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APAC Edition
26th March 2024
 
THE HOT STORY
Japanese government warns companies about North Korean IT workers posing as Japanese nationals
The Japanese government has issued a warning to domestic companies about contracting North Korean IT workers who pose as Japanese nationals. The warning statement was jointly released by the National Police Agency, Foreign Ministry, Finance Ministry, and the Ministry of Economy, Trade and Industry. The government has stated that the threat of North Korean workers posing as Japanese nationals is increasing. These workers disguise their identities or use a relative already residing in Japan to register with websites that connect freelance IT workers with tech companies. They tend to carry out their tasks and earn wages while based in China or Russia. The government's warning follows similar guidance issued by the United States and South Korea. A U.N. expert panel report in March found that North Korean workers were using false identities to win contracts and generate revenue for the country's weapons development programs.
WORKFORCE
China's job ad sparks debate on 'middle-age unemployment'
A job advertisement in China seeking cashiers aged 18 to 30 has sparked a debate about the perils of so-called "middle-age unemployment," Reuters reports. With millions of college graduates set to join the workforce, China is facing the threat of high youth unemployment as well as pressure on people over 30 to find jobs. State media have reported that China plans to raise the retirement age, but no specific national strategies have been announced. Last year, state media criticized employers for discriminatory hiring practices, including seeking younger and cheaper workers. The job ad in question drew over 140 million views and prompted emotional discussions on social media. The debate has highlighted the challenges faced by both young and older job seekers in China's sluggish economy.
More retired government employees in Japan want to work beyond 65
In a survey of retired government employees in Japan, 83.3% of respondents expressed their desire to work after retirement, with the main reason being to maintain their standard of living. The Japanese government plans to gradually increase the retirement age for national public servants, starting in fiscal 2023, in order to utilise the knowledge and experience of senior citizens and address the labour shortage caused by an aging population.
HIRING
Hong Kong finance professionals struggle to find jobs amidst geopolitical tensions
The job market for finance professionals in Hong Kong is becoming increasingly challenging due to US-China geopolitical tensions and a decline in capital markets. The city's status as a financial hub has been undermined by stock price slumps and stricter regulations. The number of non-entry-level finance workers looking for jobs in Hong Kong is in the hundreds, and more layoffs are expected. The slowdown in financial services is likely to impact Hong Kong's economy, as the industry accounts for a significant portion of GDP and employment. IPO fundraising and listings have declined, and private equity and venture capital investors have been affected. The situation has prompted some bankers to consider lifestyle adjustments and re-evaluate their careers. However, some industry experts believe that Hong Kong will bounce back and continue to thrive.
LEGAL
Australia's government to support minimum wage increase in line with inflation
Australia's government is to support a minimum wage increase in line with inflation this year. Treasurer Jim Chalmers stated that the goal is to ensure that people on the lowest pay in the economy do not go backwards. Last July, the Fair Work Commission hiked the minimum wage by 5.75% due to surging costs of living. However, inflation has since slowed, and the Reserve Bank of Australia predicts further easing. The Labor government also plans to provide more costs of living relief in the upcoming budget, including tax cuts for every taxpayer. The government's recommendation for a minimum wage increase aims to address the disproportionate impact of cost-of-living pressures on low-paid workers.
REMUNERATION
Japan's Aeon to even out pay between part- and full-time workers
Japanese retailer Aeon will boost wages for part-time workers at 40 group companies in 2024, so that they are paid equally to full-time counterparts for doing the same work. Aeon employs around 400,000 part-timers. In order to secure and retain talent, it will consider expanding a compensation framework already in place at hypermarket unit Aeon Retail, which offers the same base pay and bonuses to full- and part-time employees.
DIVERSITY, EQUITY & INCLUSION
EY is focusing on neurodiverse talent
EY's global vice chair of DEI, Karyn Twaronite, talks to the BBC about the benefits of neurodiverse workers and how they can lift businesses. Twaronite highlights EY's commitment to diversity, equity, and inclusiveness, and the company's focus on incorporating programmes for neurodivergent workers. EY operates 23 Neurodiverse Centers of Excellence worldwide, providing support and tailored professional development for employees with autism, dyslexia, ADHD, and other cognitive differences. Twaronite emphasises the importance of innovation and the positive impact of diverse and inclusive teams on business results, and encourages other leaders to authentically commit to hiring diverse talent and adapt to neurodiversity becoming the norm in the workplace and consumer base.
