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ILO and Singapore moving forward to promote decent work in Southeast Asia

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(L) Mr Aubeck Kam, Permanent Secretary of the Singapore Ministry of Manpower, (R) Ms Tomoko Nishimoto, ILO Regional Director for Asia and the Pacific

The International Labour Organization (ILO) and the Singapore Ministry of Manpower have renewed their Partnership Agreement to promote decent work in Southeast Asia.

The ILO and the Singapore Ministry of Manpower have enjoyed a longstanding cooperation to foster the decent work agenda in Asia and the Pacific. Since 2011, they have developed their collaboration in the areas of occupational safety and health, tripartism and social dialogue, labour market information and labour migration.

Finalized in consultation with the workers’ and employers’ organizations of Singapore, the renewed partnership agreement runs until the end of 2020. It will enhance capacities of social partners in ILO and ASEAN member States in the field of labour and promote the Decent Work Agenda.

It will also strengthen Decent Work aspects of the ASEAN regional integration process through exchange of knowledge and South-South cooperation.

Joint activities will include the organization of Sub-Regional Workshop on the implementation of the Maritime Labour Convention, 2006 (MLC, 2006) for ASEAN Countries and Mongolia, from 10 to 13 July 2018 in Singapore, and the 11th ASEAN Forum on Migrant Labour (AFML) 29-30 October 2018.

The agreement was signed by Ms Tomoko Nishimoto, ILO Assistant Director-General and Regional Director for Asia and the Pacific, and Mr Aubeck Kam, Permanent Secretary of the Singapore Ministry of Manpower, on Wednesday 6 June 2018 at a ceremony held during the 107th International Labour Conference (ILC) in Geneva, Switzerland.

“We are delighted that Singapore has renewed the partnership agreement with the ILO for the fourth time,” Ms Nishimoto said. “Our fruitful cooperation has benefited the region’s development, by integrating the three dimensions of sustainability – economic, social and environmental in our joint activities. While advancing social justice, in line with ILO’s mandate as it enters its second century, this renewed partnership will also contribute to the achievement of the Sustainable Development Goals in Asia.”

Mr Kam said: “Singapore is delighted to renew its partnership agreement with the ILO. We strongly believe that tripartism is the foundation for the promotion of decent work for all workers. Working with the ILO enables us to share our belief in tripartism with Asia-Pacific, and is our contribution to promoting decent work for all in the region.”

The Partnership Agreement between the ILO and the Singapore Ministry of Manpower was first signed in June 2011, and renewed in 2014 and 2016. Activities organized under the agreement included the organisation of the 21st World Congress on Safety and Health in Singapore in 2017, technical cooperation to improve occupational safety and health in Brunei, a workshop on resolving employment disputes for ASEAN countries, a Singapore-Norway Third Country Training Programme on the Decent Work Agenda, a training-of-trainers workshop on Risk Assessment in the Philippines, training for labour inspectors in Vietnam, study visits by Vietnamese and Cambodian delegations on the topics of industrial relations and the National Wages Council, as well as training on Labour Force Surveys for government delegates of Brunei Darussalam.

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M&A valuations boom in the second half of 2020, despite COVID-19 impacts on the economy

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M&A valuations are soaring, with rich valuations and intense competition for many digital or technology-based assets driving global deals activity, according to PwC’s latest Global M&A Industry Trends analysis.

Covering the last six months of 2020, the analysis examines global deals activity and incorporates insights from PwC’s deals industry specialists to identify the key trends driving M&A activity, and anticipated investment hotspots in 2021. 

In spite of the uncertainty created by COVID-19, the second half of 2020 saw a surge in M&A activity.

“COVID-19 gave companies a rare glimpse into their future, and many did not like what they saw. An acceleration of digitalisation and transformation of their businesses instantly became a top priority, with M&A the fastest way to make that happen — creating a highly competitive landscape for the right deals,” says Brian Levy, PwC’s Global Deals Industries Leader, Partner, PwC US.

