Major International Business Headlines Brief::: 02 September 2021

Thu Sep 2 09:31:20 CAT 2021

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Major International Business Headlines Brief::: 02  September 2021

 <https://www.nedbank.co.zw/> 

ü  Driver shortage: 'I got a big pay rise overnight'

ü  More students turn to crypto investing to plug financial gap

ü  Portugal changes vaccine rules for UK visitors

ü  One in seven bookings failing to show up at restaurants

ü  Amazon to recruit 55,000 staff for expansion drive

ü  Afghanistan: Facebook says it helped people flee, including staff

ü  Asia stocks in cautious mood, dollar near 1-mth lows

ü  ByteDance says it will downsize fintech business, plans to sell stock
broker ops

ü  McDonald’s hiring 14-year-olds in Oregon amid labour shortage

ü  China steps in to regulate brutal '996' work culture

ü  China expected to keep curbs on int'l flights throughout H1 2022 - Air
China to analysts

ü  Chinese regulators raise concerns with ride-hailing firms

ü  U.S. blocking Chinese acquisitions of global tech firms a "red flag" -
Chinese state-backed tabloid

ü  Sackler family wins immunity from further opioid litigation

ü  Driver shortage: 'I got a big pay rise overnight'

ü  Tanzania: Nzasa-Kilunde-Buza Road Section Nears Completion

ü  Nigeria: Some Nigerian-Based Experts Warn of China's Growing Influence in
African Technology

ü  Kenya: Men Likely to Default On Loans Than Women - Reelanalytics

ü  Nigeria: Labour Threatens Industrial Action to Halt Electricity Tariff
Hike

 <mailto:info at bulls.co.zw> 

Driver shortage: 'I got a big pay rise overnight'

Many businesses have been complaining about the UK's shortage of lorry
drivers, which is still causing serious supply chain problems.

The coronavirus pandemic, Brexit and tax changes have all contributed to a
lack of qualified drivers. Industry bodies estimate there is a shortfall of
about 100,000 workers.

So what is it like to be a heavy goods vehicle (HGV) driver and work in the
industry?

Tom Reddy has been driving lorries for more than 15 years and his pay was
recently increased from £17.50 an hour to £24.50 - a 40% jump.

"I've never known anything like it," he told the BBC. "But they could pay me
£80,000 a year and it wouldn't be enough, I want to leave."

Mr Reddy says it is difficult to have a family life with the unsociable
hours the job demands.

While Brexit is a factor, it is the shifts, regularly sleeping in a lay-by
and the rude way in which members of the public talk to him that make him no
longer want to continue in the job.

He also blames gender imbalance in the workplace, as well as racism and
xenophobia on the road for his decision to leave.

While he welcomes recent moves by the industry to give more attention to the
mental health of drivers, this isn't enough for Mr Reddy.

However he thinks it can be difficult for some people to leave the
profession: "For many of us, it is hard to get out of, because it doesn't
give you the skills other employers want, even though it is a highly skilled
job."

Sam Waine works as a delivery driver for automobile parts distributor Euro
Car Parts, but she is now looking to make a switch to driving HGVs for a new
challenge.

"I enjoy the quietness, you can do what you like as long as you get the job
done - and you feel a bit more free."

Having previously worked as a care assistant, she doesn't have a problem
with the long shifts.

Even so, the process has not been without its challenges.

Sam initially applied for her licence in early January. Her provisional
licence took a month to arrive, but had to be sent back after mistakes were
made with the category she was awarded.

And few theory and practical tests were available during the pandemic.

Now desperate to get behind the wheel, Sam says: "It's very frustrating at
the moment - I can't risk getting a full-time job and having to quit a few
weeks or months later.

"I know a lot of companies need help and obviously we need a job. It's not
our fault - we're just waiting."

Nick Downing, an HGV owner and driver, has been in the role for 43 years and
seen how the industry and working conditions have changed over time.

When he started out in the late 1970s, parking overnight and using free
facilities in towns like public bathrooms was quite common. He says most
have now closed, leaving few options available when driving in the UK.

"On the Continent, their facilities are a lot better than our own and I
think that's a lot of the reason why the younger generation are not coming
into the job."

He says that conditions "get worse every week" and people are often not very
understanding.

"People don't want you parking in their back gardens or parking in lay-bys,
and we don't want to either, to be honest," he adds.

"We're away five or six nights a week. We just want to feel secure and have
facilities with a toilet and shower block. I don't think that's a lot to ask
in the 21st century."

