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APAC Edition
13th March 2024
 
THE HOT STORY
PwC Australia to cut jobs in restructuring
PwC Australia has announced plans to cut an additional 329 jobs as part of a major restructuring following a national scandal involving leaked government tax plans. The reduction in headcount represents about 5% of staff, and up to 37 partners will be accelerating their retirement. PwC Australia CEO Kevin Burrowes said the plans are crucial for realigning the firm's business structure with its new long-term strategy. The job cuts come after 338 were announced in November, and PwC has also spun off its government consulting practice to private equity firm Allegro Funds. The company says it aims to offer new roles to those who have lost their jobs and will continue hiring, with new partners set to be appointed in July. The scandal involved a former partner using leaked tax plans to win work with global companies. PwC Australia's restructuring aims to address the fallout from this scandal and move forward with a renewed focus.
STRATEGY
Novo Nordisk owner to open office in India to tap innovation and growing healthcare market
Novo Holdings, the controlling shareholder of Novo Nordisk, is set to open an office in India this year to tap into innovation and the growing local healthcare market. The company, which manages a portfolio of 170 companies across life sciences and capital investments, has seen a surge in revenue from Novo Nordisk. Novo Holdings plans to invest between $300m and $500m in Asia each year for the next five years. The company has already invested in Indian private hospital chain Manipal Hospitals and in Qure.ai. Novo Holdings' CEO, Kasim Kutay, stated that countries in Asia are going to be very important markets for the company. Most of the investments in Asia will be in growth equity.
WORKFORCE
Busan aims to attract more international students
Busan, the Korean city with the largest international student population outside of greater Seoul, aims to attract more people in their 20s and 30s to live there while also luring more foreigners. Busan believes its future depends on the younger generation, and new policies are expected to help it become a young and vibrant city. Various support programs, such as internships and scholarships, are already being offered to international students. The Busan Global City Foundation provides internships and scholarships to a handful of students every year. Additionally, the foundation offers a career preparation course that is open to more people. Job fairs are also organised for international students who want to live and work in Busan. The fairs provide job opportunities and assistance with work visas.  Busan plans to increase its international student population from 13,000 to 30,000 by 2028. 
LEGAL
Protests in India against controversial citizenship law
Sporadic protests have erupted in India against a citizenship law that has been criticised for discriminating against Muslims. Prime Minister Narendra Modi's government implemented the legislation just days before a general election is to be announced. Protests broke out in the eastern state of Assam and the southern state of Tamil Nadu late on Monday evening after the implementation was announced, authorities said. Modi's Hindu nationalist Bharatiya Janata Party (BJP) government framed rules on Monday to implement the Citizenship Amendment Act (CAA), making it easy for non-Muslim refugees from three Muslim-majority South Asian nations to get Indian citizenship. "Kerala will stand united in opposing this communal and divisive law," Chief Minister Pinarayi Vijayan said in a post on X, among several opposition chief ministers who have criticised implementation of CAA. CAA grants Indian nationality to Hindus, Parsis, Sikhs, Buddhists, Jains and Christians who fled to Hindu-majority India due to religious persecution from Muslim-majority Afghanistan, Bangladesh and Pakistan before December 31, 2014. Rights activists and Muslim groups say the law, combined with a proposed national register of citizens, can discriminate against India's 200 million Muslims - the world's third-largest Muslim population. The government denies it is anti-Muslim and says the law is needed to help minorities facing persecution in Muslim-majority nations.
Former ATO employee jailed for corruption
A former Australian Tax Office (ATO) employee, Wenfeng Wei, has been sentenced to five years in jail for corrupt conduct, including accepting bribes to reduce tax debts. Wei helped reduce millions of dollars of personal and business tax debt over six years. The sentencing was made public under the new National Anti-Corruption Commission (NACC), which received 2,594 referrals for investigation since its commencement last year. Wei pleaded guilty to several contraventions of the Commonwealth Criminal Code and was convicted in the Parramatta District Court. Commissioner Paul Brereton stated that launching an investigation does not imply corrupt conduct, but it may be in the public interest to clear the air. Five preliminary investigations have been concluded without any corruption finding.
CORPORATE
White Americans twice as likely to reach executive suite than Asians, study finds
White women and men in corporate America are more than twice as likely to reach executive positions compared to their Asian counterparts, according to the Executive Parity Index. Despite Asians achieving high educational levels and being seen as the "model minority," they struggle to break through the so-called bamboo ceiling, the study found. East Asians, in particular, lag behind South Asians in corporate success. It is suggested that this disparity may be attributed to traditional East Asian attributes such as modesty and reticence, which are perceived as weaknesses in the typically self-promoting West. Studies also suggest that East Asians are perceived to be more insular, socialising primarily within their own ethnic groups. But successful East Asians have developed workarounds, such as building diverse social networks and fostering inclusivity. The mental architecture rooted in Confucianism and hierarchy can also hinder adaptation, it is claimed by Mark Magnier in this article for South China Morning Post.
RISK
Philippine seafarers who survived Houthi Red Sea attack arrive home
Eleven Filipino seafarers have arrived home after surviving a Houthi missile attack off Yemen. They were crew members of the merchant ship True Confidence, which was attacked by the Houthis, resulting in the death of three sailors. The survivors received government assistance upon their arrival in Manila. Mark Anthony Dagohoy, a crew member, expressed gratitude for the military personnel who rescued them. Two other injured Filipinos are recovering in a Djibouti hospital and will be flown back to Manila once medically cleared. The Philippine government has reached a deal with the International Transport Workers Federation to allow Filipino seafarers to refuse deployments in high-risk areas. The Philippines is a major source of seafarers for the global maritime sector, contributing significantly to the domestic economy.
