Bloomberg starts second training program for Saudi students in Dubai

Aspiring Saudi journalists attend a training session in the Dubai bureau of Bloomberg News. (Supplied)
Updated 10 September 2018
0

Bloomberg starts second training program for Saudi students in Dubai

  • Students learn about data-driven journalism
  • Follows earlier training session in January

LONDON: Bloomberg and the Misk Foundation have begun the second edition of their financial journalism training program in Dubai for Saudi students.
The initiative aims to advance financial education and journalism in the Kingdom through training conducted by Matthew Winkler, Editor-in-Chief Emeritus of Bloomberg News, and more than 20 Bloomberg journalists.
The course is based in Bloomberg’s newsroom in Dubai, where students are learning about Bloomberg’s brand of data-driven journalism in the news organization’s largest Middle East bureau.
“The Saudi participants, whose majors include finance, marketing, communications and politics, were all selected for their strong interest in journalism,” Bloomberg and the Misk Foundation said in a joint statement.
Gulf nationals have historically been under-represented in financial journalism in the region, but efforts are underway to encourage more interest from them as economic diversification efforts target the creation of jobs in financial services and other emerging sectors.
The Bloomberg course gives students an intensive grounding in covering regional markets, reporting on companies and finance, journalistic ethics and principles, and multimedia journalism.
They will also hear directly from several senior Bloomberg News reporters from the Middle East and beyond on their own experiences, including female reporters who will discuss their careers as women in journalism in the region, the statement said.
“I am looking forward to learning more about the actual production element of working in a newsroom,” said Farah Shobokshi, 22, who recently graduated from Northeastern University in Boston and wants to work in TV production.
Some 30 aspiring Saudi journalists — 22 women and eight men — participated in the first edition of the program in January 2018.
It follows a deal between Bloomberg and the Misk Foundation in November 2016 which explores a number of joint initiatives aimed at developing cross-disciplinary and training programs to boost the skills of young media professionals in Saudi Arabia.
Bloomberg and Misk signed another agreement in March 2018 to create financial training programs and finance labs at 30 Saudi Arabian universities.


HSBC plans more China tech jobs in push for market share

Updated 43 min 23 sec ago
0

HSBC plans more China tech jobs in push for market share

  • Europe’s biggest bank by assets will boost headcount at its technology centers in Guangzhou, Shanghai and Xi’an by 14 percent
  • HSBC’s expansion plan in China comes amid growing use of technology in the financial sector — from payments to transactions
HONG KONG: HSBC plans to add more than 1,000 jobs this year at its technology development centers in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy.
Europe’s biggest bank by assets will boost headcount at its technology centers in Guangzhou, Shanghai and Xi’an by 14 percent from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West.
In recent years the London-based bank has spent $3 billion annually on its group technology operations which employ 40,000 people worldwide, and West said annual investments of $3-$3.5 billion are planned over the next few years.
Many global banks set up low-cost hubs in China and India more than a decade ago to maintain their complex worldwide information technology networks, but these centers have now become a core part of their operations.
The centers develop and implement risk and fraud management technologies, as well as digital applications that make it easier for banks to attract customers and deliver faster and more secure services.
HSBC’s expansion plan in China, a key market for the bank, comes amid growing use of technology in the financial sector — from payments to transactions.
At stake is a bigger share of the billions of dollars worth of retail and corporate banking business in a major financial market with a growing customer base.
“There is a lot more we can do with technology in mainland China. The level of technology adoption and innovation in China is way ahead of other markets,” West told reporters during a tour of HSBC’s technology center in the southern city of Guangzhou last week.
“We see mainland China as a tremendous source of talent, not just for the local market but our technology operations globally. We are hiring very aggressively here,” he added.
About 30 percent of the work done at the Guangzhou center, the largest HSBC tech facility in China with more than 5,000 employees, is for the mainland market and that share is expected to grow over the next couple of years.
HSBC is also using China-based tech centers to develop banking products for its global network, such as the bank’s UK mobile app which was developed in the northwestern city of Xi’an.
Outside China, HSBC employs more than 10,000 people at technology centers in India, with the rest in countries such as Britain, Canada, Hong Kong and the United States.
HSBC has in recent years lifted investment in China, including the prosperous southern Pearl River Delta region. Mainland China and Hong Kong together accounted for nearly 40 percent of the bank’s revenue in 2018.
The bank will invest $15-$17 billion in the next three years in areas including technology and China, its Chief Executive John Flint said last year.
The limited physical presence of foreign banks in China compared to dominant domestic rivals has been a challenge.
HSBC’s losses in retail banking and wealth management (RBWM) in mainland China widened to $200 million last year from $44 million in 2017. The bank aimed to reverse that with its investments in technology.
“Things like that, we see as very important for the next phase of our business growth ... once the major investments have gone in, RBWM will grow bigger and also profitable,” said HSBC Greater China Chief Executive Helen Wong.