He says that the time taken to find somewhere suitable to park at night can
have a knock-on effect, delaying deliveries and resulting in lost revenues
the next day.

Due to his experiences, Mr Downing says he cannot recommend his profession
to young people.

"It's a sad thing to say, but I don't think you should. Maybe pay a bit more
attention at school, instead of kicking a ball about like I did."-BBC

More students turn to crypto investing to plug financial gap

Students facing a financial shortfall have increasingly turned to
cryptocurrency investment to fund life at university, a survey has
suggested.

The proportion of students investing in cryptocurrencies tripled in a year,
website Save the Student found.

But one 22-year-old investor said he had lost money and warned others to do
their research before getting involved.

Three-quarters of those surveyed said they had considered dropping out of
their studies.

Mental health issues and the pandemic were the most likely reasons, but 41%
said money was the key issue.

"With an unstable part-time job market as well as some parents losing
earnings due to the pandemic, the usual funding sources for students
bridging the finance shortfall have become hard to come by," said Jake
Butler, from Save the Student.

The survey found that the typical student faced a shortfall of £340 every
month, as maintenance loans failed to cover the average monthly living
expenses of £810.

Financial help from parents, a part-time job and savings are still the most
likely ways by far to plug that gap.

Some said they had found other ways to raise money, ranging from overdrafts
and selling possessions to gambling and taking part in drugs trials.

Investment in cryptocurrencies was still niche, with about 6% of students
trying it, but their numbers had risen threefold in a year.

One of those was Daniel Tones, who studied psychology at the University of
Warwick.

The 22-year-old said that income from a role as a student ambassador had
been limited during the Covid crisis, but he had managed to bring in some
money by making Amazon deliveries.

Group chats had planted the seed of interest in cryptocurrency investment,
he said.

"I gave it a try," he said, "but very quickly I made a loss."

He said he wished, after talking to economics students about it, that he had
learned a lot more before choosing to take the risk. It was very easy to
start putting money in, he said, but he ended up losing a few hundred
pounds.

Warnings to young investors

Other students say that investing has been more successful for them, but
regulators have warned young people to be aware of the risks when using
their money in this way.

The Financial Conduct Authority has said that young people are investing in
high-risk products for the "challenge, competition and novelty" involved.

They were attracted by the "thrill" rather than by saving for the future, it
said.

In June, the regulator said that 14% of crypto buyers who were surveyed said
they had borrowed to invest, buoyed by reports of big gains - a statistic
one analyst described as "simply terrifying".-BBC

Portugal changes vaccine rules for UK visitors

Travellers from the UK to Portugal will not need to be fully vaccinated to
avoid quarantine, the country's tourist board has said.

Instead, UK visitors will only need to show proof of a negative PCR antigen
test to get into the country.

Visit Portugal said the measures also apply to passengers embarking and
disembarking cruise ships on the coast of the Portuguese mainland.

The new rules are in place from Tuesday and will be effect until 16
September.

UK travellers, aged 12 and above, must show a valid PCR or antigen test
certificates to airline check-in staff to board flights to Portugal.

A PCR test must be taken up to 72 hours before departure, or an antigen test
up to 48 hours before travel.

Children aged 11 or under are not required to present proof of negative
Covid tests and do not have to be vaccinated.

However Portugal's tourism board said the rules may be revised at any time,
depending on scientific or medical changes pertaining to the pandemic.

Anything that makes travel easier to and from Europe is welcomed by the
travel industry, but this change has come late in the summer when many
potential travellers are fully vaccinated anyway.

It's unlikely to make a major impact on UK trips to Portugal, particularly
as Portugal's mainland is still on the UK's amber list.

This means anyone not double jabbed will have to quarantine when they arrive
in the UK.

But it is a move in the right direction for travel companies who hope
countries will continue to open up rather than close shut.

At present, shops and restaurants in Portugal are currently allowed to stay
open until 2am and bars and clubs may close even later.

But customers can only enjoy the revelry sitting down - dancing will be
allowed again in October if the vaccination campaign continues successfully.

Portugal is currently on the UK's travel amber list, amid concerns about
rising Covid cases.

Adults fully vaccinated in the UK, the US and most European countries don't
have to self-isolate upon their return to the UK.

But a Covid test is needed three days before returning from an amber
country, and a PCR test two days after arriving.

Arrivals who are not fully vaccinated need to quarantine for 10 days and
take an additional PCR test on or after day eight.-BBC

One in seven bookings failing to show up at restaurants

People who do not turn up to reservations they have made at pubs and
restaurants are costing the hospitality sector £17.6bn a year, a report
says.

