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APAC Edition
26th November 2024
 
THE HOT STORY
Bosses and workers in Singapore navigate return-to-office rules
Straits Times reports on the grey areas around return-to-office rules in Singapore, observing the many still-to-be answered questions as companies seek to nudge employees to return to the office, citing better collaboration and connection with colleagues compared with working remotely.  Cheng Wan Hua, head of talent analytics at professional services firm Aon in South-east Asia, says: “Naturally, it takes time to work out what works and what doesn’t. It’s also not that easy to transplant what worked in one organisation into another.” Cheng continues: “Certain roles require an in-person presence in the office, but defining the necessity for in-person presence may at times be grey and therefore open to allegations of unfairness.”
CORPORATE
New Chief HR Officer at Nike
Treasure Heinle is to replace Nike’s current HR leader Monique Matheson, who has been at the company for 26 years and in the CHRO role since 2017. Matheson will retire. In an internal memo, new Nike chief executive officer Elliott Hill noted Matheson’s accomplishments and his long history of working with her. Hill has appointed a new diversity leader as well as marketing and legal executives since taking over at the top of the world’s largest sportswear retailer.
HIRING
Decline in white-collar job vacancies in Hong Kong in 2024
The job market in Hong Kong is facing significant challenges, with a notable decline in white-collar job vacancies in 2024 and a 122% surge in applications, according to the Robert Walters Global Salary Survey 2025. The local job market has become more employer-driven as employers hold more leverage amid limited opportunities. The survey also found that only 55% of employers forecast a pay rise to employees in 2025, down 9% compared to the result in November 2023. Among these employers, 77% of them are likely to give a 1%-5% salary increase to their employees in the coming year.
HEALTH & WELLBEING
Pang Dong Lai's rules raise eyebrows
Pang Dong Lai, a retail chain in China, has announced new measures aimed at promoting employee independence and a so-called 'rational' lifestyle. Founder Yu Donglai said: “I hope employees nurtured by the company will develop confidence, independence, and strong character.” The rules prohibit extravagant weddings and bride prices, with penalties including the loss of 150 leave days and US$4,000 in grievance compensation for non-compliance. The measures have sparked heated debates on social media, with over 100m views on Weibo. Supporters argue that the company is addressing outdated practices, while critics believe it is an intrusion into personal lives. Pang Dong Lai is known for its employee-friendly policies, including 10 days of “unhappy leave” and generous grievance compensation.
More Indian states and companies offer period leave
More employers and politicians in India taking the provision of employee menstrual leave more seriously than ever before. Writing for Straits Times, Rohini Mohan says that in the past four years, the idea of menstrual leave has gone from being a one-of-a-kind corporate policy by a food delivery app in Bengaluru to featuring prominently in the election manifestos of political parties during recent polls in western India's Maharashtra state.
ECONOMY
Trump vows tariffs on China from day one
US president-elect Donald Trump says he will hit China, Mexico and Canada - the US's three top trading partners - with new tariffs on day one of his presidency, in a bid to force them to crack down on illegal immigration and drug smuggling into the US. Trump said he would sign an executive order imposing a 25% tariff on all goods coming from Mexico and Canada, after being inaugurated on 20 January 2025. He also said "we will be charging China an additional 10% tariff, above any additional tariffs" until it cracked down on fentanyl smuggling. The US is the world's largest importer, and China, Mexico and Canada account for about 40% of the $3.2tn of goods it imports each year, according to official data. CNN observes that the tariffs "could wreak havoc on America’s supply chains and industries reliant on goods from the country’s closest trading partners."  Karl Schamotta, chief market strategist at Corpay Cross-Border Solutions, said: “The measures proposed . . . could hit a number of strategic US industrial sectors hard, add approximately $272bn a year to tax burdens, raise goods prices, lift interest rates, and sap strength in an already-vulnerable household sector.”
