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APAC Edition
18th March 2025
 
THE HOT STORY
North Korean IT workers face brutal workloads
North Korean IT workers are subjected to severe human rights abuses under the Kim Jong-un regime, according to a report titled "Decoding Crimes: Unveiling North Korea's Cyber Threats" by Pscore. The report reveals that these workers endure gruelling conditions, and work over 10 hours daily under strict surveillance and intense pressure to meet quotas. Jasmin Ringel, a researcher at Pscore, said: “Due to their precarious working and living conditions, we believe that even the regime's highly skilled workers are deprived of various human rights.” Many workers live in cramped spaces, face psychological trauma, and are coerced into remitting 90% to 95% of their earnings to the government. 
LEGAL
Unions demand fair treatment for women in China
Several provincial trade unions in China are advocating for the improved treatment of female jobseekers and employees to safeguard women's labour rights and promote gender equality. The Hunan Federation of Trade Unions has warned employers against gender-based hiring practices, saying that "a woman's gender, marital status or fertility status should not be grounds for denying her a job." The unions are calling for clear labour contracts that outline rights, including maternity leave, and emphasise "equal pay for equal work." A report by recruitment portal Zhaopin reveals that 62.5% of surveyed female workers faced questions about their marital or fertility status during interviews, compared to only 18.5% of male workers.
Workers demand unpaid wages from Jardine Engineering
Approximately 100 workers have protested near the Hong Kong-Zhuhai-Macau Bridge, claiming Jardine Engineering Corporation owes them three to four months' wages, totalling HK$7.6m. The workers labelled Jardine Engineering an “unscrupulous boss.” Despite negotiations with the subsidiary of Jardine Matheson and seeking assistance from the Labour Department, the issue remains unresolved. Jardine Matheson said that the project is a joint venture involving Paul Y Engineering Group, China International Marine Containers, and Jardine Engineering Corporation. Recently, Paul Y has faced financial difficulties, applying for court-appointed provisional liquidators for five subsidiaries. Last week, another protest occurred at Hong Kong airport over unpaid wages of HK$6m.
HSBC puts bankers on short-term contracts
The restructuring overseen by HSBC’s new chief executive Georges Elhedery has seen some investment bankers moved onto short-term contracts ahead of their divisions being closed. The bank will also cut many vice chair roles as part of its overhaul, Bloomberg reports.
WORKPLACE
Infosys clarifies new office mandate
Infosys has addressed employee concerns regarding its new work-from-office (WFO) policy, which mandates at least 10 days in the office each month. The company clarified that failure to comply would not automatically result in leave deductions but would require managerial approval for additional work-from-home (WFH) days. A senior executive at Infosys said: "Managers now enjoy the discretion to approve or deny a regularisation request." The new policy, which has been effective since March 10, 2025, applies to employees at job level 5 and below, while those at JL6 and above are exempt. The aim is to ensure compliance with hybrid work requirements while maintaining flexibility for employees.
STRATEGY
Toymaker plans to move manufacturing out of China
MGA Entertainment, the major US toymaker known for its Bratz and L.O.L. Surprise! dolls, is planning to shift 40% of its manufacturing from China to India, Vietnam, and Indonesia within six months, up from the current 10%-15%. The move aims to mitigate the impact of President Donald Trump's escalating trade war with China. Consequently, consumers may face up to 20% price increases on toys at retailers like Walmart and Target by the autumn.
TECHNOLOGY
JPMorgan coding assistant boosts engineer efficiency
A coding assistant tool developed by JPMorgan Chase has enabled its software engineers to deliver products 10% to 20% faster, according to the firm's global chief information officer Lori Beer. Speaking ahead of internal JPMorgan conference DevUp in India, Beer remarked: "Success is if we continue to articulate that it's not just an incremental shift with AI, but we're transforming and creating value." She went on to say: "There's so much productivity and opportunity as we think about a world with AI. We've grown rapidly . . . You're going to see us continue to optimize the footprint we have."
CYBERSECURITY
FIIG taken to court over cyber breach
The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against fixed-income broker FIIG Securities, alleging the firm failed to implement adequate cybersecurity measures over four years, leading to a significant data breach. The breach, which occurred between May 19 and June 8, 2023, resulted in the theft of around 385 gigabytes of confidential data, affecting approximately 18,000 clients. ASIC chair Joe Longo said "Advancing digital safety and resilience is a strategic priority for ASIC," as he highlighted the importance of cybersecurity in the financial sector. The allegations include insufficient software updates and inadequate resources to prevent cyberattacks. During this period, banking giant JPMorgan managed assets for FIIG valued between A$2.89bn and A$3.7bn.
LEADERSHIP
Sephora overhauls Asia leadership
Sephora chief executive Guillaume Motte has taken personal charge of the LVMH-owned cosmetics brand's operations in China, following the resignation of Alia Gogi, who was president of Sephora Asia. The move is part of LVMH's bid to revive sales and market share in China and underscores the importance of the region to LVMH’s second-largest brand, sources said. Jenny Cheah, who is regional managing director for other Asian markets including Southeast Asia, India and Oceania, remains in her role.
CORPORATE
Lens Technology plans Hong Kong IPO
South China Morning Post reports that Apple’s iPhone glass supplier, Lens Technology, has joined the list of Chinese firms planning Hong Kong IPOs. Lens said its Hong Kong listing would “advance the company’s global strategic layout, enhance its international brand image and boost overall competitiveness,” according to its filing. Avatr Technology, Shenzhen-listed Changan Automobile’s EV company, is also reportedly considering a US$1bn Hong Kong listing. Analyst predict that Hong Kong will return to being the world’s top IPO venue this year.
INTERNATIONAL
US businesses shun diversity references in annual reports
More than 200 of America’s largest corporate groups have culled mentions of DEI and related terms such as “diversity,” according to data and company filings analysed by the Financial Times.
OTHER
Electronic dictionary sales are falling in Japan
The electronic dictionary market is shrinking in Japan amid declining birth rates and the widespread use of smartphone apps. Sony withdrew from the business in 2006, and Citizen Holdings, currently Citizen Watch, and Seiko Instruments both ended production and sales ten years ago. Remaining players include Casio Computer and Sharp. "Behind the decision is the increasing use of personal computers at schools along with the adoption of information and communications technology," observed Casio Executive Officer Seiji Tamura.
 


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