Data from hospitality technology firm Zonal said one in seven customers have
not turned up for a reservation without telling the venue since April.

It said 18-34-year-olds were the "worst offenders" for no-shows, with more
than a quarter not honouring bookings.

Industry group UK Hospitality said no-shows were "deeply damaging to
venues".

Jacob Georgallis, general manager at Toast Bar in Leeds, said punters not
turning up and not cancelling bookings had "massively" affected the business
during times when some coronavirus restrictions remained.

"We'd be fully booked but then no-shows would happen and you've turned away
three or four groups who could have taken the space," he said.

"It was a really gutting feeling for us, and a nightmare for staffing and
forecasting."

During Euro 2020, the bar took pre-orders on food and drinks and did not
experience any no-shows, apart from customers unable to attend due to
Covid-related reasons.

Mr Georgallis said he hoped there was a "big push" towards solving the
problem and "finding ways to take money up front".

The research, conducted by Zonal and consultancy firm CGA, surveyed 5,000
people nationwide.

Although younger people were found to be the most likely out of the sample
to fail to turn up to bookings, compared to just 1% of those aged 55 and
over, younger adults were more frequent bookers and ate out more often.

In its report, researchers said Londoners were found to be the worst no-show
offenders in the UK, with 24% of consumers in the capital admitting to not
notifying a venue that they weren't planning to turn up.

The figure was higher than the national average of 14%. The report said
customers in Scotland, the South West and the South East were most likely to
honour their reservations, with just 10% failing to show up.

UK Hospitality said the £17.6bn loss from no-shows equated to 13.3% of the
sector's £132bn in pre-pandemic revenue.

Vicky Liner, marketing director at West Midlands-based Suburban Inns, said
no-shows had "calmed down a little bit" after the venue started asking
patrons to hand over card details and put down deposits when making a
booking.

"Taking deposits wasn't something we really wanted to do, but we've had to -
and they're no bad thing if they help to change the culture," she said.

"We still want spontaneity in hospitality and give people the option to just
walk in."

In response to the survey findings, Zonal and UK Hospitality have launched a
campaign aimed at encouraging people to honour the bookings they make, or at
least inform venues if they have to cancel a booking.

UK Hospitality's chief executive Kate Nicholls said no-shows had been a
blight on the industry for "many, many years". Added to the difficulties
businesses were experiencing due to the pandemic, they were "currently
deeply damaging."

"Our pubs, bars and restaurants deserve our support and it's encouraging
that this research shows there is a growing realisation among customers of
the need to honour their booking or let the venue know they can't make it,"
she said.

"But it also highlights the fact that no shows still happen far too often,
with younger customers particularly responsible, and that really can't go
on."-BBC

Amazon to recruit 55,000 staff for expansion drive

Amazon is looking to hire 55,000 staff globally for corporate jobs and roles
in robotics, research and engineering.

About 40,000 jobs will be in the US, with 2,500 in the UK and the remainder
mostly in India, Germany and Japan.

Chief executive Andy Jassy said Amazon needed more staff to keep pace with
expansion of its retail, cloud computing and advertising arms.

"Amazon continues to grow quickly, and relentlessly invent across many
areas," he said in a statement.

A large number of the posts are likely to be for the company's new satellite
launch programme - Project Kuiper - to widen broadband access.

Amazon said it has already recruited 10,000 people in the UK this year,
bringing the workforce to 55,000. More details of the recruitment drive are
expected ahead of a planned global Amazon Career Day jobs fair starting on
15 September.

News of the global hiring was first disclosed in an interview Mr Jassy gave
with Reuters, one of the first he has given to the media since since taking
over from Jeff Bezos this year.

"There are so many jobs during the pandemic that have been displaced or have
been altered, and there are so many people who are thinking about different
and new jobs," Mr Jassy told the news agency.

Amazon offers £1,000 joining bonus for new staff

Amazon, the second largest employer in the US, has about 275,000 tech and
corporate staff globally. The company has been expanding its warehouse and
distribution operation rapidly.

The latest recruitment drive comes as companies in the US, and also the UK,
report growing problems filling skilled roles. Amazon has offered a
signing-on bonus to fill some roles.

It also comes amid increased scrutiny of Amazon's working practices from
unions and pressure groups.

In Alabama earlier this year there was a failed attempt by some warehouse
workers to form a union, prompting Mr Jassy to say Amazon needed a better
"vision" for employees.

Asked by Reuters if he might change Amazon's reputation as a demanding place
to work, Mr Jassy said: "Everybody at the company has the freedom - and
really, the expectation - to critically look at how it can be better and
then invent ways to make it better."

