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APAC Edition
8th May 2025
 
THE HOT STORY
Boosting employee wellbeing to attract talent in Japan
A growing number of Japanese companies are implementing health management strategies to enhance employee wellbeing and attract talent. The initiatives include dietary support, physical activity encouragement, and smoking cessation programmes. The KENKO Investment for Health programme, initiated by the trade ministry, has certified 3,400 large enterprises and nearly 20,000 small and medium-sized businesses in fiscal 2024 for their health management efforts. Machine tool supplier Hattori, for example, promotes health check-ups and dietary improvements, while Higo Bank subsidises medical check-ups and encourages exercise through apps. Managing director Kaori Hueter observed: “Unless we change something, young people won't want to join us,” as he highlighted the importance of these strategies in appealing to job seekers.
WORKFORCE
New Zealand jobless rate holds steady
New Zealand's economy is gradually recovering from a significant recession, with the jobless rate remaining unchanged at 5.1% in the first quarter, contrary to expectations of an increase to 5.3%. Mark Smith, senior economist at ASB Bank, said: “We look to be close to the cyclical peak in unemployment but will need to see the tentative New Zealand economic recovery become more established.” Despite a slight rise in employment of 0.1%, business confidence has declined, impacting hiring intentions. The Reserve Bank of New Zealand has reduced the Official Cash Rate by 200 basis points to 3.5% since August, with expectations of further cuts. The labour force participation rate has dropped to 70.8%, the lowest since mid-2021, indicating a weakening labour market. Wage inflation has also slowed, with ordinary time wages rising only 0.4% from the previous quarter.
Trade deal criticised over 'two-tier' tax system
The UK government has agreed a trade deal with India that exempts temporary Indian workers from paying National Insurance in the UK for three years, making them cheaper to hire. Critics argue this creates a 'two-tier tax' system, especially after National Insurance contributions for British firms were raised last year. Opposition Conservative leader Kemi Badenoch said the agreement offers tax refunds for Indian workers that are not available to UK staff. Reform UK leader Nigel Farage also criticised the deal, saying that Labour has "betrayed working Britain." Business Secretary Jonathan Reynolds defended the agreement, citing similar arrangements with other countries.
LEADERSHIP
Hong Kong consumer watchdog chief steps down
Gilly Wong Fung-han, the chief executive of Hong Kong's Consumer Council, has announced her resignation after over a decade in the role. Wong expressed her desire to take a “well-deserved” break to explore new interests and rejuvenate herself. During her tenure, Wong led significant initiatives, including the digital transformation of the council and addressing high-profile consumer issues. Francis Ho Ying-foo will serve as acting chief executive while the council begins the recruitment process for Wong's successor.
STRATEGY
Temenos cuts jobs in India
Temenos has cut several hundred jobs in India as the Swiss banking tech vendor seeks to strengthen its services and partnerships across key regions as part of its new growth-oriented strategy. A spokesperson for the company said the workforce changes are to ensure the firm has the "right talent in the right locations, particularly in its high-growth locations such as the US and Western Europe".
TECHNOLOGY
PolyU introduces AI-powered legal tools
Hong Kong Polytechnic University has launched artificial intelligence (AI)-powered innovations for cross-boundary legal and compliance services. The technology can reduce costs and increase the client base by generating listing application documents in just one minute. The company, founded by Professor Lu Haitan, is Hong Kong's first innovative tech firm to apply large mode intelligent agents in the special administrative region and on the Chinese mainland. PolyU's vice-president, Christopher Chao Yu-hang, believes Hong Kong can play a larger role in promoting cross-boundary cooperation and legal technology innovation. The company is exploring new pathways for integrating AI and law in the Greater Bay Area.
INTERNATIONAL
Minister backs Danish plan to help settlement of foreign healthcare staff
Danish authorities are to launch initiatives to help healthcare workers from India and the Philippines settle in the country as the government plans to encourage them to take up positions in the sector. “Integration and a proper welcome are absolutely crucial. This is all about bringing in skilled workers who feel happy and can see themselves building a life here,” said the Minister for the Elderly, Mette Kierkgaard, who added: “The challenge in elderly care is not just to attract workers, but also to hold on to them. We need to get better at that so that we can also offer our elderly a high standard of care in future.”
Meta content moderator cuts over 2,000 jobs in Spain
Telus International, the Canadian tech firm which Meta has employed since 2018 to moderate content on its social media networks Facebook and Instagram, will cut over 2,000 jobs in Barcelona, according to Spanish union CCOO. Telus said during a Monday meeting that it had terminated the contracts "of all workers who were performing content moderation tasks" for Meta, affecting 2,059 people, CCOO said, adding that the redundancy plan was decided after Meta cancelled its contract with Telus. The union said it had signed a preliminary agreement that will grant "the highest possible legal compensation" for affected workers affected.
Electrician training funded by Google amid rising AI power demand
Google is investing $10m to fund the training of tens of thousands of electricians in the US as demand for electricity surges due to the expansion of AI-driven data centres. The initiative aims to address the significant power supply challenges faced by major tech companies and is expected to increase the workforce of electricians by 70% by the end of the decade. Additionally, Google plans to release a white paper with policy recommendations to expedite the development of new energy technologies and improve the electrical grid infrastructure.
OTHER
China sweetens tax refunds for tourists
China is enhancing its tax refund policy for international visitors to stimulate domestic spending amid the ongoing trade war with the US. The Ministry of Commerce announced that the refund limit for purchases will decrease from 500 yuan to 200 yuan, while cash refunds will increase from 10,000 yuan to 20,000 yuan, with no limits on bank transfers. Vice-minister of commerce Sheng Qiuping said: “Departure tax refunds help reduce shopping costs for overseas tourists and are an important way to attract and expand inbound consumption.” The initiative follows previous efforts to ease visa restrictions and aims to foster economic, trade, and cultural exchanges globally.
 


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