Latest news with #RichardA.Brooks
Business Mayor
25-05-2025
- Business
- Business Mayor
Japan's core inflation climbs to 3.5%, highest in more than 2 years
Global Economy May 23, 2025 TOPSHOT – Customers enter an electronics shop in the Akihabara district of Tokyo on January 12, 2024. Richard A. Brooks | Afp | Getty Images Japan's core inflation accelerated to 3.5% in April, government data showed Friday, bolstered in part by surging rice prices, as the central bank considers pausing its rate hike posture to assess the impact of U.S. tariffs. The core inflation figure, which strips out prices for fresh food, was higher than expectations of 3.4%, according to economists polled by Reuters, rising from 3.2% in the previous month and marking the highest level since January 2023. Headline inflation climbed 3.6% from a year ago, steady from the prior month and staying above the Bank of Japan's 2% target for more than three years. Bank of Japan Governor Kazuo Ueda has signaled his stance on intending to raise rates given price trends, while also citing the need to monitor closely the effects of U.S. tariffs. Rice prices in Japan have doubled over the year. The average price in 1,000 supermarkets across the country reportedly continued to hit record highs, with prices for a 5-kilogram bag of rice hiking by 54 yen from the previous week to 4,268 yen ($29.63) as of May 11. The country's prime minister, Shigeru Ishiba, has reportedly pledged to lower rice prices to below 4,000 yen ($28) per 5-kilogram bag, staking his job on the line. The core inflation is expected to ease in the coming months due to lower crude oil prices and the yen's appreciation, said Masato Koike, economist at Sompo Institute Plus. As seen during Trump's first administration, an oversupply of food stemming from the U.S. tariffs could lead to lower food prices, said Koike, adding that the resumption of government subsidies for electricity and gas bills in the summer will also create downward pressure on inflation. The Japanese yen strengthened 0.15% to 143.80 against the U.S. dollar following the release, while the benchmark Nikkei 225 rose modestly. Marcel Thieliant, head of Asia-Pacific at Capital Economics, anticipates the persistent strength in inflation will convince the BOJ to hike interest rates again in October. Japan currently faces a 10% baseline tariff that U.S. President Donald Trump imposed on most trade partners, alongside a 24% 'reciprocal' tariff, which is set to come into effect in July, unless the country manages to strike a deal with the U.S. The country is also one of the hardest hit by Trump's 25% levy on auto, steel and aluminum products. The bilateral negotiation, however, appears to be in a standoff. Japanese senior officials have requested that Washington remove all tariffs on Tokyo, emphasizing that the country will not rush into any deal that puts the country's interests at risk. READ SOURCE
Hindustan Times
15-05-2025
- Automotive
- Hindustan Times
Toyota, Nissan, and Honda to face billions in losses due to Trump's auto tariffs
Pedestrians walk past a car dealership for Japanese automaker Honda Motor along a street in central Tokyo on May 13, 2025, ahead of the company's annual results announcement later in the day. (Photo by Richard A. Brooks / AFP) (AFP) Check Offers Japan's biggest carmakers are looking at a hit of more than $19 billion from US President Donald Trump's tariffs that have left the global auto industry reeling. The industry's top brands warned of a weaker financial performance this year, or withheld guidance altogether, as they tallied up the potential cost of Trump's ever-changing policies on imports of cars and auto parts. The impact is likely to linger for years as the uncertainty spurs carmakers to rethink their North American investment and production. Toyota Motor Corp., the world's biggest carmaker, is likely to be the worst hit. It said last week it expects a ¥180 billion ($1.2 billion) impact to operating income in April and May alone. The figure could be as much as $10.7 billion for the whole fiscal year, according to Bloomberg Intelligence. Pelham Smithers analyst Julie Boote forecasts between $5.4 billion and $6.8 billion. Nissan Motor Co. and Honda Motor Co. both estimate a $3 billion impact. Subaru Corp., which imports roughly half of the cars it sells in the US, also skipped annual guidance as it predicted a $2.5 billion dent. Mazda Motor Co. forwent a full-year outlook. Also Read : Toyota sees 21 per cent full-year profit decline as tariffs take a bite Most vehicles imported into the US were hit with a 25 per cent duty on April 3, while most auto parts became subject to that levy as of May 3. There are some executive orders that prevent tariffs from doubling up, but the policies are expected to add thousands of dollars to the price of cars in the US. The US is the biggest market for Japan's top carmakers, which utilise factories in Mexico or Canada to build vehicles that are then sent across the border. But Trump's import tariffs now make that an expensive, if not unviable, practice and left companies struggling with the costly dilemma of how to overhaul their supply chains to escape the