EU is ‘prepared’ in case of no-deal Brexit

European Central Bank policymaker Francois Villeroy de Galhau, who is also governor of the French central bank, is in Tokyo for the Paris Europlace International Financial Forum. (Reuters)
Updated 19 November 2018
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EU is ‘prepared’ in case of no-deal Brexit

  • “If we were to have a no-deal scenario, which we don’t wish, we are prepared on the European side”
  • British Prime Minister Theresa May’s premiership has been thrown into chaos since she unveiled a draft EU divorce deal

TOKYO: European Central Bank policymaker Francois Villeroy de Galhau said on Monday that it would be better if Britain had a deal for its withdrawal from the European Union but that the EU was ready in case it left the bloc without an agreement in place.
“If we were to have a no-deal scenario, which we don’t wish, we are prepared on the European side,” Villeroy said in a lecture at Keio University in Tokyo.
“It will be probably very detrimental for the British economy, but on the European side the effect on GDP (gross domestic product) growth is limited and there (are) no financial stability issues.”
British Prime Minister Theresa May’s premiership has been thrown into chaos since she unveiled a draft EU divorce deal that both pro- and anti-Brexit lawmakers have denounced, with several of her ministers having resigned and some of her lawmakers seeking to oust her.
It is unclear whether May will win parliament’s support for the draft agreement, heightening the risk Britain will withdraw from the EU without a deal.


Companies in Oman need government permission before hiring expats

Updated 09 December 2018
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Companies in Oman need government permission before hiring expats

  • A new traffic light-themed online system is currently being rolled out in Oman, in which companies’ Omanization quotas are being monitored
  • “The new system focuses on enhancing Omanization rates in the private establishments”

DUBAI: Oman-based companies will have to secure the Ministry of Manpower’s go ahead before they can hire expats, local daily Times of Oman reported this week.
A new traffic light-themed online system is currently being rolled out in Oman, in which companies’ Omanization quotas are being monitored.
Under this new system, companies that meet Omanization standards set by the government will receive a green signal online, allowing them to proceed with hiring expat employees.
Companies with unclear Omanization policies will be given a yellow signal, while companies that fall short of meeting their quotas will receive a red signal, barring them from moving forward with hiring expat employees.
“The new system focuses on enhancing Omanization rates in the private establishments,” said a ministry spokesperson.
The step taken by the government is part of the Omanization drive to recruit more of its citizens in private companies, a similar push is underway across the GCC where countries like Saudi Arabia and Kuwait have also been trying to increase the number of nationals in private sector employment.

Earlier this year, expat workers in the country faced a six-month visa ban across 87 industries, including media, engineering, marketing and sales, accounting and finance, IT, insurance, technicians, administration and HR.