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APAC Edition
14th November 2024
 
THE HOT STORY
TikTok and ByteDance hire hundreds of Chinese workers for US teams
Most of the roughly 1,000 non-US employees that TikTok and ByteDance sought to hire for its US teams via the H-1B visa programme between October 2022 and September 2023 were from China, according to data obtained via a Freedom of Information Act request. The programme is used by companies to hire foreign workers who have business skills that they say they cannot otherwise obtain from the existing US workforce. US officials have accused TikTok of being a national security risk because its owner ByteDance is headquartered in Beijing. “Given the security concerns with TikTok and the company's repeated statements about ‘US-based' teams and data centres, having hundreds of foreign nationals working in those offices presents another potential threat,” US Sen. Tom Cotton (R-AR) wrote in a November 2022 letter to Secretary of Homeland Security Alejandro Mayorkas.
HEALTH & WELLBEING
Mental health crisis among young workers in Hong Kong
The MWYO, a youth-oriented think tank, says that nearly 30% of young working adults in Hong Kong experience moderate to high levels of anxiety and depression, and that only one-third seek help. The survey, conducted with over 400 participants aged 18 to 34, highlighted that financial stress and a lack of work-life balance contribute significantly to mental health issues. The MWYO has called on employers and authorities to implement supportive measures, including interpersonal competence training and mental health awareness initiatives. Angela Yung, the think tank's chief executive, emphasised the need for employers to prioritise employees' mental well-being over performance metrics, saying: “When an employee is facing challenges at work, the employer should [put the employee's] mental well-being first.”
CORPORATE
Nippon Steel could sue if US deal is blocked
Nippon Steel chair and chief executive Eiji Hashimoto has told Japanese weekly Shunkan Bunshun that the company could sue the US government if its proposed acquisition of U.S. Steel is blocked without proper procedures being followed. President-elect Donald Trump has publicly said he will block the deal once elected. “If this were to fall through without a legitimate reason or proper procedures, of course we would consider taking legal action against the US government,” Hashimoto said. Kayo Kikuchi, a spokesperson for Nippon Steel, did however later explain to The Japan Times that Hashimoto's reported remarks are “more of a metaphorical expression — a readiness or willingness to pursue legal action if necessary, rather than a definitive plan to file a lawsuit.”
LEGAL
Korean chipmakers brace for battle
South Korea's ruling party has introduced a special Chips Act to support local chipmakers amid escalating competition and trade tensions with the United States, following threats by incoming US President Donald Trump, and China. The bill aims to provide subsidies and exemptions from the national working hours cap, which currently limits weekly hours to 52. Lawmaker Lee Chul-gyu said: "It will help Korean companies fend off challenges as China, Japan, Taiwan, and the United States give subsidies to manufacturers." The local semiconductor sector is vital for South Korea's economy, accounting for 16% of total exports last year. However, the bill requires approval from the main opposition party to be enacted.
India to summon Amazon, Flipkart executives as regulatory scrutiny grows
The Enforcement Directorate (ED), India's financial crime agency, plans to summon Amazon and Flipkart executives as it steps up an investigation into alleged foreign investment law violations, days after raiding some of the e-commerce firms' sellers. The companies say they are in compliance with Indian laws, but the ED has for years been investigating allegations the companies, through select sellers, exert control over inventory of goods. Indian laws prohibit foreign e-commerce players from holding inventory of goods they can sell on their website, forcing them to only operate a marketplace of sellers. The Directorate will also analyse business data from sellers and their dealings with the e-commerce companies in at least the last five years.
TECHNOLOGY
Amazon is developing driver eyeglasses to shave seconds off deliveries
Reuters reports that Amazon is developing smart eyeglasses for its delivery drivers, providing them with turn-by-turn navigation on a small embedded screen along their routes and at each stop. Codenamed Amelia, the glasses, which build on Amazon's Echo Frames device, would also free drivers from using handheld Global Positioning System readers, allowing them to carry more packages. The initiative is another strand of Amazon's efforts to improve "last 100 yards" delivery efficiencies. Last month, the company unveiled a scanner it will install on delivery van ceilings to direct drivers to packages for each stop by shining a green spotlight on them, saving time usually spent reading labels.
