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APAC Edition
28th March 2024
 
THE HOT STORY
Organised crime rings expand globally, making up to $3 trillion a year, says Interpol chief
Organised crime rings have expanded from Southeast Asia to form a global network, making up to $3 trillion a year, according to the head of Interpol. The pandemic has fuelled an "explosion" of human trafficking and cyber scam centres, and these crime groups are now operating at an unprecedented scale, Interpol secretary-general Jurgen Stock told a briefing at the global police coordination agency's Singapore office. The cyber-scam centres, often staffed by trafficked individuals, have helped criminal groups diversify their revenue from drug trafficking. Drug trafficking still contributes a significant portion of their income, but they are also involved in trafficking of human beings, arms, intellectual property, and stolen products. Interpol estimates that $2 trillion to $3 trillion in illicit proceeds flow through the global financial system annually. Last year, over 100,000 people were trafficked into online scam centres in Cambodia, and Myanmar handed over thousands of fugitive Chinese telecom fraud suspects to China. Singapore was praised for uncovering a money laundering case involving over S$3bn in seized assets.
WORKFORCE
Hong Kong retirees flock to mainland China for better homes and care
Policy changes in Hong Kong are making it easier for retirees to move to nearby Guangdong province in mainland China. The move is driven by factors such as improved transport networks, cheaper and better homes, and changing government policies. Hong Kong faces a shortage of accommodation for elderly people, with thousands on waiting lists for residential care services. The Hong Kong government plans to allow seniors to use medical expense vouchers at health-care facilities in the Greater Bay Area, which includes nine cities in Guangdong. This policy shift aims to address the challenges posed by Hong Kong's rapidly aging population. Retirees are attracted to mainland China due to the lower cost of living and better facilities available. The lack of land specifically designated for senior housing in Hong Kong is a concern, as retirement homes must be built in locations that can be used for any purpose.
Sri Lanka approves 40% increase in minimum wage to support workers
Sri Lanka's cabinet has approved a 40% increase in the minimum wage to support workers struggling with living costs. The economy, which experienced a severe financial crisis, is slowly recovering with the help of an IMF bailout. The minimum wage will be raised from 12,500 rupees to 17,500 rupees, and the national daily wage will also increase by 200 rupees. The decision aims to assist people living in poverty, as the average monthly household income of the poorest 20% of the population is 17,572 rupees. The country's economy has stabilised with inflation reducing to 5.9% in February, but energy price increases and a sales tax hike have impacted the cost of living, particularly for the poor.
Most Japanese workers are reluctant to attend company hanami parties
With the cherry trees about to flower in Japan, a new report reveals that 60% of Japanese workers are reluctant to attend their company's 'hanami' cherry-blossom viewing parties, regarding them as an extension of work. Many employees prioritise their private life over work matters and say they do not want to use their limited vacation days for a work-related event. The study also shows that support for company hanami is highest among employees in their 20s, while those in their 40s are the least enthusiastic. Traditional gender roles and expectations surrounding the preparation of food and securing a spot at the park have also contributed to the declining popularity of these parties. Additionally, fewer companies are planning company-wide hanami events compared to pre-pandemic times.
WORKPLACE
Younger workforce in China challenges office attire norms with pyjamas
Gen Zers in China are challenging traditional office attire norms by opting for pyjamas as their daily uniform. This fashion rebellion, showcased on Xiaohongshu, China's version of Instagram, has gained popularity with professionals proudly sharing photos of themselves dressed in sleepwear. The movement reflects a broader societal trend called the "lying flat" movement, whereby younger professionals reject an intense work culture in favour of a more relaxed lifestyle. The countercultural shift aims to challenge stereotypes about productivity and appearance in the workplace, and the embrace of pyjamas as office wear can be seen as symbolising a desire for comfort and individuality among China's younger workforce. “It’s the progress of the times,” said Xiao Xueping, a psychologist in Beijing, about the new unofficial office uniform.
LEGAL
Singapore charges two ex-employees of Sembcorp Marine with bribing Brazilian officials
Singapore authorities have charged former Sembcorp Marine CEO Wong Weng Sun and ex-senior general manager Lee Fook Kang with bribing Brazilian officials to advance the company's interests in Brazil. The charges include conspiring to give a middleman inducements totalling $44m. Wong has also been charged with obstruction of justice for allegedly instructing employees to delete an email containing evidence of bribes. Singapore prosecutors are in discussions with Seatrium Ltd, the merged entity of Sembcorp Marine and Keppel Offshore & Marine, for a deferred prosecution agreement that would involve a $110m penalty. Seatrium has expressed its commitment to zero tolerance for bribery and corruption.
