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APAC Edition
18th October 2024
 
THE HOT STORY
Finance professionals in China switch careers
Bankers and fund managers in China are switching careers amid tightened oversight of trading, financing and dealmaking in a moribund economy that has dried up private equity and venture capital and badly hit the market for stock market listings, precipitating pay and job cuts. Reuters notes that government campaigns and finance sector regulation have coloured prospects to the extent that areas as varied as education and even stand-up comedy seem preferable. "I have spoken to enough bankers . . . They know 'common prosperity' is here for good and the days of high-paying banking jobs are over. Banking talent has started to seek roles overseas or transition to less regulated industries," observed Jason Tan, Shanghai-based director at headhunter REForce Group. Beijing's "common prosperity" campaign seeks to root out the lavish lifestyle of the country's financial elite. 
STRATEGY
Meta lays off employees at WhatsApp and Instagram
Meta is laying off employees across units including Instagram, WhatsApp and Reality Labs, The Verge reports, citing people familiar with the matter. A Meta spokesperson told Reuters that a few of its teams were making changes to align with long-term strategic goals and location strategy. "This includes moving some teams to different locations, and moving some employees to different roles. In situations like these when a role is eliminated, we work hard to find other opportunities for impacted employees," the spokesperson said. Separately, the FT reports that Meta fired another two dozen staff in Los Angeles for allegedly using their daily $25 meal credits to instead buy household items including wine glasses and laundry detergent.
McKinsey cuts hundreds of jobs in China
McKinsey is overhauling its China business after cutting back on government-linked clients and reducing the unit’s workforce by nearly 500 people, about a third of the total. In recent times, the company has been separating the China unit from its global operations to reduce security risks with doing business in the country. Over the past two years, McKinsey’s workforce in Greater China, which includes Hong Kong and Taiwan, has shrunk by hundreds of employees. McKinsey first opened in mainland China in 1993 and grew quickly alongside the nation’s economy, winning business from state-owned firms including China Construction Bank, and China Telecom.
LEGAL
Nine's culture of bullying and sexual harassment revealed
An independent report has revealed systemic issues of power abuse, bullying, discrimination, and sexual harassment at Australian media company Nine Entertainment. The report highlighted a lack of leadership accountability and significant distrust among employees, with 57% of Broadcast Division staff reporting such experiences. Workers told the review that when they made complaints, HR would cover it up. One worker said: "It is drilled into us to never go to HR. They are very much on the side of the company. Their attitude is 'it's not our fault this happened'." Catherine West, chair of Nine, acknowledged the unacceptable behaviours and apologised to affected employees, saying: “We acknowledge that too many of our past and present employees have been harmed by poor workplace culture.” The board has committed to implementing all 22 recommendations from the report to reset the company culture, with acting chief executive Matt Stanton emphasising the need for a safe and respectful work environment.
Ex-Hebei official sentenced to 18 years for bribery
Wang Xuefeng, the former vice-chairman of the Standing Committee of the Hebei Provincial People's Congress, has been sentenced to 18 years in prison by the Taiyuan Intermediate People's Court for accepting over 88m yuan ($12.37m) in bribes. The court imposed a total fine of 8.4m yuan, combining a 15-year sentence for bribery and a five-year sentence for using his influence to commit the crimes. Wang's illicit activities spanned from 1999 to 2022, during which he unlawfully received 84.07m yuan while serving as Party chief of Tangshan, Hebei province. Even after his retirement in 2018, he continued to accept bribes totalling over 4.11m yuan until 2022. The court noted that Wang's actions were serious offences, but his sentence was mitigated due to his confession and cooperation in revealing details about the bribery.
WORKFORCE
Indians in Punjab fear dispute with Canada endangers their work and study plans
Indians in Punjab are increasingly concerned that recent tit-for-tat expulsions of diplomats in Canada and India could jeopardise their plans to work, study, or visit family in Canada. Karan S. Thukral, an immigration lawyer, said: "Many clients have reached out, worried about how this might affect their plans to migrate to Canada." With over 800,000 Sikhs in Canada, many of whom are students from Punjab, the impact of these tensions is significant. In 2022, Indian students held more than 41% of Canadian student permits, contributing approximately C$22bn to the country's economy. Political science professor Kanwalpreet Kaur emphasised the interdependence of both nations, saying: "It is something that both countries cannot afford." The diplomatic rift began after Canadian Prime Minister Justin Trudeau alleged Indian government involvement in the murder of Sikh separatist Hardeep Singh Nijjar.