STRATEGY
Legal & General halts China expansion plan
British insurer and asset manager Legal & General has abandoned its plan to obtain a business license in China and has significantly reduced its onshore headcount. The company, which has £1.2tn ($1.53tn) worth of assets under management globally, had planned to apply for a Qualified Domestic Limited Partner license that allows foreign firms to sell offshore products to Chinese investors. However, it has now shelved that plan and cut its local team size to just two people. Legal & General will now focus on managing Chinese institutional investors' offshore assets. The move by Legal & General is part of a trend of global financial firms scaling back their China business ambitions due to market uncertainties and geopolitical tensions. Legal & General stated that China remains an important market opportunity for asset management in the long term and that it will actively seek ways to grow its existing Chinese clients investing in international markets.
CORPORATE
Siam Piwat company plans Thailand's biggest IPO since 2022
Siam Piwat Company, the owner of a portfolio of high-end shopping centres in Thailand, is planning the country's biggest IPO since 2022. The company is seeking proposals from international banks for a potential first-time share sale, aiming to raise $500m-$750m. The decision to go public coincides with a rebound in tourism to Thailand, with over 8m overseas visitors this year. The company owns popular shopping centres such as Siam Paragon and Iconsiam in Bangkok.
TECHNOLOGY
AI tool helps Filipino journalist uncover wrongdoing in government audit reports
Jaemark Tordecilla, a Filipino journalist and Nieman Fellow at Harvard University, has developed an AI tool called COA Beat Assistant to help investigative reporters analyze government audit reports in the Philippines. The tool, built on OpenAI's ChatGPT, summarizes the dense and lengthy reports, saving journalists up to 80% of research time. Tordecilla believes that AI can revolutionize journalism by enhancing efficiency and enabling resource-intensive reporting. While concerns about AI-generated disinformation and job displacement persist, Tordecilla argues that AI should be embraced as an efficiency tool rather than a replacement for human journalists. He emphasizes the importance of well-researched reporting in countering fake AI content. AI tools like COA Beat Assistant have the potential to empower journalists in developing countries with limited resources, allowing them to produce impactful stories. Tordecilla envisions further improvements to the tool, enabling it to process larger volumes of documents and facilitate watchdog reporting.
REGULATION
KPMG China partners fined $150,000 for violating PCAOB standards
The PCAOB has fined three partners at KPMG's firm in mainland China a total of $150,000 for violating Public Company Accounting Oversight Board (PCAOB) standards. The partners were found to have violated the standards in connection with an audit of Tarena International Inc.'s 2017 financial statements. The PCAOB found that two partners failed to obtain sufficient audit evidence and didn't exercise due care and professional scepticism. The other partner failed to supervise IT professionals and identify deficiencies in the IT audit procedures. The partners consented to the PCAOB's order, which censured them, imposed penalties, and restricted their roles in registered public accounting firms. KPMG China and the partners' attorney have not yet commented on the matter.
INTERNATIONAL
Telecoms giant Bell lays off over 400 workers in 10-minute video call meetings
Canadian telecommunications giant Bell has laid off over 400 workers in virtual group meetings, according to Unifor, the union representing the employees. Unifor condemned the impersonal manner of the terminations, describing it as "beyond shameful." The fired workers, many with years of service, were informed they were being declared "surplus" in 10-minute video calls. Bell's communications director disputed some of Unifor's claims, stating that the company has been transparent with union leadership and met its obligations under collective bargaining agreements. The layoffs came after Bell announced plans to eliminate 4,800 positions, or about 9% of its workforce. Bell maintains that the layoffs are part of a necessary restructuring. Unifor vows to continue its campaign against the company's handling of the layoffs. "Our dedicated, loyal workers, who are predominately women, will have to explain to their families tonight that they are being let go from Bell for no good reason other than making sure that their shareholders and Board of Directors come first when getting paid. It's absolutely disgusting," said Len Poirier, Unifor National Secretary-Treasurer.
Anti-discrimination groups urge equality policies in EU elections
Anti-discrimination organisations are calling on the European Union to prioritise equality policies in the upcoming EU elections. The organisations, including the European Disability Forum and ILGA-Europe, highlight the need for urgent attention to combat racial injustice, inequality, and discrimination. While they say progress has been made, such as the appointment of an Equality Commissioner and directives against violence and racism, more work is needed to ensure equal treatment for all EU citizens. The elections are expected to see a surge in populist and right-wing parties, potentially impacting policy decisions. The groups emphasize the importance of strengthening the European Commission's services on equality and anti-racism, as well as proper funding for civil society organisations. They also call for diversity in EU institutions and consultation with rights associations during decision-making processes. The upcoming EU elections will take place on June 6-9.
 


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