THE HOT STORY

Chinese firms relocate to Singapore amid geopolitical tensions

A growing number of Chinese companies are seeking to establish their operations in Singapore to mitigate risks associated with escalating Sino-U.S. tensions, a trend some analysts refer to as "Singapore washing." As companies explore such moves, benefits appear to favour smaller enterprises, while larger corporations face hurdles in maintaining operational integrity amidst scrutiny. "Demand has always been rising . . . and the key thing right now is that it's probably going to accelerate at a more rapid pace," said KG Tan, chief executive of InCorp Group, which helps companies relocate or expand in nine Asia-Pacific locations.

Reuters

WORKPLACE

Younger Korean workers ditch late-night drinks

Younger office workers in Korea are shifting away from traditional late-night drinking culture, according to a survey by Incruit. The poll of 888 workers revealed that 36% of those in their 20s and 37.7% in their 30s prefer year-end gatherings during work hours. Many younger respondents favour simpler formats, with 38.8% in their 20s opting for meals only. In contrast, older workers still prefer evening events with alcohol. While 58.8% of all respondents see these gatherings as necessary, 41.2% disagree, citing personal time concerns and lack of meaningful benefits.

Korea Joongang Daily

WORKFORCE

Japan to raise tax-free income threshold

Japan is to raise the tax-free income threshold and expand deductions for middle-income earners. The country's ruling Liberal Democratic Party and Democratic Party for the People (DPP) agreed to lift the minimum taxable income to ¥1.78m ($11,400) from ¥1.6m. DPP leader Yuichiro Tamaki said: "This will help those suffering from surging prices."

Reuters

HEALTH & WELLBEING

Hong Kong charity helps injured workers

The Hong Kong Workers' Health Centre (HKWHC) will assist 120 injured workers and their carers next year, thanks to funding from Operation Santa Claus (OSC). Sabrina Wan Hei-man, HKWHC's chief executive, highlighted the need for such support, saying: “People think that if you're injured, you must be living on workers' compensation [so you're fine], but they're really injured, they need concern and resources to help them.” The centre offers rehabilitation, counselling, and retraining for workers unable to return to their previous jobs, addressing both physical and emotional challenges.

South China Morning Post

CORPORATE GOVERNANCE

Shareholders revolt against ANZ pay plans

At ANZ's annual general meeting, over 32% of shareholders opposed the bank's remuneration report, marking a “second strike” against its executive pay plans. The backlash follows a year of regulatory fines totalling $240m for misconduct, including failing to refund fees to deceased customers. ANZ chair Paul O'Sullivan defended the board's actions, saying it was in shareholders' best interests to resolve regulatory concerns. The Finance Sector Union's Wendy Streets highlighted employee anxiety over job cuts, while ANZ chief executive Nuno Matos acknowledged the challenges of managing redundancies fairly.

West Australian

The Guardian

CYBERSECURITY

Pornhub hack exposes users' viewing habits

Hackers from the ShinyHunters group have accessed the personal information of 200m Pornhub premium users. The stolen data includes viewing habits, email addresses, and activity types. Pornhub confirmed that the breach originated from Mixpanel, a data analytics provider, and said that no passwords or payment details were compromised.

The Guardian

ECONOMY

New Zealand consumer confidence climbs to four-year high

Consumer confidence in New Zealand has risen to its highest level since 2021, with the ANZ-Roy Morgan index reaching 101.5 in December, up from 98.4 in November. The increase was supported by stronger discretionary card spending, particularly among mortgage holders encouraged by stable interest rate expectations.

Reuters

INTERNATIONAL

US accused of using illegal workers in South Africa

South Africa has accused the United States of using Kenyan nationals without work permits at a facility processing applications by white South Africans for refugee status. A statement from South Africa's department of home affairs said seven Kenyans were arrested and would be deported after intelligence reports indicated that people "had recently entered South Africa on tourist visas and had illegally taken up work" at the centre. The seven Kenyans will not be allowed to return to South Africa for five years, South African law enforcement officials said. Washington has accused South Africa of "interference" in its efforts to offer asylum status to Afrikaners, who it says face persecution. South Africa's government has rejected the claims.

New York Times

BBC News

Portugal's government to amend labour reform

Portugal's government is to amend labour reform legislation in the wake of the country's first general strike since June 2013. Unions said the labour code - an important part of the government's agenda to boost productivity and economic growth - favours employers at the expense of workers. Labour Minister Maria do Rosario Ramalho on Tuesday met with the leadership of umbrella union UGT, and said the government was now ready to reach a compromise. "It was a very constructive meeting. This is not about backing down, but about bringing positions closer together in a negotiation," she said, adding that UGT would also put forward proposals to seek a middle ground.

Reuters

Argentine unions protest against labour reform

Argentina's General Confederation of Labor (CGT) organised a massive demonstration in Buenos Aires on Thursday against a proposed labour reform bill by President Javier Milei. The bill aims to limit the right to strike and alter employee working hours and severance pay. Jorge Sola, a leader of CGT, said: "We don't want fewer rights, we want more work, more dignity."

U.S. News

OTHER

Australia mandates cash for essentials

Australia will enforce new cash acceptance laws from January 1st, requiring major retailers to accept cash for groceries and fuel. Treasurer Jim Chalmers said: "We're making it mandatory for businesses to accept cash when they sell these essential items. It will ensure Australians who depend on cash for fuel and groceries aren't left behind". Small businesses with an annual turnover under $10m will be exempt from this mandate.

West Australian

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