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Florida's Gov. Ron DeSantis and Sen. Marco Rubio launch the 'Keep Florida Free' tour on primary night. In May, DeSantis signed a sweeping anti-ESG bill he says targets the "woke” bias of the finance industry.
BUSINESS / Economy
Aug 15, 2023

Even as the term is 'weaponized,' bankers still pay heed to ESG

About two-thirds of survey respondents said the anti-ESG movement will force firms to stop using those three letters in conversations with clients.
Japan’s economy has expanded at a much faster pace than forecast, despite weak domestic consumption.
BUSINESS / Economy
Aug 15, 2023

Japan’s GDP grows at 6% on strong exports as consumption falters

Capital spending by businesses was flat, versus forecasts of a 0.4% increase, while private consumption unexpectedly declined by 0.5%.
Japanese companies are increasingly introducing performance-linked stock compensation for their CEOs, boosting what’s been the lowest level of top executive pay among major advanced economies.
BUSINESS / Companies
Aug 17, 2023

More Japan firms link CEO remuneration to long-term performance

Japanese firms have historically relied more on fixed remuneration not linked to business performance.
Japan's core consumer inflation slowed in July but remained above the Bank of Japan's price target for the 16th straight month.
BUSINESS
Aug 18, 2023

Japan’s 'sticky' inflation trend may keep BOJ on edge over prices

Prices excluding energy and fresh food increased 4.3% from the previous year, matching the record set in May, which was the fastest since 1981.
More investors in the Tokyo stock market are beginning to see higher pay as a useful barometer of a company’s strength.
BUSINESS / Markets
Aug 18, 2023

Stock pickers cheer for wage hikes in post-deflationary Japan

A group of companies that raised wages higher than many of their peers has outperformed the Topix index by 5 percentage points so far this quarter.
After enjoying robust demand during the COVID-19 pandemic, air cargo firms are now reeling from overcapacity.
BUSINESS / FOCUS
Aug 19, 2023

Air travel boom creates crosswinds for air cargo

Passenger jets grounded during the pandemic are flying again and transporting goods, upping the competition with dedicated air freighters.
A view of a Nestle, La Laitiere product cover in a supermarket in Paris. The video of Nestle's version of Baroque artist Johannes Vermeer's oil painting The Milkmaid generated sigificant "media value" for the Swiss food giant.
BUSINESS / Companies
Aug 21, 2023

From 'Mad Men' to machines? Big advertisers shift to AI

Many companies remain wary of security and copyright risks, however, meaning humans will remain part of the process for the foreseeable future.
The initial public offering for Arm Holdings is set to be the biggest in the United States this year.
BUSINESS / Markets
Aug 22, 2023

SoftBank’s planned IPO for Arm set to be biggest of 2023

Arm didn’t disclose proposed terms for the share sale in the document, but it’s expected to seek a valuation of $60 billion to $70 billion.
U.S. Commerce Secretary Gina Raimondo testifies during a Senate Appropriations Committee hearing on China in Washington last May.
BUSINESS / Economy
Aug 23, 2023

U.S. commerce chief to be latest Cabinet official to visit China

U.S. Commerce Secretary Gina Raimondo will visit China next week at the invitation of her Chinese counterpart.
A customer shops at a sushi counter at the Food Le Parc supermarket in Hong Kong.
BUSINESS / Economy
Aug 24, 2023

Hong Kong restaurants brace for cost jump after Japan seafood ban

The saga is yet another headache for the city’s restaurant industry, which is still suffering from the effects from pandemic curbs and a worker shortage.
A Cruise autonomous taxi in San Francisco on Aug. 10. Cruise is one of only two firms in California allowed to run paid robotaxi services around the clock.
BUSINESS / Tech
Aug 25, 2023

Robotaxis are making enemies as they go around San Francisco

Mishaps are adding to traffic and safety concerns over driverless vehicles, which zip around the city’s streets surrounded by sensors and cameras.
Toyota Motor has suspended operations at a dozen factories in Japan due to a system failure.
BUSINESS / Companies
Aug 29, 2023

Toyota set to resume operations after glitch halts production

Tuesday's halt raised concerns that the stoppage could be due to a cyberattack, though the company said that was unlikely.
The Bank of Japan headquarters in Tokyo. A board member with the central bank Naoki Tamura has hinted that officials might be able to confirm some time early next year they’ve hit the goal needed to usher in policy change.
BUSINESS
Aug 30, 2023

Leading BOJ hawk hints at chance of policy shift in early 2024

"The achievement is finally and clearly within sight after a decade of large-scale monetary easing aimed at attaining it,” board member Naoki Tamura said.
According to a survey conducted by the Tokyo Stock Exchange, 20% of the 1,235 prime-listed companies have come up with specific measures.
BUSINESS / Markets
Aug 31, 2023

Most Japan firms yet to disclose plans for better capital efficiency

The TSE made a rare call in March for firms to disclose plans in the long run to improve capital efficiency, but nearly 70% have yet to do so.
Bank of Japan board member Toyoaki Nakamura says it is uncertain whether smaller companies can earn enough profits to keep hiking wages next year and beyond.
BUSINESS / Economy
Aug 31, 2023

