Global financial institutions make progress in gender balance amid anti-DEI steps: report
Global financial institutions remain less than halfway towards the goal of achieving gender balance in their workforce, despite recording the biggest improvement since at least 2021 amid a backlash against diversity, equity and inclusion (DEI) initiatives in North America, according to a report.
Advertisement
Their average score rose to 42 this year from 37 in 2024 in the Gender Balance Index (GBI) compiled by Official Monetary and Financial Institutions Forum, a London-based platform for central banking, economic policy and public investment.
The report, published in partnership with US money manager Franklin Templeton, tracks representation of women in 335 institutions including central banks, commercial banks, pension funds and sovereign wealth funds.
Commercial banks led the charge, with 58 per cent of them scoring higher than in 2024, likely as a result of policies and efforts dedicated to empowering the initiatives over the past decade. Three institutions – Banco Central de Chile, Ontario Teachers' Pension Plan and Norges Bank Investment Management – achieved perfect scores of 100, the report showed.
03:00
Female athletes and executives join Angel Ng of Prudential at Women Aces in Leadership
Female athletes and executives join Angel Ng of Prudential at Women Aces in Leadership
While the GBI scores improved, 'the talent pipeline only shows modest gains', the report said, adding that anti-DEI moves in the US may cause contagion globally. 'Even more concerning is that this modest progress is at risk, given the political climate in 2025 and growing backlash against [DEI] efforts.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
Spark Deep Dive: How Labubu is captivating fans around the world
News: Labubu, the adorable Chinese phenomenon, is captivating global fans The toy is drawing comparisons to Hello Kitty with its universal appeal and clever marketing Pop Mart is the company behind the hit collectible character Labubu. It was virtually unknown outside mainland China before 2024. Now, some analysts are comparing its success to that of Hello Kitty. Labubu is a sharp-fanged but cute little monster often sold as a plush clip-on charm for handbags. He has attracted high-profile fans. April marked the debut of the Labubu 3.0 series, which drew long queues in London, New York and Dubai. For years, there's been a push [for Chinese companies] to 'go global' by exporting heritage and storytelling,' said Chris Pereira. He is the founder and CEO of iMpact, a brand consulting company in Singapore. 'But Labubu flips that script. It's not trying to explain China; it's just trying to be lovable.' The constant hype around Labubu has 'great similarities' to Hello Kitty, which turned 50 last year, according to JPMorgan Chase. International sales rose more than 480 per cent in the first quarter of this year compared to last year. This growth was led by increases of 900 per cent in the US and 600 per cent in Europe. Pereira said the popularity of the intellectual property (IP) opens the door for a wave of Chinese brands to succeed not because they are about China, but because they tap into universal emotions. Labubu's rise in popularity is due to a few factors, said Richard Lin. He is the chief consumer analyst at SPDB International, a Hong Kong-based investment bank. 'This includes the scarcity of the product itself, which has fuelled spontaneous social-media promotion by those lucky enough to get their hands on the toy,' he said. The character also appeals to global consumers with its 'mischievous, cheeky image' that fans find irresistible, he said. 'In today's context, Hello Kitty might not resonate as much with younger audiences, who tend to look for characters with more individuality and edge,' he added. Shen Hao is a marketing professor at the Chinese University of Hong Kong. He said that social media fuels the craze for toys like Labubu. 'People can easily find others online who have similar interests, to discuss and share photos, and they get a lot of likes or can even trade their toys,' he said. 'This creates an immersive experience to interact with each other and feel connected as a group.' As stunning as Labubu's success has been, it has decades to go to match Hello Kitty's staying power. Staff writers Staff writers Question prompts 1. According to the news, which of the following is true? (1) Labubu's international sales rose more than 480 per cent compared to last year in the first quarter of this year. (2) The Labubu 3.0 series drew huge queues in Chile and London. (3) Pop Mart's sales rose by 900 per cent in Europe last year. (4) Pop Mart was mostly unknown outside China until Labubu went viral in 2024. A. (1), (2) only B. (2), (3) only C. (3), (4) only D. (1), (4) only 2. List TWO reasons why Labubu has become so popular globally. 