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☆ China's food delivery gig workers are driving a $208B business, but couriers have it as bad as factory workers
▼ + stars: | 2024-03-03 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. However, the laborers behind the surging industry face conditions similar to those in the country's factories, facing low wages, long hours, and risky, repetitive work, according to numerous reports. Lu, a 19-year-old Meituan delivery driver in Guangzhou, told Nikkei Asia he earned just 7 yuan per delivery, less than a dollar. In the US, delivery drivers average $17.10 per hour, according to the Bureau of Labor Statistics. They "know it is impossible to deliver in the time expected by the platform," Tiziano Bonini from the University of Siena, who has been studying gig work in China, told the outlet.

Persons: —, Lu, Meituan, Didi Chuxing, SCMP Organizations: Service, Nikkei Asia, Business, Economic Research, Wired, Bureau of Labor Statistics, China Morning, Ministry of Human Resources, Social Security, University of Siena Locations: China, Guangzhou, Guanzhou, Shanghai

☆ Opinion: Trump’s making America irrelevant to Europe
▼ + stars: | 2024-02-21 | by ( David A. Andelman | ) edition.cnn.com time to read: +8 min

He formerly was a foreign correspondent and bureau chief for The New York Times in Europe and Asia and for CBS News in Paris. CNN —Madeline Albright famously called America the “indispensable nation.” Is former President Donald Trump making America the irrelevant nation? The first steps toward a new direction for such a Europe — without America — are already being taken. Dursun Aydemir/Anadolu/Getty ImagesVon der Leyen has also said that upping European defense production would be a top priority for her second term — not to mention sorting through vastly divergent budgets of the various countries. Still, as a bloc, Europe at about 85 billion euros ($92 billion) has already passed the United States at 66.2 billion euros ($71.6 billion) in total commitments to Ukraine.

Persons: David A, Madeline Albright, Donald Trump, Alexey Navalny’s, Vladimir Putin, Mike Johnson, Johnson, Joe Biden, ” haven’t, Mette Frederiksen, ” Frederiksen, Ursula von der Leyen, Europe’s, Christine Wormuth, Peter, Paul, Kaja Kallas, Dursun, Leyen, Emmanuel Macron’s, Macron, David Lammy, unflinchingly, who’s, ” Kallas, Alar Karis, ” Karis, we’re, Der Spiegel, ” Organizations: CNN, French Legion of, The New York Times, CBS News, Trump, Republicans, NATO, Security, Danish, America, Africa Command, Getty, Germany’s Kiel Institute, US, Union, Munich Security Conference, British, Labour Party, Estonian, Politico Europe, Kremlin, “ Locations: Europe, Asia, Paris, America, Russia, Russian, Ukraine, “, United States, Munich, Berlin, Brussels, Poland, Estonian, Anadolu, Belgium, Germany, Italy, Netherlands, Turkey, France, Russia’s, Sweden, Britain, German

☆ Arlington, Virginia, gave $500 to low-income families no strings attached. It helped them catch up on bills, but many still struggle to afford housing.
▼ + stars: | 2024-02-17 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

For the 10% of households making under 30% of the county's median income, median living expenses are about three times what they earn. AdvertisementCompared to the control group that didn't receive payments, participants had significantly better employment outcomes. While the percentage of employed control group families stayed the same at 74%, the participants’ employment rate jumped from 75% to 87%. When looking only at employed participants, median income rose from $1,573 to $1,900 per month. When factoring in other sources of income, such as Social Security or child support, the control group’s income rose 40% while the participants’ income rose 84%.

Organizations: Service, Arlington Community Foundation, Arlington County Department of Human Services, Business, Economic Research Institute, Security Locations: Washington, Arlington , Virginia, Texas, South Dakota, Arlington, American, Arlington County

"Given the fast-changing landscape, I believe those who move fast (with wage hikes) should become competitive." A demand made this year by Rengo, Japan's largest trade union confederation, for pay hikes of "around 5%" resulted in average wage hikes of 3.58% among major companies. Six out of 10 economists in a Reuters poll expect major firms' pay hikes in 2024 to exceed this year's. The key, however, would be whether wage hikes broaden to smaller firms and those in the regional areas. A report by the BOJ's regional branch managers in October warned wage hikes remained uneven among sectors with many firms undecided on next year's pay increments.

