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APAC Edition
19th March 2024
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THE HOT STORY
Japanese bank offers e-learning to prepare staff for positive interest rates
As Japan prepares for the end of eight years of negative interest rates, Bank of Kyoto is offering e-learning sessions to train staff on lending and collecting deposits in a positive interest rate environment. The sessions cover the importance of interest rates, how lending rates are set, and the impact of rising interest rates on the bank's business and clients. The e-training also aims to prepare staff for intensifying competition to attract deposits. Bank of Kyoto began preparing the e-learning sessions when the Bank of Japan hinted at a near-term end to negative interest rates. "It's pretty basic because we want younger staff, in particular, to understand what it's like in a world where interest rates are positive," Tadashi Shimamoto, deputy general manager at Bank of Kyoto's human resources and general affairs division, said, adding "It's crucial to have our staff understand that things are quite different when interest rates rise, and to change their mindset so we're ready when the moment comes."
BACKGROUND SCREENING
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LEGAL
South Korean authorities suspend licences of two senior doctors for inciting walkouts
South Korean authorities have suspended the licences of two senior doctors for allegedly inciting the weekslong walkouts by medical interns and residents that have disrupted hospital operations. The suspensions are the government's first punitive steps against physicians after doctors-in-training walked off the job last month to protest the government's plan to sharply increase medical school admissions. Officials say the recruitment plan is aimed at adding more doctors to prepare for South Korea's rapidly aging population in a country whose doctor-to-population ratio is one of the lowest in the developed world. But doctors say that schools can't handle an abrupt, steep increase in students, and that it would ultimately undermine the country's medical services.
STRATEGY
Taiwan firms weigh cuts to mainland China operations amid rising geopolitical tensions
Taiwanese firms are considering cuts to their mainland China operations as geopolitical tensions and a weakened business environment continue to impact investor confidence. Higher U.S. tariffs on Chinese exports have also led manufacturers to explore other Asian manufacturing hubs, such as Vietnam. While two-thirds of Taiwanese firms in mainland China plan to sustain their current investment levels, a recent survey shows that the number of firms planning cuts is twice that of those planning increases. Taiwanese firms have also redirected business towards the West due to supply chain decoupling resulting from a U.S.-China trade war. However, most firms still see mainland China as an important trade partner. The survey also highlights issues faced by Taiwan, such as a severe labour shortage and talent shortages in the technology sector.
Deloitte launches biggest reorganisation in a decade to cut costs
Deloitte is to undergo its biggest overhaul in a decade as the firm seeks to reduce costs, with global chief executive Joe Ucuzoglu spearheading the shake-up. Under the plan, Deloitte’s main business units will be cut to four - audit and assurance; strategy, risk and transactions; technology and transformation; and tax and legal - from the five the firm has had since 2014. Mr Ucuzoglu said in an email to staff on Monday that the plan would reduce the firm’s “complexity” and “free up” more partners to work with clients rather than manage staff internally.
Fidelity International to lay off 20 staff in China
Fund manager Fidelity International is planning to lay off 20 people at its main China unit, which currently employs 120 staff. The reduction comes as China's markets experience a downturn and as the firm implements staff cuts globally. The downsizing in China highlights the challenges faced by global asset managers in navigating uncertainties in the country's economy. Fidelity International's cost reduction program is expected to save around $125m in 2024 and make 9% of its workforce redundant. The firm has not made any decisions regarding its China business. Fidelity International manages $776bn of client assets and secured regulatory approval to conduct business in China's mutual fund industry. Foreign financial companies were permitted to run their local businesses in China in 2019.
China's Longi to lay off 5% of employees
China's Longi Green Technology Energy, the world's largest solar manufacturer, has announced that it will lay off about 5% of its employees. The company denies a media report claiming that it plans to lay off 30% of its workforce. "The company had plans to lay off 30% of its employees is false," said Longi Green Technology Energy. The layoffs are part of the company's efforts to streamline operations and remain competitive in the market.
CYBERSECURITY
TikTok researcher was wrongly added to U.S. safety experts' groupchat
A researcher from TikTok's Chinese owner ByteDance was mistakenly added to a groupchat for American artificial intelligence safety experts. The researcher, who was added to a Slack instance for discussions between members of the National Institute of Standards and Technology's (NIST's) U.S. Artificial Intelligence Safety Institute, was swiftly removed upon discovery of her employment with ByteDance. The incident raised concerns within the consortium due to TikTok's involvement in a national debate over potential Chinese government surveillance. The AI Safety Institute, established under NIST, aims to assess the risks of advanced AI programs and develop guidelines for their safe deployment. The consortium includes major tech companies, universities, and AI startups. The researcher's LinkedIn profile indicates she is based in California. The incident comes as the U.S. House of Representatives passed a bill requiring ByteDance to divest TikTok or face a nationwide ban. The bill's fate in the Senate remains uncertain.
