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APAC Edition
30th December 2024
 
THE HOT STORY
Unlocking global opportunities for Singaporeans
In Singapore, opportunities for locals to work abroad are expanding, particularly through Workforce Singapore's $16m Overseas Markets Immersion Programme (OMIP), which offers employers up to $72,000 for each local talent sent overseas. The initiative aligns with the government's goal, as outlined in the October 2023 Forward Singapore report, to develop Singaporeans for senior roles in multinational corporations (MNCs). Despite the push, a 2023 Boston Consulting Group poll indicated that only 64% of Singaporeans are willing to work abroad, a significant drop from previous years. Factors such as family commitments and the comfort of life in Singapore contribute to this reluctance. The OMIP says it aims to address these challenges and encourage more Singaporeans to embrace international career experiences.
WORKFORCE
Cash acceptance mandate gains support
The Australian government is proposing new mandates requiring major businesses to accept cash for essential items. Jason Bryce from the awareness group Cash Welcome said: “It's good news that they are talking to us about mandating cash acceptance because Aussies thought up until a few years ago that it was the law.” The consultation paper released by the government aims to gather feedback on this mandate, which Assistant Treasurer Stephen Jones described as a “lifeline” for many Australians. The focus is on ensuring that those who rely on cash, particularly in regional areas, are not left behind. The consultation period will close on February 14 next year.
LEGAL
China raises driver age limits
China has updated its driving regulations to extend the age limit for drivers of medium and heavy buses and trucks from 60 to 63 years. This change, effective from January 1, 2025, aims to accommodate the country's ageing workforce. Drivers over 63 wishing to continue operating these vehicles can apply for a license extension, contingent upon passing a medical examination and tests for memory, judgment, and reaction time. The Ministry of Public Security said that the extension could last up to three years, reflecting the government's efforts to "delay the retirement age."
CYBERSECURITY
Japan Airlines hit by cyberattack
Japan Airlines (JAL) experienced a cyberattack on December 26, leading to delays for over 20 domestic flights. The airline reported that the attack aimed to overwhelm its network with excessive data traffic, but it successfully mitigated the threat and restored its systems within hours. JAL confirmed that there was no impact on flight safety or customer data. Chief Cabinet Secretary Yoshimasa Hayashi urged the transport ministry to expedite system restoration and assist affected passengers. Despite the disruption, other airlines like ANA Holdings and Skymark were not impacted. Experts have raised concerns about Japan's cybersecurity vulnerabilities, especially as the country enhances its defense capabilities.
DIVERSITY, EQUITY & INCLUSION
Women shouldn’t face a penalty for promoting themselves
The FT's Anji Raval writes about why many senior women would rather not put themselves in the public eye because they worry they will be criticised more severely than male counterparts.
TECHNOLOGY
Japan to crack down on Google
Japan's competition authority is poised to find Google in violation of antitrust laws, according to reporting by Nikkei Asia. The Japan Fair Trade Commission (JFTC) is expected to issue a cease and desist order against Google for its monopolistic practices. The investigation began last October, paralleling similar actions in Europe and other regions. Chrome, a key component of Google's business, is the most widely used web browser, and enables the company to effectively target ads. Recently, the U.S. Department of Justice argued that Alphabet, Google's parent company, should divest Chrome and be barred from re-entering the browser market for five years to address its search monopoly.
TAX
Thailand to impose top-up tax from January 1
Thailand has introduced a new royal decree mandating that multinationals operating in the country must pay a top-up tax to ensure their corporate income tax rate reaches a minimum of 15%. This rule, effective January 1, aligns with the global minimum tax initiative led by the Organisation for Economic Co-operation and Development (OECD). If a corporation's tax rate falls below 15%, it must pay the difference in Thailand rather than its home country. The decree aims to protect Thailand's tax interests and is part of the Global Anti-Base Erosion (GloBE) rules. Deputy Finance Minister Julapun Amornvivat projected that the top-up tax could boost state revenue by over 10 bn baht annually.
CORPORATE
UK financial leaders head to China
Andrew Bailey, the Bank of England governor, and Nikhil Rathi, CEO of the U.K.'s Financial Conduct Authority, will join finance minister Rachel Reeves on a trip to China next month. The visit aims to enhance financial services trade ties between the UK and China, and marks the first UK-China Economic and Financial Dialogue since June 2019. A private sector delegation, led by Mark Tucker of HSBC, will also participate in a financial services summit during the visit.
INTERNATIONAL
US visa overhaul for high-skilled workers
The Biden administration has announced that it aims to streamline the complicated process of applying for the highly sought after H-1B visas used to attract high-skilled international talent to work in the US and give immigrants and businesses more certainty when it comes to their applications. The changes will make it easier for employers to fill their openings and keep specialized workers for longer, the Department of Homeland Security (DHS) said. "American businesses rely on the H-1B visa program for the recruitment of highly-skilled talent, benefitting communities across the country. These improvements to the program provide employers with greater flexibility to hire global talent, boost our economic competitiveness, and allow highly skilled workers to continue to advance American innovation,” DHS Secretary Alejandro Mayorkas said.
Abu Dhabi issues workplace directives for adverse weather conditions
In response to unprecedented floods in April, Abu Dhabi authorities have issued directives to ensure the safety of workers in the construction sector during adverse weather conditions. The action plan includes measures for employers to monitor flooding risks, review electrical equipment usage, and secure hazardous materials. Workers are advised to follow employer instructions and wear appropriate clothing. Officials emphasised the importance of weather awareness, saying: "This precaution can give enough time to take preventative measures before an impending storm." The guidelines also cover safety protocols for fog and high winds, highlighting the need for high-visibility clothing and protective gear.
The phrase 'punching above your weight' could be classed as discrimination
A UK employment judge has ruled that the phrase 'punching above your weight' is equivalent to saying 'you've done better than expected', which has both 'positive and negative connotations'. Judge Hilary Harding said that, in some cases, the phrase could be regarded as 'unwanted' conduct and a breach of equality laws. The phrase was discussed after school worker Jamiu Alagangan sued for race discrimination after the head of Ormiston New Academy in Wolverhampton made the remark when referring to the age gap between himself and his wife. Among a series of other claims, Jamiu Alagangan said the 'punch above your weight' comment 'violated his dignity'. With some 'hesitation', the tribunal agreed with Alagangan that the phrase 'had that effect on him' and was 'unwanted'. Harding observed: 'After all, the implication of such words is along the lines of "you've done better than expected", which has both positive and negative connotations.' However, the tribunal concluded the phrase was not racist, and said it was 'a moment of fleeting offence'.
OTHER
Sydney residents urged to avoid towing fees this New Year's Eve
Residents and visitors in Sydney are advised to relocate their vehicles from clearways ahead of the New Year's Eve celebrations to avoid a towing fee of $243. Over a million people are expected to attend the iconic fireworks display, prompting Transport for NSW Coordinator-General Howard Collins to emphasise: “If you park on the clearway, you'll be towed away.” Last year, 220 vehicles were towed during the festivities. Major roads will close from 6am, with the Sydney Harbour Bridge fully closed from 11pm to 1.30am. Public transport will be enhanced with 3600 additional trains and increased bus and ferry services. Collins noted: “Public transport will absolutely be the key to a stress-free celebration.” Emergency services will also be on high alert, with 2,500 officers deployed across the city.
 


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