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Latest news updates: Former HSBC investment chief to join General Atlantic

What to watch in Asia today

China and its markets remain on holiday for national week until Thursday.

Markets in Hong Kong reopen today, after taking Friday off for the same holiday.

Japan’s parliament will officially select Fumio Kishida, the former foreign minister seen as a moderate “Mr Statu Quo”, as the country’s prime minister.

Sunak pledges £500m to boost UK workforce as supply crises dog Tories

Rishi Sunak, chancellor, will on Monday set aside £500m to help UK-based people find jobs, as the government grapples with a post-Brexit “period of adjustment” that has seen acute labour shortages in some sectors.

Speaking at the start of a Conservative conference in Manchester overshadowed by fuel shortages and warnings of Christmas supply disruption, Sunak will insist the government has a plan to bolster the workforce.

The £500m package of support — targeted at those leaving the furlough scheme and older workers — comes after prime minister Boris Johnson refused to fill labour market holes by pulling “the big lever marked uncontrolled immigration”.

Johnson insisted shortages of lorry drivers and butchers were part of a “period of adjustment” to an economy with better pay and conditions. He agreed with Sunak that disruption could “last for months”.

Read more here.

Former HSBC investment chief to join General Atlantic

One of HSBC’s longest-serving executives is stepping down from a full-time position at Europe’s largest lender to become a senior adviser to $50bn technology investor, General Atlantic.

Samir Assaf, who ran the investment bank for a decade, will retain a role counselling HSBC’s chair Mark Tucker and chief executive Noel Quinn. He will also continue to be non-executive chair of HSBC’s Middle Eastern subsidiaries.

Alongside an advisory role at General Atlantic, Assaf will join the board of a new climate change fund, BeyondNetZero, established by the US private equity firm. Run by Lord John Browne, the former BP chief executive, the fund aims to provide growth equity for new companies with technology that can help reduce carbon emissions.

HSBC and General Atlantic both confirmed the appointments. General Atlantic described Assaf’s role as “sourcing, developing relationships with entrepreneurs around the world and portfolio company support”.

Read more here.


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