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APAC Edition
12th November 2024
 
THE HOT STORY
Australian workplaces are not tracking instances of sexual harassment and discrimination
Thousands of Australian workplaces are neglecting to monitor sexual harassment and discrimination - even though almost all (99%) have a formal policy on these issues. According to the Workplace Gender Equality Agency's 2023/24 employer census, 28% of over 7,000 medium and large employers, covering 5.2m workers, do not track the prevalence of work-related sexual harassment and discrimination. A mandate requiring employers to take steps to eliminate work-related sexual harassment and sex discrimination became enforceable at the end of last year. Mary Wooldridge, chief executive officer of the federal statutory agency, observed: "Long-term culture change within organisations . . . requires employees and company leaders to know the policy, understand what's in it and the part they play in its implementation."
HIRING
AI talent war in China heats up
Competition for artificial intelligence (AI) talent in China is intensifying, with companies offering lucrative salaries to attract skilled professionals. Chinese designer and manufacturer Xiaomi is set to host a special hiring session for AI experts, providing a “fast track” for applicants to expedite the recruitment process. This surge in hiring is driven by a 111% year-on-year increase in demand for natural language processing (NLP) specialists, as highlighted in a report from Peking University and recruitment platform Zhilian Zhaopin. The report indicates that average monthly salaries for NLP roles are 24,007 yuan, significantly higher than the average IT worker's earnings. Major cities like Beijing, Shenzhen, and Shanghai are leading the charge in AI job creation, reflecting a growing urgency among companies to secure top talent in a rapidly evolving field.
WORKFORCE
Woolworths faces Christmas strike threat
The United Workers Union has warned Australian retailer Woolworths that its food distribution network faces disruption in the run-up to Christmas. Ballots of hundreds of union members at four distribution centres in Victoria and NSW have endorsed strike action, including indefinite stoppages, and workers will hold one-hour stop work meetings on Tuesday to determine their next step. Woolworths Group’s supply chain arm, Primary Connect, has contingency plans designed to ensure minimal disruption to food supply, including building up stock in stores and using other distribution centres.
STRATEGY
Meituan co-founder returns to lead company’s AI efforts
Wang Huiwen, a co-founder of China food delivery giant Meituan, has returned to the business to lead its efforts in artificial intelligence (AI). Wang, who stepped down last year as non-executive director and member of the nomination committee, will head the so-called GN06 team to explore new AI-related opportunities. The South China Morning Post says the return of Wang underscores Meituan’s urgency in accelerating the adoption of AI amid intense competition with rival tech companies.
HSBC job losses to begin 'in weeks' amid restructuring
Michael Roberts, chief executive of HSBC's new global wholesale banking division, has told Bloomberg Television that the British lender is seeking to wrap up its restructuring "very quickly", and that resultant job cuts - the first round of which could be announced within weeks - will be concentrated at the senior level. “We are very much aware that this is distracting, this is disruptive, so we are going to do this as quickly as possible . . . I'm talking weeks before we announce the first level followed by several other weeks. We're going to be working very, very quickly,” Roberts said, adding that details on the total number of affected jobs could be expected around the time of HSBC's full-year results. 
Surviving a shake-up: is restructuring ever good for staff?
Repeat restructurings can sow uncertainty across organisations and distract and demotivate workers, and a lack of proper planning can undermine any benefits, say executives who have overseen such plans.
TECHNOLOGY
China develops first AI robot lifeguard
Chinese scientists have developed the first fully automated artificial intelligence (AI)-powered robot lifeguard designed to operate without human intervention. Stationed permanently at a riverside in Luohe city, the robot employs artificial intelligence, big data, and advanced navigation technologies to monitor a designated water area 24/7. It uses an algorithm to detect drowning incidents and is equipped with a life-saving buoy and a rescue arm to assist victims. “Although an early warning platform for drowning accidents has been installed in some of China's waters, the timeliness, accuracy and coverage of these existing methods are insufficient, and emergency rescue operations are mainly manual, with delayed actions and a lack of rescue equipment,” the Hefei Institute said when announcing the project.
INVESTMENT
Philippines' Marcos signs tax reform law to lure foreign investment
Philippine President Ferdinand Marcos Jr has enacted a law aimed at attracting foreign investors by lowering corporate income tax rates and enhancing fiscal incentives for qualified companies. The Corporate Recovery and Tax Incentives for Enterprises to Maximise Opportunities for Reinvigorating the Economy reduces the tax rate for registered business enterprises (RBEs) from 25% to 20%. The law builds on a previous 2021 measure and introduces additional benefits, such as a 100% deduction for power expenses, to alleviate high energy costs. Marcos said: “This was a hard fought and hard won bill,” as he emphasised its potential to transform the Philippine economy. However, the government anticipates a loss of 5.9 bn pesos (approximately S$134m) in tax revenue from 2025 to 2028 due to these changes.
INTERNATIONAL
Ackman wants to move from Amsterdam after attacks
Billionaire Bill Ackman has said he will seek to delist investment firm Pershing Square Holdings and move record label Universal Music Group away from Amsterdam after Israeli football fans were attacked following a Europa League match between Israel's Maccabi Tel Aviv and Dutch team Ajax. Ackman said the board of Pershing Square, an investment holding company in which Ackman and his family own a 23% stake, had already been considering the move and "events in Amsterdam . . . provide an appropriate tipping point" to follow through. "Leaving a jurisdiction that fails to protect its tourists and minority populations combines both good business and moral principles," Ackman wrote in a message on X.
Over 25% of US workers fear AI will diminish or replace their role
A new report from Grant Thornton has found that 28% of US employees are concerned at the prospect of of their jobs being reduced or replaced by artificial intelligence (AI). Fears surrounding AI and automation are among a host of challenges facing today’s workers, who are also coping with increased burnout, global conflicts, post-pandemic inflation, and a stressful political environment, according to the study. Thirty-two per cent of the survey respondents said their mental well-being has gotten worse in the past 12 months, while 30% said it has improved and 38% said it is about the same. In a statement, the company said: “Business leaders would do well to acknowledge that these issues exist and assess the impact they have on the organisation’s ability to achieve its business objectives. This will require supporting leaders in diagnosing and addressing the challenges throughout every aspect of the talent lifecycle to uncover opportunities to reduce burnout and retain employees.”
OTHER
Labubu toy mania arrives in America
The Los Angeles Times reports on a global frenzy that has erupted for Labubu, a furry elf character made by Chinese toy company Pop Mart, a huge brand in Asia that began opening stores in the US last year. Worldwide, Pop Mart has more than 500 retail stores and 2,500 toy vending machines in 30 countries. Since April, every new release and restock of Labubu dolls has sold out, often within minutes, and counterfeits and resellers have flooded the market. “We’re not trying to manufacture” scarcity, said Emily Brough, head of licensing for Pop Mart North America. “It’s not like we’re just sending 12 to the store so that there’s this craze and nobody gets what they want,” she said. “We want people to get what they want, and we do try to stock up for the demand.” The Chinese company reported record revenue of $638.5m for the first half of 2024, a 62% year-over-year increase.
 


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