Fujitsu says it was hacked, warns of data breach
Fujitsu, the multinational technology giant, has confirmed a cyberattack and potential data breach. The company discovered malware on multiple work computers, leading to the possibility of personal and customer information being illegally taken. Fujitsu has disconnected the affected systems and is investigating the extent of the breach. The company has not disclosed the type of malware used or the specific personal information that may have been stolen. Fujitsu, headquartered in Japan, serves government and private sector customers globally.
CORPORATE
Nippon Steel to move US headquarters to Pittsburgh amid acquisition talks
Nippon Steel plans to move its US headquarters from Houston to Pittsburgh as part of its proposed $15bn takeover of US Steel. The relocation is seen as a move to secure the transaction and address criticism from US President Joe Biden and also Donald Trump, who have both expressed concerns about the deal. Meanwhile, Nippon Steel has been in talks with the United Steelworkers (USW), a labour union that is key for both men in the upcoming November elections. The company has offered commitments on job security and investments to address the union's concerns. Nippon Steel says it intends to honour all agreements currently in place and will not cut jobs, close facilities, or move production overseas.
RISK
Three China partners exit UK-based consulting firm Control Risks
Control Risks, a UK-based advisory firm, has seen all three of its partners in mainland China depart or plan their exits over the past year. The departures reflect the increasingly complicated environment facing advisory firms in China, Bloomberg reports. Control Risks has not added additional partners in mainland China, although it does have four partner-level officials in Hong Kong. The departures come as the firm looks to boost local leadership on the mainland and expand into other markets in Asia. China has been a critical market for Control Risks, accounting for about 50% of its total business in the Asia-Pacific region. However, the firm has lost 40% of its revenue in China in recent years. The pullback in China by multinational corporations has affected Control Risks and other firms in the industry. Due to heightened scrutiny and national security concerns, foreign companies are finding it increasingly difficult to carry out due diligence in China. Control Risks has had to exercise caution and turn down projects to avoid offending Chinese authorities.
MANAGEMENT
P&G India names Kumar Venkatasubramanian as CEO
Procter & Gamble (P&G) India has appointed Kumar Venkatasubramanian as its chief executive, effective May 1st, succeeding LV Vaidyanathan, who will leave the company to pursue other personal interests after 28 years of service. 
INTERNATIONAL
UK regulator’s chief internal auditor 'does not have audit qualifications'
The UK's Financial Conduct Authority (FCA) is under scrutiny after it hired a chief internal auditor who does not have audit qualifications. MPs were asked by a former FCA worker to question the regulator over the appointment. In a letter to the Treasury committee, the former staffer said: “The chief internal auditor should be a qualified and highly experienced internal auditor who has held senior internal audit positions at other organisations.” Robin Jones was promoted to the role in December having already held 15 roles at the organisation, raising questions about his impartiality – which, along with a professional qualification, is also a requirement for appointments to central government departments, agencies and executive non-departmental public bodies. Mark Bishop, of Transparency Task Force, said: “I would be amazed if you can find a single chief internal auditor of a comparative organisation, public or private sector, who has no internal audit experience and is not a qualified internal auditor. It’s almost as if the intention is to appoint someone who won’t find any inconvenient problems.”
Divorced parents in France in four-day week pilot to care for children
Divorced parents in France who share custody will participate in a trial scheme allowing them to work a four-day week when their children are staying with them. It is as yet undecided whether total working hours will be reduced or if staff will compensate in non-custody weeks to maintain the same monthly average based on the standard French 35-hour week. The plan, introduced by Gabriel Attal, the prime minister, has been generally welcomed but has raised some questions. Églantine Tancray, head of Taylor River, a Paris recruitment firm, told the news channel BFMTV: "If you create a difference between employees over whether they are parents or not, you create the possibility of discrimination."
WhatsApp group saves trafficked Malawian women in Oman
BBC Africa Eye investigates how a WhatsApp group helped save more than 50 Malawian women trafficked to Oman to work in slave-like conditions. The women were deceived and trapped by families who made them work grueling hours, subjected them to abuse, and prevented them from leaving. A social media activist in the US, Pililani Mombe Nyoni, formed a WhatsApp group to address the issue of human trafficking. The group grew to include over 50 Malawian women in Oman, who shared their harrowing experiences. The activist collaborated with human trafficking charities and negotiated with employers for the release of the women. The rescue campaign gained momentum, and the Malawian government spent over $160,000 to bring 54 women back from Oman. However, one woman died under suspicious circumstances, highlighting the challenges faced by trafficked domestic workers.
OTHER
New trend sees growing numbers of young people in China meet up with strangers for activities
A new trend called "black box socials" is gaining popularity in China, whereby young people engage in activities with strangers outside their usual social circles. The trend involves meet-ups for meals or activities with unknown individuals, sharing expenses equally. While some see the trend as a positive development that broadens individuals' horizons, others fear it could erode China's traditional societal fabric and pose safety risks. But despite mixed reactions on social media, supporters argue that it reduces social pressures and allows participants to be themselves. One devotee said:  “Because everybody involved is a stranger, I don't have to worry about getting along poorly. If I were interacting with people I know, I would have to consider their feelings, but with strangers, I don't need to worry so much. We can gather if we want and leave just as freely.”
 


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