Separately, US supermarket chain Walmart said it was hiring 20,000 new
warehouse workers ahead of the holiday season.

The firm, which offered some warehouse workers $1,000 retention bonuses this
summer due to a staff shortage, said the jobs would be permanent
positions.-BBC

Afghanistan: Facebook says it helped people flee, including staff

Facebook has told the BBC that it took part in an effort to help 175
citizens leave Afghanistan after the Taliban took control of the country.

The company said some staff members were also on the flight to Mexico City.

The Mexican government confirmed the flight was carrying activists and
independent journalists along with their families, including 75 children.

Multi-national companies and organisations have continued to pull out of
Afghanistan.

"In the process of assisting Facebook employees and close partners leave
Afghanistan, we joined an effort to help a group of journalists and their
families who were in grave danger," a Facebook spokesperson told the BBC.

"Thanks to the leadership of the Mexican government, and the support of the
UAE in providing the initial landing, the journalists have been welcomed in
Mexico," the company added.

The firm declined to give any further details due to the ongoing security
situation in Afghanistan.

The Mexican government said the group of Afghan citizens arrived in the
country on Wednesday: "This group, the fourth to come to Mexico for
humanitarian reasons due to the situation in Afghanistan, is made up of
social media workers, activists and independent journalists and their
families, including 75 children."

Two weeks ago, Facebook brought in new safety measures for users worried for
their safety in Afghanistan, as the Taliban continued to cement their grip
on power.

The additional measures were announced by Facebook's head of security
policy, Nathaniel Gleicher.

"We've launched a one-click tool for people in Afghanistan to quickly lock
down their account. When their profile is locked, people who aren't their
friends can't download or share their profile photo or see posts on their
timeline," Mr Gleicher tweeted.

The company also confirmed earlier this month that it will continue to ban
Taliban content from its platforms as it considers the group to be a
terrorist organisation.

"The Taliban is sanctioned as a terrorist organization under US law and we
have banned them from our services under our Dangerous Organisation
policies. This means we remove accounts maintained by or on behalf of the
Taliban and prohibit praise, support, and representation of them," a
Facebook spokesperson told the BBC.

Last week, the World Bank halted funding for projects in Afghanistan, citing
concerns over how the Taliban's takeover will affect "the country's
development prospects, especially for women".

The move came just days after the International Monetary Fund suspended
payments to the country.-BBC

Asia stocks in cautious mood, dollar near 1-mth lows

(Reuters) - Asian share markets were in a cautious mood on Thursday as
concerns grew over the Chinese economy after a run of soft data, while the
risk of a sub par U.S. payrolls report kept the dollar on the defensive.

A raft of manufacturing surveys suggested supply bottlenecks were tightening
again with eight of nine Asian countries reporting longer delivery times.

"The spread of the Delta variant amid still-low vaccination rates in many
ASEAN economies and China's zero-tolerance Covid strategy has prompted
governments to impose restrictions and order factory/port closures," warned
analysts at Nomura.

"Input shortages and low inventories will likely lead to production cuts and
delayed shipments in Q3."

The uncertainty kept Chinese blue chips flat (.CSI300), though speculation
of more fiscal stimulus offered some support.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
edged up 0.2% to a five-week high, helped by buying for the new quarter.
Japan's Nikkei (.N225) added 0.1%, while South Korea (.KS11) fell 0.6%.

Nasdaq futures and S&P 500 futures were barely changed, while EUROSTOXX 50
futures eased 0.2% and FTSE futures 0.1%.

Wall Street has been preoccupied with second guessing U.S. August payrolls,
due out on Friday, with the task made all the more uncertain by a
disappointing reading on ADP private payrolls but a solid ISM survey of
manufacturing. [nN9N2NL019[ read more

Median forecasts are for a strong rise of 750,000 jobs, but they range from
375,000 to 1.02 million with the ADP report prompting speculation the risks
are to the downside.

Yet a soft number could be positive for risk assets since it would lessen
pressure for an early tapering from the Federal Reserve.

"A print closer to 400k rather than 800k effectively means that the Fed's
condition of "further substantial progress" in the labour market will take
longer to materialise, thus delaying the tapering decision from September to
November," said Rodrigo Catril, a senior FX strategist at NAB.

"Bad news in the labour market are good news for risk assets given the
punchbowl will remain well liquefied for a bit longer."

ECB HAWKS SOUND OFF

Amid the jobs chatter, 10-year Treasury yields eased back to 1.30% and away
from the recent top of 1.375%, while the U.S. dollar index touched a
one-month low.