3. Name TWO ways in which Labubu is being compared to Hello Kitty in the news. Cartoon Question prompts 1. What is being shown in this cartoon? What might it represent? 2. What makes Labubu different from other popular characters? Explain using the news and your own knowledge. Glossary intellectual property (IP): creations of the mind used in business. This can include inventions, art, literary work, designs, names and images. IP is protected by laws such as patents, copyrights and trademarks. These laws allow creators and artists to get recognition or money for their work. scarcity: the limited availability of resources such as supplies, raw materials or labour, which impacts the production of goods and services and their prices spontaneous: something that is done out of a natural impulse, without having been thought about beforehand. Sample answers News D Labubu has gained popularity partly due to its cute yet mischievous appearance and the buzz generated on social media. Richard Lin noted that the toy's scarcity creates a craze, resulting in higher demand than the available supply, while Shen Hao added that fans of the character have connected on social media, which has allowed them to form a community and share photos and stories about their toys. (accept all reasonable answers) Both Labubu and Hello Kitty possess a charming quality, but as Lin noted, Labubu may appeal more to younger audiences because of its edgy quality. Additionally, while Labubu has recently garnered considerable attention, Hello Kitty's long-standing presence in the market remains a significant factor to consider. (accept all reasonable answers) Cartoon The image depicts a variety of plushies, dolls and toys gathering around a map of the world. On the map, several light bulbs are marked in different locations. This illustrates how dolls and toys, especially those from Pop Mart, are gaining popularity worldwide, with many hotspots emerging. (accept all reasonable answers) Labubu is extremely popular worldwide. The fact that the doll was designed by an artist from Hong Kong and is sold by a company based in Beijing will attract more attention to China. Enthusiasts of dolls and toys may become interested in discovering more toys made in China, which could have a positive impact on the economy, especially if Labubu rises to the same level of popularity as Hello Kitty. In addition, Labubu has an edgy quality, while other popular characters tend to look more cute. (accept all reasonable answers)
South China Morning Post
4 hours ago
- South China Morning Post
London and Hong Kong hold the keys to closer UK-China collaboration
Since my last visit to mainland China just 12 months ago, the global trade landscape has undergone drastic change. Navigating tariffs is a frequent topic of discussion, while the importance of trade relationships could not be more prominent. As policy chairman of the City of London Corporation, I strive to ensure that rising global uncertainty does not give way to inertia. As two of the world's leading financial centres, London and Hong Kong have an opportunity to deepen the wider financial services partnership between the UK and China. UK Chancellor of the Exchequer Rachel Reeves has indicated support for respectful and consistent relations with China where we can be open about areas both sides disagree while finding opportunities for secure trade and investment. Otherwise, we won't be able to successfully tackle shared challenges. Reforming capital markets to supercharge investment into companies looking to start operations, scale up and stay within the UK remains one of these key focus areas. The City of London Corporation has supported a significant part of that work, channelling pension investment into high-growth companies through the Mansion House Accord – a landmark industry-led agreement committing £50 billion (US$67.8 billion) of defined contribution pension funds to UK private markets by 2030. China also aims to reform its pension system to meet the evolving needs of its ageing population, with the development of a private pension scheme that acts as a 'third pillar' of support, creating new opportunities for both domestic and international players, including banks, insurance companies and asset managers. This presents a clear opening for the UK asset management industry, which is the largest centre outside the United States. Hong Kong, similarly, is a significant global asset management centre with about HK$31 trillion (US$4 trillion) worth of assets under management at the end of 2023.
