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APAC Edition
13th June 2025
 
THE HOT STORY
Top banker tells Japan to keep diversity policies
South China Morning Post reports that Akihiko Ogino, president and chief executive of Daiwa Securities Group, made a notable statement at the recent Tokyo Pride parade, emphasising the importance of diversity initiatives despite the US's recent anti-diversity policies. He said: “Even if the US has adopted an anti-DEI policy, Japan should press ahead and make up for lost time rather than following suit.” His comments are significant as few Japanese corporate leaders have publicly addressed the rollback of diversity, equity, and inclusion policies. With Japan facing a declining population, many firms are recognising the need to be more inclusive of various gender and sexual minorities, as well as women, to enhance their workforce. Major financial institutions, including Nomura Holdings and Goldman Sachs, also supported the event, highlighting their collective commitment to diversity.
WORKFORCE
Young workers in Korea prioritise ethics over pay
According to a survey by JobKorea, 34.5% of young Korean workers in their 20s to 40s would avoid companies with unethical leadership, even if they offer high salaries. The survey highlights a significant trend among the MZ generation (millennials and Generation Z), who prioritise workplace ethics and culture over financial compensation. Notably, 36.4% of respondents in their 20s cited unethical leadership as a dealbreaker. Other reasons for avoiding high-paying jobs included mismatched values (33.9%) and unfair compensation systems (30.6%). Byun Ji-sung, head of content marketing at JobKorea, said: Today's workers don't just care about what work they do; they care who they work with, what kind of environment they're in and what values they share with the organisation.” The findings suggest a shift towards valuing work-life balance and personal growth over traditional metrics of success.
TECHNOLOGY
AI functions disabled during gaokao
In a bid to maintain fairness during the highly competitive gaokao exams, the annual national undergraduate admission exam in mainland China, major Chinese tech companies have disabled artificial intelligence (AI) functions. Over 13.3m students are currently taking these crucial exams, which determine university placements. Notably, Doubao, owned by ByteDance, informed users that "during the college entrance examination, according to relevant requirements, the question answering service will be suspended." Other AI tools, including DeepSeek and Yuanbao, have also restricted their services during exam hours. Additionally, AI monitoring tools are being employed to detect cheating behaviours, with strict consequences for any violations reported.
STRATEGY
Nike lays off more technology workers
Nike has initiated layoffs in its technology division, although the exact number of jobs affected remains unclear. An internal email instructed employees in North America and India to work from home while changes were announced, saying that “some roles will change, and others will be eliminated.” The move comes as chief executive Elliott Hill aims to reverse declining sales and refocus the company on sports. Last year, Nike laid off 740 workers in Oregon as part of a reorganisation. A company spokesperson confirmed the layoffs, emphasising a commitment to “investing in the areas that drive the most impact for Nike.” The technology division has faced significant challenges, including the recent resignation of top executive Ratnakar Lavu amid allegations of misconduct. Muge Erdirik Dogan has since been appointed as the new head of technology.
Qualcomm opens Vietnam AI research centre
Qualcomm has established an artificial intelligence (AI) research and development centre in Vietnam, focusing on generative and agentic AI solutions for various applications, including smartphones and automotive technology. The initiative aligns with Vietnam's goals for AI and digital transformation, as the company aims to enhance technology transfer and collaboration within the region.
TAX
China's overseas income tax global crackdown expands beyond ultra-rich
China is expanding its efforts to collect taxes on citizens’ overseas income as it begins to scrutinise less wealthy individuals after targeting the ultra-rich last year, sources say.  Tax authority officials are now said to be looking at a wide range of offshore income, including investment returns, dividends and employee stock options, said the sources, who added that Chinese residents with offshore investments, especially in US and Hong Kong stocks, are a key focus.
ECONOMY
Thai consumer confidence hits new low
Thai consumer confidence has declined for the fourth consecutive month, reaching its lowest point in 27 months, according to a survey by the University of the Thai Chamber of Commerce. The index fell to 54.2 in May from 55.4 in April, reflecting growing concerns over US tariffs and a sluggish economy. Thailand faces a potential 36% US tariff if negotiations are not successful before July 9th, with estimated economic damage from lost exports and tourism revenues estimated at 150bn baht-200bn baht. The National Economic and Social Development Council has also revised its growth forecast down to 1.3%-2.3% for the year, citing the long-term impact of the tariffs.
INTERNATIONAL
US companies delay sustainability and diversity impact reports
US companies including Nike, JPMorgan Chase, Constellation Brands and Akamai Technologies are either cancelling or delaying publication of their sustainability and diversity impact reports for shareholders after the election of U.S. President Donald Trump further empowered the anti-DEI movement. The companies aren’t legally obliged to disclose such information, although most S&P 500 members did so last year. “The consequences of reported information are much greater now than they were a decade ago,” said Martin Whittaker, chief executive of JUST Capital. He observes that both progressive and conservative activists are searching for evidence of corporate missteps, and estimates that about 25% of sustainability-related corporate reporting is behind schedule this year.
UK's Big Four urged to work with government on AI
David Lammy, the UK's Foreign Secretary, has stressed the need for collaboration between the Big Four audit firms and government as artificial intelligence gains prominence in business. During a meeting with top firms including PwC, KPMG, EY, and Deloitte, Lammy said: "Technology is the frontline of geopolitics. We are in a hyper-competitive race between nations – and companies – to reap the advantages of tools like AI." The Foreign Office's strategy aims to secure trade deals and enhance the UK's competitive edge in technology. With the International Monetary Fund estimating that AI could increase productivity by 1.5% annually, the potential economic benefit for the UK could reach £47bn each year over a decade. Lammy has prioritised establishing partnerships between businesses and the Foreign Office to leverage AI for diplomatic and economic growth.
Afghan female UN staff forced to work from home amid threats
Afghan women working for the United Nations in Kabul are facing threats from unidentified men due to their employment. The United Nations Assistance Mission in Afghanistan (UNAMA) confirmed that several female national staff members have been targeted, with one staffer, Huda, saying: “The messages keep coming and they are always harassing us . . . saying, ‘Don't let me see you again, or else'.” The UN has deemed the threats “extremely serious” and has implemented interim measures for staff safety, including an advisory to work from home until further notice. The Taliban government, which has been accused of enforcing gender apartheid, has denied involvement, with Interior Ministry spokesman Abdul Mateen Qani labelling the threats a “crime.” The situation for women in Afghanistan continues to deteriorate, with many struggling to work efficiently from home amid unreliable electricity and internet access.
Alcohol tests for Finnish workers spark backlash
A growing number of workers in Finland face repercussions due to alcohol testing during routine health checks. The PEth test, which detects alcohol consumption for up to four weeks, is being administered without clear legal backing or informed consent. Seppo Koskinen, professor emeritus of labour law, said: “Conducting such a test without consent constitutes a breach of privacy.” The Central Organisation of Finnish Trade Unions (SAK) has reported cases where employees were unaware of the tests until results were used against them, leading to pay suspensions and job losses. Critics argue that a lack of legal regulation leaves workers vulnerable, although industry representatives defend the tests as necessary for safety. The debate continues as calls for legislative action grow to clarify the use of such tests in the workplace.
OTHER
Starbucks to cut prices in China
Starbucks is lowering the prices of some of its iced drinks by an average of 5 yuan ($0.70) across China, amid consumer caution and rising competition. The new approach means some of Starbucks' drinks will be priced as low as 23 yuan, the post said. Domestic rivals such as Luckin Coffee and Cotti have priced their drinks as low as 9.9 or even 8.8 yuan.
 


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