PwC accused of tax leaks cover-up
A senate committee has accused PwC Australia of attempting to cover up the tax leaks scandal and criticised extensive leadership failures by the firm's former executives. The Senate Standing Committee on Finance and Public Administration's report accuses PwC of withholding information about the conduct of its international partners. The committee has acknowledged PwC Australia has overhauled its internal governance structures, but described the changes as largely "symbolic" and accused the firm of making "no genuine effort to fully investigate and address the issues." The report found that the firm's leadership “consistently failed to take responsibility for the problems within the organisation that led to this situation occurring.”
STRATEGY
Japan's financial hub transformation attracts foreign asset managers
Japan is attracting more interest from foreign asset managers due to the government's efforts to transform Tokyo into a major financial hub, according to Shigeru Ariizumi, the Financial Services Agency's vice minister for international affairs. The commitment to change Japan's image is supported by Prime Minister Fumio Kishida and his administration, who are implementing measures to overcome an aging population problem. Tokyo is ranked 19th in the Global Financial Centers Index, but is still behind Singapore and Hong Kong. However, in sectors like investment management and banking, Tokyo performs better. The country is also working to remove language barriers by requiring top-tier listed firms to disclose financial results in both English and Japanese. Confidence is growing in Japan's economy, with the Bank of Japan ending negative interest rates. The financial regulator will monitor developments and overall risk management of financial institutions in Japan. The government has also pledged to promote corporate governance reforms and encourage investing by households.
HIRING
For young people, the job search has never been so miserable
Margaret Heffernan laments the rise of automated job application processes which she says leave job seekers feeling humiliated and alienated from the world of work before they’ve even started.
INTERNATIONAL
Eight million Brits risk being replaced by AI
Experts warn that up to 8m British workers could lose their jobs to artificial intelligence (AI) within the next five years. A study by the Institute for Public Policy Research (IPPR) found that nearly 60% of current human tasks could be automated. Jobs most at risk include human resources staff, secretaries, call centre agents, salespeople, and authors. Barristers, electricians, plumbers, carpenters, bricklayers, teachers, dentists, and doctors are among the least at risk. The IPPR suggests that the government should tax AI computers and encourage people to pursue jobs less likely to be replaced by AI, such as nursing. The worst-case scenario would result in 7.9m job losses and no economic benefit. Carsten Jung of the IPPR urged employers, unions and ministers to manage AI well to avoid a “jobs apocalypse,” adding: “If they don't act soon, it may be too late.”
Baltimore bridge collapse could leaves thousands jobless
The collapse of the Baltimore bridge could leave thousands without work. Scott Cowan, president of the International Longshoremen's Association (ILA) in Baltimore, expressed his concern about the financial well-being of his union members and their families. The closure of Baltimore's port, caused by a container ship collision, is expected to last until May. Dock workers, who are hired on a daily basis, are now worried about their pay. The federal government, Maryland Governor Wes Moore, and state legislators are exploring ways to provide emergency assistance to those affected. The ILA and port employers are working on relief plans. Cowan said he hopes that the disruption will be resolved within a few weeks.
Racial tensions cost German businesses skilled foreign labour
Reuters reports on how racial tensions in Germany are costing local businesses skilled foreign labour. Manager Joerg Engelmann says his chemical engineering company in Chemnitz, Germany, has lost skilled foreign workers due to xenophobia. The company is one of several German firms facing difficulty hiring and retaining staff because of anti-immigrant sentiment. Official estimates suggest Germany will be short of seven million skilled workers by 2035. Chemnitz, in eastern Germany, is trying to attract skilled workers but has become a focus of anti-immigrant feelings. The hardening climate extends beyond Chemnitz, with companies in other cities also losing workers due to xenophobia. Germany's economy shrank by 0.3% in 2023, the weakest performance globally among large countries. Discrimination against foreign workers is a problem, according to a survey by the Organization for Economic Cooperation and Development. The city of Chemnitz is increasing funds for anti-racism and pro-democracy projects and plans to address the issue of racism head-on as it prepares to be the European Capital of Culture in 2025.
Saudi Arabia limits human resources jobs to its citizens
Saudi Arabia has implemented a new phase of its Saudisation policy, which restricts human resources jobs to Saudi nationals. The Ministry of Human Resources and Social Development confirmed that the second phase of the policy, which requires 40% of the overall manpower in consultancy services professions to be Saudi citizens, has taken effect. This follows the first phase of the policy, which stipulated that 35% of employees in these jobs must be Saudis. Saudi Arabia has been launching various initiatives to employ its nationals and replace foreign workers in sectors such as education, telecommunications, and real estate. The aim is to increase citizens' engagement in the labour market. Compliant private sector institutions can benefit from incentives and support programmes offered by the Ministry of Human Resources to help them employ Saudis. The implementation of the Saudisation policy also includes localising engineering jobs and professions in sales, purchases, project management, and the dental profession.
 


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