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APAC Edition
11th June 2025
 
THE HOT STORY
Supply chains under scrutiny amid forced labour claims
An international rights group says several global brands, including Avon, Walmart, Nestlé, Coca-Cola, and Sherwin-Williams, are at risk of using forced labour through their supply chains in China. The report by Global Rights Compliance highlights that these companies may be linked to titanium sourced from Xinjiang, where coercive labour practices are allegedly employed against Uyghurs and other Turkic minorities. “Mineral mining and processing in (Xinjiang) rely in part on the state's forced labour programs for Uyghurs and other Turkic people in the region”, the report says. The findings come amid ongoing trade discussions between China and the United States, with a 2022 United Nations report suggesting that China may have committed crimes against humanity in Xinjiang. In response, then-President Joe Biden signed a law in 2021 to block imports from Xinjiang unless businesses can prove they were made without forced labour.
ECONOMY
World Bank says global growth to slow markedly
The World Bank forecasts that the global economy is set for its worst year since the 2008 financial crash, with growth expected to decline to 2.3% due to trade tensions stemming from US President Donald Trump's tariffs. The report highlights that over two-thirds of countries will experience restricted GDP potential. The US economic outlook has notably worsened, with growth projected to decelerate sharply to 1.4%, down from a previous estimate of 2.3%. The analysis indicates that 60% of developing economies will also see a slowdown, while the euro area's growth is expected to be just 0.7%. The World Bank suggests that countries should "liberalise more broadly" through trade deals to bolster growth.
STRATEGY
Japanese pension funds embrace CIOs
Japanese pension funds are increasingly appointing chief investment officers (CIOs) to enhance their investment strategies amid market volatility. Takashi Yamashita has been appointed as the CIO for the Organization for Small & Medium Enterprises and Regional Innovation Japan, overseeing ¥12tn ($83bn) in assets. Hironari Nozaki, a professor at Toyo University, observed: "These CIO appointments signify a growing awareness of the need to enhance investment capabilities." The push for CIOs follows the government's investment principles introduced in August 2023, which are aimed at improving risk management. With Japan's public and corporate pension funds holding ¥513tn in assets, the shift towards CIO-led management is seen as crucial for better performance in a competitive global market.
Qantas closes down Singapore-based budget carrier
Qantas Airways has announced the closure of its Singapore-based budget airline, Jetstar Asia, due to rising operational costs, increased airport fees, and intensified competition in the region, resulting in up to 500 job losses. The airline's fleet of 13 Airbus A320 planes will be redeployed to Australia and New Zealand, with Qantas expecting to incur a one-off financial hit of approximately A$175m from the shutdown.
Qantas closes down Singapore-based budget carrier
Qantas Airways has announced the closure of its Singapore-based budget airline, Jetstar Asia, due to rising operational costs, increased airport fees, and intensified competition in the region, resulting in up to 500 job losses. The airline's fleet of 13 Airbus A320 planes will be redeployed to Australia and New Zealand, with Qantas expecting to incur a one-off financial hit of approximately A$175m from the shutdown.
WORKFORCE
Chinese banks cut travel perks
Chinese banks are reducing travel perks, prohibiting staff from flying business class and booking expensive hotels as the economy slows. Banker Jason Zhang, for instance, has switched from the Westin to a more affordable domestic chain, Atour, which he says offers a satisfying experience despite the lower price. According to the report by China Trading Desk, spending on work-related travel in China reached a record US$372.5bn in 2024, but the growth is primarily benefiting mid-range local hotels rather than luxury brands. The consultancy predicts that local chains could increase their market share from 45% in 2023 to 75% by 2028. Atour Lifestyle Holdings reported revenue growth of 55.3% to 7.25bn yuan (US$1bn), highlighting the shift in traveller preferences.
TAX
Tax evasion concerns dog Japan's religious corporations
The Japan Times reports that cases of religious corporations being bought and sold are increasing across Japan amid an absence of successors. Such transactions have not been envisioned under existing laws, putting them in a legal grey area, and there is growing concern that buyers may exploit the tax privileges granted to religious corporations. Under current laws, religious corporations are not taxed on income earned from religious activities, and annual donations of ¥80m or less do not require financial statements.
INTERNATIONAL
Spain to spend €39m on workforce mental health
The Spanish government has announced new funding to address the country's escalating mental health crisis. Mental health leave among workers has increased by 175% since the pandemic, costing taxpayers €15bn annually. The cabinet has approved €39m to enhance mental healthcare in public hospitals and an additional €17.83m for suicide prevention measures, as part of Spain's Mental Health Action Plan 2025-2027. Currently, 34% of the Spanish population reportedly suffers from mental health issues, with anxiety being the most prevalent condition, affecting 6.7% of those with public health coverage. A report from the Bank of Spain indicates that 4.4% of workers are on sick leave, an increase from 2.7% in 2019.
US regulator drops weekly email requirement
The chairman of the US Securities and Exchange Commission (SEC), Paul Atkins, has said that agency staff are no longer required to send weekly emails detailing their work accomplishments. The decision follows the controversial initiative launched in February by the Office of Personnel Management (OPM) and Elon Musk, which mandated federal workers to submit five bullet points of their previous week's achievements. Concerns over confidentiality and employee backlash arose following the announcement of the requirement. On Thursday last week, SEC Chairman Paul Atkins told agency employees in an email they no longer need to send the missives, according to the sources who spoke on condition of anonymity.
French dock workers block shipment of military gear for Israel
French dock workers at a southern port are blocking the shipment of military material bound for Israel in protest at Israeli actions against Palestinians in Gaza, their union said. The stevedores at the port in Fos-sur-Mer outside Marseille have refused to load crates of links used to assist the rapid fire of bullets aboard the cargo vessel, according to the CGT trade union. We are very proud of this action led by our comrades and which is part of the CGT's long internationalist tradition for peace," CGT secretary general Sophie Binet told reporters. "It is unacceptable that CGT dockers should be the ones forced to uphold the fundamental principles of international law and French values. The government must immediately block all arms deliveries to the State of Israel," she added.
UK worker's revolt at 'American' corporate jargon
An executive at a telecommunications firm was sacked after complaining in robust terms to his bosses about the growing use of American management-speak including such terms as "growth mindset" and "personal development planning." An employment tribunal in south London heard that Darren Anthony sent a "threatening" email to complain about the way he had been treated in his first week at Talk 4 Business. He said that phrases imported from the US were rife. But his bosses deemed his message was "offensive and abusive." After his sacking, Anthony sued to claim that he had suffered age and disability discrimination, which the tribunal dismissed.
OTHER
Switch 2 overtakes predecessors to become Nintendo's fastest-selling console
Nintendo reports that the Switch 2 console has sold more than 3.5m units since launching four days ago, making it the Japanese firm's fastest-selling gaming device to date. In Japan, about 2.2m people signed up for a lottery to buy the console on the day of its release, Nintendo said. Winners got their hands on a Switch 2, leaving the rest to wait for the next lottery or to shop around at select retailers. Already, the device is being sold on resale sites in Japan, with a far higher price tag than the official ¥49,980 ($345).
 


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