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21st March 2024
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THE HOT STORY
Australia to enforce tougher visa rules for foreign students
Australia will begin enforcing tougher visa rules for foreign students this week as migration hits another record high, exacerbating the tight rental market. English language requirements for student and graduate visas will be increased, and education providers can be suspended from recruiting international students for repeated rule-breaking. The government will introduce a "genuine student test" to crack down on students primarily coming to Australia to work. Last year, COVID-era concessions for international students were closed off, and rules were tightened to reduce the migrant intake. The sudden influx of foreign workers and students has intensified pressure on the rental market. Net immigration rose 60% to a record 548,800 in the year to September 30, 2023, driving Australia's population to 26.8 million people. The record migration, driven by students from India, China, and the Philippines, has expanded labour supply and restrained wage pressures but worsened the tight housing market. Recent international student visa grants have declined by 35%.
BACKGROUND SCREENING
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WORKFORCE
Killing of teen in China puts 'left behind' children of migrant workers in spotlight
The killing of a 13-year old boy in northern China has sparked a national debate on juvenile crime and the challenges faced by children left behind by migrant workers. Three boys have been arrested for allegedly bullying and killing the junior high school student. The victim and the perpetrators are children of rural migrant workers who leave their children in the care of grandparents and relatives while they work in cities. China has nearly 67 million "left behind" children, who are said to be at a higher risk of mental health issues, bullying, and criminal behaviour. The case could be the first to go to court under China's lowered age of criminal responsibility.
Zomato rolls back green uniform for pure-veg fleet
Zomato chief executive Deepinder Goyal says the company has decided to drop the different-coloured uniforms worn by its delivery riders, which included green tabards for vegetarian orders, following criticism from customers. “All our riders — both our regular fleet, and our fleet for vegetarians, will wear the colour red," he said, adding that “the fleet meant for vegetarian orders will not be identifiable on the ground, but will show on the app that your veg orders will be served by the veg only fleet.” Zomato had on Tuesday announced the launch of a Pure Veg Mode service to cater specifically to customers who have a pure vegetarian dietary preference. The decision, however, did not sit well with many, who said it would further “strengthen caste segregation.” People also raised concerns that Zomato’s regular fleet may be barred by some societies and resident welfare associations.
China's growing market for elderly recreational classes
China's rapidly aging population is driving the growth of the recreational classes and activities market for the elderly middle class. The industry is expected to grow at a compound annual growth rate of 34% by 2027, reaching 120.9 billion yuan. Mama Sunset, an elderly learning business, plans to expand to 200 franchised centres across China, and Quantasing, the largest online elderly learning provider, also aims to hire more tutors and leverage its customer base to sell products. However, analysts warn that low retirement incomes and basic needs insecurities may limit the industry's potential. Despite this, China's government is supporting the development of the "silver economy." Approximately 300 million Chinese are set to enter retirement in the next decade.
HIRING
Employers in India are willing to pay 54% more for AI skills, report says
Employers in India are willing to pay at least 54% more to hire employees with AI skills, according to a report by AWS-Access Partnership. The report also revealed that IT employees and those in working R&D are expected to receive the highest pay increases. The survey, which covered 1,600 workers and 500 organisations in India, found that 95% of employees are interested in developing AI skills to advance their careers. The motivations for acquiring AI skills include higher salaries, increased job efficiency, and career advancement. The research also highlighted that the productivity payoff from an AI-skilled workforce could be immense for India, with employers expecting their organisation's productivity to increase by 68%. Employers believe AI could raise their efficiency by as much as 66%.
CORPORATE
Godfreys to close for good after administrators fail to find a buyer
Iconic Australian vacuum company Godfreys will be closed for good, after no viable offers to buy the struggling business were made. The retailer, established in 1931 in Australia, appointed PwC as voluntary administrators earlier this year citing cost of living pressures and inflation. On Wednesday, the administrators announced no viable offers had been submitted to take the business forward after they conducted a “comprehensive” process to identify a purchaser. “With interested parties withdrawing and no satisfactory bids to acquire Godfreys store network yet received, the administrators have no other option but to commence a progressive wind-down of Godfreys' operations in Australia and New Zealand", they said in a statement. A phased closure of stores will take place between now and the end of May.
