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APAC Edition
8th August 2024
 
THE HOT STORY
Indian corporates adapt employee rewards and recognition for Gen Z
India Inc is re-evaluating its approach to employee rewards and recognition as Gen Z enters the workforce, The Times of India reports. Companies are moving away from traditional certificates and embracing digital rewards including badges, notes, and points to provide instant gratification. Epsilon India has introduced a 'passport' called 'Citizen of Youniverse' to cater to the younger generation's desire for fun and social media engagement. Roche Information Solutions India has an internal marketplace called Applause where employees can redeem points for various items. Merck India, Thryve Digital, and Allstate India have all implemented leaderboards to enable colleagues to congratulate or thank each other. Digital badges are also gaining popularity as a way to recognize talent and can be shared on social media platforms. Gamification and peer recognition are seen as effective tools for employee engagement and motivation.
WORKPLACE
Over 80% of Hong Kong mothers say they need more and cleaner breastfeeding facilities
A study by the Equal Opportunities Commission in Hong Kong has found that over 80% of mothers in the city struggle to find hygienic nursing rooms in public places. The study, which surveyed 1,400 mothers and conducted in-depth interviews with 30, also found that mothers faced discrimination and harassment while breastfeeding in public. The research team reviewed government premises and shopping malls and discovered that many lacked baby care facilities, with those that did exist often being inadequate in size and design. The commission has called for a cultural shift towards breastfeeding and urged employers and venue operators to provide more breastfeeding facilities. It has also suggested that the government offers incentives to the private sector to build sufficient breastfeeding facilities. Doris Tsui Ue-ting, the watchdog's head of policy, research and training, emphasized the need for more education and training for employers to reduce discrimination against breastfeeding mothers in the workplace.
TECHNOLOGY
Payoneer acquires global HR and payroll startup Skuad for $61m
New York-based fintech Payoneer has acquired Singapore-headquartered global HR and payroll startup, Skuad, for $61m in cash. Skuad, founded in 2019, aimed to simplify international hiring and help small-to-medium-sized businesses (SMBs) in over 160 countries with issues like international payrolls and remote onboarding. Payoneer, a provider of cross-border payment services, and Skuad both target SMBs operating internationally. Payoneer CEO John Caplan stated that Payoneer is pursuing opportunities in the $6 trillion B2B market and plans to integrate Skuad's payroll and contract management offering into its services. Payoneer has more than 2,150 employees, while Skuad has about 200 employees who will join Payoneer. Payoneer has recently made other acquisitions, including AI data startup Spott and a Chinese payments company.
WORKFORCE
Workers protest unpaid wages at Thaioil's refinery
Workers at Thaioil's refinery in Si Racha District, Chonburi Province, have been protesting non-payment by contractors. The workers, employed by subcontractors of Sinopec Engineering Group (Thailand) Co., Ltd., joined the protest after not receiving payment. The main contractor, the Unincorporated Joint Venture of Samsung E&A (Thailand) Co., Ltd., Petrofac South East Asia Pte. Ltd., and Saipem Singapore Pte. Ltd., has not made payments to the subcontractors, resulting in the workers not being paid. Thaioil clarifies that it has paid the main contractor, but the responsibility to pay the outstanding amounts lies with the subcontractors and the main contractor. Thaioil says it is committed to resolving the issue and has facilitated discussions among the workers, government agencies, and the subcontractors. However, the main contractor has not agreed to sign an agreement, causing further delays. Thaioil hopes for a resolution soon.
STRATEGY
Zalando to open tech site in China
Zalando is to open a new tech site in China's tech-hub Shenzhen, even though it has no plans to expand its marketplace to China at this point in time. Chief financial officer Sandra Dembeck said on Tuesday that the new facility will allow the company to draw on local expertise in social commerce and integrate that with the company's knowledge of the European e-commerce market. Zalando also reported its second-quarter results, exceeding analysts' profit expectations. Gross merchandise volumes rose an annual 2.8% to €3.8bn, while quarterly adjusted EBIT rose 18.5% to €171.6m, beating expectations by 3%. Active customers rose for the first time on a quarterly basis since 2022 to 49.8m. The company reiterated its previous full-year guidance for GMV volume and revenue to grow up to 5%, which adjusted EBIT to come in at €380m-€450m.