Persons: Kim Kyung, Takeshi Niinami, Fumio, Kazuo Ueda, Hisashi Yamada, Rengo, Atsushi Takeda, Kishida, Keita Kondo, Tetsushi Kajimoto, Kentaro Sugiyama, Sam Holmes, Leika Organizations: REUTERS, Rights, Suntory Holdings Ltd, Reuters, Meiji, Life Insurance, Suntory Holdings, Bank, Japan, Hosei University, OECD, UA Zensen, Itochu Economic Research Institute, Thomson Locations: Tokyo, Japan, Ukraine, Saitama

☆ Japan's export growth slows as China, global downturn risks loom
▼ + stars: | 2023-11-16 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

A worker is seen among newly manufactured cars awaiting export at port in Yokohama, Japan, November 15, 2017. Weak exports have complicated Japan's efforts to spur economic growth with sluggish domestic demand also weighing on the post-pandemic recovery. Japan's export growth slowsJapan's economy weakened in July-September, snapping two straight quarters of expansion on soft consumption and exports, data showed on Wednesday. By destination, exports to China, Japan's largest trading partner, fell 4.0% year-on-year in October, posting 11 straight months of declines. The trade balance came to a deficit of 662.5 billion yen ($4.38 billion), versus the median estimate for a 735.7 billion yen deficit.

Persons: Toru Hanai, Atsushi Takeda, Tetsushi Kajimoto, Satoshi Sugiyama, Sam Holmes Organizations: REUTERS, TOKYO, Ministry of Finance, Itochu Economic Research Institute, Thomson Locations: Yokohama, Japan, China, United States, Europe

☆ Dollar mixed vs major peers; pounds slips, yen briefly jumps
▼ + stars: | 2023-10-17 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

"Central banks are not trying to hit the CPI targets in the near term," said Colin Asher, senior economist at Mizuho. The dollar index , which measures the U.S. currency against six peers, fell 0.1% to 106.13, after dropping 0.4% on Monday. Fed officials will enter into a blackout period on Oct. 21 before the central bank's Oct. 31–Nov. Federal Reserve Bank of Philadelphia President Patrick Harker said on Monday the central bank should not create new pressure on the economy by increasing the cost of borrowing. Australia's central bank considered raising rates at its recent policy meeting but judged there was not enough new information to warrant a move, minutes of the Reserve Bank of Australia's Oct. 3 policy meeting showed.

Persons: Dado Ruvic, Colin Asher, Asher, Masato Kanda, Valentin Marinov, Marinov, Jerome Powell, Patrick Harker, Sterling, Samuel Indyk, Ankur Banerjee, Shri Navaratnam, Kim Coghill, Gareth Jones Organizations: REUTERS, U.S, Bank of Japan, Mizuho, CPI, Swiss, CIB, Federal, Federal Reserve Bank of Philadelphia, Bank of England, New Zealand, Reserve Bank of Australia's, Thomson Locations: Australia's, London, Singapore

☆ Britain’s PM seeks to rally his party ahead of an election they are tipped to lose
▼ + stars: | 2023-10-01 | by ( Luke Mcgee | ) edition.cnn.com time to read: +7 min

London CNN —Rishi Sunak will gather with members of his governing Conservative Party on Sunday for what is likely to be their final party conference before the UK’s next general, which Sunak is currently projected to lose. Party conference season is an important date fixture in the annual British political calendar. For the governing party, conference is typically a time when members rally around the leadership and unite against the opposition, insulated from whatever is happening in the wider world of politics. Boris Johnson and Rishi Sunak led the UK government through much of the Covid pandemic. Prime Minister Rishi Sunak speaking in June on his plan to "stop the boats."

