The latest business Intelligence for HR professionals and people managers everywhere
Sign UpOnline Version
APAC Edition
20th February 2025
 
THE HOT STORY
Korean steel city faces tariff turmoil
The steel industry in Pohang, South Korea, is facing significant challenges due to a planned 25% tariff on steel imports to the United States, set to begin in March. Mayor Lee Kang-deok warned: “If the steel industry collapses, the entire South Korean economy will be destabilised.” Pohang, known as a key industrial hub, is home to major steelmakers like Posco and has historically supported the nation's economic growth. However, the industry is already under pressure from foreign competition and oversupply, particularly from China. Analysts, including Dr Vladimir Tikhonov from the University of Oslo, predict that the tariffs will exacerbate these issues, saying: “The impact will be significant.” Local workers have expressed their concern over job security, with many already facing layoffs, as the city grapples with the potential decline of its once-thriving steel sector.
LEGAL
Cryptocurrencies accepted as proof of wealth in Hong Kong, accountant says
The Hong Kong government has elaborated on the use of cryptocurrencies as proof of wealth for an immigration scheme after Clement Siu, a certified public accountant in the territory, told media he had handled two cases in which bitcoin and ether were accepted as proof of clients' assets. Siu, a deputy managing partner at Global Vision CPA, observed: "InvestHK has never said whether crypto assets are acceptable or not, but they encouraged us to give it a try, so we just tried." Jupiter Zheng, a partner at HashKey Capital said: "Accepting virtual assets as proof of assets shows that virtual assets have the same status as traditional assets in Hong Kong, this is an important step in promoting the mainstreaming of virtual assets."
Korea's minimum wage debate heats up
Rep. Na Kyung-won of the ruling People Power Party has called for discussions on withdrawing South Korea from the International Labour Organization's (ILO) Convention No. 111, which prohibits discrimination against foreign workers. She argues that the current minimum wage system hampers the foreign nanny programme. Na's comments follow the decision to halt the expansion of the foreign nanny programme after a trial period, amid rising service costs. Experts warn that withdrawing from the ILO convention could severely damage South Korea's international reputation and trade agreements.
Chandigarh teachers denied pay scale revision
In a significant decision affecting contractual employees in Chandigarh, the education department has rejected the revision of pay scales and the grant of arrears for higher education teachers, which were due from January 1, 2016. The education secretary stated that the claims were "devoid of any merit," following the implementation of Central Civil Service Rules. The decision has left many teachers disheartened as they seek fair compensation for their service, suggests the Times of India.
TRAINING & DEVELOPMENT
Employment boost for deported Punjabis
The Punjab government is actively engaging with Punjabi youth recently deported from the US to enhance their skills and employability. Following the arrival of three batches of deportees, including 126 individuals from Punjab, the administration is reaching out through the district bureau of employment and enterprises. Sakshi Sawhney, deputy commissioner of Amritsar, stated that the focus is on providing employment opportunities and skill development. Rajya Sabha MP Vikramjit Singh Sahney has also offered assistance in helping these individuals secure jobs for financial independence. The North American Punjabi Association has called for a rehabilitation fund to support these young individuals.
STRATEGY
Cleary Gottlieb closes Beijing office
Cleary Gottlieb Steen & Hamilton has announced the closure of its Beijing office, effective July 2025, as part of a strategic move to consolidate its operations in Hong Kong, as data reveals that the headcount of Am Law 100 firms in mainland China has fallen by 25% over the last two years. The firm aims to enhance efficiency in serving clients in the region. The company will maintain its Hong Kong and Seoul offices as its primary bases in Asia.
PropertyGuru cuts jobs to streamline operations
Singapore-based property technology firm PropertyGuru has announced the reduction of 174 jobs and the closure of three business units, including Sendhelper and PropertyGuru Finance, as part of its strategy to concentrate on its online marketplace. The layoffs represent approximately 12% of the company's workforce, with a commitment to support affected employees through a comprehensive transition package. This includes severance pay, extended medical insurance, and job placement assistance. The restructuring comes ahead of the return in March of former chief business officer Lewis Ng as the new chief executive.
HSBC Hong Kong banker roles cut
Some 40 investment bankers have lost their jobs at HSBC in Hong Kong as the lender continues to cut costs as part of a restructuring drive led by chief executive Georges Elhedery. The firm is also seeking to combine a number of its commercial and investment banking units, as well as making leadership changes.
