THE HOT STORY

Taiwan's cyberhackers may not be sophisticated, but they are 'diligent'

Zhou Hongyi, the chairman of cybersecurity company Qihoo 360 and a member of the Chinese People's Political Consultative Conference, China's top political advisory body, has said that Taiwan-based hackers may not be sophisticated, but they are “diligent” when executing attacks on mainland Chinese targets. He said they operated at a “below global-average level,” adding: “They take advantage of the fact that many of our organisations neglect security and fail to apply patches, so even old vulnerabilities can still work for them . . . Their only real advantage is their diligence. They launch attacks on the mainland very frequently and target a wide range of organisations, which is why we've collected the most evidence against them.”

South China Morning Post

HIRING

Best Buy to boost India tech hub staff by over 40%

US electronics retailer Best Buy is to expand its tech centre in Bengaluru, India, by over 40% in the coming months, a move that will take its headcount there to 500-550. "We will be hiring across the functions . . . We will be doing a lot of digital and tech (hiring)," explained Nithya Subramanian, senior director data & AI COE. The company is currently looking for candidates for such roles as AI engineer, software engineer, and product manager.

Business Standard

WORKFORCE

Over half of Hong Kong residents plan to work past 65

More than half of Hong Kong residents plan to delay retirement beyond the typical age of 65, according to the T. Rowe Price Hong Kong Retirement Survey. The survey, which polled 600 residents over 30, revealed that 52% do not intend to retire at 65. Financial pressures in the high-cost city contribute to this trend, with 62% citing the need for income. The average retirement savings target is HK$5m, but one-third of respondents feel they cannot meet this goal. Shen Wenting, a portfolio manager at T. Rowe Price, noted: "Financial pressure is certainly one factor."

South China Morning Post

ECONOMY

India sees growing boycott calls

American brands from McDonald’s and Coca-Cola to Amazon and Apple face boycott calls in India after US President Donald Trump imposed a 50% tariff on Indian goods. Business leaders and supporters of Prime Minister Narendra Modi have urged consumers to “buy local” amid rallies promoting Indian alternatives. Modi called for greater self-reliance, while entrepreneurs like Manish Chowdhary urged making “Made in India” a global trend. Despite protests, companies like Tesla continue expanding in India.

Reuters

LEGAL

Former consultancy employee faces fraud charges

The Australian Taxation Office (ATO), with assistance of the Australian Federal Police (AFP), earlier this month executed a search warrant at the Sydney residence of a former employee of consultancy firm KPMG. The man, who is not a registered tax professional, is alleged to have orchestrated a large-scale tax fraud. This was done through lodging false tax returns for clients of the consulting firm and then redirecting the refunds into his personal bank account. The consulting firm terminated his employment once this behaviour was discovered.

West Australian

RISK

Tokyo Electron fires employee over leak

Tokyo Electron has terminated an employee at its Taiwan subsidiary due to their alleged involvement in a trade secret leak at TSMC. The Taiwanese authorities conducted a search at Tokyo Electron's Hsinchu office as part of the investigation. Six individuals were arrested, including a former employee of TSMC and two current staff members. The leaked information reportedly pertains to TSMC's advanced 2-nanometre chip technology. Tokyo Electron said: "The company has terminated their employment and is fully cooperating with the investigation." TSMC said it has also taken strict action against those involved.

Straits Times

HEALTH & WELLBEING

Heatwave hits Hong Kong's subdivided flats

Campaigners in Hong Kong are urging the government to provide electricity allowances for tenants in subdivided flats who are suffering from extreme heat. A study by CarbonCare InnoLab and the Kwai Chung Subdivided Units Kai Fong Association revealed that temperatures in these homes can reach nearly 40 degrees Celsius. Tat Tai from the association said: "Subdivided flats tenants are suffering from the extremely hot weather." The survey found that 90% of respondents felt the heat affected their mood, with many unable to afford air conditioning.

South China Morning Post

TAX

Sharif insists on tax reform timeline

Prime Minister Shehbaz Sharif has reaffirmed Pakistan's tax collection target of Rs14,131 bn ($49.46bn) for FY26, marking a 9% increase from the previous year. He ruled out any revisions to the reform timeline during a Federal Board of Revenue (FBR) meeting. Sharif stressed the need for a collaborative strategy between federal and provincial authorities to enhance the tax-to-GDP ratio. He also highlighted the introduction of online tax return forms in Urdu, aimed at benefiting 84% of filers. “No changes will be made to the approved timeline,” he said.

Arab News

INTERNATIONAL

Histadrut labour union won't join general strike

Israel's main labour union will not join a general strike called for Sunday to protest the government's approval of a plan for a military takeover of Gaza City. However, Histadrut said it would support workers who plan to take part that day. The decision followed a meeting between Histadrut chairman Arnon Bar-David, senior business sector figures, and representatives of the families of hostages who are leading the call for the strike. Bar-David said: “If I knew that a strike - not just for one day but longer - would end the matter, stop the war and bring back the hostages, I would go for it with full force . . . Unfortunately, and although my heart is bursting with anger, it has no practical outcome.”

The Times of Israel

National Weather Service to restore hundreds of jobs

The Trump administration plans to restore 450 positions at the National Weather Service (NWS) following job cuts by the Department of Government Efficiency. US Representatives Mike Flood and Eric Sorensen announced the hiring initiative, which is aimed at addressing staffing shortages that have impacted weather forecasting. "Hundreds of unfilled positions have caused NWS offices across the country to cancel weather balloon launches, forego overnight staffing and force remaining meteorologists to overwork themselves," Flood and Sorensen said.

U.S. News

Brazil's fishing sector faces tariff turmoil

Brazil's seafood industry is facing a critical situation due to the US imposing 50% tariffs on most Brazilian exports, which could jeopardise around 20,000 jobs. Arimar França Filho, head of a fishing union, said: "This situation renders our business unviable," as he underscored the industry's reliance on the US market for approximately $400m in annual exports. The sector is urgently seeking a 900m reais ($165m) emergency credit line to cope with the economic impact and is advocating for renewed negotiations to reopen the European market, which has been closed since 2017. Eduardo Lobo, president of sector lobby group Abipesca, emphasized the dire need for credit to maintain operations and jobs, while Attilio Sergio Leardini, founding partner at Leardini Pescados, one of Brazil's largest suppliers, warned of potential unemployment in the coming months. As prices are expected to drop, Brazilian consumers may benefit from cheaper fish in supermarkets soon.

US News and World Report

OTHER

Trump says Goldman Sachs CEO should stick to DJing

President Trump has told Goldman Sachs CEO David Solomon to “focus on being a DJ” after the Wall Street lender warned that American companies had so far shouldered the impact of tariffs but would eventually pass on cost increases to consumers. Solomon, who had previously moonlighted as a DJ under the moniker DJ D-Sol, gave up his hobby in 2023.

The Daily Telegraph

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