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APAC Edition
21st November 2024
 
THE HOT STORY
Rio Tinto says improvements are being made to workplace culture
Rio Tinto has issued an apology to employees who were victims of bullying and sexual harassment, acknowledging the need for a safer workplace. The mining company's internal report revealed that eight employees reported actual or attempted sexual assault in 2024, up from five in 2021. Kellie Parker, the company's Australian chief executive, expressed her distress, saying: "I feel sorry for anyone who is experiencing that and I apologise for that." The Everyday Respect progress report indicated that while around 50% of employees believe improvements are being made, significant progress may take years. The report also highlighted backlash against diversity initiatives, with some women saying they were feeling targeted as so-called "diversity hires." Simon Trott, Rio Tinto's iron ore chief executive, emphasised the importance of communicating the reasons behind diversity efforts, saying: "We need to really be articulating the why." The company said it plans to enhance training for managers to better address subtle bullying behaviours and improve workplace culture.
HIRING
Major global companies boost hiring for professional roles
Global companies have boosted hiring for professional roles towards the end of the year, according to an index from recruiter Robert Walters. The boost was especially evident in retail, technology and healthcare, but demand for financial services recruits was less impressive, the survey showed. Job vacancies for professional roles globally were up nearly 9% month on month in October, compared with a 5% fall in September. "The latest figures . . . [are] a positive hint toward more traditional recruitment cycles returning, whereby October and the final quarter tends to be busy as companies ramp up seasonal hires or look to spend remaining hiring budgets before the close of the year," Robert Walters chief executive Toby Fowlston said.
WORKFORCE
Hennessy's plan to bottle cognac in China to avoid tariffs sparks strike
French luxury company Hennessy is considering a plan to bottle cognac in China, prompting hundreds of workers at its plant in southwestern France to go on strike. The LVMH-owned company is considering all options to cope with antidumping measures imposed by Beijing, including shipping cognac to China for local bottling. China is the second-largest export market for cognac and the industry's most profitable territory. Approximately 500-600 staff in the Charente region expressed their concern over the experimental plan. Frederic Merceron, a representative from the FO union, said: "We can well imagine the impact on employment". The strike, which is open-ended, is indicative of broader fears within the cognac industry regarding potential retaliatory measures from China and the impact on jobs.
LEGAL
Australian finance chiefs urged to question their lawyers and accountants
The CFOs of Australian companies should learn from the PwC tax scandal by testing the tax advice of accountants and lawyers to avoid being shamed in public about trying to game the system, Australian Taxation Office second commissioner Kirsten Fish has warned. PwC misused confidential tax briefings to shape tax strategies for clients ahead of the introduction of new Australian laws in 2016. She told attendees at The Australian Financial Review CFO Live event in Sydney that businesses should be encouraged to engage early and transparently with the Tax Office on transactions, including takeovers, new investments and financing arrangements.
DIVERSITY, EQUITY & INCLUSION
Fund managers prove slow to address gender imbalance
Latest global statistics say just 12.5% of portfolio managers — the front line of investment decision-making — are women. More than three-quarters of women working in the investment industry believe it is biased towards men.
STRATEGY
Associated Press to cut workforce by 8%
The Associated Press (AP) has announced plans to reduce its workforce by approximately 8% through buyouts and layoffs, as part of a strategy to transition to a digital-first organization. Daisy Veerasingham, AP president and chief executive, said: “We all know this is a time of transformation in the media sector,” as she emphasised the need to adapt to changing customer demands. Eligible employees will receive buyout offers that include severance pay and partial health coverage for 18 months. The News Media Guild indicated that 121 members would be offered buyouts, although AP expects fewer job cuts among union members. The AP has faced challenges, including the loss of major clients like Gannett and McClatchy, which have ceased purchasing news from the organisation. Despite diversifying its revenue streams, the AP continues to navigate the difficulties plaguing the news industry.
