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APAC Edition
25th April 2024
 
THE HOT STORY
Indian IT companies expand into smaller cities to tap talent and cut costs
Indian IT companies are expanding into smaller cities in India to tap into talent and reduce costs. The trend has been accelerated by the COVID-19 pandemic, with companies like Cognizant, Tata Consultancy Services, Infosys, HCLTech, and Wipro moving into tier 2 cities. The shift to smaller cities helps reduce attrition and cut costs, as salaries are lower and real estate rentals are cheaper compared to established tech hubs. The move is also supported by state governments which are offering concessions and benefits to attract jobs to smaller cities.
WORKFORCE
Many Australian workers are expected to take sick leave today
The 26th April is expected to see a surge in Australian workers taking sick leave following the Anzac Day public holiday. While many workers are expected to show up for work, a high number are anticipated to call in sick to create a four-day long weekend. Business groups have warned that this phenomenon could cost the economy millions in lost productivity. Jessica Tinsley, workplace relations director at the Australian Chamber of Commerce and Industry, emphasized that unplanned absences hurt small businesses and are against the law. Under current workplace laws, employers can ask employees to provide evidence, such as a medical certificate, for as little as one day off work. If employees fail to provide evidence, they may not be entitled to sick leave. Experts urge workers to request annual leave if they want a day off.
Striking maintenance workers at Tasmanian cheese factory demand fair pay
Striking maintenance workers at a cheese factory in north-west Tasmania are demanding fair pay and equal treatment. More than 20 maintenance staff at Saputo's Burnie plant have walked off the job in protest of an "unfair" pay gap and a breakdown in wage negotiations. They claim to be paid 21% less than their mainland counterparts. The workers argue that they are more skilled and the site is more technical, yet they are not compensated accordingly. The company has not provided an explanation for the pay gap. Union representative Michael Wickham stated that Tasmanian workers should not earn less than their mainland counterparts. The workers' protest is part of a larger movement for better pay rates. Saputo Dairy Australia purchased the factory in 2019 and produces specialty cheese brands there.
REMOTE & HYBRID WORKING
Half of Singapore workers would quit jobs requiring more office work, survey finds
Half of Singapore workers are willing to quit their jobs if they are required to work in the office more often, according to a survey by Randstad. The survey found that Gen Z employees were most likely to feel this way. The study also revealed that workers prioritise work-life balance over salaries, even amid concerns about inflation and the rising cost of living. The Singapore government has recently announced that all employers must have a process in place for workers to request flexible work arrangements. The survey also highlighted the importance of social and environmental issues in the workplace, with respondents expressing a desire to work for companies that are sustainable and promote diversity and inclusivity.
HIRING
Goldman Sachs to expand hiring in Asia to serve growing number of super-rich
Goldman Sachs plans to steadily increase hiring in Asia to cater to the growing number of family offices and super-rich individuals in the region. Marc Nachmann, Goldman's global head of asset and wealth management, stated that Asia will continue to be a significant opportunity for the bank. Singapore, Australia, and Hong Kong are identified as key wealth markets for Goldman Sachs. The bank's asset and wealth management headcount in Singapore has grown by 30% in the past three years. Nachmann also advised clients to invest in stocks, citing potential rate cuts by major central banks. The expansion in Asia is driven by the rising demand for wealth management services among the super-rich.
Hong Kong to host Global Talent Summit and CareerConnect Expo
Hong Kong will host the Global Talent Summit and CareerConnect Expo, aiming to promote the city's role as an international hub for talent. The summit, organised by the Talent Engage Office, will feature an international talent forum and a Greater Bay Area High-quality Talent Development Conference. The CareerConnect Expo will provide information on employment, housing, education, and financial services. The event will be attended by political, business, and academic heavyweights, including city leader John Lee Ka-chiu and LinkedIn Asia managing director Feon Ang. The summit will highlight Hong Kong's distinctive advantages and strengthen cooperation with Guangdong provincial cities and Macau. The event is expected to attract professionals interested in moving to Hong Kong.
ECONOMY
Unemployment is the biggest economic challenge for Indian government, say economists
The biggest economic challenge for the Indian government after the ongoing election is unemployment, according to economists polled by Reuters. Despite fast-paced growth, India has failed to generate enough jobs for its large and expanding young population. The Bharatiya Janata Party's focus on existing employment drivers is seen as worrying, as it may cause India to miss out on potential demographic dividends. Prime Minister Narendra Modi's BJP had promised to create more jobs when elected in 2014, but the unemployment rate has remained relatively unchanged. While job creation has been lacklustre, the government's capital expenditure has helped the economy grow. Economists predict that India's economy will grow 6.5% this fiscal year and next, with risks to the upside. Inflation is also expected to be higher than predicted.
