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APAC Edition
26th July 2024
 
THE HOT STORY
University students in Singapore delay graduation for work experience
Some university students in Singapore are postponing their graduation in order to gain work experience. The trend, known as "internship stacking," involves students taking multiple internships to build their work portfolio and increase their chances of securing a job in the competitive local labour market. The finance sector, in particular, has seen a surge in internship applications; banks including Goldman Sachs and JPMorgan have experienced a significant increase in the number of applicants. The trend has led to intense competition among students and a need to undertake multiple internships to stand out. Despite the challenges, students believe that gaining work experience through internships is worth the delay in graduation and provides them with a starting point for their careers.
HIRING
Biggest float in Japan this year offers innovative fix to labour crunch
The developer of Timee, an innovative job matchmaking app, has gone public in Japan. Timee aims to help Japan tackle its severe labour shortage by offering a so-called "spot work" service that matches employers with people seeking jobs for specified periods of time and locations. With a market value of about 138 billion yen, Timee is the biggest among 95 listings of application software companies in Japan since 1994. The company won't receive any proceeds from the IPO, but going public may help boost its profile among clients, jobseekers, and investors. Timee plans to expand its service to industries such as hotel, nursing care, childcare, and manufacturing. The company faces competition from other similar services, but analysts believe Timee is a leader in an untapped and underpenetrated space.
Five Singaporean men charged for illegally hiring foreigners
Five Singaporean men have been charged for allegedly hiring foreigners illegally under shell companies in Singapore. The Ministry of Manpower (MOM) revealed that the men were involved in an illegal labour importation syndicate. The charges include obtaining work passes for non-existent companies and submitting false work pass applications. The court documents did not disclose the roles of the foreigners or the amount the men received for their illegal activities. The men could face imprisonment and fines if convicted. MOM also stated that 17 of the 66 foreigners involved have been charged for offences under the Employment of Foreign Manpower Act. The public is encouraged to report any suspicious employment activities to the authorities.
CYBERSECURITY
Warning about North Korean cyber threat
A North Korea-backed cyber group has been accused of carrying out an online espionage campaign to steal military and nuclear secrets. The UK, US and South Korea issued the high-profile warning about the group - known by the names Andariel and Onyx Sleet – alleging it is targeting defence, aerospace, nuclear and engineering entities to obtain classified information, with the aim of advancing Pyongyang’s military and nuclear programs and ambitions. Paul Chichester, director of operations for the UK’s National Cyber Security Centre (NCSC), an arm of GCHQ, said: "The global cyber espionage operation that we have exposed today shows the lengths that DPRK state-sponsored actors are willing to go to pursue their military and nuclear programmes. It should remind critical infrastructure operators of the importance of protecting the sensitive information and intellectual property they hold on their systems to prevent theft and misuse."
STRATEGY
Asian wealth management firms aim to double assets by 2026
Asian wealth management firms are aiming to double their assets under management to almost US$260 trillion by 2026, according to a report by Accenture. The report states that the surge in the number of rich individuals in the region is driving a surge in cross-border investment demand. Currently, about 11% of Asian high-net-worth clients' assets are invested outside their home markets. The report also highlights that wealth in the region has grown by nearly 177% since 2008, making it the world's fastest growing region. To meet the demand for investment diversification, firms are targeting high-net-worth individuals with more than US$1m in investible assets. The report also mentions that Asian banks and wealth management companies plan to invest more in generative artificial intelligence tools to help their relationship managers provide analysis and other information to clients.
CORPORATE GOVERNANCE
Hong Kong listed companies oppose stock exchange's plan to cap directorships
Hong Kong's publicly traded companies are strongly opposed to the plan by the city's stock exchange to cap the number of board seats each independent director can take and limit the duration of their tenure. Mike Wong Ming-wai, chief executive of the Chamber of Hong Kong Listed Companies, said that a hard cap on directorships does not ensure better performance and that directors can still contribute sufficient time and effort to serve. Hong Kong Exchanges and Clearing Limited (HKEX) wants to set the maximum of board seats for independent non-executive directors (INEDs) at six, each for up to nine years, effective January 2025. The proposal has faced pushback from powerful lobby groups and corporate figures. Hong Kong has lagged other stock exchanges in addressing the "overboarding" problem. The HKEX's previous attempt to impose a hard cap in 2010 was dropped after backlash. The current proposal is part of HKEX's efforts to improve corporate governance and attract start-ups to raise funds.
TAX
U.S. rejects plan for G20 deal to tax super-rich
The United States does not believe that negotiating an international agreement on taxing the super-wealthy is necessary, according to U.S. Treasury Secretary Janet Yellen. Yellen expressed this view at the G20 finance ministers' meeting in Rio de Janeiro, where the topic of taxing the ultra-rich was being discussed. She emphasized that all countries should ensure that their taxation systems are fair and progressive. Yellen also highlighted the progressive taxation policies proposed by U.S. President Joe Biden, including a billionaires' tax. Brazil, along with France, Spain, South Africa, Colombia, and the African Union, support the idea of a global agreement on taxing billionaires. However, Germany's finance ministry considers the idea irrelevant. Global inequality has been increasing, with the richest 1% earning over $40 trillion in a decade. French economist Gabriel Zucman suggests that billionaires should be taxed 2% of their fortune. The G20 meeting in Rio also addressed other issues including the global economy, climate transition financing, and debt.