HEALTH & SAFETY
Tragedy at Hyundai plant
Three workers lost their lives at Hyundai's Ulsan assembly line, 370 kilometres southeast of Seoul, during a vehicle performance test. The incident, which occurred in a test chamber, is believed to have been caused by unventilated exhaust gases. "The three—two Hyundai researchers and one subcontractor—were found collapsed at the test chamber," Yonhap reported. A police investigation is currently underway to determine the exact cause of the accident. The incident follows a previous fatality at the same plant earlier in 2023, prompting Hyundai to issue an apology and commit to improving safety measures.
TAX
Indonesia weighs another tax amnesty programme
Indonesia is contemplating a new tax amnesty initiative, according to Mukhamad Misbakhun, head of the parliamentary finance commission. This would mark the country's third such scheme in a decade, despite concerns that repeated offers may foster tax avoidance. Previous amnesties in 2016 and 2022, during Joko Widodo's presidency, uncovered more than $340bn in unreported assets by offering lower tax rates for disclosures. Although Widodo had vowed against further amnesties, Misbakhun emphasised the need for such an amnesty to address past mistakes while promoting taxpayer compliance. “This is a new government,” he remarked, indicating a potential shift in approach under President Prabowo Subianto, who took office last month and has committed to increasing revenue to fund his platform.
INTERNATIONAL
Spain's economy minister lends support to redistribution of wealth
Spain's economy minister, Carlos Cuerpo, has called on G20 leaders to take decisive action towards implementing a global minimum tax on billionaires, highlighting that recent election results are indicative of a popular demand for wealth redistribution. Speaking during a visit to London before the gathering of G20 leaders in Rio de Janeiro this week, Cuerpo said: “There is this moment where you have to be brave and where you just have to do things that you are convinced are right . . . There is an element here of redistribution of wealth that, if we listen carefully to the results of many of the elections that have taken place over the last years, that has been demanded by our citizens, by our population. So we have to somehow respond to that.” In July, finance leaders from every G20 country agreed to “engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed.” Cuerpo said he would push to the put this plan on the agenda at the UN development finance summit in Seville next summer.
It's the 'Decade of the Female Lawyer,' ABA report says
The American Bar Association (ABA) has hailed the 2020s as "The Decade of the Female Lawyer" in a new report, highlighting significant strides in gender diversity within the legal profession. The report details an increase in female representation in senior legal roles, including equity partners and general counsels, as firms and corporations focus on gender equity initiatives. However, challenges remain, such as persistent gender pay gaps and a lack of representation in certain practice areas. "While progress is commendable, there is still much work to be done to achieve true equality," the ABA said. The report underscores the importance of mentorship programs and flexible work arrangements in fostering continued growth for women in the legal field.
Ericsson CEO laments weak Europe market
Ericsson chief executive Börje Ekholm says Europe is one of the weakest telecom markets in the world, and that policymakers must encourage more consolidation and cut regulation there or else the Swedish telecom equipment maker will continue to shift investments to overseas markets. “Europe is falling behind,” Ekholm said. “The natural conclusion of that is we’ll be shrinking in Europe and growing in North America.” Relocating Ericsson’s headquarters from Sweden to the US is “always a question that comes up,” he said, observing that Ericsson has deep ties to Sweden, “But, you know, we always need to also look at: How will the world look in the future? So we don’t know . . . Would we relocate at some point in time? That could well happen.”
OTHER
Consumer frustration makes ‘Colesworth’ the Australian Word of the Year
Frustration over rising grocery prices has led to the coining of "Colesworth," a term combining the names of Australia's largest supermarket chains, Coles and Woolworths that has been named Word of the Year by the Australian National University's Dictionary Centre. Senior researcher Mark Gwynn noted that the term has gained traction as Australians express their dissatisfaction with the perceived duopoly and unfair pricing practices. "This combination has seen the word 'Colesworth' used in a fairly derogatory way", he said. "[Coles and Woolworths] share the lion's share of the market and can keep prices fairly high, as well as get up to some fairly, what we would [consider], . . . dodgy practices". The ANU's Word of the Year shortlist also included terms like "climate trigger," reflecting significant societal discussions in Australia.
 


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