behind international counterparts in carrying out the G20 framework.
The G20's regulation task force, the Financial Stability Board, found in a study last year that implementation of pay reforms had been patchy and it will do another review soon.
While Asia avoided the worst of the financial crisis, China, Hong Kong and Singapore have all introduced rules or guidelines that aim to put the G20 agreement into practice.
Bair acknowledged that international counterparts have moved more quickly on bank pay reform, and in some cases have been more prescriptive in their rulemaking.
"It does bring us closer to international standards that have been adopted," Bair said about Monday's proposal. "It's not perfect uniformity."
The FDIC board also approved a final rule that will require large banks to pay more into the agency's fund used to cover the cost of failing banks. The change was required by Dodd-Frank and smaller banks lobbied hard for its inclusion in the law.
Bank of America, JPMorgan and Citigroup combined could have to pay about $1 billion more per year under the new, liabilities-based assessment plan, according to industry estimates.
Reporting by Dave Clarke in Washington, Huw Jones in London, Rachel Armstrong in Singapore and Elinor Comlay in New York; Editing by Tim Dobbyn
Thursday, February 3, 2011
Retirement for men and women starting later, ONS finds
The average age at which men and women retire has increased in recent years, according to data from the Office for National Statistics (ONS).
It said the average age at which men stopped working and retired rose from 63.8 years in 2004 to 64.5 in 2009.
At the same time the average age for women rose from 61.2 to 62 years.
The figures are likely to keep rising as the state pension age is set to rise over the next few years, and workers will also be allowed to retire later.
The state pension age (SPA) for women will rise to 65 by 2018, and will then increase to 66 for both sexes by 2020.
Further increases to 67 and then 68 are still scheduled to be achieved by 2046.
The default retirement age of 65 that employers can apply to their staff is also being abolished by the government on 1 October 2011.
Key trend
The trend for people to retire later has been going on slowly since 1995, a fact highlighted by Lord Turner's Pension Commission in 2004.
Sarah Levy, head of the ONS pensions analysis unit, said: "Retirement is difficult to measure using surveys because when older people become economically inactive they may give different reasons for the change, even though their situations are similar,"
"ONS uses an indicator known as 'average age of withdrawal from the labour market'.
"This indicator... will be important to watch in coming years as state pension age rises," she added.
Part-time work
The ONS has also found that the proportion of people still working above their SPA has risen despite the recession in recent years.
However, two-thirds of them were in part-time employment rather than still in full-time jobs.
The employment rate for men aged 65 or over rose from 10.7% in April-June 2008 to 11.7% in September-November last year.
The rate for women aged 60 or over rose from 12.3% to 13.5% at the same time.
Of those pensioners still working in April-June 2010, 59% of men were working part-time as were 68% of women.
The ONS said that part-time work was less common at younger ages, accounting for just 12% of employed men aged 50-64 and 43% of women aged 50-59.
Source: check4jobs
It said the average age at which men stopped working and retired rose from 63.8 years in 2004 to 64.5 in 2009.
At the same time the average age for women rose from 61.2 to 62 years.
The figures are likely to keep rising as the state pension age is set to rise over the next few years, and workers will also be allowed to retire later.
The state pension age (SPA) for women will rise to 65 by 2018, and will then increase to 66 for both sexes by 2020.
Further increases to 67 and then 68 are still scheduled to be achieved by 2046.
The default retirement age of 65 that employers can apply to their staff is also being abolished by the government on 1 October 2011.
Key trend
The trend for people to retire later has been going on slowly since 1995, a fact highlighted by Lord Turner's Pension Commission in 2004.
Sarah Levy, head of the ONS pensions analysis unit, said: "Retirement is difficult to measure using surveys because when older people become economically inactive they may give different reasons for the change, even though their situations are similar,"
"ONS uses an indicator known as 'average age of withdrawal from the labour market'.
"This indicator... will be important to watch in coming years as state pension age rises," she added.
Part-time work
The ONS has also found that the proportion of people still working above their SPA has risen despite the recession in recent years.
However, two-thirds of them were in part-time employment rather than still in full-time jobs.
The employment rate for men aged 65 or over rose from 10.7% in April-June 2008 to 11.7% in September-November last year.
The rate for women aged 60 or over rose from 12.3% to 13.5% at the same time.
Of those pensioners still working in April-June 2010, 59% of men were working part-time as were 68% of women.
The ONS said that part-time work was less common at younger ages, accounting for just 12% of employed men aged 50-64 and 43% of women aged 50-59.
Source: check4jobs
Tuesday, February 1, 2011
January sees rise in private sector job vacancies he UK
Private sector job vacancies rose steeply in January, but salaries were flat, according to a survey from the UK's largest recruitment website.
The Reed Job Index rose 9 points to 113, the highest since the index was started in December 2009, when the baseline was set at 100.
Private sector growth is behind the rise, as new public sector jobs were less than half the level of a year ago.
The index is drawn from Reed's list of daily vacancies from 8,000 recruiters.
Reed said job creation rose across all areas of the UK, but that salaries were flat and were 1% below levels a year ago, further lagging behind inflation.
Sectors seeing particularly strong rises, though, were engineering and manufacturing, two areas benefiting from a rise in exports.
The scientific sector also gained sharply, as did financial services.
Two UK regions that had struggled with job creation, North East England and the West Midlands, have 20% more private sector job vacancies than when the index started in December 2009.
Real-term salary rises appear in just 10 out of the 35 job sectors Reed analyses. The salary index edged above 100 in retail, training, banking, hospitality, marketing and accountancy.
Martin Warnes, managing director of reed said the January data shows that confidence among private sector employers is growing.
"While there may be economic challenges ahead, this is encouraging news for the UK economy," he said.
Source: Check4jobs
The Reed Job Index rose 9 points to 113, the highest since the index was started in December 2009, when the baseline was set at 100.
Private sector growth is behind the rise, as new public sector jobs were less than half the level of a year ago.
The index is drawn from Reed's list of daily vacancies from 8,000 recruiters.
Reed said job creation rose across all areas of the UK, but that salaries were flat and were 1% below levels a year ago, further lagging behind inflation.
Sectors seeing particularly strong rises, though, were engineering and manufacturing, two areas benefiting from a rise in exports.
The scientific sector also gained sharply, as did financial services.
Two UK regions that had struggled with job creation, North East England and the West Midlands, have 20% more private sector job vacancies than when the index started in December 2009.
Real-term salary rises appear in just 10 out of the 35 job sectors Reed analyses. The salary index edged above 100 in retail, training, banking, hospitality, marketing and accountancy.
Martin Warnes, managing director of reed said the January data shows that confidence among private sector employers is growing.
"While there may be economic challenges ahead, this is encouraging news for the UK economy," he said.
Source: Check4jobs
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