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Upside Surprises
The global recovery is looking decidedly V shaped. The initial phase of the recovery is being driven by an inventory rebuild, but the evidence for a pick-up in final demand is mounting: just look at global car sales and the turn in the US housing cycle now starting to get underway.

 

Twelve global economies have reported positive June quarter GDP growth so far; Singapore, China, Hong Kong, Malaysia, the Philippines, Korea, Taiwan, Indonesia, Thailand, Japan, Germany and France – nine are Asian.

Not that it had much down-turn in the first place, but Australia will likely join this list when it reports GDP growth. Contrary to expectations for a fall, construction activity was flat in the June quarter driven by a surge in infrastructure investment. Business investment actually recorded a rise instead of remaining flat, as predicted.

The earnings reporting season is almost over in Australia and the results have been much better than expected. While 2008/09 profits are down 18% making it the biggest slump since 1990/01, it has not been the disaster that many feared and with the economy on the mend and corporate outlook statements turning more positive, there is plenty of light at the end of the tunnel.

Australia’s four banks have weathered the GFC storm with apparently all the bad debt now on the table, the local home-lending market cornered and treasuries with abundant cash. The future looks promising.

Partner Richard O’Flynn just back from a trip to Singapore, London and Hong Kong reports favourably about the prospects for clients and candidates following T+O+M’s recent move into Asia.

“Although Singapore only opened a few weeks ago, our Asian banking clients have reacted encouragingly to the move and there are roles available for appropriately skilled and experienced candidates.  The move to Singapore was timed to provide our clients with professional support as the Asian economies gather momentum out of the GFC” added O’Flynn.

“Additionally, our Australian clients are also re-gearing, so I encourage candidates to contact us if they are interested in working in Asia or Australia” concluded O’Flynn.
T+O+M launches in Melbourne
Following on from six highly successful years in Sydney delivering executive search mandates for Financial Institutions, T+O+M’s Partners Ben Tallentire, Richard O’Flynn and Grant Movsowitz have announced the opening of an office in Melbourne, Victoria.
T+O+M Singapore expands
Two new staff have been added to help the rapidly expanding office. Partner Ben Tallentire said targets for the first operating year were met and that the growth in the Singaporean middle and back office markets would continue because of a range of Investment Banks making Singapore their regional hub.
Australian banks lending responsibily throughout GFC
The Australian banks have emerged from the GFC as beacons of responsible lending at a time when European and US banks pulled back to focus on their home markets.
Asian office begins with a bang!
T+O+M's Singapore office opened its trading with two above-target months in October and November and featured placements in major international banks.
Australia on top
The recently relased Mid-year Economic and Fiscal outlook has confirmed the Australian Federal budget in May was too pessimistic.
Australian job figures for August
Employment fell by 27,000 in the month and comes after a 34,000 rise in July, reflecting volatility in these numbers which show little underlining trends. The unemployment rate has held steady at around 5% for the past six months.
Upside Surprises
The global recovery is looking decidedly V shaped. The initial phase of the recovery is being driven by an inventory rebuild, but the evidence for a pick-up in final demand is mounting: just look at global car sales and the turn in the US housing cycle now starting to get underway.
T+O+M opens office in Singapore
Announcing the opening of their Singapore office, the Partners of T+O+M foreshadow the emergence of the successful Australian Financial Services Recruitment Company to a broader role in the Asian region.
T+O+M Partner returns from Asia.
Ben Tallentire returned from a visit to Singapore last week having spent time assessing the impact of the financial crisis in the Republic.
Future brighter for Aussie Banks.
The reporting season is now well underway and of the twenty eight major companies reported, ten of them have exceeded expectations – the largest surprise came from CBA – Commonwealth Bank of Australia – which predicted a first half profit for ’09 of aud $2billion
T+O+M bullish about the future.
T+O+M see early signs of a Financial sector recruitment stirring. Arguably, more closely linked to Aussie banks than most other recruiters, T+O+M sees early signs of recruitment activity.
The new reality
In an unsure world, Australia is making impressive economic moves to help lessen the impact of a global recession...