LEGAL
Asset manager indicted for trade secret theft
Xiao Zhang, co-founder of Pinestone Asset Management, has been indicted by the US Attorney's Office in Massachusetts for allegedly stealing trade secrets while employed at Arrowstreet Capital in 2021. The indictment claims Zhang accessed his former employer's networks from China, copying sensitive code and research with the intent to establish his own business in China. Pinestone has denied any connection to the allegations, commenting: “The time period involved in the false allegations predates the establishment of Pinestone.” If convicted, Zhang could face up to 10 years in prison and a fine of up to US$250,000. Currently, he is at large overseas, as there is no extradition treaty between China and the US. Pinestone, a successful hedge fund, managed 10bn yuan (US$1.4bn) in July, achieving a 10.3% return for investors in the first half of the year.
STRATEGY
Apollo makes waves in Korea
Apollo has launched its operations in Korea by opening a new office in Seoul, appointing Jay Hyun Lee as partner and head of Korea. Lee, who has 25 years of experience in financial services, previously held senior roles at Samsung Securities and Goldman Sachs. Scott Kleinman, co-president of Apollo Asset Management, said: “Korea is a leading financial hub where we see a tremendous opportunity to serve investors and retirees across the risk-return spectrum.” The firm aims to enhance its presence in the Asia Pacific region, which includes existing offices in Tokyo, Sydney, Hong Kong, Mumbai, and Singapore. Apollo's strategy focuses on providing capital and retirement solutions to institutions, with plans to deliver yield-oriented solutions to individuals and savers seeking income products.
CYBERSECURITY
Starbucks faces disruptions following ransomware attack on software supplier
Starbucks has said that fallout from a ransomware attack on UK-based Blue Yonder, a division of Panasonic that provides supply chain software to retailers including the coffee chain, is disrupting its ability to pay baristas and manage their schedules. Cafe managers are manually calculating employees' pay. The issue impacted Starbucks-owned North American stores, but hasn't affected customer service.  Starbucks for now is paying employees for their scheduled shifts, meaning they could be overpaid or underpaid depending on the hours baristas actually worked. The company said it would ensure that baristas will eventually be paid for all hours worked. “Keeping our partners whole despite the outage continues to be our priority and we’re ensuring they will receive pay for all hours worked,” Starbucks said.
INTERNATIONAL
UK government's plan to Get Britain Working
The UK government has published its plans to get more people into employment in the form of the Get Britain Working white paper. Ministers say their main aim is "to target and tackle the root causes of unemployment and inactivity, and better join up health skills and employment support based on the unique needs of local communities." Poor health is identified as the "biggest driver to inactivity," and "fixing the NHS" is seen as a key objective in order to return unwell people to the workforce. The government says it will in future announce measures to "overhaul the health and disability benefits system so it better supports people to enter and remain in work and to tackle the spiralling benefits bill." Work and pensions secretary Liz Kendall said: "To get Britain growing, we need to get Britain working again. Our reforms will break down barriers to opportunity, help people to get into work and on at work, allow local leaders to boost jobs and growth, and give our children and young people the best opportunities to get on in life."
Macy’s worker hid $132m of expenses
U.S. department store company Macy's has postponed its quarterly results following the revelation that an employee concealed between $132m and $154m in delivery expenses over three years. The employee, who was responsible for small package delivery expense accounting, made "erroneous accounting accrual entries" to hide these costs. The concealed amount is a small fraction of the $4.36bn in delivery expenses recognised during the same period. The implicated employee has since left the company. “While Macy’s cannot control the actions of every employee, it is worrying that these are intentional accounting errors that go back to 2021,” Neil Saunders, managing director at retail consultancy GlobalData, wrote in a LinkedIn post.
OTHER
Index Living Mall partners with Creaticity to expand in India
Index Living Mall (ILM) is collaborating with Creaticity to establish a prominent lifestyle shopping destination in Pune, India, driven by increasing consumer demand for furniture and home décor. The first ILM store is set to launch in the fourth quarter, with plans for further expansion over the next five years. Kridchanok Patamasatayasonthi, managing director of ILM, stated: "This year, the company plans to expand into India, seeing it as a high-potential market based on its robust economic growth." The new store will cover 3,200 square metres, designed to enhance the shopping experience. The target audience includes middle to upper-class families and young professionals. ILM's partnership with Creaticity aims to strengthen both companies' market positions, with plans for additional branches in Bangalore and beyond. Mahesh M, chief executive of Creaticity, emphasised the importance of this collaboration in meeting the evolving tastes of Indian consumers.
 


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