The euro also reached its highest since early August at $1.1856 and was last
holding steady at $1.1840 .

The single currency was aided by hawkish comments from Bundesbank President
Jens Weidmann who cautioned against inflation risks and called for a
slowdown in bond buying by the European Central Bank. read more

In contrast, the Bank of Japan shows no sign of tapering its massive
purchases as the country remains mired in a decades-long battle with
deflation.

That kept the dollar firm at 110.00 yen and comfortably within the tight
108.71 to 110.79 range that has lasted for the past two months.

Commodities would likely benefit from any delay in Fed tapering, helping
underpin gold at $1,813 an ounce but short of resistance around $1,823.

Oil prices eased after OPEC+ agreed to stick to a policy of adding 400,000
barrels per day a month to the market, though it also defied pressure for an
even larger increase. read more

"Ignoring calls from the White House for further barrel increases, we think
that OPEC+ will stay on this current course unless there is a clear
deterioration in the demand outlook," said analysts at RBC Capital Markets
in a note.

"Moreover, we reiterate that if there is a price bias for the majority of
the OPEC+ membership, it is to the upside given the high fiscal breakevens
of member states."

Brent slipped 52 cents to $71.07 a barrel, while U.S. crude lost 59 cents to
$68.00.

The Thomson Reuters Trust Principles.

ByteDance says it will downsize fintech business, plans to sell stock broker
ops

(Reuters) - Beijing-based ByteDance, the owner of TikTok, said on Wednesday
that it would shrink its financial services unit and that it planned to sell
its stock broking operations amid China's tightening grip on the financial
technology (fintech) sector.

ByteDance operates Songshu Zhengquan, which translates to Squirrel
Securities, in Hong Kong, and Haitun Gupiao, or Dolphin Stocks, in mainland
China.

China recently has been tightening scrutiny towards the fintech sector,
requiring companies to set up financial holding companies if they meet
requirements to do so, as Alibaba's (9988.HK) fintech affiliate Ant Group
was forced to do earlier this year, a move that tightens capital
requirements.

Sources have said that ByteDance has never prioritised fintech expansion,
and that it has focused on sectors including e-commerce and gaming as its
new sources of growth.

ByteDance also operates Douyin Pay, its own third-party mobile payment, to
facilitate users on e-commerce transactions on short video app Douyin, the
Chinese version of TikTok.

China's two ubiquitous third-party mobile payment channels, Ant's Alipay and
Tencent Holdings' (0700.HK) WeChat Pay, are also available on Douyin.

The Thomson Reuters Trust Principles.

McDonald’s hiring 14-year-olds in Oregon amid labour shortage

A branch of McDonald's in Oregon, US, is calling on 14 and 15 year olds to
apply for jobs at the restaurant amid a shortage of fast food workers.

The Biddle Road franchise in Medford put a banner outside its shop two weeks
ago, urging younger workers to apply.

According to reports, it has seen a spike in applications since making the
offer, which complies with labour laws.

It comes as fast food and other outlets across the US struggle to fill
vacancies despite restrictions easing.

Heather Kennedy, operator of the Medford restaurant, told Business Insider
such staff shortages were "unheard of" in her family's 40-year history
operating McDonald's franchises.

Initially she tried to attract more workers by raising the restaurant's
minimum wage to $15 (£10.50), but did not spark enough interest.

However, Ms Kennedy said she had received more than 25 new applications
since she opened her doors to under 16s.

McDonald's declined to comment on the move but told the BBC it was sharing
best practices for hiring with all its franchisees.

It added that franchisees had a range of measures to tackle staff shortages
including better pay, sign-on bonuses, and new benefits like backup
childcare.

McDonald's also recently announced it will be raising hourly wages to reach
an average of $15 per hour at company-owned restaurants across the country.

It is not the first fast food chain to ask younger workers to fill staffing
gaps.

Branches of Burger King and Wendy's have put up similar signs recently. And
according to reports, the Texan chain Layne's Chicken Fingers is promoting
workers in their teens and early 20s into managerial positions, amid a lack
of more experienced recruits.

US labour laws vary from state to state, but in Oregon, people aged 14 and
above are allowed to work in non-hazardous jobs such as food service, as
long as their hours are limited to accommodate schooling and they get
adequate rest breaks.

However, it seems to be rare - the average age of an employed McDonald's
worker in the US is 27, according to research from jobs website Zippia.

There is currently a sharp labour shortage in the US as fear of Covid,
schools remaining shut, and a lack of available child-care keeps workers at
home.

