Daily Briefing: Singapore lead over Malaysia's economy shrinks; OCBC brings Bank of Singapore to Luxembourg

And Workforce Singapore launches an on-the-go career coaching for job seekers.

From Bloomberg:

Singapore’s gross domestic product (GDP) in 2018 could shrink its lead to just US$2b against Malaysia's GDP as economists believe that Malaysia’s economic expansion will be at 5.5% which is higher than Singapore’s 3.1% increase.

“Malaysia’s GDP was $314.5 billion in 2017, about $9.4 billion less than Singapore’s $323.9 billion, according to data from the World Bank.”

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From Human Resources Online:

Workforce Singapore (WSG) launched Careers Connect On-the-Go (CCOTG) which will travel around the city to offer mobile career matching services for local job seekers.

"Besides getting one-to-one career coaching, jobseekers will be able to pick up early career planning and lifelong career management skills through onsite career advisory, which will include information on industries, Adapt and Grow programmes and available job opportunities. Additionally, they can attend career preparation workshops to brush up their job search skills.

CCOTG is an expansion of WSG’s existing physical career services network, which comprises three Careers Connect centres that are permanently located at the Lifelong Learning Institute (Paya Lebar), Our Tampines Hub (Tampines) and Woodlands Civic Centre (Woodlands)."

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From Reuters:

OCBC’s private arm Bank of Singapore launched its wealth management subsidiary in Luxembourg to provide service for European clients alongside other companies that have already set up their subsidiaries in the country to prepare for Britain’s exit from the European Union

“Luxembourg for Finance, a body which promotes the country’s financial sector, said Bank of Singapore had received the license for the subsidiary, making it the first Singaporean bank to set up shop in the country.

Bank of Singapore currently looks after its European clients from its Singapore headquarters and through its parent company OCBC Bank’s London office.”

The bank’s move marks another win for Luxembourg, where a number of big financial services companies have set up subsidiaries in preparation for Britain’s planned exit from the European Union."

Read more here.

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