23/04/2026

BIZ & FINANCE THURSDAY | APR 23, 2026

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Young Chinese use AI to launch one-person firms

Indonesia’s central bank keeps rates unchanged to support rupiah JAKARTA: Indonesia’s central bank kept policy rates unchanged yesterday to anchor the rupiah’s stability amid the war in Iran, as expected, with the currency already hitting record lows multiple times this month. Bank Indonesia (BI) held the benchmark 7-day reverse repurchase rate at 4.75%, where it has been since September. All economists polled by Reuters had unanimously expected the bank to stand pat. The overnight deposit facility and lending facility rates were also kept steady at 3.75% and 5.50%, respectively. The rupiah, which hit a fresh record low of 17,193 a dollar last week, has been hammered by capital outflows arising from concerns about Indonesia’s fiscal sustainability, the independence of its central bank and transparency issues in its capital market, as well as risk-off sentiment caused by the Iran war. Governor Perry Warjiyo told an online press conference that the policy rate decision is consistent with efforts to support the rupiah. BI stands ready to adjust policies to bolster support the currency while keeping inflation within the target range, he added. The International Monetary Fund last week cut its global growth outlook in 2026 due to war-driven energy price spikes. It also shaved 0.1 percentage points off its Indonesia outlook, cutting its forecast to 5%. Southeast Asia’s largest economy is more resilient than other countries, its officials have said, citing their decision to keep subsidised fuel prices unchanged to keep inflation low as well as a potential increase in export earnings as a result of higher commodity prices. BI kept its 2026 economic growth outlook for Indonesia in the range of 4.9% to 5.7%, and maintained that inflation would stay within its target range of 1.5% to 3.5% until 2027. BI cut the benchmark rate by a total of 150 basis points between September 2024 and September 2025. – Reuters

o Many fear age discrimination in their workplace after turning 35

Southwestern Chengdu also last month promised subsidies of up to 20,000 yuan for graduates to establish AI-driven one-person firms. These measures are “carrots to help these startups get off the ground and be successful”, said Brookings fellow Kyle Chan, an expert on China’s technology development. Sponsoring OPCs is a new, cheap way to tackle high youth unemployment in China – where one in six people between the ages of 16 and 24 are jobless. “The cost of doing this, from the local governments, for an OPC, is very low,” Chan said. Wang, the former product manager, said many of his friends were opting to work on independent projects instead of vying for corporate jobs. But “the important thing in the future will be how to sell it”, he said, with new companies often struggling to turn a profit. Young Chinese are investing in back-up plans while “asking themselves, ‘can I, with my own two hands, helped by the convenience of AI, explore the things I say I want to do?’” Dai said. “There is a sense of control, of creativity.” – AFP

grow, said Dai, also author of the book One Person Company . “When you’re 30 or even younger, you’ll ask yourself: when I reach that invisible line of 35, what preparations should I make?” she said. Shanghai resident Wei Xin, 34, knew her job as a document reviewer at a foreign consulting firm would be replaced by AI before it actually happened. So she signed up for a course on Google’s Gemini and dabbled in creating an AI-generated digital version of herself, before turning to social media content creation. “There’s a bit of AI anxiety,” said Wei, who returned to China last year after completing a degree in the United States. “If I don’t use it, don’t approach it, I might soon be eliminated.” Chinese municipalities are rolling out policies to support AI-powered one-person companies, using the initials “OPC” – a rare use of English in official policy. In November, the eastern city of Suzhou vowed to cultivate “more than 10,000 OPC talents” by 2028 and funnel around 700 million yuan towards sectors including AI robotics, healthcare and smart transportation.

but the range of tasks that AI can help with has “lowered the entry barrier”. On a Sunday in Shanghai, around 20 people in their 20s and 30s packed into a conference room for Dai’s 134th iteration of a three-hour ideas swap on going it alone. One attendee, Wang Tianyi, now earns up to 40,000 yuan (RM22,924) per month making AI-generated commercials for businesses. The 26-year-old, who quit his product manager job at an internet company last year, predicts that people flying solo will become a “major trend”. “Because of the technological empowerment brought on by AI, (one-person companies) have an efficiency advantage,“ he told AFP. On Chinese social media, people have lamented for years the so-called “curse of 35” – widespread age discrimination in tech, government and other competitive sectors. “At 35 years old, there’s like this invisible line,” said Dai, who is 38. “People might face some challenges in the workplace. The company might re-evaluate who is more fit to stay.” But young people, who witnessed a decade of rapid economic expansion in China, have a hunger to

SHANGHAI: Young Chinese, many who fear age discrimination in their workplace after turning 35, are increasingly starting “one-person companies” that have artificial intelligence do most of the work. Smaller startups are already in vogue in Silicon Valley and elsewhere, with rapidly advancing AI tools seen as a welcome teammate even as they threaten layoffs at existing firms. More young people in China are subscribing to the model, as cities pledge millions of dollars in funding and rent subsidies for such ventures, in alignment with Beijing’s political goal of “technological self-reliance”. “The one-person company is a product of the AI era,” said Karen Dai, founder of Shanghai-based SoloNest, which hosts weekend events for solo entrepreneurs. In the past, it was very difficult to run a business on your own, she said,

Dai (centre) sharing her experience with participants during a coffee chat at a conference room in Shanghai. – AFPPIC

Diet Coke loses its fizz in India as Iran war hits cans supply NEW DELHI: The Iran war has caused a shortage of Diet Coke in India, where it is sold only in aluminium cans that have run short because of delayed shipments from the Gulf caused by the Iran war. Diet Coke is only sold in cans. Two Coca-Cola distributors told Reuters yesterday the company had notified them it was rationing supplies or not fulfilling some orders due to a can shortage caused by the war. The drinks giant counts India as a major growth market. It reported sales of 50 billion rupees (RM2.1 billion) in 2024-25, its highest since at least 2021. consignments of imported cans being delayed. Production of cans and bottles in India has also become more expensive because of an energy shortage.

within five-six hours. The company is now pushing for Coke Zero which comes in a plastic bottle and is very reasonable if compared with other products,“ he said. Some social media users have been posting memes on Instagram to share their disappointment over Diet Coke shortages. One video post by user Devanshu Saran shows a man running to an Indian supermarket and buying more than a dozen cans. – Reuters

“There is some production happening, but it’s being rationed as the company can’t meet all the demand,“ the executive said. In northern Uttar Pradesh state, grocer Ashish Saxena said orders for Diet Coke had been delayed. “Earlier, orders were delivered

Sugar-free products are a growth category: India’s reduced-sugar food and beverage market will be worth US$4.7 billion by 2030, more than double its size from 2023, Grand View Research says. An industry executive said the Diet Coke shortage was due to some

The Gulf accounts for around 9% of global aluminium production, which has been trapped since the end of February by Iran’s de facto blockade of the Strait of Hormuz. While most soft drinks are sold in India both in plastic bottles and cans,

“We’ve been placing orders but have been told there is a shortage due to war,“ said Sanjay, one of the distributors, who declined to give his last name. Coca-Cola declined to comment.