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APAC Edition
12th May 2025
 
THE HOT STORY
Heftier US tariffs on China and Bangladesh make India competitive
Reuters reports on how India's textile manufacturers are responding to an increase in queries from retailers including Walmart and Costco as heftier US tariffs on China and Bangladesh make the country more competitive. However, the city of Tiruppur in the southern state of Tamil Nadu faces a big labour challenge. "Even if orders come, we need labour. We don't have sufficient labour," said the managing director of Raft Garments, which supplies items priced as low as $1 to US brands. "We need at least 100,000 workers," said Kumar Duraiswamy of the exporters association in Tiruppur, where he said more than 1m people currently work. India emerged as the most popular sourcing hub in 2024, with nearly 60% of respondents planning to expand sourcing from there, according to a poll of 30 leading US apparel brands by the United States Fashion Industry Association.
HIRING
Dispute over Chinese workforce at Finnish battery plant construction
The Finnish Immigration Service (Migri) has said it has received early indications that hundreds of Chinese nationals may apply for work-based residence permits related to a major battery materials plant under construction in Kotka, southeastern Finland. China Harbour Engineering Company (CHEC), the main contractor, insists that Chinese workers will not be involved in the construction phase of the facility beyond a limited number of managerial staff. Lin Tao, deputy project manager at CHEC, said: “The goal is to hire locally first.” Heikki Schemeikka, the chief executive of Rego Oy, a Helsinki-based firm coordinating subcontractors, said local contractors remain the priority. “It's unfortunate if there's misinformation circulating. Of course there are international bids, but we are primarily looking for workers in Finland,” he said.
WORKFORCE
Vietnam introduces 10-year golden visa
Vietnam has introduced a 10-year golden visa programme aimed at attracting individuals who will contribute to the country's economy, tourism, or innovation sectors. The initiative is part of a broader strategy to establish Vietnam as a sustainable travel and investment hub in Southeast Asia. The programme targets global investors, skilled professionals, business leaders, and remote workers seeking stability. Unlike standard tourist visas, it offers long-term benefits without the hassle of frequent renewals. Martin Koerner, group commercial director at The Anam luxury resort chain, said: "The expanded visa waivers will boost the tourism sector by encouraging more European travellers." Following a record influx of over 6m international visitors in early 2025, Vietnam is also streamlining its visa application process and extending visa-free travel for citizens of several countries. The government aims to attract 22m–23m international arrivals through global promotional campaigns this year.
WORKPLACE
BlackRock demands full office return
Investment management giant BlackRock has mandated that its approximately 1,000 senior managers return to the office five days a week. The directive follows a previous requirement for all staff to work in the office at least four days a week. Larry Fink, BlackRock's co-founder and chair, has previously voiced concerns about maintaining company culture, saying: "Cultures were not meant to be done in a remote fashion." The shift back to in-office work reflects a broader trend among major companies, including JP Morgan and Goldman Sachs, as the hiring market tightens.
STRATEGY
Roche invests in Shanghai
Roche has announced a significant investment of 2.04bn yuan ($283m) to establish a new biopharmaceutical manufacturing facility in Shanghai's Pudong New Area. The site, located in Zhangjiang High-tech Park, will cover approximately 35,300 square metres and focus on producing Vabysmo, a bispecific antibody for eye diseases, to meet the rising demand for innovative medicines in China. Chief executive Vivian Bian said: "Our commitment to China remains unchanged . . . this new site marks a significant milestone in our journey." The facility is expected to be completed by 2029 and operational by 2031, enhancing Roche's local manufacturing capabilities and supply chain. The investment reflects the growing trend of multinational drugmakers, including AstraZeneca and Eli Lilly, to increase their presence in China's evolving healthcare market.
