China has confirmed that it has detained two Canadian men in what appears to be retaliation for the arrest of Huawei’s chief financial officer.

The US Senate has passed a resolution stating Crown Prince Mohammed bin Salman is responsible for the killing of journalist Jamal Khashoggi.

Theresa May’s hopes of getting EU leaders to help her push her Brexit deal through parliament have been dealt a severe blow as she prepares to return home and face her party.

The UK’s big four auditors will next week face an unprecedented move to limit their market share and allow smaller rivals to gatecrash their self-confessed oligopoly as regulators shake up a sector rattled by a string of corporate collapses.

Mike Ashley has been rebuffed by Debenhams after he offered a £40m loan to bail out the struggling department store amid speculation it had “zero chance of survival”.

 

Brexit uncertainty has pushed a key measure of the housing market to a six-year low, according to surveyors.

Shares in Superdry have plunged by more than a third after it issued its second profit warning in less than two months – blaming mild weather for a potential £22m hit to its bottom line.

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UK bankers flood job market in Singapore and Hong Kong

UK bankers flood job market in Singapore and Hong Kong

Recruiters in Hong Kong and Singapore have spotted a surge in enquiries from London-bases banking professionals wanting to relocate to Asia due to Brexit

Adam Davies, an associate director at recruiters iKas International in Singapore, says he’s now receiving “a lot more” job applications from the UK, especially from EU nationals “who want a more stable career somewhere else, without the worry of Brexit”.  Despite banks in general not wanting to shift jobs to Asia.

John Mullally, director of Hong Kong financial services at recruiters Robert Walters, stated: “As uncertainty over Brexit has grown during the last few weeks, we’ve seen an uptick from young Brits – mainly single people with no property or kids, who can relocate easily – wanting jobs in Hong Kong.”

“But the largest increase has come from Asians in London who are concerned about how Brexit could affect London as a finance centre and a place to build their careers. They think job-market sentiment is better back home.” He added.

The UK is set to leave the EU in March next year.

While London mayor Sadiq Khan stated last month that a ‘bad’ or ‘no-deal’ Brexit will cause jobs to flow to Asian cities instead of European capitals—Banking recruiters have stated that he is wrong, and that the supply of banking jobs in Hong Kong and Singapore isn’t matching the interest in Asia from UK-based candidates.

Global banks simply aren’t shifting front-office IBD or trading jobs from London to Hong Kong or Singapore because of Brexit, stated an in-house recruiter at a US firm in Hong Kong. “For front-office jobs focused on European clients and deals, you either keep them in London or move them to the likes of Frankfurt and Paris.Hong Kong is just as out of the EU as London will be, and the time zone makes far less sense for trading.”

It is extremely unlikely that Singapore and Hong Kong will be beneficiaries if banks shift back and middle-office jobs away from London. Banks such as Barclays and Credit Suisse have been offshoring operations jobs out of Singapore for the past five years, and these roles don’t look set to return anytime soon.

“If there’s movement from London because of Brexit, it will be to lower-cost places like Poland, not Singapore,” says Kyle Blockley, managing partner of recruiters KS International.

“The cost of basing people in Singapore or HK is too much, especially if banks need to pay extra to cover overnight work during the European time zone.” He added.

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