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30th May 2025
 
THE HOT STORY
US to ‘aggressively' revoke Chinese student visas
The US is set to "aggressively" revoke visas for certain Chinese students, Secretary of State Marco Rubio has said. The move is part of the Trump administration's ongoing conflict with universities regarding international students, which has disrupted campus life and threatened university funding. Rubio indicated that the visa revocation would target students with ties to the Chinese Communist Party or those studying in critical fields. Kevin Lu, a recent USC graduate, expressed his concern, saying: “After this news, I may postpone any international travel because once I leave the country, I might have a bigger risk of not being able to come back . . . I wonder if they revoke enough student visas it will be a hit for the US economy because international students are not only a source of income for universities - we pay more for tuition - but we also offer value to universities and companies.”
WORKFORCE
ILO cuts global job forecast
The International Labour Organization (ILO) has cut its worldwide employment forecast for job growth this year to 1.5% amid a worsening global economic outlook and trade tensions. The United Nations agency said around 53m jobs will be created this year - 7m less than previously forecast as economic growth predictions were lowered to 2.8% from 3.2%. The ILO said some of the 84m jobs across 71 countries that are linked to US consumer demand - particularly in Canada and Mexico - are increasingly at risk of disruption due to trade tensions. "If geopolitical tensions and trade disruptions continue, and if we do not address fundamental questions that are reshaping the world of work, then they will most certainly have negative ripple effects on labour markets worldwide," said ILO Director-General Gilbert F. Houngbo.
Indonesian factory workers visit Oregon
Three workers from contract Nike factories in Indonesia have visited Oregon in the United States in a trip organised by the Asia Floor Wage Alliance and Global Labor Justice to discuss low wages and poor working conditions and warn about what tariffs could mean for already vulnerable workers. “Working in a Nike factory is very exhausting,” said Dinar Swandi, one of the workers, through a translator. “We work under high (production) targets, and the wage is very low. It's not enough to cover a family's daily needs. It's only enough to cover food and basic needs.” The workers are part of the Fight the Heist campaign, an initiative by garment workers in Indonesia, Cambodia, Sri Lanka, Bangladesh, India and Pakistan, to protest pandemic wages that remain unpaid. Noah Dobin-Bernstein, a Global Labor Justice organiser, said: “In the garment industry, workers face intimidation and retaliation all the time for their union activity, for demanding better conditions . . . And to not only do it in your factory, but to take it to another country is a tremendous act of bravery from these workers. ”
LEGAL
Hong Kong pledges to boost food delivery workers' rights
Hong Kong's Secretary for Labour and Welfare, Chris Sun Yuk-han, has announced plans to enhance the rights and benefits of local food delivery workers. During a Legislative Council meeting, he said that authorities would explore legislative measures to better protect these workers, who have expressed significant concerns about work injury compensation. Sun noted that a liaison group has been established, comprising government representatives, operators, and labour groups, to discuss suitable measures. Lawmakers have raised concerns about the current protections for food delivery workers, which they believe are inadequate compared to other regions, including mainland China and some Western countries.
CORPORATE
Shein shifts IPO focus to Hong Kong
Fast fashion giant Shein is shifting its initial public offering (IPO) plans to Hong Kong after failing to gain approval for a London listing. The company, headquartered in Singapore, intends to file a draft prospectus with Hong Kong's stock exchange soon, aiming for a public listing within the year. Despite receiving clearance from the UK's Financial Conduct Authority, Shein faced challenges from the China Securities Regulatory Commission, which was concerned about potential embarrassment for the Chinese government. Kathleen Brooks, research director at XTB, remarked: “This suggests that it was becoming political, which is usually problematic in the long term.” Shein's previous plans for a New York listing were also abandoned due to scrutiny over its labour practices.
