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APAC Edition
28th October 2024
 
THE HOT STORY
Thai creative sector faces talent crisis
The Thai creative sector is grappling with a significant shortage of talent, particularly in the film and series industries. Chalermchatri Yukol, chairman of the national soft power development subcommittee for TV and film, highlighted that many new graduates perceive the industry as offering low welfare benefits and income. He stated: "The country's creative industry urgently needs to find a solution to this issue by coming up with a systematic strategy as we are far behind other countries." To address this, he proposed redesigning film production courses to include more management aspects and on-the-job training. Additionally, the Creative Economy Agency, led by Chakrit Pichyangkul, has launched a "Content Project Market" to connect creators with industry professionals and investors, showcasing 57 projects from Thai creators. This initiative aims to elevate the Thai content industry on a global scale, with hopes of presenting unique ideas and fresh concepts.
WORKFORCE
China's booming HR sector
According to the Ministry of Human Resources and Social Security, China now boasts 69,900 human resources service agencies and approximately 1.06m personnel, marking a significant increase since 2012. The number of agencies has grown 2.5 times, while personnel has surged 3.1 times. These agencies provide around 300m job-related services annually for workers and 50m employment services for employers, with 40% of these employers being in the manufacturing sector. The ministry aims to enhance the human resources market by implementing specialised plans, optimising policies, and strengthening digital capabilities to create a unified and standardised system.
Insurance jobs: A talent trap?
The influx of professionals into Hong Kong under the Top Talent Pass Scheme has led many to pursue careers in insurance sales, raising questions about the scheme's original intent. Critics argue that the scheme, designed to attract high-calibre talent, is now being exploited by those seeking easy visa renewals through insurance jobs. A Xiaohongshu user noted: “Insurance was the ultimate answer” for visa renewals, highlighting the sector's appeal amid a struggling economy. Tina Cheng, head of Midland Immigration Consultancy, remarked that while insurance may not be the ideal job for many, it serves as a “transit point” for retaining visas. The insurance industry has seen a significant increase in new brokers, with over 17,000 applying for licences in 2024 alone. Lawmakers are concerned about potential exploitation of the system, with Secretary for Labour and Welfare Chris Sun assuring that visa applications will be scrutinised closely. Despite the challenges, some experts believe that the insurance sector could play a vital role in linking Hong Kong's economy with wealthy mainland families.
Doctors rally against NT government
Leaked documents indicate that Australia's Northern Territory government attempted to prevent doctors from voicing their concerns regarding new law and order changes at the Rural Medicine Australia conference in Darwin. Attendees expressed apprehension about NT Health Minister Steve Edgington's presence, leading to planned protests, including a walk-out during his speech. Edgington later withdrew from the event, stating: "If people want to walk out or oppose the laws we've brought in, that's a matter for them." The new policies, which include lowering the age of criminal responsibility and criminalising public drinking, have raised significant alarm among health professionals. An anonymous NT Health employee remarked: "These policies will have significant implications on our practice as doctors in the NT." Over 200 health leaders have urged the government to reconsider its alcohol policy reforms, citing the detrimental effects of alcohol on the community.
Youth detention reform faces scepticism
The Queensland Liberal National Party's proposed reforms for youth detention have been met with scepticism due to ongoing staff shortages. Opposition Leader David Crisafulli has pledged to mandate education for all children in detention and introduce minimum isolation periods for violent offenders. However, Professor John Rynne from the Griffith Institute of Criminology highlighted that while these policies are "admirable," they are difficult to implement given the current lack of resources. He noted that children in detention often come from complex backgrounds, making mandatory education challenging. The Queensland Ombudsman's recent report revealed a 25.5% staff turnover rate at Cleveland Youth Detention Centre, leading to inconsistent access to education and prolonged isolation for children. Both major parties have yet to provide clear solutions to the staffing crisis, which remains a significant barrier to effective reform.
