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☆ Uniqlo owner gives Japan Inc a jolt with 40% wage hike
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Jan 11 (Reuters) - Uniqlo parent Fast Retailing Co Ltd (9983.T) on Wednesday said it would raise wages by as much as 40%, focusing on its home market of Japan, where salaries have been under downward pressure for years. The move by the casual clothing giant may serve as a wake-up call for Japan Inc ahead of annual spring labour negotiations. The company, which operates over 3,500 clothing stores worldwide, said its remuneration system would be revised from March, and that levels in Japan would be significantly raised. read moreThe company's share price rose 1.4% in Tokyo morning trade, versus a 1% advance in the benchmark Nikkei (.N225) index. ($1 = 132.4400 yen)($1 = 132.5300 yen)Reporting by Rocky Swift; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ The owner of Uniqlo is boosting pay for Japan employees by up to 40% as inflation bites
▼ + stars: | 2023-01-10 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Fast Retailing, the Japanese giant that owns popular clothing brands Uniqlo and Theory, will start paying its employees much more this year. The company announced Wednesday that it would boost salaries in Japan by up to 40%, acknowledging that “remuneration levels have remained low” in the country in recent years. “Inflation in Japan is a factor in our considerations,” a Fast Retailing spokesperson told CNN on Wednesday. But the company is generally more focused on aligning “each employee’s remuneration with global standards, to be able to increase our competitiveness,” the representative added. The retailer has also been hiking pay for staff in some of its overseas markets, leading to pay bumps ranging from 5% to 25%, the spokesperson said.

☆ Japanese shares end higher on Wall Street gains, financials weigh
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

The Nikkei share average (.N225) rose 0.65% to close at 26,405.87, while the broader Topix (.TOPX) edged up 0.24% at 1,902.52. "Japanese shares rose because U.S. equities gained at the end of last week, but the trading is very quiet with most participants in the U.S. and Europe away for holidays," said Shuji Hosoi, senior strategist at Daiwa Securities. Heavyweight Fast Retailing (9983.T), owner of the Uniqlo brand, rose 2.0% and chip-making equipment maker Tokyo Electron (8035.T) gained 2.22%. "The 10-year government bond yield hovers below the top end of the Bank of Japan's (BOJ) policy band, which prompted a sell-off of banking shares," Hosoi said. The volume of shares traded on the Tokyo bourse's main board was 0.85 billion, compared to the average of 1.25 billion in the past 30 days.

☆ Asia-Pacific markets slip ahead of China factory activity data
▼ + stars: | 2022-11-30 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Workers work on a speaker production line at Luyang Electronics Co LTD in Fuyang City, Anhui Province, China, Oct 31, 2022. Asia-Pacific shares fell on Wednesday ahead of the release of data on China's November factory activity, in which analysts are expecting to see a contraction for the second time in a row. The Nikkei 225 in Japan fell 0.52% and Topix slipped 0.42%. The MSCI's broadest index of Asia-Pacific shares outside Japan was 0.14% lower. Japan's Fast Retailing and electric-vehicle maker Xpeng are set to report earnings, and Fed Chair Jerome Powell will be delivering a speech at the Brookings Institution on Wednesday.

☆ Asia-Pacific markets set to trade mixed ahead of Fed rate decision
▼ + stars: | 2022-11-02 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Pedestrians cross a road in front of an electronic quotation board displaying the numbers of company stock prices on the Tokyo Stock Exchange in Tokyo on May 13, 2021. Shares in the Asia-Pacific poised for a mixed session on Wednesday as the Federal Reserve is expected to raise interest rates by 75 basis points. The Bank of Japan is expected to release its September meeting minutes and Fast Retailing is set to report sales for Uniqlo in Japan. In Australia, the S&P/ASX 200 traded 0.31% higher. South Korea's inflation inched higher to 5.7% in October, higher than 5.6% forecasted by analysts in a Reuters poll.

☆ Uniqlo operator posts record annual profit despite China slump
▼ + stars: | 2022-10-13 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

REUTERS/Ritsuko AndoTOKYO (Reuters) -Japan’s Fast Retailing Co, owner of clothing brand Uniqlo, reported record full-year profit on Thursday despite a continuing slump in China, its biggest overseas market. Operating profit was 297.3 billion yen ($2.02 billion) in the 12 months through August compared with 249 billion yen a year earlier. That surpassed the company’s guidance and the consensus forecast of 291 billion yen, according to the average of 12 analyst estimates from Refinitiv. Fast Retailing saw a slight increase in sales in mainland China for the year while operating profit slid 17% amid stringent COVID 19-related controls. Profit will rise to 350 billion yen next fiscal year, the company forecast.

☆ Uniqlo owner set for record annual profit, but all eyes on China showing
▼ + stars: | 2022-10-12 | by ( Rocky Swift | ) www.reuters.com time to read: +3 min

REUTERS/Thomas PeterTOKYO, Oct 12 (Reuters) - Japan's Fast Retailing Co (9983.T), owner of clothing brand Uniqlo, is expected to post a record annual profit on Thursday as the yen's slump has boosted the value of its overseas sales even as soaring living costs dampen prospects for retailers. Operating profit for the fiscal year is expected to rise nearly 17% to 291 billion yen ($1.99 billion), according to an average of 12 analyst estimates from Refinitiv. Fast Retailing has forecast 290 billion yen. Register now for FREE unlimited access to Reuters.com RegisterThat would exceed the previous profit record of 263 billion yen in the year ended in August 2019. As its Chinese operations slumped, Fast Retailing has put increased focus on North America and expects to turn an annual profit in the region for the first time this year.

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