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APAC Edition
26th April 2024
 
THE HOT STORY
Australian supermarket giant fined for underpaying workers' long service leave
Australia's largest supermarket chain, Woolworths, has been fined A$1.2m for failing to pay its Victorian employees their correct long service leave entitlements. The company pleaded guilty to 1227 charges of breaching the Long Service Leave Act. Woolworths attributed the issue to a "human error" during an 18-month period of updating its payroll systems. The underpayments, which affected thousands of current and former staff, were self-reported by Woolworths after an internal review. The court heard that 1227 former employees were underpaid between A$250 and A$12,000, and totaling over A$1m. Magistrate Nahrain Warda fined Woolworths A$1.207m and its subsidiary Woolstar A$36,000, emphasizing the importance of protecting employee entitlements. No conviction was recorded. Woolworths has apologised, implemented a repayment process with interest, and cooperated throughout the investigation.
WORKFORCE
Out-of-work bankers in Hong Kong have to reinvent themselves
With the job market for bankers in Hong Kong becoming increasingly challenging, many are seeking unconventional career paths. Some have moved to the Middle East to work for buy-side firms, while others have returned to their hometowns in mainland China to join retail or commercial banks. Some have even invested in restaurants and other businesses. Despite the difficulties, there is life beyond banking, as many have discovered. One former banker who became a CFO of a company says that his work is now more meaningful. Others have struck out on their own, starting their own businesses and projects.
HIRING
Highly skilled foreign nationals prefer Canada over US for work opportunities, study suggests
A study by the National Foundation for American Policy (NFAP) suggests that highly skilled foreign nationals, including international students, are choosing Canada over the US due to difficulties in obtaining H-1B visas and permanent residence in the US. Canada's more favourable immigration policies and easier pathways to permanent residence make it an attractive option for international students, the study says. It is noted that the rise in Indian students attending Canadian universities has fuelled the growth of Indian immigrants to Canada, with a quadrupling in numbers since 2013.
LEGAL
China revamps anti-money-laundering law to crack down on financial crimes
China is revising its anti-money-laundering law to crack down on financial crimes, including cross-border gambling and underground banks. The draft revision is being reviewed by the Standing Committee of the National People's Congress. The aim is to align China's practices with global standards and strengthen its framework for preventing monetary misdeeds. The revision is in preparation for the fifth review by the Financial Action Task Force, an international organisation that sets standards to combat money laundering and terrorism financing. The revised law will require financial institutions to establish and enhance internal control mechanisms, carry out due diligence with customers, and save their identity information and transaction records. It will also bolster the supervision and management of anti-money-laundering operations. The revision is based on a "risk-centric" principle and aims to protect national security and perfect the anti-money-laundering system. The fifth review is expected to be challenging for China and its financial industry, and Chinese financial institutions are advised to use the review period to examine weak links and upgrade their operations.
WORKPLACE
London remains the world’s most desirable city for work
London has been named the world’s most desirable city for work for a tenth consecutive year. While London came out on top, Amsterdam, Dubai, Abu Dhabi, New York, Berlin, Singapore, Barcelona, Tokyo and Sydney all made the top ten. The survey also saw the UK land fourth spot on a ranking of the most popular countries. Australia took the top spot, followed by the US and Canada. The Decoding Global Talent survey, which was conducted by Boston Consulting Group, The Network and The Stepstone Group, polled more than 150,000 workers from 188 countries.
TECHNOLOGY
Hong Kong commits billions to developing AI
Hong Kong is committing billions to developing AI, but employers must do more to train workers and address concerns about safe use and job security. According to a global survey, 84% of Hong Kong employees use some form of AI on the job, with 61% reporting improved productivity. The government has allocated HK$3 billion for supporting AI development, and the Office for Attracting Strategic Enterprises is reaching out to companies. However, concerns about cybersecurity and mistrust of AI tools persist. Hong Kong workers crave a better understanding of AI and want more training. Businesses are advised to offer unique training for individual roles and provide hands-on workshops to build proficiency and trust, and clear guidelines for using generative AI effectively and with minimal risk can help lower cybersecurity risks. 
RISK
India's central bank cracks down on Kotak over IT and risk management lapses
India's central bank, the Reserve Bank of India (RBI), has instructed Kotak Mahindra Bank to immediately stop onboarding new customers through its online and mobile banking channels, as well as to cease issuing fresh credit cards. The RBI cited serious deficiencies in the bank's IT systems and risk management practices as the reason for the order. Despite being under scrutiny and engaging in discussions with the RBI for the past two years, Kotak Mahindra Bank failed to address these issues adequately. The bank's core banking system and digital channels have experienced frequent outages, causing inconvenience to customers. The RBI warned that prolonged outages could impact the bank's ability to provide efficient customer service and harm the broader digital banking and payment ecosystem. The restrictions will be reviewed after a comprehensive external audit and remediation of identified deficiencies.