TAX
Chinese film star returns to the screen after alleged tax scandal
Chinese film star Fan Bingbing is making her return to the screen after a five-year break following a tax evasion scandal. She stars in the neo-noir thriller Green Night, set to release on US streaming services on October 18. Fan's troubles began in May 2018 when allegations surfaced regarding her under-reporting of income, leading to an investigation and a hefty fine of 883m yuan. Despite her efforts to maintain a presence on social media and develop her beauty brand, Fan's career has faced challenges since the scandal.
CULTURE
Most accountants see rise in ethical challenges ahead
A global survey by the Association of Chartered Certified Accountants (ACCA) has found that most accountants see ethical challenges growing more complex throughout their profession as technology speeds the expansion of businesses worldwide. Nearly one in four accountants (24%) have faced pressure to act unethically during the past three years, while 55% of finance executives have witnessed unethical behaviour during their careers. Respondents identified a full range of unethical practices, including tax avoidance, pressure to manipulate financial statements, bribery, and weak governance and accountability. “These insights underscore the need for robust ethical leadership and culture in organisations, and ongoing learning and development to support professional accountants in navigating these challenges,” Sarah Lane, ACCA head of ethics and assurance, said.
INTERNATIONAL
South Korean company to invest €170m in Slovakia
Residents of Nováky in Slovakia have been seeking employment opportunities following the closure of local coal mines. Now, South Korean company Hyundai Mobis plans to invest over €170m locally in a new plant that will create 281 jobs, primarily producing components for electric vehicles. Slovak Prime Minister Robert Fico said: "The transformation of this region requires that we find a meaningful alternative for people who have lost their jobs." The government has said it will support the project with an income tax relief of approximately €26m. Production is expected to commence in December 2025, with full capacity anticipated by January 2027. Additionally, Hyundai Mobis chief executive Lee Gyu Suk announced plans to expand another plant in Žilina, creating a further 350 jobs.
US charges Sudanese men with running powerful cyberattack-for-hire gang
Two Sudanese brothers have been charged with running one of the most prolific cyberattack-for-hire gangs, allegedly behind tens of thousands of attacks. Federal prosecutors accused Ahmed Salah Yousif Omer and Alaa Salah Yusuuf Omer of carrying out 35,000 denial-of-service attacks against hundreds of organisations in just one year, taking down websites and other networks as part of an ideologically-motivated extortion scheme affecting thousands of customers. The pair targeted high-profile victims worldwide and across the US, including Microsoft, ChatGPT, PayPal, X, Yahoo, the Pentagon, the Department of Justice, Alabama's state government, and various airports, as well as at least one hospital. The group held a "Sudanese nationalist ideology," Martin Estrada, the US attorney for the Central District of California, said, charging customers $600 or less to launch major attacks.
HSBC appeals decision reinstating discrimination claim
HSBC has appealed a UK employment tribunal's decision to reinstate a senior investment banker's lawsuit that alleges the bank victimised and discriminated against her when it did not hire her for a senior sales role in 2018. Carmen Chevalier-Firescu sued HSBC in 2020, claiming she was not appointed as the head of the bank's London derivatives sales team for hedge funds partly because she had sued her former employer, Barclays, for making her redundant after she returned from maternity leave. Her case was initially dismissed by a tribunal but reinstated on appeal earlier this year. HSBC told the Court of Appeal that Chevalier-Firescu's claims should be dismissed in part because she had filed them after the standard three-month window. Reuters notes that the lawsuit is a rare example of an employment claim against a prospective, rather than current, employer.
Italy's tax police search EY offices over alleged bid rigging
Italian tax police have searched EY offices in Milan and Rome in an investigation into alleged rigging of bids for contracts funded by the European Union. The searches conducted on Monday form part of a probe led by the Milan bureau of the European Public Prosecutor's Office and concern a number of consultancy contracts awarded by the Lombardy Region in northern Italy to EY and supported by the EU. Guardia di Finanza police also went to the region's offices in Milan to obtain documentation on the contracts at the centre of the probe in which six local EY officials are under investigation. Neither the Lombardy Region nor EY as a company are under investigation in the inquiry.
OTHER
Smartphone shipments rise 4% globally
In the third quarter, smartphone shipments worldwide increased by 4% to over 316m units, driven by strong performances from Chinese brands like Vivo, Oppo, and Xiaomi, alongside Apple. Vivo experienced significant growth, with shipments surging nearly 23% to 27m units, attributed to aggressive product launches and a low comparison base from the previous year. Meanwhile, Samsung's shipments fell by almost 3%, highlighting the competitive landscape as Apple and other brands continue to gain market share.
 


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