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APAC Edition
4th June 2024
 
THE HOT STORY
China's young professionals want to retire in their 30s
Retirement homes in China are no longer just for the elderly, and a new trend has emerged of burned-out professionals seeking early retirement - at least temporarily - in their 30s, South China Morning Post reports. These "nursing homes for the youth" can be found across China and offer a place for young adults to take a break from their careers. The facilities focus on mental well-being and provide socialising opportunities for residents. The growing popularity of these homes reflects a broader shift among young Chinese adults who are seeking alternatives to the conventional career trajectory. Meanwhile, an increasing number of individuals inspired by the “Fire”  (financial independence, retire early) movement are plotting their path towards permanent retirement in their 30s or 40s. The Post notes that in the West, the “Fire” lifestyle is predominantly pursued by high-net-worth individuals - but in countries such as South Korea and China, it attracts workers and employees seeking better work-life balance, and even the unemployed.
WORKFORCE
Thailand approves longer visa stay periods for tourists
Thailand's cabinet has approved longer visa stay periods for tourists, one-year stays for postgraduate students, and better retirement visa conditions. The new visa policies will provide greater flexibility and convenience for those wishing to visit or study in Thailand. The moves are expected to boost the tourism and education sectors, contributing to the country's economic growth. Prime Minister Thavisin stated: "These visa changes will help to attract more visitors and students, and further enhance Thailand's reputation as a welcoming and inclusive destination."
REMUNERATION
Australia raises minimum wage by 3.75% to tackle soaring living costs
Australia's independent wage-setting body, the Fair Work Commission, has increased the national minimum wage by 3.75% to address soaring living costs. The minimum rate will rise to A$24.10 per hour from July 1, benefiting about 2.6 million employees. The commission acknowledged that low-income employees have been most affected by cost-of-living pressures. However, it stated that award wages should not be significantly increased above the inflation rate due to stagnant labour productivity. The move comes as Australian consumer price inflation rose to 3.6% in April, the highest level in five months.
LEADERSHIP
Why so many of the world’s best chief executives are Indian
One in six of Fortune 500 tech companies is run by someone of Indian heritage, writes Ajaz Ahmed in the UK's Times newspaper. Indian-born chief executives now lead many of the world's most valuable companies, including Google, Microsoft, and IBM. India's booming export trade in chief executives is a bigger story than its position as the world's fastest-growing economy, writes Ahmed, the founder and chief executive of digital agency AKQA, who points to Indian culture and education, as well as the country's vastness and variety, as contributing factors to the success of Indian leaders. A positive attitude to learning and ambition often begins in the home, where knowledge is prized, he adds, with Indian values often focussing on family and creating dynasties.
WORKPLACE
Singapore's OCBC to decide on refurbishment of iconic headquarters
OCBC Group, the second-largest bank in Southeast Asia, is set to make a decision on the refurbishment of its iconic headquarters in Singapore. CEO Helen Wong has ruled out demolishing the existing building complex and constructing new high-rises. The complex, which includes the 52-storey OCBC Centre, has been designated a historic structure. Wong stated that the appearance of the buildings will be preserved and that the government is providing guidance on rejuvenating the site. OCBC Group recently announced plans to invest HK$1.5bn in Hong Kong and Macau to upgrade its digital platform and offices. Wong says she believes it is important to provide a good office environment to attract talent and upgrade the facilities at its branches in Hong Kong and Macau. She remains positive about growing trade and business ties between China and ASEAN, noting the opportunities this will provide for the bank.
HIRING
Morgan Stanley expands private wealth management in Asia with senior hires
Morgan Stanley is strengthening its private wealth management business in Asia with the addition of two senior hires from rival banks. Edwin Lim, a veteran Hong Kong private banker, has been hired as a managing director and sales manager for the Asia private wealth management business. Terence Yu has been appointed as co-chief investment officer and head of discretionary fixed income business in Asia private wealth. The hires come after the recruitment of six seasoned relationship managers in the past year, demonstrating the bank's commitment to the ultra-high net worth business in Asia. Morgan Stanley has been expanding its wealth operations in Asia Pacific and globally, generating $6.88bn in revenue in Q1.
DIVERSITY, EQUITY & INCLUSION
Former Australian PM warns of regressive thinking on gender equality
Former Australian prime minister Julia Gillard has warned that global progress on gender equality is going backwards among young people. She cites recent polling by King's College London's Global Institute for Women's Leadership which showed that 51% of respondents believe that men are doing too much to support gender equality, while 46% think that men are now discriminated against. Gillard highlighted the differences according to age, with 60% of men aged 16-27 thinking that "women's equality has gone too far." She has called for feminists to explain that gender equality is better for everyone and dispel the idea of a zero-sum game.
LEGAL
Chinese Apple supplier accused of illegal operations in Taiwan
Taiwanese law enforcement has accused Chinese Apple supplier, Luxshare Precision Industry, of illegally operating in Taiwan and attempting to poach tech talent. The investigation bureau also named Zhejiang Dahua Technology, a U.S.-sanctioned Chinese firm, for illegally setting up operations on the island. Taiwan, which considers itself a separate territory from China, has been intensifying efforts to combat what it sees as underhanded and illegal activities by Chinese companies. Luxshare has previously faced accusations of stealing commercial secrets and poaching employees from a Taiwanese competitor. Taiwan sees China's efforts as a threat to its chip expertise, as it is home to chipmaker giant TSMC and accounts for the majority of the world's most advanced semiconductor manufacturing capacity.
