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APAC Edition
6th June 2025
 
THE HOT STORY
Citi to shed 3,500 tech jobs in China
Citigroup is to cut around 3,500 jobs at two of its technology centres in China as the bank seeks to reduce and simplify its global tech operations to improve risk and data management. The reduction of staff at the China Citi Solution Centres in Shanghai and Dalian is expected to be completed by the start of the fourth quarter this year, the bank said. Citigroup said some of the roles would be moved to technology centres elsewhere. "Citi continues to pursue the establishment of a wholly owned securities and futures company in China," Marc Luet, banking head of Japan, Asia North and Australia, said. Citi will have around 2,000 staff in China after the tech job cuts, a source said.
STRATEGY
Procter & Gamble to slash 7,000 jobs in cost-cutting drive
Procter & Gamble is to cut around 7,000 jobs, or around 6% of its total workforce, over the next two years. The announcement came at a Deutsche Bank conference in Paris, where executives also said they plan to trim the company's product portfolio through the divestment of smaller brands and a full exit from some categories. P&G added that the restructuring plan would help simplify the organisational structure by "making roles broader, teams smaller."
WORKFORCE
Union leader demands pay rise now
Sally McManus, the Secretary of the Australian Council of Trade Unions, is advocating for a 4.5% pay rise for nearly 3m workers reliant on minimum wage or industry awards. The Fair Work Commission is set to announce its annual wage review decision, with inflation currently at 2.4% and expected to rise to 3.1% by June 2026. While employer groups express concerns about the impact on small businesses, McManus argues that a real pay rise would enhance disposable incomes and benefit businesses reliant on consumer spending. The federal government has called for a "sustainable" wage rise above inflation without specifying a figure.
Civic workers in Kodagu launch indefinite strike
Civic workers in Kodagu district have initiated an indefinite strike involving over 300 staff members, including sanitation workers and drivers, to demand regularisation of services and equal benefits with state government employees. The strike, which began on May 31, has led to the suspension of garbage collection and office work, with workers threatening to halt water supply if their demands are ignored.
LEGAL
PALM workers' pregnancy challenges exposed
An investigation by Lindy Kanan from the Australian National University has revealed alarming experiences of workers under the Pacific Australia Labour Mobility Scheme (PALM). The report, titled "It's not illegal to be pregnant," highlights that many female PALM workers have concealed pregnancies or attempted home abortions due to stigma and fear of losing their jobs. The report also noted systemic issues, including discrimination and limited access to healthcare, which exacerbate the vulnerabilities of these workers. Dr Trudi Beck, a women's health clinic operator, indicated that a significant portion of her patients seeking abortions are migrant workers, often facing financial and healthcare barriers.
CORPORATE
Synopsys halts China operations

Synopsys has instructed staff in China to stop sales, services, and new orders in response to new US export restrictions targeting semiconductor-related goods. In an internal letter, the company said the prohibitions are broad and effective as of May 29, 2025. The move follows a directive from the US Commerce Department's Bureau of Industry and Security, which has revoked existing licenses and restricted exports including EDA software and semiconductor chemicals. As a result, Synopsys has suspended its earnings forecasts and disabled Chinese access to its SolvNetPlus support portal. The company, along with Cadence and Siemens EDA, controls over 70% of China’s EDA software market. The restrictions impact not only Chinese customers but also global clients operating within China and Chinese military users globally. Affected Chinese users reportedly include Brite Semiconductor, Zhuhai Jieli, and VeriSilicon.

TECHNOLOGY
Neuralink in $650m fundraising
Neuralink, founded by Elon Musk, has successfully raised $650m in its latest funding round as it begins clinical trials for its brain implant device, which allows users to control digital devices with their thoughts. The company said: "This funding helps us bring our technology to more people - restoring independence for those with unmet medical needs."
LEADERSHIP
Jamie Dimon says retirement is still 'several years away'
JPMorgan Chase chief executive Jamie Dimon says that his retirement is still "several years away," adding that even though "it's always up to God and the board" he is open to staying at the company as executive chair. The 69-year-old, who has been CEO of the bank for nearly two decades, surprised investors last year when he said he would step down within five years, leading to speculation about who might take the helm in his place. In an interview broadcast on Fox Business on Monday, he also told Maria Bartiromo what he would say to a younger person who “wants to become the next Jamie Dimon.” “Talk to everybody. Talk to every side. Don’t become weaponized by one side,” he said.
INTERNATIONAL
Manicurists fight for self-employment rights
The legal battle for licensed manicurists to work as self-employed individuals without passing a test has reached federal court. Republican Assemblyman Tri Ta announced the filing of a discrimination lawsuit, saying: “Earlier this year, our office received many concerns from Vietnamese American manicurists and nail salon owners . . . Their lives were turned upside down overnight when the independent contractor status expired on January 1.” The suit represents several Orange County nail salon businesses and individual manicurists, with Gov. Gavin Newsom and heads of five state agencies named as defendants. Ta highlighted that 82% of manicurists in California are Vietnamese and  85% are women, arguing that the law unfairly restricts their ability to work independently. Attorney Scott Wellman, representing the plaintiffs, claimed that the lack of exemption violates their equal protection rights. The lawsuit follows failed legislative attempts to reinstate the exemption for manicurists under Assembly Bill 5, which has left many in the industry confused about their employment status.
Germany's Volkswagen 'on course' as 20,000 workers agree to job cuts
20,000 Volkswagen employees have voluntarily resigned as part of a joint agreement with unions, according to the German newspaper Bild. The initiative, known as Zukunft Volkswagen (Future Volkswagen), aims to reduce the workforce by 35,000 jobs in Germany by 2030. The resignations are linked to a deal that includes seniority-based incentives of up to €400,000. "The first measures of our 'Future Volkswagen' are taking shape, and we are on course," said personnel manager Gunnar Kilian. "With measurable progress in factory costs in Wolfsburg, and job cuts in accordance with social contracts at Volkswagen's six German locations, we are speeding up our transformation."
Gulf heat endangers migrant workers
Human Rights Watch (HRW) has raised alarms about the dangers faced by migrant workers in the Gulf due to extreme heat, urging governments to enhance protections. Michael Page, HRW's deputy Middle East director, stated: "Because Gulf states are dragging their feet on evidence-based labour protections, migrant workers are unnecessarily dying." The Gulf region, particularly the UAE, Saudi Arabia, Qatar, and Kuwait, experiences summer temperatures nearing 50 degrees Celsius. While there are existing midday break policies to protect workers, HRW argues that these measures are insufficient as extreme heat conditions are becoming more frequent. A report from the International Labour Organization highlights that 83.6% of outdoor workers in Arab states are exposed to excessive heat.
OTHER
IPL final spurs double-digit surge in food delivery
The final of the IPL cricket competition on Tuesday delivered a major boost to restaurants, Indian industry executives have reported, with both delivery and dine-in channels recording double-digit growth across metros and tier 2 markets. Food delivery volumes rose by 10%-15% compared to the previous weekend, with platforms witnessing peak demand during the evening match hours. “Peak time orders (7pm-10pm) rose by over 12% compared to previous IPL match days", said Sagar Daryani, founder and chief executive of WoW Momo, adding that late-night orders surged by 20% and average ticket sizes increased 10%, driven by combos and party packs. Elsewhere, at Lenexis Foodworks, delivery and dine-in sales in Bengaluru and cities across Punjab, including Mohali, Chandigarh, Ludhiana, and Amritsar, grew 25%-35%, outperforming national averages.
 


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