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APAC Edition
27th February 2025
 
THE HOT STORY
Mental health crisis hits Singapore firms
In Singapore, a mental health crisis is affecting the workforce, with four in 10 employees reporting high mental health risks. Anthea Ong, a mental health advocate, highlights that “mental health challenges drain Singapore's economy by $15.7bn annually in lost productivity.” Despite the alarming statistics, less than 20% of HR professionals report their companies offer comprehensive mental health resources. A 2024 Oxford University study indicates that organisations prioritising employee well-being see better financial performance, with a 20% higher return over two years.
HIRING
Thailand's labour drain crisis
Thailand's border provinces are grappling with a significant economic challenge as skilled migrant workers continue to leave for better opportunities in urban areas. Factors such as low wages, limited career progression, and weak labour protections contribute to this trend. The International Labour Organization's Thailand Labour Market Profile highlights wage disparities as a key driver of migration. Furthermore, the International Organization for Migration's Thailand Migration Report 2024 indicates that training programmes lack structured employment pathways, discouraging workers from remaining in provincial areas. To address this issue, experts suggest that Thailand must shift its focus from recruitment to retention, implementing strategies that create competitive job opportunities and improve living conditions in rural communities.
DIVERSITY, EQUITY & INCLUSION
Apple boss says its DEI programmes may change
Apple chief executive Tim Cook has said the company may have to change its diversity practices as the US legal landscape shifts. His comments came just minutes after a majority of shareholders rejected a proposal calling on the tech giant to consider ending its diversity policies. Despite the vote, Cook acknowledged that the firm may have to alter some of its practices. "As the legal landscape around this issue evolves, we may need to make some changes to comply, but our north star of dignity and respect for everyone and our work to that end will never waver," Cook said during a question-and-answer session at the company's annual shareholder meeting. He said Apple did not use "quotas" for hiring - a practice that has come in for fierce criticism - and the company's strength came from a culture where "people with diverse backgrounds and perspectives come together."
ECONOMY
One billion Indians have no spending money, report says
India is home to 1.4bn people but around 1bn of the population lacks the money to spend on any discretionary goods or services, according to a report from venture capital firm Blume Ventures. Meanwhile, 300m are "emerging" or "aspirant" consumers but they are reluctant spenders. Click-of-a-button digital payments are however making it easier for them to transact. The report says India's consuming class is not "widening" as much as it is "deepening": India's wealthy population is not really growing in numbers, and those who are already rich are getting even wealthier.
CORPORATE GOVERNANCE
Toyota shakes up board
Toyota has announced a significant restructuring of its board as it looks to enhance diversity and incorporate broader perspectives. The changes include the appointment of Christopher Reynolds, who brings expertise in human resources and risk management, alongside Kumi Fujisawa and Hiromi Osada, increasing the number of women on the board from one to two. The restructuring of the board also gives a larger roles to auditors. Takanori Azuma, an HR official at Toyota, said the inclusion of auditors is a first for the company. The new board will be presented for approval at a shareholders' meeting later this year.
LEGAL
Ex-Star Entertainment executives fined by Australian regulator
The Australian Securities and Investment Commission (ASIC) has issued fines to two former Star Entertainment executives who committed breaches of duty while working at the casino firm. Former chief financial officer Harry Theodore and former chief casino officer Gregory Hawkins were also disqualified from managing any companies. The trial of nine other former directors and officers at the company continues.
TECHNOLOGY
Alibaba previews new AI reasoning model
Alibaba has unveiled a preview of its next reasoning model QwQ-Max, which could rival industry-leading competitors including OpenAI’s o1 and DeepSeek’s R1, heating up the global artificial intelligence race. The Qwen team said that QwQ-Max-Preview – built on the most advanced model of the series, the Qwn 2.5-Max introduced last month – displayed stronger and more versatile reasoning and problem-solving skills.
INVESTMENT
Indonesia's new wealth fund launches
Indonesia has officially launched Danantara, a new sovereign wealth fund aimed at managing state assets exceeding US$900bn. President Prabowo Subianto initiated the fund, modelled after Singapore's Temasek, with an initial budget of US$20bn. He said: “This event marks a new era in the transformation of strategic investment management in the country.” The fund will oversee government holdings in state companies and is expected to finance various projects, including renewable energy and food production. However, Prabowo's austerity measures to fund Danantara have led to significant student-led protests across the nation, highlighting concerns over governance and financial management. Critics have expressed doubts about the government's ability to manage such a fund effectively, given Indonesia's history of bureaucratic challenges and corruption.
CORPORATE
International earnings set to outpace domestic revenue
Analysis by HSBC suggests that international earnings at the world’s fastest-growing companies are set to eclipse domestic revenue within the next five years. While a poll of 1,143 senior decision makers at companies with a revenue of between $18m and $5bn found that overseas revenue currently represents less than half of their income, this is expected to change by 2030. The report identified issues key to delivering international growth, including having the right network, capable local teams, favourable macroeconomic conditions and in-depth market knowledge. It also flagged the biggest challenges, pointing to areas such as regulatory and compliance issues and increased competition.
INTERNATIONAL
UK workers use AI to hit firms with employment lawsuits
Employment lawyers in the UK say workers are increasingly using artificial intelligence (AI) to file costly and inaccurate lawsuits against bosses. The trend is said to be generating “inconsistent, lengthy, and often incorrect arguments” and causing a spike in legal fees. Ailie Murray, an employment partner at law firm Travers Smith, said quickly produced AI submissions are “often excessively lengthy and full of inconsistencies,” but employers must spend large amounts of money responding to them. “In many cases, the AI-generated output is inaccurate, leading to claimants pleading invalid claims or arguments. It is not an option for an employer to simply ignore such submissions. This leads to a cycle of continuous and costly correspondence. Such dynamics could overburden already stretched tribunals with unfounded and poorly pleaded claims,” Murray says.
Southwest layoffs could undermine 'worker-first' culture
Reuters reports that recent layoffs at Southwest Airlines - the first in the carrier's 54-year history - risk undermining a company culture of putting employees first that differentiated it from rivals and ensured a loyal fan base. Conor Cunningham, a travel and transport analyst at Melius Research, said the layoffs go against the company's long-built culture, which he described as "the special sauce that makes everything possible." Doug Parker, the former chief executive of rival American Airlines, last year said Southwest enjoyed a competitive advantage with airline customers because of its culture. 
OTHER
France's parliament votes to limit use of 'forever chemicals'
France's lower-house National Assembly has voted to limit the sale and production of some items containing so-called "forever chemicals," including cosmetics and most clothing. Per- and polyfluoroalkyl substances (PFAS) have been used since the 1940s in the mass production of waterproof, stain-resistant or non-stick objects including frying pans, umbrellas, carpets, and dental floss. PFAS take an extremely long time to break down, seeping into the soil and groundwater, and from there into the food chain and drinking water.  The bill seeks to prevent the production, import or sale from January 2026 of any product for which an alternative to PFAS already exists.
 


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