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APAC Edition
5th June 2024
 
THE HOT STORY
OpenAI, Google DeepMind's current and former employees warn about AI risks
A group of current and former employees at AI companies, including Microsoft-backed OpenAI and Alphabet's Google DeepMind, has raised concerns about the risks posed by the emerging technology. The employees believe that the financial motives of AI companies hinder effective oversight. An open letter by the group of 11 current and former employees of OpenAI and one current and another former employee with Google DeepMind stated: "We do not believe bespoke structures of corporate governance are sufficient to change this." The letter further warns of risks from unregulated AI, including the spread of misinformation, the loss of independent AI systems and the deepening of existing inequalities, which it says could result in "human extinction." The employees also criticise AI companies for their weak obligations to share information with governments about the capabilities and limitations of their systems.
ECONOMY
Humbled Modi needs answers to India's unemployment
India's Prime Minister Narendra Modi's coalition government will face challenges as it relies on alliance partners to form a government. The BJP fell short of its target of 400 seats and will need support to cross the majority mark. Populism and welfare policies are expected to gain traction as Modi depends on regional leaders who support such matters. Unemployment, inflation, and economic disparities are all urgent issues that need to be addressed. The BJP has acknowledged unemployment as a challenge and has vowed to take action.
CORPORATE
PwC Australia under further scrutiny
The Australian Taxation Office (ATO) has disclosed concerns about consultancy PwC Australia's advice to clients, dating back to 2019. The ATO raised issues regarding PwC's involvement in Foreign Investment Review Board approval processes, which had the potential to mislead or subvert those processes. The ATO also expressed concerns about PwC's assistance to clients in preparing false or misleading responses to Request for Information notices. The disclosures were made in response to questions from Greens senator Barbara Pocock.
LEGAL
Bangladeshi migrants fall victim to fake job scam in Malaysia
Syndicates in Bangladesh are sending thousands of migrants to Malaysia for fake employment opportunities, forcing them into illegal overstay as they seek new jobs to pay off debts. Bangladesh's low-skilled migrant workers remitted nearly $2bn in April, with Malaysia being the sixth highest source of remittance. The rush to beat the May 31 deadline for entry into Malaysia resulted in chaos and exploitation, with many migrants unable to secure seats on flights despite paying exorbitant fees to recruitment agencies. The Malaysian government has set a deadline to crack down on the criminal job market that has duped poor migrant workers. The UN has urged Malaysian authorities to protect migrants who have fallen into debt bondage and called for an end to the involvement of high-level officials in the business.
HIRING
Australian army to allow foreign recruits
The Australian Defence Force (ADF) will now accept recruits from foreign countries to address enlistment shortfalls and strengthen its armed forces. Starting from July, New Zealand nationals who are permanent residents of Australia can apply to join, and from next year, recruits from the UK, US, Canada, and other countries will also be eligible. Defence Minister Richard Marles emphasized the importance of these changes to meet the nation's security challenges. The ADF aims to recruit highly skilled personnel to counter Chinese military expansion in the Indo-Pacific region. Applicants must meet ADF entry standards, security requirements, and have been permanent residents of Australia for over a year. They will also be offered Australian citizenship after 90 days of service. However, the opposition's spokesman for foreign affairs expressed concerns about the government's defence strategy potentially impacting morale in the defence force. "We want to see, ideally, Australians wearing the Australian uniform," Simon Birmingham said.
STRATEGY
UBS says it is mostly done ‘optimising' jobs in Asia Pacific
UBS's Asia Pacific president, Edmund Koh, has said that most of the bank's job cuts in the region are complete as it nears the official completion of its merger with Credit Suisse. The Swiss lender has been cutting thousands of staff following an emergency rescue of Credit Suisse last year. Koh mentioned that the staff attrition rate was high due to the elimination of duplicate roles. UBS says it has retained the best of both teams and has seen strong client retention. The bank is now focusing on rebuilding in markets such as India. UBS returned to profit in the first quarter after two quarters of losses, showing progress in the integration of Credit Suisse after the rescue.
