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APAC Edition
20th November 2024
 
THE HOT STORY
Thailand's proposed global income tax raises concerns about expat exodus
Tax experts are calling for clarity over Thailand's proposed amendment to the revenue code which seeks to tax the global income and assets of all Thai residents, including expatriates residing in the Kingdom for 180 days or longer. The draft law, which is still to be finalised by the Revenue Department, could negatively affect Thailand's foreign direct investment (FDI) climate and efforts to attract expatriates, including retirees, to work or reside in the South East Asian country, observers say. “This new law would say that if you are a Thai resident, you will be taxed on your worldwide income, even if it is not remitted to Thailand. That would be a big negative change,” said Jonathan Stuart-Smith, a partner at tax consultancy Mazars in Thailand.
HIRING
New Singapore initiative helps women return to tech sector
The Relaunch programme, initiated by the Infocomm Media Development Authority (IMDA), aims to assist women in Singapore who are re-entering the technology sector after career breaks. Minister for Digital Development and Information Josephine Teo said: “We do have people who have had to return to a workforce that is fast moving and really challenges them to perform to the rising expectations.” The programme offers structured courses in coding and artificial intelligence, personalised career support, and networking opportunities, with 23 companies, including Amazon and LinkedIn, contributing resources. Career returnees like Lidya Salim, now a corporate sales account manager at Google Cloud, and Kanchana Gupta, founder of vLookUp.ai, highlight the importance of mentorship and support systems in rebuilding their confidence.
Boosting disabled employment in Hong Kong
In Hong Kong, the unemployment rate for individuals with disabilities reached 11% in 2020, significantly higher than the citywide rate of 5.8%. Lawmakers, including Tik Chi-yuen, are advocating for the government to implement key performance indicators (KPIs) to enhance the hiring of disabled workers, suggesting a target of 2%. Tik Chi-yuen said: “The government and the companies that receive government subsidies should all set KPIs for hiring workers with disabilities.” Other lawmakers, such as Stanley Li Sai-wing and Doreen Kong Yuk-foon, have also expressed their concern about the low employment rates and the need for the government to actively engage with disabled individuals regarding job opportunities.
LEGAL
Bunnings' facial recognition tech found to breach privacy laws
Carly Kind, Australia's Privacy Commissioner,  has found that retailer Bunnings has breached privacy laws by using facial recognition technology on its customers. "Individuals who entered the relevant Bunnings stores at the time would not have been aware that facial recognition technology was in use and especially that their sensitive information was being collected, even if briefly", she said. The Commissioner found that Bunnings interfered with the privacy of hundreds of thousands of customers across 63 of its NSW and Victorian stores between November 6th 2018 and November 30th 2021. The regulator said Bunnings did not gain proper consent to use the technology on them. Bunnings has been ordered to not repeat or continue the acts and practices that led to the interference with individuals’ privacy. In response, Bunnings managing director Mike Schneider said Bunnings would seek a review of the decision.
Jobs at risk as rules are tightened
A number of firms have recently let go of staff for seemingly minor infractions. Human resources consultant Suzanne Lucas suggests that this increase in policy enforcement may be a result of companies wanting to rid themselves of staff obtained during a post-pandemic hiring spree, saying: “When you need to cut head count, you tighten up the rules.” It is noted that EY recently dismissed workers who were caught watching multiple training videos at the same time; Meta sacked employees for spending meal allowances on other items; and Target has fired employees who jumped the queue to snap up popular items ahead of customers. The FT also reports on so-called stealth sackings that are being made as companies try to rein in costs and restrict workplace initiatives that do not help profits.
Former chairman of China National Petroleum Corp faces bribery charges
Wang Yilin, the former chairman of the China National Petroleum Corporation (CNPC), is to face prosecution on suspicion of taking bribes. Wang, who was also former secretary of the leading Party members group of the CNPC, has been charged by the municipal people's procuratorate of Erdos, in North China's Inner Mongolia autonomous region, with abusing power in various positions he held to secure benefits for others and illegally accepting substantial bribes in the form of money and valuables.
ECONOMY
Thailand's consumer confidence on the rise
In October, consumer confidence in Thailand increased for the first time in eight months, reaching an index of 56.0, up from 55.3 in September, according to the University of the Thai Chamber of Commerce (UTCC). The rise has been attributed to government economic measures, an interest rate cut, and improved economic conditions. UTCC president Thanavath Phonvichai noted: "The economic atmosphere is said to be good, but consumers are still not confident in buying durable goods". The government’s $14bn stimulus scheme, which aims to provide 10,000 baht ($285) to around 45m people, has also contributed to increased spending. Despite these positive signs, concerns about the slow economic recovery and high living costs persist, with Finance Minister Pichai Chunhavajira targeting a growth rate of 3.5% for next year.
MANAGEMENT
HSBC managers must reapply for jobs
HSBC has told managers in its newly-formed corporate and institutional banking unit to reapply for their positions. Sources suggest this could see a number of managing directors and other senior bankers lose their jobs. The move comes as the bank merges its corporate and investment banking businesses as part of a restructuring plan put forward by chief executive Georges Elhedery.
INTERNATIONAL
Germany approves more professional visas
Germany is set to increase the number of skilled worker visas issued by 10% in 2024, following the introduction of the Opportunity Card, a points-based system aimed at attracting professionals and graduates. Currently, around 1.34m jobs remain unfilled in the country. By the end of the year, approximately 200,000 professional visas will have been awarded. "Talented young people can more easily complete their training and studies in Germany," Interior Minister Nancy Faeser said, adding "Thanks to the Opportunity Card, people with experience and potential can now find a suitable job more quickly and easily." German foreign minister Annalena Baerbock also hailed the initiative, as she highlighted the country's continued labour shortages. "Every year, Germany lacks 400,000 bright minds and even more hands that make our country strong . . . This is slowing down our economy . . . With the Skilled Immigration Act, we have created the most modern immigration law in Europe and finally turned the visa process on its head."
What will Trump's second term mean for DEI?
Writing for Harvard Business Review, Kenji Yoshino, David Glasgow and Christina Joseph consider what U.S. President-elect Donald Trump’s second term could mean for diversity, equity and inclusion (DEI). They say the incoming administration has signaled it will escalate an already virulent anti-DEI backlash in the workplace, and "Proponents of DEI face an enormous struggle over the next four years." The authors say leaders who want to build just and inclusive organisations in challenging conditions can look to a framework developed eight years ago to help multinational corporations support LGBTQ+ inclusion in countries that are hostile to LGBTQ+ rights.
Unilever nearly halves expected European job cuts
The head of Unilever's European Works Council has told Reuters that the company is nearly halving expected European job cuts. Hermann Soggeberg said a deal had been reached with Unilever that would see a reduction of about 1,700 jobs having initially anticipated about 3,200 job losses in Europe. Unilever said earlier this year it would axe 7,500 jobs globally as part of a restructuring proposal to save about €800m ($845m). "They are planning for growth in ice cream," Soggeberg said. "We agreed with Unilever that this process to hiring these people will be synchronised with the job cut program." Unilever has previously said that an ice cream business spin-off is expected to complete by the end of 2025.
 


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