Persons: Rishi Sunak, Sunak, Boris Johnson, Dan Kitwood, Priti Patel, Margaret Thatcher, Johnson, Rishi, Reuters Johnson, He’s, ”, Yui Mok, “, Will Jennings, it’s, Brexit, Jeremy Corbyn Organizations: London CNN, Conservative Party, Conservatives, Labour Party, for Fiscal Studies, Party, Conservatives ’, British, Conservative, Daily Mail, Greenpeace, Reuters, University of Southampton, Labour Locations: tacking, Sunak, France, “, Manchester

☆ Santa Barbara is the most expensive city to be happy in the U.S.
▼ + stars: | 2023-09-09 | by ( Celia Fernandez | ) www.cnbc.com time to read: +2 min

1 most expensive city to be happy in the U.S.: Santa BarbaraSanta Barbara, California is the most expensive U.S. city to be happy. Santa Barbara is also within the Santa Maria-Santa Barbara region, which was named one of the happiest places in the world based on The Blue Zones Index. Honolulu, Hawaii is the second most expensive city to be happy in the U.S. M Swiet Productions | Getty Images10 most expensive cities to be happy in the U.S.Santa Barbara, Calif. Honolulu, Hawaii New York, N.Y. San Francisco, Calif. Seattle, Wash. Oakland, Calif. Anchorage, Alas. Irvine, Calif. Honolulu, Hawaii, ranks as the second most expensive city in the U.S. to be happy in. 3 most expensive city to be happy in the U.S. Bamsgirl411 / 500Px | 500Px | Getty Images

Persons: Barbara Santa, Santa Barbara Organizations: Purdue University, Economic Research Institute, Santa Barbara, Swiet, Getty Locations: U.S, Australian, Barbara Santa Barbara , California, Santa Barbara, Santa, Santa Maria, Honolulu, Hawaii, Calif, Hawaii New York, N.Y, San Francisco, Seattle, Wash . Oakland, Anchorage, Alas . Sacramento, Boston, Mass, Irvine, The Hawaii, Oahu, Pearl Harbor . New York City

☆ Aspen for Cheapskates
▼ + stars: | 2023-08-07 | by ( Elaine Glusac | ) www.nytimes.com time to read: +1 min

Over an $8.50 pint of craft beer from Aspen Brewing Company, which is comparable to what I pay at home in Chicago, I realized that Aspen, Colo., is not expensive by big-city standards. The Economic Research Institute, which compiles financial data for public and private organizations, pegs the cost of living in Aspen at 51 percent higher than the average in the United States, a little less than a city like Seattle. As a professionally penny-pinching traveler, I try to avoid paying urban prices in the mountains. In the summer in Aspen, apart from my weakness for microbrews, I didn’t have to. Cycling, if you can avoid expensive rentals, is a bargain.

Persons: Parks Organizations: Aspen Brewing Company, Aspen, Economic Research Institute, Prada, Parks beckon Locations: Chicago, Colo, Aspen, United States, Seattle

The pan-European STOXX 600 (.STOXX) ended 0.7% higher, rising for the third straight session. Irish stocks (.ISEQ) jumped 2.1%, leading the advance among its continental peers. Irish stocks were boosted by gains in Kingspan (KSP.I) which jumped 15.7% after forecasting record profit for the first half of the year. Shares of China-exposed luxury firms including LVMH (LVMH.PA), Hermes (HRMS.PA) and Richemont (CFR.S) rose between 2% and 2.3% while industrial stocks (.SXNP) also sensitive to China advanced 1.0%. Mercedes-Benz Group (MBGn.DE) shares rose 0.7% after sales in the second quarter rose 6% year-on-year on the back of demand for all-electric and top-end vehicles.

Persons: Michael Hewson, Richard Flax, Matteo Allievi, Shreyashi Sanyal, Rashmi Aich, Nivedita, Emelia Organizations: Miners, U.S . Federal Reserve, LVMH, CMC Markets, tomorrow's U.S, Nordic Semiconductor, Daimler, Benz Group, Thomson Locations: China, Kingspan, Europe, U.S, tomorrow's, Britain, Gdansk, Amruta, Bangalore

"The tankan confirmed our view that Japan's economy is on track for a moderate recovery," said Atsushi Takeda, chief economist at Itochu Economic Research Institute. "While input prices have declined, output prices continue to rise in a sign companies are being able to pass on costs. Big manufacturers expect business conditions to improve three months ahead, while non-manufacturers project a deterioration on worries over high costs, the tankan showed. The tankan showed corporate inflation expectations moderate in June from three months ago, but remaining above the BOJ's target five years down the road. Companies expect inflation to hit 2.6% a year from now, down from a 2.8% projection made in March, and 2.2% in three years, also lower than 2.3% in March.

