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APAC Edition
3rd May 2024
 
THE HOT STORY
Hong Kong urged to bar non-emergency workers from going to work amid adverse weather
A Hong Kong rights group, the Association for the Rights of Industrial Accident Victims, has called for a prohibition of work to safeguard the safety of workers during extreme local weather conditions. The group made the appeal after the Labour Department updated the code of practice for adverse weather and extreme conditions. The revised guidelines require employers to consider employee safety and the feasibility of travelling to and from work during adverse weather. However, the rights group argues that only a work suspension can effectively protect workers. The group says that the ban should cover non-emergency workers, including security guards. Lawmaker Lam Chun-sing believes that a work suspension for all industries is unnecessary as long as employees can return to work safely and employers can provide a safe working environment. The Labour Department has also adjusted the heat stress warning system for workers, introducing a new arrangement that includes issuing warnings together with the Hong Kong Observatory's "extremely hot weather" special alert.
STRATEGY
Peloton CEO steps down amid fresh round of layoffs
Peloton has announced the departure of chief executive Barry McCarthy, along with a restructuring that will see around 15% of its global workforce, or 400 employees, lose their jobs. The company plans to continue to close retail showrooms and make changes to its international sales plan, with the aim of reducing annual run-rate expenses by more than $200m by the end of fiscal 2025. Mr McCarthy, meanwhile, will be replaced on an interim basis by chair Karen Boone and director Chris Bruzzo. “This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business," the company said. The announcements came as Peloton announced third-quarter results. Sales in the three months to March 31st fell 4% to $718m, and it reported a net loss of $167.3m, or 45 cents per share, compared with a loss of $275.9m a year earlier.
Google lays off 200 employees, shifts positions to India and Mexico
Google has laid off around 200 employees from its so-called "core" team and will now move some positions to India and Mexico. The company's core team develops the technical foundation behind the company's flagship products and ensures user safety online. Google's Developer Ecosystem's vice president, Asim Husain, announced the layoffs in an email to employees. A Google spokesperson said affected workers will be able to apply for other open roles at the company. Google has been reducing its workforce since last year due to a decline in the online ad market.
Wall Street Journal cuts staff in Hong Kong as it shifts focus to Singapore
The Wall Street Journal is cutting staff at its Hong Kong bureau and shifting its focus to Singapore. The newspaper is creating a new business, finance, and economics group in Singapore, and the move comes as numerous international companies have left Hong Kong due to the national security law and pandemic curbs. China's economic slowdown has also affected the work of analysts and financiers in Hong Kong. The city's media environment has deteriorated, with independent news outlets closing and international media shifting positions to other cities. Hong Kong now ranks 135th out of 180 countries in terms of media freedom.
Chicago law firm Mayer Brown to split off Hong Kong operation amid US-China tensions
Chicago-based law firm Mayer Brown is preparing to split off its Hong Kong operation amid US and China geopolitical tensions. Mayer Brown's Hong Kong office will become an independent entity. The breakup comes at a time when companies increasingly need to navigate conflict between the world's two largest economies. The Hong Kong operation was formerly Johnson Stokes & Master, which was established locally in the 19th century. Geopolitical tensions aside, international law firms also face financial hurdles. Law firms have been reducing office space in prime locations, partly due to the dearth of mergers and acquisitions and initial public offerings.
LEGAL
Queensland parliament passes historic legislation decriminalising sex work
Queensland parliament has passed historic legislation decriminalising sex work in the Australian state, after decades of campaigning. However, advocates are concerned the hard-won reform could be overturned if the Liberal National Party (LNP) opposition wins government in October. The attorney general, Yvette D'Ath, who sponsored the bill, stated that "discrimination and stigma" were common in the industry. The new law regulates sex work the same way as all other businesses, imposing planning and workplace health and safety rules. The Queensland Council of Unions general secretary, Jacqueline King, warned that the LNP would face opposition from the united union movement and the sex work industry if it campaigns to criminalise the industry again. The legislation also establishes anti-discrimination protections for sex workers, providing an avenue for redress and sending a message that discrimination against sex workers is not acceptable.