ECONOMY
Australia's consumer confidence hits 2½-year high
Australia's consumer sentiment hit a 2½-year high last week, with the mood on the economy and finances finally turning optimistic. The Westpac-Melbourne Institute index of consumer sentiment rose 5.3% in November from October. The index reading of 94.6 showed pessimists still outnumbered optimists, but by a narrowing margin. The "time to buy a major household item" index added 3.2% in November, boding well for retailers ahead of the Christmas shopping period.
STRATEGY
23andMe cuts 40% of its workforce
DNA-testing site 23andMe is cutting about 40%, or 200 employees, from its workforce and discontinuing further development of all its therapies as part of a restructuring programme. The company said it expected to incur one-off costs of $12m, including severance pay, for the plan that will result in savings of $35m. "We are taking these difficult but necessary actions as we restructure 23andMe and focus on the long-term success of our core consumer business and research partnerships," chief executive Anne Wojcicki said. The company also said it is considering what to do with the therapies it had in development, including licensing or selling them.
INTERNATIONAL
Fathers more likely than mothers to work from home, UK data shows
Fathers are more likely than mothers to split their working time between home and the office, according to new analysis by the UK’s Office for National Statistics (ONS) highlighted in the FT. Meanwhile, managers are far more likely to work from home than their staff, with 45% of people in senior occupations using a hybrid working model compared to 27% of all workers. The analysis underscores how the shift to hybrid working could amplify pre-existing social divisions, with the official figures showing the ability to work from home differs greatly across age, job type and education. “While the trend in working only from home has fallen since 2021, a hybrid-working model (part travelling to work, and part at home), has become the ‘new normal’ for around a quarter of workers,” the ONS said, adding “In 2022, we asked the question: ‘Is hybrid working here to stay?’ It appears it is, but for some workers more than others.”
Trump administration ‘will conduct workplace immigration raids’
President-elect Donald Trump’s administration will oversee workplace raids as part of its broader immigration crackdown, according to incoming “border czar” Tom Homan. Homan, the former director of Immigration and Customs Enforcement (ICE) who was an early advocate of the “zero tolerance” policy that separated more than 4,000 children from their parents in the first Trump administration, said the workplace raids would address labour and sex trafficking. “Where do we find most victims of sex trafficking and forced labour trafficking? At worksites,” Homan said. Such an approach is unlikely to help combat trafficking, opponents say. “He’s conflating the traffickers with the people being trafficked,” observed Heidi Altman, director of federal advocacy at the National Immigration Law Center.
Mali detains Resolute Mining executives
Terence Holohan, the chief executive of Resolute Mining, has been "temporarily detained" in Mali alongside two other employees, while they were in Bamako for discussions with local authorities. The Australian-based company stated that this detention was unexpected and occurred after a meeting regarding the company's business practices in the country. Resolute Mining, which owns 80% of a gold mine in Syama, is currently working towards a settlement with the Malian government to ensure the mine's long-term future. The company emphasised that "the utmost priority remains the safety and wellbeing of its employees," who are receiving support from UK and international embassies.
PURPOSE
Bee & Flower faces backlash over social media post
A Chinese haircare brand, Bee & Flower, has come under fire for a controversial online post that many deemed misogynistic. The post, titled “See What True and Fake Besties Are Like”, depicted “fake best friends” as flirtatious women who might “seduce their best friend's boyfriend”. The portrayal led to a significant backlash, with one commenter saying: “If you're so misogynistic, why not just say you will not sell to us?” Following the uproar, the brand deleted the post and issued an apology, acknowledging “serious shortcomings in our content control and review processes.” Despite this, the backlash continued, with many customers expressing their disappointment and vowing to boycott the brand.
 


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