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APAC Edition
11th August 2025
 
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THE HOT STORY

More firms are merging HR and IT departments

Nearly two-thirds (64%) of senior IT decision makers at large companies expect their HR and IT functions to merge within five years, according to a survey by Nexthink, a firm that makes workplace software. Tracey Franklin, the chief people and digital technology officer at biotechnology company Moderna, says her role is being an architect of how work is done. She explains: "I am responsible for the entire HR function and the entire IT function . . . It's [about] how work flows through the organisation, and what should be done with technology – whether that's hardware or software or AI – and where you complement human skills around that." Meanwhile, software company Covisian merged its IT and HR teams in 2023 under the leadership of Fabio Sattolo, chief people and technology officer. He was previously CTO. "If we bring [IT and people] together, we can have a common vision for how technology can have an impact on people and how people can adapt and evolve to leverage the new technology," Sattolo says.
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HIRING

Mounting battle for private equity talent in Asia

A recent dispute between US lenders and private equity firms over the poaching of junior analysts from banks has brought renewed focus to an ongoing practice, Business Times reports. Citigroup, JPMorgan Chase and Goldman Sachs recently told their newly hired investment banking analysts to disclose if they had already accepted job offers from elsewhere. Investment banks could provide a good place for PE firms to hire because “The bigger [PE firms] don't have the time to train people,” said an executive from one big US-listed firm.
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TECHNOLOGY

Australia's Productivity Commission warns against AI laws

Australia's Productivity Commission has advised against implementing strict AI regulations proposed by the government. It suggests that the plan for "mandatory guardrails" should be paused until existing legal gaps are identified. The commission estimates AI could contribute over A$116bn to Australia's economy in the next decade, enhancing productivity significantly. However, it warns that heavy regulations could hinder this growth. Commissioner Stephen King said: "Adding economy-wide regulations that specifically target AI could see Australia fall behind the curve."
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WORKFORCE

Tech layoffs hit China's mid-career professionals hard

China's tech industry is undergoing significant layoffs, particularly affecting mid-career professionals over 35. Major companies like Alibaba and Baidu have seen employee numbers drop sharply, with Alibaba's workforce halving since March 2022. Liu Ming, a laid-off worker, described the job market as unstable, with offers frequently rescinded. Yang Yu, another affected employee, noted a trend towards hiring younger staff. A 2024 report by Zhaopin revealed that 73.1% of graduates now prefer government jobs over private sector roles, reflecting a shift in career aspirations amid ongoing industry turmoil.
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STRATEGY

Vietnam carmaker announces plans for Indian EV factory

Vietnam's VinFast is set to commence construction on a £500m electric vehicle factory in Tamil Nadu, India, as part of a broader £2bn investment aimed at expanding its presence in Asian markets. The facility is expected to produce 50,000 vehicles annually, with potential to increase output to 150,000, and will create over 3,000 jobs locally, reflecting VinFast's strategic shift towards the rapidly growing Indian EV market.

Bayer restructuring cuts thousands of jobs

Bayer has announced the elimination of approximately 12,000 full-time positions as part of a restructuring initiative aimed at streamlining decision-making and reducing management levels. The move comes amid ongoing legal challenges related to its Roundup weedkiller, with the company currently facing $7.4bn in financial provisions for litigation.
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ECONOMY

India fights back against US tariffs

India has condemned the US's new 25% tariff on its goods, calling it "unfair, unjustified and unreasonable." Prime Minister Narendra Modi said that India will protect its farmers and fishermen. The total tariff now stands at 50%, one of the highest globally. Indian lawmakers, including Rahul Gandhi, labelled the tariffs as "economic blackmail." Economists suggest India should diversify its trade partners, with a focus on the UK and EU. The Confederation of Indian Textile Industry expressed concern over the tariffs' impact, urging government intervention to support exporters facing significant challenges.

Australia's household spending inched up 0.5% in June

The Australian Bureau of Statistics has reported a 0.5% rise in its monthly household spending indicator for June from May, missing the 0.8% expected among economists. On an annual basis, it was up 4.8%. Six of the nine spending categories rose in June, led by furnishings and household equipment, while Western Australia was the only jurisdiction where spending fell. In volume terms, spending rose 0.7% for the entire June quarter to A$217.8bn ($140.89bn), implying a slim 0.2 percentage point contribution to gross domestic product.
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TAX

Korea proposes sweeping corporate tax increase

Korea's government has announced sweeping tax reforms, reversing corporate tax cuts from 2022. The move aims to address a revenue shortfall and strengthen the tax base. The new tax code raises corporate income tax rates by one percentage point across all brackets. Companies earning up to 200m won ($143,700) will see their rate rise from 9% to 10%. Park Geum-cheol, director of the Tax and Customs Office, acknowledged the impact on SMEs but noted offsetting measures. The reforms are expected to generate an additional 35.6tn won by 2030, and will fund strategic technologies including AI.
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INTERNATIONAL

Black women unemployment rate in US rises to 6.3%

The US economy is holding steady, yet Black women are experiencing a troubling rise in unemployment, with a rate of 6.3% reported in July, up from 5.8% the previous month. The increase is part of a broader trend: Black women lost approximately 304,000 jobs between February and April 2025, while the overall workforce added 175,000 jobs. Jessica Fulton, a senior fellow at the Joint Center for Political and Economic Studies, a think tank with a focus on Black Americans, observes that any cracks within the overall U.S. economy always show up for Black workers first. “Black workers, and particularly Black women, show up as a canary in the coal mine, giving a picture of what may happen to everyone else later,” Fulton said.

Germans fear kebab price hikes

Germans are concerned over potential price increases and a possible shortage of their beloved kebab in a pita. Workers at Birtat Meat World, a major kebab factory, are engaged in ongoing strikes, demanding wage increases of €375 ($434) per month. The Food, Beverages and Catering Union has previously highlighted issues of nontransparent pay among workers, many of whom are immigrants from Turkey, Romania, and Bulgaria. Halil Duman, a kebab vendor in Berlin, observed: “It’s all getting more and more difficult. The produce is becoming more expensive and we barely make profit anymore.” With rising costs, the classic döner kebab, once a cheap staple, is now priced at around €7 ($8). The kebab, which was introduced to Germany by Turkish immigrants in the 1970s, has become a national favorite, with over 13m consumers each month relying on Birtat's production.
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OTHER

India dismisses call to change ‘GAY’ airport code

India’s civil aviation ministry has dismissed calls to change the “GAY” code for Gaya International Airport after Bhim Singh, a member of the ruling Bharatiya Janata Party, deemed it “offensive.” The ministry said such International Air Transport Association (IATA) codes are permanent and can only be altered for aviation safety reasons. Singh had told the upper house of India’s parliament that the word “gay” was “socially and culturally offensive and uncomfortable,” particularly for a religious destination such as the city of Gaya.
 
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