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APAC Edition
22nd April 2024
 
THE HOT STORY
Doctors in Korea reject government's medical reform plan
South Korea's leading doctors' body, the Korean Medical Association (KMA), has rejected the government's revised medical reform plan. The plan, which aims to boost annual admissions to medical schools by 2,000, has sparked a two-month-long strike by trainee doctors. The government offered a concession, allowing 32 universities to admit as few as 1,000 medical students instead of the initial proposal. However, the KMA insists that the plan must be abandoned entirely within a week. The government argues that the plan will address doctor shortages for an ageing society, but medical professionals and trainees believe it will lower the quality of education and healthcare. The strike has caused hospitals to cancel essential treatments and surgeries, and over 50% of the country's medical students have filed for a leave of absence. The KMA warns that if the government does not relent, medical students may have to repeat a year, senior doctors may resign, and the healthcare system could collapse.
STRATEGY
Malaysia offers incentives to attract global tech companies
Malaysia will provide exemptions, subsidies, and tax rates to attract global tech companies, aiming to create high-skilled jobs and develop future entrepreneurs and leaders in the tech industry. Minister Rafizi Ramli stated this at the KL20 Summit, where new policies to support Malaysian start-ups were discussed. "We want to attract global unicorns to enter Malaysia," said Ramli.
UBS to shut down China private funds
UBS is shutting down some of its China private funds business and will lay off one-third of the staff as the Swiss bank cuts operating costs in the country. UBS will shut up to 17 of its equity and bond private funds and return the money to the investors. The fund management unit, UBS Asset Management Shanghai, will soon start laying off around one-third of its team of 50. The firm plans to focus on alternative strategies such as funds of funds and is moving to expand private funds investing into overseas markets.
MANAGEMENT
Elon Musk says the best employees need little management
Elon Musk has pushed back on his reputation as a micromanager, stating that the best employees actually require little management. While some bosses may not consider their actions as encroaching on employee autonomy, surveys have shown that many workers have experienced what they believe to be overly involved bosses. Musk believes that smart and talented individuals can manage themselves and that setting clear goals is key to keeping them happy. However, he says he reserves the right to intervene and take control when necessary. In the interview, Musk emphasized the importance of attention to detail when striving for a perfect product. 
WORKFORCE
Young Koreans shun SMEs despite falling employment rate
Young Koreans are increasingly avoiding working for small and medium-sized enterprises (SMEs) despite the slight decrease in the employment rate of young people. According to data from the Korean Statistical Information Service, only 30.9% of workers in their 20s and 30s were employed by SMEs last year. This is a significant decline from 47.7% in 2003. The trend is attributed to low birthrates, an aging population, and the preference of younger workers for higher-paying jobs. In contrast, conglomerates have a higher ratio of young workers, with 46.6% of employees in their 20s and 30s. The pay gap between large companies and SMEs is also substantial, with workers at conglomerates earning 2.1 times more on average. These factors contribute to young Koreans waiting for opportunities at large companies instead of joining SMEs.
Indian plane technicians call off strike
Technicians at AI Engineering Services Ltd., a company that repairs and maintains Air India aircraft, have called off their planned strike. The strike was cancelled after the company's management agreed to meet some of the workers' demands, including revisions to pay and career progression opportunities. The measures will be valid for four years. This development comes as a relief for India's aviation industry, which recently faced travel chaos due to flight cancellations by Vistara.
Consulting firms step up efforts to push out their low performers
There has been a slump in voluntary departures at professional services firms such as McKinsey and Deloitte, and bosses have been desperate to increase what they call “attrition.”
REGULATION
AFRC to investigate PwC audit role in Evergrande
Allegations over PwC’s role auditing China Evergrande Group are to be investigated by Hong Kong’s accounting regulator after a “whistleblower report” made a series of allegations about the firm. The Accounting and Financial Reporting Council (AFRC) said the report that has been circulating “expressed significant concerns” regarding potential alleged deficiencies in PwC’s systems of quality management and the quality of its audits of Evergrande. “Given the gravity of these allegations,” the AFRC is “obliged to initiate an investigation,” it said.
SUSTAINABILITY
Unilever CEO scales back ESG pledges
Unilever chief executive Hein Schumacher is scaling back the company's commitments on plastics and diversity in response to growing investor unrest. Unilever, known for its environmental, social and governance (ESG) policies, plans to reduce its use of virgin plastics by one-third by 2026 instead of halving use by 2025. The company will also replace its commitment to pay all direct suppliers a living wage by 2030 with a promise covering half of its spending by 2026. Additionally, Unilever has dropped its pledge to spend €2bn with diverse businesses by 2025 and its commitment to have 5% of its workforce made up of people with disabilities. Mr Schumacher stated that the change in emphasis is driven by the need to address current global issues.
INTERNATIONAL
UK worker successfully sues male boss for menopause discrimination
A worker in the UK has successfully sued her male boss for menopause discrimination. Marie Johnson requested to work a four-day week due to the impact of menopause on her daily activities. However, her boss turned down the request without understanding how menopause affected her. As a result, Johnson resigned after 27 years at the company and sued her bosses for disability discrimination and unfair dismissal. The employment tribunal ruled in her favour, criticising her boss's lack of interest in menopause. The tribunal acknowledged Johnson's struggles with mental health symptoms arising from menopause and the challenges of caring for her elderly parents. The judge stated that her boss could have easily understood the effects of menopause on her daily life and work.
Dutch companies file 1,500 work permit requests for refugees
Dutch companies have filed over 1,500 requests for work permits for refugees this year, following a ruling that allows them to work more than 24 weeks. The ruling, made last year, states that asylum seekers should have access to the job market to become self-sufficient and better integrated into society. The annual report from the Dutch jobs agency UWV confirms that companies are embracing this change and seeking work permits for refugees.
OTHER
Ralph Lauren to expand presence in China as luxury market booms
Ralph Lauren is set to expand its presence in China, which is predicted to become the world's largest luxury market by 2030. The fashion retailer plans to open 20-30 new stores per year in China and the surrounding region, leveraging its growing brand value. Chief executive Patrice Louvet highlighted the success of its three-pronged strategy, which focuses on key cities, core products, and marketing partnerships. The company has seen strong growth in China, with revenue there increasing over 30%; it is aiming to sustain its growth momentum and is particularly focused on growing its women's business in China. Ralph Lauren's expansion plans also include Southeast Asia, with new stores opening in leading malls in the region. The company's cluster approach to expansion has proven successful, and it will continue to explore growth opportunities in China's key cities.
 


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