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APAC Edition
8th March 2024
 
THE HOT STORY
India's Congress pledges 'first job' for all graduates if voted into power
India's main opposition Congress party says it will guarantee paid apprenticeships to every graduate under the age of 25 if it wins the national elections that are likely to be held in the coming weeks. "We are going to ensure your 'first job' of Rs 1 lakh ($1,209) per year," former Congress chief Rahul Gandhi wrote on X social media, adding "This historic plan of ours is a forever cure for the disease of unemployment." Gandhi, the scion of the Nehru-Gandhi dynasty, said Congress  would enact a 'Right to Apprentice Act' guaranteeing a one-year apprenticeship in a government or private institution, with the opportunity to continue in the job. "This revolutionary scheme will change the face of Indian industries and the destiny of the youth by closing the skill gap between industry and India's workforce," he said.
WORKFORCE
Call for practical measures to boost mothers' employment in China
There are calls for more practical measures to promote mothers' employment in China through improving public childcare services and organising skills training, as well as eliminating job discrimination. Wu Haiying, a member of the National Committee of the Chinese People's Political Consultative Conference and former vice-president of the All-China Women's Federation, submitted a proposal at the ongoing two sessions — China's annual political meeting — focusing on the employment problems of full-time mothers. According to a survey by the federation's women's studies institute, about 47.1% of stay-at-home mothers under the age of 40 in four first-tier cities said they did not get any sense of self-worth being a stay-at-home mother. The survey also found that 82.7% of surveyed mothers had plans to land a job. To improve the employment of mothers, Wu suggests the nation improves job services and organises skills or entrepreneurship training to help them qualify for job openings. She also recommends employers set up "mother jobs" with more flexible working schedules and improve public childcare services for families with children under 3 years old.
DIVERSITY, EQUITY & INCLUSION
One in five Hong Kong companies have male directors only
One in five Hong Kong companies still have all-male boards despite a diversity rule announced in 2021 which will take effect in 2025. The Hong Kong stock exchange has given listed companies until the end of this year to ensure that each board includes at least one woman. However, nearly 500 firms have not complied, with the largest laggards being Chinese state-owned companies or their affiliates. Advocates for gender diversity argue that it leads to better financial performance and less group-think. The Hong Kong Stock Exchange's Chief Executive Officer, Bonnie Chan, initiated the campaign to eliminate single-gender boards. Hong Kong-listed companies have improved their boardroom diversity, with the percentage of all-male boards decreasing from 32% in 2020 to 19% currently. Xiaomi Corp. and other major companies have recently added female directors to their boards.
Infosys aims to increase women's representation in workforce to 45% by 2030
Infosys' D&I Head Aruna Newton says the Indian IT giant currently has 39.3% female representation in its workforce and aims to increase this to 45% by 2030. Newton highlighted Infosys' initiatives to attract and retain female talent, including career intentionality programs, maternity supports, and flexible work options. Infosys says it faces challenges in bridging the gender gap, but it is addressing them through campaigns and a commitment to diversity and inclusion.
Japan faces challenge in boosting women leaders, Matsui says
Corporate governance is a key driver for Japan's market rally, but increasing the representation of women in leadership positions remains a challenge, according to Kathy Matsui, former vice chair of Goldman Sachs Japan. The Japanese government has pressed companies listed on the Prime Market Index to raise the ratio of female executives to 30%, but as of 2023, women accounted for only 13% of executive positions at prime listed companies. Matsui believes it is the employers' responsibility to develop human resources and create an environment where women can play an active role. Matsui's so-called "womenomics" research, which explored the economic benefits of boosting female participation in the Japanese labour market, has influenced former Prime Minister Shinzo Abe's policies.
HEALTH & WELLBEING
Male office workers in Tokyo experience simulated menstrual pain
Male office workers at the EXEO telecoms firm in Tokyo have experienced simulated menstrual pain in a bid to promote empathy towards female colleagues ahead of International Women's Day today. The workers used a device called a "perionoid" that sent electric signals to stimulate the lower stomach muscle and induce cramping. The aim is to create a more supportive environment for female peers, including an understanding of the issues around the taking of menstrual leave. Companies in Japan are legally required to allow women to take menstrual leave, but it is often unpaid and many women do not take it. "We hope those who experienced (menstrual pain) today go back to their workplace and speak about how they felt, and spread their understanding," said Maki Ogur, public relations officer at EXEO.
WORKPLACE
Special Report - Women in Business
A series of FT reports look at workplace trends and career tips, managing tensions at work, the grandmothers who do childcare, life after the sack, and Korean women’s baby dilemma.
