THE HOT STORY

BASF shifts services hub to India

BASF has said it plans to relocate several service functions to a new global hub in India, citing cost efficiency and a goal to make its Global Business Services more competitive. The move will affect jobs at its Berlin site, though BASF said planning is at an early stage and the shift would occur gradually by the end of 2028. The chemicals union IGBCE criticised the decision, with chair Michael Vassiliadis calling it “a blow to employment policy.” BASF’s services unit has about 8,500 staff, including 2,800 in Berlin, as the company continues broader cost-cutting amid weak demand.

Yahoo! Finance

TECHNOLOGY

'AI jolts' are coming for Singapore's workers

Dr Anthony Klotz, an organisational psychologist, has warned that Singapore's white-collar workers may face "AI jolts" as artificial intelligence advances. He predicts that within five years, AI could replace 20% of current job functions. Klotz noted that this creates anxiety among workers, who are aware of impending changes. He emphasised the importance of adapting to these shifts, suggesting that younger workers should broaden their career prospects and engage in side projects. Klotz's upcoming book, "Jolted: Why We Quit, When To Stay, And Why It Matters," explores the impact of sudden career changes.

Straits Times

Alibaba unveils open-source ‘RynnBrain’ to advance robotics AI

Alibaba has launched a new open-source AI model, RynnBrain, designed to help robots and other devices perform real-world tasks, marking a push into robotics and so-called physical AI. Developed by the company’s DAMO Academy, the model can interact with its environment, understand space and time, and plan steps to complete tasks such as navigating cluttered spaces or handling objects in factories and kitchens. Alibaba said RynnBrain delivers state-of-the-art performance on key benchmarks, competing with robotics-focused AI from Google and Nvidia.

Bloomberg

LEGAL

Cambodia crafts online scam law

Cambodia is drafting a law aimed at online scams as pressure mounts to curb scam compounds operating in the country. Information Minister Neth Pheaktra said the law “will develop an important and clearer legal framework” for prevention and crackdowns, though provisions have not been disclosed. Cambodia has expanded enforcement, reporting at least 190 raids and more than 9,000 deportations since the start of the year, and citing the arrest and extradition of alleged kingpin Chen Zhi. Analysts warn syndicates adapt quickly. Officials said: “Cambodia is not a safe haven for online criminals.”

Bloomberg

China charges former AstraZeneca executive Leon Wang

China has officially charged AstraZeneca's former regional head, Leon Wang, with illegal trading, unlawful collection of personal information and medical insurance fraud, alongside another former employee. Wang, who has been in detention since 2024, was the drugmaker’s most senior executive in China for a decade until his arrest.

Caixin Global

Financial Times

Reuters

WORKFORCE

Talent crunch hits Hong Kong IPOs

Industry sources and analysts say Chinese investment banks’ expanding Hong Kong IPO business is being strained by a shortage of qualified staff and tighter oversight. The Hong Kong Securities and Futures Commission has warned 13 banks over “serious deficiencies” in IPO applications and told firms to review practices and limit a signing principal to six concurrent mandates. Recruiter Sid Sibal, managing director at Aster Recruiting, said: "Firms must execute more deals to justify their cost bases and generate sufficient revenue. As a result, we're seeing several bulge-bracket and Asian banks actively hiring sponsor principals, sparking a short-term talent war in this niche." Exchange data shows IPO applications rising sharply as Chinese banks capture most listing fees and mandates.

Reuters

ECONOMY

Higher costs for Singapore manufacturers in 2025

Singapore's manufacturing unit business costs increased by 0.1% in 2025, primarily due to higher spending on outsourced work, despite a decline in labour and utilities costs. The Ministry of Trade and Industry (MTI) reported that the economy grew by 5% in 2025, with a forecast of 2%-4% growth for 2026. MTI noted: "Unemployment has been quite low, and the market has been quite resilient." However, concerns about automation and AI potentially reducing job demand were raised by Deputy Prime Minister Gan Kim Yong. Inflation is expected to remain subdued moving forward.

Straits Times

CORPORATE

Sociolla targets 500 stores and Southeast Asia expansion on omnichannel success

Indonesian beauty retailer Sociolla is planning to triple its physical store network to as many as 500 outlets over the next five to 10n years and expand further across Southeast Asia, building on strong growth driven by its omnichannel model. Founded as an online beauty review platform in 2015, Sociolla now operates 150 stores across Indonesia and combines online content with physical retail, allowing customers to test products in-store before buying online or offline. Backed by Social Bella, Sociolla has been profitable for the past three years and reported sales growth of nearly 50% in 2025. The company recently attracted a majority investment from General Atlantic, valuing the business at about $595m, and is eyeing markets including Thailand, the Philippines, Malaysia and Singapore after entering Vietnam in 2020.

Nikkei Asia

INTERNATIONAL

Some job hunters are paying recruiters to find them jobs

A tough US labour market for white-collar workers is turning the traditional recruiting model upside down, and a new trend of “reverse recruiting” has emerged whereby job seekers pay recruiters to find them positions. Reverse-recruiting models vary - some charge a percentage of the first year’s salary upon placement and others charge monthly fees or set rates for sending applications. Some traditional recruiters question the ethics of charging job seekers and the success rate of mass-applying on behalf of candidates.

Wall Street Journal

Italian prosecutors place Delivery Hero’s Glovo unit under judicial control

Italian prosecutors have placed Delivery Hero’s Italian food-delivery business under judicial control as part of a criminal investigation into alleged labour exploitation. A court-appointed administrator will oversee Foodinho, the Milan-based operator of Glovo in Italy, in a move aimed at halting what authorities described as an urgent and ongoing situation. Prosecutors allege that around 40,000 riders were paid compensation that was disproportionate to the work performed and in breach of collective labour rules, with many earning below the poverty threshold despite long hours. Delivery Hero said it is cooperating with judicial authorities.

Bloomberg

Reuters

OTHER

Trump is a global ‘wrecking ball,’ European security experts say

There has been a surge in the number of people in the west and emerging markets who view the US as a threat, according to polling for the Munich Security Conference. Europe’s main defence-related forum said in a report that US President Trump is helping destroy the postwar international order. The world has entered an era of “wrecking ball politics,” a team of conference staff wrote in their 2026 Munich Security Report. This year’s conference opens on Friday, and Secretary of State Marco Rubio is leading a large US delegation, a year after Vice President JD Vance stunned the conference with a verbal assault on many of America’s closest allies in Europe.

AP News

Financial Times

New York Times

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