THE HOT STORY

Hong Kong weighs tax exemption for fund managers

Hong Kong is considering a change to the local tax regime that would exempt private equity and potentially hedge fund managers from paying tax on their earnings from carried interest and performance fees. The exemption will apply at both the corporate and individual tax level. Hong Kong is aiming to lure more asset managers and talent to the financial hub and boost its status as Asia’s leading asset management centre. Adam Williams, managing director with Alvarez & Marsal Tax in Hong Kong, said: “If the tax incentives are implemented, it will create certainty for qualifying private equity managers to enjoy carried interest exempt in Hong Kong regardless of where their funds are structured . . . While yet to be confirmed, there’s still a chance some hedge funds may also be able to structure themselves to enjoy exempt carry, which would be a game changer for that segment of the asset management industry.”

Bloomberg

LEGAL

Apple calls in PwC to resolve Australian payroll blunder

Apple's Australian subsidiary has engaged PwC to investigate a significant internal technology error affecting thousands of employees' pay and leave entitlements. The S3.7tn company must reimburse hundreds of former employees and provide additional leave to current staff due to a mistake in its human resources systems, which incorrectly counted public holidays as leave days. "We are committed to rectifying this issue," a spokesperson said.

Financial Review

HIRING

India e-commerce hiring rises 35% as demand shifts to tech and AI roles

Hiring in India's e-commerce and quick commerce sector has increased by 35% over the past two years, with roles rising from 73,320 in 2023 to nearly 98,750 in 2025, driven by a shift towards technology, AI, and execution-focused capabilities. Demand for engineering roles has more than tripled and supply chain roles have grown 25%, while specialists in AI and machine learning are commanding salary premiums of 30%–40% as companies prioritise platform resilience, fulfilment efficiency and advanced digital skills.

Economic Times

Why recruiters are making interviews ‘AI-free zones’

Distrust precipitated by artificial intelligence is causing some companies to reassess their approach to hiring, introducing obstacles in application forms to prevent cheating, and increasing use of AI screening tools.

Financial Times

ECONOMY

Thailand freezes prices on essential goods amid rising cost pressures

Thailand’s government has announced a price freeze on essential consumer goods including canned fish, instant noodles and milk, while expanding controls to items such as palm oil, toiletries and household products, in response to cost pressures linked to the Middle East conflict. Manufacturers must seek approval before raising prices on controlled goods, with 59 products already regulated and seven more to be added, while authorities will also promote discounted distribution for non-controlled items and support farmers in reducing input costs through fertiliser initiatives.

Bangkok Post

CORPORATE

Legal AI start-up Harvey valued at $11bn in funding round

Legal AI start-up Harvey has raised $200m in fresh capital at an $11bn valuation. The company offers AI tools for legal and professional services that can streamline contract analysis, compliance, due diligence and litigation. The company’s products are used by more than 100,000 lawyers across 1,300 organisations, according to a press release. “AI isn’t just assisting lawyers. It’s becoming the system through which legal work gets done,” said Harvey chief executive and co-founder Winston Weinberg. “The law firms and in-house teams leading the way are building agents that execute complex workflows so lawyers can focus on judgement, strategy and outcomes.”

Bloomberg

CNBC

Silicon Republic

INTERNATIONAL

Amazon offers $1,000 prizes for delivery drivers

Bloomberg reports that Amazon is offering $1,000 prizes to delivery drivers who share what they love about their jobs. The "My Why" contest from the world’s largest e-commerce company is for drivers employed by delivery service partners, a network of small businesses that Amazon contracts with to manage workers who bring its packages to customers. Amazon said the competition is meant to "spotlight the drivers employed by our partners and celebrate the diverse motivations for doing this work and supporting their communities." Jerome Sloss, a New York City delivery driver and a Teamsters union activist who supports a New York bill that would require companies such as Amazon to directly employ last-mile delivery workers, said: “They’re not even acknowledging us as actual employees, but they’re offering us $1,000 to talk about why we like ‘delivering smiles.’”

Bloomberg

UK says Chinese wind turbine maker poses national security threat

The UK government has said Chinese turbine maker Ming Yang’s products pose a national security risk and the company's plans to open the UK's largest wind turbine manufacturing plant in the Highlands of Scotland have been blocked. Ming Yang had proposed to open the facility at Ardersier Port near Nairn. In a statement, the company said it was disappointed by the decision but would continue to "engage constructively" with the UK government. Trade Minister Sir Chris Bryant said the government had to be sure the investment in the port was "safe and secure." Bryant told the BBC's Radio Scotland Breakfast programme the UK had to be "clear eyed" about its relationship with China and challenge it on issues such as human rights.

Financial Times

BBC News

Carney reprimands Air Canada head for English-only statement

Canadian Prime Minister Mark Carney has reprimanded Air Canada chief executive Michael Rousseau for issuing a video statement in English only following a runway collision at LaGuardia Airport that killed two pilots. Air Canada, as a federal government-regulated entity, is subject to the Official Languages Act, and as such it is required to provide equal services in English and French. Quebec Premier Francois Legault said "if [Rousseau] still doesn't speak French, that's disrespectful to his French-speaking employees and customers" and "he should resign." All that Rousseau said in French when he provided an update on the situation in English was “bonjour” at the beginning and “merci” at the end.

Bloomberg

Russian steelmaker MMK to cut management jobs

Russian steelmaker MMK plans to cut 10% of its management personnel and pause new investment amid diminishing demand for metals from the firm's major customers - Russia's construction, energy, automotive and machinery manufacturing sectors. "The metals industry is the most sensitive 'barometer' of the economic situation, and today the state of the industry is quite challenging," MMK chief executive Pavel Shilyaev said. "We are forced to make a decision to reduce the number of staff considering the current capacity utilisation of production facilities."

Reuters

OTHER

7-Eleven targets 100,000 stores with flexible global strategy

Seven & i Holdings is accelerating global expansion of 7-Eleven with a goal of reaching 100,000 stores by 2030, adopting a hybrid strategy that blends Japanese operational expertise with local market adaptation rather than imposing a uniform model. While Japan and North America remain highly profitable, the group’s other international markets are loss-making, highlighting challenges in replicating its domestic success, particularly where Japanese products and supply chains have not aligned with local preferences. The company is shifting approach by taking greater control of operations in key markets such as Australia, where sales have improved following product and store format changes, and combining Japanese and US expertise, while investing in talent and localised strategies to support expansion into new regions.

Nikkei Asian

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