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APAC Edition
16th January 2025
 
THE HOT STORY
Meta to cut 5% of workforce and target 'lowest performers'
Meta is preparing to cut about 5% of its global workforce, as the owner of Facebook, Instagram and WhatsApp looks to drop "low performers faster." In a memo to staff, CEO Mark Zuckerberg said he had made the decision to speed up the company's regular performance-based cuts in anticipation of an "intense year." Zuckerberg said the company would "backfill" the roles later in 2025. Meta, which employs about 72,000 people globally, did not say how the cuts would be distributed around the world. Workers in the US who are affected will know by 10 February, according to the memo. Those outside the US will be informed "later." Zuckerberg wrote: "This is going to be an intense year, and I want to make sure we have the best people on our teams . . . I've decided to raise the bar on performance management and move out low performers faster."
LEGAL
Coupang told to cut night shifts after employee dies of overwork
Coupang Logistics Services (CLS), whose business encompasses parcel delivery, cargo transportation, forwarding, and warehouse operation, has been ordered by the Korean government to reduce nighttime working hours for its drivers following the death of a delivery worker last May. An investigation by the Ministry of Employment and Labor revealed 136 violations of the Labour Standards Act, including delayed wage payments totalling 150m won. The probe was initiated after a worker suffered a heart attack after working six night shifts in one week. The ministry's report observed: "Intensive nighttime labour can result in a variety of diseases, including those related to the brain." Although the ministry recommended changes to working conditions, it concluded that Coupang could not be held legally responsible for the worker's death, because he was classified as an independent contractor. Coupang has said it will implement improvement measures, including enhanced health checkups and support for health management programs.
REMUNERATION
China to cut pay by half for staff at top financial regulators
China is implementing significant pay cuts for staff at its top three financial regulators, including the People's Bank of China (PBOC), National Financial Regulatory Administration (NFRA), and China Securities Regulatory Commission (CSRC), reducing their total income by approximately 50%. The move aligns their salaries with those of other civil servants, as part of a broader regulatory overhaul initiated in 2023. According to sources, department heads will see a 50% reduction, while officials below that rank will face a 40% cut, and some senior officials may experience a 60% decrease. The decision comes amid China's efforts to boost consumption and maintain economic stability, and contrasts with recent wage increases for millions of civil servants. One source observed: “the hefty pay cuts at the regulatory bodies... comes at a particularly tricky time for China.”
HEALTH & SAFETY
Coles pulls knives from shelves after supermarket attack
Coles has decided to withdraw kitchen knives from all its Australian stores following an incident where 63-year-old Claudia Campomayor Watt was allegedly stabbed by a 13-year-old while working. The attack occurred at a Coles supermarket in Ipswich, south-east Queensland, as she was stocking shelves. She remains in hospital in a critical but stable condition. A spokesperson for Coles said: “Coles has made the decision to withdraw its range of kitchen knives from supermarkets across Australia”, and emphasised that the safety of team members and customers is its top priority. The precautionary measure is part of a review process in light of the incident.
CORPORATE
Wealth manager for India’s rich launches in Dubai
The private wealth unit of Blackstone-backed ASK Asset & Wealth Management Group has opened an office in Dubai aimed at catering for the wealthy Indian diaspora and international investors. The new office, which is based in the Dubai International Finance Center, will also provide access to overseas investments for its India-based clients. Prateek Pant, market head for Middle East and Africa at ASK Wealth Advisors (DIFC) Pvt., said: “We are fairly confident of building a $1bn book out of Dubai over the next three years.”
ECONOMY
Consumer confidence soars in Thailand
Consumer confidence in Thailand has risen for the third consecutive month, reaching its highest level in six months, according to the University of the Thai Chamber of Commerce (UTCC). The consumer index increased to 57.9 in December from 56.9 in November, driven by government stimulus measures and a surge in tourism. The UTCC said: "Consumers started to believe that the economy will recover in the future if the government continues to stimulate the economy." Key factors contributing to this boost include government subsidies for rice farmers, handouts for the elderly, and tax breaks. Additionally, Thailand welcomed 35.5m foreign tourists in 2024, a 26.3% increase from the previous year, further stimulating economic activity. Finance Minister Pichai Chunhavajira expressed optimism for over 3% economic growth this year, with tourism as a vital component of the recovery.
TECHNOLOGY
Apple joins AI chip consortium
Apple has become a member of the Ultra Accelerator Link Consortium, which is developing UALink, a standard for connecting artificial intelligence (AI) accelerator chips in data centres. Becky Loop, Apple's director of platform architecture, said that UALink “shows great promise” in overcoming connectivity challenges and enhancing AI capabilities. The consortium includes major players like Alibaba, Synopsys, Intel, and Google, but notably excludes Nvidia, which has its own proprietary technology. Apple's involvement aligns with its increased investment in AI infrastructure, including the development of a new server chip to enhance efficiency in its AI data centres.
INTERNATIONAL
Dutch government cracks down on illegal workers
The Dutch government is considering custodial sentences for job agencies and employers who hire illegal workers from outside the EU, as the number of such workers continues to rise. Chief labour inspector Marijke Kaptein observed: “What we are seeing is that there are not enough European workers to go around.” Currently, between 600,000 and 800,000 foreign workers are employed in low-skilled jobs in the Netherlands, a number that grows by between 40,000 to 50,000 annually. Exploitation of these workers is prevalent, with inadequate housing and threats of dismissal for illness. Social affairs minister Eddy van Hijum agrees that the issue needs addressing. “I think that we in the Netherlands have become too dependent on cheap labour. Far too many sectors have become addicted to labour migration as a solution to their problem . . . We will no longer accept that cheap labour and abuses are the image of the future.”
Fake job postings on the increase
The Wall Street Journal reports on the rise of so-called ghost jobs advertised online, citing analysis of internal data by hiring platform Greenhouse which along with LinkedIn has begun tagging job listings as verified in order to help applicants identify which listings are genuine. It is estimated that as many as 20% of jobs advertised are for positions which the company does not intend to hire for; some companies are keen to appear to be growing and others hope to find a candidate too good to miss out on even when they have already recruited somebody for a role. Jon Stross, Greenhouse president and co-founder, remarked: “The job market has become more soul-crushing than ever.” 
Top UK boss voices concern over workers' rights law
The UK's proposed Employment Rights Bill has been criticised by Rupert Soames, president of the Confederation of British Industry, who warns it may become "an adventure playground for employment rights lawyers." The legislation, set to be implemented next year, aims to abolish anti-strike laws and introduce new employment rights, including the ability for workers to claim unfair dismissal from their first day and a ban on zero-hour contracts. Soames cautioned that the Bill could lead to job losses and increased unemployment, saying: "Not only will they not employ, I think they will let people go." The government's impact assessment estimates the Bill could cost businesses up to £5bn annually, raising concerns about its potential negative effects on growth and employment.
OTHER
China announces expansion of consumer goods trade-in scheme
China has announced a range of measures to expand its consumer goods trade-in program, an initiative designed to boost domestic demand and economic growth. Zhao Chenxin, deputy head of the National Development and Reform Commission, said last week that the categories of home appliances eligible for government subsidies will be increased from eight in 2024 to 12 in 2025, with microwaves, water purifiers, dishwashers and rice cookers added to the list. Beijing has earmarked 81bn yuan ($11.3bn) this year for the initiative, which will offer consumers subsidies of up to 500 yuan apiece while purchasing digital products such as mobile phones.
 


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