Join | Subscribe | Change E-mail | Comments | Archives  

September 17, 2014




Global News Briefs

Sponsored Content

The Changing Mobility Landscape: A New Outlook

Today's best-in-class mobility programs are tailored to meet organizational, business, and talent objectives. Watch AIRINC's Morgan Crosby, Global Director of Advisory Services, as she discusses this new approach to mobility, the challenges it presents, and how companies should address these challenges in The Changing Mobility Landscape: A New Outlook.

Upcoming Events


How to Monitor, Retain, Repatriate and Re-employ HIPO Assignees
September 18 | 2:00pm ET
Sponsored by: Cornerstone Relocation Group

Regulations, Trends and a New HUD-1 Statement! The Latest News From the Mortgage Industry!
September 25 | 2:00pm ET
Sponsored by: Quicken Loans

Russia: How Current Events are Shaping the Economy and Implications for Business and Expatriates
October 1 | 10:00am ET
Sponsored by: WHR Group

Getting Cost of Living Right - Policy Options and Managing Everyday Issues
October 14 | 2:00pm ET
Sponsored by: ECA International

Top Tips and Technology for Global Business Traveler Compliance
October 23 | 2:00pm ET
Sponsored by: Pearl Travel Tech

Managing the Cultural Challenges of Emerging Markets
November 4 | 2:00pm ET
Sponsored by: TRC Global Solutions 

The Africa You Don't Know (But Should)
November 6 | 2:00pm ET
Sponsored by: Pro-Link Global

Relocation's Biggest Challenges: Issues, Trends and Best Practices - Findings From the 2014 Survey
November 11 | 12:00pm ET
Sponsored by: Cartus

The Overall State of the U.S. Real Estate Market
November 20 | 2:00pm ET
Sponsored by: WHR Group


Global Workforce Symposium 2014
October 8-10, 2014
Chicago, Illinois

Global Mobility Specialist Training Program

All GMS® modules are online!

Modules 1 and 3: Hong Kong
September 18-19, 2014

Chicago, Illinois
October 8, 2014

Houston, Texas
October 29, 2014

White Plains, New York
November 5, 2014

Amsterdam, The Netherlands
November 19, 2014

Strategic Talent Mobility: GMS-TSM Training

Chicago, Illinois
October 7, 2014

Houston, Texas
October 30, 2014

White Plains, New York
November 6, 2014

Amsterdam, The Netherlands
November 20, 2014

Immigration Minute
(Sponsored by Fragomen)


Brazil’s July Economic Activity Increases More Than Forecast, 9/14/2014


Brazil’s economic activity in July rose more than economists forecast, as the central bank signals it will keep interest rates on hold in the world’s second-biggest emerging market. The seasonally adjusted economic index, a proxy for gross domestic product, rose 1.50 percent in July from the prior month after contracting a revised 1.51 percent in June, the central bank said in a report posted on its website. The median estimate from 30 economists surveyed by Bloomberg was for a 1 percent expansion. Brazil’s economy slipped into recession in the second quarter as above-target inflation erodes consumer and business confidence. Moody’s Investors Service cut the nation’s credit rating outlook this week, citing “the absence of any signs of a recovery.” With presidential elections less than a month off, economic management has become central to the campaign. The non-seasonally adjusted economic activity index fell 0.23 percent from a year ago, compared with a median estimate of a 1 percent drop, the central bank report said.


Back to top


Canadian Home Sales Surge in August, to Peak in Third Quarter: CREA, 9/15/2014


The Canadian Real Estate Association (CREA), the industry group for Canadian real estate agents, said sales were up 1.8 percent last month from July. Actual sales for August, not seasonally adjusted, were up 2.1 percent from August 2013. Sales of existing homes in Canada hit  the highest level since January 2010, but CREA predicted sales will peak in the third quarter and decline in 2015. CREA's home price index rose 5.3 percent from August 2013, matching July's year-over-year gain. The national average price for homes sold in August, not seasonally adjusted, was C$398,618 ($360,023), up 5.3 percent from the same month last year. "Sales activity in recent months has remained stronger than was anticipated earlier this year," said Gregory Klump, CREA's chief economist. Klump said sales bounced back after a slump early in the year that resulted from a harsh winter, a trend bolstered by a decline in mortgage rates. The persistent sales strength has put renewed focus on concerns that Canadian households are over-reaching to get into the market and on fears of a housing bubble.


Back to top



Managers Wanted: War for Talent Heats Up in China, 9/11/2014


Faced with slowing economic growth and mounting competition from domestic firms, China has a growing need for experienced managers and leaders. However, the pool of candidates with the relevant skill sets is shallow. With a population of over 1.3 billion, China is home to a deep pool of human capital, but an intensifying war for talent between multinationals could threaten the growth potential in the world's number-two economy.  "A few years back, it was easier for a leader of a multinational company to come into China and grow a business; now they are facing very strong and fierce local competition. MNCs are looking for leadership that can manage this environment and reinvigorate growth," said George Huang, partner-in-charge at executive search firm Heidrick & Struggles' Beijing office and Linda Zhang, partner-in-charge of the Shanghai office. "However, there's a shortage of talent on that front. It's hard to find a general manager that is acquainted with the local environment and has sufficient experience running a business from end-to-end, which requires a deep understanding of each component of the business from manufacturing to sales to finance to R&D," they said.


