Author: News Room
5/5 © Reuters. Delivery trucks are parked at a parking area along the highway in Chiba, east of Tokyo, Japan April 6, 2023. REUTERS/Issei Kato 2/5 By Mariko Katsumura and Satoshi Sugiyama TOKYO (Reuters) – Truck driver Yuichi Tomita has been delivering packages all over Japan for two decades, often clocking 40 straight hours on the road. He says the work is tough but a source of pride, and one he’s never thought of quitting – until now. On April 1, 2024, the government will limit truck drivers’ annual overtime to 960 hours, among other reforms officials say are meant…
The commercial real-estate sector is headed for a “real mess” but not necessarily a financial disaster, a leading economist said Monday. “I expect a major correction in commercial real estate is already under way,” said Adam Posen, president of the Peterson Institute for International Economics. The cause is not complicated. Office occupancy is “lastingly” down 30% to 40% since the start of the pandemic, he said. Even if the problem is that simple to diagnose, the cure has been slow in coming. The whole industry seems frozen in place. “We haven’t seen smooth repricing or terribly transparent repricing of the…
Borrowers are slated to resume student loan payments in a few months and if they need help, it may be harder to get someone on the phone than in the recent past. In documents filed with the Securities and Exchange Commission, Nelnet NNI, -0.18%, a publicly traded company that owns two major student loan servicers, detailed changes to its contract with the Department of Education starting April 1, including cutting the minimum number of hours its customer service center is required to be open each week. The company also said it laid off 550 staff. The cuts come after the Department…
By Sabela Ojea Boeing Co. has been awarded a $1.17 billion contract to deliver canister tactical and exercise missiles, blast test vehicles and training equipment to the U.S. Navy, the Department of Defense said Friday. The U.S. aircraft maker’s contract represents a modification to a prior ordering agreement secured in April 2021. Boeing would also procure weapon station support equipment and missile spares, among other technical instruments, as well as integrated logistics support, technical publications and field service representatives and training. Work will be performed in several locations in the U.S., and is expected to be completed by March 2025,…
Shares were mostly higher in Asia on Monday after a report Friday showed resilience in the U.S. jobs market. Tokyo’s Nikkei 225 index NIK, +0.42% added 0.4%. In Seoul, the Kospi 180721, +0.87% surged 1%. The Shanghai Composite index SHCOMP, -0.37% gave up early gains, losing 0.1%. Shares rose in Taiwan Y9999, +0.25% but fell in Singapore STI, -0.27% and Indonesia JAKIDX, -0.70%. Markets were closed in Hong Kong and Sydney after last week ended with Good Friday holidays in many countries. U.S. futures ES00, -0.08% and oil prices CL.1, -0.10% advanced. The highly anticipated report on U.S. employment showed…
Health and Human Services Secretary Xavier Becerra on Sunday said “everything is on the table” following a Texas federal judge’s ruling to suspend the Food and Drug Administration’s approval of the medication abortion drug mifepristone. In an interview with CNN’s Dana Bash on “State of the Union,” the secretary would not say whether he believes the FDA should ignore the ruling and keep the drug on the market, but he maintained that the Biden administration is considering all options. “We want the courts to overturn this reckless decision,” Becerra said, adding that there was a “good chance” of Supreme Court…
Rick Stollmeyer built a software company from his California garage and realised a dream when he took it public in 2015 at a valuation approaching $1bn. Much of what came next seems to have been a nightmare for the former US Navy submarine officer. As a guest on an entrepreneurship podcast, he lamented the shareholders of his company who would not countenance him selling down his stock, describing his periodic divestitures as the equivalent of “sucking through a very small straw”.Mindbody, Stollmeyer’s software business that powered the systems of gyms and fitness studios, announced just before Christmas 2018 that it…
Globalization is undoubtedly one of the keywords of 2022, with a bunch of tech giants jostling for a piece of pie. On September 1, 2022, Pinduoduo Group (PDD) officially launched its cross-border e-commerce platform Temu in the United States; at the same time, Huawei Cloud and Alibaba Cloud successively announced their overseas expansion plans in Bangkok, Thailand. In December, Alibaba (BABA) invested approximately USD 342.5 million in its e-commerce platform Lazada targeting Southeast Asia for the third time this year. Big Techs Catching Up, Going Global Now Inevitable (EqualOcean) Apart from that, Meituan (OTCPK:MPNGY) (3690:HK), China’s food delivery giant and…
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