duties. Japanese carmakers are now hoping that trade negotiations will offer a reprieve as talks with the US likely accelerate later this month. Prime Minister Shigeru Ishiba has vowed not to accept any deal that doesn't address auto tariffs, given the sector's importance for the economy. In the meantime, companies are already rethinking their operations. Honda said this week it's postponed by two years plans to spend C$15 billion ($11 billion) to build out its electric vehicle supply chain in Canada, including a factory that could produce 240,000 cars a year. It's already shifting production of the hybrid version of its Civic from Japan to the US. Almost 40% of the roughly 1.4 million cars it sold in the US in 2024 were imported, according to Bloomberg Intelligence. Meanwhile, Subaru said it's reviewing all of its investments, including the development of EVs. Nissan has halted US orders for SUVs built in Mexico, and Mazda is stopping exports to Canada of one model that's manufactured at an Alabama factory that's a joint venture with Toyota. For now, Toyota appears to be taking a longer-term view. The carmaker hasn't shifted any output since tariffs took effect, and Chief Executive Office Koji Sato said last week it'll consider building out its production footprint in the US in the medium to long term. Also Read : Hero MotoCorp reports a profit of ₹ 1081 crore in Q4 FY25. What supported this growth? The tariffs are a particularly hard blow for Nissan, which is already in the throes of its worst crisis in a quarter century. The carmaker has vowed to cut 20,000 jobs and shut seven production facilities. Even with the extensive restructuring, Nissan finds itself in urgent need of a financial lifeline after talks to combine with Honda collapsed earlier this year. 'Nissan's plight could have been minimised if it had taken these steps sooner," said Bloomberg Intelligence senior auto analyst Tatsuo Yoshida. 'The impact of these measures, compared to what other carmakers are doing or even what Nissan has done in the past, is unclear." Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape. First Published Date: 15 May 2025, 10:15 AM IST
The Citizen
14-05-2025
- Automotive
- The Citizen
Nissan's bleak outlook: revenue down, looming 20 000 job cuts
Brand will its reduce its production facilities from 17 to 10, which could put the future of the Rosslyn Plant outside Pretoria in the firing line. Nissan has announced that around 15% of its global staff will be cut. Photo by Richard A. Brooks / AFP Nissan posted an annual net loss of $4.5-billion (R82.2-billion) on Tuesday (13 May) while saying it plans to cut 15% of its global workforce and warning about the possible impact of US tariffs. The heavily indebted carmaker, whose merger with Honda collapsed this year, is slashing production as part of its expensive business turnaround plan. 'We must prioritise' 'Nissan must prioritise self-improvement with greater urgency and speed,' CEO Ivan Espinosa told reporters. 'The reality is clear. We have a very high cost structure. To complicate matters further, the global market environment is volatile and unpredictable, making planning and investment increasingly challenging.' Nissan reported a net loss of $4.5-billion for the financial year to March 2025. Its worst ever full-year net loss was 684-billion yen (R85-billion) in 1999-2000, during a crisis that birthed its partnership with Renault. ALSO READ: Nissan's woes deepen as more job cuts loom Renault, which has nearly a 36% stake in Nissan, said Tuesday it expects to take a 2.2-billion euro (R40.2-billion) hit in the first quarter due to Nissan's turnaround plan. Nissan did not issue a net profit forecast for 2025-2026. 'The uncertain nature of US tariff measures makes it difficult for us to rationally estimate our full-year forecast for operating profit and net profit, and therefore we have left those figures unspecified,' Espinosa said. Nissan's shares closed three percent higher Tuesday after reports, later confirmed by the company, that it planned to slash a total of 20 000 jobs worldwide. 'We wouldn't be doing this if it was not necessary to survive,' Espinosa said of the cuts. Junk ratings Nissan, as part of recovery efforts, also said it would 'consolidate its vehicle production plants from 17 to 10 by fiscal year 2027'. 'In China, we will strengthen our market performance by unleashing multiple new-energy vehicles,' it added. A merger with rival Honda had been seen as a potential lifeline but talks collapsed in February when the latter proposed making Nissan a subsidiary. Espinosa said Tuesday that Nissan remained 'open to collaborating with multiple partners', including Honda. The automaker, whose shares have tanked nearly 40% over the past year, appointed Espinosa CEO in March. Ratings agencies have downgraded the firm to junk, with Moody's citing its 'weak profitability' and 'ageing model portfolio'. Of Japan's major automakers, Nissan is likely to be the most severely impacted by US President Donald Trump's 25 percent tariff on imported vehicles, Bloomberg Intelligence analyst Tatsuo Yoshida told AFP ahead of Tuesday's earnings report. Its clientele has historically been more price-sensitive than that of its rivals, he said. So the company 'can't pass the costs on to consumers to the same extent as Toyota or Honda without suffering a significant loss in sales units', he added. ALSO READ: Nissan CEO Makoto Uchida officially steps down
