THE HOT STORY

Workers at Glencore's Australian copper refinery threaten to strike

Workers are set to strike at Glencore’s Australian copper plant after failing to reach an agreement in a pay dispute. The Australian Workers’ Union has notified Glencore that employees would walk off the job from Friday if the company did not offer higher wages for the staff at the refinery in Townsville, Queensland, which produces up to 300,000 tonnes of finished copper annually. Glencore pays staff almost 15% less than at nearby plants. A final meeting is to be convened between Glencore and the union on Thursday.

Bloomberg

REMOTE WORKING

Thai government officials told to work from home to save fuel

Thailand's cabinet is telling most government agencies to adopt full work-from-home arrangements to curb energy demand. Ministers have also called on government officials to suspend non-essential overseas travel, and are seeking voluntary cooperation from the private sector to promote energy conservation. Thailand relies heavily on imported crude, particularly from the Middle East. Mandatory steps for the private sector are possible if the situation in the Gulf further deteriorates. The Philippines has also mandated a four-day work week for government offices in an attempt to save on energy.

Bloomberg

WORKFORCE

Maybank Singapore to give one-off payouts to more than 800 junior staff

Maybank Singapore will provide over 800 eligible junior employees with a one-off ex gratia payment to alleviate cost-of-living pressures. This includes S$1,250 for 200 unionised executives and additional bonuses for more than 600 junior staff. Mr Alvin Lee, chief executive of Maybank Singapore, said: "This ex gratia payment underscores our appreciation and our commitment to uplifting colleagues." The bank's head of human capital, Mr Wong Keng Fye, noted that this year's payment is more than double previous amounts. Other banks, including DBS and UOB, have also announced similar payouts.

Business Times SG

Straits Times

HIRING

Standard Chartered to double number of Singapore bankers serving wealthy Chinese

Standard Chartered plans to double the number of private bankers catering to wealthy Chinese in Singapore despite increased scrutiny of flows from China after a series of high-profile money-laundering scandals.

Financial Times

STRATEGY

Pop Mart opens new US headquarters

Pop Mart, the Chinese toymaker famous for its collectible Labubu dolls, plans to establish a new US headquarters in Culver City. The 22,000-sq-ft office, named “Slash,” will support the company's expansion in North America. Founded in 2010, Pop Mart has nearly 600 stores across 18 countries, with significant growth in the US. In the first half of last year, it opened 40 new stores, including 19 in the Americas. The move aligns with Culver City's transformation into an urban hub, attracting major tech companies and retailers. "We are excited about this new chapter," a company spokesperson said.

Los Angeles Times

Pinsent Masons expands in China

UK-headquartered law firm Pinsent Masons has received government approval to form a joint venture with Chinese corporate practice China Commercial Law Firm (CCL) in the Qianhai Free Trade Zone. The move marks the firm's first joint venture in the Qianhai Free Trade Zone following the launch of its Shenzhen office earlier this year.

Law

TECHNOLOGY

Meta forms new applied AI engineering team to accelerate model development

Meta is creating a new Applied AI Engineering organization aimed at strengthening its artificial intelligence capabilities and supporting the development of advanced “superintelligence” systems. The unit will be led by Maher Saba, a vice president in Meta’s Reality Labs division, and will report to chief technology officer Andrew Bosworth. Designed with an unusually flat structure of up to 50 employees per manager, the team will focus on building tools, generating data and evaluating outputs to help improve the performance of Meta’s AI models. The group will work closely with Meta’s Superintelligence Labs, which is developing the company’s next generation of AI models, as the tech giant accelerates investment in AI amid intense competition across the industry.

Wall Street Journal

TAX

China's new five-year plan targets tax reform

China is prioritising tax revenue as a key reform goal for 2026 and beyond, amid challenges faced by local governments. The draft of the 15th five-year plan shifts focus from tax cuts to maintaining a reasonable macro tax burden. Premier Li Qiang highlighted the need to improve the local tax system and expand local tax sources during the National People's Congress. Policymakers aim to raise revenue without overburdening businesses, addressing issues like industrial overcapacity and wealth disparity. The Ministry of Finance's budget report also emphasised better fund planning to meet local needs.

South China Morning Post

INTERNATIONAL

Europe braces for surge of migration from Middle East

Europe is preparing for a potential increase in immigration from the Middle East due to ongoing conflict in the region, according to Amy Pope, director-general of the International Organization for Migration. European governments are keen to adopt a proactive approach to manage the situation, especially given rising anti-immigrant sentiment. Pope said it was too soon to estimate how many people would flee from the region. “Right now people are primarily moving inside their countries - within Iran, within Lebanon, which is probably the place we're the most concerned about,” she said. Pope also drew attention to the “often forgotten” foreign workers that constitute large parts of the population in many Gulf countries and whom she said “are often not provided with the same level of support and attention and information as the nationals of a country.”

Luxembourg Times

FCC proposes English proficiency requirement for overseas employees

US Federal Communications Commission Chairman Brendan Carr is proposing English proficiency requirement for overseas employees. Carr said the proposed rules would encourage communications providers regulated by the agency to bring call-centre jobs back to the US. “Americans get frustrated when they call a US business and end up connecting with a call centre located abroad,” he said. “Language and communications barriers often make it difficult for callers to promptly and efficiently get the results they want. And these foreign-based call centres often create a heightened security risk as well.” The proposal includes requirements that call-centre workers “be proficient in American Standard English and otherwise be trained appropriately for resolving issues with US customers.”

Bloomberg

Lufthansa pilot union calls for two-day strike

Lufthansa faces a two-day pilot walkout starting Thursday, affecting flights operated by the flagship airline and also its cargo carrier departing from German airports. The strike action follows a one-day walkout in February that led to almost 800 canceled flights and affected about 100,000 passengers. Negotiations over pilots’ pensions and a new collective wage agreement for cockpit staff are the focus of the dispute. “A strike is always a last resort for us and not an end in itself,” said Vereinigung Cockpit union President Andreas Pinheiro. “Employers still have the opportunity to avert industrial action by making a negotiable offer.”

Bloomberg

OTHER

Vietnam’s Tet spending shifts toward travel, online shopping and cautious spending

Vietnam’s Lunar New Year celebrations are increasingly marked by travel, online shopping and more cautious spending, reflecting changing consumer habits and economic pressures. Retail sales rose 9% year-on-year ahead of Tet, while domestic tourism increased 15%, with more people choosing trips instead of returning to hometowns. Online activity also surged, with Lazada reporting a 60% rise in shoppers and WinMart stores seeing transactions increase 38%. Consumers are spreading purchases over a longer period rather than stockpiling before the holiday, reflecting inflation concerns and more price-conscious behaviour. Traditional customs remain important, but surveys show Vietnamese consumers now spend less time cooking or visiting relatives and more time on personal spending, digital “lucky money” gifts and e-commerce deals, highlighting a shift toward convenience and modern lifestyles.

Nikkei Asia

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