Some economists have also blamed generous federal benefits brought in during
the pandemic - which provide an extra $300 every week - although these have
already expired in many states.

Vacancies for lower skilled, lower paid jobs have been particularly hard to
fill, prompting firms such as Walmart and Amazon to offer retention bonuses
and higher starting wages.-BBC

China steps in to regulate brutal '996' work culture

Chinese tech tycoon Jack Ma famously said it was a "blessing" for anyone to
be part of the so-called "996 work culture"- where people work 9am to 9pm,
six days a week.

Now, China's authorities have issued a stern reminder to companies that such
punishing work schedules are in fact, illegal.

In a joint statement published last Thursday, China's top court and labour
ministry detailed 10 court decisions related to labour disputes, many
involving workers being forced to work overtime.

The cases covered various scenarios across a wide range of sectors, from
tech to the media and construction.

The one thing they had in common? The employers had lost.

"Legally, workers have the right to corresponding compensation and rest
times or holidays. Complying with national working hours is the obligation
of employers," the notice warned, adding that further guidelines will be
developed to resolve future labour disputes.

But will China's clearest warning yet pave the way for real change for some
of its overworked citizens?

Tipping point

According to China's labour laws, a standard work day is eight hours-long,
with a maximum of 44 hours a week. Any work beyond that requires extra pay
for overtime.

But this has not been well enforced.

In many of the country's biggest firms - particularly in the thriving tech
sector - employees often work far longer hours and are not always
compensated.

Employees have grumbled about their brutal schedules over the years, and
some have even tried to fight back. In 2019, a group of programmers made
headlines when they launched a campaign on code-sharing platform Github,
blacklisting start-ups that overworked staff from using their open-source
code.

Yet, gruelling 996 culture has carried on, with the government taking a
hands-off approach.

After all, this same work ethic has also been credited as the driver of
success for these firms, some of which have since become incredibly
prominent on the world stage.

Like Mr Ma, who founded online retail giant Alibaba, e-commerce platform
JD.com chief Richard Liu has previously defended this culture, hitting out
at "slackers".

But public anger means authorities can no longer turn a blind eye, experts
told the BBC.

"It has reached a tipping point, and there's a real sense of urgency for the
officials to get this message out now - especially after the very
high-profile worker deaths," said Dr Jenny Chan from Hong Kong Polytechnic
University.

Earlier this year, two employees at e-commerce platform Pinduoduo died weeks
apart - a young worker collapsed on the way home after working long hours,
while another died by suicide.

And in January, a food delivery driver set himself on fire after he was
allegedly denied $770 (£416) in overdue wages, just one month after a worker
had died while delivering meals for online platform Ele.me.

It is unclear if the cases were directly linked to overwork, but they caused
outraged netizens to debate 996 culture and the "dark side" of working at
some of the country's most acclaimed firms.

Numerous threads went viral on social media as other workers came forward to
say they regularly worked more than 300 hours every month - far surpassing
legal limits.

And for many workers who are pulling in longer hours than ever amid the
pandemic, enough was enough.

"I am so tired. I can't remember when I last saw daylight. Meanwhile, big
companies are just getting richer. How is this fair?" one user wrote on
microblogging platform Weibo.

'China needs its workers to stay competitive'

The widespread backlash has not sat well with Beijing, which strives to
maintain social stability - all the more crucial given the sheer number of
people working in the digital economy.

"Whether it's the knowledge workers in internet businesses or the
blue-collar workers at delivery platforms - both employ millions of workers,
and many are most likely working 996 hours," Dr Song Zhaoli, of the National
University of Singapore, said.

With grievances rising among workers, some are mobilising collective action.
According to Hong Kong-based NGO China Labour Bulletin, 131 cases of food
delivery worker protests were recorded between 2016 and 2021.

"The government cannot sit still and let this blow up. They want domestic
peace," Dr Chan said.

A move towards better labour protection also comes as the attitudes of many
young Chinese have changed, experts say.

Unlike their parents who believed that hard work pays off, there has been a
growing sense of dissatisfaction among exhausted youth who see little reward
in doing the same.

Some are so disillusioned that the "tang ping" movement - literally meaning
to "lie flat" - has gained traction in recent months, referring to the idea
that people should not overwork and instead be content with more attainable
achievements.

Why China's youth are 'lying flat' on the job

"Young people have seen other possibilities and they prefer more flexible
lifestyles," Dr Song explained.

But this is a concept that worries authorities as the country grapples with
a shrinking labour force in the years ahead. In May, China's once-a-decade
census revealed its slowest population growth in decades.

