Human Times

APAC Edition

19th March 2026

THE HOT STORY

HSBC weighs deep job cuts amid AI overhaul

HSBC is considering deep job cuts that could ultimately affect around 20,000 ‌roles, or about 10% of its total workforce, Bloomberg reports, citing people familiar with the matter. Non-client facing roles in global service centres are among those expected to be the most impacted as ⁠the bank bets on AI, although the assessment is at an early stage and no final decisions have been made. A spokesperson for HSBC declined to comment. A Bloomberg Intelligence report published last year said global banks could eliminate as many as 200,000 positions in the next three to five years due to AI. Chief information and technology officers surveyed for the report indicated that on average they expect a net 3% reduction in workforce.

Bloomberg

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HIRING

India investigates fragrance giants over deals not to poach workers

India's Competition Commission is investigating Givaudan, Firmenich, and International Flavours Fragrances for alleged anti-poaching agreements that restrict employee hiring. The investigation began after a company reported the issue under a leniency programme. The watchdog reviewed over 30 emails, revealing a "gentlemen's agreement" among the firms to avoid hiring from one other. The case marks India's first investigation into labour practices in the fragrance industry. The CCI said it aims to prevent labour exploitation and ensure competitive remuneration, and there could be potential penalties for the companies involved. "Such coordination is stated to have taken place since 2002," the CCI said.

Khaleej Times Online

Hong Kong 'attracts more talent due to Middle East tensions'

Hong Kong labour chief Chris Sun Yuk-han has said geopolitical tensions in the Middle East have made the city “a more attractive place” for global talent, including those from Gulf countries. “A significant number of overseas talents choosing Hong Kong as their base for development truly demonstrates the city’s importance and attractiveness as a talent hub,” he said at Hong Kong's Global Talent Summit Week. “We know that, given the geopolitical tensions in the Middle East, Hong Kong – with our secure environment and very stable opportunities – has become a more attractive place for talent from around the world, including those from the region who can use Hong Kong as a base for development.”

South China Morning Post

WORKFORCE

Korea may need foreign workers to fill 110,000 elderly care jobs by 2028

South Korea is projected to face a shortage of about 110,000 elderly care workers by 2028, according to a report from the Korea Immigration Service Foundation. The report highlights the need for integrating foreign caregivers into the long-term care system with equal rights and protections. By 2028, around 800,000 care workers will be needed, but only 690,000 are expected to be available. The report warns that without careful planning, introducing foreign workers could lead to oversupply and affect the labour market. It also suggests allowing E-9 visa holders to transition to care roles.

Straits Times

CORPORATE

Alibaba profit falls sharply as AI investment offsets competitive pressures

Alibaba has reported a 1.7% rise in third-quarter revenue to 284.84bn yuan ($41.28bn), missing expectations of 290.7bn yuan, as heavy spending on rapid delivery and promotions failed to drive stronger demand. Net income fell 66.3% to 15.63bn yuan. The company highlighted artificial intelligence (AI) as a key long-term growth driver, continuing to invest heavily in its AI capabilities while maintaining steady performance in its core e-commerce business.

STRATEGY

Shinsegae partners with US firm to Build Korea’s largest AI data centre

Shinsegae Group has signed an agreement with US-based Reflection AI to develop South Korea’s largest artificial intelligence (AI) data centre, with a planned capacity of 250 megawatts and a joint venture expected by year-end. The project, backed by the US government’s AI export initiative, aims to position Shinsegae as a leading AI cloud operator, supporting enterprise and government demand while enhancing retail operations, logistics and national AI infrastructure.

The Korea Times

INTERNATIONAL

Judge orders Voice of America to reinstate 1,000 employees cut under Kari Lake

A federal judge has mandated that over 1,000 Voice of America employees return to work by Monday, marking a significant setback for the Trump administration's attempts to diminish the news outlet. U.S. District Court Judge Royce C. Lamberth ruled that Kari Lake, who led Voice of America's parent agency for the past year, acted in a way that was “arbitrary and capricious” in her efforts to dismantle the network. He said that Lake had “repeatedly thumbed her nose” at statutory requirements and that the Trump administration had “made no effort to defend the merits” of its downsizing decision. “We are thrilled with Judge Lamberth's ruling and look forward to getting back to work," Voice of America Director Michael Abramowitz said after the ruling. "Voice of America has never been more needed.”

NPR / National Public Radio

UK firms fined for underpaying staff

The UK's Department for Business and Trade has identified almost 400 firms that have been underpaying employees. The department released a list of 389 firms that have been forced to repay about 60,000 employees a total of £7.3m in unpaid wages. The firms were fined a total of £12.6m for paying staff less than the statutory minimum, with fines capped at double the amount owed to workers. Peter Kyle, the business secretary, said: "A good employer doesn't build their business on the back of unpaid wages, and I look forward to working with the new Fair Work Agency to ensure its powers are used to crack down on those who think the rules don't apply to them." Employment Rights Minister Kate Dearden added: "Nobody should finish a week's work and find they've been paid less than they've earned."

Daily Mirror

The Times

UAE may relax tax residency rules to lure back expats amid Iran conflict

The United Arab Emirates is expected to show flexibility on tax residency rules for expatriates who left the country due to the Iran conflict, aiming to encourage their return and protect its appeal as a low-tax hub. Authorities are likely to allow more time abroad without jeopardizing tax status, particularly for Dubai, which relies heavily on wealthy foreign residents. Currently, expats must spend a minimum number of days in the UAE to qualify for tax residency, but officials are considering case-by-case exemptions, taking into account travel disruptions and force majeure conditions. The move comes as ongoing conflict, flight cancellations, and security concerns have made it harder for residents to return, raising the risk they could lose their tax advantages.

IFA Magazine

Financial Times

World Bank bars PwC subsidiaries amid fraud concerns

The World Bank has suspended PwC subsidiaries in Mauritius, Kenya and Rwanda from providing professional services for projects it finances for 21 months. The move follows findings of "collusive and fraudulent practices" related to a high-voltage electricity transmission project between Kenya and Ethiopia. The World Bank said that the units improperly influenced consultancy service awards by obtaining confidential procurement information from project officials in 2019.

Bloomberg Tax

OTHER

Hormuz disruption hits Japan snacks as chip production halted

Supply disruptions linked to the Strait of Hormuz crisis have forced Japanese snack maker Yamayoshi Seika to halt production of several products, including its flagship Wasabeef potato chips, due to difficulties sourcing fuel. The company has suspended factory operations, closed its online store, and limited sales to existing retail inventory, with no timeline yet for resumption. The situation highlights how geopolitical tensions affecting global oil supply chains are beginning to impact everyday consumer goods in import-dependent countries like Japan, sparking concern over broader shortages.

The Japan Times

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