|Frontier's "Invest Mongolia Tokyo 2018"||Frontier Securities||Tokyo Japan|
|"Open to Export" ICC WTO International business award||ICC WTO||London|
The head of the Japanese advertising giant Dentsu has resigned after the suicide of a junior employee was linked to a company culture that required staffers to work huge amounts of overtime.
The company confirmed Thursday that its president and CEO, Tadashi Ishii, would step down after its January board meeting.
Dentsu, which employs 47,000 people and operates in 140 countries, has been in the spotlight following the suicide of an employee on Christmas Day in 2015.
Japanese regulators have found that the woman, Matsuri Takahashi, had been forced to work excessively long hours. The punishing workload resulted in her suicide, they ruled.
Takahashi had clocked about 105 hours of overtime in the month leading up to her death, authorities found.
japan matsuri takahashi
The parents of Matsuri Takahashi, whose suicide was attributed to overwork, spoke at a news conference in October.
Pity Japan's salaryman: Inside a brutal 80-hour workweek
Ishii's resignation comes after investigators raided Dentsu's offices. Japan's Ministry of Health, Labor and Welfare has referred the case to prosecutors.
"We deeply regret failing to prevent the overwork of our new recruit," Ishii said at a press conference. "I offer a sincere apology to the bereaved family and everyone in society."
Japan is known for the brutal work hours demanded of its "salarymen," or office workers. Considered by many to be the backbone of Japan's economy, these employees are expected to always put the company first. Working days are often followed by marathon drinking sessions with colleagues and clients.
Excessive hours are such a big problem that there's even a Japanese word for death by overwork: karoshi.
Relief could be on the way for some workers. Prime Minister Shinzo Abe is pushing labor reforms that would curtail the burden placed on employees.
--Emiko Jozuka and Yoko Wakatsuki contributed to this report.
CNN)A huge open-pit coal mine has collapsed in eastern India, trapping at least 30 people and killing at least seven, police officials say.
Hari Lal Chouhan, Superintendent of Police in Godda, where the mine is located, said seven bodies have been pulled out of the debris so far. The exact number of those feared trapped is unknown.
He added that as many as 20 vehicles have been buried in the landslide.
The cause of the landslide is still being investigated.
Catastrophe struck the vast mine Thursday evening local time, but rescue teams were unable to start their operation straight away due to a lack of technology, according to police officials.
Mining operations were reportedly taking place 200 feet beneath the ground.
Mr. Chouhan confirmed that a National Disaster Response Force (NDRF) team were now traveling to the site to help dig through the mud.
Prime Minister Narendra Modi responded on social media.
"Saddened by the loss of lives at a mine in Jharkhand. My prayers are with those trapped inside," he said on Twitter.
Minister Piyush Goyal said an inquiry was underway, according to CNN affiliate News18. Goyal is India's Minister of State with Independent Charge for Power, Coal, New and Renewable Energy and Mines.
The mine is in Jharkhand, one of the major coal-producing states in India, and run by state-owned Eastern Coalfields Limited.
India is one of the world's top three coal consumers and is expected to surpass the United States in terms of coal consumption by 2030.
People in India have until the end of Friday to deposit discontinued notes in bank and post office accounts, or risk their money becoming worthless.
Early last month the government scrapped the 500 and 1000 rupee notes to crack down on undeclared money and fake cash.
The move divided opinion, especially over how the ban was implemented.
Deadlines for spending the notes or swapping them for new currency have already passed.
Some people, including those of Indian origin living abroad, will be able to exchange the notes in branches of India's central bank until 31 March 2017 - but the process will be more complicated than going to a regular bank.
Parliament is preparing laws that will make it a criminal offence to hold the old notes from 1 April 2017 onwards.
India's Prime Minister Narendra Modi announced that the notes were no longer legal tender on 8 November, sparking panic.
Together the two notes represented 86% of the currency in circulation and there have been chaotic scenes in India ever since, with people having to spend hours queuing outside banks and cash machines which have been running out of money.
ATM queues and cash withdrawal limits mean getting currency can still be tricky, and there have been several changes of the rules around how much money people can access or deposit.