Investigation launched into Indonesian airline after pilots fell asleep
Indonesia's transport ministry has announced an investigation into Batik Air after a pilot and co-pilot were found to have fallen asleep during a flight. The incident occurred during a flight from Southeast Sulawesi to Jakarta, resulting in navigation errors. The Airbus A320's passengers and flight attendants were unharmed. The transport ministry has reprimanded Batik Air and called for increased attention to air crew rest time. The pilots involved have been temporarily suspended. The investigation will focus on fatigue risk management. Batik Air has stated that it operates with an adequate rest policy and is committed to implementing safety recommendations. The report by the National Transportation Safety Committee revealed that one of the pilots had not rested adequately before the flight. The co-pilot inadvertently fell asleep while in command of the aircraft. The pilot woke up after 28 minutes and corrected the flight path. The investigation recommends regular cockpit checks and ensuring well-rested pilots and cabin crew.
Unregulated advisers use hallucinogenic drugs to boost performance
Helping businesspeople optimise their performance through the use of hallucinogenic drugs is a growing trend in the unregulated field of executive and life coaching. Paul Austin, a "microdosing coach," believes that psychedelics can enhance creative thinking. Despite concerns about the validity of scientific research and the effects of daytime dosing in the workplace, drugs like psilocybin and MDMA are gaining popularity among coaches. Some coaches openly operate in countries where these drugs are legal, while others work discreetly in the US Coaches are finding eager clients in traditional financial circles - but the combination of drugs and Type-A personalities can lead to potential pitfalls, with individuals making impulsive decisions, writes Tiffany Kary for Bloomberg.
REGULATION
Costco Japan warned by FTC over reduced payments to subcontractors
Costco's unit in Japan has been warned by the country's Fair Trade Commission for reducing payments to subcontractors without a valid reason. The bakery and food suppliers saw their compensation reduced by ¥33.5m ($227,000) from 2021 to 2023. The retailer also returned products worth about ¥2m without proper quality checks. Costco Japan operates 33 membership warehouses and employs about 14,000 people. The company stated that it will cooperate fully with the investigation and take the recommendations seriously to improve its operations in line with the law.
INTERNATIONAL
Luxury postnatal retreat centres offer alternative to at-home recovery
Luxury postnatal retreat centres are opening across the US as affluent new parents find an alternative to at-home recovery. These centres offer support services such as lactation coaching, baby CPR training, and hands-on training in baby-care skills. The cost of these experiences is far from affordable for the average American family, but demand is high among those who can afford it. The rising popularity of doulas and birth coaching suggests a growing interest in related services. However, the US otherwise lacks postnatal support services and parental leave, which has led to a gap in access and support for new parents. Operators hope that the US industry will eventually offer a range of options, from budget to luxury, with some government subsidies. While postnatal retreats are common in many Asian countries, they are relatively new to the US.
Greece to enforce stricter penalties for violence against healthcare workers
Greece is set to enforce stricter penalties for violence against healthcare workers with the implementation of a new Criminal Code. The reform aims to provide legal protection for doctors, nurses, paramedics, and patients in hospitals. The changes, effective from May 1st, are expected to deter acts of violence and create a safer working environment for medical professionals. Justice Minister George Florides emphasized the importance of shielding those who work tirelessly in hospitals from verbal abuse and physical violence. The President of the Panhellenic Medical Association, Athanasios Exadaktylos, highlighted the negative impact of violence on both medical staff and patients, emphasizing the need for optimal care. The Medical Association of Thessaloniki called for improved staffing and patient care alongside the stricter penalties.
UK workers set to trial a four-day week in August
A number of British workers are set to trial a four-day week for a month in August. The "4ugust" trial, launched by the 4 Day Week Campaign and Autonomy, aims to encourage companies to implement a four-day week while maintaining salaries. The campaign wants to see a 32-hour working week after previous trials saw positive results, including lower stress levels and improved staff retention. The six-month pilot in 2022 involved 61 companies with more than 3,000 staff. Of these firms, at least 54 have maintained the four-day week. The Department for Environment, Food and Rural Affairs last year called for a pilot scheme involving more than 21,000 employees, with no loss of pay, after the successful trial in the private sector. Will Stronge, director of research at Autonomy, said 4ugust was an opportunity for companies "to dip their toes in the pool" and try a four-day week for a limited time. 
OTHER
Minimalist brands make waves with young Indian consumers
A new wave of mid-range retailers is capitalising on Japan's reputation for quality goods in India's vibrant market. With two-thirds of India's population being under 35, Japanese retailers are finding success among millennials and Gen Z consumers who seek practical and functional products. Japanese brands like Uniqlo, Muji, and Wacoal have made significant inroads in India, attracting customers with their high-quality and minimalistic offerings. Uniqlo, for example, has 13 stores across the country and recorded a revenue of US$6.24bn last year. Japanese retailers have been smart about communicating their unique attributes to their target customers, such as Uniqlo labelling their seasonal sales as 'Arigato Festivals'. Despite price sensitivity among Indian consumers, Japanese retailers are focused on building a following and tapping into India's expanding consumer base and changing consumer tastes. The success of Japanese retailers in India is attributed to their emphasis on product localisation and partnerships with Indian companies. Overall, the market holds vast potential for Japanese retailers, thanks to India's growing middle class and consumer penchant for quality goods.
 


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