Back to top


Global Interest

A New Era of Talent Management, 8/14/2014

The International Monetary Fund and others predict that 70% of the world’s growth will come from emerging regions between now and 2016. Meanwhile, firms based in those areas are themselves expanding and vying for talent. The impact of demographics on hiring pools is clear. The sweet spot for rising senior executives is the 35- to 44-year-old age bracket, but the percentage of people in that range is shrinking dramatically. Cross-border business has never escalated more quickly; the imbalance between old and young has never been so dramatic; and views on the pipelines and development of qualified successors have never been more negative. Combine them, and what results is a war for talent that presents huge challenges for most organizations.


Back to top


OECD Slashes Growth Forecast for Leading Economies, 9/15/2014

The European Central Bank (ECB) has been urged by the Organisation for Economic Co-operation and Development (OECD) to deploy quantitative easing to help stimulate the ailing Eurozone. The global economy faces headwinds from a sluggish Eurozone and rising political tensions, including the uncertain outcome of Scotland's independence referendum. Updating its economic outlook before a G20 meeting of finance ministers in Australia this week, the Paris-based think-tank described continued slow growth in the euro area as the "most worrying feature" of its new projections. Its deputy secretary-general Rintaro Tamaki said: "The global economy is expanding unevenly, and at only a moderate rate. Trade growth therefore remains sluggish and labor market conditions in the main advanced economies are improving only gradually, with far too many people still unable to find good jobs worldwide. The continued failure to generate strong, balanced and inclusive growth underlines the urgency of undertaking ambitious reforms." The OECD now forecasts Eurozone GDP will grow just 0.8% this year, down from the previous forecast for 1.2% growth made in May's outlook. In 2015, it expects the Eurozone to grow 1.1%, down from the 1.7% forecast in May.


Back to top


Expats Left Frustrated as Banks Cut Services Abroad, 9/11/2014

Some expats are running into problems with U.S. bank accounts, as financial firms adapt to government policies meant to prevent money laundering and tax evasion. Americans living abroad are being cut off by banks and brokerages as financial institutions seek to steer clear of a U.S. crackdown on money laundering and tax evasion. The traditional challenges of expatriate life—adapting to a new culture, separation from family and friends—are being complicated by the tougher U.S. laws and more aggressive scrutiny of customer accounts.  "The reality on the ground is that overseas Americans are facing restrictions and lockouts from both U.S. and foreign financial firms," said Marylouise Serrato, the director of American Citizens Abroad, the leading group representing U.S. expatriates. Experts say a broad range of U.S. expats are affected. Several factors are contributing to the squeeze. One is the Foreign Account Tax Compliance Act (FATCA), enacted by Congress in 2010 after learning that foreign banks, especially in Switzerland, had profited by encouraging U.S. taxpayers to hide money with them abroad. The main provisions of FATCA took effect in July.
As a result, foreign financial firms must report to the Internal Revenue Service investment income and balances above certain thresholds for accounts held by U.S. customers. Nearly 100,000 banks and other companies have registered with the IRS.  


Back to top

United States

U.S. Economic Confidence Index Remains on Plateau
Gallup, 9/16/2014

Gallup's Economic Confidence Index is the average of two components: Americans' views of current economic conditions and their opinions on whether the economy is getting better or worse. For the week ending Sept. 14, 19% of Americans said the economy was "excellent" or "good," while 35% said the economy was "poor." This resulted in a current conditions index score of -16, compared with -15 the week before. The index has been -20 or lower only twice so far in 2014: in early March and again for a week in late July. It quickly recovered both times, reaching the -16 and -15 scores seen throughout 2014 within a few weeks of each dip. The average weekly index for 2014 is -16, the same as the most recent weekly index.  While economic confidence remains stable in the U.S., the current level is a noticeable improvement over the scores in the -40s and -50s seen through much of 2009 until 2011. The index has stayed within an eight-point range so far in 2014. This lack of variation between weekly index scores is unusual compared with prior years. Last year, weekly scores were within a 31-point range from January through September -- from a high of -3 in May to a low of -34 in the last week of September. And in 2009, in the depths of the recession, scores were within a 39-point range between January and the end of September, dropping to a low of -59 for two weeks in February but reaching a high of -20 in the second-to-last week of September. The more stable economic confidence scores in 2014 are an improvement from the drastic drops seen in previous years, but also indicate that confidence is not growing.  


Back to top






For advertising information
click here

Featured Jobs

Director, Client Services
Brookfield Global Relocation Services
Nashville, TN


Relocation Manager
Irvine, CA


is an exclusive twice-monthly news service of Worldwide ERC®, and sweeps outlets from more than 190 countries to find noteworthy news focusing on global workforce mobility issues.  


Worldwide ERC® was founded in 1964 and is widely recognized as the authority on global workforce mobility. To learn more about Worldwide ERC® and its mobility designation programs, career development, unbiased research, industry events, advocacy and education visit


Worldwide ERC® Headquarters
4401 Wilson Blvd., Suite 510, Arlington, VA 22203, USA
+1 703 842 3400 | Fax +1 703 527 1552 |


Worldwide ERC® also has bureaus located in Brussels, Belgium, and Shanghai, China. This e-mail is brought to you through your relationship with Worldwide ERC®. If you believe it has been sent to you in error, or you wish to request a change to your e-mail address, click here. Worldwide ERC® can be contacted by mail at 4401 Wilson Blvd., Suite 510, Arlington, VA 22203, USA.

©copyright 2014 Worldwide ERC®
This service may be reproduced for internal distribution. The links from the source are to the publisher, publication, or article. Some links may require registration or subscription. Worldwide ERC® is not affiliated with the referenced publications
Worldwide ERC®