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28th November 2024
 
THE HOT STORY
Railway workers in Korea prepare for major strike
Over 70,000 railway, metro, and education workers in Korea are set to initiate an indefinite general strike next week. The strike will commence on December 5 for railway employees, followed by other unions on December 6. The Korean Public Service and Transport Workers' Union (KPTU) will also conduct strikes on December 2 and 3, advocating for a bill to establish minimum wages. KPTU stated: “The collective strike is to safeguard public safety and to guarantee basic labour rights.” Other unions, including those from the National Pension Service and Korea Gas Corp., are also planning to join the action.
WORKFORCE
Unemployment in Thailand increases by 1.02% in third quarter
Thailand's unemployment rate rose to 1.02% in Q3 2024, up from 0.99% in the same period last year, with approximately 410,000 individuals unemployed, marking a 3.2% year-on-year increase, according to the National Economic and Social Development Council (NESDC). The report highlights a 2.8% rise in unemployment among those previously employed and a 3.5% increase among first-time job seekers. Notably, 81,000 people have been unemployed for over a year, with 71.3% of this group being from generations Y and Z. The NESDC attributes the job losses to declining employment in sectors like automotive and electronics, driven by technological shifts. Average monthly wages increased to 15,718 baht, partly due to minimum wage hikes. NESDC advises workers to enhance their skills and digital knowledge to combat rising unemployment.
Uniqlo 'does not use Xinjiang cotton', says CEO
Tadashi Yanai, CEO of Fast Retailing, the parent company of Uniqlo, has declared that the Japanese fashion giant does not use cotton sourced from China’s Xinjiang region in its products. Speaking to the BBC, Yanai addressed the long-standing controversy for the first time, saying: “We’re not using [cotton from Xinjiang].” The Xinjiang region has come under global scrutiny amid allegations of forced labour involving the Uyghur Muslim minority. These concerns led to the 2022 implementation of stringent US regulations banning imports tied to Xinjiang cotton, prompting many global brands, including H&M, Nike, and Adidas, to halt its use. Previously, Yanai had avoided confirming whether Uniqlo used Xinjiang cotton, citing a desire to “be neutral between the US and China.”
CORPORATE
Couche-Tard is not giving up on bid to acquire 7-Eleven owner
The chief executive of Circle K owner Alimentation Couche-Tard says he remains committed to acquiring Japanese rival Seven & I Holdings, the parent company of 7-Eleven stores, despite a new management buyout proposal valued at about $59bn. "We will be persistent and continue our friendly approach to creating what we see as the most compelling outcome for all shareholders, employees and key constituencies of both companies,” said Alex Miller, adding "We also remain confident in our ability to finance and complete this combination . . . We continue to see a strong opportunity to grow together and enhance our offerings and service to millions of customers across the globe.” In September, the Canadian convenience store and fuel retailer raised its offer to about $47bn to acquire all of Seven & I, whose founding family is moving to fend off the approach with a nonbinding management buyout proposal of around ¥9 trillion ($59bn). Seven & I has not yet responded to the offers.
Vitasoy says it is ‘open to collaboration’ amid mounting takeover speculation
The chief executive of  Hong Kong beverage maker Vitasoy says he is “open” to potential business collaboration opportunities as takeover speculation mounts. Roberto Guidetti said: “We are not initiating or pro-actively seeking collaboration opportunities, but of course, [we are] always open to evaluate collaboration opportunities that exist . . . The fact that there is interest in the company is a good thing. Recognition that there is potential in the company going forward is a good thing.” He was speaking as the company's shares jumped the most on record after a Singapore tycoon raised his stake in the business.
RETENTION
Retention bonuses awarded to prevent more Citi bankers from leaving
Citigroup's wealth unit has this year approved special retention bonuses for numerous employees to curb staff departures. The wealth unit achieved a revenue of $2.0bn for the third quarter ending September 30, marking a 9% increase from the previous year and showing that the attempt to stanch departures during a turnaround is starting to take hold, according to Andy Sieg, who has been assigned to lead a newly independent wealth division. “This is a growth strategy — make no mistake . . . there wasn’t a unified wealth strategy, there wasn’t necessarily an operating philosophy about what we were trying to get done,” Sieg said.
