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APAC Edition
13th December 2024
 
THE HOT STORY
Ecuadoran workers accuse 'monster' Japanese textile company of exploitation
Former employees of a Japanese textile company in Ecuador have told of their harrowing experiences, following a ruling by the constitutional court that deemed their working conditions akin to slavery. Testimonies shared at a news conference in Quito highlighted severe neglect at the company, Furukawa, with some workers giving birth in unsanitary conditions and others suffering from untreated injuries. The court ordered Furukawa to compensate each of the 342 victims with $120,000, totalling around $41m, and mandated a public apology. "We have been confronting the monster that is Furukawa," Segundo Ordonez told the meeting at the headquarters of Ecuador's Ecumenical Human Rights Commission (CEDHU). Maria Guerrero, who spent three decades on the plantations for the production of abaca, a fine plant fibre, lamented the lack of medical care during her pregnancies, saying: "It is something I will always carry in my heart as a wound." Furukawa has contested the ruling, citing inconsistencies and financial burdens.
TECHNOLOGY
Most Asia-Pacific firms are unprepared for AI governance, report says
Deloitte analysts say most Asia-Pacific companies are not adequately prepared to realise the transformative promise of artificial intelligence (AI), with inadequate governance structures, mounting security risks and evolving regulations serving to sow uncertainty. The firm's report indicates a stark disconnect between perceived and actual preparedness, and it says Asia-Pacific companies need to refine their approach for more meaningful impact. Rob Hillard, Deloitte Asia Pacific’s consulting business leader, said: “Our research shows many organisations have begun their journey of setting up AI governance but over 90% could improve their policy and principles to outline their vision of effectiveness.” The report polled 900 senior industry leaders across 13 countries in the Asia-Pacific region, including China, India, Australia, Singapore, Indonesia and Singapore.
WORKPLACE
Expert strategies for fostering human connection in a virtual workplace
The Fast Company Executive Board network of leaders, experts, executives, and entrepreneurs share their best tips for encouraging human connection in a digital-first workplace. The strategies can help create meaningful connections, encourage collaboration, and build a supportive virtual culture, the Board members say.
HIRING
Deloitte employees with H-1B visas were paid 10% less than US workers
Researchers from George Mason University, Columbia University, University of Hong Kong and Arizona State University report that Deloitte paid newly-hired accountants with H-1B visas an estimated 10% less than U.S. workers in similar roles. The researchers used 2005 salary data hacked and publicly released in December 2014. While H-1B worker status wasn’t included in the hacked data, the researchers used U.S. Department of Labor data to infer which workers held the visas. “This finding calls into question the efficacy of regulatory mandates thought to prevent H-1B visa holders from being paid less than U.S. citizens in similar roles,” the researchers wrote in their report, which was published in the Journal of Business Ethics. In response, Deloitte said that “the data set cited in this paper is incomplete and has not been validated."
Dubai's Emirates to step up recruitment in Hong Kong
Emirates is seeking to recruit 1,700 pilots over the next three years to meet growing customer demand and expand its fleet. Brian Tyrrell, the airline's senior vice-president of the fleet, explained: “We need to recruit the right pilot talent for our current and future fleet.” The airline has already conducted two recruitment roadshows in Hong Kong this year, offering tax-free monthly salaries between US$6,800 and US$12,250. Emirates aims to attract a diverse pool of talent, enhancing its eligibility criteria and benefits. The airline currently employs 4,400 aviators and plans to promote over 600 captains. With the aviation sector recovering from the pandemic, Emirates is focused on providing competitive compensation and a supportive work environment, including a major new pilot training facility.
STRATEGY
OCBC opens new office in Hong Kong
Oversea-Chinese Banking Corp (OCBC) has opened a new 76,000 sq ft office in Kai Tak, Hong Kong, as part of its strategy to hire 10% to 15% more staff over the next five years. Frances Hui Wai-han, chief operating officer of OCBC's Hong Kong unit, said: “We conducted a survey and found that 70% of our staff prefer to work in the office instead of working from home.” The bank plans to establish a flagship branch in the next two years to capitalise on growing wealth management opportunities. OCBC's new office can accommodate 800 staff and is part of a HK$1.5bn investment plan. The bank aims to modernise its branch network while enhancing its digital platforms, believing that customers still value in-person banking services. OCBC, established in 1932, is the second-largest bank in Southeast Asia by assets, with significant contributions from its operations in Hong Kong and Macau.
