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APAC Edition
10th April 2024
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THE HOT STORY
Aircraft technicians in India plan strike
Technicians at AI Engineering Services - a state-run maintenance, repair and overhaul firm and an erstwhile Air India unit — plan to strike on April 23 due to concerns about their well-being and professional growth. The unrest among aviation workers in India risks impacting the country's air travel boom. The strike comes after pilots at Vistara called in sick en masse due to fatigue and pay cuts. AI Engineering's staff are upset over lack of career advancement opportunities and discrimination between contractual and permanent employees. The company is in discussions with the union to resolve the issue. Meanwhile, Air India pilots have echoed concerns about being underpaid and overworked. Aircraft technicians have urged the management to resolve issues to avoid potential disruptions from the strike.
BACKGROUND SCREENING
Switching background screening partners: how to make the change, seamlessly

If you’re a business that screens its workforce, you’ll know that the relationship with your provider doesn’t stop at the checks. Partnering with a background check specialist is multi-faceted, taking onboard open communication, speed, stringent data security, and a whole lot of trust.

But what happens when that relationship falters?

Moving to a new provider can be fraught with difficulty. However, with some planning, and a clear idea of your objectives, the transition can be more straightforward than you think.

Download this essential step-by-step guide to seamlessly switching background screening partners.

 
WORKFORCE
China: falling births spark calls for reallocating preschool resources
China's excess kindergartens could be transformed into daycare centres to make up for a shortfall in the nation's childcare resources and to relieve burdens on parents, according to an education expert. There were 274,400 kindergartens in China last year, with 40.93 million children enrolled, according to Ministry of Education figures. However, the number dropped 5.35 million from 2022, and has seen a decrease for three consecutive years. Xiong Bingqi, director of the 21st Century Education Research Institute, said the decline of children in kindergartens is closely related to the decrease in births since 2017. To address the inevitable surplus of kindergarten capacity, many sites could be turned into inclusive childcare facilities, he said, accommodating children under the age of 3 and also addressing the national shortage in childcare.
LEGAL
Record high number of employed women in Korea, but gender wage gap persists
The number of employed Korean women has reached a record high, with a total of 9.97 million wage workers in 2023. The ratio of women in the workforce also reached an all-time high of 45.7%. However, despite these advances, Korea still has the worst gender wage gap among OECD countries. The pay gap between men and women was 31.2% in 2022, making little progress from the previous year. Korea was the only OECD member country with a rate higher than 30%, more than twice the OECD average. In a survey, male respondents cited career breaks due to having and raising children as a reason for the pay gap, while female respondents pointed to gender discrimination in promotions. The Korean Women's Development Institute conducted the survey.
STRATEGY
Jack Ma shows support for Alibaba's restructuring efforts in rare memo to employees
Alibaba co-founder Jack Ma has expressed support for the internet giant's restructuring efforts in a rare lengthy memo to employees. The memo indicates that Ma may be willing to take a more active role after being out of the spotlight for the past few years. In the memo, Ma praised the leadership of CEO Eddie Wu and chairman Joe Tsai and highlighted how the company's split into six divisions had streamlined decision-making and made Alibaba more agile and customer-focused. Ma's public criticism of Chinese regulators in 2020 led to the derailing of Ant Group's massive listing and subsequent regulatory crackdowns on the Chinese tech sector. However, in the memo, Ma emphasized the importance of innovation and the ability to adapt to the future. The memo has boosted Alibaba's Hong Kong-listed shares, which surged 5.5% after its release.
TECHNOLOGY
Alibaba Cloud cuts prices for offshore data centres amidst rising competition
Alibaba Cloud has announced a significant price reduction for products powered by its offshore data centres, in a bid to attract artificial intelligence (AI) software developers. The cloud service provider will cut prices by up to 59% for these products, with an average reduction of 23% across computing, storage, network, database, and big data offerings. This marks the third time Alibaba Cloud has reduced prices in the past year, as it seeks to entice developers to build data-intensive AI models and applications using its cloud services. The move comes amidst increasing competition in the AI market.
MANAGEMENT
Wealth management's rising star in Asia
