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APAC Edition
1st April 2025
 
THE HOT STORY
Thailand tightens tax rules for influencers
The Thai Revenue Department has issued a warning to digital workers, particularly online retailers and influencers, about the importance of tax compliance. Director-General Pinsai Suraswadi highlighted that many young earners have not filed income tax returns, and the department can audit records for up to five years. Suvita Charanwong, chief executive of Tellscore, emphasized that influencers must declare earnings once they reach the income threshold, saying: “It’s likely that a significant number are not meeting these obligations.” The influencer industry, valued at 45bn baht, is projected to grow over 20% by 2025, making tax compliance increasingly vital.
ECONOMY
Singapore 'can connect global talent to solve challenges facing mankind'
At the Beijing Zhongguancun Forum, Singapore's Deputy Prime Minister Heng Swee Keat emphasised the need for global collaboration to address pressing challenges such as ageing populations, pandemics, and climate change. He said: “Humans have a creative instinct which we should harness to improve the lives of our peoples.” Heng highlighted Singapore's Campus for Research Excellence and Technological Enterprise (Create), which fosters partnerships among top universities around the world. The Create laboratory is launching a new programme focused on promoting healthy longevity, addressing the challenges posed by ageing demographics. Heng's visit to China aims to strengthen bilateral cooperation, with discussions on integrating artificial intelligence with precision medicine and sustainable energy solutions. The forum also showcased China's advancements in technology and innovation, with Vice-Premier Zhang Guoqing discussing the country's commitment to high-level international cooperation in scientific and technological fields.
STRATEGY
TSMC commits to Taiwan with new domestic fab
Taiwan Semiconductor Manufacturing Co (TSMC) has affirmed its commitment to Taiwan with a new domestic fab that will add 7,000 tech jobs to the island's economy. TSMC said that it will continue to expand in Taiwan amid concern that its US investment would dilute its presence in its home market. "We'll continue to look for space to expand investments in Taiwan," said Y.P. Chyn, TSMC's executive vice president and co-chief operating officer.
Apple to continue investing in China 'in a big way'
Apple chief operating officer Jeff Williams says the company intends to continue investing in China "in a big way", due to the major role it plays in its supply chain. He added that Apple and its suppliers in China are making a joint push to widen the use of artificial intelligence (AI) and automation in factories to make better products. "Whether it's something as simple as glue dispensing or something like cosmetic inspection, which can be done now with AI in a way that is much more efficient and also much more effective than what a human can do. We're seeing the growth of artificial intelligence and its importance in our supply chain". Apple chief executive Tim Cook is also in the country, and on Wednesday visited the AI hub of Hangzhou, where he announced a donation of 30m yuan ($4.13m) to the school for app development.
LEGAL
Kovur sugar factory workers to receive arrears after 12-year wait
The Andhra Pradesh government has resolved a long-standing issue by approving the payment of ₹28 crore in outstanding arrears to the workers of the Kovur sugar factory, which has been defunct since 2013. Kovur legislator Vemireddy Prashanti Reddy highlighted the plight of the factory's workers, who have faced over a decade of unpaid wages and protests.
REMUNERATION
HSBC axes bankers before bonuses
HSBC has adopted a more stringent cost-cutting approach under new chief executive Georges Elhedery, who recently terminated investment bankers just before they were to receive their bonus figures. Many affected employees, particularly those at vice-president level and above, received no bonuses, which those close to the lender said was unusual for a bank known for "looking after [its] people."
TECHNOLOGY
Meet the LinkedIn superusers
The FT takes a look at LinkedIn superusers — professionals that have amassed networks sometimes reaching tens or even hundreds of thousands of people, which they use to build their brand.
PRODUCTIVITY
Former Tesla CFO leads funding round in employee rewards startup
Zach Kirkhorn, Tesla's former chief financial officer, has led a $16.5m funding round in Jolly, a startup that aims to help companies improve employee productivity through rewards. On the platform, employees can earn points by, for example, picking up extra shifts, upselling a high-margin product, adhering to safety protocols or completing a certain task on time, and then exchange them for gift cards or their employer’s apparel. All of its corporate customers are currently healthcare services providers, but Jolly is in the process of adding clients in other industries, including manufacturing, logistics, construction, and fast-food.
INTERNATIONAL
Fishermen take on US seafood giant
A landmark human trafficking lawsuit has been filed in California by four Indonesian fishermen against US canned seafood giant Bumble Bee Seafoods. The plaintiffs allege forced labour and abuse aboard Chinese-owned vessels in Bumble Bee's supply chain, detailing withheld wages, physical mistreatment, and threats to their families. The case, believed to be the first of its kind against an American seafood company, aims to prompt systemic reform in the $350bn global seafood industry. The fishermen seek measures to ensure decent working conditions, including prohibiting transshipment and requiring vessels to return to port regularly. The lawsuit also aims to shed light on the role of staffing agencies in perpetuating these abuses.
Stress levels soar among workers in Luxembourg
Olivier De Schutter, the UN special rapporteur on human rights and extreme poverty, has highlighted an alarming rise in workplace stress in Luxembourg, where half of surveyed employees have reported "high levels" of mental distress. He will address what he describes as a “burnout epidemic” in a lecture in Luxembourg today. De Schutter, a professor of law at UCLouvain and Sciences Po Paris, will note "growing insecurity for employees, with increasing difficulty in reconciling their professional and personal lives." He will focus on two developments: increasing inequality and economic insecurity. "Inequality leads to comparisons with one's neighbours, anxiety, fear of social downgrading and a weakening of social ties . . . People are very uncertain about their professional future."
OTHER
Contactless payments are keeping children out of hospital
Analysis published in The Annals of the Royal College of Surgeons of England has found a "significant decline" in the number of children in the UK being admitted to hospital to remove objects lodged in their throats, noses, and airways. The analysis attributes the decline to the declining popularity of coins as contactless payments became more common. The study found a "significant decline" in cases from 2,405 in 2012 to 1,716 in 2022.
 


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