HIRING
Deutsche Bank Private Bank appoints two market heads for Global South Asia
Deutsche Bank has announced the appointment of Puneesh Nayar and Nick Malik as Market Heads for the Private Bank's Global South Asia & Africa franchise. Nayar, who has over 20 years of industry experience, joins as Market Head in Singapore, while Malik rejoined the bank as Market Head based in Dubai. Both Nayar and Malik will report to Rajesh Mahadevan, Head of Global South Asia & Africa, Private Bank Emerging Markets.
LEGAL
Shanghai authorities summon coffee brands over illicit collection of personal information
Shanghai authorities have summoned representatives of six coffee brands, including Luckin and Costa, over the illicit collection of consumers' personal information. The companies have been asked to rectify irregularities. No penalties have been disclosed.
CORPORATE
One of Asia's richest men has a succession plan for his company
Gautam Adani, one of Asia's richest men, has announced his intention to retire at 70 from the Adani Group, paving the way for his sons and nephews to take over the family conglomerate by the early 2030s. The transition will occur gradually, with Karan Adani overseeing cement, ports, and logistics, Jeet Adani handling airports, digital ventures, and defence, and nephews Pranav and Sagar managing consumer businesses, communications, energy, and finance. The move sets a positive precedent for other family-run companies, but safeguards against conflicts and non-family experts in key positions are crucial. The leadership transition comes amid controversies for the company, including allegations of financial misconduct and potential bribery. Adani's wealth declined following these allegations, but he remains one of the richest individuals in the world. 
INTERNATIONAL
Washington D.C. buildings official resigns after probe finds she had second full-time job
A top official at the Washington D.C. Department of Buildings, Caroline Lian, has resigned after an ethics probe found that she was secretly working a separate full-time private-sector job on her city "telework" days. Lian, who was the No. 2 ranking official at the Department of Buildings, was hired in October 2022 as the chief operating officer and promoted last year to deputy director. The probe found that Lian never disclosed on required financial disclosure forms that she was also working as a risk management director at Freddie Mac. In addition, Lian allegedly attended to council business on D.C. time as a Falls Church City Council member. Lian is the second D.C. employee in a top management position to be cited for working a separate full-time gig on city time. The violations resulted in a $25,000 fine from a D.C. ethics board. Lian has resigned from her position and is no longer employed by the District government.
German drugstore chain Rossmann shuns Teslas over Musk's support for Trump
German drugstore chain Rossmann has announced that it will no longer purchase Tesla cars for its corporate fleet due to Tesla CEO Elon Musk's support for US Republican presidential candidate Donald Trump. The decision is effective immediately and is based on what the company calls an "incompatibility" between Musk's statements and the values that Tesla represents. "Elon Musk makes no secret of his support for Donald Trump. Trump has repeatedly called climate change a hoax - this stance is in stark contrast to Tesla's mission to contribute to environmental protection through the production of electric cars," said Raoul Rossmann, the son of Rossmann's founder. Rossmann, one of Europe's largest drugstore chains, will continue to use the Teslas it already owns for sustainability and resource conservation. The company has not disclosed the size of its corporate fleet or the number of Teslas it currently uses. 
Dior caught out on modern slavery disclosures
LVMH's fashion brand Dior has been found to be behind on disclosures required by UK law regarding working conditions in its supply chain. The brand made outdated statements on its website about a third-party certification that it terminated over a year ago. The Modern Slavery Act of 2015 in the UK mandates companies with a turnover of £36m or more to publish annual statements on their websites detailing their efforts to combat forced labour. Dior's UK website displayed an anti-slavery statement from 2020 and an invalid sustainability certification until July 19. After inquiries by Reuters, Dior has published an updated modern slavery statement and plans to raise employees' awareness of modern slavery. The brand has previously faced scrutiny after allegations of potential sweatshop-like conditions at some Italian contractors leading investors to urge LVMH to take more aggressive steps to monitor its suppliers.
OTHER
Police raid Bangkok condo producing hazardous anti-aging serum
Consumer protection police have raided a downtown Bangkok condominium apartment where a hazardous anti-aging cosmetic serum was being produced. The raid was conducted after the serum, known as NADi NAD+Aging Solution, was found to be hazardous to health and distributed to many beauty clinics. The police seized 47,506 containers of the product, worth about 25m baht ($705,000), from the sixth-floor condominium apartment. The serum has been banned from use as an injection, but many beauty clinics still use it for anti-ageing and anti-oxidant treatments. The business that made the product was owned by an American citizen, and some of the ingredients were imported. "We finally located and raided the source of this dangerous serum," said Division commander Pol Maj Gen Withaya Sriprasertparp. The raid was announced at the Central Investigation Bureau on Tuesday.
 


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