Persons: Atsushi Takeda, Kazuo Ueda, Leika Kihara, Shri Navaratnam Organizations: Big, Bank of Japan's, Itochu Economic Research Institute, Nikkei, Companies, Thomson Locations: TOKYO

☆ Japan business sentiment improves in second quarter, Bank of Japan's tankan survey shows
▼ + stars: | 2023-07-03 | by ( ) www.cnbc.com time to read: +1 min

Tokyo Skytree (R) and Mount Fuji are seen from the I-link Town observatory in Ichikawa city, Chiba prefecture, east of Tokyo on July 2, 2023. Japanese business sentiment improved in the second quarter as raw material costs peaked and the removal of pandemic curbs lifted factory output and consumption, a central bank survey showed, a sign the economy was on course for a steady recovery. Companies expect to increase capital expenditure and project inflation to stay above the Bank of Japan's 2% target five years ahead, the quarterly "tankan" showed, offering policymakers hope that conditions for phasing out their massive monetary stimulus may be gradually falling into place. Strong capital expenditure also led to brighter sentiment among machinery makers," said Atsushi Takeda, chief economist at Itochu Economic Research Institute. "The tankan confirmed our view that Japan's economy is on track for a moderate recovery."

Persons: Atsushi Takeda Organizations: Mount, Bank of Japan's, Itochu Economic Research Institute Locations: Tokyo, Mount Fuji, Ichikawa city, Chiba prefecture

☆ China lithium price rebound to be capped by growing supply - analysts
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +3 min

Production and sales of EVs in May grew by 53.7% and 71.2% respectively year-on-year, data from the China Passenger Car Association showed. Demand from the energy storage sector, the second biggest user of the battery metal, is also growing rapidly. "We are seeing the energy storage market is boosting capacity expansion of LFP (lithium iron phosphate) batteries and cathode materials, which in turn sends pressure to the price of lithium carbonate," Zou said. Zou expects the lithium carbonate price in China to average 300,000 yuan a ton this year. "The May growth seen in the auto market, boosted by short-term policy support, is unlikely to last and lithium prices might fall below 200,000 yuan within this year," he added.

Persons: Price, Susan Zou, Zou, Yang Jing, Chen Junquan, Chen, Siyi Liu, Dominique Patton, Andrew Hayley, Emma Rumney Organizations: China Passenger Car Association, Cell, Rystad Energy, EV, Beijing, China Corporate Research, Fitch, Economic Research Institute, Manufacturers, Thomson Locations: BEIJING, China, Beijing, Shanghai

☆ 'Netflix Effect' lifts Korean content but market control worries grow
▼ + stars: | 2023-06-19 | by ( Hyunsu Yim | ) www.reuters.com time to read: +4 min

Netflix's market weight in South Korea dwarfs that of local platforms such as Tving, Wavve and Watcha. Netflix boasted a 38.2% market share in South Korea last year, according to Mobile Index, overshadowing Tving's 13.1%. Unlike the EU, South Korea does not have laws requiring foreign streaming services to produce or invest in local content. While the project was commissioned by Netflix UK, it centres on genetic cloning fraud in South Korea and includes file clips from broadcasters’ archives. "The government needs to come up with a system to ensure that excess profits can be returned to South Korean creators."

