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APAC Edition
2nd July 2024
 
THE HOT STORY
Samsung Electronics union launches general strike for better pay and time off
Samsung Electronics' union in South Korea, the National Samsung Electronics Union (NSEU), has launched a general strike. The union's 28,000 members are demanding better pay and time off. The NSEU is asking for improvements to the performance-based bonus system and an extra day of annual leave. The president of NSEU, Son Woo-mok, has said that the strike will continue until its demands are met.
WORKFORCE
Electric vehicle transition sparks job concerns in Japan and South Korea
The transition to electric vehicles is causing concern about jobs in Japan and South Korea. Toyota Motor, the largest employer in Japan, is grappling with how the shift will impact its workers and the nation's auto supply chain. Similarly, Hyundai Motor and Kia's moves toward electrification are provoking anxieties in South Korea's labour movement. The Korean Metal Workers' Union, representing around 180,000 auto workers, is negotiating a new contract for Hyundai's vehicle assembly workers and has threatened to strike. The union is also concerned about safety risks as EV battery production expands. The recent fire at a lithium battery plant in South Korea, which claimed dozens of lives, has prompted the government to improve fire safety measures.
STRATEGY
Microsoft closes physical stores in China as part of retail strategy change
Microsoft has closed its authorised bricks-and-mortar stores in mainland China as part of its retail strategy change. The company decided to integrate all distribution channels in mainland China, while consumers can still purchase products and services through its website and certain retail partners. Microsoft's consumer sales in mainland China will now be solely conducted online. The exit of the physical stores reflects the strategic change in retail operations that the company announced in June 2020. The closing of the stores resulted in a pre-tax charge of about $450m. Some distributors in China expect to maintain their status as third-party independent retailers for Microsoft.
HSBC plans fresh recruitment drive to regain title of Asia's biggest wealth manager
The head of HSBC's private bank, Annabel Spring, plans a fresh recruitment drive to regain the title of Asia's biggest wealth manager from UBS. HSBC lost its title after UBS took over Credit Suisse a year ago. Spring aims to deepen HSBC's presence in Asia by recruiting additional staff and expanding across several territories. HSBC has been focusing on wealth management as part of its Asia-pivot strategy and has made acquisitions to bolster its business.
HIRING
Zomato launches Restaurant Services Hub in India
Zomato has introduced the Restaurant Services Hub in India, a platform that assists restaurant owners with staff hiring, regulatory compliance, and more. The initiative, which has been piloted over the last six months and used by over 3,200 restaurants, is now available to all establishments across the country. The move aims to create a comprehensive support system for the restaurant industry, enhancing Zomato's offerings beyond food delivery.
TECHNOLOGY
SmartHR raises $140m in funding round
SmartHR, a cloud-based human resources and labor management software startup, has raised $140m in a funding round led by KKR and Teachers' Ventures Growth. The Series E round indicates investors' interest in tech that helps companies efficiently manage their staff. SmartHR's SaaS platform has seen strong demand, with its annual recurring revenue reaching $100m. The company's growth aligns with the robust demand for HR tech globally. The HR tech market is estimated to be worth $81.84bn by 2032. The funding will be used for developing new solutions, hiring, and growth strategies. SmartHR's previous backers include Light Street Capital, Sequoia Capital Global Equities, and Whale Rock.
HEALTH & WELLBEING
Migrant workers turn to music to fight exploitation
Southern Riot, a band formed by migrant workers in Taiwan, uses music to protest against the exploitation and abuse faced by many such workers. The band, comprised of four workers from Indonesia, combines poetry and punk music to raise awareness about the "systems of slavery" that trap migrants. Migrant workers in Taiwan often find themselves trapped in debt, facing physical and sexual abuse, and working under unjust conditions. They are also subject to exploitation by employment agencies and brokers who charge high fees.
LEGAL
India's criminal justice system faces 'disarray' as colonial-era laws are replaced
Opposition parties and lawyers in India are concerned that the government's replacement of colonial-era criminal laws with new legislation will throw the criminal justice system into disarray. The new laws, implemented by Prime Minister Narendra Modi's government, aim to make the country more just. However, critics argue that the changes were rolled out without proper parliamentary discussion and could worsen the already slow pace of justice. The new laws include the replacement of the sedition law, strengthening of laws dealing with sexual assault, and an increase in the time police can hold a suspect. While supporters praise the reforms as a "watershed moment," opponents argue that crucial safeguards have been omitted and that the changes violate the constitution and important Supreme Court judgments. The new laws are expected to face legal challenges in the courts.