WORKFORCE
IndiGo announces one-time special bonus for employees
India's largest airline, IndiGo, has announced a one-time special bonus for its employees. The bonus, amounting to around 1.5 months of basic salary, will be disbursed to employees along with their May salary. The company acknowledged the challenges faced during the COVID-19 pandemic and the subsequent recovery, which impacted profits. However, IndiGo has demonstrated strong performance and became a net worth positive company. The recent order of 30 Airbus A350-900 aircraft further supports a robust future for the airline. IndiGo's total staff strength is reported to be 32,407 employees.
New Zealand unemployment rate rises in Q1
New Zealand's unemployment rate rose sharply in the first quarter of this year, reaching 4.3%. The increase challenges the Reserve Bank of New Zealand's recent messaging that interest rates will need to remain high to cool inflation. The underutilisation rate, a broader measure of spare labour capacity, also increased to 11.2%. The number of people aged 15 to 24 years in employment fell by 24,900. The labour cost index for salary and wage rates increased by 4.1% in the year to the first quarter.
REMOTE & HYBRID WORKING
Is remote work good for women?
Writing in the FT, Soumaya Keynes crunches the numbers on the impact of remote work on women and men's productivity, and whether it could help to close the gender wage gap.
TRAINING & DEVELOPMENT
Korean high school welcomes international students to foster global talent
Gimcheon High School in North Gyeongsang Province, Korea, has taken the initiative to recruit international students in an effort to foster global talent and enhance international connections. The school aims to nurture future leaders and talented individuals who can serve as bridges between nations. This year, the school admitted eight international students, seven from Vietnam and one from Cambodia. These students have access to enhanced educational opportunities and aspire to pursue diverse career paths. The school provides language classes to help them learn Korean and plans to integrate them into joint classes with Korean students. Additionally, the school offers a homestay program to allow international students to experience Korean culture.
CORPORATE
Japan considers tax breaks for companies converting foreign profits
Japan may introduce measures to provide tax breaks for companies converting foreign profits into the yen and include it in the government's annual mid-year policy blueprint. The tax holiday may be deployed as a policy tool to stem the yen's sharp declines, incentivising firms to return overseas assets to Japan. The tax break would be applied for about 20 trillion yen ($126.74 bn) worth of "foreign direct investment earnings" from companies' overseas subsidiaries. Some government officials are sceptical, stating that favourable tax treatment has already been in place and that additional measures are likely to have an impact. The yen has slumped about 11% against the dollar so far this year.
LEADERSHIP
Some of PwC’s London partners believe Middle East colleagues swung leadership vote
PwC faces a backlash from staff over allegations that Middle Eastern partners prevented the appointment of a woman as the firm's new boss. Senior partners in London believe that voters in Saudi Arabia, the UAE, and other parts of the Middle East played a decisive role in the victory of Marco Amitrano over his two female rivals. The failure to appoint a woman is seen as a missed opportunity. PwC Middle East represents about 25% of the total partners who can vote, making their votes potentially decisive. PwC insists that the election was fair and transparent. Amitrano denies that sexism played a role in his appointment.
INTERNATIONAL
Visa curbs bring fall in UK immigration
UK visas issued to skilled workers, health and care staff, and students have fallen by a quarter compared with last year, leading to a decline in Britain's record levels of immigration. The number of visas granted to these groups decreased from 184,000 to 139,100 in the first three months of this year. The tightening of rules on foreign students bringing family members has led to an 80% fall in dependant visas while the number of study visas issued also decreased significantly. The decline in visas for health and care workers is attributed to measures to strengthen the rules for companies sponsoring visas in the sector. Experts suggest that most of the decline would have happened even without the new policies. Labour said the policy changes had come too late and that they lacked accompanying measures to boost skills in the domestic workforce to fill labour shortages.
OTHER
Millions of students impacted by heatwaves as schools close
As heatwaves become more frequent and intense due to climate change, millions of students around the world are being affected by school closures. The decision to either keep students in hot classrooms or encourage them to stay home and keep cool has consequences for their education. High temperatures can impair cognitive functions and lower students' ability to retain and process information. This is particularly concerning in developing countries, where a large proportion of children are already out of school and test scores lag. The impact of heat on education is expected to widen the learning gaps between hot and cool countries. The closure of schools due to heatwaves also exposes children to risks such as child labour and child marriage. As heatwaves continue to disrupt education, governments and authorities face the challenge of finding solutions to protect students' learning and well-being in a warming world.
 


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