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APAC Edition
15th August 2024
 
THE HOT STORY
Modi meets Foxconn chief amid government probe into hiring practices
Indian Prime Minister Narendra Modi has met with Foxconn Chairman Young Liu to discuss the company's plans to invest in India. The meeting took place after New Delhi initiated a probe into possible discriminatory hiring practices at a Foxconn plant. A Reuters investigation found that Foxconn excluded married women from assembly jobs at its main Indian iPhone plant, although the company denies allegations of employment discrimination. The Indian government has ordered a detailed report on the hiring practices at the Foxconn factory in Tamil Nadu. However, the meeting between Modi and Liu did not address these issues. Modi instead highlighted the opportunities India offers and discussed investment plans in states including Karnataka, Tamil Nadu, and Andhra Pradesh. Foxconn's iPhone factory in India and Apple's expansion of its supply chain in the country are seen as potential contributors to India's economic growth.  Foxconn has been expanding in India and plans to move into AirPods and chipmaking. However, it withdrew from a semiconductor joint venture with Indian conglomerate Vedanta. 
HIRING
International students face uncertain future as governments crack down on immigration
International students are facing an uncertain future as governments around the world crack down on immigration. In the UK, the Labour party has vowed to retain a ban on international students bringing dependents, while in the Netherlands, a far-right coalition is proposing restrictions on foreign students' access to Dutch universities. Canada and Australia are also implementing clampdowns on foreign enrollments in universities. The impact is already being felt, with visa volumes to the UK, Canada, and Australia down between 20% and 30% from the previous year. The moves are being framed as a way to improve education quality and stamp out abuse, but critics argue that they are politically motivated. The US is benefiting from the crackdown, becoming the preferred study destination for international students. However, economic arguments about the benefits of the international education sector are taking a back seat to political ones as the electoral tide swings against immigration.
Hong Kong top talent scheme should have age limits, target sectors that lack skilled labour
Lawmakers in Hong Kong are suggesting a new approach to match talent with sectors lacking skilled labour. They recommend focusing on younger applicants and adopting a strategy that identifies and matches talent with the specific sectors. The current top talent scheme has been criticised for being too concentrated on the finance sector. Chief Secretary for Administration Chan Kwok-ki spoke at a talent mentorship program and emphasised the need for a more diverse approach to the matter. The lawmakers believe that by targeting younger applicants and aligning their skills with the sectors in need, the local labour market can be better balanced. This proposal aims to address the skills gap and ensure a more efficient allocation of talent across industries.
LEGAL
ADOR chief denies allegations of covering up sexual harassment case
ADOR CEO Min Hee-jin has denied allegations made by a former employee that she tried to cover up a sexual harassment case within her company. The employee came forward with her allegations on Instagram and in an interview with JTBC. Min's attorneys have denied the accusations and stated that Min made every effort to hear both sides of the story. The employee alleged that she was subjected to sexist comments and verbal abuse in the workplace. But Min stated that the employee's performance did not measure up to her salary levels and that the company had to deal with her alleged ineptitude. Min also addressed other claims made by the employee, including being framed and reports of sexual harassment being neutralised. Min urged those spreading unfounded charges to stop immediately.
WORKPLACE
Increase in accidents in automotive supply chain firms
The number of accidents in automotive supply chain firms has increased over the past three years, according to a study by Safe In India (SII). Out of the 1,998 workers injured in Haryana and Maharashtra in FY2023-24, 80% were from the automobile sector supply chain, as reported by the SafetyNiti 2024 report. The rise in accidents can be attributed to an increase in the number of SII centres across India. Sandeep Sachdeva, co-founder and CEO of SII, highlighted the need for improved safety mechanisms and working conditions in the automotive industry. However, the Society of Indian Automobile Manufacturers (Siam) has refuted the allegations, emphasising its commitment to worker safety. The report also mentioned that most of the injured workers were on contract, earning less than ₹15,000 per month, and working long hours.
STRATEGY
Cisco Systems plans to lay off 7% of employees
Cisco Systems is planning to lay off 7% of its employees as it shifts its focus to more rapidly growing areas in technology, such as artificial intelligence (AI) and cybersecurity. The company did not specify the number of jobs being cut, but based on its current number of employees, it would be around 5,900. Cisco recently announced a partnership with Nvidia to develop infrastructure for AI systems. The layoffs come after chipmaker Intel announced its own job cuts. Cisco's earnings for the fiscal fourth quarter were down 45% compared to the same period last year. Analysts expect Cisco's demand to recover and the restructuring to help offset the impact of financing the Splunk acquisition.
