Standard Chartered ‘to cut jobs in Dubai, Singapore’

Standard Chartered has a presence in 60 markets globally. (Shutterstock)
Updated 04 December 2018
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Standard Chartered ‘to cut jobs in Dubai, Singapore’

  • The cuts reportedly include positions at the bank’s priority banking operations, which offer wealth-management services
  • It was reported last week that Standard Chartered is weighing up a plan to simplify its structure and control costs under CEO Bill Winters

LONDON: Standard Chartered is to cut up to 100 jobs in Dubai in a bid to reduce costs, according to a report by Bloomberg.
The bank is also looking to slash positions in key markets such as Singapore, the newswire reported, citing people familiar with the matter. The cuts include some senior staff, although the exact numbers have not yet been finalized, the sources said.
Standard Chartered — which specializes in the emerging markets —  has not yet officially made the strategy public, Bloomberg said.

 

The cuts reportedly include positions at the bank’s priority banking operations, which offer wealth-management services.
A representative of the London-based bank said the company has made “substantial progress in executing the transformation plan laid out in 2015,” and will give details about its strategy for improving returns in February.
It was reported last week that Standard Chartered is weighing up a plan to simplify its structure and control costs under CEO Bill Winters.
The bank saw an underlying profit of $1.07 billion in the third quarter, higher than estimates of $976 million, according to Bloomberg data. Shares in the bank have declined by around 40 percent since Winters became CEO in June 2015.
It has more than 86,000 employees globally, a presence in 60 markets, and serves customers in close to 150 markets. Standard Chartered is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

FASTFACTS

86,000 - Number of Standard Chartered employees globally.


Australia overtakes Qatar as top global LNG exporter

Updated 25 sec ago
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Australia overtakes Qatar as top global LNG exporter

  • Australia shipped 6.79 million tons of LNG in November while Qatar exported 6.2 million tons
  • Australia has invested heavily in a number of LNG export projects over the last few years

LONDON: Australia has become the largest exporter of liquefied natural gas (LNG) in the world, overtaking Qatar for the first time, according to data published on Monday.

Australia shipped 6.79 million tons of LNG in November while Qatar exported 6.2 million tons, according to Refinitiv Eikon, the financial data arm of Thomson Reuters.

While LNG exports from Australia increased by more than 15 percent from the previous month, Qatar’s exports dropped by 3 percent.

Australia has invested heavily in a number of LNG export projects over the last few years. Just last month, the first LNG shipment left the country’s new offshore Ichthys project on the northwestern coast of Australia.

Analysts expect Australia will look to maintain its lead ahead of the Qataris.

“Competition between Qatar and Australia for the share of global LNG market is set to intensify further,” said Abhishek Kumar, senior energy analyst at Interfax Energy’s global gas analytics in London.

“Australia has boosted its market share in recent years by bringing online a slew of LNG export projects. This is in stark contrast with the situation in Qatar where the export capacity has remained around 77 million tons per annum,” he said.

Ehsan Khoman, head of regional research and strategy at MUFG, in Dubai, said Australia has an advantage over Qatar due to it being geographically closer to major gas importers.

“The lower transportation freight costs will remain the backbone of Australia comparative advantage as an exporter vis-à-vis Qatar, given the country’s closer proximity to the largest LNG importers in Asia, namely, Japan, China and South Korea,” he said.

Rising LNG exports from US will add to the global market competition, he said.

“Going forward, the LG space is likely to undergo a major transformation driven by new supplies coming from the US, with our expectation of a three-way tug of war between the US, Australia and Qatar to intensify in the medium term for global leadership among LNG exporters, notably for a larger share of the key market in Asia.”

The data follows Qatar’s announcement last week that it would leave the Organization of Petroleum Exporting Countries (Opec) in early 2019 to focus on gas production.

Kumar said he expects Qatar to ramp up efforts to maintain its market position as competition grows from other exporters.

“Qatar has plans to vigorously defend its market share in the coming years as it is moving ahead with expanding the capacity of its Ras Laffan plant to around 110 million tons per annum by the end of 2025 or early 2026,” he said.