 
AFP
LEADERSHIP
Dentons appoints Kate Barton as global CEO
Dentons, the world's largest law firm, has appointed Kate Barton from EY as its next global chief executive. Barton, who has spent 35 years at EY, will join Dentons in September and take over from Elliott Portnoy in November. Portnoy has overseen significant growth at Dentons, which now operates in 167 locations across 82 countries. Barton has held various executive leadership roles at EY, including CEO of tax, law, and people advisory services. She has helped transform EY's global tax practice through strategic investments and M&A activity.
INTERNATIONAL
European Union sues Germany, Italy for alleged discrimination against mobile workers
The European Commission has decided to refer Germany and Italy to the European Court of Justice (ECJ) over alleged discriminatory practices against mobile workers. Both countries have introduced schemes for family allowances that provide smaller benefits for certain groups of workers. In Italy, workers must have resided in the country for at least two years to be eligible for the benefit, while in Germany, allowances are smaller for workers with children residing in European Union countries with lower living costs. "One of the fundamental principles of the EU is that people are treated equally without any distinction based on nationality," the European Commission said in a statement. "Following this basic principle, EU mobile workers who contribute in the same way to the social security system and pay the same taxes as local workers are entitled to the same social security benefits," it said.
UK companies are being advised to dismiss underperforming staff ahead of workers’ rights overhaul
Employment lawyers are advising their clients to take action ahead of the UK government’s incoming Employment Bill, which is expected to include awarding workers’ full rights from day one. Nicholas Le Riche, an employment lawyer at BDB Pitmans, said: “We’re definitely flagging the upcoming changes with clients and highlighting that now is the time to consider their workforce structures for the rest of the year.” James Davies, an employment lawyer at Lewis Silkin, has said that some firms are also considering strengthening the terms of probationary periods. He said: “The advice we are giving at present includes looking at contracts for new hires to make sure they have properly drafted probationary periods . . . Many employers have historically managed them poorly as there was little legal significance to an employee failing a probationary period and an employer deciding a little later that it wasn’t working out.” Caspar Glyn, who is chairman of the Employment Lawyers Association, observed that employers will want to “set up and implement more rigorous systems to ensure that new staff who don’t measure up can be fairly dismissed within their probationary period.” Andrew Taggart, head of employment at Herbert Smith Freehills, added: “Businesses need to think about what changes might be needed . . . We’re advising that clients get ready to contribute meaningfully to the consultation because the devil is in the detail.”
Puerto Rico bans discrimination against those who have diverse hairstyles
Puerto Rico's governor has signed a law that prohibits discrimination against people wearing Afros, twists, braids, and other hairstyles in the racially diverse U.S. territory. The move was celebrated by those who had long demanded explicit protection related to work, housing, education, and public services. "It's a victory for generations to come," said Welmo Romero Joseph, a community facilitator with the nonprofit Taller Salud. Puerto Rico's laws and constitution already protect against discrimination, but this new law sends a strong message that individuals can reach positions of power without having to change their identity. The law was prompted by several Puerto Ricans sharing examples of discrimination they faced, including job offers conditional on haircuts. Puerto Rico's population of 3.2 million includes over 1.6 million people who identify as being of two or more races, with nearly 230,000 identifying solely as Black. While the law is praised, measures are needed to ensure its enforcement. Similar laws have been passed in at least two dozen states on the U.S. mainland. A federal version of the law was passed by the U.S. House of Representatives in 2022 but failed in the Senate. Democratic lawmakers have reintroduced the legislation.
Denmark's labour shortage 'will drive companies to relocate'
Several municipalities in Denmark are projected to experience a significant drop in their workforce, potentially leading to companies relocating, a local business association says. According to a new 2050 projection by Dansk Erhverv, 78 out of 98 municipalities will see a decrease in their workforce over the next 25 years. In some municipalities, the drop will exceed 20%. The report highlights that urban areas are expected to see workforce growth, while fringe and rural municipalities will suffer. Peter Halkjær, head of the labour market at Dansk Erhverv, expressed his concern over the depopulation of the workforce in certain parts of the country. The analysis predicts a 3.5% decrease in the number of people aged 20-69 in Denmark by 2050.
OTHER
Central Group partners with Thai banks to offer cross-border QR payment service for tourists
The Central Group of companies, including Central Retail Corporation, Central Pattana, and Centara Hotels and Resorts, has partnered with the Bank of Thailand and six leading commercial banks to provide a cross-border QR payment service for tourists. Tourists from Cambodia, Vietnam, Malaysia, Indonesia, Singapore, Japan, Laos and Hong Kong can now pay for products and services without the need to carry cash by using mobile banking apps from partner banks to scan QR codes. The service enables shopping without payment fees at more than 4,000 Central Group establishments including stores, malls, hotels and restaurants throughout the country. According to Daranee Saeju, assistant governor for payment systems policy and the financial consumer protection group at the Bank of Thailand, this partnership for cross-border QR payment is a significant step forward for digital finance. The service is free for both customers and merchants.
 


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