Hong Kong to retain professionals this year

Employers in Hong Kong are continuing their focus on retaining professionals in 2013 as they expect a skills shortage as compared to the previous year.

Thirty-nine percent of surveyed employers expect a professional skills shortage during 2013, according to key survey findings from 2013 Michael Page Salary & Employment Forecast, Hong Kong.

This increase represents an increase of 27 percent from the previous year’s survey.

Fifty percent of all employers surveyed expect their business to experience some staff turnover during the year. Read more »

More people from financially troubled countries move to work in Hong Kong

More people from the economically troubled euro-zone countries of Spain, Italy and Greece are moving to Hong Kong to work, immigration figures show.

The number of work visas granted this year to Spaniards, Italians and Greeks up until last month was 681, compared to 599 for the whole of last year.

Spaniards were granted 239 work visas for the first 11 months of the year, compared to last year’s total of 189. In 2008, just 96 were approved. The Spanish consulate’s citizens department confirmed that there were 1,064 registered citizens in Hong Kong, up from 739 in 2009.

For Greeks, 31 were granted work visas this year up until last month, up from last year’s 28.

Italy also provided a steady stream of new migrants, with 411 visas approved so far this year, up from 382 last year. Read more »

Hong Kong on track to become top financial centre

Hong Kong is expected to overtake London by 2015 and surpass New York by 2016 to become the world’s biggest financial centre, reflecting a massive shift in the balance of power in the financial world and a remarkable turnaround since the financial crisis.

By 2015, the number of financial service jobs in Hong Kong, which was less than half the London number in 2005 – will have overtaken  London to reach 248,000, according to the lastest report released by the London-based Centre for Economics and Business Research (CEBR). By 2015, London would have 237,000 financial sector jobs, the report said.

Hong Kong will also challenge New York, the US financial hub which only this year dethroned London as the world’s largest financial centre. By 2016, Hong Kong will have 262,043 financial professionals, compared with 252,543 in the Big Apple.

Between 2008 – the year in which the global financial crisis set in – and 2012, the number of financial jobs has grown 12 per cent in Hong Kong, compared with a 23 per cent decline in London and a 10 per cent fall in New York over the same period. Read more »

Hopeful in Hong Kong

The prospects of a fast track onto the career ladder is drawing students from around the world to Hong Kong, but the path to riches is not an easy one.

Only those who can afford to make the trip and pay for studies are able to make the move and on top of that they will have to learn at least one language if they want to get on.

“Ta shi na guo ren,” the earnest Mandarin Chinese teacher, Ms Zhang, intones.

A chorus of voices mimics her, straining to match the instructor in pronunciation and pitch, in order to ask the question: “What country is he from?”

It is a weekday afternoon at the leafy campus of the University of Hong Kong (HKU), located in the hills west of the city centre.

About two dozen students from Europe, the United States and South Asia are taking an introductory class in Mandarin Chinese.

The course is so popular among international students that Sean Quinn, a second-year student originally from Britain, almost did not get a place.

The 20-year-old is one of 300 overseas students that HKU accepts every year for its undergraduate degree programme, where courses are taught and examined in English. Read more »

Y-Axis to invest Rs 20 cr for expansion

Y-Axis, a Hyderabad-based overseas career consultant, is planning to invest Rs 20 crore to expand its operation across India over the next 12 months.

Launching its X! Travel Club, a multi-brand one-stop overseas travel consulting travel store, at Hyderabad, Sabina Xavier, co-founder and chief operating officer of Y-Axis, said, “We have lined up investments to set up eight such stores across the country over the next 12-18 months, and to increase our brand presence through aggressive advertising and marketing.”

The projects will be funded through internal accruals, she told Business Standard.

X! Travel Club focuses on building strengths in providing new experiences like yachting, golf, cruise holidays, caravans, around the world across Singapore, Malyasia,Thailand, Dubai, Egypt, London, Istanbul, etc. “We are upbeat about the new travel club concept that is targeted at the Indian customised travel class,” she said.

“With an expected 50 million Indians opting to travel abroad by 2020 from the current level of 16 million, the travel club expects substantial customer footprints for its services,” said.

Currently, Y-Axis s operational across 20 company owned office in India with 500 trained travel experts. Currently, it gets travel related 20,000 enquiries per month.