CYBERSECURITY
China's hacking industry revealed: shady practices and poor security protocols
China's hacking industry has been exposed via leaked internal documents, which reveal that it suffers from shady business practices, disgruntlement over pay and work quality, and poor security protocols. The leaked documents from a firm called I-Soon shed light on the seedy and sprawling industry, where connections and relationships play a crucial role. The documents also show the lax security protocols and low pay in the industry. Despite the economic downturn and an exodus of talent, China's hacking industry continues to thrive. The leaked documents highlight the deep ties between hacking companies and the Chinese state.
STRATEGY
Goodyear to close Malaysia plant, affecting over 500 employees
Goodyear Tire & Rubber Co is set to close its plant in Malaysia on June 30, affecting over 500 employees. The decision is part of the company's Goodyear Forward corporate restructuring program, aimed at achieving $1bn in cost reductions by 2025. Goodyear has faced allegations of labor abuses at the Malaysian manufacturing plant in recent years, but a settlement agreement was reached in 2022. The closure of the plant will directly impact about 550 employees. The Malaysian government and Goodyear are working on support measures for the affected workers, including upskilling and job placements. Malaysia has been accused of labor abuses in its factories, and the government says it aims to eliminate forced labor practices by 2030.
CORPORATE
Super-successful firms may impact the power of nation-states
The success of new weight-loss drugs like Ozempic and Wegovy, made by Novo Nordisk, is not only a scientific achievement but also a significant boost to the Danish economy, and has prevented Denmark from falling into a recession. The phenomenon of national economies depending on a single company, rather than a natural resource, is becoming more common and will lead to new economic and political dynamics, writes Bloomberg's Tyler Cowen. Examples like Nokia in Finland, which accounted for a significant portion of the country's GDP and stock market value, suggest that more stories like this will emerge.  While having a successful company is better than not having one, it also puts the domestic economy in a precarious position and gives the company leverage over politics and public opinion. Other small- and medium-sized countries like Sweden, the Netherlands, Ireland, Singapore, and Israel also have the potential to spawn dominant corporations. The rise of these firms may impact the power of nation-states, making governance more challenging.
ECONOMY
Growth in Pacific Island economies slows to 5.5% in 2023, World Bank says
Growth in Pacific Island economies slowed to 5.5% in 2023. The region is projected to expand by 3.5% in 2024 and 3.3% in 2025. The World Bank emphasized the need for investment in education and urged the U.S. Congress to renew funding agreements for Palau, Micronesia, and Marshall Islands. The report also called for greater focus on teacher training to reduce poverty in the region.
INTERNATIONAL
Pizza Hut restaurant workers strike over wage theft allegations
Workers at a Pizza Hut outlet in Los Angeles have gone on strike to protest alleged wage theft by the franchise owner. The workers, with the support of the newly-formed California Fast Food Worker Union, have filed a complaint with the state labour commissioner's office, claiming that the store management skimmed hours from their paychecks, required unpaid training and overtime work, and refused to pay for sick leave. The strike is part of a broader push by the union for improved work standards and stable scheduling. Wage theft is seen as a widespread problem in low-wage industries, costing American workers as much as $50bn annually, according to the Economic Policy Institute. The union has also called on local officials in Los Angeles and San Jose to draft and approve “fast-food fair work ordinances” securing paid time off provisions, predictive scheduling tools, and mandatory “know your rights” training for workers.
Dutch government launches campaign to keep ASML in country
The Dutch government has launched an effort dubbed "Operation Beethoven" to prevent semiconductor equipment maker ASML from relocating due to anti-immigration policies. ASML's CEO, Peter Wennink, has expressed his concern due to the company's high reliance on skilled foreign labour. The government's move to end a tax break for highly skilled immigrants and make it more difficult for foreigners to study at Dutch universities has raised concerns about labour migration. ASML, which currently assembles its machines in the Netherlands, may consider expanding in France. The company sources parts globally and is a key player in the growing semiconductor industry. Chipmakers worldwide are investing heavily in new plants to stay ahead of China in cutting-edge technology, Reuters notes.
French union threatens strike during Paris Olympics
The general secretary of France's CGT union, Sophie Binet, has announced that it will give notice of a strike in public services during the Paris Olympics. Binet expressed concerns about the social conditions of workers during the Games and the impact on their families. The CGT's strike notice follows protests from various sectors in France, including teachers, police officers, and farmers. Binet called for immediate action from the government to ensure the success of the Games. Paris is expecting up to 15.9 million visitors during July-September, and the union believes that the social situation in France needs to be addressed to accommodate the influx of visitors. The government has agreed to provide bonuses to police officers deployed during the Olympics; however, the CGT's strike notice raises concerns about potential disruptions in the transportation network and at hospitals during the Games.
 


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