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APAC Edition
23rd September 2024
 
THE HOT STORY
Samsung warns striking Indian workers as row escalates
Samsung Electronics is facing escalating tensions with its workers at a plant near Chennai. They have been on strike since September 9, demanding higher wages and union recognition. The plant contributes about a third of Samsung's annual revenue in India, which totals $12bn. In an email to striking employees, Samsung's HR team wrote: "You shall not be entitled to wages from 09.09.2024 to the date you report back to work on 'No work No Pay' basis," warning of potential termination for continued absence. The workers, currently earning an average of Rs25,000 ($300) per month, are seeking a raise to Rs36,000 ($430) over three years. Despite ongoing discussions, Samsung remains reluctant to recognise any union backed by national labour groups such as CITU.
LEGAL
Award is one of the highest in recent years involving employment disputes in Singapore
In a significant ruling, Senior Judge Chan Seng Onn has awarded nearly $890,000 in damages in a protracted employment dispute involving Mr Voon South Shiong, a former senior manager at 3D Infosystems. The court found Mr Voon liable for breaching his employment contract by making unauthorised payments and soliciting former colleagues to join rival firm Sunway Digital. Justice Chan noted: “A trusted employee resigns and collaborates with a competitor, sweeping up a large swathe of his former employer's clients.” The damages included $269,510 related to a Singapore Power project, which 3D Infosystems lost due to Mr Voon's disclosure of confidential pricing strategies. The ruling underscores the legal boundaries employees must respect when transitioning to competitors, and the award is one of the highest in recent years involving employment disputes in Singapore.
WORKFORCE
Australian workers unite against government crackdown
Thousands of Australian workers protested in Sydney and Melbourne in support of the Construction, Forestry and Maritime Employees Union (CFMEU) against the federal government's decision to place the union's construction arm into administration due to corruption allegations. CFMEU National Secretary Zach Smith said: "An attack on one union is an attack on all," emphasising the need for solidarity among workers. The protests followed a similar walkout in August, with Troy Gray from the Electrical Trades Union threatening a three-day strike if employers continue to undermine working conditions. In response, Murray Watt, Australia's Minister for Employment and Workplace Relations, claimed the government aims to restore the union's ability to represent workers effectively. Unions are also considering legal action against the government's control measures.
STRATEGY
Shanghai seeks global innovation partners
Shanghai is intensifying its international cooperation in research and development, aiming to integrate multinational companies into its innovation network. During the 36th International Business Leaders' Advisory Council, Chen Jining, Party secretary of Shanghai, emphasised the importance of technological innovation for economic growth, stating, "Shanghai will expand its science and technology exchanges with other markets." The city plans to develop offshore technological innovation and encourage international organisations to establish branches. Mayor Gong Zheng highlighted the need for coordination and cooperation amid a changing scientific research paradigm. As of June, 985 multinational companies have set up regional headquarters in Shanghai, with 575 foreign-funded R&D centres. Severin Schwan, chairman of Roche Group, noted that "openness, innovation and collaboration are important for Shanghai's high-quality development," especially given current geopolitical tensions. The council meeting included top executives from 34 multinational companies across 13 countries.
Citigroup’s China expansion plan is delayed by US regulators
Citigroup's expansion plan for China has been delayed after the Federal Reserve imposed a penalty on the bank for its data management and risk controls. Citi faces delays in setting up a standalone securities firm because it hasn't yet received a clearance letter from the US Fed verifying its regulatory standing, which is required by Chinese authorities, Bloomberg reports. “We are unable to comment on our conversations with regulators regarding the ongoing process to obtain a securities license in China,” the New York-based lender said, adding “We remain fully committed to supporting clients in this country.”
TSMC, Samsung weigh building chip factories in UAE
Two of the world's biggest chipmakers, TSMC and Samsung Electronics, are considering building potential semiconductor projects in the United Arab Emirates which could be worth more than $100bn. Top executives at TSMC visited the UAE recently and discussed plans for a facility on par with some of the company’s largest and most advanced facilities in Taiwan, the Wall Street Journal reports, citing people familiar with the interactions. Samsung Electronics is also considering major new chip-making operations in the country in the years ahead, according to other people with knowledge of the Korean company's strategy. 
