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APAC Edition
6th February 2025
 
THE HOT STORY
Transgender workers face discrimination in Singapore
Report findings reveal that 65% of transgender individuals in Singapore have encountered negative experiences in the workplace, including harassment and verbal abuse. The study, titled “Measuring Public Sentiments and Challenges Faced by Singapore's Transgender and Gender-Diverse Community,” conducted by the National University of Singapore's Saw Swee Hock School of Public Health, highlighted that 36% of respondents received unwelcome comments regarding their gender identity. Despite the passing of a new bill against workplace discrimination, which will be enforced in 2026 or 2027, concerns remain because protections for sexual orientation and gender identity are not explicitly included. Rayner Tan, an associate professor involved in the study, emphasised the need for public engagement with the transgender community to foster understanding and dignity.
TECHNOLOGY
Legal challenges await OpenAI CEO as he visits India
OpenAI chief executive Sam Altman is visiting India amid a significant copyright lawsuit led by Asian News International (ANI), which claims the company has unlawfully used copyrighted content to train its artificial intelligence models. "If the Indian court becomes one of the first courts to decide on this issue, it could be a trendsetter," said Aditya Gupta, an expert in Indian copyright law. "The size of the Indian market is impossible for OpenAI to ignore. They can't just say, 'I'll exit India; it doesn't matter.'" OpenAI argues that India lacks jurisdiction and maintains that it uses publicly available data under fair use principles.
Klarna boss: AI can do our jobs
Sebastian Siemiatkowski, the chief executive of Klarna, says the firm has saved the equivalent of $10m a year by using artificial intelligence (AI) for its marketing work, reducing its reliance on human workers, while AI tools has also reduced the time that its in-house lawyers spend generating contracts. Mr Siemiatkowski said: “I am of the opinion that AI can already do all of the jobs that we, as humans, do.” He says AI has allowed Klarna to reduce hiring and the firm’s overall head count has fallen to under 4,000 from about 5,000. He expects the firm's workforce to fall to about 2,000 as a result of its AI adoption.
STRATEGY
NXP plans to cut 1,800 jobs worldwide
Dutch semiconductor company NXP has announced potential job cuts of up to 1,800 positions globally due to increased market pressures. The company, which employs over 34,000 people around the world, said that the reductions would not exceed 5% of its workforce. NXP has experienced declining demand for automotive chips, a significant part of its business, and reported a drop in revenue from $13.3bn in 2022 to $12.6bn in 2023. Chief executive Kurt Sievers described the company's performance as “resilient” despite these challenges. Earlier this year, NXP secured a €1bn loan from the European Investment Bank to support semiconductor innovation.
MANAGEMENT
HSBC's equity chief takes leave
Selene Chong, HSBC's deputy global head of equities and head of equities for the Asia Pacific region, is taking a leave of absence. The move comes amid significant leadership changes at the bank, which recently announced the closure of its equities capital markets and M&A advisory teams in Europe, Britain, and the Americas to streamline operations. A source indicated that Chong's sabbatical is unrelated to the restructuring. Kenneth Hon will temporarily lead the APAC equities team during her absence.
TAX
India likely to introduce new income tax bill this seek
India is expected to publish the much-anticipated draft of the new Income Tax Bill on February 6. The proposed bill aims to introduce comprehensive reforms to the current Income Tax Act and could potentially see the number of words in the document cut by half.  Sources say the draft bill is likely to provide directions to widen the tax net, given the contraction in the tax base following the new exemption limits. Union Finance Minister Nirmala Sitharaman, in her post-Budget press conference, said about 1 crore taxpayers will directly benefit from the extended rebates and exemptions under the New Tax regime.
HIRING
Labour permits approval starts for Nepali workers in Oman
The Embassy of Nepal in Muscat has initiated the legalisation process for Nepali workers in Oman who lack a labour permit from Nepal. This first-ever live enrolment took place from 31 January to 1 February 2025 in Salalah, featuring various activities including labour law awareness and social security fund enrolment. Ambassador Dornath Aryal expressed confidence that this service would "greatly help Nepali workers to avail several benefits." The legalisation process requires workers to create a profile through the FEIMS system and attend the embassy for biometrics. The initiative aims to ensure that Nepali workers can work legally and access essential services, with support from local Nepali organisations and volunteers.
REMOTE & HYBRID WORKING
Citi bucks back-to-office trend and embraces hybrid working
Citigroup is to continue to allow most employees to work remotely at least two days a week. Jane Fraser, the bank's chief executive, promised to continue the hybrid work schedule on a quarterly call with managing directors in mid-January, the FT has reported, citing people familiar with the matter. She believes the firm's more flexible in-office work requirements give it a competitive advantage.
ECONOMY
Philippines declares 'food security emergency' to bring down retail rice prices
The Philippines, among the world's largest rice importers, declared on Monday a food security emergency to bring down the cost of rice, which it said has stayed elevated despite lower global prices and a recent reduction in rice tariffs. The move means that buffer stocks can now be released to help bring down retail prices of the staple. Half of the 300,000 metric tonnes of buffer stock the National Food Authority currently holds could be released over the next six months to ensure supply for emergencies and disaster response. 
INTERNATIONAL
Spanish ministers agree to cut the legal working week
Spanish ministers have approved a reduction of the legal working week to 37.5 hours, down from 40, without altering salaries. Labour Minister Yolanda Diaz said: "This proposal is about living better, working less and being much more productive and more efficient economically." The measure, a key part of the coalition government's agenda, still requires parliamentary approval, where the Socialist government could face challenges due to a lack of a majority. Opposition comes from the centre-right Catalan party Junts and employer associations such as CEOE, which argue that the change could increase costs and reduce competitiveness. "The corporate world is in favour of dialogue, but not in favour of monologue," CEOE chief Antonio Garamendi said. Despite the potential hurdles, Diaz says she remains committed to the plan, and aims for implementation by the end of 2025.
20,000 US federal workers set to take buyout offer
At least 20,000 federal workers have taken the Office of Personnel Management’s offer to resign by Thursday in exchange for a nearly eight-month buyout. Last week, the Trump administration sent an email to approximately 2m federal employees stating that if they resigned by Thursday, they would retain pay and benefits through to September 30 while being out on paid administrative leave. The administration has anticipated that at least 10% of the workforce will accept the offer, however, only 1% of federal workers have as yet selected to take it. Meanwhile, the American Federation of Government Employees and two other unions have claimed that the buyout offer is "arbitrary and capricious" and violates federal law.
Danish union leader could back 'war tax' on workers or companies
Morten Skov Christiansen, chair of the Danish Trade Union Confederation, has expressed openness to implementing a "war tax" to significantly increase Denmark's defence budget. He emphasised that any such tax should be "reasonable". The proposal comes amid growing discussions on how to enhance national security in response to global tensions. Christiansen's stance reflects a broader sentiment within the union regarding the need for increased military funding while balancing the financial burden on citizens.
 


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