TECHNOLOGY
DeepSeek lowers cost of AI adoption for businesses
The launch of DeepSeek's open-source artificial intelligence (AI) models has made it easier for small and medium-sized enterprises to adopt AI across Southeast Asia. However, challenges remain, including data governance and a lack of skilled professionals. While Malaysia's launch of a national AI office in December was “a good start”, the country needs more talent to help the industry move forward, said Jacky Cheong, head of enterprise data governance at CelcomDigi, the country's largest mobile network operator. Such talent is “always missing in the picture when we have a grand plan”, Cheong added. 
CYBERSECURITY
Cybersecurity jobs surge amid growing digital threats
The cybersecurity landscape has evolved dramatically over the past 30 years, transitioning from a niche concern to a foundational industry. As cyberattacks increase, the sector job market is expanding to include various technical roles such as analysts who work on the front lines in security-operations centres (SOCs), analysing logs and monitoring network traffic to detect suspicious activity. This category also includes incident responders or security engineers. “[They are the people who] respond to contain the incident, restore the systems, and then obviously investigate what actually occurred,” explains Imran Ahmad, partner and Canadian co-head of cybersecurity and data privacy at Norton Rose Fulbright Canada. Ahmad says there's “a gap of expertise out there,” and not enough people to fill the required jobs.
ECONOMY
Xi's vision for private enterprise growth
President Xi Jinping has reaffirmed China's dedication to enhancing the private sector through actionable policies during a recent symposium in Beijing. With over 55m registered private companies contributing significantly to the economy, Xi highlighted the need to address challenges faced by these enterprises, which he described as "temporary rather than long-term." He called for a focus on high-quality development and innovation, urging entrepreneurs to leverage the vast market opportunities available in China. The government is also moving towards legislation aimed at further supporting the private sector, ensuring that the rights of private businesses are protected while maintaining legal integrity.
INTERNATIONAL
The legal risks of RTO mandates
As US companies including Amazon and JPMorgan enforce strict return-to-office (RTO) policies, legal experts are warning of the prospect of discrimination claims. “Many employees treated it as a suggestion,” Chris Moran, an employment lawyer at Troutman Pepper Locke, says of early corporate RTO policies. “That was something I don't know that employers saw coming — that a significant percentage of employees felt so strongly that they preferred to work remotely and were willing to sort of ignore [mandates].” The federal government's strict RTO mandates may embolden private sector companies to adopt similar punitive measures. Moran adds: “Now, with what's going on in the federal government, there's perhaps a little more cover for an employer to take the approach that they really mean it this time.”
Canadian banks are now required to report on diversity
New regulations have been introduced in Canada requiring banks and federally regulated financial institutions to disclose information regarding the diversity of their boards and top management. The Office of the Superintendent of Financial Institutions will enforce these rules, which take effect immediately. However, the future of these regulations is uncertain due to upcoming leadership changes in the ruling Liberal Party and a federal election by October 20, which could see a Conservative government potentially repealing the rules.
OTHER
Nappy creams under scrutiny for safety
A Hong Kong Consumer Council report has revealed that 75% of 16 tested nappy creams contain potentially harmful ingredients that could irritate babies' sensitive skin. The report highlights that ingredients such as fragrances, essential oils, and preservatives may lead to allergic reactions. Among the products, Weleda baby's Nappy Change Cream was noted for having the highest number of allergens. The report also pointed out labelling inconsistencies, with only four out of 12 products specifying the concentration of zinc oxide, a common active ingredient. The council has urged regulatory authorities to establish stricter safety regulations and called on manufacturers to improve ingredient transparency. Parents are advised to patch test products and monitor for signs of irritation.
 


The Human Times is designed to help you stay ahead, spark ideas and support innovation, learning and development in your organisation.

The links under articles indicate original news sources. Some links lead directly to the source material. Others lead to paywalls where you may need a subscription. A third category are restricted by copyright rules.

For reaction and insights on any stories covered in the Human Times, join the discussion by becoming a member of our LinkedIn Group or Business Page, or follow us on Twitter.
Follow us on FacebookFollow us on XFollow us on Linkedin

This e-mail has been sent to [[EMAIL_TO]]

Click here to unsubscribe