Latest news with #nonmanufacturing
Japan Times
5 days ago
- Business
- Japan Times
Major Japan firms set record with pay hikes above 5% for second year
Major Japanese firms have agreed to increase monthly pay through pay scale hikes and regular raises by 5.39%, or ¥19,195, on average in this year's shuntō spring labor-management wage negotiations, a final tally by the Japan Business Federation, or Keidanren, shows. The hike rate hit 5% for the second straight year and was the second biggest, after last year's 5.58%, since comparable data became available in 1976. The data marks the first time since 1990-91 that the rate of increase has reached 5% for two consecutive years. The tally, released Wednesday, covered 139 companies in 19 sectors. "Strong momentum for wage hikes continued and took root," a Keidanren official said. "Discussions were made between employee and employer sides to secure human resources amid high prices." Manufacturing firms agreed to increase wages by 5.42% on average. Pay increases agreed by nonmanufacturing companies averaged 5.34%. By industry, the information and communication sector, where competition to secure human resources is growing more severe, agreed to raise wages by 8.24%, after the previous year's hike of 10.15%. The metal and nonferrous metal industry agreed to raise wages by 6.15%, followed by 6.14% pay increases offered by the machinery metal industry. The salary hike rate in the shipbuilding industry was 6.13%. The pay increases offered by the food, textiles and electronics industries surpassed those of the previous year. Next year, the trend for pay hikes in Japan may be disrupted by the impact of high U.S. tariffs. Keidanren indicated its wish to call on member companies to ensure that regular wage hikes and pay scale increases are achieved every year.
Forbes
31-07-2025
- Business
- Forbes
China Market Update: PMIs & Prosus' Meituan Sale Weigh On Markets
Asian equities were mostly lower overnight, as Japan and Pakistan outperformed while Hong Kong and Mainland China underperformed. China released its manufacturing purchasing managers' index overnight in July, which weighed on markets. The reading came in at 49.3, indicating a contraction in manufacturing activity for the fourth consecutive month, a decrease from June's reading of 49.7 and lower than the median forecast of 49.7. However, the Non-Manufacturing (i.e. services) PMI was 50.1, lower than in June but still indicating an expansion in activity. The numbers are not that great, though an expansion in non-manufacturing is what we want to see. Alibaba and Meituan were lower overnight. Amsterdam-listed South African technology investment firm Prosus announced it would be selling its $4 billion stake in Meituan. It sold $250 million overnight in Hong Kong. The firm first purchased Meituan shares for the first time as Naspers, a South African media company, and has also had historical stakes in Alibaba. Meituan's shares were -4.55% lower overnight. The share sale comes at a time when Meituan is experiencing extreme competition in the food delivery space that is its specialty. However, the company has a strong moat, and competition is becoming more measured, at the request of market regulators. Mainland investors were net buyers of Meituan and Alibaba on weakness overnight, for the second day in a row. The dip-buying is good to see! Mainland investors consistently account for over 50% of Hong Kong's turnover, which has been a key development in 2025. While it is good to see the support and interest, foreign investors likely need to come in as well for the Hang Seng to see a new support level. The People's Bank of China (PBOC), China's central bank, took major steps to stabilize the Yuan, keeping it above a higher bar of exchange rate versus the US dollar, overnight, though the currency has remained relatively stable, maintaining its value since tariffs were first announced. New Content Read our latest article: KraneShares KOID ETF: Humanoid Robot Rings Nasdaq Opening Bell Please click here to read
Bloomberg
05-06-2025
- Business
- Bloomberg
P&G Plans to Cut 15% of Office Jobs Over Next Two Years
Procter & Gamble Co. plans to cut as many as 7,000 non-manufacturing jobs over the next two years as part of an effort to improve productivity. The reductions would amount to about 15% of the US consumer goods company's current non-manufacturing workforce, P&G said in a presentation posted on its website.