Persons: Ted Sarandos, Han Duck, Heo Seung, Yoon Suk Youl, Hwang Dong, hyuk, Aditya Thayi, Lim Jong, 1,281.7400, Hyunsu Yim, Sam Holmes Organizations: Netflix, South, Korea Economic Research, Mobile, EU, Reuters Netflix, Sejong University, Thomson Locations: SEOUL, South Korea, Seoul, Korea, South, U.S, London

☆ China's rising clout spotlighted at finance chief meetings before G7 summit
▼ + stars: | 2023-05-15 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

China is among the biggest markets for most G7 countries, particularly for export-reliant economies such as Japan and Germany. In a joint statement on Saturday, the G7 finance chiefs stressed the urgency of addressing debt vulnerabilities in low- and middle-income countries, mentioning Zambia, Ethiopia, Ghana and Sri Lanka. "There were talks about coercion" at the G7 finance leaders' meeting, the Japanese finance ministry official said. The G7 summit will most likely have a special session on China to debate Beijing's "economic coercion" against other countries, according to a Reuters report. "No matter how the G7 want to fence in the Global South, it's not easy," said Atsushi Takeda, chief economist at the Itochu Economic Research Institute.

PARLIAMENT 'CIRCUMVENTED'The Credit Suisse/UBS merger marked the first time that parliament had withheld its support for emergency laws designed to deal quickly with crises. Swiss Finance Minister Karin Keller-Sutter defended the use of the emergency powers, saying Switzerland was not an "emergency dictatorship." "The emergency law is based on the federal constitution and I don't think it's correct to say it's illegal." "Politicians might have wanted to show their disapproval about what happened, but they don’t want the UBS takeover to fail." The use of such emergency legislation, overturning antitrust rules, is a problem for Swiss democracy and rule of law.

SummarySummary Companies Swiss upper house lawmakers approve Credit Suisse rescueFrustration in Switzerland over use of state fundsLawmakers have protested but cannot overturn dealBERN, April 11 (Reuters) - Switzerland's upper house of parliament voted on Tuesday to retrospectively approve 109 billion Swiss francs ($120.5 billion) in financial guarantees used to rescue Credit Suisse (CSGN.S) after a heated debate. The Swiss parliament had recalled lawmakers for a rare extraordinary session to discuss the rapid rescue of Credit Suisse as well as the government's open chequebook response. A shotgun marriage which saw Credit Suisse taken over by Zurich-based rival UBS (UBSG.S) for 3 billion Swiss francs and propped up with more than 250 billion Swiss francs in guarantees and support has been the subject of widespread criticism. "The use of emergency law has reached a level in the last three years that is beginning to annoy me," said Hansjoerg Knecht, a member of Parliament's upper house. In an open letter to the country's parliament, the Swiss Bank Employees' Association said on Tuesday that Credit Suisse and UBS must freeze any job cuts.

On Tuesday, they will meet in Bern for an extraordinary session to discuss Credit Suisse's downfall as well as the government's open chequebook response. In Tuesday's session, lawmakers will get a chance to challenge the rushed rescue package and discuss whether conditions can be imposed on Credit Suisse. Last week, Switzerland announced it was cutting bonus payments for Credit Suisse's top management. Credit Suisse's rescue angered not only politicians but many in Switzerland. In an open letter to the country's parliament, the Swiss Bank Employees' Association said on Tuesday that Credit Suisse and UBS must freeze any job cuts.

☆ Swiss economists question UBS takeover of Credit Suisse in poll
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +3 min

ZURICH, March 31 (Reuters) - A poll of Swiss economists found that nearly half think the takeover of Credit Suisse (CSGN.S) by UBS (UBSG.S) was not the best solution, warning the saga has dented Switzerland's reputation as a banking centre. Switzerland's KOF economic research institute found that 48% of the 167 university economists it questioned would have preferred a state takeover and possible later sale of Credit Suisse. Restructuring Credit Suisse under 'too big to fail" rules was favoured by 28% of respondents. This would have meant rescuing the systemically important Swiss business of Credit Suisse and the international part restructured or wound up. Some 40% of the public thought a temporary state takeover of Credit Suisse would have been a better solution, the GFS Bern survey said.

