UBS fined for overcharging clients, why workplace bullying goes unreported, and more top news
LinkedIn Daily Rundown (Asia)
The news Asia professionals need to know now.
Hong Kong’s securities regulator has imposed a $51 million fine on UBS for “failing to act in its clients’ best interests.†The Swiss banking giant is accused of overcharging thousands of wealthy customers, manipulating the price of trades for bonds and structured products and falsifying account statements over a 10-year period. About 5,000 Hong Kong-managed customer accounts across 30,000 transactions were reportedly affected by UBS’ practices. UBS has agreed to pay $25.5 million to the affected clients. Join the conversation.
Witnesses of workplace harassment rarely report it to HR, according to research courtesy of Spot, a company that developed an AI bot for reporting misconduct. While the majority of survey respondents said they had witnessed workplace harassment, most did not report it. The main reasons for remaining silent were a fear of the consequences and a simple reluctance to get involved. Spot cofounder Julia Shaw told Business Insider these excuses make the problem of workplace harassment even worse. Join the conversation.
Huawei is loosening its purse strings to reward employees that are helping the company counter sanctions imposed by the Trump administration. The world’s largest telecom gear maker will dole out $286 million in bonuses to about 20,000 employees in its R&D and supply chain teams. It also doubled the October pay for all 190,000 staffers. Huawei has been scouting for alternatives to American hardware after it was blacklisted in May from doing business with American firms over security concerns. Join the conversation.
About one in two Singaporeans say domestic workers shouldn’t be paid more than S$600 a month, a YouGov survey of 1,060 persons shows. One in six households presently employ a helper and most workers hail from Indonesia (44%), Philippines (26%), Myanmar (11%) and Malaysia (7%). Singapore doesn’t have a minimum wage law for such workers but source countries such as Philippines and Indonesia require its citizens to be paid at least S$570 and S$550, respectively. The lion’s share of respondents felt that the island nation’s laws are robust enough to protect worker’s rights. Join the conversation.
Google looks set to become the latest tech giant to enter the finance industry by offering consumer checking accounts, The Wall Street Journal reports, citing anonymous sources. The offering is expected to start next year in partnership with Citigroup and a credit union at Stanford University. Providing financial services allows Silicon Valley companies to access more valuable data from users, says The Journal, with Apple recently introducing a credit card and Facebook eyeing a digital currency. Join the conversation.
Idea of the day: Managers are finding that monetary incentives are losing their power to motivate staff, the impact consultant John Treadgold writes. As staff increasingly seek to be motivated by “more than just a salary,†many want to know that they’re having a positive impact in their work.
“Purpose is more powerful than offering the cheapest price, or paying the highest salary. It may even trump the power of a brand, or at least, it plays a huge part in the value of the modern brand.â€
What's your take on today’s stories? Share your thoughts in the comments, and hit “share†to tell your network what you think.
— Nirajita Banerjee and Adith Charlie
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5 å¹´I am Eman Sardar, a digital marketer at Fiber. I have almost 3 years of experience in digital marketing. My portfolio web site is here https://www.fiverr.com/emonmarketer You can view and order it if you want.
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5 å¹´"The Swiss banking giant is accused of overcharging thousands of wealthy customers, manipulating the price of trades for bonds and structured products and falsifying account statements over a 10-year period." That is exactly how the financial system is rigged, as mentioned by Ray Dalio. The banks have been given too much freedom and financial leeway to operate in their own way, sometimes even above the law, or around the law using cunning tactics to get through loopholes and alleys. The same practice brought upon us the financial meltdown 12 years ago, and for a while things seemed to be heading in the right direction for a while, but then people forgot about the pain and the destruction quickly, greedy politicians rolled back regulations for their own good and we seem to get back in the same path again. Goldman Sachs overrode the rule book and ignored all the sirens to deal with 1MDB, and other banks consider that not as a sin to avoid, but a modus operandi to copy and adapt. And the fines normally come too little too late to act as a true deterrent. The banks even consider those fine as part of the cost of doing business. That shows how corrupt and broken the whole banking industry has become nowadays. Surely the profits earned in those 10 years of wrongdoings are much higher than the fine itself. And the same story will repeat again. It's time for a serious overhaul, or the system will break and a devastating meltdown will be upon us all even before we can see it coming.
Creating the Possible
5 å¹´Well, the first two parts are related.
Attended Birla city school
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