TECHNOLOGY
AI could save professionals hours
According to the Future of Professionals Report by Thomson Reuters, two thirds of professionals believe artificial intelligence (AI) could save them hundreds of hours annually, allowing for more leisure time. The report surveyed 2,205 individuals in the legal, tax, accounting, and anti-fraud sectors, revealing that AI could potentially save up to four hours weekly, equating to 200 hours yearly. Stever Hasker, president and CEO of Thomson Reuters, said: "For US lawyers alone, that is a combined 266 million hours of increased productivity." While 24% of employees plan to use this time for personal wellbeing, the desire for business development is stronger among legal professionals. Overall, 77% of respondents anticipate AI will significantly change their work within five years, up from 67% last year.
INTERNATIONAL
Scores more Al-Fayed accusers come forward
One of the barristers representing dozens of Mohamed Al-Fayed’s accusers has said that over 100 more women have come forward since a BBC documentary on the former Harrods owner was aired. Bruce Drummond said the cases were “rapidly evolving and expanding every day” while another barrister for the victims, Dean Armstrong KC, told a news conference that the case “combines some of the most horrific elements of the cases involving Jimmy Savile, Jeffrey Epstein and Harvey Weinstein.” Gloria Allred, a high-profile women’s rights lawyer, said Harrods was a "toxic, unsafe and abusive environment" under Al-Fayed’s stewardship and that this “is a teaching moment for Harrods” and for corporations all over the world. Harrods is accused of not only failing to intervene but also helping to cover up allegations against Al-Fayed. Fulham Football Club and The Ritz Paris, which were also owned by the tycoon, are now being investigated. Michael Ward, the current managing director of Harrods, is under pressure to prove the company has changed and to compensate Al-Fayed’s victims. Meanwhile, journalist Chris Atkins has revealed how Britain’s libel laws prevented the airing of undercover footage he took of PR expert Max Clifford in 2008 describing Al-Fayad’s crimes. The clips were handed to police a couple of years later and used as evidence in a criminal case against Clifford.
Canada tightens immigration rules
Canada is implementing significant reductions in international student permits and foreign worker regulations as part of a strategy to manage its soaring temporary resident population, which has surpassed 41m. Prime Minister Justin Trudeau said: “We're granting 35% fewer international student permits this year. And next year, that number's going down by another 10%.” The government aims to issue 437,000 study permits in 2025, down from 485,000 this year. Immigration Minister Marc Miller emphasised: “It is a privilege to come to Canada. It is not a right,” highlighting the need for stricter controls. Changes will also affect the Post-Graduation Work Permit programme, with new language requirements and a projected reduction of 175,000 permits over three years. Additionally, spousal work permits will be limited, potentially resulting in 50,000 fewer permits issued.
Iran blast kills more than 50 mine workers
In a devastating incident at the Tabas coal mine in eastern Iran, a gas leak has resulted in the deaths of at least 51 workers, with 20 others injured. The explosion occurred around 9pm on Saturday, while approximately 70 workers were present. The blast, attributed to a methane gas leak, affected two blocks of the mine owned by the private firm Madanjoo. South Khorasan governor Javad Ghenaat confirmed that rescue teams are working to recover trapped workers, who are located about 250 metres below the surface.
OTHER
Hong Kong toy shop closes after 30 years
Customers gathered to bid farewell to Yat Sing Toys, a cherished store in Hong Kong's Wan Chai district, which is closing after 30 years. The closure has sparked nostalgia among locals, who fear it will diminish the charm of Tai Yuen Street, once bustling with toy shops. As shopping habits shift towards online platforms and digital entertainment, many believe this marks a significant change in consumer behaviour. The shop has been a go-to for families seeking toys and decorations for various celebrations, and its absence will be felt by regular customers and nearby office workers alike.
 


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