Vietnam aims to transform rice sector to combat climate change
Vietnam aims to transform its rice sector to combat climate change and reduce methane emissions. Rice cultivation contributes to climate change due to the methane produced in flooded fields. Vietnam is implementing new techniques such as alternate wetting and drying and using drones for fertilization to reduce water usage and methane emissions. These methods also lower costs and increase farmers' profits. The country's goal is to grow "high quality, low emission rice" on 1 million hectares of farmland by 2030. Vietnam, the world's third-largest rice exporter, recognizes the vulnerability of its rice sector to climate change and has pledged to reduce methane emissions. The Mekong Delta, where 90% of Vietnam's rice is farmed, is particularly vulnerable to climate change.
LEGAL
World sees near breakdown of international law amidst flagrant rule-breaking, Amnesty says
Amnesty International has warned of a near breakdown of international law due to flagrant rule-breaking, multiplying armed conflicts, and rising authoritarianism. The organisation's annual report highlights the disregard for international rules and values by powerful governments including the United States, Russia, and China. Agnes Callamard, Amnesty's secretary general, described the level of violation as "unprecedented." The report emphasizes the increasing backlash against women's rights and gender equality, as well as the potential threats posed by unregulated technological advancements. Amnesty International is calling for urgent action to protect human rights and uphold international law.
STRATEGY
Whirlpool to cut 1,000 jobs globally
Home appliance maker Whirlpool is cutting 1,000 salaried jobs globally in an effort to trim up to $400m in costs this year. The company expects to incur about $50m of restructuring charges. Whirlpool had about 59,000 employees globally as of last year. The company reported a 3.4% drop in first-quarter net sales to $4.49bn.
CYBERSECURITY
Cisco says hackers have breached government networks globally
Cisco Systems has said that hackers have subverted some of its digital security devices to break in to government networks globally. The company's Adaptive Security Appliances, which combine various digital defense functions, were found to have vulnerabilities that were exploited by a group of hackers known as "UAT4356." Cisco described the group as a "sophisticated state-sponsored actor" and urged customers to update their software immediately. The breaches date back to earlier this year. Cisco also warned that the hackers were interested in attacking network devices from Microsoft and other vendors. The Cybersecurity and Infrastructure Security Agency (CISA) has not confirmed evidence of this activity affecting US government networks.
INTERNATIONAL
US Chamber of Commerce sues to strike down FTC ban on noncompete agreements
The US Chamber of Commerce has filed a lawsuit against the US Federal Trade Commission (FTC) to strike down the agency's ban on employers requiring workers to sign noncompete agreements. The Chamber argues that the FTC lacks the authority to enact such rules. The lawsuit claims that the ban will lead to legal costs for companies and hinder the economy by preventing start-ups and small businesses from protecting their investments and confidential information. The FTC and supporters of the ban argue that noncompete agreements suppress workers' wages and hinder job mobility. The FTC estimates that banning noncompete agreements could increase worker earnings by up to $488bn over the next decade and lead to the creation of over 8,500 new businesses annually. Legal challenges to the rule are expected to delay its implementation. The Chamber may seek an injunction to temporarily block the ban. The lawsuit follows the first legal challenge to the FTC rule by tax service firm Ryan LLC.
New legislation passed to protect workers employed by digital platforms
The European Parliament has passed new legislation to protect workers employed by digital platforms, such as couriers, drivers, and food delivery providers. The law creates a presumption of employment relationship, shifting the burden of proof to the platform to demonstrate that the worker is not an employee. The legislation aims to improve working conditions and prohibits firing workers based on algorithmic decisions. It also mandates human oversight for crucial decisions and imposes restrictions on processing personal data. Member States have two years to incorporate these rules into national law, which could lead to a broader review of employment contracts for workers under B2B agreements.
Immigrants boost Spain's economy as labour shortages persist
Spain's economy is thriving, thanks to an influx of immigrants who are filling labour shortages in the tech and restaurant sectors. Immigrants, primarily from Latin America, have accounted for 64% of new jobs created and half of Spain's economic growth in 2023. The proportion of resident foreigners in Spain has risen to 18.1%, above the EU average. The ease of integration, shared language and culture, and recognition of Latin American qualifications have made Spain an attractive destination for immigrants. The country's unemployment rate, although still the highest in Europe, has fallen to its lowest since 2007. Spain's economy is benefiting from the migration wave, similar to the U.S., and is projected to grow the fastest among advanced economies. However, concerns about driving down wages and poor working conditions for Spaniards have been raised.
UK air traffic boss defends engineers who work from home
Martin Rolfe, the CEO of the UK's air traffic services provider, has defended engineers who work from home, telling MPs the ability to problem solve remotely when called upon was "a bonus." NATS - formerly National Air Traffic Services – came under fire last year when an IT systems failure led to air traffic chaos and grounded flights, with Ryanair boss Michael O'Leary accusing engineers of "sitting at home in their pyjamas." Mr Rolfe has defended NATS’ staffing arrangements, telling the Transport Committee his organisation operated a "very similar model to almost all of the rest of critical national infrastructure." He insisted that there were always engineers on site to solve problems but noted that expert "design engineers" were needed for particularly complex issues. Remote working technology, he argued, enables these engineers to look into issues immediately.
 


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