The government hopes the measures will encourage more people to have bank accounts and move towards a society less reliant on cash.
But there are concerns that many poorer people and those in rural areas have yet to get bank accounts.
Local firms which allow people to make digital payments both online and in shops have reported a surge in transactions as people look for cashless alternatives.
The Chinese government plans to spend half a trillion dollars over the next three years on developing the country’s high-speed rail network. The move is part of a five-year plan aimed at shoring up China’s economic growth.
Beijing wants to extend the country's high-speed rail network to more than 30,000 kilometers. That means adding 11,000 kilometers of track for high-speed trains. China's high-speed railway currently makes up 19,000 kilometers.
The network will connect more than 80 percent of China's major cities, according to Vice Transport Minister Yang Yudong.
“We believe these railway lines will break even over time as the flow of people and goods experience fast growth,” he said, adding the government will invite private investment to participate in funding intercity and regional rail lines.
The program includes the construction of integrated transport hubs, renovation of expressways and faster construction of railways to serve less-developed regions in central and western China. The urban rail transit system will be extended by 3,000 kilometers.
On Wednesday, China opened the longest bullet train line linking the country’s east and west. The new 2,264-kilometer line spans five provinces, cutting travel time to 11 hours from 34 hours. It allows trains to travel at speeds up to 330 kilometers per hour.
Over the last two years, Chinese officials ramped up spending on the construction of highways and other public works.
They want to shift to a more sustainable model of growth and restructure the slowing economy toward consumption and services.
The world’s second-largest economy is expected to meet its growth targets of 6.5 to 7 percent this year. Statistics showed China’s industrial development, consumption, and investment maintained stable growth in October-November, with a rapid rise in the service industry.
Despite experts’ concerns, Chinese officials are confident in the country’s economy. President Xi Jinping said China will achieve its major economic targets this year and the positive trends will continue into 2017.
Precious metals miners sent the FTSE 100 index of leading shares to a fresh high on Thursday, powered by a rise in gold prices.
In a continuation of December's Santa rally, blue chip stocks rose by 14.18 points to close at a record 7,120.26.
Randgold Resources and Fresnillo led the FTSE 100 climbers for a second day, each rising by more than 4%.
Stocks were lifted by gold prices which grew 1.5% to $1,158.1 an ounce.
Investors boosted gold as the yield on 10-year US bonds fell while the dollar fell to a 15-day low against the yen. Sterling rose against the dollar at $1.2250.
Ipek Ozkardeskaya, senior market analyst at London Capital Group, said: "The dollar fall was mostly due to renewed doubts about the US recovery after pending home sales dropped in November."
Recent data revealed that US pending home sales fell by 2.5% in November, compared to economists' expectations of a 0.5% rise.
Ashtead Group was the day's biggest faller in London, down 2.3%.
Industrial equipment hire company Ashtead is traditionally a strong performer in December, according to the Harriman Stock Market Almanac, and over the month its share price is still up by 4%.
Smiths Group, another industrial stock, was also one of the biggest fallers, losing 1.67%.
China recently reported rising coal industry earnings. The Chinese National Bureau of statistics mentioned a growth of “157 percent in the first 11 months of 2016”, while industries such as oil and gas drilling along with power supply saw profits decline in the subsequent period.
This continued use of coal mirrors the rise in coal-fired power plants under construction or completed by China and India, African nations, and many European countries (Germany and Britain are shockingly big users of coal) as well. According to the International Energy Agency(IEA), global coal demand growth is slowing, but at least growing until at least 2020, the equivalent of an increase of 3.8 million-barrels-oil per day. There are reasons why coal will continue to rise in use.
According to the International Energy Agency(IEA), global coal demand growth is slowing, but at least growing until at least 2020, the equivalent of an increase of 3.8 million-barrels-oil per day.
Earnings were so strong in China that factory inflation spiked to a five-year high because of coal, which allowed their manufacturers: “to cut debt, invest more, and delay efforts to reduce excess capacity.” Coal in China and elsewhere continues to make investors and governments money. Yet China has promised to stop increasing emissions by 2030, and attempt to get one-fifth of required electricity from renewables while continuing to rely on coal and other fossil fuels for the remainder of their growing energy needs.
