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APAC Edition
28th February 2025
 
THE HOT STORY
Digital platforms drive Thailand's economy
New research from the Thailand Development Research Institute (TDRI) reveals that digital platforms significantly influence Thailand's economy, contributing approximately 1% to GDP. The study, focusing on Grab, highlighted that its operations generated 179bn baht in 2023, creating over 280,000 jobs and generating household income of around 24bn baht. Nonarit Bisonyabut, a TDRI research fellow, stated, "These platforms create both direct and indirect benefits throughout Thailand's economy." However, Associate Professor Dr Danuvas Sagarik from the National Institute of Development Administration (NIDA) warned of the gig economy's rapid expansion, particularly among younger workers, predicting the loss of 92m traditional roles globally.
WORKFORCE
Hong Kong civil service jobs at risk amid AI push
Hong Kong's Finance Secretary Paul Chan has delivered the territory's annual budget address, outlining plans to reduce spending by cutting 10,000 civil service jobs. He also highlighted the increasing use of artificial intelligence, noting that "It gives us a clear pathway towards the goal of restoring fiscal balance in the operating account, in a planned and progressive manner." William Chan, a partner at Grant Thornton Hong Kong commented: "While the city's fiscal reserves provide a buffer, the escalating deficit demands immediate and strategic actions. To safeguard Hong Kong's future prosperity, we urge the government to immediately launch a comprehensive tax base expansion study."
TECHNOLOGY
Coupang CEO expresses faith in AI
Online retailer Coupang has reported sales of nearly 41.3tn won ($28.8bn) for 2024, up 29% from the previous year. The Korean firm's operating profits totalled 602.3bn won. Founder and chief executive Kim Bom said after the announcement that robotics and automation helped the company save on operation costs. He also expressed faith in artificial intelligence technology: “The next wave, from robotics and our networks to artificial intelligence and trillions of predictions we make daily, promises to drive even higher levels of growth and margin expansion in quarters and years to come".
ECONOMY
South Korea's birthrate rises for first time in nine years
South Korea's fertility rate has increased for the first time in nine years, rising from 0.72 in 2023 to 0.75 last year, according to Statistics Korea. In 2023, the birthrate fell for the eighth consecutive year to be the lowest in the world, from 1.24 in 2015. Since 2018, South Korea has been the only member of the Organisation for Economic Co-Operation and Development (OECD) with a rate below one. Marriages, a leading indicator of new births, increased 14.9% in 2024, the biggest rise since the data started being published in 1970.
CORPORATE GOVERNANCE
City Developments hit by coup claim
City Developments, a Singapore-based real estate firm, has suspended trading following a boardroom conflict that has seen executive chairman Kwek Leng Beng accuse his son, chief executive Sherman Kwek, of orchestrating a coup to gain control of the board. The senior Mr Kwek has filed court papers to address “serious lapses of corporate governance” by the CEO and other board members. 
STRATEGY
Asian firms eye $500bn investments
Major companies from China, Taiwan, and South Korea are projected to invest nearly $500bn overseas in the next five years, focusing on transformative industries amid rising geopolitical tensions. Kaleem Rizvi, head of corporate banking for Japan, North Asia, and Australia at Citigroup, said: “We continue to see significant opportunities despite the various headwinds often discussed.” Chinese and Taiwanese firms are expected to contribute around $300bn, primarily in technology, artificial intelligence, electric vehicles, and healthcare. South Korean companies are anticipated to invest about $200bn, targeting markets like North America and Southeast Asia, particularly in battery manufacturing and renewables. As companies adapt to changing global dynamics, emerging markets such as Latin America and the Middle East are becoming increasingly attractive for investment. Citigroup plans to enhance its support for these investments through its national desks staffed by local bankers.
US drugmaker to invest $200m in Indian facility
Amgen has announced plans to invest approximately $200m this year in a new technology centre it has established in southern India. Chief executive Robert Bradway said that "We have wanted for a long time to expand Amgen's presence in India and that time has come, adding: "Amgen is investing an initial $200m in this centre in 2025 and plans to make additional significant investments in future years."
Mercedes-Benz jobs go in China amid workforce cost-cutting
Mercedes-Benz is pressing ahead with plans to reduce its workforce costs in China by a quarter within the next two years. The move comes after the firm's sales in the region have fallen in recent years, with local competitors such as BYD winning out over European manufacturers in the electric vehicle and hybrid segment.
CYBERSECURITY
North Korea accused of responsibility for ByBit theft
North Korea has been accused by the Federal Bureau of Investigation of carrying out the theft from cryptocurrency exchange ByBit of some $1.5bn in virtual assets. In an online public service announcement late Wednesday, the FBI said it believed the North Korean-backed hackers were “responsible for the theft.” The FBI said in its announcement: “TraderTraitor actors are proceeding rapidly and have converted some of the stolen assets to Bitcoin and other virtual assets dispersed across thousands of addresses on multiple blockchains . . . It is expected these assets will be further laundered and eventually converted to fiat currency.” State media in North Korea has not acknowledged either the theft or the FBI accusation.
CORPORATE
Coles Group profits soar amid Woolworths strike
Coles Group has reported a strong first-half profit, aligning with market expectations, and declared its highest dividend in five years, driven by a holiday shopping surge and a strike at rival Woolworths. The Australian supermarket's underlying earnings increased by over 14% to A$2.03bn, as consumers sought affordable options amid rising living costs. Coles capitalised on Woolworths' challenges, enhancing its supply chain and hiring more staff, resulting in an additional A$120m in sales.
HEALTH & SAFETY
China ramps up workplace safety efforts
On Tuesday, China announced plans to bolster workplace safety and improve fire prevention in forests and grasslands. A video conference in Beijing highlighted the need for effective measures to prevent major workplace accidents and fires. Authorities are urged to implement a three-year campaign targeting fundamental safety issues in key sectors, including gas, electric bicycles, mines, and hazardous chemicals. Vice-premier Zhang Guoqing stated, "We must enhance fire-fighting capacities at the grassroots level," emphasising the importance of prioritising fire prevention. Wang Xiaohong, a member of the Secretariat of the CPC Central Committee, presided over the conference.
INTERNATIONAL
Federal workers in the US sue over Musk threat to fire them
Attorneys for federal workers in the US claim that Elon Musk violated the law with his demand for employees to report their weekly accomplishments or face termination. The lawsuit aims to halt mass layoffs linked to Musk's and President Trump's directives, which included an email from the Office of Personnel Management (OPM) requiring employees to submit five bullet points detailing their work last week. “No OPM rule, regulation, policy, or program has ever, in United States history, purported to require all federal workers to submit reports to OPM,” said the complaint, which was filed on behalf of unions, businesses veterans, and conservation groups. It described the threat of mass firings as “one of the most massive employment frauds in the history of this country.”
OTHER
Amazon launches Alexa+: 'your new best digital friend'
Amazon has introduced Alexa+, a generative artificial intelligence (AI)-enhanced version of its voice assistant, which will cost $19.99 monthly, although Prime members can access it for free. At a New York media event on Wednesday, vice president of devices and services Panos Panay showcased Alexa+'s new capabilities, including a more natural conversational flow and the ability to learn user preferences. “I'm not just an assistant, I'm your new best friend in the digital world”, Alexa+ stated during the demo. The revamped assistant can perform tasks like creating study plans and fetching videos from Ring cameras; it will use the best AI model available for a given task using Bedrock, Amazon's suite of AI services to allow for experimentation. Alexa+ will initially be available in the US next month, primarily for users of the latest Echo Show devices, with plans for international rollout soon after. The subscription model aims to support AI development costs and enhance profitability.
 


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