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APAC Edition
5th May 2025
 
THE HOT STORY
Ant Group's AI talent hunt begins
Chinese financial services giant Ant Group has launched its “Plan A” talent recruitment programme, introducing a team of world-class artificial intelligence (AI) researchers as mentors for aspiring candidates. The initiative aims to foster new talent in the pursuit of artificial general intelligence (AGI). The programme features 12 distinguished mentors, including Wu Yi, a former OpenAI researcher, and Le Zhenzhong, a former scientist at Google. Ant's recruitment comes amid a broader trend among Chinese tech firms to hire AI specialists, spurred by the success of start-up DeepSeek. Notable team members include Shen Chunhua, a leading AI researcher with 87,000 Google Scholar citations, and Yang Ming, a founding member of Facebook AI Research. Ant Group said the initiative is part of its “exploration journey” towards AGI.
WORKFORCE
Pension systems face perfect storm in Asia
Professor Johnny Li, Tan Bingzhao Professor of Actuarial Science at The Chinese University of Hong Kong (CUHK) Business School, has spoken about the unprecedented challenges for pension systems in Asia at the Economist Impact's 4th annual Sustainability Week Asia held in Bangkok in March. "Across the Asia-Pacific region, life expectancy has increased by an average of three years over the past decade, while fertility rates have fallen below replacement levels in many advanced economies," Li explained. "This creates a perfect storm for pension sustainability." Li said: "Pay-as-you-go systems, which fund current retirees through contributions from today's workforce, become increasingly vulnerable as the ratio of retirees to workers rises . . . Meanwhile, defined-benefit pension schemes, which promise a specified monthly benefit after retirement based on factors like salary history and years of service, face mounting liabilities as beneficiaries live longer than anticipated."
LEGAL
China's new law aims to boost private sector
China has enacted the Private Economy Promotion Law to enhance its private sector amid ongoing trade tensions with the United States. Passed by the Standing Committee of the National People's Congress, the 78-article law will take effect on May 20. It aims to foster fair market competition, improve investment conditions, and encourage private firms' participation in scientific and technological advancements. The law is intended to be a "morale booster" for the economy, which increasingly relies on domestic growth. The drafting process began in 2024, led by the National Development and Reform Commission, and included provisions to address concerns about arbitrary enforcement against small businesses.
TECHNOLOGY
Thai businesses embrace agentic AI
Amid increasing economic pressures, Thai businesses are adopting agentic artificial intelligence (AI) to enhance their efficiency and competitiveness. Patama Chantaruck, country managing director of Accenture Thailand, said: "Agentic AI represents the next big leap - not just an evolution of generative AI, but a re-imagination of how business gets done." Agentic AI allows for greater autonomy and decision-making capabilities, enabling businesses to shift from reactive cost-cutting to proactive value creation. The banking and financial sectors are leading this transformation, using agentic AI to personalise customer experiences and automate complex decisions.
CORPORATE
Aboriginal group claims miner failed to fulfil pledge
Rio Tinto has been accused by the Robe River Kuruma Aboriginal Corporation of failing to honour its commitment to reform business practices five years after the destruction of the Juukan Gorge heritage site, amid claims that the company has not updated its agreement regarding payments for mining on their lands. Despite Rio Tinto chair Dominic Barton's commitment to resolve these issues, the Aboriginal group asserts they have been deprived of 17 years of payments related to the Mesa J mine, which has been operational for three decades.
ECONOMY
Japan's food makers to raise prices of almost 480 products
A total of 195 major Japanese food makers are slated to raise the prices of 478 products in May, mainly processed meat products such as hams and sausages, The Japan Times reports. The monthly number of food products with higher prices will rise 1.9% from a year earlier, the fifth consecutive monthly increase. The total number of higher-priced food products will reach 14,409 in the first five months of 2025, already exceeding 12,520 in the whole of 2024.
INTERNATIONAL
M&S halts hiring amid cyber crisis
UK retailer Marks & Spencer has suspended all job postings on its website following a cyber attack that disrupted its operations. The retailer confirmed on Thursday that it is unable to hire new workers as it grapples with ongoing technical issues. A message on M&S's jobs site stated: "Sorry you can't search or apply for roles right now, we're working hard to be back online as soon as possible." Previously, the company had over 200 job openings. The attack, which began over the Easter weekend, has affected online orders and product availability in stores. The Times speaks to M&S staff who say it has been the "toughest" week of their working lives amid the disruption. Workers have also complained of abuse from customers during the chaos. The Metropolitan Police are investigating the incident. 
SEC workforce shrinks 16% in last year
The US Securities and Exchange Commission (SEC) has seen a significant reduction in its workforce, losing 16% of its staff since last year, primarily due to early retirement offers from the Trump administration. The decline has left critical divisions, such as Trading and Markets, with staffing losses of up to 20%. Joel Seligman, a professor at Washington University School of Law, warned that "cuts to the size of the staff . . . can lead to significant gaps in the performance of the SEC in preventing fraud." Jessica Wachter, who was the SEC's chief economist before she stepped down earlier this year, said: "If something breaks in the markets, it makes a difficult matter much worse . . . It's important to keep sufficient levels of staffing so that critical knowledge concerning these functions doesn't get lost."
Revolutionising health and safety standards across Nigerian workplaces
In an announcement for the 2025 World Day for Safety and Health at Work, the Nigeria Social Insurance Trust Fund (NSITF) has committed to integrating artificial intelligence (AI) and enhancing its digitisation efforts to improve health and safety standards in Nigerian workplaces. The theme for this year, “Revolutionising Health and Safety: The Role of AI and Digitalisation at Work,” reflects the need for safer and more resilient workplaces. The event called for employers to adopt digital safety technologies and for employees to engage in training in an attempt to foster a culture of safety across all sectors.
Mexico to reduce work week to 40 hours within five years
The Mexican government plans to gradually reduce the standard work week from 48 hours to 40 hours by January 2030, Labor and Social Security Minister Marath Bolanos has said. The initiative, part of President Claudia Sheinbaum's broader labour reform agenda, will involve a series of forums across the country to shape the transition proposal. Previous attempts to shorten the work week faced delays and resistance in Congress. A bill to implement the change stalled in 2023 and 2024.
OTHER
Ikea to set up network of compact stores In India
Ikea is shifting its India strategy by introducing compact stores in smaller cities to enhance accessibility. The stores, as small as 10,000 sq ft, will feature digital catalogues, and will initially be based in Hyderabad, Bengaluru, Mumbai, Delhi NCR, Chennai, and Pune, with outlets to follow in tier II and III cities. 
 


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