THE HOT STORY

China blames ‘foreign forces’ for rising number of disaffected youths

China's Ministry of State Security, the country’s spy agency, says foreign forces are seeking to “erode the minds of Chinese youths” by disseminating anti-work propaganda online. “The youth represent the future of the nation and are the primary targets for ideological infiltration by foreign anti-China hostile forces,” the ministry said in a post published on WeChat, the Chinese social media platform. The Wall Street Journal says the admonishment comes amid signs of weakness in China’s labour market including the growing gig-work economy and a rise in spending on unemployment insurance, according to Xiangrong Yu, Citigroup’s chief China economist. “The unexpected deterioration for early-career workers, who are likely more AI-exposed, seems to point to the unfolding AI-driven displacement,” Yu observed. “We believe the structural headwinds from AI adoption are set to intensify.”

Financial Times

South China Morning Post

Wall Street Journal

HIRING

LinkedIn AI hiring products set to generate $450m sales

Microsoft-owned LinkedIn says its hiring products using agentic AI ‌are set to generate $450m in sales in the coming year. The social network's systems work by having an AI agent take instructions from a human recruiter and then sifting through LinkedIn profiles to find the best ones for follow-up. "Recruiters told us half their day was low-value work, so we made a bet on understanding ⁠their pain to get our solution right," said LinkedIn chief executive Dan Shapero.

Reuters

TRAINING & DEVELOPMENT

Korea launches 'Youth New Deal' to tackle youth joblessness

The South Korean government has announced a new initiative, the "Youth New Deal," to support around 100,000 young job seekers as youth employment rates hit a record low since the COVID-19 pandemic. The plan includes training, work experience, reintegration support, and hiring incentives. It aims to provide training for 19,000 individuals in fields like AI and finance, while expanding work experience opportunities for 23,000. The initiative also targets 11,000 long-term unemployed youth for reintegration support. "These measures come as youth employment indicators continue to weaken," said a government official.

The Korea Times

WORKFORCE

Singapore council aims to help workers and businesses navigate AI disruption

Singapore has established the Tripartite Jobs Council (TJC) to address the impact of artificial intelligence (AI) on employment. Announced by the Ministry of Manpower, the National Trades Union Congress, and the Singapore National Employers Federation, the council aims to support businesses in AI adoption while safeguarding jobs. Manpower Minister Tan See Leng said the TJC will focus on three areas: aiding businesses, enhancing AI training for workers, and providing support for those at risk of job displacement.

Business Times SG

STRATEGY

Zuckerberg blames Meta layoffs on capital spending

Meta chief executive Mark Zuckerberg has said the Facebook parent firm's planned layoffs are the consequence of increased capital spending for AI, and in comments to staff at a company town hall on Thursday he declined to rule out further job cuts. “We basically have two major cost centers in the company: compute infrastructure and people-oriented things," Zuckerberg said. "If we’re investing more in one area to serve our community, then that means we have less capital to allocate to the other. So that means we ⁠do need to take down the size of the company somewhat." He added: "Getting everyone internally to use AI tools and getting to do the work more efficiently is not the thing that's driving layoffs."

Reuters

LEGAL

Padini accounts frozen amid Malaysia anti-corruption probe

Malaysian fashion retailer Padini Holdings has had several bank accounts frozen by the country’s anti-corruption agency as part of a money laundering investigation involving external counterparties, though the company denies wrongdoing and says its operations remain unaffected. The group has launched an internal compliance review, engaged legal advisers and pledged full cooperation with authorities, while the situation has sparked speculation online despite the brand maintaining strong consumer demand and a long-standing presence in Malaysia’s retail market.

The Independent Singapore

TAX

Australia's new tax targets digital giants

Australia is set to impose a tax on digital giants Meta, Google, and TikTok, requiring them to pay a portion of their revenue to support journalism. Prime Minister Anthony Albanese emphasized the need to attach a monetary value to journalists' work, saying: “It shouldn't just be able to be taken by a large multinational corporation.” The proposed legislation, expected to be introduced by July 2, aims to create incentives for these platforms to negotiate deals with news organisations. If they fail to do so, they will face a 2.25% tax on their Australian revenue. The government anticipates the initiative could generate between A$200m-A$250m ($144m-$179m) annually, which will be distributed among news organisations based on their journalist employment.

U.S. News

ECONOMY

Thailand's stimulus package set to boost consumption

Thailand is launching the "Thai Help Thai Plus" stimulus package to enhance domestic consumption. The programme will support over 20m participants, each receiving up to 4,000 baht ($122) over four months. The government will subsidise 60% of spending, with individuals covering the remaining 40%. Additionally, the Energy Ministry plans to restructure electricity tariffs to lower bills for low-usage households, which may also support solar companies like Gunkul Engineering.

Bangkok Post

INTERNATIONAL

Trump administration rejects women picked for soybean board

Reuters reports that the U.S. Department of Agriculture earlier this year rejected all four women farmers chosen by their peers to represent them in the United Soybean Board, an industry group. Three of the women suspect the rare intervetion by the USDA was linked to gender. “It seems like a small thing," reflects Sara Stelter, a Wisconsin farmer stripped of her role on the soy board, "but in other ways, it’s really a big deal because it’s just another thing of where the current administration views women, I believe, and what their role should be." Reuters notes the Trump administration has pledged to eliminate policies that promote diversity, equity and inclusion, or DEI, from every layer of government.

Reuters

Nigeria's TUC demands 50% tax cut for workers, manufacturers

The Trade Union Congress of Nigeria (TUC) has urged the federal government to implement a 50% tax reduction for workers and manufacturers to alleviate economic pressures caused by rising fuel prices. In a communiqué from their National Executive Council meeting, TUC leaders highlighted the need for government intervention to stabilise fuel prices and improve local refining capacity. Comrade Festus Osifo, TUC President-General, said: "Government must take urgent steps to prevent further increases in the pump price of petroleum products." The Congress also expressed concerns over security issues and the impact of casualisation in the private sector.

Zawya EN

Firms sued for labour abuses in their supply chains

Labour prosecutors in Brazil have filed lawsuits against five firms, including grain trader Cargill and meatpacker JBS, over labour abuses in ‌their supply chains. JBS is being requested to pay around 119m reais ($23.78m) in damages in a case where workers in Para state were found in “slavery-like” conditions in the company’s supply chain. Cargill is being sued for 109m reais for “grave ‌violations ⁠of human rights” in its soy supply chain in Rondonia state.

Reuters

AI puts one fifth of London jobs at risk, report says

A report from the Greater London Authority says that over 1m jobs in London are "highly or significantly exposed" to the impact of AI. Administrative roles are most vulnerable, with 300,000 jobs facing high automation risk. The report, authored by economist Jeff Dwan-O'Reilly, indicates that 46% of London's workforce - approximately 2.4m individuals - could see their tasks automated. Women, who are overrepresented in administrative and clerical roles, young people and those with higher educational levels are among the most exposed, the report says

BBC News

OTHER

NZ Government cracks down on nitrous oxide sales

Retail NZ has endorsed the government's decision to restrict nitrous oxide canister sales, classifying those over 10 grams as psychoactive substances. Police Minister Mark Mitchell and Health Minister Simeon Brown announced that all imports will now need approval from the Director-General of Health. Carolyn Young, chief executive of Retail NZ, welcomed the measures, saying: "We believe there is no legitimate reason for non-specialist retailers to be selling nitrous oxide canisters". The changes aim to enhance community safety and curb retail crime linked to improper nitrous oxide use.

Stuff NZ

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