Recently, the Japanese yen exchange rate has fluctuated and fallen sharply, putting significant pressure on the Japanese economy. In addition to the Japanese yen, many Asian countries’ local currency exchange rates against the US dollar have also fallen to varying degrees this year. Nihon Keizai Shimbun recently reported that many Asian countries are wary of the devaluation of their currencies caused by the appreciation of the US dollar and have launched currency defense wars.
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According to reports from the Nikkei Business News, this year, as of May 1, the local currency exchange rates of many Asian countries against the US dollar, including the Japanese yen, Thai baht, Korean won, Indonesian rupiah, Philippine peso, and Mae Malaysian ringgit, has declined to varying degrees.
It can be seen from this chart that compared to the beginning of the year, the exchange rate of the Japanese yen against the US dollar fell sharply by about 9%, the exchange rate of Korea also fell by more than 6%, and the exchange rate fell Indonesian rupiah rate fell by more than 5%.
Expert analysis: Currency devaluation puts developing economies at risk of debt sustainability
Li,
Emmanuel Macron Advocates Fair Rules For All In…
2024-05-06 17:09:40
The Chinese president is visiting Paris until Tuesday to mark the 60th anniversary of Franco-Chinese diplomatic relations.
Trade disagreements marked the start of a two-day state visit to France by Xi Jinping on Monday, who brushed aside European concerns over the firmness displayed by Emmanuel Macron and European Commission President Ursula von der Leyen. If the three leaders, meeting in the morning at the Élysée, pretended to want to move in the same direction on the subject of the war in Ukraine, the other major issue of the moment, they did not try to hide the tensions which accumulate on the trade. The French president explained that he wanted to raise “in all friendship and trust” THE “concerns, to try to overcome them”calling for trade rules “fair”.
The European Union “will not hesitate to make firm decisions” pour “protect your economy and security”underlined Ursula Von der Leyen, present to display, like five years ago in the same place and last year in China, a united continental front on trade issues. She had previously warned that Europe could not “not accept” the “unfair trade” caused by the influx of electric vehicles or Chinese steel made using “massive subsidies”.
Teslas Ongoing Workforce Reduction: A Closer Look At…
Tesla Announces Another Round of Layoffs
On a recent Sunday night, a new wave of Tesla employees received the unfortunate news of being laid off by the company. Former employees took to various platforms, including LinkedIn and other sites, to share their departure from Tesla.
One individual expressed, “Tonight I have learned that my nearly 8-year journey leading and designing Service products at Tesla has come to an end,” as stated on LinkedIn.
Another employee shared, “For the past month, most Tesla employees have been anxiously monitoring their personal emails on Sundays, anticipating the possibility of layoffs. Despite being spared in previous rounds, I too received the dreaded ‘Tesla Employment Update’ email today.”
Financial Challenges Lead to Workforce Reduction
The series of layoffs commenced last month, coinciding with Tesla’s Q1 2024 financial results that revealed a significant decline in profits. CEO Elon Musk announced plans to reduce the company’s global headcount by over 10 percent due to diminishing sales and excess inventory.
It is projected that the layoffs may ultimately reach 20 percent. Following the initial phase, Musk proceeded to dismiss some recruiters shortly after.
Executive Changes and Team Disbandment
The subsequent week witnessed further upheaval within Tesla.
Sider Alloys, Slow Relaunch: Mobilization Against The CIG…
The relaunch plan for the primary aluminum factory is still going slowly and workers employed at Sider Alloys in Portovesme are facing redundancy payments. From Monday, some of the employees of the metallurgical company (and its subsidiary), who work in the metallurgical complex taken over by Alcoa eight years ago, will receive ordinary social safety net benefits for 13 weeks. An announced danger
A fact that does not come as a bolt from the blue given that the trade union organizations have been asking for Government intervention for some time. «The situation is now unsustainable and we will start with the mobilization from Monday – announces Roberto Forresu, regional secretary of Fiom -, the relaunch project which should have put the plants back into operation is still incomplete and we cannot go any further». The foundry is currently working but, according to the metalworkers’ secretary, the most important part is missing. «It concerns the electrolytic, the reconstruction must be completed and therefore the start-up of the electrolytic cells, where the primary is produced, which has always been the real strength of this plant in terms of production and quality».
Immediately the meeting at Mimit
The unions also made a request for an urgent meeting at Mimit,
OIL COMPANY Madagascar Oil Undermined By Lawsuits
The Tsimiroro heavy oil exploitation site of Madagascar oil
Information is pouring in regarding the completion of the financial restructuring of Madagascar Oil SA. According to our sources, the Supreme Court of the Bermuda Islands approved, on April 2, the financial restructuring proposal presented by the shareholder Benchmark Group. This decision also authorizes the acquisition by the latter of all the shares of Madagascar Oil Ltd, based in Mauritius, holder of 99% of the shares of Madagascar Oil SA. According to information, this Court had already ordered this financial restructuring in February 2023 following a request from a creditor of the parent company of Madagascar Oil SA.