REMUNERATION
Australian businesses struggle as wages soar, threatening jobs
Australian businesses are facing the pressure of sharp wage growth, which could lead to higher unemployment rates. HR and payroll platform Employment Hero reports that year-on-year wage growth reached 8.8% in July, more than double the wage price index growth figure of 4.1% recorded by the Australian Bureau of Statistics. The highest increase in wages was seen in New South Wales, with a 9.9% jump. Construction and trade services experienced the largest growth rate at 18%, followed by consulting and strategy at 14%, and real estate and property at 13.2%. Full-time workers saw the largest growth rate at 9.6%, while part-time workers had a 6% increase and casuals saw a 5.9% increase. The wage growth exceeds Australia's inflation rate, putting pressure on employers.
ECONOMY
Beijing urged to provide 1tn yuan in direct support to consumers
China's central government should consider providing additional direct support to consumers worth at least 1tn yuan ($139bn) in the form of cash or vouchers. The proposed move is seen as a way to address lacklustre domestic demand and boost consumer sentiment. Economists from government-backed think tanks suggest that such a step could help revive the country's economy and accelerate the transition of economic drivers amidst trade tensions. The Chinese government has recently shown a willingness to directly subsidise consumers, as seen in the allocation of special treasury bonds to support trade-in deals for consumer goods. Boosting consumption is crucial for China's economic growth, especially amid rising protectionist trade policies. Experts recommend issuing consumption vouchers or cash handouts to households to revitalise expectations and confidence.
HEALTH & WELLBEING
Female patients are less likely than men to receive painkillers, study says
A new US study has found that female patients are consistently less likely to receive painkillers than men with similar complaints. The analysis of over 21,000 patient records revealed that women across all age groups are less likely than men to be prescribed pain meds, even if they have similar ailments. Nurses, in particular, tend to overlook women's pain. The study highlights a troubling bias in how women's pain is perceived and treated in emergency care settings. This under-treatment of female patients' pain could have serious implications for women's health outcomes. The experiment also showed that nurses tend to rate pain as less intense if the patient is female, suggesting that gender stereotypes are driving this bias. Female patients also spend an average half-hour longer in the emergency department than men, possibly due to their pain or symptoms being taken less seriously. The study emphasises the need for better pain management for female patients.
INTERNATIONAL
UK businesses and unions discuss workers' rights
UK Deputy Prime Minister Angela Rayner and Business Secretary Jonathan Reynolds have hosted a meeting with business representatives and trade unions to discuss the government's plan for workers' rights. The Employment Rights Bill aims to ban the "exploitative" use of zero-hours contracts and end "fire and rehire" practices. Ministers hope to introduce changes including parental leave, sick pay, and protection from unfair dismissal from the first day of employment. While unions have largely welcomed the proposals, some business groups have expressed reservations. Following the meeting, Rayner hailed "a new era of partnership," saying participants had "agreed to wipe the slate clean and begin a new relationship of respect and collaboration." The Institute of Directors stressed the importance of meaningful dialogue to determine the impact on economic growth, while Christina McAnea of Unison highlighted the importance of collaboration in solving Britain's problems and driving economic growth.
Saudi Arabia expands recruitment efforts
Saudi Arabia's Ministry of Human Resources has expanded its recruitment efforts, allowing the country to recruit from 33 countries including the Philippines, Uganda, Sri Lanka, and Bangladesh. In the first half of this year, over 400,000 contracts for recruiting overseas domestic workers were processed through a Saudi government portal. The introduction of new services and channels for electronic transfer of salaries has made the recruitment process more efficient. Additionally, a new policy of mandatory insurance for new house workers took effect on July 1. This expansion in recruitment is expected to have a significant impact on the domestic labor market in Saudi Arabia. "This is a game-changer for the recruitment industry," said one local expert.
OTHER
Backlash over Japanese brands in China sparks concerns
Japanese health and beauty products, once seen as the gold standard for safety and quality in China, appear to be losing their lustre in the world’s largest consumer market. Online sales of products from Kobayashi Pharmaceutical dropped 54% in the first half from a year earlier on Alibaba’s dominant e-commerce platforms Taobao and Tmall, while Shiseido and other cosmetics makers have seen similar declines following the discharge of treated wastewater from the crippled Fukushima No. 1 nuclear plant that has fuelled consumer boycotts. Additionally, Uniqlo parent Fast Retailing reported a decline in China revenue and profit in its most recent quarter, citing Chinese consumers' growing preference for cheaper alternatives. Nevertheless, some analysts say mainland demand for the country’s products will return, in part due to the enormous cultural soft power they hold.
 


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