Thursday, April 4, 2013
Unprecedented stimulus measures of the BOJ will inject $ 1.4 trillion into the economy
According to Reuters, the Japanese monetary stimulus on Thursday focused on the outbreak of the commitment of the central bank in less than two years to $ 1.4 trillion into the economy of funds, the radical bet triggered the yen exchange rate sharply lower, bond yields drop to a record low.
Bank of Japan to end two decades of economic stagnation, shock therapy, Haruhiko Kuroda commitment to the Bank of Japan will implement the to open asset purchase and the Monetary Base at the end of 2014 will be almost doubled to $ 2.9 trillion.
Fed quantitative easing project to buy bonds or more, but taking into account the scale of Japan's economy is only about one-third of the United States, Kuroda "quantitative plus qualitative monetary easing" unrivaled in size.
Kuroda smiling at the subsequent press conference, said: "This unprecedented degree of monetary easing."
He said: "We take all available measures that we can think of and I am confident to achieve the inflation target of 2% within two years, we have exhausted all the necessary measures."
One of the measures is to give up interest rates as a policy target, the Bank of Japan to become the only major central banks of the world will be the primary target of the monetary base, the size of the cash into the economy. The bank had adopted a similar policy in 2001-2006, but the scale is far better than this.
Kuroda breadth of policy adjustments, and ensure that the unanimous support of the Council to the fact that significantly push down the yen, the 10-year bond yields fell to a record low, but also help the stock market closed near the four-and-a-half years hit a new high.
The HSBC economists Izumi Devalier, wrote in a research report: "The results constitute a mechanism for change."
Kuroda policy substantially modified instantly to appease the Japanese stock market, but contains major risk.
The policy will enable the Bank of Japan is huge exposure to government debt, if the measures fail to push high-pass [microblogging] inflation, investors lost confidence in their ability to revive the economy, the central bank will face potentially huge losses and, at the same time may lead to currency war, because other Asian exporting countries seek to remain competitive in the weakening of the yen.
In Tokyo, a senior economist at Sumitomo Mitsui Asset Management Company, said Hiroaki Muto: "as if we are back to the 2000s, the period of quantitative easing."
Target base set as a goal will significantly expand the commercial banks in the current account of the balance sheet of the Bank of Japan, but I'm not sure whether these funds will flow to the economy. "
Cash and reserves of the monetary base, the Bank of Japan, in March hit a record high, but such a large-scale money is not the end of deflation or boost salaries.
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New York KFC and McDonald's employees go on strike
CNN reported Naquasia Legrand in Brooklyn, New York City, a KFC restaurant , her hourly wage is $ 7.70. Her recent work hours be reduced by more than a third, which led to her inability to pay the bills.
The Legrand Thursday joined the fast food industry workers protest in New York City. Organizers expected to be there from 70 McDonald's [micro-Bo] (MCD), Wendy's (WEN), Hamburg Wang (Burger King) (BKW) and Yum (YUM)'s Pizza Hut [micro-Bo] and KFC restaurants of workers to participate in protests . From the industry of labor, community and religious groups to form an alliance called fast forward (Fast Food Forward).
Jonathan Westin said in a McDonald's restaurant dynasty near the square, dozens of workers leave their jobs, executive director of New York Communities for Change, one of the promoters of the protest community. He also said that the Brooklyn, Flatbush Avenue, a Burger King restaurant failed to open for business, because there are too many workers workers.
Burger King, a spokeswoman confirmed that this restaurant delayed 15 stores open for business.
The organizers require employers to workers increase the minimum wage to $ 15 per hour, does not strike retaliation and intimidation. New York Department of Labor data show that New York City 50000 fast food industry workers' hourly median wage is $ 9, the equivalent of $ 18,500 per year. The Census Bureau a four this poverty line is $ 23,000.
LeGrand, 21 years old, she with her grandmother, aunt and cousin live together, because she can not afford a place to live independently. She said, "I had to make the decision to buy a MetroCard or eat."
This is not a LeGrand first strike. Her in November last year, together with 50 Manhattan fast food industry workers went on strike, asking similar expedients.
Soon, Legrand hourly wages rose 20 cents, but her weekly working hours reduced from 38 hours to 24 hours. Five months later, her weekly working hours, leaving only 11.5 hours.
She said, "My manager said she was hired new staff, this is the reason of the reduction in working hours." But she thinks it with her last year participated in the strike.
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10th H7N9 infection case confirmed in China
Another H7N9 infection case has been confirmed in east China's Zhejiang Province, the provincial health department said Thursday.
The patient is a 64-year-old man from Huzhou City. He became ill on March 29 and was admitted to a hospital in Huzhou on March 31.
On Thursday, medical experts confirmed that he was infected with the H7N9 bird flu strain after the provincial center for disease control and prevention said late Wednesday that he tested positive for the virus.
So far, 10 H7N9 cases, including the latest patient and involving three deaths, have been confirmed in China.
Obama is a 5% pay cut, and through thick and thin with forced to unpaid leave employees
President Barack Obama plans to return 5 percent of his salary to the U.S. Treasury, in solidarity with federal workers who are going to be furloughed in the automatic budget cuts known as the sequester, The New York Times said in an online report on Wednesday.
