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APAC Edition
14th April 2025
 
THE HOT STORY
Japanese firms get chance to shine on diversity
Japanese companies are making significant strides in gender equality, outpacing their global counterparts in appointing female directors. With US firms facing scrutiny over their diversity policies, Japanese firms are attracting attention from investors including Boston Common Asset Management, which has increased its holdings in Japanese companies to 21% of its international fund. An MSCI report indicates that the number of female directors in Japan rose by 2.5% in 2024, although the country still lags other developed nations. The Japanese government aims for 30% female representation on boards by 2030, compared to a global average of 27.3%. As the local labour force shrinks, enhancing diversity is becoming a business necessity, making Japanese firms increasingly appealing to global investors. Rie Nishihara, chief Japan equity strategist at JPMorgan Securities, observes: "Diversity is a factor that drives long-term stock performance, permanently." 
RISK
Ex-Facebook employee accuses Meta of collaborating with China
Former Facebook executive Sarah Wynn-Williams has accused the Meta-owned social media giant of "betraying US values" and undermining national security by collaborating with the Chinese government on US artificial intelligence (AI) projects. Testifying before the Senate Judiciary Committee, she accused Meta of briefing China on US AI efforts in order to grow its business there. “We are engaged in a high-stakes AI arms race against China. And during my time at Meta, company executives lied about what they were doing with the Chinese Communist Party to employees, shareholders, Congress, and the American public,” Wynn-Williams said in prepared testimony. In a statement, Meta said Wynn-Williams’ testimony "is divorced from reality and riddled with false claims.” Wynn-Williams' bestselling memoir on her experience of working for Meta was published last month.
CORPORATE
Shein gains approval from UK regulators for London float
Shein has received approval from the UK's Financial Conduct Authority (FCA) for its planned IPO in London. The green light, first reported by Reuters, marks a crucial step in the company's journey towards a London listing after its confidential filing last June. However, Shein faces challenges, including US tariffs on Chinese goods and the need for approval from Chinese regulators, particularly the China Securities Regulatory Commission (CSRC). Shein's valuation may also drop to around $50bn from $66bn due to these market conditions. The company aims to adapt by diversifying suppliers in Brazil and Turkey, but the ongoing trade tensions and market volatility could yet complicate its IPO timeline.
STRATEGY
Apple initiates 600-tonne iPhone airlift
Apple has initiated an airlift of 600 tonnes of iPhones, equivalent to approximately 1.5m units, from India to the United States. The move aims to circumvent the high tariffs imposed by President Donald Trump on imports from China, which currently stand at 125%. The company has also enhanced production in India, increasing output by 20% and extending operations at its Foxconn factory to Sundays. The strategic shift is part of Apple's broader plan to diversify manufacturing beyond China, with India playing a crucial role. In January and February, Foxconn's shipments from India to the US surged significantly, indicating a growing reliance on Indian production.
Google cuts hundreds of jobs in Android, Pixel group
The Information reports that Google has laid off hundreds of employees in its platforms and devices unit, which works on the Android software, Pixel phones and the Chrome browser. The cuts follow the company's January buyout offers to the unit's employees. "Since combining the Platforms and Devices teams last year, we’ve focused on becoming more nimble and operating more effectively and this included making some job reductions in addition to the voluntary exit program that we offered in January," a Google spokesperson told The Information.
WORKPLACE
‘Smiling at work’ is harassment, Japanese poll suggests
A survey conducted by Kyoto-based artificial intelligence customer support platform Helpfeel found that 45.7% of respondents in Japan believe that asking store employees to smile constitutes harassment. The finding indicates a growing sensitivity towards the pressures faced by service workers, and suggests a shift from traditional expectations of constant cheerfulness in customer interactions. “Many people probably think that store employees feel resistant to being required to maintain customer service demeanour above a certain level,” a Helpfeel representative told The Mainichi. The poll of 1,070 participants revealed no significant differences in opinion across age groups, in an indication of a widespread reassessment of workplace norms in Japan.
