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APAC Edition
28th January 2025
 
THE HOT STORY
Trump’s targeting of DEI set to shake up corporate America
President Donald Trump's immediate rollout of of executive orders targeting diversity, equity, and inclusion (DEI) programs is expected to reshape workplace policies across the US. In addition to ending DEI initiatives in federal agencies, Trump revoked a 60-year-old order requiring government contractors to address race and sex discrimination proactively. Agencies have also been directed to identify private-sector organisations practicing "egregious and discriminatory" DEI policies for possible civil investigations. The orders impact thousands of companies selling goods and services to the federal government, which committed $759bn in contracts in 2023, representing around 20% of the U.S. workforce. Businesses must now certify that their programs comply with antidiscrimination laws, reflecting a stricter legal stance following the Supreme Court’s 2023 decision overturning affirmative action in education. Trump’s administration deems programs favouring gender or race, such as mentorship for women, potentially illegal, prompting businesses to reassess workplace policies. Meanwhile, retailer Target has already said it is rolling back diversity, equity and inclusion programs - including some that aim to make its workforce and merchandise better reflect its customers.
LEADERSHIP
Korea Zinc boardroom feud takes another turn
The management control dispute at major metals producer Korea Zinc has escalated into a legal battle following a shareholder meeting last week. The meeting, which seemed poised to resolve the conflict between the two founding families, was instead marked by a last-minute maneuvre by Chairman Yun B. Choi. Choi and his family took steps to invalidate votes held by Young Poong, Korea Zinc’s largest shareholder, which had been seeking to remove him from leadership. The ongoing feud between the Choi and Chang families - whose patriarchs founded Korea Zinc 50 years ago - has become a significant test for South Korea’s chaebols, powerful family-run conglomerates. The Chois currently manage the company, while the Changs control Young Poong. The dispute has also attracted the attention of MBK Partners, a private equity firm aiming to reshape the company. Korea Zinc's strategic importance, as a key supplier of metals vital to global supply chains and independent of China, adds further complexity to the conflict.
LEGAL
BHP accused of underpaying workers
In what will be a crucial test of the Albanese government's Same Job, Same Pay regulations, the Fair Work Commission has heard a historic lawsuit against BHP in Brisbane. An appeal by the Mining and Energy Union (MEU) aims to increase the wages of 1,600 BHP labour hire employees at three mines in Queensland. According to the report, those workers at the Goonyella Riverside, Saraji, and Peak Downs mines are paid anywhere between $10,000 and $49,000 less than permanent employees for performing the same work. BHP has fought the application in the Fair Work Commission, stating those employed under its OS model are service contractors, not labour hires.
REMUNERATION
Japanese pay hikes must exceed last year's, says union head
Japan's Rengo trade union group, led by President Tomoko Yoshino, is pushing for wage increases of over 5% in this year’s "shunto" labour negotiations, surpassing last year’s 5.1% hike - the largest in 33 years. Yoshino highlighted the urgency of addressing rising living costs, stating: “Even after last year's wage hikes, I think there are few people who feel their real living conditions have improved.” Real wages in Japan, adjusted for inflation, have declined for four consecutive months, with November data revealing the toll of rising food prices on household budgets. The outcome of these negotiations is crucial, as it influences consumer spending, inflation trends, and the Bank of Japan's monetary policy.
TRAINING & DEVELOPMENT
Nissan drives training for future techs
Nissan Kyoto Automobile Technical College has signed a memorandum of understanding with Chongqing Energy Industry Technician College to develop automotive technicians for both domestic and international markets. The initiative, supported by Dongfeng Nissan, includes the donation of a Sylphy and a Pathfinder as training vehicles. The programme spans seven and a half years, with students first studying at Chongqing College before transferring to Nissan Kyoto College for advanced training, including electric vehicle repair qualifications. The partnership aims to address the industry's technician shortage and promote sustainable growth.