CYBERSECURITY
Credit risk rises as cyber attackers strike larger companies
Credit risk will probably rise in 2025 as cyberattackers evade defenses with generative artificial intelligence (GenAI) and increasingly target large companies with the resources to pay high ransoms, Moody's Ratings has warned. “Phishing attacks, aiming to entice a user into clicking a malicious link, will be turbocharged by GenAI,” the ratings company said. “GenAI tools will enable attackers to craft personalised and compelling text, audio and video content that mimic legitimate communications from trusted entities.” At the same time, cybercriminals in 2025 may confront weaker opposition from a new Trump administration that Moody's expects to "roll back cybersecurity mandates and potentially curtail the activities of the U.S. Cybersecurity and Infrastructure Security Agency. This could expose issuers to a heightened risk of cyberattack."
ECONOMY
Bangladesh central banker accuses tycoons of ‘robbing banks’ of $17bn
The new governor of Bangladesh's central bank, Ahsan Mansur, estimates that approximately $17bn was siphoned from the country's financial system over 15 years prior to the collapse of Sheikh Hasina's government in August. Other economists suggest the total could exceed $30bn. "The highest level of political authority realised that the banks are the best place to rob,” said Mansur, explaining that meant taking control of the central bank and the ownership of certain private banks and their boards of directors. "Whole boards were hijacked,” he said. “This is the biggest, highest robbing of banks by any international standards,” he told the FT. “It was state-sponsored and it couldn’t have happened without intelligence people putting guns [to former bank chief executives'] heads.”
INTERNATIONAL
NYPD warns about threats to executives
A bulletin issued by the New York Police Department underscores the heightened risk environment for corporate executives in the wake of last week's killing of United Healthcare chief executive Brian Thompson. The bulletin was published on the day that Luigi Mangione, the man accused of shooting dead Thompson in New York, appeared in court in Pennsylvania and was charged with murder. Multiple "Wanted" signs featuring corporate executives have been posted throughout Manhattan and users on social media continue to celebrate Thompson's death, according to the bulletin. Mangione's action has the "capability to inspire a variety of extremists and grievance-driven malicious actors to violence," the NYPD said, as it encouraged companies to increase precautions and security for executives.
HSBC loses UK appeal over job-seeking banker's discrimination claim
HSBC has lost its appeal against a UK court's decision to reinstate a senior investment banker's lawsuit that alleged the bank victimised and discriminated against her when it did not hire her for a senior sales role in 2018. The Court of Appeal ruled that the claim should be re-heard by an employment tribunal, in part because the lower court had not properly decided what the claimant knew - and when - before deciding the case was out of time. Carmen Chevalier-Firescu sued HSBC in 2020, claiming she was not appointed as the head of the bank's London derivatives sales team for hedge funds partly because she had sued her former employer, Barclays, for making her redundant after she returned from maternity leave. Her case was initially dismissed by a tribunal but reinstated on appeal earlier this year. HSBC had told the Court of Appeal that Chevalier-Firescu's claims should be dismissed in part because she had filed them after the standard three-month window. Reuters notes that the lawsuit is a rare example of an employment claim against a prospective, rather than current, employer.
Early retirement proposed for some UAE citizens whose jobs can be replaced by AI
Khaleej Times reports that Emiratis approaching their retirement age whose jobs can be compensated with artificial intelligence (AI) could in the future  benefit from a possible early retirement scheme. “We must erase society’s fear of AI because in reality, it contributes to expanding job opportunities,” said Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, during a Federal National Council session. “For employees who are approaching their retirement age after a year or two, and their job can be replaced with AI, we can consider early retirement for them,” Omar said.
OTHER
Luxury spending surges in China
According to the latest MDRi report, 56% of luxury consumers in mainland China intend to increase their purchases from domestic brands over the next year. Simon Tye, chief executive of MDRi, noted that “Chinese shoppers want to spend more among all the different brands from the different parts of the world.” The report highlights a growing preference for local brands that resonate more with consumers, particularly among those in second-tier cities, who reported an average spending of 253,800 yuan in 2023, a 22% increase from the previous year. Despite a reported 10% revenue drop for LVMH in Asia, brands like Lululemon and Adidas have thrived by adapting quickly to local trends. The report also indicates that nearly 60% of respondents plan to allocate more of their budget to luxury travel, reflecting a broader shift in consumer behaviour towards experiences and individuality.
 


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