Itishree Samal

September 21, 2012

http://www.business-standard.com/india/news/y-axis-to-invest-rs-20-cr-for-expansion-/187867/on

Y-Axis Overseas Career launches X! Travel Club

HYDERABAD: As part of its travel experience, integration strategy to serve multi needs, city-based career and immigration consultant Y-Axis Overseas Careers today announced the launch of X! Travel Club, a multi-brand one-stop overseas travel consulting store here.

X! Travel Club – offers ” X! Tailor-Made Holidays” which are personalised Holiday packages that allows customers to express what they want to experience and XTC would create a holiday package from start to finish, Xavier Augustin, Co-Founder of X! Travel Club told reporters.

Unlike typical packages there are no deadlines, no deposits and not many conditions. The holiday is created around the central assumption that every client’s travel needs are different and unique. Even if a couple is travelling, both of them have their own tastes and preferences and would like a holiday where both can enjoy, he added.

Y-Axis is upbeat about its new X! Travel Club concept specifically targeted to the Indian ‘Customised Travel’ Class with its Multi Brand format. With an expected 50 million Indians opting to travel abroad by 2020 from the current level of 16 million, X! Travel Club expects substantial customer footprints for its services, Xavier said.

Y-Axis plans to expands this service in 8 cities in the next 18 months, he added.

21 SEPTEMBER, 2012

http://economictimes.indiatimes.com/news/news-by-industry/services/travel/y-axis-overseas-career-launches-x-travel-club/articleshow/16491729.cms

Asian insurance companies expand even as banks, brokerages cut costs, jobs

HONG KONG: Slowing economic growth across much of Asia has failed to crimp expansion plans by the region’s insurance companies, even as the rest of the financial industry slashes jobs.

While banks and brokerages cut costs and jobs in Asia amid falling corporate confidence and plunging deal volumes, insurers are riding the wave of rising individual wealth across the region.

Economic growth and increasing salaries, combined with high savings rates, are creating fertile ground for more straightforward financial services, such as retail banking and insurance.

“Before people enter the middle class, they can’t afford to buy our products,” said Robert Cook, senior executive vice president and general manager of Asia for Manulife Financial Corp, speaking at an investors’ conference in Hong Kong on Friday.

Read more »

Hong Kong named world’s best city in new index

HONG Kong is the best city in the world to live followed by Amsterdam, according to a new ranking focusing on green space.
Hong Kong has scored the number one spot in the Economist Intelligence Unit’s new Best Cities Index.

The list of the world’s best cities to live in combines Economist Intelligence Unit (EIU) global “liveability” rankings with new criteria that examine “spatial characteristics”. Hong Kong was judged the best city, followed by Amsterdam, Osaka and Paris, after additional criteria including urban sprawl, connection and proximity to other cities, and pollution were taken into account. European cities took five of the top ten ranking spots, with three cities from Asia, one from North America and one from Australia.

Amsterdam was named the world’s second best city in the Economist Intelligence Unit’s Best Cities Index

Sydney was the only Australian city to make the top 10, coming in at number five. Its ratings in these categories pushed it down from the number two rank in the classic EIU Liveability index, but gave Hong Kong a boost from number 10 to the top spot. “Sydney scores well for having low pollution levels and lots of green space in the additional indicators,” EIU editor Jon Copestake said in a statement. “Although it was hampered slightly because of the isolation of Australian cities and the urban sprawl of the city.”

Sydney was ranked number five on the Economist Intelligence Unit’s Best Cities Index.

Hong Kong scored poorly for pollution and cultural assets, but scored on natural assets and low urban sprawl. “Hong Kong is a very compact city that has managed to maintain its natural heritage, create a dense network of green spaces and enjoy extensive links to the rest of the world,” the report said. “It responded very well to the addition of spatial characteristics to the liveability index.” Tehran scored the lowest on the best cities index, followed by African cities Nairobi and Lusaka. The index ranked 140 cities against one another.

