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APAC Edition
2nd June 2025
 
THE HOT STORY
Chinese bank offered to help rich clients’ children gain top internships
Chinese regional lender Industrial Bank has sparked outrage after a now-deleted post on the WeChat social media platform said that it could arrange for customers’ offspring to gain work experience at top firms including Google and JP Morgan - if they made US$1.4m deposits. The lender for Fujian province has since announced that it had paused the offer and apologised for any “misunderstandings caused by incomplete descriptions.” In a statement, Industrial Bank said it had not directly arranged internships for clients’ children, but had merely intended to refer them to external recruitment consultants.
HEALTH & WELLBEING
Nomura's smoking ban leads to less staff lighting up
In the fiscal year ending March 2024, approximately 15% of employees at Nomura, Japan's largest brokerage, were smokers, a decrease from 21.4% in March 2018. The firm says it aims to further reduce this share to 12% by March 2026. Since 2017, the company has provided financial assistance to help workers quit smoking, and encouraged a smoke-free environment during the COVID-19 pandemic. The decline in smoking rates at Nomura mirrors a broader national trend in Japan, where the government aims for only 12% of adults aged 20 or older to smoke by 2033. As of 2024, over 15% of Japanese adults were reported as smokers according to the Ministry of Health, Labor and Welfare. More broadly, Nomura has implemented various health and productivity initiatives, including promoting walking habits and offering subsidies for egg-freezing services to support female employees. 
WORKFORCE
Sri Lanka workers blindsided after UK garment factory shuts
More than 1,400 of roughly 2,800 workers are in limbo following the sudden closure of Next Manufacturing, a subsidiary of the British retail giant Next which is located in Sri Lanka’s Katunayake Free Trade Zone. The company has blamed “increasingly high operating costs.” Nandani, a machine operator who had worked for 19 years at the Next factory, said: “I am 49 years old. My livelihood suddenly ended. I don’t know what to do.” Labour rights advocates say Next Manufacturing’s closure has violated Sri Lankan law and risks undermining the country’s fragile economic recovery.
CYBERSECURITY
Japan boosts cybersecurity with new laws
Japan is enhancing its cybersecurity capabilities through new legislation, international partnerships, and training initiatives. Defence Minister Gen Nakatani has met with Lithuanian counterpart Dovile Sakaliene to strengthen cooperation in cybersecurity, and a Japanese expert will be sent to Lithuania in June to learn from their renowned specialists. The Japanese government aims to increase the number of cybersecurity technicians from 24,000 to at least 50,000 by 2030. A panel has indicated a need for about 110,000 skilled professionals. Starting in 2026, the government will inspect private companies' cybersecurity measures and may withhold state subsidies from those that fail to comply. On May 16, the Diet passed a law allowing active cyberdefence, enabling the government to gather communications data to counter digital attacks, even in peacetime.
LEGAL
Hong Kong mediation organisation is a new dispute settlement option
On May 30, 2025, the Convention on the Establishment of the International Organization for Mediation was signed in Hong Kong, marking a significant step for China in mediating international disputes. Unlike traditional litigation, which often leads to dissatisfaction, mediation offers a more inclusive approach, considering all parties' grievances. The organisation will provide specialised mediation services, complementing existing dispute resolution methods. With support from over a dozen countries, including China and Indonesia, the initiative positions Hong Kong as a key international dispute resolution centre.
STRATEGY
ILO cuts 225 jobs amid funding crisis
The International Labour Organization (ILO) has announced the loss of approximately 225 jobs due to reduced funding from the US government. ILO Director-General Gilbert F. Houngbo said: "One job loss is too many," as he reflected on the impact on staff morale. The ILO is considering relocating some operations from Geneva to alleviate financial pressures, with potential new locations including Turin, Budapest, and Doha. The US contributes 22% of the ILO's $880m budget for 2026-2027, and Houngbo indicated that further cuts could necessitate a revised budget, a rare occurrence for the organisation. A business continuity plan is being developed, alongside a freeze on external recruitment and a voluntary redundancy programme.
Norway's wealth fund shuts Tokyo office
Norway's sovereign wealth fund has announced the closure of its Tokyo real estate investment office. Established in 2015, the office employed five staff and completed two direct investments in Japan. Norges Bank Investment Management (NBIM) said: "As part of a strategic review, expanding our Japan real estate portfolio through direct investments is no longer a priority." However, this decision will not affect NBIM's existing equity and fixed-income investments in Japan, which total $109bn as of March 31.
CORPORATE
US government 'to have control in Nippon Steel-U.S. Steel deal'
US Senator David McCormick has said that Japan-based Nippon Steel's investment in U.S. Steel will ensure an American CEO, a majority of US board members, and US government oversight on key corporate functions. The arrangement follows President Donald Trump's suggestion of a partnership to resolve Nippon Steel's nearly $15bn bid, which had been blocked due to national security concerns. McCormick said: “I think they know what they're getting into,” as he highlighted the strategic benefits for both Nippon Steel and the U.S. market. The deal includes a commitment of $14bn, a national security agreement, and plans for modernising U.S. Steel facilities, including a new electric arc furnace. Despite previous opposition from the United Steelworkers union and a national security review, the investment aims to bolster U.S. Steel's operations while maintaining American control.
Shareholders back 7-Eleven owner’s management amid $50bn takeover battle
Seven & i shareholders have backed Stephen Dacus, its new chief executive, as the 7-Eleven store owner faces a record-breaking $50bn takeover offer and tries to prove to increasingly divided investors that the Japanese retailer can stand alone. At the company's annual shareholders' meeting, the new top executive vowed to make "efforts in making sure that the next 10 years is better than the last 10 years", as Seven & i implements restructuring steps to focus more on the convenience store business, which has seen slowing growth in Japan and the United States. Shareholders approved the appointments of Mr Dacus and 12 other board members, including Junro Ito, a member of its founding family, 66, as chairman and Takashi Sawada, former president of rival convenience store operator FamilyMart, as outside director.
INTERNATIONAL
Trump administration bans use of diversity data in federal hiring
The Trump administration has directed federal agencies to stop using statistics related to race, sex, ethnicity, or national origin in the hiring process. The move is part of an executive order aimed at prioritizing merit in hiring decisions. The Office of Personnel Management's memo states that all hiring and promotion decisions must be based solely on "merit, qualifications and job-related criteria." Critics argue that collecting racial or gender data is essential for identifying discrimination in hiring practices. The memo also emphasizes recruiting from a broader range of educational backgrounds, observing: "Going forward, agencies shall ensure that early career recruitment focuses on patriotic Americans who will faithfully adhere to the Constitution and the rule of law."
Foreign workers in Denmark 'more likely' to have substandard working conditions
According to a new report from the Danish National Centre for Social Research and Analysis (Vive), one in four Danish companies employing foreign workers is at risk of so-called social dumping, which involves hiring foreign staff under conditions that violate Danish collective bargaining agreements. Jan Hyld Pejtersen, a senior researcher at Vive, said: “We can see that the lower the level of education, the lower the pay and longer the working hours at the company, the higher the risk [of social dumping].” The construction, agriculture, and hospitality sectors are particularly affected, with small businesses being more prone to these practices. The Confederation of Danish Employers has criticised the report, calling it “deeply misleading,” but Pejtersen defended the findings, asserting that they are based on a comprehensive analysis of various risk factors.
Vladimir Putin’s war economy is cooling, but Russians still feel richer
Once-booming salary growth for new hires in Russia is slowing, according to an FT analysis of job adverts, yet not by enough to shift popular sentiment on the war against Ukraine.
 


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