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APAC Edition
15th May 2025
 
THE HOT STORY
Microsoft is laying off 3% of its workforce
Microsoft is laying off about 6,000 people, or 3% of its workforce, across all levels, teams and geographies. “We continue to implement organisational changes necessary to best position the company for success in a dynamic marketplace,” a Microsoft spokesperson told CNBC. One objective is to reduce layers of management, the spokesperson said.
WORKFORCE
Japan's 'ice age generation' faces poverty risk
Japan's so-called "ice age generation," comprising around 17m individuals who entered the job market between 1993 and 2004, faces a significant risk of poverty in old age despite receiving basic pension benefits. Due to low wages and gaps in pension contributions, many may rely on welfare support. The basic pension, which is set to be ¥69,308 ($484) per month in fiscal 2025, will be insufficient for many, leading to increased welfare dependency. Kohei Komamura, a social policy professor at Keio University, said: "If many in the ice age generation . . . continue to live alone in their old age, they will be more likely to experience deteriorating health." The government is urged to enhance pension benefits and provide housing support to mitigate these challenges.
Korea's job market sees mixed results
Korea's employment figures for April reveal a complex landscape, with nearly 200,000 new jobs added, bringing the total to 28.89m. However, the manufacturing sector experienced its steepest decline in over six years, losing 124,000 jobs year-on-year. The overall employment rate for those aged 15 to 64 rose to 69.9%, while the jobless rate fell to 2.9%. Notably, employment for older adults surged by 340,000, contrasting sharply with declines among younger age groups, particularly those in their 20s, who saw a drop of 179,000 jobs. The number of economically inactive individuals increased to 16m, highlighting ongoing challenges in the job market.
TECHNOLOGY
New Alibaba method slashes costs of training AI for search by 88%
Alibaba has announced a breakthrough in reducing the cost of training artificial intelligence (AI) models for search by nearly 90% as companies strive to enhance AI capabilities while reducing development expenses. ZeroSearch improves AI models’ search capabilities through simulations without the need to interact with actual search engines, according to a research paper published last week. By transforming a reference model into a search engine that can train other AI systems in answering queries, ZeroSearch cuts reliance on expensive external search infrastructure, making AI search training more accessible, especially for smaller teams with limited resources.
Korea introduces counter-tax evasion system using AI in Latin America-led meeting
National Tax Service (NTS) Commissioner Kang Min-su introduced Korea’s advanced system using artificial intelligence (AI) to counter tax evasion at a meeting of mostly Latin American tax officials at the 59th general assembly of the Inter-American Center of Tax Administrations (CIAT) in Santiago, Chile. Kang highlighted extensive efforts by Korea to grow a secure and reliable electronic tax administration, large enough to amass big data, and which could be used as a resource for an AI system aimed at identifying attempts to evade taxes.
DIVERSITY, EQUITY & INCLUSION
SAP reshapes diversity goals
SAP has revised its diversity and inclusion targets, ceasing the aspirational goal of 40% women in the workforce. The company has replaced the "Women in Executive Roles" KPI with the Business Health Culture Index (BHCI), which offers a comprehensive view of employee experience. SAP explained “We are adjusting demographic targets to meet regulatory requirements,” as the Germany-headquartered software company highlighted its commitment to adapt to external changes, particularly in the US. The firm aims for a BHCI score of 80% to 82% by 2025 and plans to unify its diversity and inclusion office with corporate social responsibility to enhance its impact. Since 2012, SAP has tracked the share of women in its workforce, previously having achieved a goal of 35% by 2022.
LEGAL
China completes legal framework for foreign-related affairs
China has established a legal framework for foreign-related matters, with over 50 laws enacted by the end of last year, according to the report from the Institute of International Law. As of December 25, China had 305 effective laws, including 54 specifically addressing foreign affairs. "China has established a comprehensive foreign-related legal system, with the Constitution as the guiding principle, the Foreign Relations Law as the foundation, the specialised laws as the mainstay, and the regulations as an important component," the report said.
ECONOMY
Thai central bank official highlights tariff uncertainty
The Governor of the Bank of Thailand, Sethaput Suthiwartnarueput, has expressed significant uncertainty regarding the impact of US tariffs on Thailand, noting that the effects will become clearer in the latter half of the year. He highlighted that Thailand, heavily reliant on the US as its largest export market, could face a 36% tariff if negotiations do not occur before a global moratorium ends in July. While the manufacturing sector is expected to be the most affected, he indicated that the situation would not be as severe as during the pandemic, although concerns remain about increased imports from redirected trade.
INTERNATIONAL
Google settles racial bias lawsuit for $50m
Google has agreed to pay $50m to settle a lawsuit alleging systemic racial bias against Black employees. The preliminary settlement, which covers over 4,000 employees in California and New York, awaits judicial approval. Plaintiffs claim that Google fosters a "racially biased corporate culture," whereby Black employees are relegated to lower-level positions, receive lower pay, and face limited advancement opportunities. April Curley, a plaintiff who worked to enhance outreach to historically Black colleges, said that she was stereotyped and denied promotions, ultimately being dismissed while preparing a report on the company's racial bias. Despite the settlement, Google, a subsidiary of Alphabet, denies any wrongdoing, asserting compliance with applicable laws.
Danish employers want international workers
The Confederation of Danish Industry (DI) has expressed its strong support for qualified foreign labour in Denmark, countering Prime Minister Mette Frederiksen's recent call for a more restrictive approach. Søren Kjærsgaard Høfler, senior consultant at DI, emphasised that “as long as internationals come and work on the Danish labour market, we are all for it.” He highlighted that foreign workers contributed significantly to Denmark's economy, accounting for 361bn kroner, or approximately 12%, of the country's GDP in 2024. Høfler noted that the international workforce was crucial for the increase in employment, with non-EU nationals playing a key role, and argued that the focus should remain on the need for labour rather than the nationality of the workers.
US approves Qatari financing of Syria public sector salaries
The United States has approved a Qatari initiative to provide financial support for Syria's public sector, allowing Qatar to fund a $29m monthly salary increase for civilian public sector workers over three months. This funding, which excludes the interior and defence ministries due to Western concerns, is part of efforts to help rebuild Syria's economy after years of conflict and sanctions. The initiative reflects a potential shift in US policy towards engagement with the new Syrian government, which is attempting to stabilise the country and improve living conditions for its citizens.
OTHER
Suicidal thoughts confirmed as side effect of hair loss drug
The European Medicines Agency (EMA) has confirmed that suicidal thoughts can be a side effect of finasteride, a drug used for treating hair loss. Following an EU-wide review, the EMA noted that most reports of suicidal ideation were associated with 1mg finasteride tablets, which are prescribed for androgenetic alopecia. While the frequency of this side effect remains undetermined, the EMA said that the benefits of finasteride and also dutasteride still outweigh their risks. A patient card will now accompany 1mg finasteride tablets to inform users of these risks. The EMA also plans to update dutasteride's product information to include warnings about mood changes.
 


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