We need to find a fairer way of providing Goods and Services to the rest of the people on Earth.Cryptocurrencies and/or Gold Standard of money....maybe the answer to fight hyperinflation caused by too much printing of paper/fiat currencies by Governments and Central Banks all over the World. (https://nomorefiatmoneyplease.blogspot.com)
BANK Julius Baer has named a new head of private banking for South-east Asia with immediate effect, it said on Monday.
Torsten Linke will also become the Swiss private bank's Singapore branch manager subject to a regulatory nod, it announced, adding that he would be in charge of Julius Baer's operations and development in Singapore and expanding its business presence and client base in South-east Asia.
David Lim, the bank's outgoing South-east Asia private banking head and Singapore branch manager, will change roles to become its South-east Asia vice chairman.
It said Mr Lim would focus on deepening and broadening Julius Baer's client relationships and "continue to contribute his wealth of expertise by providing advice on strategic initiatives".
Both Mr Linke and Mr Lim will report directly to Jimmy Lee, Julius Baer's Asia-Pacific head.
UBS to double China headcount over 5 years, says CEO
[BEIJING] UBS Group chief executive officer Sergio Ermotti said he plans to double headcount in China in the next five years, adding about 600 staff to the bank's existing operations.
The staff increases will be spread across the bank's businesses, which involve wealth management, investment banking and asset management, Mr Ermotti said in an interview with Bloomberg Television in Shanghai on Monday (Jan 11).
The vote of confidence comes after seven months of turmoil in China's markets including two days last week when stock trading was suspended because of excessive declines. The bank's Asia head, Kathryn Shih, said last week that UBS was looking past the volatility, seeing China as a driver of growth for decades to come.
In 2006, the Zurich-based bank became the first foreign firm allowed to invest directly into a fully-licensed Chinese securities business, giving it a lead over rivals including Morgan Stanley and JPMorgan Chase & Co.
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Financial firms have been rocked by a roller-coaster ride in Chinese markets, with mainland stocks soaring in the first half of 2015 before reversing so sharply that authorities intervened with support measures and investigations. The authorities are also wrestling with capital outflows and currency volatility as some investors try to profit from gaps between the onshore and offshore yuan rates.
UK losing shine as competitive base for manufacturers: survey
Britain is becoming less competitive as a base for manufacturers, according to a group representing the factory sector which warned the government against laying further costs on firms which make cars, chemicals and other goods in the UK.
PHOTO: REUTERS
[LONDON] Britain is becoming less competitive as a base for manufacturers, according to a group representing the factory sector which warned the government against laying further costs on firms which make cars, chemicals and other goods in the UK.
EEF, which represents 5,000 firms engaged in manufacturing, engineering and technology, said 56 per cent of respondents in a survey it commissioned viewed Britain as a competitive location for making goods, down from last year's 70 percent level.
Britain's economy has grown faster than those of most other rich countries over the past two years. But growth has been driven by the services sector and manufacturing has fallen short of the government's hopes for an export-led recovery. "This is a wake-up-call and I would urge the government to continue to work proactively with industry to mitigate risks and boost opportunities for our sector," EEF's chief executive Terry Scuoler said.
EEF chief economist Lee Hopley said the survey reflected growing concerns about rising labour costs and regulations. "It is really important that businesses have a lot of confidence that we are focused on forging ahead with a competitive manufacturing base in this country," she said.
Last month, the CBI, an employers group, said politicians risked intervening too much in the job market after finance minister George Osborne announced a new, higher minimum wage and a new levy to fund apprenticeships.
Of the 286 executives who responded to the EEF survey, which was conducted in November, 36 per cent saw upwards pressure on business costs as a possible risk to growth this year.
Just under half the manufacturers polled saw more risks than opportunities in the year ahead. Big movements in exchange rates were cited as a risk by 42 percent of manufacturers, reflecting concern about the appreciation of sterling in recent years.
That was followed by potential economic volatility in a major market for British exporters and uncertainty over Britain's membership of the European Union, which were both cited by 36 per cent of respondents.
Prime Minister David Cameron has pledged to reshape Britain's ties with the EU before holding an in-out membership referendum by the end of 2017, with the vote possibly taking place some time this year.