CYBERSECURITY
Thai loyalty platform apologises for data breach
The 1 Co, part of the Central Group, has issued an apology following a data breach affecting approximately 5m customers. An initial investigation revealed no flaws in their security systems, prompting the company to enhance security measures and collaborate with relevant authorities. Customers are advised to be cautious, block suspicious contacts, and avoid sharing personal information. Wetang Phuangsup, acting secretary-general of the Office of the Personal Data Protection Commission (PDPC), confirmed that the commission is investigating the breach and has instructed The 1 Co to conduct a thorough security review within seven days. Reports indicate that a hacker attempted to extort a ransom and threatened to sell the stolen data. 
INTERNATIONAL
Trump's labour pick sparks union hope
President-elect Donald Trump’s choice of Rep. Lori Chavez-DeRemer to lead the Labor Department could signal a break from the Republican party’s traditionally adversarial stance toward unions, the Wall Street Journal reports. Chavez-DeRemer is one of just three Republican co-sponsors of the 2023 Protecting the Right to Organize Act, a bill backed by 215 congressional Democrats that would expand workers’ collective-bargaining rights and supersede state right-to-work laws. Her nomination was praised by the Teamsters, which broke from other labor unions by not endorsing the Democratic presidential candidate, Vice President Kamala Harris. But the AFL-CIO, while acknowledging the “pro-labor record” of Chavez-DeRemer, cautioned: “Donald Trump is the President-elect of the United States—not Rep. Chavez-DeRemer—and it remains to be seen what she will be permitted to do as Secretary of Labor in an administration with a dramatically anti-worker agenda.”
Uber Eats to no longer use freelancers as deliverers in the Netherlands
Uber Eats has said it will no longer use freelancers as meal deliverers in the Netherlands. From spring next year, the platform will only work with temporary workers locally. Uber Eats interim director Nick Hilhorst told the Telegraaf: “We have had discussions with the unions and with experts in the field of social security . . . We have negotiated, that is new to us.” The main reason for the switch to temporary workers is the changing laws and regulations, he said. “The court rulings in several cases about hiring freelancers also play a role . . . If you had asked me personally, I would have liked to continue working with self-employed workers. But if the rules change, we at Uber will adapt to that.” The decision does not apply to Uber taxi drivers, Hilhorst added.
German steel giant ThyssenKrupp to cut 11,000 jobs
ThyssenKrupp, Germany's largest steelmaker, has revealed plans to reduce its workforce from 27,000 to 16,000 by the end of the decade. The company said it aims to eliminate around 5,000 jobs in its European steel operations by 2030 through "adjustments in production and administration." Additionally, 6,000 jobs will be outsourced or removed through spin-offs or divestitures. Under the plan, the company's plant in Kreuztal-Eichen, which employs 500 people, is to close. The goal is to reduce personnel costs by some 10% on average in the years to come. "Urgent measures are required to improve Thyssenkrupp Steel's own productivity and operating efficiency, and to achieve a competitive cost level," the company said. "Anyone who wants to cut over 11,000 jobs and close a site must expect fierce resistance from IG Metall," said Knut Giesler, head of the IG Metall union in North Rhine Westphalia, the home state of Thyssenkrupp.
OTHER
World’s most expensive shopping street is now in Milan
Milan’s Via Monte Napoleone has surpassed New York’s Fifth Avenue to become the world’s most expensive shopping street, marking the first time a European city has held the top position. Rents on the Milan street increased by 11% over the past year, reaching $2,047 per square foot (€20,000 or $21,094 per square metre), driven by high demand and limited supply, according to a report by real estate group Cushman & Wakefield. In contrast, rents on Upper Fifth Avenue remained unchanged at $2,000 per square foot for the second year. London’s New Bond Street took third place, with rents at $1,762 per square foot, while Paris’s Avenue des Champs Élysées ranked fifth with $1,282 per square foot.

 
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