TECHNOLOGY
Thailand leads the way in AI
Thailand is emerging as a leader in artificial intelligence (AI) regulation and development, balancing innovation with ethical considerations, according to Finema chief executive Pakorn Leesakul. He stated: "Thailand's advantages in fostering its digital economy are multifaceted," highlighting the robust infrastructure and a tech-savvy population. The country is leveraging AI across sectors, including healthcare, agriculture, and finance, to enhance productivity and sustainability. Pakorn emphasised the importance of responsible AI deployment, advocating for training and reskilling to complement human capabilities. Finema's partnership with Thailand's Digital Privacy Agency aims to establish standards for ethical AI practices. As Thailand evolves its AI capabilities, Pakorn remains optimistic, asserting: "By aligning our regulatory framework with global best practices, Thailand is well-positioned to lead in AI governance." The nation's approach reflects a commitment to harmonising technological advancement with societal benefits.
Huawei opens massive research campus
Huawei Technologies has inaugurated a vast research and development campus in Shanghai, aimed at bolstering China's technology self-sufficiency amid US sanctions. The Lianqiu Lake campus, covering over 2m square metres, is designed to accommodate around 35,000 researchers. Currently, only a fraction of the campus is occupied, but there are plans for 20,000 employees to join by February and a total of 30,000 by the end of 2026. Huawei founder Ren Zhengfei described the campus as “ideal for modern young professionals,” highlighting its appeal to top talent. The centre is part of Huawei's strategy to reduce reliance on foreign technology, as it continues to innovate in areas like artificial intelligence and 5G smartphones. The influx of tech workers has also led to a surge in local property prices, with rents nearly doubling in the area.
HEALTH & SAFETY
Safety gear crisis for Bengaluru workers
Bengaluru residents are expressing outrage over the BBMP's failure to provide adequate safety gear to sanitary workers during heavy rains. Many workers were observed without gloves, boots, or masks, raising serious health concerns. Nayana Jose, a resident of Yelahanka, stated: "When sanitation workers came to clean my flooded street, none of them was equipped with proper safety gear." BBMP sources claim that the responsibility lies with contractors who hire these outsourced workers. However, workers themselves reported poor quality gear, with Manjunath G stating: "We prefer using bare hands because that's easier." BBMP chief health officer Syed Sirajuddin Madani insisted that safety equipment is distributed but acknowledged that workers are reluctant to use it.
CORPORATE
M&A optimism persists in APAC
The latest Clifford Chance/FinanceAsia M&A Survey indicates a robust outlook for M&A in the Asia Pacific region, despite recent market challenges. Roger Denny, Head of M&A, Asia at Clifford Chance, stated: “The optimism expressed in the survey matches our current experience of high levels of M&A activity.” The survey revealed that 86% of participants expect sovereign wealth funds to be aggressive acquirers, although they may face resistance from national protectionism. Mainland China is anticipated to remain the top destination for M&A activity, with 79% of respondents predicting it will be among the top three markets. However, challenges such as regulatory and governance issues persist, making execution of deals more complex for corporates and advisers alike.
INTERNATIONAL
City of London misconduct claims climb
The UK Financial Conduct Authority (FCA) has reported a significant increase in incidents of bullying, sexual harassment, and other forms of misconduct within City firms. The survey, which included data from 984 firms in banking, broking, and insurance, revealed 2,347 incidents of non-financial misconduct in 2023, up from 1,670 in 2022. This translates to 7.2 incidents per 1,000 employees, with wholesale banks experiencing the highest rates. Bullying and harassment accounted for 26% of reported incidents, while 41% fell into a miscellaneous category. Dame Meg Hillier, chair of the Commons Treasury committee, expressed concern, saying: "On the surface, these latest findings seem to show that far from the City dealing with these issues, it may even be going backwards." Trade body UK Finance said firms "will review and, as required, enhance the approach being taken to dealing with misconduct."
 


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