BOJ policymaker warns against premature monetary tightening

Tightening monetary policy before rising prices are accompanied by higher wages would hurt domestic demand and corporate profits, Toyoaki Nakamura said.
Investors in Japan have filed a lawsuit against Mitsubishi UFJ Financial Group’s joint venture brokerage with Morgan Stanley, seeking to recover losses from Credit Suisse's riskiest debt.
BUSINESS / Markets
Sep 1, 2023

MUFG joint-venture brokerage sued over Credit Suisse AT1 sales

Investors are demanding ¥5.2 billion ($36 million) in compensation from Mitsubishi UFJ Morgan Stanley Securities.
A show of support from some of the tech industry’s biggest names will help bolster Arm's IPO, which is expected to raise $5 billion to $7 billion.
BUSINESS / Tech
Sep 2, 2023

SoftBank lines up Apple and Nvidia as strategic Arm IPO backers

The show of support from some of the tech industry’s biggest names will help bolster an IPO that is expected to raise $5 billion to $7 billion.
An air raid shelter converted into luxury apartments at Ungererstrasse 158 in Munich, Germany
BUSINESS / Economy / ANALYSIS
Sep 4, 2023

Market flop: How Germany's property boom ended

The country's property sector in Europe's largest economy is suffering its worst slump in decades.
The Huawei Technologies Co. booth at the Smart China Expo in Chongqing, China, on Monday
BUSINESS / Companies
Sep 6, 2023

Huawei's new chip breakthrough likely to trigger closer U.S. scrutiny: analysts

The most advanced chip that chipmaker SMIC had previously been known for making was 14 nanometers.
Arm Holdings kicked off its roadshow for initial public offering on Tuesday, disclosing that the proposed range would value it at between $48 billion and $52 billion.
BUSINESS / Companies
Sep 6, 2023

SoftBank's Arm launches IPO courting T Rowe in $52B valuation ask

T Rowe Price has been an anchor investor in some of the biggest stock market debuts.
The Shiodome City Center building in Tokyo's Minato Ward
BUSINESS / Companies
Sep 6, 2023

GIC considering sale of Tokyo skyscraper for over $2 billion

The sale plans come as a glut of new office supply is expected in Tokyo over the next two years, potentially tempering investor appetite.
California Gov. Gavin Newsom at the 2023 Milken Institute Global Conference in California on May 2
BUSINESS / Tech
Sep 7, 2023

California governor signs executive order to explore AI risks

The directive comes as Washington and other governments struggle with how to regulate artificial intelligence technology.
The AI initiative is part of Morgan Stanley's strategy to drive its wealth division, where net revenue surged 16% to a record in the second quarter and new client assets grew $90 billion.
BUSINESS / Tech
Sep 8, 2023

Morgan Stanley to launch AI chatbot to woo wealthy

The bank will roll out a generative artificial intelligence bot this month, developed with the makers of ChatGPT, OpenAI
Japan's economy grew less than initially estimated in the second quarter as capital expenditure slid, suggesting heightening overseas uncertainties are weighing on business confidence.
BUSINESS / Economy
Sep 8, 2023

Japan economic growth revised down as firms and consumers cut back

Gross domestic product grew at an annualized 4.8% from the previous three months, revised figures from the Cabinet Office showed Friday.
An Apple store in the Huangpu district in Shanghai
BUSINESS / Tech
Sep 8, 2023

Apple grapples with turmoil in China days before iPhone 15 launch

The bans may just be part of a longstanding trend.
Major Japanese food and beverage maker Asahi Group Holdings made the decision not to feature Johnny's talents in its future sales promotion activities "to prevent itself from promoting human rights violations by a business partner."
BUSINESS / Companies
Sep 9, 2023

Asahi to end use of Johnny's personalities in ads

The major Japanese food and beverage maker made the decision "to prevent itself from promoting human rights violations by a business partner."
Shuhei Abe, founder of Sparx Group, is seeking to put his ideas into action with a so-called engagement fund to invest in well-run but undervalued Japanese businesses.
BUSINESS
Sep 11, 2023

Buffett spurs Japan activist pioneer to seek $2 billion for fund

Shuhei Abe is seeking to put his ideas into action with a so-called engagement fund to invest in well-run but undervalued Japanese businesses.
The Birkenstock logo in Paris
BUSINESS / Companies
Sep 13, 2023

Birkenstock files for IPO in further boost to U.S. market

The company will disclose the proposed terms of the share sale in a later filing with the U.S. Securities and Exchange Commission.
David Dahlquist, senior trial counsel in the antitrust division at the U.S. Department of Justice (left), and Kenneth Dintzer, litigator for the U.S. Department of Justice, leave federal court in Washington on Tuesday.
BUSINESS / Companies
Sep 13, 2023

Google’s search domination began with plan to combat rivals

Google argues the company has won market share because it has the best search engine, not because of a lack of competition.
BUSINESS / Companies
Sep 13, 2023

TSMC prizes Japan's chips skills after U.S. stumbles

The chipmaker is taking an increasingly optimistic view of Japan as a production base, as problems persist at its new factory in Arizona.

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A small shrine perched atop rocks braves the waves hitting the shoreline during a storm in Shimoda, Shizuoka Prefecture. The area is under threat of a possible 31-meter-high tsunami if an earthquake strikes the nearby Nankai Trough.
If the 'Big One' hits, this city could face a 31-meter-high tsunami