The move would be retroactive to March 1 and apply through the rest of the fiscal year, which ends in September. The White House came up with the 5-percent figure to approximate the level of spending cuts to nondefense federal agencies that took effect at the beginning of last month.
The newspaper quoted an unnamed official as saying that Obama " has decided that to share in the sacrifice being made by public servants across the federal government that are affected by the sequester."
U.S. Defense Secretary Chuck Hagel and Deputy Defense Secretary Ashton Carter announced earlier that they would return a share of their salaries to show solidarity with civilian Pentagon employees, a majority of whom are to be furloughed.
Bank of Japan to increase easing efforts, the Nikkei Index closed up 2.2%
Affected by the Bank of Japan monetary policy meeting to increase monetary easing efforts stimulus, the Nikkei index of the Tokyo stock market on Thursday recovered the decline into soared 272.34 points closing at 12,634.54 points, or 2.20%. The Topix index rose 27.33 points to 1037.76 points, or 2.70.
This is the new President Haruhiko Kuroda took office for the first time the central bank's monetary policy meeting. The Bank of Japan announced that it will launch a "qualitative and quantitative monetary easing" combination punches that its monetary policy steering.
The BOJ measures taken include: Japanese government bond purchases to 50 trillion yen a year ($ 530 billion) to buy bonds of longer maturity time break before the three-year limit to increase the purchase of the ETF and real estate investment funds, Japanese bonds and exchange-traded fund holdings doubled within two years, before the end of the asset purchase program.
Specifically, the Bank of Japan announced that it would purchase a maturity of up to seven bonds, the maximum duration of 40-year bonds for debt purchase plan. The annual purchase of 1 trillion yen ETF, an annual 30 billion yen purchase of real estate investment trust. Policy objectives changed the base currency to strengthen monetary easing the annual increase will be about 60000000000000-70000000000000 speed.
Baked with the new policy of the central bank, the yen fell sharply. USDJPY (95.39,2.3100,2.48%) straight line rising from 93 below to 94 above. The 10-year yield fell below 0.50 percent again refresh the intraday low since June 2003.
Tuesday, April 2, 2013
Wal-Mart's India expansion difficult: shop less than Plan 1/4
Three years ago, Wal-Mart aspires to become India's largest retailer in 2015. It is difficult now expansion in India, only opened 50 stores last year, much lower than the 22 planned, because the local operating environment is extraordinarily complex.
Sources familiar with Wal-Mart planning this year, the company plans to open eight stores in India. Industry sources say that Wal-Mart expansion difficult part because India's commercial real estate development and store operations processes a multitude of things, but one of the biggest reasons is the compliance blow.
Wal-Mart in November last year, disclosed the investigation in India, Mexico and other countries is a violation of the U.S. Overseas Anti-Corruption Act (FCPA). Since the internal investigation began, Wal-Mart said that to strengthen the efforts of the partners and employees in accordance with the laws of the United States and India, and thus slow down the pace of expansion.
International business to promote the growth of the overall performance of Wal-Mart's sales increased 5% to $ 466 billion last year, the international business increased by 7.4% to $ 135 billion.
For the modest goal of eight stores in India this year, Wal-Mart's current progress is lagging far behind, and finally a newly opened store in October last year. Wal-Mart to enter India in 2009, has opened 20. Within two years, Wal-Mart plans to run a number of supermarkets in September last year, the Government of India after the liberalization of foreign investment of the supermarket.
Even for the locals who opened in India, operates retail stores are also very complicated, you need to get dozens of licenses and authorizations from various institutions on to the municipal government, they usually have to pay bribes in order to promote the project.
DBS Bank CEO last year, the total remuneration of $ 7.5 million super Deutsche Bank Barclays
High Bode (Piyush Gupta), Southeast Asia giant planets DBS Bank (DBS) CEO total remuneration last year grew 15% to S $ 9.3 million ($ 7.5 million), more than Barclays and Deutsche Bank CEO.
Based on corporate earnings, co-CEO of Deutsche Bank Anshu - Jain (Anshu Jain), and Jurgen - Fitz Cen (Jürgen Fitschen) last year were given 4.8 million euros ($ 6.2 million), Barclays Bank Anthony - Jenkins (Antony Jenkins) last year, the total remuneration of £ 2,600,000 ($ 4,000,000).
High Bode pay increases and DBS Bank last year to a record S $ 3.8 billion profit, as well as the plan to expand in the fast-growing Asian market consistent.
Djan and Fitz Cen as Des UnionPay President CEO in June last year, after the allocation of additional funds to cover the mortgage-related litigation costs, Deutsche Bank last year's profit fell to 291 million euros, representing a year-on-year to drop 93%.
Jenkins on August 30 last year as CEO, Barclays Bank in February this year that they do not want to consider to grant him a bonus of 2012. Set aside 1 billion pounds to compensate for loss of customers, Barclays Bank last year's net loss of 1.04 billion pounds for the first time in 20 years.
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