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APAC Edition
8th November 2024
 
THE HOT STORY
PwC scandal triggers big split risk for consulting giants in Australia
An Australian parliamentary inquiry has made more than 40 recommendations to reform the audit and consulting industry, following a major scandal involving PwC that saw the Big Four firm misuse confidential tax briefings to shape tax strategies for clients ahead of the introduction of new laws in 2016. It calls for key partnerships to be limited to a maximum of 400 partners, down from the current 1,000. Firms of more than 3,000 staff would also be required to implement Corporations Act requirements for governance and accountability and adopt ASX corporate governance principles. The review also calls for the “operational separation” of large firms, barring them from supplying audit and consulting services to the same clients. “This report is the legacy of the PwC tax leaks scandal, and the sector-wide misconduct that was uncovered in the aftermath,” Senator Deborah O’Neill, chair of the parliamentary joint committee on corporations and financial services, said after the report was released, adding that it "marks the end of impunity for a sector which has, for far too long, thrived in darkness." Assistant Treasurer Stephen Jones said the government will consider the report's recommendations.
HEALTH & WELLBEING
Korean workers shun executive roles
In South Korea, a shift in workplace attitudes has been identified, with many workers, particularly from Generation Z, opting out of executive roles. The trend, which has been dubbed "conscious unbossing," is said to reflect a desire for work-life balance and job security. The reluctance to pursue promotions stems from the pressures associated with higher positions and a fear of job instability. Kwon Sang-jip, a professor at Hansung University, said: "Employees have changed the way they think about executives after seeing that it is difficult for people in that position to make an elegant exit." As companies face challenges in motivating their workforce, experts suggest a need for a shift in human resource management towards recognising contributions rather than seniority.
WORKPLACE
Construction firms in Singapore urged to take safety timeout
In Singapore, authorities are urging construction firms to implement a safety timeout from November 8 to 22, following a concerning rise in workplace fatalities, which doubled from July to October 2024. The Ministry of Manpower (MOM) highlighted three critical areas of focus: falling objects, vehicular safety, and safe lifting practices. Senior Minister of State for Manpower Mr Zaqy Mohamad said: “Since we find complacency seeping in, it's important to arrest that . . . before it spreads.” The recent fatalities, including the death of a 46-year-old worker struck by a concrete mixer truck, underscore the urgent need for enhanced safety measures. MOM has ramped up inspections in high-risk sectors and is calling for a renewed focus on workplace safety, especially as the festive season approaches. The construction sector accounted for the majority of workplace fatalities in the first half of 2024, prompting a multi-agency task force to take action.
TECHNOLOGY
AI will boost job growth, SAP says
Christian Klein, chief executive of German software maker SAP, has said that the need for developers will increase as artificial intelligence (AI)-fuelled business grows, which will in turn increase the development workforce in India. “We believe AI will create more jobs by increasing productivity. We are working with our partners to leverage AI and increase the productivity of our projects,” said Muhammad Alam, a member of the executive board for product engineering at SAP from its research and development (R&D) lab in Bengaluru. “AI helps us accelerate migrations and decrease implementation costs, further driving our business growth,” Alam added.
LEGAL
AstraZeneca's China chief detained
AstraZeneca's China president, Leon Wang, has been detained amid an investigation into the alleged illegal importation and sale of the cancer drug Imjudo. The UK drugmaker confirmed that Wang, along with two current and two former executives, is under scrutiny. The investigation is part of a broader anticorruption crackdown in China, which has raised concerns about the company's operations in its second-largest market. "AstraZeneca has gone above and beyond other companies to invest in China," observed Helen Chen, head of LEK Consulting's healthcare practice in Shanghai. The probe has already impacted AstraZeneca's share price, which fell by 8% before recovering slightly, reflecting investor anxiety over the company's future in China.
TRAINING & DEVELOPMENT
CTC Grant scheme provides wage boost
The National Trades Union Congress (NTUC) in Singapore has announced that approximately 4,500 workers are to benefit from an average wage increase of 5% as part of the Company Training Committee (CTC) Grant scheme. The initiative aims to support around 6,000 employees across 260 companies, enhancing their career pathways through the Career Development Plan (CDP). NTUC secretary-general Ng Chee Meng said: “Three in four will have better wages with improved productivity and the others can look forward to better work prospects.” The CTC Grant co-funds up to 70% of qualifying costs for companies undergoing transformation, allowing them to invest in training and consultancy services. Raffles Hotel Singapore is among the beneficiaries, implementing a new cloud-based procurement system that will require training for nearly 100 workers by 2025.
STRATEGY
Deutsche Bank invests big in India
Deutsche Bank has announced a significant investment of ₹51.13bn (approximately $607.50m) into its Indian operations to support growth initiatives. The fresh injection of capital, combined with retained earnings, raises the total capital at Deutsche Bank's India branches to nearly ₹300bn, marking a 33% increase from 2023 levels.
INTERNATIONAL
US firms boost social and climate reporting
Recent data reveals that a significant number of S&P 500 companies are increasingly disclosing diversity information, with 82.6% reporting workforce data by race and gender as of September 1, up from just 5.3% in 2019. The trend reflects the growing importance of environmental, social, and governance (ESG) issues among investors and regulators. Shiva Rajgopol, an accounting professor at Columbia Business School, said: "Most ESG problems are business problems," highlighting the necessity for companies to address these issues. Despite some companies, like Lowe's and Ford, scaling back their participation in LGBTQ+ advocacy surveys, over 1,400 firms still engaged in this year's survey. Kelley Robinson, President of the Human Rights Campaign, noted that companies "know that this is what their workforce and consumers demand."
Gender-critical council worker in UK loses legal fight
An ICT project officer in the UK has been ordered to pay £12,000 ($15,500) in legal costs after his employment tribunal claim against East Riding of Yorkshire Council was deemed "vexatious." Jim Orwin protested against the council's pronoun policy by adding 'XYchromosomeGuy/AdultHumanMale' to his email signature, leading to his suspension and eventual dismissal in 2022. He claimed that remaining silent on the issue would "facilitate the steady creep of evil." Although the tribunal recognised his gender-critical beliefs as a protected philosophical belief under the Equality Act 2010, it dismissed his claims of discrimination and unfair dismissal. Employment Judge Ian Miller observed: "The real reason that [Mr Orwin] decided to add 'XY-chromosome-guy/adult-human-male' was in protest . . . The footer was designed to provoke and, we think given his acceptance of possible offence, was designed to offend."
OTHER
Ikea bullish on business opportunities in China
At this year's China International Import Expo (CIIE), which runs through to Sunday, Ikea is showcasing its commitment to blending Chinese cultural elements with Nordic design. Pontus Erntell, chief executive of Ikea China, said: "We've been here for seven consecutive years . . . something that we value very highly." The company's booth, inspired by the Eastern Jin Dynasty's Peach Blossom Spring, focuses on sustainability, the silver economy, and consumption stimulus. Notably, Ikea launched its Chinese New Year collection at the CIIE for the fourth consecutive year, demonstrating its dedication to local insights and trends. Mr Erntell highlighted the success of locally-developed products, such as the technical fabric motion sofas, which have sold over 25,000 units since their introduction. The CIIE has become a vital platform for foreign companies, with over 2,500 new products and $420bn in deals made in the past six years.
 


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