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Daily Dispatches - Singapore banks crack down on employees' use of chat rooms

DBS Group and United Overseas Bank have both restricted employee access to chat rooms and have tightened guidelines on electronic communications, reports Bloomberg.

The move follows censure from Singapore’s monetary authority of 20 banks including DBS and UOB last year for trying to rig benchmark interest and currency rates. It ordered 19 of the companies to set aside S$12 billion to improve internal controls.

Deloitte and SEC reach accord, China firms breath a sigh of relief

Bloomberg reports that Chinese stocks trading in New York rebounded as an accord between the SEC and Deloitte Touche Tohmatsu damped concern that a ban on the Asian nations’ accounting firms would delay earnings reports. eFinancialCareers reported last week the SEC ban would prevent audits for six months.

Chinese stocks plunged last week after the SEC barred local affiliates of the four largest accounting firms from conducting audits, sparking concern that the companies wouldn’t be able to produce their earnings reports in time to meet US listing requirements.

VCs ramp up activity in China

The Wall Street Journal reports that venture capitalists are wading back into China after sitting on the sidelines for most of last year because of a moratorium on initial public offerings in the country, but they aren't alone in the hunt for investment targets.

Some of China's biggest corporations, including Alibaba Group and Ctrip.com International Ltd., are taking part in investments in startups, prompting concern that valuations may rise, but also supporting the venture-capital ecosystem.

Australian bank lending to China soars

The Sydney Morning Herald reports that Australian banks' lending to Chinese borrowers has risen 75%in a year. The value of loans to Chinese borrowers on the books of Australian banks swelled by $US12.3 billion to $US28.7 billion during the year to September, figures from the Bank for International Settlements show.

Asian bankers paying the price of US and European counterparts missteps

Finance Asia reports that bankers in Asia are carrying the burden in terms of lower or zero bonuses as a result of mistakes made by their counterparts in Europe or the US.

Labour restrictions hurting Singapore's skilled job numbers

Singapore Business Review reports that the country's  main economic planning agency expects the number of new skilled jobs created in 2014 to fall by 25-35%, a sign that the government's efforts to curb the number of foreign workers and focus instead on boosting productivity are starting to make an impact.

Singapore expects to create 14,000 to 16,000 new skilled jobs in 2014, down from 21,400 in 2013, its Economic Development Board (EDB) said on Tuesday.

 

 

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AUTHORAmanda Vermeulen

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