Nissan EV battery plant plan put on hold
Nissan has decided to cancel its plan to construct a $1.1bn electric vehicle battery plant in Kitakyushu, Japan, as part of a broader strategy to restructure the company amid significant financial losses. The automaker's new chief executive, Ivan Espinosa, said that the decision was made after evaluating investment efficiency, and highlighted the company's need to "explore all options to recover its performance."
CORPORATE
Bombay Shaving Company sets sights on IPO by 2027
The Bombay Shaving Company, which turned profitable recently, is eyeing going public by 2027, founder and chief executive Shantanu Despande has announced. At present, the brand has a presence across 10,000 MT stores and 25,000 GT stores, along with its presence at e-commerce, quick commerce, and its D2C channel. "Almost 80% of our revenue comes from online channels, and the remaining 20% is contributed by offline channels. Of the 80% that is online, roughly 25% comes from D2C, 25% from quick commerce, and 30% from e-commerce", he said.
ECONOMY
Japan's household spending declined 0.1% in FY2024
Japan's interior affairs ministry has reported that household spending in the year to the end of March declined 0.1% from the year prior in price-adjusted real terms. The average monthly consumption expenditure of households consisting of two or more members stood at ¥304,178 ($2,094). Spending on food fell 1.0% and was down 1.4% for furniture and household items, 1.9% for clothes and shoes, and 1.5% for culture and entertainment goods and services. 
INTERNATIONAL
Employers are keen on 'America's largest untapped talent pool'
Neurodivergent workers could offer an important source of talent for employers looking to hire, with one researcher estimating that as many as one in five people is neurodivergent. Some big companies, including Bank of America, Dell, Microsoft, and SAP, have programs that are designed to attract neurodivergent workers, a group that has been described as "America's largest untapped talent pool" by the American Enterprise Institute think tank. Business Insider profiles Bank of America employee Alan Price, who identifies as neurodivergent and is part of a group of workers which handles a range of back-office duties for the lender including keying in hand-written credit card applications and preparing mailers.
Spanish workers may soon have 2.5 more hours of weekly rest
Spain's government has approved a bill to reduce the workweek from 40 hours to 37.5 hours, potentially granting workers an additional 2.5 hours of rest each week. The change, which will benefit 12.5m private sector workers, aims to enhance productivity and decrease absenteeism. Labor Minister Yolanda Díaz said: “Today, we are modernising the world of labour and helping people to be a little happier.” The bill, proposed by the left-wing party Sumar (Joining Forces), must now pass through parliament, where it faces scrutiny from various political factions, including concerns from the Catalan nationalist party Junts regarding its impact on small businesses. Spain has maintained a 40-hour workweek since 1983.
South Africa's DA challenges new labour law
The Democratic Alliance (DA), South Africa's second-largest political party, has launched a legal challenge against the Employment Equity Amendment Act, which aims to boost the hiring of majority Blacks and other groups. The DA argues that the law is unconstitutional and detrimental to foreign investment. Helen Zille, the DA's federal chairperson, criticised the law as “totalitarian,” and claimed it could exacerbate the country's unemployment rate, which currently stands at over 32%. “Jobs are created by companies that invest in South Africa. The draconian labour regime created by the Employment Equity Amendment Act will continue to drive away investment and predictably increase unemployment,” Zille said. The African National Congress (ANC) has defended the law, saying that it is about justice and correcting economic imbalances.
OTHER
The pope who showed support for workers
Chicago-born Cardinal Robert F. Prevost was on Thursday named the 267th pontiff of the Roman Catholic Church and the first American pope, taking the name Leo XIV. Writing for the Los Angeles Times, Matt Hamilton takes a look at the life of Pope Leo XIII, who served as pontiff from 1878 to 1903. In 1891, he used his platform to defend union organizing and the rights of workers in his encyclical, “Rerum Novarum.” He condemned “wealthy owners and all masters” who sought to profit off “the indigent and destitute.” His writing launched a latter-day focus by successive popes on the underclasses, capitalism and the concentration of wealth and power in the hands of the few, Hamilton writes.
 


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