Yahoo
22-04-2025
- Yahoo
Japan, amid an unprecedented travel boom, is starting to charge tourists more to visit
There's a meme circulating that the average millennial midlife crisis unfolds like this: Take up running. Make house plants your entire personality. Buy an air fryer. Start planning a trip to Japan. First of all, ouch. But second of all, the accuracy. The allure of Japan has called to travellers (young and old, for the record) for years, but especially since the end of the COVID-19 pandemic. The unique mix of cultural traditions and cutting-edge modernity, its emphasis on wellness and aesthetic of comfort, and its natural landscapes and popular attractions are just part of what makes Japan so appealing to many. Last year, Japan was named the best country to visit in the world by the Conde Nast Readers' Choice Awards. And now, bolstered by a weak yen, it's also more affordable, leading to an unprecedented travel boom that saw the country cross the 10-million visitor mark at its fastest-ever pace this year. For many, it's a welcome boost, after tourism to Japan was all but halted for more than two years during the pandemic, as the country put up some of the world's strictest border controls. Visitors stroll through the grounds of Nezu Shrine during the annual Azalea Festival in Tokyo on April 17. (Richard A. Brooks/AFP/Getty Images) But now as Japan grapples with the surge, it has a new problem: overtourism, with crowds affecting everything from some of its most sacred traditions to increasing housing and hotel prices. "I'm happy there are so many visitors to Japan, but I'm agonizing every day," Yoshiki Kojima, who owns an IT company, told the Japan Times in January about his struggles to find affordable hotel rooms for his employees when they travel to Tokyo. "I've already given up," Natsuki Sato, a mother who realized she could not afford to buy a home because she lives near a popular ski resort where tourism has driven up property prices, told the Australian Broadcasting Corporation on April 12. And now, to help cope, some of Japan's most popular tourism destinations are reportedly rolling out a two-tier pricing system on everything from restaurants to theme visits on the rise Arrivals of foreign visitors for business and leisure reached 3.5 million last month, bringing the total through the first quarter to 10.54 million, data from the Japan National Tourism Organization (JNTO) showed. Last year, Japan reached 10 million visitors in April. For the whole of 2025, tourist arrivals are on pace to eclipse last year's all-time level of 36.87 million. The nation's famed cherry blossom season helped boost demand in March, which saw record arrivals for any single month among travellers from the United States and Canada, the JNTO said. And Canada was among the top 20 countries whose residents have visited Japan recently, with 44,500 visits from Canadians recorded in February alone, up 31 per cent from last February. Over 550,000 Canadian tourists visited last year, up 37 per cent from the year before. Right now, $1 Cdn gets you about 103 yen — or in other words, a bowl of ramen can cost about $5, and a standard hotel room about $200 a night. The weakness of the yen against the Canadian dollar is a big draw right now, says Aaron Petrowitsch, 32, a Calgarian who travelled to Tokyo and Kyoto for his honeymoon in February. "A lot of people don't want to travel to the States right now, and fair enough," Petrowitsch told CBC News. "But looking at other places where your money goes a long way, Japan is definitely one of those places." He and his wife Sarah had originally planned a trip to Japan in 2020, which they had to cancel due to COVID-19 travel restrictions. When they rebooked for their honeymoon, Petrowitsch says he was pleasantly surprised that the trip would be more affordable than it would have been five years ago. "It's getting more and more popular, that's for sure," Petrowitsch said, adding that about two weeks after he got back to Calgary, a colleague of his travelled to Japan with his girlfriend, and he knows at least one other colleague planning a trip. Aaron Petrowitsch, left, and Sarah Petrowitsch, of Calgary, are seen here visiting Mount Fuji in Japan in February 2025. Japan recorded 44,500 visits from Canadians in February alone. (Aaron Petrowitsch) Overtourism But as more tourists flock to Japan, many of them inspired by social media, what's called overtourism has become a hot topic. "The issue is not so much with too many people going to Japan, but with too many people going to the same places while they're there," James Mundy of Inside Japan explained on the Responsible Travel website. "What tourists and local communities want to do is not sometimes harmonized," Kenji Hamamoto of the Japan Tourism Agency told Travel Voice, a Japanese travel news site, in January. This picture taken on July 3, 2023 shows tourists posing for photographs