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APAC Edition
7th March 2025
 
THE HOT STORY
AI revolution leaves Australian workers anxious
Most Australians are feeling overwhelmed by the rapid changes brought about by artificial intelligence in the workplace, according to LinkedIn chief operating officer, Dan Shapero. At the Talent Connect event in Sydney, he revealed that over 80% of business leaders plan to implement AI tools this year, while 70% of professionals feel the pace of change is accelerating. Shapero noted: "What's interesting is the pace of change is being accompanied by a general feeling of overwhelm by most professionals." He highlighted that approximately 66% of skills in the Australian job market are expected to evolve by 2030, urging workers to adapt or risk losing out on emerging roles.
WORKPLACE
Top 100 workplaces in Korea revealed
GPTW Korea recently hosted an award event to honour the 100 Best Workplaces in Korea, evaluating companies based on trust, respect, fairness, pride, and camaraderie. A GPTW official stated, “Along with changes in the way we work, employee autonomy and flexibility are becoming key factors in determining a company's competitiveness.” Notable companies included Merz Aesthetics Korea, led by senior vice president Yu Su-yeon, who emphasised the importance of employee satisfaction for sustainable growth. Santen Pharmaceutical Korea, under chief executive Lee Han-woong, was recognised for its flexible remote work system, enhancing work-life balance. Stryker Korea, represented by general manager Shim Hyun-woo, highlighted its unique workplace culture focused on purpose and growth. GPTW Korea CEO Chi Bang-geun concluded that “sustainable growth of a company starts with a trusting relationship with its employees.”
WORKFORCE
Starbucks CEO urges staff to step up performance
In his first address to employees since announcing widespread job cuts last month, Starbucks chief executive Brian Niccol has urged them to take greater responsibility for improving the company's performance. “We’re not effective on how things get to the store, and we’re not effective in making decisions and then holding each other accountable to those decisions,” Mr. Niccol said in an internal forum at the chain’s Seattle headquarters. “This is why we had to make the changes that we had to make.” Getting more employees working in Starbucks’s US and Canada offices will help improve functions, he added. About 40% of the company’s North American corporate employees work remotely, according to the company. “We gotta untangle a few things right now,” he said. “But you know what? It’s all things that we can untangle.”
CYBERSECURITY
Japan aims to triple cybersecurity sales
Japan is targeting a significant increase in its domestic cybersecurity industry, and aims to boost sales from ¥900bn ($6bn) to ¥3tn over the next decade. The government's first industrial strategy on cybersecurity, released by the economy ministry, highlights that Japan-made products currently hold less than half of the market share. The strategy seeks to lower barriers for domestic start-ups, which struggle to compete due to a lack of established track records. The ministry plans to prioritise domestic products in government procurement and invest ¥30bn in research and development. Chief Cabinet Secretary Yoshimasa Hayashi emphasized the urgency of enhancing cybersecurity capabilities, saying: “We believe that improving our capabilities to respond to cyberattacks is an increasingly urgent issue.” The strategy also includes support for personnel development and international expansion for domestic companies.
REMOTE & HYBRID WORKING
Australia’s opposition vows work from home crackdown
Australia’s opposition party has pledged to crack down on “unsustainable” remote working arrangements in the civil service, vowing to force public sector workers back into the office full time if elected.
HEALTH & SAFETY
Tragic electrocutions highlight safety failures
In Tamil Nadu, at least six contractual workers from the Tamil Nadu Power Distribution Corporation Ltd have died from electrocution, with 16 others injured due to inadequate safety measures. Incidents occurred in various regions, including Chengalpet and Chennai, with a senior official noting that "supervision lapses resulted in fatal accidents." Despite the introduction of a safety app and procurement of safety equipment, practices have lapsed over time. Distribution director A Mascurnas has mandated that chief engineers ensure the procurement of necessary safety appliances and conduct training for field staff.
ECONOMY
Japanese consumers struggling amid rising prices
The Japan Times reports that Japanese households are grappling with a significant rise in food prices, with a 25% increase in monthly food budgets reported by many residents. The Teikoku Databank predicts further price hikes for around 20,000 food items this year, worsening the financial strain on consumers. Real wages have decreased by 0.3% in 2024, and companies like restaurant chain Skylark Holdings anticipate a drop in profits due to rising ingredient costs. Japan's Prime Minister Shigeru Ishiba has been criticised for inadequate price relief measures. Meanwhile, Bank of Japan Governor Kazuo Ueda has acknowledged the impact of food inflation on consumer expectations.
INTERNATIONAL
Target faces 40-day boycott challenge
Yesterday marked the beginning of a 40-day boycott of US retailer Target, initiated by Atlanta Pastor Jamal Bryant and other faith leaders, in response to the company's retreat from its diversity, equity, and inclusion (DEI) initiatives. The Target Fast boycott urges consumers to refrain from shopping at Target and to support Black-owned businesses instead. The boycott's website states: "The greatest insult comes from Target, which pledged to spend over $2bn with Black-owned businesses by the end of 2025, only to find out that Target stopped the program at the start of the year." Mr Bryant said Target Fast has partnered with the U.S. Black Chambers to offer boycotting consumers a digital directory of roughly 300,000 businesses that they can support instead of Target.
Founder of Palo Alto Networks warns of tech exodus from Israel
Nir Zuk, the founder of Palo Alto Networks, the cybersecurity giant valued at $125bn, has expressed concerns over a potential exodus of tech talent from Israel amid ongoing war and political instability. He has observed a troubling trend of senior executives seeking opportunities abroad, which he says could threaten Israel's tech landscape. Zuk, who has expanded his ventures beyond cybersecurity, launching a digital bank named Esh and an airline called Air Haifa, believes that while artificial intelligence is transforming industries, "humans are still better" in creative roles.
Former top lawyer fined for slurs against colleagues
Benedict Foster, a former senior lawyer at BNP Paribas, has been ordered to pay £31,000 ($40,000) to the U.K.'s Solicitors' Regulation Authority after admitting to using "rude" nicknames for colleagues, including "Pol Pot" and "Jabba the Hutt." The nicknames were uncovered during an internal inquiry by the French bank in 2021.
OTHER
Wealth gap widens among China's elite
Wealth disparity in China is intensifying, with the richest 130,000 families now holding 58% of the total wealth among 5.12m families with assets exceeding 6m yuan (approximately US$824,000). According to the Hurun Research Institute, the overall wealth of these families decreased by 5% in 2024, with the average fortune per household dropping to 29.29m yuan. The report highlights that “China's household consumption is constrained by overall low levels of household income and a highly unequal distribution of income.” The Gini coefficient, a measure of income inequality, stood at 0.467 in 2022, indicating significant inequality compared to other nations. Despite efforts by Beijing to promote “common prosperity,” the wealth gap remains a pressing issue, with calls for a complete restructuring of the economy to address these imbalances.
 


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