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APAC Edition
28th February 2025
 
THE HOT STORY
Singapore's job market faces tough times ahead
In a recent address to Parliament, Prime Minister Lawrence Wong outlined Singapore's strategy to tackle global economic challenges and enhance job opportunities for its citizens. To bolster the economy, the National Productivity Fund will be replenished, aiming to improve productivity and create better jobs. Wong also highlighted the importance of adapting to technological changes and the need for continuous skills upgrading through initiatives like the SkillsFuture Workforce Development Grant. He reassured Singaporeans that while job churn is expected, the government is committed to supporting every worker, saying: “We cannot save every job but we can support every worker in Singapore.” The government has said it will also implement measures to protect local workers from discrimination and ensure a balanced approach to foreign labour.
WORKFORCE
HSBC slashes staff at China Pinnacle unit
HSBC is set to reduce its workforce at the Pinnacle digital wealth business in China by nearly half, affecting around 900 employees. The decision marks a significant shift from the bank's previous expansion ambitions for the unit, which was launched in 2020. The cuts come as part of a broader restructuring effort led by new CEO Georges Elhedery which is aimed at reducing costs and enhancing profitability. The bank had initially planned to hire 3,000 wealth managers in China by 2025, but these plans are now in jeopardy.
ECONOMY
Korean firms boost baby bonuses
In a bid to address South Korea's declining birthrate, major companies are enhancing support for employees having children. Booyoung Group Chairman Lee Joong-keun announced a generous cash bonus of 100m won ($70,000) per birth during the company's New Year ceremony, saying: "If Korea's birthrate remains low, the country will face a crisis of extinction in 20 years." Other firms, like Samsung Electronics and Doosan Group, are also introducing attractive benefits, including extended parental leave and additional cash bonuses for new parents. Doosan now offers up to 3m won for the first child and 10m won for the third. The initiatives aim to improve employee welfare and encourage family growth amidst a fertility rate of below 0.8, the lowest among OECD nations.
LEGAL
Prosecution risks for businesses increase due to 'terrorist' label
US companies operating in parts of Latin America are more likely to face criminal prosecutions as a result of President Donald Trump's labelling of drug cartels as terrorist organisations, according to legal experts. Former federal prosecutor in Manhattan Brendan Quigley, a partner at law firm Baker Botts, said: "Companies need to know who they're dealing with and reassess that in light of these designations," while Stephen Reynolds, a partner at law firm Day Pitney and former federal prosecutor, noted that non-US firms with American operations are also at risk.
HEALTH & WELLBEING
Night shift workers' cancer risk
Night shift workers are at a heightened risk of cancer due to disrupted sleep cycles that damage DNA. A recent study published in Occupational & Environmental Medicine suggests that melatonin supplementation could mitigate this risk. Dr. Parveen Bhatti, a scientist at the BC Cancer Research Institute, said: “Melatonin supplementation may prove to be a viable intervention strategy to reduce the burden of cancer among night shift workers.” The study involved 40 night shift workers, half of whom took a 3 mg melatonin pill for four weeks, resulting in an 80% increase in a biochemical marker indicating improved DNA repair. Researchers emphasised the need for further long-term studies to assess the efficacy of melatonin in cancer prevention for night shift workers.
HIRING
SMU graduates soar in job market
Despite a dip in hiring demand, the Joint Autonomous Universities Graduate Employment Survey has revealed that graduates from Singapore Management University (SMU) maintain a remarkable 89.8% overall employment rate and an 83.4% rate for full-time permanent positions. The average gross monthly salary for SMU graduates rose to $5,057, reflecting a 3.4% increase from 2024. SMU provost Timothy Clark said:  “SMU's graduate success is no accident – it is the result of an education model designed for relevance and lifelong impact.” The survey highlighted that nearly 80% of the 2024 cohort completed multiple internships, with 31.6% securing jobs at their internship companies. Graduates are particularly sought after in finance, legal, accounting, and information sectors, showcasing sustained employer demand.
Merck plans to increase India workforce
Merck, which is also known as MSD outside of the US and Canada, has announced plans to grow its India workforce. Executive Vice President Dave Williams told the BioAsia conference in Telangana state: "By the end of this year, we expect to have roughly 2,700 employees. And in a couple of years, I fully expect we'll double that number or more." The drugmaker says it is seeking to hire "digital innovators" in the country.
TECHNOLOGY
Meta AI expands to 42 countries
Meta AI is expanding its reach, now available in 42 countries and 13 languages, including Arabic for users in the MENA region. The move addresses the growing demand for language inclusivity in AI. The AI-powered chatbot, based on Llama 3.2, is designed for user-friendliness and is accessible on platforms like Facebook, Instagram, WhatsApp, and Messenger. Meta CEO Mark Zuckerberg has announced plans for further expansion into Asia and additional features, including generative AI tools, to enhance user interaction. With nearly 700m active monthly users, Meta AI aims to revolutionise communication across diverse languages.
STRATEGY
Onsemi cuts 2,400 jobs in restructuring
Scottsdale, Arizona-based semiconductor company Onsemi has announced a restructuring plan that will lead to the layoff of approximately 2,400 employees across its global operations in 2025. The company anticipates incurring charges between $50m and $60m related to these job cuts, with most expenses expected to be recorded this year. The layoffs are projected to yield annual savings of $105m to $115m. As of December 31, Onsemi employed nearly 26,400 full-time staff and around 90 part-time and temporary workers across 33 countries. The company recently reported fourth-quarter revenue of $1.72bn, falling short of the $1.76bn expected, largely due to decreased demand for automotive chips amid economic uncertainty.
CYBERSECURITY
Genea patient data leaked
Genea, a prominent IVF and fertility services provider in Australia, has suffered a significant data breach, allegedly enacted by the Termite ransomware group. The breach, which occurred over two weeks, resulted in the extraction of 940.7GB of sensitive patient data, including contact details, Medicare card numbers, medical histories, and test results. While there is currently no evidence that financial information has been compromised, the investigation is ongoing. Genea operates clinics across Australia, providing various fertility services.
INTERNATIONAL
US Supreme Court hears arguments in 'straight discrimination' case
US Supreme Court justices indicated during a hearing on Wednesday that they would side with a woman who alleged she was discriminated against at her job because she is heterosexual. Marlean Ames worked for the Ohio Department of Youth Services for more than 20 years. She claims she was passed over for a promotion, then demoted, because she is straight. The job she hoped to get and the one she held when demoted, were both given to gay colleagues, according to the lawsuit. Ohio state officials deny discrimination, and Ames has so far been unsuccessful in court. In oral arguments in front of the Supreme Court - split 6-3 in favour of conservative judges - justices on both sides ideologically appeared sympathetic to Ames' case.
OTHER
Second-hand goods chain 2nd Street to open first Singapore store
Popular Japanese used-goods retailer 2nd Street is slated to open its first Singapore outlet in April, taking space on Orchard Road previously occupied by clothing retailer Pomelo. The chain has over 900 stores globally, including 48 in the United States, 23 in Malaysia, 38 in Taiwan and four in Thailand, with another upcoming store in Hong Kong. The brand is known for selling unique and trendy second-hand apparel in premium condition, including designer goods.
 


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