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18th June 2025
 
THE HOT STORY
AI will mean a smaller workforce, Amazon CEO says
Amazon chief executive Andy Jassy has told employees to embrace artificial intelligence (AI), saying that the technology is likely to deliver "efficiency gains" that will enable the tech giant to reduce its corporate workforce in the coming years. In a memo, Jassy encouraged staff to "be curious about AI" as Amazon integrates it into nearly all aspects of the business. "We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs," he wrote. "It's hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company." Jassy said he believes so-called "AI agents" will "change how we all work and live." While "many of these agents have yet to be built," he said, "they're coming, and fast."
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HIRING
OpenAI says Meta is trying to poach staff with $100m sign-on offers
OpenAI chief executive Sam Altman has accused Mark Zuckerberg’s Meta of trying to poach his developers with the promise of $100m sign-on bonuses and even higher compensation. Although Meta had sought to hire “a lot of people” from OpenAI, “so far none of our best people have decided to take them up on that,” Altman said, speaking on the “Uncapped” podcast, which is hosted by his brother. “I’ve heard that Meta thinks of us as their biggest competitor,” he said. “Their current AI efforts have not worked as well as they have hoped and I respect being aggressive and continuing to try new things.” Meta did not immediately respond to a request for comment.
ECONOMY
End of World Bank's ban on funding nuclear energy 'massive for Southeast Asia'
The World Bank is ending its long-standing ban on providing funding for nuclear energy projects and says it will be open to supporting efforts to extend the life of existing reactors and accelerate the potential of small modular reactors in developing countries. “We will support efforts to extend the life of existing reactors in countries that already have them, and help support grid upgrades and related infrastructure,” a memo said, adding: “We will also work to accelerate the potential of small modular reactors - so they can become a viable option for more countries over time.” The move could have profound implications for the ability of developing countries to industrialise without burning planet-warming fuels such as coal and oil, the New York Times reports. “If you care about getting the world off coal, then this is potentially massive, especially in Southeast Asia,” said Todd Moss, executive director of the Energy for Growth Hub.
Developing country FDI falls
Data from the World Bank shows that foreign direct investment (FDI) flows into developing economies dropped to $435bn in 2023, the lowest total since 2005. The analysis also showed that $336bn flowed into high-income economies, the lowest level since 1996. Ayhan Kose, the World Bank's deputy chief economist, said: "The sharp drop in FDI to developing economies should sound alarm bells," adding: "Reversing this slowdown is not just an economic imperative - it’s essential for job creation, sustained growth, and achieving broader development goals."
CORPORATE
TikTok launches operations in Japan
TikTok is set to launch its TikTok Shop in Japan, allowing users to purchase promoted products directly through the app. This expansion follows its success in other countries, including the US and the Philippines. The Japanese e-commerce market, currently dominated by Amazon Japan and Rakuten, will be closely watched as TikTok Shop begins operations. The app boasts over 33m monthly users in Japan, with an average screen time of 96 minutes daily. TikTok has already generated ¥237.5bn ($1.64bn) in estimated consumption, contributing ¥485.5bn to Japan's GDP in 2024. With a strong user base aged 18 to 34, TikTok Shop is expected to thrive, especially in sectors such as cosmetics and fashion. As the launch approaches, advertising firms are gearing up to assist businesses in leveraging the platform. In other TikTok news, US President Donald Trump is extending a June 19th deadline for ByteDance to divest the US assets of the short video app by 90 days.
REMOTE & HYBRID WORKING
HSBC considers ordering all staff back to office 3 days a week
HSBC is to consider ordering employees back to the office at least three days a week, as the bank seeks to impose a unified approach on a sprawling global workforce
WORKPLACE
Boost morale with gratitude practices
Practising gratitude can significantly enhance workplace morale, especially during challenging times marked by layoffs and economic uncertainty, according to U.S. News & World Report. Alison Jones, an organisational development consultant, emphasises that “when you practice gratitude, you train your brain to always look for the positive in anything.” Such a shift in mindset can lead to improved employee engagement and a willingness to support colleagues. Experts suggest starting small, such as expressing gratitude in team meetings or finding a “gratitude buddy” to share experiences with. However, it is crucial to remember that gratitude should not replace the need for fair working conditions, and Jones warns against confusing gratitude with passivity.
TAX
South Korea to overhaul tax scheme to boost dividends
South Korean President Lee Jae-myung has said the government is preparing to overhaul the country's tax system to boost dividend payouts. "If it does not greatly hurt public finances, it will be better to lower (taxes) for more dividend income," Lee said. The move is part of a broader push to make the domestic stock market more attractive. Lee said he also wishes to resolve the so-called "Korea Discount", a tendency whereby South Korean companies trade at a lower valuation than global peers due to low dividend payouts and opaque corporate governance, Reuters reports.
INTERNATIONAL
Disabled Amazon workers allege discrimination over return-to-office mandate
Amazon's strict return-to-office policy has led to backlash from disabled employees, who claim the company is violating the Americans with Disabilities Act and their collective bargaining rights. At least two employees have filed complaints with federal agencies, citing Amazon’s refusal to grant accommodations and alleged retaliation against those who advocate for disabled workers. Some employees are also concerned about Amazon’s use of artificial intelligence to handle accommodation requests, fearing it may lead to legal issues. Amazon maintains that its accommodation process is empathetic and compliant with the law, denying any discrimination or retaliation. Over 71% of disabled Amazon employees surveyed reported that the company denied or did not fulfill most of their accommodation requests, and half said they encountered "hostile" work environments after disclosing their disabilities and seeking accommodations.
Dutch thirty-somethings struggle to settle down
Data from Statistics Netherlands (CBS) and the Netherlands Interdisciplinary Demographic Institute (NIDI) reveals that thirty-year-olds in the Netherlands are increasingly less likely to be "settled" compared to a decade ago. Homeownership among this age group has plummeted from 62% in 2011 to just 51% in 2021, and the decline is particularly stark for those without stable employment, with homeownership among jobless thirty-year-olds dropping from 31% to 20%. CBS highlights that "the ability to live independently, start a family, and own property by age 30 is slipping further out of reach." The findings mark a sharp departure from the more settled lives many young adults led just ten years ago, NL Times notes.
OTHER
China's 618 festival breaks records
China's annual 618 shopping festival, running from May 13th to June 20th, has set a record as the longest in history. In Hangzhou, cross-border e-commerce platforms experienced a significant increase in orders, with 374 overseas brands doubling their transactions within the first hour. Notably, 109 international brands each exceeded 10m yuan ($1.4m) in sales during the initial phase. Chinese consumers showed a strong preference for electronics, premium cosmetics, and health products. Logistics director Chen Wenxin noted: "Our average monthly throughput is 2m–3m items, which doubles or triples during peak events like 618". Enhanced customs support has streamlined processes, allowing for rapid clearance and encouraging innovative business models. Since 2015, Hangzhou has evolved into a hub for cross-border e-commerce, now hosting 65,000 sellers.
 


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