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APAC Edition
10th December 2024
 
THE HOT STORY
Tokyo to propose four-day workweek for government staff
Tokyo's governor is advocating for the introduction of a four-day workweek for government employees in Japan’s capital as part of a nationwide push to encourage parenthood amid a stubbornly low national birth rate that has been described as a "quiet emergency" by Prime Minister Shigeru Ishiba. A dearth of newborns is said to be a consequence of working mothers still being expected to shoulder domestic burdens, raise children and care for relatives. Governor Yuriko Koike wants to offer civil servants employed by the Tokyo Metropolitan Government the option to work a truncated week beginning in April to enhance work-life balance. "Lagging behind in women's empowerment is Japan's long-standing issue, and overcoming the status quo and making society more diverse and prosperous is key for our bright future," she said. "We will start with thorough support for work-life balance by introducing a more flexible working hour system, such as three holidays per week." Staff raising young children will also be offered more flexible hours.
HEALTH & WELLBEING
Extreme heat puts garment factory workers at risk, study shows
Workers in major garment manufacturing hubs including Bangladesh, Vietnam, and Pakistan are increasingly facing extreme heat due to climate change, according to a report from Cornell University's Global Labor Institute. The report highlights that the number of days with "wet-bulb" temperatures above 30.5 degrees Celsius jumped by 42% from 2020-2024 compared to 2005-2009. Wet-bulb temperatures account for air temperature as well as humidity. New EU regulations hold retailers such as Inditex, H&M, and Nike accountable for conditions at their suppliers, compelling them to invest in improvements for factory cooling. Only Nike, Levi's, and VF Corp have protocols to protect workers from heat exhaustion. Jason Judd, executive director at Cornell, said: "If a brand or retailer knows that temperatures in a production area are excessively high or doing damage to worker health, then they're obligated under this new set of rules to do something about it."  The report urges brands to enhance wages and health protections to help workers cope with heat-related challenges.
WORKFORCE
Thailand is losing battle for Japanese investment
Writing for The Nation, Metha Yuwannasiri says Thailand must act swiftly if it is to reclaim its status as a top foreign direct investment hub in Southeast Asia. Thailand is no longer the top destination for new Japanese investments in the region. From 2021 to 2023, Vietnam overtook Thailand as the second-largest recipient of Japanese investments locally after Singapore. The author says that if the situation is to be remedied,  then Thailand must equip workers with skills for high-value, technology-driven industries through government-private sector collaboration, focusing on education and training aligned with market demands.
WORKPLACE
Australian CEO is unhappy about workers' coffee trips
Greg Keith, chief executive of Grant Thornton Australia, has said he hates watching his employees go out for coffee en masse while clocked on - particularly as he has given his staff a nine-day work fortnight, enabling them to take a long weekend every second week. Speaking on the Australian Financial Review's podcast, 15 Minutes with the Boss, Keith said his "pet hate" in the workplace was "[Staff] going downstairs to grab a coffee and seeing 15 people in one of the teams lining up, waiting for the 15th person to get their coffee before they all go back upstairs. It's taken them 30 minutes or 40 minutes to get a coffee. That's just a huge waste of time and efficiency." He said the introduction of a shortened work fortnight has heightened his awareness of making time in the office count.
How to make office life worthwhile again
Some studies, such as one led by Stanford economist Nicholas Bloom, suggest that fully remote work reduces productivity by as much as a fifth, while hybrid work benefits companies and employees. Without an in-person mandate, employers are concerned about losing out on productivity, communication, creativity and a strong company culture. Now, as more companies ask staff to return to the office at least a few days a week, experts say workplaces need to plan for social or other team events to make it worthwhile for employees so they're not just sitting on video calls they could do from home. Linda Duxbury, the Chancellor’s professor of management at the Sprott School of Business at Carleton University in Ottawa, says: “One of the reasons people like coming into the office is to socialise with their colleagues – they enjoy the informality, team activities and discussions . . . If employers want happier employees, then they have to manage the in-person days better than many do.”
