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APAC Edition
11th April 2025
 
THE HOT STORY
China's firms embrace clock-off culture
Major Chinese companies, including home appliance maker Midea, are implementing mandatory clock-off times and banning after-hours meetings, marking a significant shift from the infamous "996" work culture. Midea now requires staff to leave by 6:20 p.m., in a bid to promote a healthier work-life balance. "What do you do after work? It's after work when life really starts," the company said on social media. Other firms like Haier and DJI are also adopting similar policies. However, analysts suggest these reforms are influenced more by European Union labour laws than domestic social pressure. Shujin Chen, a China economist at Jefferies, observed: "[Employers] want people to like relax more, have more holidays and consume more . . . [but] If you don't have enough income, and if you hardly keep your job, it's very hard for people to do that."
TRAINING & DEVELOPMENT
Training pays off for Singaporeans
According to the 2024 year-in-review by SkillsFuture Singapore (SSG), a growing number of Singaporeans are experiencing significant benefits from training, with 64% attributing their career advancement to it, up from 62% in 2023. The report highlights that nearly 70% of participants rated their work performance improvements highly, and over 84% found their course learnings applicable to their jobs. SSG chief executive Tan Kok Yam emphasised the importance of employers clearly defining skill requirements, saying: “Even if you do have a comfortable job now . . . there is (much) to be gained in terms of improving your career versatility and deployability.” The number of Singaporeans engaging in training has risen, with 555,000 learners participating in SSG-supported courses in 2024, reflecting a 7% increase from the previous year.
TECHNOLOGY
China rapidly closing gap in race to human-level AI
According to Stanford University's 2025 AI Index Report, the performance gap between leading artificial intelligence models from the US and China has narrowed to "near parity" in 2024. Despite the US imposing chip sanctions, which have impacted China's development of Large Language Models (LLMs), Chinese researchers have adapted and advanced their models significantly. The report highlights that "the launch of DeepSeek's V3 model in December 2024 garnered significant attention" due to its high performance with fewer computational resources. While the US still leads in the number of notable AI models, producing 40 compared to China's 15, the report also notes a concerning rise in AI-related incidents, which increased by over 50% in 2024.
DIVERSITY, EQUITY & INCLUSION
Barclays drops diversity targets in US
Barclays has abandoned its gender and ethnicity targets for its US workforce, as it looks to align itself with President Donald Trump's anti-diversity stance. A spokesperson clarified that while US-specific targets have been removed, global targets remain in place for the rest of the bank's 91,260 employees. Indian-born chief executive CS Venkatakrishnan, who said the decision followed a review of the bank's diversity, equity, and inclusion approach, emphasised the importance of inclusivity, saying: "If you want to get the very best people, by necessity, you get a very diverse workforce."
RISK
Japanese execs could face lawsuits for climate inaction, report says
The G20 Climate Risk Atlas highlights significant financial and legal risks for Japan due to climate change, and estimates potential economic damage of ¥952tn ($6.3tn) by 2050 without stronger policies. The report notes that Japan has already incurred ¥13.7tn in climate-related losses over the past decade. Professor Yoshiro Yamada from Ritsumeikan University warns that corporate directors may face claims for breach of fiduciary duty if they neglect climate risk in governance. Starting in fiscal year 2027, companies on the Tokyo Stock Exchange's Prime market must disclose emissions data and climate-related financial risks. Investor scrutiny is increasing, with groups like Climate Action 100+ demanding better disclosures. Yamada said: “Directors must take proactive steps . . . Failure to do so could leave them vulnerable to legal challenges.”
ECONOMY
Thai consumer confidence declines for second straight month
Consumer confidence in Thailand has declined for the second consecutive month, reaching its lowest point in five months, primarily due to rising living costs and concerns over US trade tariffs. The survey was carried out before the US announced a 90-day pause on the tariffs as first announced, dropping them from 36% to 10%. The University of the Thai Chamber of Commerce (UTCC) reported a drop in the consumer index from 57.8 in February to 56.7 in March. When the 36% tariff was announced last week, Finance Minister Pichai Chunhavajira said it could cut growth in Southeast Asia's second-largest economy by one percentage point. The economy grew 2.5% last year, lagging regional peers.
INTERNATIONAL
24-hour general strike in Greece for wage hike
On Wednesday, unions across Greece staged a 24-hour strike, demanding collective agreements and higher wages amid rising living costs. The General Confederation of Greek Workers (GSEE) and the Civil Servants' Confederation (ADEDY) led the protests, which saw participation from public and private sector workers, students, and teachers in cities including Athens and Thessaloniki. Dimitris Koutsoumpas, general secretary of the Greek Communist Party (KKE), said: “Today, throughout Greece, our people are shouting out loud: ‘No sacrifice for the profits of the few.’” Despite a recent increase in the minimum wage to €880 ($965), a survey revealed that only 40% of respondents felt their salary covered monthly expenses, with many cutting back on essential food items. The protests also highlighted the ongoing housing crisis: six out of ten renters spend over 40% of their income on housing costs.
British firms remain committed to DEI
Analysis by the Institute of Directors (IoD) shows that UK businesses have yet to change their approach to diversity, equity and inclusion (DEI). While firms in the US are rowing back on DEI policies amid a clampdown by President Donald Trump, 71% of British business leaders said they are not planning to change their current approach to diversity. The IoD found that just one in 10 UK firms plans to scale down their DEI activities, while 8% plan to review the matter this year. The analysis also showed that 4% plan to enhance their DEI initiatives. IoD policy chief Alex Hall-Chan said:  “Particularly for employers with no US presence, the prevailing view among British businesses is that decisions made by US government and US companies will have little to no bearing on investment in their own [DEI] programmes.” 
Layoffs threaten US agency that protects workers
The National Institute for Occupational Safety and Health (NIOSH), the Cincinnati-headquartered agency that is part of the Centers for Disease Control and Prevention, and whose programmes include a firefighter cancer registry and a lab that is key to certifying respirators for many sectors, is losing about 850 of approximately 1,000 employees, according to estimates from a union and affected staff. The government staffing cuts have met with rebukes from firefighters, coal miners and medical equipment manufacturers, among others. The cuts are “a very pointed attack on workers in this country,” said Micah Niemeier-Walsh, vice president of the union local representing NIOSH employees in Cincinnati.
Suriname is hiring more Dutch workers to meet oil boom labour demand
Surinamese businesses are recruiting Dutch workers as they aim to fill roles in the rapidly expanding local oil industry. Mila Bahadoersing from business-to-business service Ondernemershuis Paramaribo said: "In all sectors, we need people. We really need to catch up," as she highlighted the country's need for skilled professionals while it prepares for oil extraction in two years. U.S. Secretary of State Marco Rubio recently visited Suriname, noting the "tremendous opportunity" for economic ties. With multiple oil reserves discovered offshore, the country anticipates significant revenue growth.
OTHER
Pakistan urges Hajj pilgrims to follow Saudi laws
Pakistan's Religious Affairs Minister Sardar Muhammad Yousaf announced the launch of the second phase of mandatory training for Hajj pilgrims, emphasising the importance of adhering to Saudi laws. "Hajj pilgrims are going as ambassadors of Pakistan, take care of the laws there," he said during a workshop in Islamabad. The first phase of training occurred from January to February, using audio-visual materials. Mandatory vaccinations for Hajj pilgrims will take place on April 20, including the meningitis shot and additional vaccines for those from regions at risk for yellow fever and polio. Approximately 90,000 Pakistanis are expected to perform Hajj this year, with a total quota of 179,210 pilgrims allocated by Saudi Arabia.
 


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