Chinese, Indian, African and European nations will continue to use coal for a simple reason – it is inexpensive – compared to renewables, nuclear, or even natural gas. Very dirty, but very cheap, and that’s what is driving the Chinese and others to use so much coal.
Moreover, economics will drive the debate while mechanisms that were agreed on in the Paris Climate Agreement (PCA) prove to be expensive, hard to quantify, and difficult to pay for in the near and distant future. Leaders in Poland, Australia, South Korea and Japan now believe that new coal plants in the works can meet tough climate regulations through efficiency and new technology.
But a new study by the World Wide Fund for Nature (WFF) and Ecofys doesn’t agree with that assessment. Russell Gold, the lead energy reporter for the Wall Street Journal, makes the case in his book: The Boom; that if environmental groups would place natural gas on equal footing with renewables, a possible lowering of coal use and emissions is doable.
On the continuation that the PCA is being ignored, the World Energy Outlook 2016 from the IEA: “projects in its ‘New Policies Scenario’ that over the next 35 years, the amount of electricity the Chinese produce from coal will increase by 4.3 percent.” But an interesting twist adds to the intrigue and opportunity for investment possibilities to exist.
China, Japan, and South Korea are leading the way in “adopting the latest super-critical and ultra-super-critical low-emission-coal technology.” This process operates at higher temperatures, pressures and increases coal’s electricity capacity by 30 percent which: “enables new technology power stations to generate more electricity while emitting less CO2, particulates, sulfur dioxide and nitrogen oxides.” Ironically China will have a coal-based economy while being one of the largest users and investors in the world of renewable energy.
What about the U.S. and its use of coal and advocating for a cleaner future without coal? America is already a much cleaner and more efficient user of energy and this is where many nations of the world take issue. The United States has four times the economic output per tonne of carbon dioxide emissions compared to India and five-and-a-half time compared China. Incredibly large discrepancies, and for coal not to make an impact, both China and India along with most of Asia and Africa would need substantial reductions in emissions to come from them, not the U.S.
Practically speaking, it is hard to imagine these countries along with Eastern European nations to opt for emission reductions, instead of lower electric bills. Long-term economic analysis dictates that mitigation will come from financial feasibility in growing economies, and not doing away with coal. Oren Cass of the Manhattan Institute noted the PCA, “resulted in nothing more than a pledge and review process,” and not real emission cuts through verification, certification and severe punishment for non-compliance.
Coal isn’t going anywhere, least of all in China. And the geopolitical situation in China has Premier Xi only gaining more strength, and not giving up power when his current term expires. This means Premier Xi will continue ramping up coal use and looking for cleaner, more efficient coal technology for the ever-growing and ever-changing Chinese economy.
One can only hope the Chinese and others follow the U.S. model and opt for natural gas over coal to produce results that only the Americans have found in how to truly reduce carbon emissions. Coal may be inexpensive and abundant, but only natural gas provides what the Kyoto Protocol wanted and the PCA believes it will achieve moving forward. While not popular, coal could still see some great returns in the near term. The Chinese, Indians, most of Asia, Africa, and even some Europeans seem to agree....
Officials of the Japanese and Chinese governments have agreed to move forward with talks on another economic partnership as the prospects for the Trans-Pacific Partnership negotiations are unclear.
The officials met in Tokyo on Wednesday, with Japanese Deputy Minister for Foreign Affairs Keiichi Katakami and Chinese Vice Minister of Commerce Gao Yan attending.
They agreed on advancing talks on the Regional Comprehensive Economic Partnership, or RCEP. The 16 member countries include Japan, China, and Southeast Asian countries, but not the United States.
US President-elect Donald Trump says he will take America out of the TPP deal.
Observers say China wants to make RCEP the basis for trade rules in the Asia-Pacific region.
They also say Japan wants RCEP to enable free trade at the same level as the TPP.
Apple tops 2016 World's 500 Most Influential Brands, 36 Chinese firms on the list www.chinadaily.com
Apple tops this year's World Brand Lab's annual list of the World's 500 Most Influential Brands for 2016.
