We see that the government has adopted the time-honoured approach to dealing with bad news. We are referring to its embarrassing climbdown on the issue of the publication of directors' identity card numbers. It adopted a three-pronged approach: first, burying the decision not to proceed in verbiage, second, putting it out on the same day as other news likely to attract more attention, viz "The clean air plan for Hong Kong", and third, making the announcement on the afternoon of an exceptionally long weekend.
The government proposes to push ahead with the changes to the Companies Ordinance, with the exception of the proposals relating to the publication of ID numbers. A paper by the Financial Services and the Treasury Bureau explaining "the proposed way forward for the new arrangement for the inspection of personal information on the Companies Register …" rambles on for 10 pages until the penultimate paragraph where it actually makes the point with some clarity. "Pending further deliberations on the new arrangements with regard to directors' personal information, the full identification numbers of company secretaries and these other relevant individuals will continue to be made available on the Companies Registrar." Bravo.
The jobs outlook for investment bankers is so bleak in Hong Kong that a number are doing what was unthinkable a year ago and taking up positions in the somewhat less exhilarating environment of corporate banking.
This interesting detail emerged from a round table discussion in Hong Kong by 13 senior headhunters, organised by eFinancial Careers. While demand for investment bankers is limited, the outlook for corporate banking is significantly better, because it provides steady revenues for less risk as large companies in Asia seek services such as loans and cash management. Now there's a thought, investment bankers taking up cash management. Some in the industry say that while cash management is low-risk and lucrative, it is as exciting as watching grass grow.