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8th April 2025
 
THE HOT STORY
AI could have impact on 40% of jobs worldwide, UN says
The UN has said that the global artificial intelligence (AI) market will reach $4.8tn by 2033, and warned that nearly 40% of jobs worldwide could be affected. The UN Conference on Trade and Development (UNCTAD) highlighted that while AI offers productivity gains, it also poses risks of job displacement, particularly in knowledge-intensive sectors. Rebeca Grynspan, the agency's chief, emphasised the need for a people-centric approach to AI development, saying: "History has shown that while technological progress drives economic growth, it does not on its own ensure equitable income distribution." The report also noted that access to AI resources is concentrated in a few economies, and urged countries to invest in digital infrastructure and workforce adaptation to harness AI's potential for sustainable development.
HIRING
Job seekers in Korea face tough market
The job opening-to-applicant ratio in South Korea fell to 0.32 in March, indicating that seven out of 10 job seekers are unable to find employment. This marks the lowest ratio since the late 1990s foreign exchange crisis. The Labour Ministry reported a rise of 154,000 regular employment insurance subscribers, reaching 15.435m, the slowest increase since 1997. Chun Kyung-gi, head of the Future Employment Analysis Division, said: “Jobs have decreased mainly in manufacturing and business support services,” attributing this to companies reducing hiring amid uncertainty. The number of new applicants for job-seeking allowances also rose, with 137,000 new applicants in March, reflecting a broader trend of increasing unemployment benefits. The total number of recipients reached 693,000, the highest since March 2021, with payouts amounting to 1.051tn won ($716m).
WORKFORCE
Chinese students face job market challenges in Australia
Chinese students in Australia are facing a challenging job market, both locally and back home, as highlighted in a report by the China Studies Centre at the University of Sydney. Lead researcher Wei Li said: "Overseas graduate degrees are no longer the 'golden ticket' to employment they once were." The report emphasises the importance of soft skills, such as networking and interview techniques, which differ significantly between the Australian and Chinese job markets. With over 188,300 Chinese students enrolled in Australia, the report also notes that access to information and networks remains a significant barrier for international students. Recommendations include embedding career development in university curricula and fostering partnerships between educational institutions and industries to enhance employability. Amy Guo, an educational counsellor, remarked that many students may return to China, leveraging their bilingual skills in the competitive job market.
Japan's nominal wages rise but outlook darkens
Japan's nominal wages increased by 3.1% in February, surpassing economists' expectations of 3%. However, real wages fell by 1.2% for the second consecutive month, indicating ongoing price pressures. The Bank of Japan (BOJ) Governor Kazuo Ueda emphasised the need to "monitor developments closely" following Donald Trump's announcement of tariffs on Japanese goods, which has led to revised growth projections and delayed rate hike expectations. Despite these challenges, Japan's largest labour union federation, Rengo, reported an average pay hike of 5.42%, the highest in over three decades. This wage growth is expected to continue, driven by a tight labour market and rising consumer prices, although households have begun to cut back on spending. Prime Minister Shigeru Ishiba is under pressure to address economic concerns, pledging measures to support incomes and ease cost pressures ahead of the upcoming election.
ECONOMY
China's consumers cautiously optimistic
China's consumer sentiment is showing signs of cautious recovery, driven by a series of government stimulus policies aimed at boosting domestic consumption amid a trade war with the United States. Recent data from Deutsche Bank indicates that 54% of urban residents feel better off than a year ago, with 60% expecting income increases. However, experts warn that while subsidies have spurred spending, they may only provide a short-term fix. The Chinese government is committed to long-term reforms to shift towards a consumption-driven economy, but analysts remain cautious about the immediate outlook for consumer spending.
SUSTAINABILITY
KPMG: ESG targets now driving executive pay decisions
More than three-quarters of companies worldwide link sustainability targets to executive pay, according to a new report from KPMG International. The study, Incentivizing Long-term Value Creation: Linking sustainability metrics to board members’ pay, found that 78% of businesses now link senior execs' compensation to sustainability performance, with the most common targets relating to climate change and internal workforces, often focusing on female leadership and injury rates. While more companies linked sustainability to short-term targets (40%) compared to both short-term and long-term incentives (37%), KPMG said that investors generally expect to see a balance between both short-term and long-term targets to measure board performance. “Despite ongoing economic and geopolitical uncertainty, the findings make clear that linking executive compensation to sustainability performance is becoming increasingly widespread within the world’s largest companies,” said Nadine-Lan Hönighaus, global ESG governance lead at KPMG International. 

INTERNATIONAL
Amazon to resume worker theft screening
Bloomberg reports that Amazon is to resume screening employees leaving its warehouses, after dropping the theft-prevention measure during the pandemic. In addition to bringing back metal detection devices, the company is asking workers to register their personal phones so security personnel know they aren’t stolen. Employees will share the last six digits of the serial number on their phones and receive a sticker to place on the device, letting security personnel know it belongs to the worker and accelerating the screening process. “We’re always working to make our facilities more safe and secure for our employees and for companies of all sizes that put their trust in us to store their inventory,” an Amazon spokesperson explained. “As one part of that, we’ve made the decision to restore some practices that we had suspended to support social distancing during the pandemic.”
Tariffs threaten 60,000 jobs in Italy, union says
PierPaolo Bombardieri, the general secretary of the UIL trade union confederation in Italy, has warned that 60,000 jobs are at risk following President Donald Trump's announcement of significant tariffs on imports to the United States. He said: "The duties are a problem for the whole country," as he highlighted the potential economic fallout, particularly in sectors such as automotive, fashion, mechanics, and agribusiness. Italy exports goods worth €70bn, and the impact of these tariffs could be severe for employment across these industries.
War spurs brain drain of Israel's high-tech employees
The number of workers in Israel's high-tech sector declined last year for the first time in at least a decade amid uncertainty over the end of prolonged fighting in Gaza. In its 2025 High-Tech Employment report, the Israel Innovation Authority said: “At a period where we're facing security, political, and economic challenges, the data points to challenges that require immediate attention: stagnation in employment, a change in the mix of positions, and an increase in the volume of relocation . . . To ensure the future of Israeli high-tech, a combined effort of the government and industry is required – investment in human capital, improving skills, returning employees who left Israel, and expanding business activities here in Israel.” From the beginning of the war in October 2023 until July 2024, the number of high-tech employees who left Israel for long-term relocation increased to about 8,300 people, or about 2.1% of the local high-tech workforce
OTHER
AirAsia tightens power bank rules
AirAsia has announced new restrictions on power banks, following similar measures from Hong Kong's Civil Aviation Department. Starting April 7, passengers must store power banks in their seat pockets or under their chairs, and charging devices using power banks will be prohibited during flights. The decision comes after safety concerns were raised due to recent incidents involving lithium power banks on flights.
 


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