Human Times

APAC Edition

28th August 2025

THE HOT STORY

Trump tariff 'risks mass unemployment in Indian export hubs'

With the Trump administration's 50% tariff on India now in effect, trade experts estimate that the value of India’s merchandise exports to the US could drop by as much as 40%-45% in 2025-26 from the year prior. The 50% tariff imposed on the majority of Indian goods exported to the US includes the 25% tariff rate announced by Trump in late July, and an additional 25% tariff announced early August as a “penalty” for New Delhi’s purchases of Russian oil. Electronics and pharmaceutical exports are exempt from the levies. “This is a strategic shock that threatens India’s long-standing foothold in US labour-intensive markets, risks mass unemployment in export hubs, and could weaken India’s participation in global value chains”, said Ajay Srivastava, founder of New Delhi-based think tank Global Trade Research Initiative.

ECONOMY

China's retirees drive silver economy growth

China's elderly population is becoming a significant economic force, with spending by those aged 60 and over projected to rise sharply. Wang Shuyun, a 78-year-old retiree, exemplifies this trend, investing in health and lifestyle products. The government is promoting a "silver economy" to cater to this demographic, anticipating that by 2040, seniors will account for 34% of total consumer expenditure. Economists note that China's past four decades of rapid growth have resulted in older people having a comfortable level of savings, allowing them to spend more freely than previous older generations who lived very frugally. Among Chinese companies setting their sights on older consumers is Lao Feng Xiang, a century-old jewellery firm that declared it had "crossed over into silver technology" when it debuted AI glasses in June, and Xiaomi, which has developed elderly-friendly functions on its phones and televisions, as well as remote assistance features enabling children to easily control their aged parents' living environments with smart lights and air conditioners.

Reuters

LEGAL

Employee shareholders achieve success in FNZ class action

Employee shareholders have achieved an initial victory in their US$$4.6bn class action against FNZ Group and 17 of its directors in the New Zealand High Court after Justice Isac dismissed FNZ's attempts to halt the proceedings. The shareholders allege that conflicted directors transferred wealth away from them to benefit institutional and private equity investors, raising concerns about directors' duties and oppressive conduct. A spokesperson for the shareholders expressed confidence in their case, saying: "We hope to get back to the merits under the New Zealand Companies Act 1993, which protects minority shareholders.”

Money Marketing

HIRING

AI interviews on the increase

Firms are increasingly using artificial intelligence to screen potential job candidates. Analysis shows that more than eight in 10 companies in the US use AI to review CVs, 40% employ chatbots to communicate with candidates, and around a quarter use the technology to conduct interviews. Jim Chaffee, an AI expert at the University of Iowa, says that while using AI to screen out candidates is a "useful and time-saving tool," chatbots are "not properly equipped to get more in-depth with a candidate."

Yahoo Finance

STRATEGY

South Korea firms to boost US investment

South Korean companies are set to invest approximately $150bn in the United States, according to a report by Yonhap news agency. Ryu Jin, chairman of the Federation of Korean Industries, announced the significant investment, highlighting the growing economic ties between the two nations.

Reuters

Grant Thornton cuts bulk of UK secretaries

Grant Thornton UK has outsourced nearly all of its secretarial roles to India amid cost-cutting measures following the decision to sell a majority stake to private equity group Cinven.

Financial Times

REMUNERATION

Hong Kong's deal-making boom fuels pay rise

Deal-making in Hong Kong is thriving, prompting pay increases for junior bankers. Citic Securities is raising salaries at its CLSA unit by 15%-30%, with monthly pay reaching HK$75,000-HK$80,000. This adjustment aims to retain talent amid heightened competition. China Merchants Bank's Hong Kong arm, CMB International, is also increasing junior salaries. Although pay has returned to 2022 levels, it remains below 2021 figures when deal activity peaked. One source observed: "The increases mark a stark turnaround after recent pay cuts."

South China Morning Post

SUSTAINABILITY

Japan's urban mining eases China critical minerals dependency

Japan is advancing its "urban mining" strategy to reduce reliance on critical minerals from China. The country has decreased its dependency from over 90% in 2010 to below 60% today, and is aiming for under 50% dependency. Urban mining is the process of recovering valuable materials from waste, particularly from urban areas, instead of extracting them from natural sources through traditional mining. According to the United Nations, 62m tonnes of electronic waste were generated in 2022, an 82% increase from 2010. E-waste is increasing by 2.6m tonnes each year, and is projected to rise another 32%, to 82m tonnes, in 2030. One study has given the industry a global potential of $53.6bn.

The Japan Times Online

INTERNATIONAL

Health workers want RFK Jr to ‘stop spreading inaccurate' information

Some 750 federal health employees have written to United States Health and Human Services (HHS) Secretary Robert F Kennedy Jr two weeks after a gunman, who had publicly expressed his distrust of COVID-19 vaccines, fired hundreds of bullets into the headquarters of the Centers for Disease Control and Prevention (CDC) in Atlanta. The employees are calling on Kennedy to “stop spreading inaccurate health information.” Signatories to the letter accuse him of “sowing public mistrust by questioning the integrity and morality of CDC's workforce” and claim his policies, including cuts to thousands of HHS employees, are creating “dangerous gaps in areas like infectious diseases detection, worker safety, and chronic disease prevention and response”.

AlJazeera

UK gender pay gap has been underestimated

Research published in the British Journal of Industrial Relations reveals that the UK's gender pay gap has been underestimated for over 20 years. The Office for National Statistics (ONS) failed to account for data from many small, newer, private-sector businesses when compiling the Annual Survey of Hours and Earnings, skewing results in favour of large businesses, where pay was higher and the difference in pay between men and women was generally smaller. This oversight led to a consistent underestimation of the gender pay gap by 1%, a rate the report describes as "small but noteworthy." Prof John Forth from Bayes Business School said: "It is crucial that the data is a true representation of wages and earnings in modern Britain."

Financial Times

The I

The Guardian

Stellantis extends furlough scheme at Italian plant

Stellantis and labour unions have agreed a scheme which allows the carmaker to place the more than 1,800 workers at its Termoli plant in southern Italy on reduced hours amid weakening demand. The plant's workers can now be placed on furlough for up to 80% of their total contractual hours in a period which will run for 12 months from September 1. The deal replaces a previous scheme, which expired this month but affected only around 900 workers.

Reuters

OTHER

Asian investors add crypto to portfolios

Wealthy families in Asia are increasingly investing in cryptocurrencies, with some family offices aiming for around 5% of their portfolios to be allocated to digital assets. This surge in interest is attributed to strong market performance, including Bitcoin reaching a new high of over $124,000, and supportive regulatory changes in regions like Hong Kong and the United States. Wealth managers report a shift in mindset among clients, who now view cryptocurrencies as essential components of diversified investment strategies rather than mere speculative assets.

Reuters

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