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When stock markets fall on good jobs data and easy money is the norm, we are in the midst of a Mad Hatter’s tea party

Alice was walking in Wonderland when the White Rabbit rushed by, glancing anxiously at his pocket watch. “Can’t stop to talk, got to pass on the bad news,” he gasped. “What bad news?” inquired Alice. “Haven’t you heard?” came back the response. “The employment data is even better than expected.” Surely you mean, said Alice, “worse” than expected if that is the bad news? “No,” snapped the White Rabbit, “the number of jobs is up and that’s bad news for the stock market.” But, protested a now… Source link

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Expat bankers struggle to find new jobs in Hong Kong as cost-cutting and demand for Mandarin speakers change labour market

For years, Hong Kong was a hot spot with plum jobs for overseas bankers as global firms hired aggressively. But many recently laid-off bankers in the city are finding that cost-cutting and a demand for Mandarin speakers have diminished the opportunities for expats in Asia’s financial hub.After Deutsche Bank announced plans for wide-ranging cuts this week, many employees worldwide are facing the challenge of job-hunting in a shrinking market. For foreign staff losing positions in Hong Kong, it… Source link

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Deutsche Bank’s ‘fundamental transformation’ under CEO Christian Sewing to cost US$8.3 billion and 18,000 jobs

Deutsche Bank unveiled a radical overhaul that will see the lender exit its equities business, post a €2.8 billion (US$3.1 billion) second-quarter loss and cut the workforce by 18,000 to reverse a slide in profitability.Chief executive Christian Sewing will shelve the dividend this year and next and take restructuring charges of €7.4 billion through 2022 to pay for an overhaul that shrinks the German lender’s once-mighty investment bank along with its global footprint and key fixed-income… Source link

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Stocks Blog: Strong US jobs report raises doubts about Fed interest rate cut

Good day, traders. Well, the US posted blowout jobs numbers on Friday, taking some pressure off the Federal Reserve to lower interest rates. Meanwhile, we had more protests Sunday against a proposal that would for the first time allow extraditions to mainland China. So far, those protest haven’t weighed heavily on the Hang Seng. But they have raised concerns about foreign investment and the overall business climate ahead in the city.  The stocks team will be watching markets closely and… Source link

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Global 

China’s migrant workers worried by dwindling jobs, low pay, as US trade war impact runs deep

On a normal Wednesday afternoon, a migrant worker in his mid-20s from Hubei province is deciding which shirt to buy from a budget shop next to a large electronics factories in Dongguan, one of China’s most prosperous manufacturing cities located in the southern province of Guangdong.Li Zhong opts for a white shirt costing 79 yuan (US$11.5), changing out of the brown T-shirt he arrived in at the shop, with the hope that his new purchase will make him stand out from the crowd during his interview… Source link

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As artificial intelligence and fintech come knocking, half of Asia-Pacific finance professionals fear for their jobs

Half of finance professionals in Asia-Pacific believe their jobs will either disappear or change substantially over the next decade, with some of their work taken over by artificial intelligence and other technologies, according to a poll by CFA Institute.Globally, this number stands at 48 per cent. The institute, a global association of investment professionals, offers the Chartered Financial Analyst (CFA) designation as well as other international professional accreditation. It has now… Source link

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China 

China’s 8.34 million graduates fighting for fewer jobs as vacancies dwindle and gap years increase, survey shows

China’s 8.34 million graduates are facing a tougher and more competitive job market than their counterparts 12 months ago as a record number of applicants compete for a dwindling number of vacancies in an economy that is struggling to maintain stable growth in the midst of the trade war with the United States, a survey of students showed.The number of job openings for each new graduate applicant dropped to 1.41 this year from 1.54 last year, according to Zhaopin, an online job recruitment… Source link

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Preparing for Jobs in the Digital Workplace

[Sponsored Article] “In the next decade, there will be great disruption in the world of employment,” Flato says. “Universities and business must plan for these changes now, or there will be serious implications relating to their viability.”  That conclusion is based on research interviews he has conducted with more than 200 leading figures, including top executives, professors, and even a few ministers of labor. The feedback from the higher education community came from experts in 25… Source link

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HSBC to add 1,000 jobs at tech development centres in Guangzhou, Shanghai and Xian as it looks to grow in China

HSBC Holdings plans to add more than 1,000 jobs this year at its technology development centres in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy.Europe’s biggest bank by assets will boost headcount at its technology centres in Guangzhou, Shanghai and Xian by 14 per cent from a current 7,000-strong workforce, said HSBC chief information officer Darryl West.In recent years the London-based bank has spent US$3 billion annually on its group… Source link

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China 

China turns attention to jobs as trade war casts shadow over economy, with Li Keqiang demanding jobs for graduates, ex-military and more

Chinese Premier Li Keqiang has vowed to mobilise all resources to create jobs and stabilise the employment market as the China-US trade war threatens to drag on the economy.Chairing a national conference on employment in Beijing on Monday, Li demanded that cadres at all levels make job creation their top priority.The premier said priority should be given to fresh graduates, demobilised military personnel and migrant workers, all of whom faced challenges in the job market.“Supporting employment… Source link

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