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Uniqlo Owner Gives Japan Inc A Jolt With 40% Wage Hike

TOKYO, Jan 11 (Reuters) – Uniqlo parent Fast Retailing Co Ltd (9983.T) on Wednesday said it would raise wages by as much as 40%, a clear sign that Japan’s rock-bottom salaries may be starting to budge after decades of deflation and cost-cutting.

The move by the casual clothing giant is likely to heighten focus on worker pay ahead of annual spring labour negotiations, although it looks unlikely that the rest of Japan Inc will deliver increases on the same scale.

Full coverage: REUTERS

Exclusive: Apple Supplier BOE Plans New Factories In Vietnam

HANOI, Jan 11 (Reuters) – Chinese display maker BOE Technology Group Co Ltd (000725.SZ), a supplier of both Apple Inc (AAPL.O) and Samsung Electronics Co Ltd (005930.KS), plans to invest a substantial sum to build two factories in Vietnam, two people familiar with the matter said.

The investment may total up to $400 million, one of them said.

The plan underscores efforts by technology firms led by U.S. iPhone maker Apple and Taiwanese device assembler Foxconn to lower supply chain exposure to China amid trade and geopolitical tension between Beijing and Washington and production disruption caused by China’s COVID-19 containment measures.

Full coverage: REUTERS

Analysis: Move Over TINA, It’s Time For TARA

Jan 11 (Reuters) – A shakeout in financial markets triggered by central banks’ sudden move to abandon ultra-low interest rates has created a casualty money managers will not miss: TINA.

The acronym for There Is No Alternative to owning equities described how loose monetary policy since 2009 put stocks on steroids because yields on fixed income products such as government bonds became too low to bother with. TINA was the only trade in town.

Full coverage: REUTERS

Oil Prices Broadly Steady Amid Rising U.S. Stockpiles

LONDON, Jan 11 (Reuters) – Oil prices were broadly steady on Wednesday as market participants were pulled in different directions by an unexpected build in U.S. crude and fuel inventories, global economic uncertainty and China reopening its economy.

Moving in and out of negative territory, Brent crude futures were up 53 cents, or 0.7%, at $80.63 a barrel by 0921 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 41 cents, or 0.6%, to $75.53 a barrel.

Full coverage: REUTERS

Biden’s Climate Agenda Has A Problem: Not Enough Workers

Jan 11 (Reuters) – U.S. clean energy companies are offering better wages and benefits, flying in trainers from overseas, and contemplating ideas like buying roofing and electric repair shops just to hire their workers as firms try to overcome a labor shortage that threatens to derail President Joe Biden’s climate change agenda.

The Inflation Reduction Act, signed into law last year, provides for an estimated $370 billion in solar, wind and electric vehicle subsidies, according to the White House. Starting Jan. 1, American consumers can take advantage of those tax credits to upgrade home heating systems or put solar panels on their roofs. Those investments will create nearly 537,000 jobs a year for a decade, according to an analysis by BW Research commissioned by The Nature Conservancy.

Full coverage: REUTERS

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Industry Dynamics

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Weekly Economic Calendar For October 1, 2023 – October 6, 2023.

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