THE HOT STORY

Korea speeds ahead with unstaffed retail

South Korea is rapidly expanding unstaffed and hybrid retail stores. Bakery chain Paris Baguette now operates 17 hybrid stores staffed during the day and not at night, generating over 100,000 won ($67.65) in additional daily revenue on average. Convenience store operators including E-MART24, GS25, and CU have also significantly increased hybrid and unstaffed outlets, driven by rising labour costs, hiring challenges and higher minimum wages. Korea’s high adoption of card and mobile payments, strong late-night foot traffic and growing consumer familiarity with kiosks have supported this shift. Retailers are using unstaffed systems primarily to improve operational efficiency rather than eliminate employees entirely, reallocating workers to tasks such as stocking and cleaning. AI-based payment and vision recognition technologies are also being introduced to streamline store layouts and reduce checkout times.

Chosun Biz

ECONOMY

China unveils strategy to enhance consumer spending

China plans to enhance consumer spending this year through a combination of measures aimed at increasing household purchasing power and implementing pro-consumption policies, according to a government work report. The government will introduce income growth plans, focusing on low-income groups and improving social security systems. A total of 250bn yuan ($36.3bn) will be allocated for consumer goods trade-in programs, alongside a 100bn yuan fund to stimulate domestic demand. The report also highlights efforts to create new consumption scenarios and optimise the environment for international visitors, promoting the "Shopping in China" brand.

China Daily

LEGAL

Two former Star executives found in breach of duty

Two former senior executives of casino operator Star Entertainment have been found in breach of duties by Australia's federal court in relation to the handling of risks associated with money laundering and criminal activity. The court's decision comes a year after the Australian Securities and Investment Commission (ASIC), the country's corporate regulator, fined two former Star executives, including a chief financial officerr, and disqualified them from managing any companies after they admitted to breaches of duties. The two ex-Star executives found in breach of duties are former chief executive and managing director Matthias Bekier and former chief legal & risk officer Paula Martin.

Reuters

Malaysian agency probes government deal with UK tech firm Arm

The Malaysian Anti-Corruption Commission is investigating alleged abuse of power, fraud and governance issues linked to a deal between the South East Asian country's government and Arm Holdings. Malaysia last year signed an agreement to pay the SoftBank-owned UK firm about $250m over a period of 10 years for semiconductor-related licenses and expertise.

Bloomberg

Jakarta Post

TECHNOLOGY

Honor unveils ‘robot phone’ and humanoid assistant in AI hardware push

Chinese smartphone maker Honor has introduced a “robot phone” with a motorised three-axis gimbal camera arm and its first humanoid assistant ahead of MWC Barcelona, as it bets on artificial intelligence-powered hardware to differentiate itself in the competitive Android market. The AI Robot Phone can track motion, make all-angle video calls and respond to users with gestures such as nodding or dancing, using multimodal artificial intelligence and its fold-out camera system. Chief executive James Li Jian said the device aims to move beyond the traditional “black rectangle” smartphone design by giving devices more interactive capabilities. The handset is expected to launch in the second half of the year.

South China Morning Post

STRATEGY

Morgan Stanley lays off 2,500 employees

Morgan Stanley has laid off about 3% of its workforce, or ‌roughly 2,500 employees, across its three major divisions. The job cuts affect investment banking and trading, wealth management, and investment management, but do not affect the lender's financial advisors. The cuts are tied to shifting business and location priorities, as well as individual job performance, and are occurring both in the US and overseas, a person familiar with the matter said.

Reuters

Wall Street Journal

US law firm shuts China office

US-headquartered law firm Hunton Andrews Kurth has officially closed its Beijing office, marking the end of nearly two decades of presence in mainland China. The closure is part of a broader trend: over two dozen foreign law firms have shut their operations in Greater China over the past three years. The firm continues to operate regionally in Tokyo and Bangkok.

Law

INTERNATIONAL

Citi's investigation unit described as ‘internal hit squad’

A Citigroup executive who is suing the bank for sexual harassment has described the lender’s investigations unit as “HR’s internal hit squad.” Ardith Lindsey claims that the Citi Security and Investigative Services (CSIS), which employs former FBI agents and prosecutors, twisted her confidential statements to be used against her. “Citi’s CSIS operates as HR’s internal hit squad, highly trained to protect the firm at employees’ expense,” Lindsey told the Financial Times. A Citi spokesperson said the lender “takes seriously our responsibility to look into concerns raised about conduct within the bank. These situations are inherently challenging for those involved, and we approach them with professionalism, integrity, and empathy.”

New York Post

Financial Times

ArcelorMittal 'silent' on progress of job relocation plans

ArcelorMittal's meeting with staff representatives last week failed to provide clarity on plans to relocate up to 1,150 jobs from Luxembourg to India and Poland. Jean-Luc Ruffin, secretary of the ArcelorMittal European Works Council, said: "ArcelorMittal's management remains silent on the progress of this project." In a press release, the council said the steel group “does not respect our right to information and consultation by refusing to provide us with detailed information on the process underway,” which prevents it “from reaching the relevant conclusions that would enable it to issue a duly reasoned opinion.”

Luxembourg Times

Iranian-linked cyber activity surges

The digital activity of Iranian-linked cyber groups has increased tenfold since the start of the conflict in the Middle East, according to Tel Aviv-based cyber security company Check Point Software Technologies. Attacks and activities have focused on Israel and Arab countries and have included phishing attempts and alleged “hack and leak” operations, Check Point has said.

Wall Street Journal

Groupe SEB to cut 7% of workforce in AI-driven turnaround plan

French cookware maker Groupe SEB, the owner of the Tefal brand, plans to cut nearly 7% of its global workforce, up to 2,100 jobs, as part of a strategic overhaul aimed at boosting efficiency through artificial intelligence and digital growth initiatives. The company, which employed around 31,000 people at the end of 2024, said approximately 1,400 of the affected roles will be in Europe, including about 500 potential voluntary redundancies in France. The restructuring measures will largely be implemented in 2026, with associated costs scheduled for 2027. The company's like-for-like sales in 2025 edged up 0.3% to €8.17bn in 2025, while operating profit fell 25% to €601m, reflecting weaker profitability amid tougher market conditions.

Wall Street Journal

OTHER

Philippine franchise holder to end Marks & Spencer operations

Philippine retailer Stores Specialists, Inc. (SSI) will cease operating Marks & Spencer stores in the country after nearly four decades, with the final day of operations set for May 2nd. SSI, the local franchise holder and a subsidiary of SSI Group, said the move reflects shifting retail dynamics and evolving consumer preferences in the Philippines’ increasingly competitive market. The company plans to refocus on brands that better align with current trends and said it will work closely with employees and partners during the wind-down. Marks & Spencer clarified that it is not exiting the Philippines and remains committed to growth in the market, though no further details were provided.

Bloomberg

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