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APAC Edition
27th March 2025
 
THE HOT STORY
American firms flock to India
American companies are racing to set up more and bigger offshore campuses in India, the New York Times reports. “If I walk a half-kilometre, I see Google, Qualcomm, Nvidia, Visa, Samsung, and Amazon right here,” observes Apul Nahata of RapidAI, a Silicon Valley-headquartered medical technology company that uses artificial intelligence to interpret brain scans, about the situation in Bengaluru. Although tech has a particularly noticeable presence in the city, JPMorgan Chase has the biggest offices, with 55,000 workers spread across Bengaluru and also four other Indian cities. And even all-American retailers like Target and Lowe's have centres employing 4,000 to 5,000 Indians in Bengaluru.
HIRING
Cathay Pacific seeks fresh talent
Cathay Pacific Airways, based in Hong Kong, is set to recruit more flight attendants and pilots from the Chinese mainland to enhance its operations. The airline currently employs over 30,000 staff from around 70 countries, and plans to increase its mainland workforce from 3,000 to 4,000 by year-end. Patricia Hwang, director of people at Cathay Group, observed: "In the Guangdong-Hong Kong-Macao Greater Bay Area, there are many excellent digital talent and research companies."
DIVERSITY, EQUITY & INCLUSION
JPMorgan changes diversity schemes
JPMorgan Chase is revamping its Diversity, Equity and Inclusion (DEI) programmes, renaming them Diversity, Opportunity and Inclusion. Chief operating officer Jenn Piepszak said: "The 'e' always meant equal opportunity to us, not equal outcomes," adding that the bank believes the change "more accurately reflects our ongoing approach to reach the most customers and clients to grow our business, create an inclusive workplace for our employees and increase access to opportunities." JPMorgan plans to integrate some DEI initiatives into different lines of business, including human resources and corporate responsibility. The bank also plans to reduce training on these topics.
WORKPLACE
Hong Kong's office space crisis deepens
Hong Kong faces a significant challenge with 15m sq ft of excess office space, surpassing the total in its main business district. According to Marcos Chan, executive director at CBRE Hong Kong, “By the end of this decade, the vacancy pressure is likely going to be very similar to what we are seeing in the market today.” The current demand for prime office space is stagnating, potentially extending the time to fill vacancies to 15 years. Despite a recent uptick in leasing activity, driven by sectors like education and private wealth, the outlook remains bleak. CBRE suggests that landlords should consider converting idle office spaces into mixed-use developments to adapt to emerging sectors. Ada Fung from CBRE emphasises the growing demand for spaces that combine living and working, saying: “With demand for buildings that combine living, working and social elements continuing to grow, the trend of living and working under the same roof is likely to become more common in the coming years.”
ECONOMY
PMI reveals continued decline in Japan factory activity
Japan’s factory activity declined at its fastest rate in a year in March, with the au Jibun Bank flash manufacturing PMI dropping to 48.3, reflecting sharp falls in production and new orders. The services sector, previously a strong performer, also weakened, contracting to 49.5 from 53.7, pulling the composite PMI down to 48.5, signaling broader economic strain amid rising costs and labour shortages. Annabel Fiddes of S&P Global Market Intelligence noted: "Strong inflation, coupled with concerns over labour shortages . . . and increased uncertainty over the international trade environment dampened optimism," as she highlighted the challenges facing Japan’s economic outlook.
STRATEGY
Sogang and Yale unite on big data
Sogang University has partnered with Yale University to establish the Research Center for Big Data on the Korean Economy, which officially opened last week. The collaboration aims to enhance academic exchange and joint research in international economics and big data. Park Jung-su, head of the centre, said: "This partnership goes beyond mere collaboration — it symbolises a joint commitment to advancing research and generating valuable insights." Professor Costas Arkolakis from Yale delivered a special lecture on recent developments in international economics, expressing gratitude for the efforts that made the collaboration possible and looking forward to meaningful outcomes through joint research projects.
China’s ‘red circle’ law firms snap up partners from US rivals
China’s top law firms are hiring more senior lawyers from international rivals as western firms scale back their presence in Hong Kong and China following a slowdown in financial activity.
LEGAL
Indonesia's military law sparks outrage
Indonesia's parliament has passed controversial revisions to the nation's military law, allowing more military officers to hold civilian positions. Civil society groups have condemned the changes, fearing a return to the oppressive New Order era under former president Suharto. Speaker Puan Maharani defended the law, claiming it aligns with democratic principles. However, rights groups expressed concerns over potential human rights violations and abuses of power. Usman Hamid, head of Amnesty International in Indonesia, warned: “And today it feels like we're going backwards.” Protests erupted in Jakarta, with students demanding the removal of military personnel from civilian roles. Despite the government's assurances that military officers must resign before taking civilian posts, fears remain about the military's expanding influence in civilian affairs.
INTERNATIONAL
H-1B visa debate in US heats up
The ongoing debate surrounding the H-1B visa system has intensified, with contrasting views from supporters of President Donald Trump. Steve Bannon has criticised the program as a “total and complete scam,” while tech leaders like Elon Musk advocate for the necessity of skilled foreign workers in the US tech sector. The H-1B program, which allows 65,000 new visas annually, is vital for international graduate students seeking employment in the US. However, the reliance on foreign talent raises questions about the domestic workforce's adequacy. Moshe Y. Vardi from Rice University says that “the US has declined to make the requisite investment in research,” leading to a shortage of qualified domestic applicants.
More UK workers face extra hours
The traditional 9 to 5 workday is becoming increasingly uncommon in the UK, with many employees now facing extended hours, often without additional pay. Despite a decrease in average weekly hours in the UK from 38.1 in 1992 to 36.5 in 2024, many workers are contracted for 40 hours or more. Research from Canada Life shows that 51% of UK employees regularly exceed their contracted hours, while TUC research from 2024 found that 3.8m people did unpaid overtime, putting in an average of 7.2 unpaid hours a week. Gearalt Fahy, an employment law expert and partner at law firm Womble Bond Dickinson, notes that employers are not legally required to pay for overtime and that in many workplaces it can become the norm that people stay on later or take lunch at their desks. He suggests that "it's really a bargain between the employer and employee," adding that "it comes down to what the employer requires and what the employee is prepared to tolerate." 
Argentina's oilseed workers return to work
Argentine oilseed workers have ended their strike and returned to work at Vicentin's soybean processing plants following successful negotiations regarding overdue wages. The strike, initiated by the SOEA union, temporarily disrupted soy processing in Argentina, the leading exporter of soybean oil and meal. SOEA Secretary Martin Morales confirmed that workers received 75% of their February wages and are set to receive the remaining 25% today. Workers had been demanding full payment from Vicentin, which has been in bankruptcy proceedings since 2020, citing a "critical financial situation."
OTHER
Don Quijote opens new tourist-oriented vending machine shop
Don Quijote has opened a new store in Tokyo's Shibuya district, with only vending machines offering items from instant ramen to personalised name stamps. The 60 sq m space is based on the first floor of a multi-use building, and is designed to attract guests at a hotel upstairs, as well as shoppers at a full-size Don Quijote discount store on the same floor.
 


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