Nissan seeks to raise $7bn with backing from UK government
Nissan is striving to raise over ¥1tn (£7bn) through debt issuance and asset sales to navigate a challenging financial landscape. The automaker plans to issue up to ¥630bn in convertible securities and bonds, alongside a £1bn syndicated loan backed by UK Export Finance. Chief executive Ivan Espinosa aims to secure funding by the end of June, as internal forecasts predict dwindling cash reserves by March 2026. Espinosa said "We have a solid footing in terms of liquidity," despite the company facing around $5.6bn in debt due next year. The restructuring plan includes closing two factories in Japan and cutting 20,000 jobs, following a ¥671bn net loss in the previous fiscal year. 
CYBERSECURITY
Czech government blames China for cyberattacks
The Czech government has officially accused China of being “responsible” for thecyberattacks on its Foreign Ministry's communication network which began in 2022. The attacks, which have been attributed to the Advanced Persistent Threat 31 (APT31) group linked to the Chinese Ministry of State Security, targeted critical infrastructure. Czech Foreign Minister Jan Lipavský said that the Chinese ambassador had been summoned to be told that “such activities have serious impacts on mutual relations.” NATO and the European Union also condemned the attacks, with EU diplomat Kaja Kallas calling them an “unacceptable breach of international norms.”
RISK
Heathrow chief out of reach during shutdown as phone was on silent, says report
Attempts to tell Heathrow airport's sleeping chief executive that the airport had been closed because of a power outage failed because his bedside phone was on silent, an inquiry has found. Thomas Woldbye was in bed as senior Heathrow staff decided to suspend operations because of a fire at a nearby electrical substation. No flights operated at the west London airport until about 18:00 GMT on 21 March because of the blaze which started late the previous night. The closure, which affected 270,000 journeys, was caused by "an unprecedented set of circumstances," Heathrow chair Lord Deighton said, adding the airport's infrastructure will be made "more fit for the future."
INTERNATIONAL
Norway plans $49m annual tax cut for some young workers
Norway is set to randomly select 100,000 individuals born between 1990 and 2005 to receive annual tax cuts of up to 27,500 Norwegian crowns (approximately $2,700) for several years. The initiative, announced by Finance Minister Jens Stoltenberg and Labour Minister Tonje Brenna, aims to assess the impact of the tax deduction on income and employment among young workers. The selected group, representing about 8% of workers aged 20 to 35, will be part of an academic study comparing their outcomes with those who do not receive the tax cuts. The finance ministry said:  "This will give us strong data on whether such a tax deduction really boosts youth employment, and on how much more or less those who are already in a job will work." The estimated cost of the proposed measure is around 500m Norwegian crowns ($49m) annually.
Rising costs drive job changes in UAE
According to a recent Korn Ferry report, the escalating cost of living, particularly in rents and education, is compelling employees in the UAE to change jobs. Despite employers attempting to address this with salary increases averaging around 4%, many employees feel these hikes are insufficient. Vijay Gandhi, Regional Director— EMEA at Korn Ferry Digital, said: “Employees are facing increased costs of living - as a result, benefits and pay have become the leading reason for leaving companies.” The report highlights that employees concerned about living costs are more likely to leave their jobs within three months and are increasingly focused on their total compensation package. Employers are urged to realign pay with regional living costs to retain top talent and maintain competitiveness. Additionally, the influx of new residents is intensifying competition in the job market, leading to concerns about job security among professionals.
Unilever offers European ice cream workers a three-year employment guarantee
Unilever has agreed to guarantee its ice cream workers' employment terms in Europe and Britain for at least three years after the business' spin-off, tripling the usual period in such deals. Under European Union and British legislation, employees' contracts and collective agreements can be renegotiated one year after sales or spin-off deals. The decision will lock the new ice cream company into a three-year deal that will impact how it treats and pays employees in Europe, regardless of uncertainty or changes to the environment in which it operates. The ice cream unit's roughly 6,000 workers will be able to maintain the same conditions on salaries, bonuses, share plans, pensions, and holidays.
 


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