The 13th World's 500 Most Influential Brands, compiled by New York-based consultancy World Brand Lab, was released on December 26.
Google and Amazon ranked second and third respectively.
Thirty-six Chinese brands have made it onto the list this year.
Among them, eight are in the top 100, including the State Grid Corporation of China (SGCC), the Industrial and Commercial Bank of China (ICBC), Tencent, China Central Television (CCTV), Haier, China Mobile, Huawei and Lenovo.
The 500 brands come from 28 different countries, among which nearly half, 227, are from the United States.
They come mostly from 50 different industries including food and beverage, automobiles and auto components, media, retail, energy and the Internet.
American brands such as Chipotle, Texas Instruments and General Dynamics are on the list for the first time.
New Chinese firms on the list include Vanke, China Railway Engineering Corporation (CREC) and China Taiping Insurance.
Those making the World's 500 Most Influential Brands list are selected on a criteria based on market share, brand loyalty and global leadership.
Three of the world's top 10 economies are ending the year in worse shape than they started. And they've only got themselves to blame.
Two referendums and an unparalleled currency experiment have left them facing a very uncertain 2017.
Here they are, and here's what happened:
The United Kingdom
The first jolt of the year came on June 23, when the people of the U.K. voted to leave the European Union.
The "Brexit" referendum had an immediate impact on global markets, sending shares crashing. They soon recovered, but the biggest loser was Britain's currency.
The pound crashed to its lowest level in over 30 years against the dollar. It has steadied since but has still lost 18% of its value, pushing up the price of everyday goods. Inflation will accelerate next year.
But more damaging is the uncertainty the British economy faces in breaking up with its biggest trading partner, and the threat that companies may move operations out of the country.
The U.K. was enjoying one of the fastest rates of growth in the G7. But the economy could slump to its slowest pace of expansion in seven years in 2017.
What happens when a country that lives on cash abruptly decides to ban the vast majority of its banknotes?
India was forced to find out on Nov. 8, when Prime Minister Narendra Modi announced that 500 rupee and 1,000 rupee notes would no longer be legal. They would be replaced with new 500 and 2,000 rupee notes.
The shock move caused chaos for millions of people who struggled to get their hands on the new money. Businesses have suffered from the cash crunch, and India's high-flying economy is suffering as a result.
India's 7.3% growth rate, the envy of every major economy, is expected to slow dramatically. The Reserve Bank of India has already cut its growth forecast for the current fiscal year by 0.5%; analysts say the damage could be much more severe than that.
The government says the rupee ban was aimed at combating tax evasion and counterfeit currency, and will benefit the India in the long run. But political opponents question whether the pain is a price worth paying.
On Dec. 4, Italians voted overwhelmingly against constitutional reforms proposed by Prime Minister Matteo Renzi. The reforms were aimed at ending political gridlock and reviving Italy's stagnant economy.
Renzi resigned the next day. The ensuing political and economic uncertainty has already claimed one casualty -- nervous investors refused to provide the world's oldest bank, Monte dei Paschi di Siena (BMDPF), with the $5 billion it urgently needed to stay afloat.
The Italian government has been forced to step in with a bailout, drawn from a $21 billion rescue fund that will add to the country's huge debt mountain of $2.34 trillion.
Italy's banks are just one lingering headache. The threat of early elections has receded but not gone away. If they happen, populist parties of left and right could ride a wave of public discontent with Europe.
One of them -- the Five-Star Movement, founded by comedian Beppe Grillo -- could make a Brexit-style referendum on the euro a cornerstone of its campaign.
Analysts say the odds of such a referendum happening are slim, but the political risks for Europe are rising.
According to the bill, a business with sales income of no more than MNT 1.5 billion will have a corporate income tax rate of one percent in the following sectors: food, clothing and textiles, construction materials, agriculture and livestock.
The government stated its goal is to ease the tax burden on small and medium-sized enterprises, hoping to create jobs in these sectors. Should parliament approve the bill developed by the government, it will take effect starting January 1.