Asia Times
2 days ago
- Asia Times
Price war sparks EV financial crisis concerns in China
BYD, the world's largest electric vehicle (EV) manufacturer, is facing growing challenges from an intensifying price war and a change in supplier payment regulations in China, raising market concerns about the company's financial stability. On May 23, the Shenzhen-based EV maker initiated a price war in China by offering discounts of 10 to 30%. It priced some affordable models under 150,000 yuan (US$20,890), and the Xia MPV (multi-purpose vehicle) at around 200,000 yuan. It also offers its Ocean range's Seagull at a starting price of 55,800 yuan, down from the official guide price of 69,800 yuan. BYD's Hong Kong-listed shares have fallen by 15.5% from their peak of HK$155 (US$19.7) on May 23. The company's market cap has decreased by some US$22 billion over the period. BYD executive vice president Stella Li told Bloomberg in an interview on June 12 that the 'very extreme, tough competition' in the Chinese EV market is unsustainable. Li did not say whether BYD would scale back its discount program, but she stated that the company will invest up to $20 billion to expand its operations in Europe over the next few years. She highlighted Germany, the United Kingdom and Italy as BYD's key European markets. 'If we decide to do something, we put all our resources behind it,' she said, referring to the company's commitment to after-sales service in Europe. 'We want to ensure it's successful in the long run.' Last October, the European Union imposed tariffs ranging from 17% to 35.3% on Chinese EVs (BYD: 17%, Geely: 18.8%, SAIC and others: 35.3%). China suggested setting minimum prices for the EVs it ships to the EU. Both sides are still negotiating the matter. In March, BYD said it is considering setting up its third European assembly plant in Germany. It has a factory in Hungary and is building another in Turkey. When BYD announced its price cuts on May 23, one of its rivals warned of a possible Evergrande-like debt crisis in China's auto sector on the same day. (Evergrande is China's highly indebted property company that has come to epitomise the sector's ongoing crisis.) 'An Evergrande of the auto industry already exists, though it has yet to explode,' Wei Jianjun, chairman of Great Wall Motors, said in an interview without naming any company. 'The current automobile industry is facing a serious problem of being coerced by capital,' Wei said. 'Some automakers are addicted to burning money for market share.' He said some Chinese automakers over-rely on financing from the capital market to boost production scale and market share, but ignore their profitability and technological innovation. He said these firms' capital chains will break if the market environment changes. He stated that the bankruptcy of any large auto firm would result in many people losing their jobs, harm upstream and downstream companies, and negatively impact the Chinese economy. Li Yunfei, general manager of BYD's brand and public relations division, responded to Wei's comments in a Weibo post on May 30. 'Following the stunning comments made by Great Wall Motors' Wei, many articles and videos said BYD is an Evergrande in the auto sector,' Li said. 'I feel confused and angry, and find these comments laughable.' 'If BYD's debt-to-asset ratio (70%) is a sign of high risk, are Ford (84%), General Motors (76%), and Geely (68%) all at risk?' he said. He said many malicious commentators ignored that BYD's interest-bearing debts and accounts payable are lower than many other players. He added that Chinese EVs have become mainstream products overseas and will continue to see good prospects. The Ministry of Industry and Information Technology (MIIT) said on May 31 that automakers should avoid disorderly price wars and maintain fair competition. The People's Daily commented that consumers would not benefit from price wars, which would drive automakers to use low-quality parts, reduce after-sales service and cut research and development expenses. Citing industry data, the newspaper reported that the average net margin of Chinese automakers fell to 4.3% in 2024, down from 5% in 2023. For 2024, BYD's net profit rose 34% to 40.3 billion yuan, while revenue grew 29% to 777.1 billion yuan. At the end of 2024, the company's total debt rose 10.3% to 584 billion yuan, and its total assets increased 15.3% to 783 billion yuan. Its debt-to-asset ratio, or debt ratio, fell 3.2 percentage points to 74.64%. For the same period, Nio, a Shanghai-based EV maker, had a debt ratio of 87.45%, and Great Wall Motors' was 65.96%. Heavily indebted Chinese property developers have around 60-90% debt ratios. However, accounting consultancy GMT Research said in January that BYD's net debt might be 323 billion yuan as of mid-2024, contrasting with the official figure of 27.7 billion yuan. It stated that the company's Dilink platform, a supply chain financing system, may conceal a substantial amount of off-balance sheet debt. In other words, BYD may have delayed supplier payments. Wang Guo-chen, an assistant researcher at Taiwan's Chung-hua Institute for Economic Research (CIER), said BYD is only one of the many Chinese firms struggling to survive in an oversupplied market. On March 25, China's State Council amended the Regulation on Ensuring Payments to Small and Medium-Sized Enterprises, requiring companies to pay their suppliers within 60 days, effective June 1. BYD said on June 11 that it will standardize its payment period for suppliers to 60 days. Observers said automakers may thus report higher debt ratios in the second half. Read: Sugon, its suppliers hit by US sanctions, to merge with Hygon