British judges paid to sit on Hong Kong court
British judges are taking tens of thousands of pounds to sit on Hong Kong's top court despite a pro-China crackdown on dissent in the city. Five British judges are listed as overseas non-permanent judges for Hong Kong's Court of Final Appeal and can be selected at any time to sit on appeal cases, for up to a month at a time. They are paid £40,000, with flights, accommodation and travel also expensed. The judges have sat on the court since 1997 to help preserve the rule of law, provide expertise to local lawyers, and reassure businesses and financial markets. However, critics argue that British judges should not be sitting on the appeal court at all. International law expert and barrister Sir Geoffrey Nice stated: "I see absolutely no reason the judges should be there. The Hong Kong game has been lost and it is being drawn back to China."
TECHNOLOGY
OpenAI report exposes covert influence operations using artificial intelligence
OpenAI has released a report on covert influence operations that have been using its AI products to manipulate public opinion and shape political outcomes. The report identifies five networks, including those from Russia, China, Iran, and Israel, that have been accessing OpenAI's ChatGPT-maker's AI tools to deceive people more efficiently. These networks have used AI to generate text, images, and social media bios, as well as to summarise articles and debug code for bots. OpenAI stated that these campaigns failed to significantly increase their reach using its services. The report aims to shed light on the use of generative AI in influence operations and fill in gaps in understanding. OpenAI says it plans to share more reports in the future to help detect and defend against such operations.
INTERNATIONAL
Tribunal cases expected to increase as UK employers push back on remote working
Lawyers and HR experts predict a surge in employment tribunal cases in the UK as companies scale back remote working arrangements. Some companies are advocating for a full return to the office, while others are enforcing a minimum number of days in the workplace. The number of employment tribunals mentioning remote working increased by 50% in 2022 compared to the previous year, data from a HR consultancy shows. The Guardian notes that lawyers say some employers have become emboldened after an employment tribunal earlier this year rejected the case of a senior manager who sued the City of London watchdog because she wanted to work at home full-time. Elizabeth Wilson, a senior manager at the Financial Conduct Authority (FCA), had her demand quashed by a judge, who said the regulator was within its rights to deny the request. Richard Fox, a partner at Keystone Law, said the FCA case was significant and closely watched. “The FCA case was not binding but employers have felt it is an important case to consider . . . The issue is becoming a battleground and we advise employers to play it very carefully.”
Aon's hiring tools are discriminatory, ACLU claims
Aon Consulting, a firm that works with Fortune 500 companies, is accused of falsely claiming that its applicant screening software is "bias-free." The American Civil Liberties Union (ACLU) has filed a complaint with the Federal Trade Commission alleging that Aon's AI-powered hiring tools discriminate against job candidates based on disability and race, despite being marketed as non-discriminatory. The ACLU specifically points to Aon's algorithmically driven personality test, ADEPT-15, which it says adversely impacts autistic and neurodivergent individuals, as well as people with mental health disabilities. Aon also offers an AI-infused video interviewing system and a gamified cognitive assessment service that are likely to discriminate based on race and disability, the ACLU said. A growing body of research has shown that AI tools in HR and hiring can be biased, Bloomberg notes. “We are committed to building solutions that enable our clients to make inclusive hiring decisions,” an Aon spokesperson said in a statement to Bloomberg.
Portugal toughens rules for migrants
Portugal has announced a new plan to tighten rules for migrants, requiring them to have an employment contract before moving to the country. The move comes as other EU countries have also implemented stricter immigration policies. The government will outlaw the "manifestation of interest" mechanism, which allowed non-EU migrants without an employment contract to move to Portugal and request residency after paying social security for a year. The plan prioritises entry for qualified professionals, students, those from Portuguese-speaking nations, and people seeking family reunion. Portugal currently has around 800,000 migrants, contributing significantly to the economy but often facing precarious jobs and lower salaries. Under the previous Socialist government, Portugal had one of Europe's most open migration regimes, but severe delays in obtaining residency and other documents have left many migrants struggling to access housing and jobs. "We need people in Portugal willing to help us build a fairer and more prosperous society," said Portuguese Prime Minister Luis Montenegro. "But we cannot go to the other extreme and have wide-open doors."
OTHER
Claudia Sheinbaum becomes Mexico's first female president
Claudia Sheinbaum, a Nobel Prize-winning climate scientist, has won a landslide election victory in Mexico, becoming the country's first female president. Sheinbaum, who secured between 58.3% and 60.7% of votes, thanked her mentor and outgoing leader Andres Manuel Lopez Obrador, describing him as "an exceptional, unique man who has transformed Mexico for the better." Sheinbaum has promised to continue the welfare policies that have driven Lopez Obrador's popularity, but faces challenges such as a budget deficit and low economic growth. She will also have to address security issues and negotiate with the United States on migration and drug trafficking.
 


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