The top 10 1. Hong Kong 2. Amsterdam 3. Osaka 4. Paris 5. Sydney 6. Stockholm 7. Berlin 8. Toronto 9. Munich 10. Tokyo

5 July 2012

http://www.dailytelegraph.com.au/news/world/hong-kong-named-worlds-best-city-in-new-index/story-fnddckzi-1226417473423

‘CY’ Leung: Hong Kong’s new leader

Leung Chun-ying

Hong Kong: Hong Kong’s new leader Leung Chun-ying takes over the city of seven million people amid falling popularity ratings, a series of setbacks and protests over his leadership before he even started his term.

Born in 1954, Leung — the 57-year-old son of a policeman — is known as a self-made property consultant and, most recently, as the soft-spoken convener of the Executive Council, the city’s top policy-making body.

His family hails from China’s eastern Shandong province but he proudly asserts that he was born and bred in Hong Kong, the Cantonese-speaking former British colony reunited with China exactly 15 years ago.

“If we work together, I am sure Hong Kong — the Pearl of the Orient — will sparkle again,” he said in his inauguration speech on Sunday, before shaking hands with China’s visiting President Hu Jintao.

:Every Hong Konger should enjoy the fruits of Hong Kong’s development,” Leung said. “I will try my best to safeguard the civil liberties of every resident, protect press freedom and defend the impartiality of the media.”

But he is seen as close to Beijing and his many critics among Hong Kong’s public contend that his administration will continue with business as usual, favouring a tiny elite of tycoons over the masses.

Better known by the initials CY, Leung has attracted protests by thousands of people since he was elected in March by a 1,200-strong committee packed with members of pro-Beijing elites, rather than by universal suffrage.

Leung studied surveying in Hong Kong and real estate management in Britain before returning to his hometown in 1977 and joining the local office of global property firm Jones Lang Wootton.

He rose to become one of the best known figures in the city’s influential property sector, as Asia-Pacific chairman of real estate advisory firm DTZ Holdings.

At just 34, Leung was named secretary-general of the high-powered Basic Law Consultative Committee, tasked with drafting the city’s constitution after its return to Chinese rule.

More than 20 years later, his main rival for the chief executive post was business and government insider Henry Tang, the son of a Shanghai textile baron, whom most observers saw as a shoo-in for the job.

But Leung’s more confident style and populist proposals — including promises to address corruption, the wealth gap and soaring housing prices — put him well ahead of Tang in terms of popular approval ratings at the time.

He watched calmly as Tang’s campaign imploded in a series of verbal gaffes and personal scandals, which helped to overshadow questions about his own background.

Beijing did not openly switch sides but when the electoral committee voted, Leung had a clear majority over Tang: 689 to 285.

Just a week before his inauguration, though, Leung was forced to apologise over illegal home improvements of his own and faced criticisms from an inquiry into a conflict-of-interest row in a government project a decade ago.

The thousands who protested at his selection condemned it as the result of interference by Beijing – which has promised direct elections from a pool of vetted candidates only for 2017.

A poll released by the University of Hong Kong last week showed Leung’s popularity rating falling to 51.5, down 4.2 points from a month ago, with nearly 40 per cent of people saying they did not trust the government.

Apart from the clamour for political reform, the most persistent public complaint is over quality of life. The vast majority of Hong Kongers live in cramped apartments, and most cannot afford to own even a one-bedroom flat.

Leung, who is married with three teenage children, says he finds gardening “therapeutic”, loves hiking and football, and swims every night at his private pool.

1 July 2012

http://gulfnews.com/news/world/other-world/cy-leung-hong-kong-s-new-leader-1.1042787

Hong Kong can build on its success

Hong Kong Special Administrative Region Financial Secretary John Tsang’s fifth and last budget of the current administration, delivered earlier this year, was a model of fiscal design and the envy of governments around the world.

Which other government can boast a surplus of HK$66.7 billion ($8.6 billion) against a forecast deficit of HK$8.5 billion for 2011-12 in a year of crisis in Europe and a global slowdown?

Indeed, which government, perhaps with the exception of Singapore, can claim fiscal and foreign exchange reserves equivalent to 35 percent of GDP, or 22 months of government expenditure? And which government can claim to have pure government debt, excluding statutory body debt, of less than 2 percent of GDP?

Finance ministers in Europe who are struggling with their debt crises can only shake their heads in wonder at Hong Kong’s ability to increase tax allowances, cut property taxes and waive some taxes on profits. All these goodies and still the forecast deficit for next year is only HK$3.4 billion.

Read more »