Key insights from the second half of 2020 deals activity include:

  • Dealmaking jumped in the second half of the year with total global deal volumes and values increasing by 18% and 94%, respectively compared to the first half of the year. In addition, both deal volumes and deal values were up compared to the last six months of 2019.
  • The higher deal values in the second half of 2020 were partly due to an increase in megadeals ($5 billion+). Overall, 56 megadeals were announced in the second half of 2020, compared to 27 in the first half of the year.
  • The technology and telecom sub-sectors saw the highest growth in deal volumes and values in the second half of 2020, with technology deal volumes up 34% and values up 118%. Telecom deal volumes were up 15% and values significantly up by almost 300% due to three telecom megadeals.
  • On a regional basis, deal volumes increased by 20% in the Americas, 17% in EMEA and 17% in Asia Pacific between the first and second half of 2020. The Americas saw the biggest growth in deal values of over 200%, primarily due to some significant megadeals in the second half of the year.

COVID-19 accelerates deals activity for digital and technology assets in a highly competitive market

In demand assets have commanded high valuations and fierce competition, driven by macroeconomic factors. These include low interest rates, a desire to acquire innovative, digital or technology-enabled businesses and an abundance of available capital from both corporate (over $7.6 trillion in cash and marketable securities) and private equity buyers ($1.7 trillion).

By comparison, assets in sectors that have been hardest hit by the pandemic like industrial manufacturing or those being shaped by factors such as the transformation to net zero carbon emissions are creating structural changes that companies will need to address. Where the future viability of their business models are challenged, companies may look to distressed M&A opportunities or restructuring to preserve value.

Deal makers widen assessment of value creation to non-traditional sources

Non-traditional sources of value creation such as the impact of environmental, social and governance factors (ESG) are increasingly being considered by deal makers and factored into strategic decision-making and due diligence, as they focus on protecting and maximising returns from high valuations and fierce demand. 

“With so much capital out there, good businesses are commanding high multiples and achieving them. If this continues – and I believe it will – then the need to double down on value creation is now more relevant than ever for successful M&A,” says Malcolm Lloyd, Global Deals Leader, Partner, PwC Spain.

The impact of a hot IPO market on M&A

The last six months saw the prevalence of the use of special-purpose acquisition companies (SPACs) to pool investor capital for acquisition opportunities in a highly active IPO market. In 2020, SPACs raised about $70 billion in capital and accounted for more than half of all US IPOs. Private equity firms have been key players in the recent SPAC boom, finding them a useful alternative source of capital. More SPAC activity is expected in 2021, especially involving assets such as electric vehicle charging infrastructure, power storage, and healthcare technology.

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Solar power charges pandemic recovery for indigenous farmers in Viet Nam

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Overcoming adversity has long been the stock in trade of Do Thi Phuong, a 42-year-old mother of two living in a small village in Viet Nam’s lush Lao Cai province. As the primary breadwinner in her family of six, Phuong is accustomed to being a rock for her family in hard times. Years ago, landslides wiped out all but four out of 42 household rice fields in the village, yet Phuong managed to provide.

But COVID-19 has tested her resolve like nothing else.

Phuong’s village has traditionally been home to indigenous groups that farm the land. Many in the community raise chicken and pigs – each household maintains between 1,000-5,000 chickens, from which they derive their primary income.

Over the last few years, livestock production, particularly poultry, has been one of the fastest-growing sectors in agriculture in Viet Nam. And though it accounts for the country’s second-largest share of meat production, 89.6% of poultry production1 is led by smallholder farmers, who are far more vulnerable to climate change, natural disasters and unexpected shocks – like a pandemic.

Viet Nam has recorded just over 1,000 cases of COVID-19, but the economic repercussions of prolonged lockdowns have had a profound impact on rural markets.

Phuong paints a bleak picture: “The village roads that were usually busy with many traders coming to buy chickens, fish and cinnamon products, were empty,” she says.

For her family, this meant an income loss of 60-70%.

Before the pandemic, Phuong’s household would raise a batch of around 3,000 chickens, and at the time of sale, traders would shell out VND65,000 (about US$2.8) per kilogram. Raising three batches a year would net the family about US$6500.

When the crisis hit, travel restrictions and social distancing rules made it challenging for Phuong to sell her chickens. Chicken prices crashed. Phuong returned home every night with barely VND500,000-60,0000 (US$21-26), just enough to cover feed costs for the birds.

Her family’s electricity costs also doubled, with unsold chickens continuing to require food and electricity and the children spending most of their time at home. Their meagre income was stretched to its limits, even after cutting expenses and taking out a loan.

