Briefly:

Scotiabank has received a license from the Dubai Financial Services Authority to operate within the financial district of the Gulf emirate. The makes Scotia the first Canadian bank to operate in the Dubai International Financial Centre.

“As the DIFC begins to play a more prominent role in the global economy, we are keen to expand the industry cluster within the financial district with new companies from across the global financial industry that can bring unique new expertise to the region,” said H.E. Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre. “Scotiabank’s presence will further enhance the geographical diversity of firms in the DIFC.”

The license allows the ScotiaMocatta division, which specializes in precious metals trading to open a branch in the DIFC. Until now ScotiaMocatta had relied on a strategic alliance with National Bank of Dubai to provide gold loans and price hedging facilities.

“Dubai is ideally located in a large wholesale and consumer market and is uniquely positioned to channel gold from the international markets to the ultimate destination,” said Pramod Mohan, senior executive officer (SEO), at the Dubai branch.

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Pay raises to increase in 2010

U.S. employers are beginning to show faith in the nascent economic recovery, and they have the payroll plans to prove it.

According to Mercer’s 2009/2010 U.S. Compensation Planning Survey Update of 350 mid-size and large employers, 14% of organizations are planning further salary freezes in 2010, down from 30% in 2009. Of those employers granting base pay increases, the average increase is expected to be 2.7% in 2010, down from an actual 3.2% in 2009.

“While planned 2010 base increases have dropped a bit from employers’ projections in April and are less than 2009 increases, this is still positive news given the fewer firm-wide pay freezes and staff reductions planned now compared to this time last year,” says Loree Griffith, a principal with Mercer’s rewards consulting business.

Griffith adds that as companies prepare for an economic recovery, they are focusing on retaining employees and engaging top talent.

“Employers are still juggling selective hiring with selective cuts in staff as they evaluate specific workforce needs,” she says. “Recognition programs, career development, training opportunities and creative communication campaigns — efforts that help keep employees engaged and motivated — along with incentive pay strategies will give companies a competitive edge as business begins to improve.”

(12/22/09)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.