HEALTH & WELLBEING
Meal timing risk for night shift workers
Research published in Nature Communications suggests that meal timing may significantly impact cardiovascular health for night shift workers. Led by Professor Frank Scheer from Brigham and Women's Hospital in Boston, Mass., the study involved twenty healthy adults who were kept in a time-free environment to simulate night shift conditions. Participants who ate only during the day showed stable cardiovascular risk factors, while those who ate at night exhibited increased risks. "Night shift workers can avoid the cardiovascular disease risk associated with shift work if they eat only during the day," the research team concluded. The findings suggest that adjusting meal times could be a simple yet effective strategy for mitigating health risks linked to irregular work hours. However, the researchers acknowledge the need for further studies - particularly with larger sample sizes - to confirm these results.
ECONOMY
Calls for consumption tax cut are growing in Japan
As inflation in Japan continues to rise, calls for a consumption tax cut are growing among ruling party officials ahead of the House of Councillors election. Prime Minister Shigeru Ishiba emphasized the need for "powerful measures against high prices" during discussions with political leaders. Despite concerns over the fiscal 2025 budget, some lawmakers support the idea of tax reductions. Komeito policy head Mitsunari Okamoto said:  "We want to discuss various things without ruling out any options." However, LDP Secretary-General Hiroshi Moriyama cautioned that any tax cut must be accompanied by alternative financial resources.
INTERNATIONAL
Europe unveils plan to become ‘AI continent’
The European Commission has unveiled its so-called “AI Continent Action Plan,” which aims to “transform Europe’s strong traditional industries and its exceptional talent pool into powerful engines of artificial intelligence innovation and acceleration.” The EU has faced criticism from tech leaders that its regulations on everything from AI to taxation hinder innovation and make it more difficult for start-ups to operate across the region. The bloc will also create a new AI Act Service Desk to help regional firms comply with its landmark AI law. “The AI Act raises citizens’ trust in technology and provides investors and entrepreneurs with the legal certainty they need to scale up and deploy AI throughout Europe,” the Commission said, adding the AI Act Service Desk will “serve as the central point of contact and hub for information and guidance” on the rules.
Argentina gripped by massive strike
Argentina's largest workers' unions have launched a 24-hour strike in Buenos Aires, protesting against the austerity measures implemented by President Javier Milei. The strike disrupted trains, planes, and ports, and banks and schools were closed. Rodolfo Aguiar, general secretary of the ATE Nacional union, said: "After this strike, they have to turn off the chainsaw," as he underscored the need for the government to halt further cuts. Unions are demanding the reinstatement of sacked employees, reopening of salary negotiations, and the cancellation of privatisation plans for public firms. The aviation union APA highlighted the adverse effects of Milei's policies, including increased poverty and layoffs, calling them "the biggest scam in Argentina's history."
UK Supreme Court to rule on definition of a woman
The UK Supreme Court is to issue its judgement on how a woman should be defined in law this week. The case is the culmination of a challenge brought against the Scottish government by a women's group. But the ruling could have a major bearing on how sex-based rights are applied through the Equality Act across Scotland, England and Wales. For Women Scotland say sex-based protections should only apply to people born female, while the Scottish government says they should also include trans people with a gender recognition certificate. A ruling is due to be handed down at the court in London on 16 April. It is expected to set out exactly how the law should treat trans people, and could have implications for the running of single-sex spaces and services.
OTHER
Jeanswest sells jeans every three minutes
Jeanswest is experiencing a significant surge in sales, with a pair of jeans sold every three minutes as administrators aim to clear A$20m worth of stock before closing over 90 stores across Australia. The retailer has faced challenges due to a decline in discretionary spending amid a cost-of-living crisis, leaving over 600 staff uncertain about their future. Administrators Lindsay Bainbridge, Andrew Yeo, and David Vasudevan from Pitcher Partners are transitioning Jeanswest to an online-only model. Bainbridge noted: “We've seen huge spikes in foot traffic and online sales,” as he highlighted the positive response from shoppers. In just two weeks, 53,000 pairs of jeans and 160,000 clothing items were sold, with over half a million visitors to the website.
 


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