China envoy calls for calm and restraint between Saudi, Iran
A Chinese envoy who visited Saudi Arabia and Iran over the past week has called for both countries to exercise calm and restraint amid an on-going feud between the two countries, in a rare diplomatic foray into the region by Beijing.
PHOTO: AFP
[BEIJING] A Chinese envoy who visited Saudi Arabia and Iran over the past week has called for both countries to exercise calm and restraint amid an on-going feud between the two countries, in a rare diplomatic foray into the region by Beijing.
Tensions between the Sunni Muslim kingdom of Saudi Arabia and Shi'ite Muslim Iran have escalated since Saudi authorities executed Shi'ite cleric Nimr al-Nimr on Jan 2, triggering outrage among Shi'ites across the Middle East.
In response, Iranian protesters stormed the Saudi embassy in Tehran and its consulate in Mashhad, prompting Riyadh to sever relations. Tehran then cut all commercial ties with Riyadh, and banned pilgrims from travelling to Mecca.
Other Arab countries have recalled envoys to Iran and the United Arab Emirates downgraded relations in solidarity with Saudi Arabia.
In separate statements on its website on Monday, China's Foreign Ministry said Vice Foreign Minister Zhang Ming met senior Saudi and Iranian officials on his trip.
While in Saudi, Zhang talked about the situation between Saudi Arabia and Iran and "hopes the relevant parties maintain calm and exercise restraint, step up dialogue and consultations and jointly promote an amelioration of the situation", the ministry said.
In Iran, Zhang repeated the message about calm and restraint, adding China hopes for the maintenance of peace and stability in the region.
Both countries expressed their appreciation for China's role in the region, the statements added.
While relying on the region for oil supplies, China has tended to leave Middle Eastern diplomacy to the other five permanent members of the UN Security Council - the United States, Britain, France and Russia.
But China has been trying to get more diplomatically involved, especially in Syria, recently hosting both its foreign minister and opposition officials.
China not facing 'cataclysmic' economic slow down, says Stiglitz
China isn't facing a "cataclysmic" economic slow down and last week's market turmoil was more about badly designed stock market circuit breakers, said Nobel-prize-winning economist Joseph Stiglitz.
PHOTO: BLOOMBERG
[SHANGHAI] China isn't facing a "cataclysmic" economic slow down and last week's market turmoil was more about badly designed stock market circuit breakers, said Nobel-prize-winning economist Joseph Stiglitz.
The circuit breakers, which caused local stock exchanges to close early on two days last week after stocks plunged to a seven per cent limit, weren't as well designed as they could be, said Mr Stiglitz, a professor at Columbia University in New York, speaking in a Bloomberg Television interview in Shanghai.
The market closures and lower daily fixing rates for the nation's currency against the dollar roiled global markets, heightening anxiety that it could presage a deeper slump with growth already at a 25-year low in 2015. The Shanghai Composite Index slid again this morning, pushing its decline in 2016 to 11 per cent.
"There's always been a gap between what's happening in the real economy and financial markets," said Mr Stiglitz. "What's happening in China is a slowdown by all accounts. It's a slow process of slowing down. But it's not a cataclysmic" slowdown.
Regulators said last week the circuit breakers rule exacerbated rather than calmed the stock-market panic and scrapped it on Thursday.
China's premier says market solutions needed to solve overcapacity
China will use market solutions to ease its overcapacity woes and will not use investment stimulus to expand demand, Premier Li Keqiang said during a recent visit to northern Shanxi province, according to state media.
PHOTO: REUTERS
[BEIJING] China will use market solutions to ease its overcapacity woes and will not use investment stimulus to expand demand, Premier Li Keqiang said during a recent visit to northern Shanxi province, according to state media.
"We will let the market play a decisive role, we will let businesses compete against each other and let those unable to compete die out," the state-run Beijing News quoted Mr Li as saying.
"At the same time, we need to prioritise new forms of economic development." Mr Li said the country needed to improve existing production facilities because even during an enormous steel glut last year, China had to import certain high-quality steel products including the tips of ballpoint pens.
China needs to set ceilings on steel and coal production volumes and government officials should use remote sensing equipment to check companies, the premier also said, according to the article which was reposted on the State Council's website.
During his visit to Chongqing earlier this month, President Xi Jinping said China would focus on reducing overcapacity and lowering corporate costs.