INVESTMENT
Vietnam plans tax breaks to lure overseas investors
Vietnam is implementing reforms to attract foreign investors to its stock market, as the country aims to enhance capital inflows for its rapidly growing economy. Bui Hoang Hai, vice-chairman of the State Securities Commission of Vietnam, said: “One of the key priorities for regulatory agencies in 2025 is to address bottlenecks, ensuring the market is more attractive to foreign investors.” Proposed measures include tax breaks and fee incentives for fund management companies, along with streamlined account-opening rules and mandatory English disclosures for companies. Despite these efforts, challenges remain, such as limits on foreign ownership in key sectors and concerns over US policies under President Donald Trump. If successful, Vietnam could see an influx of $5bn-$6bn from global funds, according to Wanming Du of FTSE Russell.
Reliance to build world's largest data centre
Reliance Industries is set to construct what may become the world's largest data centre in Jamnagar, India, boasting a capacity of three gigawatts to meet the rising demand for artificial intelligence (AI). The facility will surpass Microsoft's current largest data centre, in Virginia, which has a capacity of 600 megawatts. The estimated cost of the project ranges from $20bn to $30bn.
CORPORATE
Rivers to close all stores
Australian clothing brand Rivers, owned by ASX-listed Mosaic Brands, is set to close all 136 stores by mid-April, resulting in the loss of 650 jobs. The closure follows a failed sale process, with receivers KPMG and voluntary administrators FTI Consulting unable to find a buyer for the brand. This follows a similar fate for Mosaic stablemate Katies, which shut 80 stores in December, leading to nearly 500 job losses. The situation highlights the ongoing challenges faced by Australian retail brands in the current market.
OUTLOOK
Failing economy leaves healthcare gap in China's ageing villages
China's development model is at a crossroads, with a choice between higher spending on pensions and healthcare or industrial upgrades and urbanisation, which Beijing sees as key to bolstering growth. However, spending vast resources on rural healthcare is not a good move at the moment, as high-quality doctors are unwilling to live in rural areas and low-quality ones cannot provide good services. Building townships is lagging, and critics argue that choosing urban and industrial investment over welfare programs for low-income rural populations would present long-term growth risks greater than short-term gains. This could exacerbate overcapacity in factories, weaken consumption, and worsen the demographic crisis by pushing people into cities, where they take on busy jobs and live in small, costly apartments, so they tend to have fewer children. 
Korea's consumer sentiment rebounds despite political turmoil
The Bank of Korea reports that the nation's consumer sentiment has bounced back from a two-year low in January, against a backdrop of political turmoil that began with President Yoon Suk Yeol's shock martial law declaration. The composite consumer sentiment index stood at 91.2 this month, up three points from the previous month's 88.2, although still below the 100-mark separating optimism from pessimism. In December, the index fell sharply to 86.6, the lowest since November 2022, as Yoon's martial law declaration and his subsequent impeachment dented the market and worsened consumer sentiment.
INTERNATIONAL
Friedrich Merz warns German companies about ‘great risk’ of investing in China
Friedrich Merz, considered as the frontrunner in the race to become Germany’s chancellor, has warned German companies about the “great risk” of investing in China, saying businesses must be prepared for “disruptions.” 
Finland and Philippines unite for ethical labour
Finland and the Philippines have signed a joint declaration of intent to enhance ethical labour mobility, addressing Finland's workforce shortages while protecting the rights of Filipino workers. The agreement was formalised in Manila, with Finnish Minister of Economic Affairs Arto Satonen observing: “Filipino workers contribute significantly to our workforce.”
OTHER
Dress shirts due a comeback
The dress shirt has seen a decline in recent years, especially during the pandemic-driven shift to remote work, when formal attire gave way to casual comfort. However, a resurgence may be underway, spurred by fashion trends and evolving consumer preferences. Nick Paget, senior men’s wear strategist at WGSN, highlights the emergence of “office-core” or “corp-core,” a style trend that has revived interest in the dress shirt as a fashion statement rather than a daily work uniform. Jim Moore, GQ’s creative director at large, echoed Paget’s observations about how attitudes toward dress shirts were evolving and said he had recently noticed point-collar dress shirts coming back into fashion.
 


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