Empowering farmers

The turnaround came via a powerful patron: solar energy. Through UNEP’s EmPower project, Phuong is procuring solar-powered chicken incubation and ventilation equipment. The monthly electricity cost for heating, ventilation and lighting for chicken rearing will be almost zero with the solar system. EmPower and its partner CHIASE are helping Phuong to develop her business plan and to select and procure the most suitable equipment. Phuong is also receiving support to access a loan from provincial Vietnam’s Women’s Union.

It is not only Phuong who has benefitted. The green chicken coops are scalable, bringing in quick cash flows and helping struggling communities bounce back from the economic crisis. EmPower is supporting around 300 women farmers across Viet Nam to harness the benefits of renewable energy and establish new business models for livestock rearing, agro and herbal product processing, and noodles, fish, and fruit drying.

Benefits for indigenous populations

Indigenous women especially are benefitting. While often the primary breadwinners in their households, their voices often remain unheard where policy decisions are being made.

“By giving indigenous women a stake in renewable energy development, EmPower is helping to ensure that their voices are being heard,” says Annette Wallgren, Programme Officer for Gender and Climate Change at UNEP’s Office for Asia and the Pacific.

“Renewable energy livelihoods and enterprises at the local level will be critical to helping communities bounce back from this pandemic. We must also be aware of the needs and solutions that indigenous women can bring to the renewable energy sector, as custodians of the land and change-makers in their communities.”

Some positive progress has been seen on that front. Viet Nam’s updated Nationally Determined Contributions (NDCs) to the Paris Agreement included a section on gender equality and prioritizing the mitigation of risks for vulnerable communities.

For Phuong, the new technology is a sign of hope. “I hope that I can use solar energy to save on the cost of chicken production and I hope it will help my family to recover from COVID-19,” she says.

UN Environment

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Tech News

‘Reset Earth’: Animation film & mobile game bring Gen Z into protecting ozone layer

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Image: UNEP/Ozone Secretariat

‘Reset Earth’ is an innovative educational platform for adolescents about the fundamental role of the ozone layer in protecting the planet. The platform launches on World Education Day (January 24th) with an original animation film that explores options for collective positive action. The film’s plot continues in a challenging mobile game for Android and IOS (February 10th). The platform is initiated by United Nations Ozone Secretariat to sustain the protection of the ozone layer through the sensitization and engagement of Gen Z.

Ozone-depleting substances (ODSs) like CFCs, HFCs, HCFCs have been widely used throughout the 20th century, mostly for refrigeration, in air conditioners and aerosol sprays. ODSs threaten the earth’s upper atmosphere, drive up temperatures and account for close to 11 per cent of total warming emissions to date. Since the 1980s, the international community has acted to protect the ozone layer by banning or strictly restricting the use and production of such super greenhouse effect gases. Consequently, the Antarctic ozone is expected to close by the 2060s (without action, it might have been 40 per cent larger by now) and other regions will return to 1980s values even earlier.

Meg Seki, Acting Executive Secretary of the Ozone Secretariat, said, “The protection of the ozone layer cannot be considered a done deal. It must be a continuous effort by us and by future generations. If our children learn about the grim consequences of a ruined ozone layer, they will act to keep it only as part of a fantasy game.”

Reset Earth begins a year-long education initiative by the Secretariat to raise awareness and inspire action among adolescents and parents about global ozone protection. Immersive, educational and thought-provoking, Reset Earth conveys a positive message around what can be achieved through collective action and cultivates a sense of environmental responsibility and ownership amongst the youth.

The Reset Earth animation film is set in a dystopian post-apocalyptic world in 2084, where the ozone layer has been completely ruined and human life is under threat from an unstoppable virus called “The Grow”. It is the story of three teenagers who team up in an epic time-travel adventure to save the planet and what’s left of human life. Their mission is to find out what caused the “The Grow”. They travel back to critical historical moments in the story of the mysterious ‘ozone layer”, essential to stopping the virus, and learning as they go about the fundamental role it plays in protecting the health wellbeing of the planet. To save the ozone layer, they must jump back in time to ensure the signing of the Montreal Protocol agreement.

The Reset Earth mobile game is a single player platform game, combining a retro graphics style and hand-drawn artwork and aligned with the film’s storyline. Players – whether adolescent gamers or their parents – switch between characters and utilize their unique abilities throughout four levels of the game. Through unlocking puzzles, players learn about environmental history and the science of protecting the planet.

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