January, 2023

• 13 January

  Uniqlo owner Fast Retailing to boost salaries in Japan by 40%

  

    Bloomberg Uniqlo clothing brand owner, Fast Retailing Co, will raise annual pay for full-time employees in Japan by 40%, seeking to retain and motivate staff as the nation faces the fastest pace of inflation in decades. The plan will cover workers at headquarters as well as in stores, the retailer said in a statement. The wage hikes will impact ...

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• 13 January

  Billionaire Arnault taps daughter to run Dior amid shuffle

  

    Bloomberg Bernard Arnault named his daughter Delphine to run LVMH’s second-biggest brand, Dior, the latest step by the 73-year-old billionaire to elevate his children to key posts in his luxury empire. The appointment comes a month after Antoine Arnault, the eldest son, was given a wider role in the business, replacing Sidney Toledano as chief executive officer and vice ...

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• 13 January

  Procter & Gamble acquires textured-hair brand Mielle

    Bloomberg Procter & Gamble Co. (P&G) agreed to acquire Mielle Organics, a beauty company that makes products for textured hair. Mielle will operate as an independent subsidiary of P&G Beauty and will continue to be led by husband-and-wife duo Monique and Melvin Rodriguez, who founded the company in 2014. The companies didn’t disclose terms of the deal. P&G Beauty’s ...

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• 13 January

  Iceland foods cuts back on chilled items

    Bloomberg Budget frozen food retailer Iceland Foods is reducing the amount of chilled food it sells to try to lower the business’s energy bills. The supermarket chain is stocking more room-temperature products instead of chilled, Chairman Richard Walker said in a phone interview. Iceland is also using more modern fridges, putting doors on warehouse fridges and putting solar panels ...

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• 13 January

  Swedish miner finds Europe’s largest rare earth deposit

  

    Bloomberg The largest known deposit of rare earth minerals in Europe has just been discovered in Sweden’s Arctic, with potential to help the continent break free from China’s dominance on the market for the resources. The deposit, found by Swedish state-owned mining company LKAB, contains more than 1 million tons of rare earths, according to a statement on Thursday. ...

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• 13 January

  South Korea to curb plans for renewables

    Bloomberg South Korea will boost nuclear power generation and downgrade its plans for renewable energy as the nation overhauls its electricity mix to meet emissions reduction targets. Nuclear plants are now expected to account for almost one-third of generation capacity by 2030 up from about 24% forecast in earlier draft proposals, according to government documents published on Thursday. Renewable ...

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• 13 January

  Gupta’s Liberty to cut UK steel output

  

    Bloomberg Sanjeev Gupta’s Liberty Steel will cut production in the UK and idle some sites, as soaring energy costs threaten hundreds of jobs across the group. Steel output at Liberty’s electric arc furnace in Rotherham will be reduced and replaced with imports from abroad. Two of the Liberty’s downstream production units — including a rolling mill in Newport — ...

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• 13 January

  TSMC plans to cut spending to offset falling near-term sales

  

    Bloomberg Taiwan Semiconductor Manufacturing Co. is bracing for weaker-than-expected sales by reducing spending, deepening concerns the technology industry’s slump is yet to bottom. The chip giant signaled this quarter could mark its first revenue drop in four years. But executives forecast slight growth for the full year on an expected recovery in demand for server chips. The company is ...

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• 13 January

  Infosys raises sales forecast, shrugging off downturn fears

  Bloomberg Infosys Ltd. raised its annual sales forecast, remaining upbeat on enterprise clients’ need to upgrade their software and shrugging off fears of a global economic downturn. Infosys said on Thursday it expected revenue to grow between 16% to 16.5% in the year to March, compared with the 15% to 16% growth it projected in October. Analysts on average expect ...

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• 13 January

  Hong Kong to return as a top property investment location

    Bloomberg Hong Kong has returned to the top five Asia-Pacific investment destinations by property consultancy CBRE for the first time since 2020, thanks to an expected pandemic recovery and low pricing. The report on real estate investor intentions for 2023 showed the Asian financial hub came in at number five after Tokyo, Singapore, Ho Chi Minh City and Sydney ...

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