with former sumo wrestlers at the Yokozuna Tonkatsu Dosukoi Tanaka restaurant in Tokyo. (Yuichi Yamakazi/AFP/Getty Images) Some regions and attractions have taken extra measures. The historic geisha district of Gion in Kyoto, for instance, has banned tourists from some of its alleyways and private streets in an attempt to control those who have reportedly tried to force geisha and maiko to pose for photos or touched their kimonos. Tourists flocking Kamakura for a photo op have become so problematic that the town had to add security guards to keep people away from its famed railway crossing. And in Fujikawaguchiko, so many people have blocked roads or trespassed to get an Instagram-famous photo of the Lawson Convenience Shop by Mount Fuji that authorities had to put up a barrier to block the view. (They eventually, quietly, took it back down, CNN reports.) Meanwhile, a 400-year-old temple in Kyoto has been plagued by litter and unauthorized photo shoots. And Mount Fuji has become so overcrowded and littered by tourists that some have called it "trash mountain." A worker installs a barrier to block the sight of Japan's Mount Fuji emerging from behind a convenience store to deter badly behaved tourists, in the town of Fujikawaguchiko, Yamanashi prefecture in May 2024. (Kazuhiro Nogi/AFP/Getty Images) Two-tier pricing? To manage overtourism, some tourist hotspots are increasing their prices. Starting in July, anyone who climbs Mount Fuji will have to pay 4,000 yen, or about $39 Cdn, for a permit — double the price of last year's so-called "tourist tax." Starting next year, Himeji Castle in western Japan will charge tourists more than double its normal rate. A new nature-themed park called Junglia Okinawa is charging 8,000 yen for a one-day pass for tourists, versus 6,300 yen for citizens. It's been reported that some restaurants are charging a tourist tax, such as an all-you-can-eat seafood restaurant in Tokyo that offers a discount for residents of Japan. And in 2023, officials rolled out a 100-yen tourist tax to visitors at Miyajima, home to the UNESCO World Heritage Itsukushima Shrine, to anyone entering "by boat." Petrowitsch, from Calgary, says he didn't really notice a two-tier system on his visit, and when there was a lower price for Japanese locals, it was "minimal." He also says it likely won't deter him from visiting again, unless the price difference becomes drastic. "We had such a great time." Foreign and domestic visitors crowd the street at the popular tourist area of Tsukiji fish market as the country marks the 'Golden Week' holidays in central Tokyo on April 30, 2024. (Richard A. Brooks/AFP/Getty Images)
Forbes
17-04-2025
- Business
- Forbes
Building A Multi-Million Dollar Business While Traveling The World
Scaling businesses requires dedication and skill, but it doesn't necessarily require being restricted to a single location. Global mobility, along with several other practices, can be one key to success in growing a brand. Here's how one might build a multi-million dollar business while traveling the world. Visitors stroll through the grounds of Nezu Shrine during the annual Azalea Festival in Tokyo on ... More April 17, 2025. (Photo by Richard A. Brooks / AFP) (Photo by RICHARD A. BROOKS/AFP via Getty Images) Digital platforms make reaching potential customers worldwide from an entrepreneur's home base easier, even on a relatively small budget. Eventually, traveling to conferences, client meetings, and potential markets becomes pivotal to growth and developing a well-rounded business strategy. Entrepreneurs who can visit various spots around the globe can attain a competitive edge in several ways. Whether the destination is nearby or on the other side of the world, the benefits can include: In addition to gaining a new perspective from the conversations and activities, each trip can be exciting and help reinforce a winning mindset. Specifically, Parm Kals, CEO of Espy Agency, credits location independence with his ability to collaborate with high-profile individuals, musicians, and international companies seeking well-crafted and personalized digital marketing campaigns. For instance, he uses his viral marketing expertise in the global music industry. This sector is projecting an 11.8% compound annual growth rate (CAGR) through 2030. With over a decade of experience in social media and music marketing, he has helped expand their customer base and create trends for businesses in multiple industries without geographic limitations. His journeys around the globe refine his vision and campaign strategies by engaging with business leaders and comprehending consumer needs firsthand in numerous markets. Resilience and adaptability are two indispensable traits for entrepreneurial success in today's fast-paced environment. Market trends and customer expectations continuously change. Drawing on his experience, Parm Kals suggests embracing setbacks as opportunities to grow and remaining committed to the vision when faced with obstacles. Moreover, it's vital to anticipate change instead of reacting to it to stay ahead of the curve. 'Entrepreneurship is about vision, resilience, and relentless pursuit,' says Kals. 