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APAC Edition
24th March 2025
 
THE HOT STORY
Japanese firms stand firm on diversity
According to a recent Reuters survey, over 77% of Japanese companies say they are committed to advancing workplace diversity and decarbonisation, despite shifts in US policy under President Donald Trump. A manager from a machinery manufacturer said: "DEI is a global trend. We don't see it necessary to change our direction just because one country's president is against it." The survey, conducted by Nikkei Research, revealed that 84% of respondents plan to maintain their decarbonisation efforts. Japan's reliance on imported energy sources makes these initiatives crucial for energy security and reducing greenhouse gas emissions. Additionally, 36% of companies expect profit growth in the upcoming business year, with many citing stronger domestic demand as a key factor. However, rising costs and potential tariffs from the US pose challenges for some sectors.
HIRING
China's bold bid for top chip talent
China is intensifying its efforts to attract top researchers in semiconductor lithography systems, particularly in light of US tech sanctions. The Changchun Institute of Optics, Fine Mechanics and Physics, part of the Chinese Academy of Sciences, is offering "uncapped" salaries for PhD researchers in relevant fields. The recruitment notice states that salaries can be negotiated "on a case-by-case basis without upper limit." Additionally, the institute is providing research grants of up to 4m yuan (approximately US$550,000) and personal subsidies of 1m yuan for outstanding employees. This initiative aims to enhance China's chipmaking capabilities and reduce dependence on foreign suppliers like ASML Holding. ASML's CFO, Roger Dassen, remarked: "Our technology is very advanced and has cost us many years to get to where we are today," as he highlighted the competitive landscape in the semiconductor sector.
Japan's tourism sector faces staffing crisis
Japan's tourism sector is projected to face a significant staffing shortfall of over 500,000 workers by 2030, as the country aims to attract 60m tourists. Masaru Takayama, president of Spirit of Japan Travel, highlighted the ongoing shortage, saying: “We are already seeing a shortage of people in the industry, most definitely.” The Asia Pacific Institute of Research's report indicates that the staffing gap could hinder Japan's reputation for omotenashi, or traditional hospitality. The situation is exacerbated by the pandemic's impact, which led many workers to seek employment in other sectors. Ashley Harvey, a travel marketing analyst, noted that the tourism industry struggles with long hours and poor pay, making it less appealing to younger workers. He suggested that allowing foreign workers into the sector may be the only viable solution to meet the growing demand. Harvey observed: “If Japan wants a tourism industry . . . they have to recognise there are not enough Japanese people to fill these roles.”
WORKFORCE
Singapore's job market reports mixed signals
In the final quarter of 2024, Singapore's job market displayed contrasting trends, with retrenchments increasing to 3,680 from 3,050 in the previous quarter, primarily in financial and insurance services. Despite this, job vacancies surged to 77,500, indicating employer confidence. Ang Boon Heng, MOM's director for manpower research, said “Vacancies are sort of a forward-looking indicator,” suggesting a positive outlook for hiring. The overall unemployment rate remained stable at 1.9%, with resident long-term unemployment at 0.8%. While total employment grew by 44,500 in 2024, the pace slowed compared to 2023. MOM anticipates continued labour market expansion in 2025, although potential global trade tensions could impact this growth.
HEALTH & WELLBEING
China's 996 work culture faces crackdown
In a significant shift, several Chinese companies are moving away from the notorious "996 work culture," which demands employees work from 9 am to 9 pm, six days a week. The State Council has issued an action plan urging local authorities to protect workers' rights to rest and regulate excessive working hours. Companies like DJI and Midea are leading the change. Experts believe these measures will enhance employee well-being and improve company competitiveness by fostering a more humane work environment.
TECHNOLOGY
Nvidia CEO tells conference that robots are on the way
Nvidia chief executive Jensen Huang has predicted at the company’s developer conference in San Jose that humanoid robots will be widely used in manufacturing inside five years, saying: “This is not five-years-away problem, this is a few-years-away problem.” He introduced new software tools to aid robot navigation and suggested factories would be the first to adopt them due to their controlled environments and clear economic benefits, estimating that “the going rate for renting a human robot is probably $100,000.” Huang’s vision underscores Nvidia’s push to accelerate AI-driven robotics, starting with industrial applications.
LEGAL
New China rule to counter ‘discriminatory’ measures in international IP disputes
China has said a new IP rule will fight discrimination against its citizens or organisations in international intellectual property disputes. South China Morning Post observes that although the regulation does not identify any country, it would appear to target the US and European Union, which have accused China of IP rights infringement and forced technology transfer in trade disputes. Beijing denies such accusations. According to the regulation, in cases where a foreign government “uses intellectual property disputes as an excuse to contain and suppress China, takes discriminatory restrictive measures against Chinese citizens and organisations, and interferes in internal affairs,” Beijing may act according to the Foreign Relations Law and Anti-Foreign Sanctions Law.
RISK
The world's most resilient business environments
Denmark has been identified as having the most resilient business environment among 130 nations and territories, according to an analysis by FM, a global property insurance and risk management company. Eight of the top 10 countries are European, with one United States region placing tenth. The 10 most resilient countries, according to FM, are: Denmark, Luxembourg, Norway, Switzerland, Singapore, Sweden, Germany, Finland, Belgium, and United States Region 3. Chad ranked bottom. Haiti, Madagascar, Zimbabwe and Mali rounded out the bottom five. Ghana rose 17 spots to No. 72, Lebanon has dropped 23 spots since the 2021 edition, and Argentina was down 22. Armenia and Russia each fell nine places.
ECONOMY
India-Middle East-Europe corridor could reshape trade
Analysts suggest that the India-Middle East-Europe Economic Corridor (IMEC) could significantly alter global trade dynamics and serve as a strategic alternative to China's Belt and Road Initiative. Robinder Sachdev, a foreign affairs specialist, observed: “IMEC enhances India's connectivity, economic opportunities and global standing.” However, the project faces challenges, particularly due to regional tensions stemming from the Gaza conflict, which have delayed progress. Despite these hurdles, momentum is building, with plans for IMEC partners to convene within six months. The corridor aims to improve transport efficiency by up to 40%, providing India with more cost-effective access to European markets. It also seeks to advance sustainable energy initiatives, including green hydrogen and ammonia hubs.
INTERNATIONAL
Google agrees $28m settlement
Google has agreed to pay $28m to settle a class action lawsuit alleging it favoured white and Asian employees with higher pay and better career opportunities, a claim the company denies despite the settlement. The lawsuit, led by Ana Cantu, who identifies as Mexican and Indigenous, accused Google of violating the California Equal Pay Act by placing white and Asian workers in higher job levels and denying raises and promotions to those who complained. The settlement, deemed "fair, reasonable and a good result for the class" by Judge Charles Adams, covers at least 6,632 employees in California from February 2018 to December 2024, with net proceeds of $20.4m after legal fees and other costs.
Unions in UK gain new rights to recruit
The UK government is set to implement reforms granting unions the right to access staff intranets and workplaces for recruitment purposes. The Central Arbitration Committee will enforce compliance, with penalties potentially mirroring those for data protection breaches. While unions have welcomed the changes, business groups have expressed concerns over a lack of clarity in the new measures. Employers have told the government they believe the changes would create an "unfettered" right of access to workplaces, but the government has insisted that the new rules would ensure "[workplace] access occurs in a regulated and responsible manner." Ministers said they wanted to develop an "access framework that fosters meaningful and productive access agreements between employers and unions."
OTHER
ACCC publishes long-awaited supermarkets report
Australia's leading supermarket chains, including Woolworths, Coles, Aldi, and Metcash, have seen profit margins widen as grocery prices surged by 24% over the past five years, according to the Australian Competition and Consumer Commission (ACCC). The inquiry, 12 months in the making, highlights that while supply chain costs contributed to price increases, "at least some of the grocery price increases have resulted in additional profits for Aldi, Coles and Woolworths." It added, however, that it was unable to conclusively say whether the retailers were actively price-gouging. In its 441-page report, the ACCC recommended measures to enhance industry fairness, such as requiring supermarkets to disclose changes in package sizes and limiting their negotiating power with suppliers. 
 


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