Young Jin Yee, UBS's co-head of Asia-Pacific wealth management, has seen a positive start in her role, bringing in almost $14bn in net new client funds during the second half of last year. She has been using her connections with UBS investment bankers from Credit Suisse to win business from ultra-rich clients. Young's biggest challenges include building the business in India and Australia, managing layoffs and costs after the merger, and integrating two different cultures. Her success will determine if UBS can increase its market share in the wealth management industry.
SUSTAINABILITY
Biggest listed companies failing to meet carbon emissions targets
The carbon emissions reduction targets of the biggest listed companies are too weak collectively, according to a report by the NewClimate Institute and Carbon Market Watch. The study found that these companies have committed to reducing their emissions by an average of 30% by 2030, falling short of the 43% needed to limit global warming to 1.5 degrees Celsius. Many of the companies' targets were described as ambiguous or reliant on offsets, resulting in effective targets of only 5%-20%. However, some companies, such as Mars, H&M Group, Enel, and Iberdrola, have committed to reducing their emissions by 50%-64%. The report highlights a lack of commitment and urgency from many companies in taking credible climate action. Scientists emphasize the need to halve emissions by the end of the decade to achieve net zero greenhouse emissions by mid-century. The report calls for more effective climate regulation to distinguish well-substantiated transition plans from inadequate ones.
INTERNATIONAL
European court rules in favour of Swiss women in climate change case
The European Court of Human Rights has ruled in favour of over 2,000 Swiss women, stating that the Swiss government violated their human rights by not taking sufficient action on climate change. The landmark ruling sets a precedent for climate and human rights cases across Europe. Experts believe that international courts will consider this ruling in future judgments, potentially impacting climate litigation worldwide. The number of climate-related court cases has already surged globally, with citizens increasingly taking their governments to court on human rights grounds. However, success in climate cases can depend on various factors. While the European Court ruled in favour of the Swiss women, it dismissed two other cases on procedural grounds. This ruling highlights the need for establishing specific harms caused by climate change. The European Court's decision will have implications for all 46 countries that are signatories to the European Convention on Human Rights.
Dutch businesses fear uncertain government policies
The chief executive of one of the Netherlands' largest banks, Robert Swaak, has warned that the next Dutch government must provide stable and predictable policies to prevent businesses from leaving the country. Uncertainty over the formation of the government has led to concerns among companies about potentially relocating. The Netherlands, once known for its open economy, is facing criticism from corporates who believe that recent laws, such as the tax on share buybacks and the reduction of tax breaks for expatriates, are hindering investment decisions. The country's ever-changing climate policies have also affected the business climate. The lack of clarity on nitrogen permits and measures to address climate change has also created uncertainty.
Microsoft plans new AI hub in London for product development and research
Microsoft has announced plans for a new artificial intelligence (AI) hub in London, focused on product development and research. The unit will be led by Mustafa Suleyman, the London-born cofounder of Google DeepMind, who Microsoft hired last month. As the primary backer of ChatGPT-maker OpenAI, Microsoft is a world leader in the rapidly-developing technology. The move represents a win for Britain, which has sought to bolster its credentials as a technology superpower. While it remains unclear how many jobs the new centre will create, the announcement builds on Microsoft's recent commitment to invest £2.5bn ($3.16bn) into data centre infrastructure and improving AI skills across Britain. "Our decision to open this hub in the UK reflects this ambition," said Suleyman.
OTHER
Millions of Australians left without adequate insurance, survey says
Millions of Australians have been left high and dry without adequate insurance, according to new research by Finder. The survey found that almost one in five Australians have needed insurance cover in the last three years but were not insured or did not have suitable cover. This amounts to 3.6 million people who were out of pocket due to being uninsured or underinsured. The research also revealed that 9% of Australians required health insurance in the last three years and had to pay an average of A$225 as a result of not having it. The consequences of not having insurance included dipping into savings, borrowing money from friends, going into debt, and leaving the problem untreated. 
 


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