TAX
Korean government cuts departure tax to ease travelers' burden
The Korean government has announced a cut in the departure tax to reduce the burden on travelers. Starting next month, the departure tax will be reduced by 3,000 won, from 10,000 won to 7,000 won. The age exemption for the departure tax will also be raised from under 2 to under 12 years old. The departure tax is a levy collected from domestic and foreign citizens departing for overseas destinations through domestic airports and seaports. The new tax cut and exemption extension are expected to benefit 47 million people annually. The reduction in the departure tax will apply to all citizens departing the country from July 1.
INTERNATIONAL
US states help workers upgrade their tech skills to keep up with AI
US states are taking steps to help workers enhance their tech skills to keep up with advances in artificial intelligence (AI). Connecticut, for example, plans to establish the country's first Citizens AI Academy, offering free online courses to teach basic skills and provide certificates for employment. The academy aims to equip individuals with the necessary knowledge to understand, evaluate, and effectively interact with AI technologies. “This is a rapidly evolving area," observes state Democratic Sen. James Maroney. "So we need to all learn what are the best sources for staying current. How can we update our skills? Who can be trusted sources?” Meanwhile, Gregory LaBlanc, professor of Finance, Strategy and Law at the Haas School of Business at Berkeley Law School in California, says workers should be taught how to use and manage generative AI rather than how the technology works. “What we need is to lean into things that complement AI as opposed to learning to be really bad imitators of AI . . . We need to figure out what is AI not good at and then teach those things. And those things are generally things like creativity, empathy, high level problem solving.”
New Finnish study reveals changing values in the job market
A recent Finnish study revealed what is said to be a significant shift in the local labour market: extrovert behaviour is now highly valued. The study, titled "Evolving Returns to Personality," suggests that extroverted individuals - particularly men - enjoy better job prospects and higher earnings. While traditional qualities like conscientiousness and intelligence remain important, the labour market now also places a premium on sociability, activity, and energy, the study suggests. The research considered data from Finnish conscripts and found that extroverted individuals are finding more job opportunities and achieving good earnings, regardless of their educational background.  "Employment for extroverted individuals grew more strongly compared to conscientious ones, indicating a shift in the market value of certain traits over time," said Joonas Tuhkuri , an Associate Professor at Stockholm University and Senior Fellow Researcher at ETLA Economic Research.
Swedish police investigate unexplained deaths at electric vehicle battery plant
Police in northern Sweden are investigating the unexplained deaths of three men who died after working at an electric vehicle battery plant in the Arctic. The deaths occurred within a short period, and authorities are trying to determine if they are linked, accidental, or the result of a crime. The victims include a 33-year-old cleaner who was found dead in his bed, a 19-year-old employee who died after late-night work, and a man in his 60s who was found dead on his balcony. The police investigation is looking into possible exposure as a cause of the deaths. Northvolt, the company that operates the plant, has conducted its own investigations and said it found no evidence of accidents or exposure. The company also said that it welcomes the police probe. Northvolt is a major player in the automotive industry and has over 6,000 employees across several countries. German carmaker BMW recently canceled a large order with Northvolt due to production delays.
Sending birthday cards to colleagues could count as harassment
A worker has won a case against HMRC, the UK's tax authority, after receiving an unwanted birthday card. An employment tribunal ruled that sending a card to a colleague who does not want their birthday celebrated could be considered harassment. The worker, Kani Toure, had explicitly stated that she did not celebrate her birthday and wanted minimal correspondence during her sick leave. Despite this, she was contacted multiple times and sent a birthday card. The tribunal concluded that the repeated contact and the birthday card constituted harassment and a failure to comply with Toure's expressed wishes. Toure, who suffers from a pituitary gland tumour exacerbated by stress, also won claims of race and disability harassment and discrimination against HMRC. A remedy hearing will determine her compensation.
 


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