These same sources indicate that during the company’s General Assembly, held a few days later, among the first decisions taken unanimously was the replacement of the General Administrator. Willy Ranjatoelina and Charlie Thurnston are appointed to this function, in accordance with the provisions of the Companies Law in Madagascar. The person concerned is immediately notified by an officer appointed by the Supreme Court of Bermuda, but immediately contests his dismissal and takes the matter to the Commercial Court. Madagascar Oil is far from coming out of the woods.
And as if that were not enough,
Lack Of Buyers, 4 Years Of Continuous Losses
Bata Shoes has experienced losses in recent years due to a decline in customer demand. PHOTO/Ist
JAKARTA – PT Shoes Bata Tbk experienced losses in recent years due to a decline in customer demand. This resulted in the closure of the factory in Purwakarta, West Java.
“With this decision, the company cannot continue production at the Purwakarta factory,” said Bata Corporate Secretary Hatta Tutuko in an information disclosure on the Indonesia Stock Exchange (BEI), quoted on Sunday (5/5/2024).
Management explained that the operational closure of the Bata shoe factory in Purwakarta, which will be carried out from April 30 2024, is part of the company’s efforts over the last 4 years to survive amidst industrial losses and challenges due to the pandemic and rapid changes in consumer behavior. Customer demand for the types of products made at the Purwakarta Factory continues to decline.
Bata shoes are a legendary brand in Indonesia. The Covid-19 pandemic several years ago also hit businesses.
Based on reports, the company’s sales performance fell 49% from IDR 931.27 billion in 2019 to IDR 459.58 billion in 2020. In 2019, the loss was only IDR 23.44 billion,
Final Sprint Gives Lisbon A High Closing Despite…
#Final #sprint #Lisbon #high #closing #EDPs #exdividend #Stock #Exchange
The Portuguese stock exchange closed with a very slight appreciation, achieved in the last moments of trading. In this way, the Lisbon market followed the main European stock exchanges in the positive trend.
The Portuguese stock market closed with a very slight rise, following the positive feeling experienced in the main European markets. The PSI increased by 0.06%, to 6,652.71 points, thanks to a final “sprint” that allowed the inversion even in the last moments of trading.
Of the 16 listed on the PSI, 12 closed in the green and four fell.
Maintaining the main national index in positive territory were, above all, the heavyweights Galp and Jerónimo Martins. The oil company advanced 1.92%, reaching 19.925 euros, while the owner of Pingo Doce gained 1.49%, ending the day at 19.79 euros.
Closing the day’s podium was Mota-Engil, with a rise of 0.79% to 4.092 euros.
Note also for BCP, which appreciated 0.49%, closing at 0.3273 euros.
Weighing on the index was EDP,
Belgiums Controversial Asylum Policy Sparks Debate In The…
An asylum seeker in a tent on a square in Brussels, last September
The formation parties PVV, VVD, NSC and BBB want “more control on migration”, as happened today again from an illustrated negotiation document. Behind the scenes, negotiators are referring to measures from Belgium as an option to deal with the reception problem.
But how do you like this policy in Belgium?
A priority for families
Belgium’s measure last August was surprising: single male asylum seekers would no longer receive shelter and food. The reason was the great lack of places for asylum seekers.
“If we have a lack of places, despite all efforts to find extra beds … well, I will give priority to families with children,” said Secretary of State De Moor about the decision.
Since then, men have been able to register as asylum seekers when they arrived at the registration center, but then have to wait on the street. They are, however, claiming a place in a homeless shelter. However, there is not room for everyone there: in Brussels alone there are more than 7,000 homeless people, and there are 5,000 shelters for them.
The men who travel through Brussels receive help from a charity that provides food and other groceries,
Because The BTp Valore 4 Currently Offers A…
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Good start for the new BTp Value issue that the Treasury is offering to small savers from today. In the first hour of the offer, the new BTp expiring 05/14/20303 collected requests for 1 billion euros against over 33 thousand orders signed. On the first day of placement of the issue last February, the BTp Valore had total requests at the end of the day amounting to 6.44 billion euros. The issue of the BTp Valore will last until Friday 10 May, unless closed early. The security has a duration of six years, coupons paid every three months with pre-established returns that increase over time based on a “step up” mechanism of 3+3 years (3.35% for the first three years and 3.90% in the subsequent three) and guarantees an extra final loyalty bonus equal to 0.8% for those who purchase it during the placement days and hold it until maturity.
Compared to the three previous editions, the premium of the minimum guaranteed rate compared to that offered at the same time by BTps of the same duration (6 years) on the secondary market could be higher: from 15-20 points in the three previous cases to 30-40 basis points.