Ant Group appoints Han Xinyi as president
Ant Group is undergoing a major shake-up as Han Xinyi is appointed as the new president. The financial technology company will also establish independent boards of directors for some of its units to operate more independently. This move comes after Ant Group was fined $984m by Chinese authorities last year. Han will be responsible for Ant's digital payments, digital connectivity, and digital finance businesses. Meanwhile, three divisions of Ant Group will set up their own boards of directors to become independently operated business units. Ant Group, known for its mobile payment app Alipay, was valued at over $300bn before its IPO was pulled.
TECHNOLOGY
UK initiative to combat AI's threat to democracy
The UK is developing a tool to combat the deceptive use of artificial intelligence by foreign states in elections. Oliver Dowden, the UK deputy prime minister, announced the plan during a summit of global democracies in South Korea on Monday. In 2024, about 4 billion people in 76 nations will face elections, making it the most significant election year on record. The British initiative is designed to be "actor agnostic" and not state-specific. The UK wants to extend cooperation between governments to counter harmful AI-generated content and hold states accountable for using AI to interfere in elections. The goal is to improve public awareness of the risks of deepfakes and encourage people to question the validity of images.
STRATEGY
Barclays to cut hundreds of jobs in investment bank
Barclays is preparing to axe hundreds of jobs across its investment bank as part of its annual review process. The cuts come as the banking industry faces a challenging year for dealmaking and Barclays pursues a strategy focused on expanding its consumer bank. The job cuts are expected to take place in the coming months. Barclays has previously slashed its workforce by around 5,000 jobs as part of a cost-cutting drive. "We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients," said Barclays in a statement.
ECONOMY
China's micro-sized retailers turn to online outlets to grow businesses
Micro-sized retailers in China's smaller cities are increasingly opening online outlets to grow their businesses, with a greater number of women entrepreneurs operating such stores, according to Taobao. The number of retailers who opened online stores on the Alibaba-owned e-commerce platform exceeded 5.12m in 2023, a new high, with some 1.3m who registered online stores born after the year 2000. Young women born after the year 2000 now account for more than 30% of the total female online retailers. "The latest consumption trends of young people have indicated some new features and new preferences. Such a diversified demand will provide more business growth potential for the supply side", said Xu Fei, director of the research centre at Taobao and Tmall Group.
INTERNATIONAL
Republican attorneys general push back against proposed rule on diversity in apprenticeship programs
Republican attorneys general in two dozen states are opposing a proposed Biden administration rule that aims to expand diversity in apprenticeship programs. The rule change, which seeks to modernize and diversify on-the-job training programs, is facing pushback from Republican officials who argue that it amounts to race-based discrimination. The proposed rule would require apprenticeship program sponsors to have strategies for the recruitment, hiring, and retention of people from underserved communities, including women, people of color, and those with disabilities. Republican attorneys general argue that this could violate a Supreme Court ruling that prohibited race as a decision factor in college admissions. They also claim that the new oversight and data-collection requirements exceed the federal agency's authority. The opposition to the rule reflects the ongoing political divisions over diversity and equity initiatives in educational institutions and workplaces.
Unhappy younger people pull US and western Europe down global happiness ranking
Rising unhappiness among younger people has caused the United States and some large western European countries to fall down a global wellbeing index, while Nordic nations retain their grip on the top spots. The annual World Happiness Report, launched in 2012 to support the United Nations' sustainable development goals, reveals that the United States dropped out of the top 20 for the first time, falling to 23rd place from 15th last year, due to a big drop in the sense of wellbeing of Americans aged under 30. The report suggests that factors such as increased polarisation over social issues, negative aspects of social media, and economic inequality are likely to be lowering young people's happiness. The findings also show that many former communist countries in central and eastern Europe have seen significant improvements in wellbeing, particularly among young people. "Slovenia, Czechia and Lithuania are moving into the top 20 and that's wholly driven by their youth," observes Jan-Emmanuel De Neve, a University of Oxford economics professor and one of the report's editors.
OTHER
Cambodian Prime Minister bans musical horns after videos of dancing on roads
Cambodian Prime Minister Samdech Hun Manet has ordered a ban on musical horns after videos of people dancing on roads and roadsides to the rhythmic tunes played by passing trucks went viral on social media. He called on the Ministry of Public Works and Transportation and police to take immediate action against vehicles with tune-playing horns, and replace them with standard honking types. The ban aims to maintain public order and prevent traffic hazards. The Prime Minister stated that the measure has already been implemented by provincial authorities and will now be enforced nationwide.
 


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