"This is of big concern for the government because it needs these workers to
keep the economy going," Dr Chan said.

"That's why it is now trying to create an employment system that seems more
humane for young workers - to make work appealing to them. China needs them
to remain competitive."

Going forward

On social media, general reactions to last week's state notice were
cautious, with many wondering if it would truly improve their working lives.

But experts are more optimistic.

As China continues its crackdown on some of its largest firms to stem their
influence, companies will not dare to cross lines, they say.

"The court cases were set as examples in a clear message to employers - if
you don't treat your workers well, you will lose," Dr Chan said.

And it seems to have started working.

Last Saturday, smartphone maker Vivo said it would scrap its "big/small
weeks" practice, where workers alternate five and six-day working weeks.

"From now on, we are people who will have full weekends! Let's work towards
creating a happy and progressive environment for our workers," it said in an
online post.

Workers may now also feel more emboldened to take their bosses to court.

"I expect more workers will likely invoke their rights under the labour laws
when they feel they have been mistreated," said Angela Zhang, a law
professor from the University of Hong Kong.

"Following the guidance from the Supreme Court, lower courts in China will
also be more likely to support the stance of the workers in similar labour
disputes."-BBC

China expected to keep curbs on int'l flights throughout H1 2022 - Air China
to analysts

(Reuters) - China's aviation regulator is likely to keep the current tight
caps on international flights throughout the first half of 2022, analysts
cited Air China as saying this week.

The move has broad implications for tourism in the Asia-Pacific region,
where Chinese outbound travellers normally play an outsized role, though
other countries have also been slow to open borders because of relatively
low vaccination rates and rising COVID-19 cases.

The Civil Aviation Administration of China (CAAC) last month said that
weekly international flights were at only 2% of 2019 levels, as more flights
were suspended amid a rising number of imported COVID-19 cases.

China's three biggest airlines, Air China, China Southern Airlines and China
Eastern Airlines, said in their earnings calls that CAAC's restrictions on
international flights may continue until the first half of 2022, given the
government's COVID-19 prevention approach around the Beijing Winter Olympics
in February, Parash Jain, head of shipping, ports and Asian transport
research at HSBC, said in a note on Wednesday.

This would push a full recovery further out to 2024, Jain added.

Expectations of a delayed recovery in international travel have partly led
some analysts to lower earnings forecasts over the next few years. China
Merchants Securities, for example, cut their estimates for net profit for
Air China (601111.SS) to -9 billion, 2.7 billion, and 6.7 billion yuan in
2021, 2022, 2023.

Air China management told analysts that the recovery of China's outbound
travel would be slower than that in the United States and Europe, adding
that the vast majority of developing countries have not achieved high
vaccination rates.

They added CAAC was not expected to loosen restrictions until after the
first half of 2022.

Chinese airlines do not hold a media call on results, but two analysts
briefed Reuters on what was said, speaking anonymously because they were not
authorised to comment beyond notes to clients. Air China and CAAC did not
respond to a Reuters request for comment.

CAAC slashed international flights in March 2020 to allay concerns over
rising coronavirus infections. A so-called "Five One" policy allows mainland
carriers to fly just one flight a week on one route to any country and
foreign airlines to operate just one flight a week to China.

The CAAC has the tweaked the policy with flight suspensions or capacity caps
for airlines if a certain number of passengers are found to have been
infected with COVID-19, or adding flights if an airline does not import any
cases.

The Thomson Reuters Trust Principles.

Chinese regulators raise concerns with ride-hailing firms

(Reuters) - Chinese regulators summoned 11 ride-hailing firms including Didi
Global Inc (DIDI.N), Geely's (GEELY.UL) Caocao and Meituan's (3690.HK)
ride-hailing unit to a meeting, the transport ministry said on Thursday, to
discuss points of concern in the sector.

At the meeting held on Wednesday, authorities highlighted the hiring of
unqualified drivers and use of promotions that disrupt fair market order,
the ministry said in a statement.

Regulators urged ride-hailing companies to comply with relevant rules and
protect data security, the ministry said.

Regulators have frequently held talks with the ride-hailing industry, which
offers tens of millions of rides a day in China, on topics of driver
salaries, safety and other issues.

Regulators launched a cybersecurity probe into Didi, China's top
ride-hailing company, after its New York initial public offering in June.
Since then other companies have jostled to attract new customers.

The Thomson Reuters Trust Principles.