'I built Espy Agency not just to follow trends but to shape the future of marketing.' Parm Kals, CEO of Espy Agency Commit to pushing boundaries that can inspire others to think bigger, act boldly, and aim higher. Inspirational, forward-thinking messaging helps people realize there is no limit to what can be achieved. This success can also help connect and elevate brands more effectively on a global scale. Inexperienced leaders and brand-new startups may flirt with burnout due to pursuing too much at once. Sustainable growth should be the core focus. This goal takes time, and learning how to balance ambition and patience is essential. Picking the right team and careful planning also make achieving this goal easier and becoming resilient. Staying flexible is also important to remember. Kals has learned the importance of prioritizing long-term goals over short-term wins. While the latter can seem critical to achieving initial success, unsustainable rapid expansion can impede refining processes and ensuring that each decision aligns with the company's vision. Acting aggressively during the early stages is still important, as a hesitant or risk-averse mindset can have a greater impact than failure. To achieve goals, it is necessary to periodically step outside your comfort zone, embrace calculated risks, and trust your instincts. Even when facing uncertainty, taking decisive action is an opportunity to learn or adapt. Networking and market research help procure credible insights, enabling informed decisions about handling current administrative tasks and positioning for the future. Social media is indispensable for shoppers and sellers. According to GRIN's 2024 Modern Consumer Survey, 74% of consumers are influenced by content on platforms like TikTok, Instagram, and YouTube when deciding what to purchase or listen to. Millennials and Gen Z households increasingly gravitate toward social media and video product reviews to make informed decisions instead of relying on written content or going directly to a brand's website. The same study indicates that 68% of shoppers have purchased products directly from social media apps. Regarding travel planning, a similar percentage of households chose a particular theme park or vacation destination because of social media recommendations. In most instances, social channels are the primary way customers discover businesses. Therefore, maintaining accounts in multiple digital communities allows us to engage with people from many backgrounds and run personalized, data-driven campaigns that target an audience with specific interests and purchase histories. Social media influence extends beyond shopping decisions. As an additional statistic, viral songs can increase by over 500% within a week of trending on streaming platforms. This engagement helps artists push into the forefront with future releases. Online platforms are a great way to promote items for sale. Social listening also gathers direct feedback and tracks mentions and discussions that traditional marketing practices cannot. Changing trends and customer expectations can require established businesses to innovate to remain competitive or diversify income streams to unlock potential. Successful re-branding can increase average revenue by 10% to 20% within the first year. This strategy can involve the following actions: Depending on the circumstances, your current products may be outdated due to new technology or the evolving needs of existing customers. The market may also be saturated, eliminating your competitive advantage and the ability to earn sustainable profits. Many businesses also adopting AI to automate and improve various administrative and production processes. This emerging technology can make it easier to analyze data, plan campaigns, and pivot sooner. Another possibility is to start a loyalty program that rewards frequent customers and encourages others to engage more with your company. McKinsey states that this initiative can increase satisfaction and engagement by 30% and acquire more shoppers. Implementing several of these actions can increase brand recognition which helps retain long-term customers and attract new prospects. The Edelman Trust Barometer reports that 88% of consumers desire authenticity when comparing brands. They are more likely to support individuals and businesses who stay true to their core mission, even when adjusting to changing market conditions. Shoppers have many choices and winning trust is crucial for long-term success. Identifying with their culture helps establish a relationship. Next, provide quality and value with each interaction to increase the likelihood of repeat customers and referrals within their network. Consistency, transparency, and genuinely caring about customers also help build trust. Several components help any business thrive and better serve its customers. Listening to feedback, understanding their values, and innovating with a multi-year vision is an excellent foundation when trying to build a multi-million dollar business. Digital communication and travel also play a part in forming authentic relationships with a promising future. Related Articles:
