Law
Global Retail Theft Barometer Study finds shrinkage in Japan is the 2nd-highest in the world
According to the fifth annual edition of the Global Retail Theft Barometer, retail shrinkage rate in Japan is 1.04 percent of sales, the third-lowest in the world. However, this rate was up 4 percent compared to the previous year. The total shrinkage amount – profit loss due to customer and employee theft, supplier/vendor fraud and administrative errors – in Japan reached JPY774 billion (USD9.96b), the second-highest worldwide, representing almost 53 percent of the total sum in the Asia-Pacific.
Outsourced whistle-blowing services a growing market in India
Ernst & Young (E&Y) has started a whistle-blowing service to monitor irregularities in Indian companies.
E&Y's independent hotline will receive all complaints and even anonymous calls on irregularities in companies which register themselves for the service. After going through the issues, E&Y officials will work with the company on these, while updating the whistle-blower.
India top court orders 2008 telecom licences be quashed
India's Supreme Court on Thursday ordered the government to revoke all 122 telecoms licenses issued under a scandal-tainted 2008 sale.
India is divided into 22 telecoms zones and there are a total 281 zonal licences in the market of 894 million users and 15 mobile operators, led by Bharti Airtel, Reliance Communications and Vodafone's India unit.
Police say that in 2008, when India issued 122 new telecoms licenses, several rules were violated and bribes were paid to favour certain firms.
Aeon to post 1,000 new grads in Asia
Japanese retail giant Aeon Co. plans to station more than 1,000 new employees, all college graduates, in China and Southeast Asia from this year to accelerate its overseas expansion, company officials said on Wednesday.
They will account for one-third of more than 3,000 college graduates Aeon and its group companies in Japan and abroad will recruit in fiscal 2012, which starts in April.
Bunnings worker loses appeal after shoot jibe in Australia
An employee of Australia's hardware giant Bunnings who allegedly threatened to shoot everyone in the store while impersonating cowboy actor John Wayne has lost his unfair dismissal claim.
Bunnings has also banned the former Cairns employee from all its stores in Australia and police have suspended his weapons licence.
Chinese companies face migrant worker lottery
The lunar new year is the prime job-hopping season in China, offering signs for the direction of the labour market in the world's second largest economy over the coming year.
After two years of record jumps in wage levels and rising labour unrest, most companies expect slightly fewer steep increases in the cost of labour this year. But employers are resigned to a new labour reality in China where workers are scarce and wages continue to increase.
Walmart in China
This article is a review of the book titled Walmart in China.
When inspectors visited a factory in Shenzhen making toys for Walmart, management and workers were given advance warning. Managers coached workers on what to say; they were offered a 50-yuan bonus if they answered correctly and would be fired if they gave the wrong answers.
Shangri-La announces sustainable seafood policy
Shangri-La Hotels and Resorts recently announced its "Sustainable Seafood Policy" including the commitment to cease serving shark fin in all of its operated restaurants as well as accepting new orders for shark fin products in banqueting with immediate effect. Future banquet bookings made prior to this date will be honoured as per the signed contractual agreement. At the same time, Shangri-La announced that it will phase out Bluefin tuna and Chilean sea bass in all its operated restaurants within the year.
Australia dollar drops on report showing jobless rate up
Australia's dollar declined for the first time in three days after a government report showed employers unexpectedly cut jobs last month.
It fell against all 16 of its most-traded peers before a report on consumer prices next Wednesday that may prompt investors to increase bets on an interest-rate cut from the Reserve Bank of Australia (RBA) next month. New Zealand's dollar slid from the highest level in 11 weeks after data showed consumer prices unexpectedly dropped last quarter.
Kraft to cut 1,600 jobs in split
Kraft Foods Inc said that splitting into two companies would lead it to cut about 1,600 jobs in North America this year and that its 2011 profit should be slightly higher than it had previously forecast.
About 40 percent of the job cuts come from the company realigning its US sales division, Kraft said. About 20 percent of the jobs being cut in the US and Canada are currently open positions, the company said. The planned job cuts do not include any cuts at manufacturing facilities.