U.S. blocking Chinese acquisitions of global tech firms a "red flag" -
Chinese state-backed tabloid

(Reuters) - Chinese state-backed tabloid the Global Times called U.S.
efforts to block cross-border acquisitions of tech companies a "red flag"
that impedes China's tech sector and disrupts the growth of the global tech
sector.

The outlet, which is published by the People's Daily, China's official
newspaper for the ruling Communist Party, argued a recent attempt to block a
Chinese purchase of a Korean chip company "represents a dangerous precedent
for the industry as a whole."

"If the US succeeds in blocking the deal this time, it could set a very bad
precedent for global high-tech mergers and acquisitions, further
consolidating the industrial concentration in the US," the op-ed read.

In March, China-based private equity group Wise Road Capital announced it
would purchase Korea's Magnachip Semiconductor Corp (MX.N) for $1.4 billion.

On Monday, Magnachip said in an SEC filing that the U.S. Department of
Treasury, in a letter to the company's legal counsel last Friday, said the
acquisition posed "risks to the national security of the United States."
read more

The chip sector has become a hotbed for tensions between the U.S. and China.

Both countries are pouring billions of into their domestic industries, with
the recognition that semiconductors are critical to national security and
economic development.

Cross-border acquisitions, which require approval from regulatory bodies,
have at times fallen apart because of government objections.

In 2018, Qualcomm Inc's (QCOM.O) planned $44 billion acquisition of Dutch
chipmaker NXP Semiconductors NV (NXPI.O) failed after China's anti-monopoly
regulator signaled it would not approve the deal.

That same year, Singapore's Broadcom Inc withdrew its $117 billion bid to
acquire Qualcomm after Washington's Committee on Foreign Investment in the
United States (CFIUS) said the purchase could endanger the U.S' national
security by aiding China.

The Thomson Reuters Trust Principles.

Sackler family wins immunity from further opioid litigation

A US judge has approved a bankruptcy plan for the maker of OxyContin
painkillers, shielding its wealthy owners the Sacklers from further legal
action over their roles in America's opioid epidemic.

Under the deal, Purdue Pharma will pay $4.5bn (£3.3bn) to settle lawsuits
related to the crisis.

The Sackler family will also give up control of the drugmaker.

But they also have immunity from future lawsuits, despite strong opposition.

Nearly all US states, hospitals, native American tribes and other creditors
approved the settlement, although some states said they would appeal.

Judge Robert Drain noted that the Sackler family members who testified
showed little remorse. "A forced apology is not really an apology," he said.
"And so we will live without one."

In 2020, Purdue pled guilty to criminal charges over its marketing of
Oxycontin, a painkiller it knew was addictive and being widely abused.

Those charges included defrauding health agencies and making illegal
payments to doctors to encourage the over-prescription of opioids, leading
to overdoses and addiction which strained public health and policing
resources in cities and towns across the US.

However, the Sacklers have always denied any personal responsibility for the
crisis, which has affected millions of people over the last 20 years.

The family, which has faced around 3,000 lawsuits, say they always acted
ethically and lawfully while serving on Purdue's board.

Under the bankruptcy plan, the family will pay $4.5bn over a decade towards
settling the outstanding legal cases against them.

Purdue Pharma will also be dissolved and its assets shifted to a new company
not controlled by Sackler family members. The new firm will instead be owned
by a trust run to combat the opioid epidemic.

Judge Drain said he had expected the Sacklers to make a larger contribution
and that with litigation, it might have been achieved.

"This is a bitter result," he told reporters, but vowed not to jeopardise
what had been agreed.

The plan's controversial provision shielding the Sacklers from litigation
had drawn opposition from some states.

Despite this, 95% of creditors voted to approve the settlement, although
some state attorney generals opposed it.

Washington Attorney General Bob Ferguson said his office would appeal,
adding: "This order is insulting to victims of the opioid epidemic who had
no voice in these proceedings."

Prior to the ruling, Connecticut's Attorney General William Tong said he
would appeal if necessary.

And on Tuesday Maryland Attorney General Brian Frosh said: "In our view, the
Sacklers are responsible for extensive harm in Maryland and nationwide.

"This plan allows the Sacklers to enjoy riches amounting to billions of
dollars."

Opioids are a class of powerful drugs, fully or partially synthesised from
the opium poppy. They can be found as legal prescription medications, but
they can also be found as illegal street drugs, such as heroin.

Addiction to both legal and illegal opioids has been a serious, ongoing
problem in the US, which had nearly half a million deaths from overdoses
between 1999 and 2019, according to the US Centers for Disease Control and
Prevention (CDC).-BBC

Driver shortage: 'I got a big pay rise overnight'