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APAC Edition
9th December 2024
 
THE HOT STORY
Foreign companies react to Korea's political turmoil
The Korea Times reports that foreign companies doing business in Korea have been "baffled" by President Yoon Suk Yeol’s unexpected martial law declaration on Tuesday, promptly followed by its lifting about six hours later. The decree, which was issued at 11 p.m., lacked a clause stating that the government would guarantee the freedom of foreigners to engage in economic activities and travel in Korea - unlike martial law decrees issued by the military dictatorship in the 1970s. “We will thoroughly monitor this situation, but there is nothing significant to report at this moment,” said a spokesperson for the American Chamber of Commerce in Korea, the largest foreign business lobby group in the country.
RISK
UnitedHealth shooting exposes risks
Many top executives prefer to travel inconspicuously in the US, but the murder of Brian Thompson, the chief executive of UnitedHealth's insurance unit, who was fatally shot ahead of an investor event on Wednesday in midtown Manhattan, has caused the immediate re-evaluation of longstanding security practices across corporate America. Advisors to companies on security issues say threats against executives are on the increase, fueled by social media, an anxious political environment and broader resentment toward big business. Dozens of security chiefs from large US companies met on a call Wednesday to discuss security protocols. “The challenge of executive protection and executive security has become much more complex and much more challenging,” observes Brian Stephens, who works with large companies on security measures in his role as a senior managing director in Teneo’s risk-advisory group.
LEGAL
New Zealand proposes income threshold to restrict unjustified dismissal claims
Employees in New Zealand earning more than NZ$180,000 per annum will no longer be able to raise an unjustified dismissal claim under a new policy proposed by the government. "This change will provide greater labour market flexibility, enabling businesses to ensure they have the best fit of skills and abilities for their organisation," Workplace Relations and Safety Minister Brooke van Velden said. "Workers who are wanting to move up the career ladder and be considered for more challenging positions will benefit from this policy. This policy allows employers to give workers a go in these high-impact positions, without having to risk a costly and disruptive dismissal process if things don't work out."
WORKFORCE
Amazon Japan delivery workers' harsh labour conditions highlighted by DVD
Tokyo film maker Tokachi Tsuchiya has made a documentary DVD that depicts the harsh labour conditions of delivery staff at Amazon Japan. Tsuchiya spent about two years interviewing people who deliver products for the online retail giant in the cities of Yokosuka, Kanagawa Prefecture, and Nagasaki. A union member said at the recent premiere screening of the film: "Behind free shipping is a terrible labour situation. We are not robots. We want to work like human beings." Lawyer Shunji Suga said: "We must break through the barrier that is not treating workers as employees. This is a problem that is happening all over the country, and we want to respond to it by growing the labour union."
HIRING
China and the West battle for tech talent supremacy
Executives at Western companies are growing increasingly alarmed over efforts by Chinese firms to lure away high value tech workers from hubs including Taiwan, parts of Europe, and Silicon Valley. The objective is not only to make use of the specialised skills these employees possess, but also to exploit any sensitive information they may have about former projects, and the products they’ve helped develop. The Wall Street Journal notes employees of a German tech firm who it says had been aggressively approached recently by people representing China-based Huawei, “offering them up to three times their salaries to join.” Some of the Chinese firms obscure their origins by forming local ventures that recruit the employees to avoid drawing the attention of local officials, authorities say.
WORKPLACE
Enthusiasm wanes for Japan's end-of-year ‘bonenkai' drinking parties
Younger employees in Japan are increasingly opting out of traditional bonenkai year-end drinking parties, viewing them as an extension of work they would prefer to avoid. Issei, a hotel employee, expressed his reluctance, explaining: “I really do not want to go . . .  the worst part is feeling that I have to go when I don't want to.” Research indicates a shift in party dynamics, with reservations for smaller groups increasing over 50%, while larger group bookings have declined by 11.3%. Hiromi Iuchi from the Japan Sake and Shochu Makers' Association noted that many young people now value their privacy and prefer to spend time with friends rather than colleagues. The change reflects a broader cultural shift, as younger generations seek to redefine workplace socialising.
CORPORATE GOVERNANCE
New South Korea bill aims to protect minority shareholders
South Korea's Financial Services Commission plans to introduce a revised bill aimed at enhancing the protection of minority shareholders. The proposed legislation will require listed companies to obtain external valuations for any mergers or acquisitions, ensuring that minority shareholders are safeguarded against the interests of controlling shareholders. The country's government has been advocating for improved shareholder returns and greater accountability from company boards, with analysts pointing to inadequate corporate governance as a reason for the local equity market's underperformance compared to global indices.
ECONOMY
Rising prices dampen Japanese consumer spending
Japanese consumer spending fell 1.3% in October from a year earlier, beating the median market forecast for a 2.6% decline. The internal affairs ministry also said that on a seasonally-adjusted monthly basis, spending was up 2.9%. Separate wage data also released on Friday showed Japan's base salary grew at the fastest pace in 32 years in October, boosting real wages after two months of decreases.
INTERNATIONAL
Apple accused of spying on personal devices
Apple is facing a lawsuit filed by Amar Bhakta, a digital advertising employee, alleging that the company illegally monitors workers' personal iPhones and iCloud accounts. The complaint claims that employees must install software that grants Apple access to their personal data, including emails and health information. Bhakta argues that Apple's policies "unlawfully restrain employee whistleblowing," and restrict discussions about wages and working conditions. An Apple spokesperson refuted the claims, saying that employees are trained annually on their rights to discuss their working conditions. “At Apple, we're focused on creating the best products and services in the world and we work to protect the inventions our teams create for customers," the company said.
VW workers step up strikes to fight German plant closures
The IG Metall union has announced that Volkswagen workers will go on extended strikes on Monday, stepping up a dispute with management over layoffs and what would be the first factory closures in Germany for Europe's largest carmaker. The planned strikes will last for four hours at nine sites, twice as long as the first round of industrial action at the start of December. Volkswagen Group chief executive Oliver Blume on Wednesday had defended his decisions, saying management could not operate "in a fantasy world." IG Metall negotiator Thorsten Groeger responded: "It borders on mockery when Oliver Blume stands in front of the workforce and wishes them a Merry Christmas, while at the same time the VW board would prefer to put letters of termination under the Christmas tree for the employees."
Lockdown broke UK's work ethic, former supermarket boss says
Lord Price, the former managing director of Waitrose who ran the UK supermarket from 2007 until 2016, has said Britain’s attitude to work has permanently changed since lockdown and COVID-era furlough schemes paved the way for a rising sick-note culture. Research from his think tank WorkL, which covered 100,000 companies across more than 100 countries, indicates that almost a fifth of people who said health was a major issue in their workplace were most concerned about sick pay. “We picked up lots of comments about ‘we want sick pay to be increased’ or ‘we want sick pay time to be extended’. And so there is something about ‘I want to be paid better for being off sick’,” he said of the research findings, adding “I just think that those COVID years found people being paid to be at home. And as a consequence of that and not working, I think there is a mindset switch about: well, the state will pay for us to be at home or not to work."
OTHER
Frequent posters face mental health risks
Research from University College London reveals that adults who frequently post on social media are at a higher risk of mental health issues compared to those who only view content. The study, which analysed data from over 15,000 British adults, found that daily posters experienced more mental health problems than non-posters. Dr Ruth Plackett, a senior research fellow, said: “These findings suggest that ‘active' social media use activities, particularly posting, may have a more significant impact on mental health than ‘passive' use.” The authors emphasised the importance of mindful social media use to mitigate negative effects, and highlighted the responsibility of social media companies to protect users from harmful content.
 


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