Williams-Sonoma, Inc. announces release date for first quarter results: Wednesday, May 22nd, 2024

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Why Costco might fire up Japan's low-pay economy
STORY: When a branch of Costco opened last year in a small country town north of Tokyo, it caused ripples across the local economy - and, maybe, right across Japan. Because the U.S. retail giant was offering pay that caused a stir. At 1,500 yen, or nearly $10 per hour, its minimum wage is 60% above the minimum in the surrounding area, and would be good even in Tokyo. That gave local firms something to think about. At a nearby noodle shop, marketing manager Takehiro Ehashi decided he had no option but to hike wages to compete: "For us, even a one- or two-yen rise in raw material cost is tough, so to increase hourly pay by even 10 yen is extremely challenging as we need to generate far more sales. But since Costco opened it's become a kind of magnet and we have more customers, so it's overall a positive."Economists see a very hopeful signal. If higher salaries at foreign firms force local companies to raise pay too, it might just spark a virtuous cycle of rising wages and consumption. That would be huge news in a country where real wages barely grew at all between 1995 and 2021. Better pay might mean people like Costco worker Ryu Kawane feel more ready to spend money and boost the economy: "Partly due to COVID, my income really fluctuated before I joined Costco. Since starting at Costco I've received a high, stable salary so I've felt more stability in my everyday life as well.” Prime Minister Fumio Kishida has made sustainable wage rises a key goal, while the Bank of Japan wants to see similar signs before it does more rate hikes. Not everyone is happy though. Some local businesses have complained about the pressure to raise wages, and the challenge in competing for workers. But town mayor Motosuke Tomizuka says the store’s arrival has boosted pay all over the area, and sparked a tangible upturn: "When the local economy enters a phase of rising wages, what do business owners do? They do their best to make money. That's how the economic pie finally grows and spurs revitalization.”Now Costco plans to open many more stores in Japan, while other major foreign firms, including furniture giant IKEA, are also paying relatively well. The government will be hoping that just might be the start of something big.
AFP
BYD says to build second EU factory despite EV slowdown
Chinese electric vehicle giant BYD is still committed to building a second factory in Europe and will roll out hybrid cars as the EV market slows down, a group executive told AFP. Stella Li, vice president for Europe and the Americas, also shrugged off a European Union probe that could lead to tariffs on Chinese EVs. "When your competition worries about you, that means that you're super good," Li said in an interview Thursday at the Top Marques auto show in Monaco.That means that Chinese cars ha
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The Best Small Town to Retire Where $100K in Savings Will Last You the Longest
This article takes a look at the the best small town to retire where $100k in savings will last you the longest. Check out our full list at 30 Best Small Towns to Retire Where $100K in Savings Will Last You the Longest. Maximizing Retirement Savings: Top 30 Small Towns Where $100K Lasts Longest How […]
The Guardian
Boohoo investors seek £100m in damages after minimum wage row
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Britain more reliant than ever on imported power to keep the lights on
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Microsoft, Nvidia to Face US Antitrust Probes Over AI Moves
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BAT subsidiary lobbies Pakistan to allow export of cigarettes to Sudan
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Jobs report: These sectors fueled May's job surge
The May US jobs report came in hotter than expected, with 272,000 jobs added to the economy. Yahoo Finance's Alexandra Canal, Madison Mills, and Anjalee Khemlani join the Morning Brief to dissect the sectors that witnessed the most robust job gains during the month. The retail sector experienced a notable uptick, adding 13,000 jobs to its workforce. Within this segment, building material, garden equipment, and supply dealers led the charge, contributing 12,000 new jobs, while department stores saw a decline of approximately 5,000 positions. The healthcare industry created a significant number of jobs, adding 68,000 new roles in May. The ambulatory sector, which includes outpatient care facilities, witnessed the most significant gains with 43,000 new jobs — reflecting the industry's push toward alternative and outpatient care models. Hospitals contributed to this growth by adding 15,000 positions. The leisure and hospitality sector saw an increase of 42,000 jobs, a development that could potentially influence the Federal Reserve's decision on potential interest rate cuts as services inflation has been a persistent headwind for the central bank's monetary policy decisions. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Angel Smith
South China Morning Post
Chinese food delivery giant Meituan beats estimates to post 25% quarterly revenue increase
Meituan, China's biggest on-demand services provider, on Thursday reported a higher-than-expected 25 per cent year-on-year increase in first-quarter revenue, boosted by gains from its core local commerce operations led by food delivery. The Beijing-based company posted revenue of 73.3 billion yuan (US$10.1 billion), up from 58.6 billion yuan in the same period last year, as on-demand delivery transactions during the March quarter grew 28.1 per cent year on year to 5.5 million. That beat the 70.3
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LVMH Appoints Deputy Finance Director, Signaling a Succession Plan
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Reuters
China's exports rise solidly, but slower imports temper outlook
China's exports grew more quickly and for a second month in May, suggesting factory owners are managing to find buyers overseas and providing some relief to the economy as it battles to mount a durable recovery. The jury is still out, however, on whether the export sales are sustainable while a protracted property crisis has led to persistent weakness in domestic demand - a factor highlighted again in last month's imports figures. "Headline export numbers are surprisingly good, and that confirms the underlying trend, volumes are running very high," said Frederic Neumann, chief Asia economist at HSBC.

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10 bargain properties going under the hammer

Williams-Sonoma, Inc. announces release date for first quarter results: Wednesday, May 22nd, 2024

Latest stories

Rishi Sunak laughs at GP joke as heckler says NHS is 'disintegrating'

Why Costco might fire up Japan's low-pay economy

BYD says to build second EU factory despite EV slowdown

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China's exports rise solidly, but slower imports temper outlook