☆ Japan's factory output posts biggest fall in 8 months on weak autos, chips sectors
▼ + stars: | 2023-02-28 | by ( Kantaro Komiya | ) www.reuters.com time to read: +4 min

In contrast, retail sales posted their fastest growth in nearly two years, separate data showed, highlighting the divergent paths between soft manufacturing and robust service-sector activity. Factory output fell 4.6% in January from a month earlier on a seasonally adjusted basis, government data showed on Tuesday. Separate data showed Japanese retail sales rose 6.3% in January from a year earlier, beating a median market forecast for a 4.0% gain and posting an eleventh consecutive month of expansion. Despite the production cuts, retail sales of autos rose 19.3% year-on-year, suggesting strong pent-up demand among domestic consumers caused by delivery delays. Compared with the previous month, retail sales expanded 1.9% in January, following a 1.1% rise in December, the data showed.

☆ Morning bid: Dodging a downturn
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike Dolan. Global investors have fretted endlessly about a 2023 recession for the major global economies for more than six months. And Tuesday's latest economic healthcheck showed that the severe hit to Chinese economic activity from the draconian lockdown policies was actually much less than feared. The survey showed that investors' recession expectations peaked at a net 77% of respondents in November but have fallen to 68% in January. The BofA survey showed fund managers may have already repositioned, however, as their allocation to U.S. equities dived in January and a net 39% said they were underweight while preferring euro zone stocks.

☆ Germany falls to bottom rung of investment ranking on energy costs, labour shortage
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: 1 min

Jan 15 (Reuters) - Germany's attractiveness as an investment location has fallen four places to 18th of 21 in a ranking of industrial economies by economic research institute ZEW, newspaper Augsburger Allgemeine reported on Monday. Rising energy costs and ongoing labour shortages have compounded existing problems of high taxes, complex bureaucracy and slow pace of innovation, the study said, bumping Germany down the list with only Hungary, Spain and Italy below it. The Mannheim-based institute ranked the United States, Canada, Sweden and Switzerland for reasons from cheaper energy in the U.S. and Sweden to access to capital and a well-functioning state in Switzerland. Reporting by Victoria WalderseeOur Standards: The Thomson Reuters Trust Principles.

[1/3] A cargo ship and containers are seen at an industrial port in Tokyo, Japan, February 15, 2022. The world's third-biggest economy has struggled to motor on despite the recent lifting of COVID curbs, and has faced intensifying pressure from red-hot global inflation, sweeping interest rate increases worldwide and the Ukraine war. GLOBAL RISKSHowever, the risks to Japan's outlook have risen as the global economy teeters on the brink of recession. Economy Minister Shigeyuki Goto said a global recession could hit households and businesses. "As for 2023, Japan will be dragged into a mild recession in H1 by a global downturn that will weigh on exports and business investment."

☆ BOJ's Kuroda vows to continue monetary easing for now, focuses on wages
▼ + stars: | 2022-11-14 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

Kuroda said the job market is expected to tighten, particularly at service sector firms, many of which employ low-paid part timers and contract workers. The annual labour-management wage negotiations next spring will likely take into account both the tightening of the job market and rising inflation, he added. "We are at a stage where we will continue monetary easing to firmly back economic activity at present," Kuroda told a meeting with business leaders in Nagoya in central Japan. "The wages hold the key to see whether sustainable inflation take hold. In that sense, tightening of the labour market may be an encouraging signal to Governor Kuroda," Takeda said.

☆ Japan's economy shrinks for first time in a year
▼ + stars: | 2022-11-14 | by ( ) edition.cnn.com time to read: +3 min

Japan’s economy unexpectedly shrank for the first time in a year in the third quarter, stoking further uncertainty about the outlook as global recession risks, a weak yen and higher import costs took a toll on household consumption and businesses. The world’s third biggest economy has struggled to motor on despite the recent lifting of Covid curbs, and has faced intensifying pressure from red-hot global inflation, sweeping interest rate increases worldwide and the Ukraine war. “But the three key pillars of demand - consumption, capital expenditure and exports - remained in positive territory, if not robust, so demand is not as weak as the headline figure shows.”Global risksHowever, the risks to Japan’s outlook have risen as the global economy teeters on the brink of recession. Economy Minister Shigeyuki Goto said a global recession could hit households and businesses. The Bank of Japan has also maintained its ultra-loose monetary stimulus program to help revive the economy.

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