TAX
Australians' personal income tax burden surges
Australians' personal income tax burden, already among the highest in the world, grew faster than any other advanced economy last year. According to a report published by the Organisation for Economic Co-Operation and Development (OECD), a single, average wage-earning Australian without children saw their personal income taxes climb 7.6% in 2023 compared to 2022. Taxpayers in Luxembourg, which recorded the second-largest increase, saw a 5% increase. On the proportion of gross wages devoted to income taxes, Denmark led the way at 36%, followed by Iceland (27.3%) and Belgium (26%). The OECD average came in at 15.4%.
INTERNATIONAL
Tata Steel rejects union plan to save UK jobs
Tata Steel has rejected union plans to avert thousands of job losses at Britain's biggest steel plant. Tata earlier this year announced a consultation on cutting up to 2,800 jobs in the UK amid its plans to close down blast furnaces at the site in Port Talbot. GMB, Unite and Community union representatives have met with Tata to discuss its plans, urging the firm to agree an alternative proposal that would raise productivity and protect jobs. However. Tata Steel CEO and managing director TV Narendran said the unions' proposal was not "financially or operationally viable." A GMB spokesperson described the decision as an "unwelcome but not expected slap in the face." Members of Community and the GMB are being balloted on whether to walk out over the plans, while Unite members have already voted in favour of industrial action.
More foreign CEOs are leading French companies
For a little while now, a quiet revolution has been under way in France Inc., writes Albertina Torsoli for Bloomberg. Foreign-born CEOs are running some of the country's most-strategic companies, something that would have been unthinkable just a few decades ago. With some of them succeeding in the briefs they've been given, the trend may be here to stay. The moves have come on the watch of President Emmanuel Macron, a former investment banker who has pushed to re-industrialise France, seeking to attract more tech companies to rival the hubs of London, Frankfurt and Berlin, and also to woo diverse international talent. "The world has become a lot more flexible and very global, and CEO hires reflect this," observes Philippe Waechter, chief economist at Ostrum Asset Management. "The older generation didn't have such an open culture."
Vancouver loses legal battle over firefighters' sick days
The City of Vancouver has lost a legal battle over paying firefighters sick days. British Columbia's Labour Relations Board (LRB) dismissed the city's application to review an arbitrator's decision that found Vancouver had denied firefighters required sick leave. The city is reviewing the LRB decision and has until April 30 to appeal. The legal battle began when IAFF Local 18 filed a grievance in 2022, arguing that the city had broken provincial law. The arbitrator's decision stated that the city violated the Employment Standards Act and ordered it to pay firefighters for any sick leave taken after April 2022. The B.C. Court of Appeal dismissed the city's attempt to overturn the decision. "It's been a challenging process," said Lee Lax, vice-president of IAFF Local 18. "We remain hopeful that, like all employees in British Columbia, we will continue to have access to employer-paid sick days as prescribed in the Employment Standards Act."
Iran launches crackdown on unveiled women
Iran has launched a crackdown on women accused of flouting the Islamic dress code. The Noor campaign aims to enforce mandatory hijab-wearing and respond to demands from devout citizens. Under Iran's sharia law, women are required to cover their hair and wear loose-fitting clothes. Violators face public rebuke, fines, or arrest. Some critics suspect a political motive, suggesting that the campaign is meant to prevent anti-war protests and quell domestic dissent. The crackdown comes at a time when Iran is under external pressure and facing threats from Israel. Journalists, lawyers, activists, and students have also faced arrests and other measures. The primary charge against those arrested is "inciting public opinion."
OTHER
World's first Sikh court launches in UK
The world’s first Sikh court has been launched in the UK amid claims that secular judges lack expertise to deal with the religion's sensitivities. Launched last weekend at a ceremony at the Old Hall at Lincoln's Inn in London, the court will operate as an alternative dispute resolution forum for British Sikhs caught in family and civil disputes. Although likely to reignite debate over religious courts, including sharia and Beth Din dispute resolution systems, which operate in the UK for Muslims and Jews, Baldip Singh, one of the court's founders, stressed that it was not a religious tribunal. Unlike Islam and Judaism, Sikhism does not have its own legal code. He said that its purpose will be "to assist Sikh families in their time of need when dealing with conflict and disputes in line with Sikh principles." The new court will operate remotely and in person, and will comprise 30 so-called magistrates and 15 judges, of whom most will be women. The magistrates will mediate between parties to negotiate a settlement, as well as directing them to a course to help them to work on specific issues.
 


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