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APAC Edition
27th January 2025
 
THE HOT STORY
President Trump issues warning to world on tariffs
President Donald Trump has warned firms that they will face tariffs if they opt to make their products outside the U.S. Addressing the World Economic Forum via video link, Mr. Trump said: “My message to every business in the world is very simple: Come make your product in America and we will give you among the lowest taxes of any nation on Earth,” before adding “if you don’t make your product in America, which is your prerogative, then, very simply, you will have to pay a tariff.” He also accused the E.U. of treating the U.S. unfairly, saying officials “put tariffs on things that we want to do.” Mr. Trump has also called on OPEC to lower the price of oil, arguing that doing so could put pressure on Russia to call off its invasion of Ukraine.
REMUNERATION
Japanese retailers increase pay amid calls to boost economy
Major retailers in Japan are offering significant pay rises to workers for a second consecutive year, as a shrinking working-age population and higher inflation increases pressure on the sector. Bank of Japan Governor Kazuo Ueda noted at a gathering of regional bank executives last week that "There was a lot of positive talk on the wage outlook," with the bank basing its latest cycle of interest rate increases on the principle that higher wages support higher prices. Tamon Nishio, general secretary of UA Zensem, which represents a number of unions and other groups stated: "Solid wage hikes will help put the Japanese economy on a growth track. Many of our union members are from small and medium-sized firms and are part-time workers. We want wage hike momentum to spread broadly to our members to achieve real wage growth and create a positive cycle for the economy."'
Morgan Stanley bankers to see bonus boost of up to 50% in Asia
Morgan Stanley is to increase bonuses for its top-performing investment bankers and traders in Asia by as much as 50%. This comes after revenue of the bank's institutional equities unit increased by 51% around the world in the fourth quarter compared with the year-earlier period. The firm noted that its Asia business contributed to global growth. Other Wall Street banks such as Morgan Stanley have also announced significant bonus increases for traders this year.
STRATEGY
Aon's new head of talent solutions interviewed
People Matters features an interview with Aon's new head of talent solutions Puneet Swani, who discusses a number of issues relating to the future of HR in the Asia Pacific region. He remarked: “APAC is one of the most dynamic regions and one with one of the youngest employees. My vision is to be able to partner with and help organisations being able to get the best out of their most important asset which is their people." He urged employers to prioritise the human element in their workforces, and to focus on reskilling and upskilling employees in order to remain competitive. Swani also notes that “Organisations that embrace AI across their HR processes - whether that is recruitment or performance management or automating routine tasks- are going to see much larger productivity or efficiency gains.”
TRAINING & DEVELOPMENT
Infosys CTO predicts changes to IT sector's talent management model
Infosys chief technology officer Rafee Tarafdar has told the Reuters Global Markets Forum that the firm has begun experimenting with a transformation in talent management in the Indian tech industry. He remarked: "I think the talent model will undergo some change. What shape and form it comes (in), I think, that's something that we'll have to see." Tarafdar noted that the company is trying to balance upskilling its staff with creating specialists in new roles at the same time. He predicted increased demand for talent in the responsible AI and model engineering sectors.
WORKPLACE
Workplace safety and decency in Singapore
Law lecturer Ben Chester Cheong writes on workplace fairness legislation in Singapore, noting that although it represents "a significant step forward in protecting workers from discrimination" discrimination still occurs in the workplace. He notes that the act does not cover indirect discrimination, so employees "could still face subtle or systemic unfair treatment that aren’t directly linked to the protected characteristics," highlighting risks to workers' mental health and well-being. It is noted that "there remains a gap in legal protections for workers experiencing more subtle or pervasive forms of bullying or toxicity in the workplace."
HEALTH & SAFETY
LRF World Risk Poll 2024 reveals dangers to workers
Lloyd’s Register Foundation’s (LRF) World Risk Poll 2024 report has found that almost 20% of employees worldwide have experienced serious harm in the workplace over the past two years. Nancy Hey, Director of Evidence & Insight at LRF, highlighted the fact that safety training can result in staff being three times more likely to report when something goes wrong. She said: “If we know about them, they can be tackled and addressed quickly and carefully.”
WORKFORCE
Saudi Arabia must move to enhance workers’ rights ahead of 2034 World Cup
The Business Standard urges authorities in Saudi Arabia to learn from Qatar's mistakes and protect workers' rights from the start of preparations for hosting the 2034 World Cup. It says that "To protect its people, the Bangladesh government should make agreements that ensure citizens have legal protections, safe working conditions, and fair pay. Additionally, workers should be informed about their rights, workplace safety, and how to report abuse to better navigate international labour markets." The call comes after thousands of migrant employees were reported to have died in the build-up to the Qatar event, with subpar housing conditions, long workdays in intense heat, poor safety regulations, and delayed or unpaid wages cited among the poor conditions workers had to contend with.
TAX
TikTok owner urges Chinese expat workers to pay tax to home country
Chinese TikTok employees at its Singapore headquarters have been told that failure to pay tax to their home country could see them lose their ability to cash out on stock options. This comes as a number of Chinese firms including Alibaba, Tencent and Shein, set up offices in the city-state, with many staff relocating their to take advantage of lower tax rates. This has coincided with increased efforts by authorities China to collect tax revenue amid a widening economic slowdown.

 
MSN
CORPORATE
Walmart gets 'complaint letter' over Flipkart Minutes appointment
Walmart is reportedly looking into the appointment of Dunzo chief executive and co-founder Kabeer Biswas as the head of Flipkart’s quick-commerce segment, Flipkart Minutes. An email to Walmart CEO Doug McMillon and Flipkart CEO Kalyan Krishnamurthy sent by Dunzo’s former employees expresses concern about the company “hiring a person with . . . a criminal background.” A report recently claimed that Mr Biswas is dealing with legal challenges from vendors and employees, with a police complaint filed against him in Bengaluru. 
DHL eyes growth in China
DHL Group chief executive Tobias Meyer has reaffirmed the company's commitment to the Chinese market, saying: "China remains a powerhouse of global trade and one of the most important markets for DHL Group". Despite global economic challenges, Meyer highlighted that China continues to outpace global trade averages and remains integral to DHL's operations. The company has invested over 2bn yuan ($270m) in logistics infrastructure across key economic regions. Meyer noted that sectors such as e-commerce, healthcare, automotive, and green energy are expected to drive significant growth in the coming years. He emphasised: "We want to be the bridge that connects China with the world and the world with China."
Reckitt invests in Shanghai R&D hub
UK multinational consumer goods company Reckitt Benckiser has commenced construction of its global research and development centre in Shanghai, investing over 300m yuan ($40.92m). The centre, set to open in 2026, aims to enhance Reckitt's innovation and growth in China, a market deemed crucial by chief executive Kris Licht. The facility will support the development of Reckitt's brands, including Durex and Dettol, and is designed to attract top R&D talent. Chief R&D officer Angela Naef highlighted that the investment will deepen Reckitt's understanding of Chinese consumers' needs, enabling quicker market delivery of breakthrough products. The centre will also foster collaboration with local universities to support the health of Chinese families.
OTHER
Wealth surge among global Indians
The number of affluent individuals in India and among the Indian diaspora has significantly increased, driven by entrepreneurship, rising incomes, and access to global markets. The trend is particularly noticeable in financial hubs like Singapore and the UAE, where wealth is concentrating. Rajesh Kannan, managing director at Standard Chartered, said: "Global Indians are the fastest-growing diaspora in the world with a large affluent concentration in the UAE." Factors such as India's thriving equity markets and the UAE's attractive opportunities are contributing to this wealth growth, which is also influencing changing investment preferences.
 


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