REGULATION
China Evergrande's Hengda fined over fraudulent bond issuance
China Evergrande's onshore flagship unit, Hengda Real Estate, has been fined 4.18bn yuan ($577m) by the China Securities Regulatory Commission (CSRC) for fraudulent bond issuance and illegal information disclosure. Evergrande founder Hui Ka Yan has also been fined 47m yuan and barred from the securities market for life. The CSRC found that the developer had inflated revenue during 2019-2020 and issued bonds based on those falsified statements. Evergrande, the world's most indebted property developer, defaulted on its offshore debt in late 2021 and was ordered to liquidate. The CSRC stated that this is the most severe fine since the unified law enforcement of the bond market. China is also considering imposing a record fine on PwC over its role in auditing Evergrande.
HEALTH & WELLBEING
China office staff cultivate desktop bananas to battle workplace stress
Young professionals in China have found a unique way to alleviate workplace stress by cultivating bananas at their workstations, South China Morning Post reports.  Cultivators of the fruit describe the process by which it ripens as “stop banana green”, or ting zhi jiao lu in Mandarin, which sounds similar to “stop anxiety” in English. The process involves buying green bananas with the stems still attached and nurturing them in vases of water until they ripen. It is seen as a fun distraction from tension at work, and sharing the bananas with colleagues is believed to foster better relationships. In addition to bananas, some office workers are also growing pineapples in vases. With the average working week exceeding 49 hours in China, young professionals are constantly seeking ways to alleviate stress, the report notes.
INTERNATIONAL
US court suspends grant program for Black women business owners
A US federal court of appeals panel has suspended a venture capital firm's grant program for Black women business owners. The court ruled in favour of a conservative group that claimed the program is discriminatory. The ruling is seen as a victory for conservative groups fighting against corporate diversity programs. The Fearless Fund, the target of the lawsuit, expressed disappointment and stated that the ruling sends a message that diversity should not exist. The case has been closely watched by civil rights groups and the venture capital industry. The court found that the grant program violates the Civil Rights Act and ordered the Fearless Fund to suspend its Strivers Grant Contest. The National Venture Capital Association defended the grant program as a step towards creating equal opportunity. The case may eventually reach the Supreme Court.
Pret A Manger abandons plan to open stores in Israel
Pret A Manger is to abandon its plan to open stores in Israel due to travel restrictions on UK staff as a consequence of Israeli action against Palestinian militant group Hamas. The British sandwich and coffee chain had signed an agreement with Israeli retail group Fox Group and foodservice business Yarzin Sella Group in December 2022 to introduce the Pret brand into Israel. However, ongoing travel restrictions have prevented the necessary checks and training needed to set up Pret in the new market. A Pret A Manger spokesperson explained: "Under the terms of Pret's travel insurance, any colleagues travelling to Israel would not be insured." Pret A Manger currently operates over 650 shops in 18 markets and plans to double its business size by 2026.
Farmers protest EU environmental policies in Brussels
Farmers from the Netherlands, Belgium, Poland, and Germany drove hundreds of tractors into Brussels on Tuesday to protest against the European Union's environmental policies. The protest, organised by Dutch lobby group Farmers Defence Force and supported by right-wing and far-right groups, aimed to address concerns over EU green policies that undermine the competitiveness of European farmers. However, mainstream farming groups such as Copa Cogeca and La Via Campesina did not participate, saying they rejected the attempt by small groups to hijack farmer concerns for their own party interests. This protest is part of a larger wave of farmers' protests across Europe, where agricultural workers have been denouncing low food prices, excessive regulation, and free-trade deals that they say make it difficult for them to compete with cheap imports.
Foreign employee numbers in Portugal increase by 35.5% in 2023
The number of foreign employees in Portugal increased by 35.5% in 2023, reaching a total of 495,200, according to a study from Banco de Portugal.  Brazilians stood out as the largest group, followed by Indians, Nepalese, Cape Verdeans, and Bengalis. European workers represented 12.6% of foreigners and experienced a more moderate increase. The median age for foreign workers was 33 years old in 2023, compared to 42 years old for Portuguese workers. Women accounted for 36.7% of foreign workers, with notable differences between nationalities. Foreign workers were concentrated in coastal areas and municipalities with significant agricultural activity. The sectors with the highest foreign employment were agriculture and fishing, accommodation and catering, administrative activities, and construction. The median monthly remuneration for foreign workers was close to the national minimum wage. 
 


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