STRATEGY
Ito-Yokado to reduce headcount of permanent employees
Japanese supermarket chain Ito-Yokado will reduce its number of permanent employees by around 1,000, or nearly 20% of its workforce, by the end of February 2026. Parent company Seven & i plans to sell a majority stake in York Holdings, which owns its supermarket and restaurant operations, including Ito-Yokado, in an effort to focus on its Seven-Eleven convenience store business.
TAX
Book buying 'is an investment in Thailand's human resources'
The Book Publishers and Distributors Association of Thailand (Pubat) is urging the government to implement a stimulus plan that would allow book purchases to qualify for personal income tax deductions. Theerapat Charoensuk, a member of Pubat's executive committee, said: "Book buying is an investment in the country's human resources." The proposal suggests a tax deduction of up to 10,000 baht ($292) per year for book purchases, similar to the existing deductions for super savings funds. Theerapat also highlighted the need for improved public spaces for books and increased government funding for libraries. He noted that previous initiatives, like the "Easy E-receipt" scheme, resulted in a loss of 500m baht in tax revenue but generated 1.2bn baht in economic circulation within the book industry.
INTERNATIONAL
Judge rules that Target must face shareholder lawsuit over Pride backlash
U.S. District Judge John Badalamenti in Fort Myers, Florida, has ruled that retailer Target must face a lawsuit accusing it of deceiving shareholders after its sales of LGBTQ-themed merchandise for Pride Month sparked a backlash and a customer boycott. The retailer pulled such items last year, citing increased confrontations between shoppers and employees and incidents of products being thrown on the floor. The lawsuit from investor Brian Craig claims that Target's board focused only on activist groups' calls for diversity, equity and inclusion (DEI) measures and overlooked potential negative responses to the Pride campaign in May 2023. America First Legal, the conservative group that filed the lawsuit last year, in a statement called the court ruling a "warning to publicly traded corporations’ boards and management," adding that the risk of DEI programs and environmental, social, and governance (ESG) initiatives "cannot be whitewashed with boilerplate language or ignored."
VW union threatens to tighten thumbscrews on management
Volkswagen and union representatives were due to meet today for a fourth round of talks over wage cuts and possible plant closures in Germany. Europe's largest carmaker wants to radically cut costs to better compete with cheaper Asian rivals in its home market. The latest round of negotiations were to start at around 1230 CET, while workers will stage four-hour stoppages at nine of Volkswagen's German sites, marking the second walkouts in a week. "Perhaps this will bring the VW Board of Management to its senses. Otherwise we will continue to tighten the thumbscrews," the IG Metall union said to employees on Friday. "But then it will get really, really uncomfortable." Volkswagen says capacity and wage cuts are necessary amid falling demand for cars in Europe and costs that make it impossible for the company to compete with new rivals.
McKinsey unit to pay $122m to settle bribery claims in South Africa
McKinsey Africa, a subsidiary of McKinsey & Co., is to pay more than $122m to settle claims that it paid bribes to officials at two South African state-owned companies to help win millions of dollars of consulting work. The division of the global consulting firm was charged with one count of conspiracy to violate the Foreign Corrupt Practices Act. Prosecutors said that McKinsey Africa, through Vikas Sagar, a former McKinsey senior partner in the firm’s Johannesburg office, agreed to pay bribes to officials who at the time worked for Transnet SOC, South Africa’s state-owned rail, port and pipeline company, and Eskom Holdings SOC, the country’s state-owned power company. 
OTHER
Billionaires' wealth skyrockets to $14 trillion
According to the latest Billionaire Ambitions report by UBS, the combined wealth of billionaires has surged by 121% over the past decade, reaching $14tn. The report highlights that the number of dollar billionaires has increased from 1,757 to 2,682, with tech billionaires experiencing the fastest growth. However, since 2020, growth has slowed, particularly among Chinese billionaires, whose wealth has declined from $2.1tn to $1.8tn. In contrast, North American billionaires have seen a 58.5% increase in wealth, totalling $6.1tn. The report also indicates that 268 individuals became billionaires for the first time in 2024, with 60% being entrepreneurs. UBS warns that billionaires will face an "uncertain world" in the next decade, necessitating smart risk-taking and flexible wealth planning.
 


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