Daily Dispatches: 700 Australian jobs on the line

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QBE Insurance, Australia’s largest insurer, has posted a lower-than-expected 8 percent rise in full-year net profit due to high claims for accidents and adverse US weather. The repercussions: its dividend has been slashed, its shares have tumbled, and 700 Australia-based jobs (about 16 percent of its 4,300-strong local workforce) are reportedly at risk as the company moves to reduce global operating costs over three years. (Sydney Morning Herald)

The Manpower Ministry in Singapore will continue to tighten eligibility requirements for the Employment Pass workforce (employees who aren’t Singapore citizens or permanent residents), especially Q1 pass holders (most overseas finance professionals would fall into this class). In the longer term, it will put in place a framework to ensure that firms give “fair consideration” to Singaporeans in their hiring practices. (Straits Times)

Goldman Sachs continues to top the equity capital markets Asian rankings, while HSBC keeps the lead in the debt capital markets. (Finance Asia)

Former Goldman Sachs director Rajat Gupta will have to reimburse the investment bank for more than $6.2 million in legal fees and expenses it paid in connection with his insider-trading case, a US federal judge ruled Monday. (Wall Street Journal)

Citigroup’s new executive pay plan raises the bar, just not quite far enough. (Reuters)

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