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Nikkei Asian Review: Off Target - No.9 - 27th Feb 20

69.000 đ 138.000 đ

Nikkei Asian Review là tạp chí bằng tiếng Anh rất uy tín của Nhậtm chuyên về kinh tế, tài chính, tài chính, kinh doanh, đầu tư cũng như phân tích từ các chuyên gia kinh tế, nội dung tập trung khu vực Châu Á Thái Bình Dương. Tạp chí Nikkei Asian Review cũng có nhiều bài viết về kinh tế Việt Nam. Mỗi tuần có hơn 16,000 đến tay độc giả.

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On Nikkei Asian Review No.9: OFF TARGET

 

How coronavirus, typhoons and taxes drove Japan to the brink of recession

The tax rise, from 8% to 10%, came into effect in October. Its impact on consumer spending was far greater than economists had forecast. Consumption dropped 11%, and the economy shrank by an annualized 6.3% in the final quarter of 2019. Any hopes of a quick rebound were then dashed by the outbreak of the new coronavirus, which abruptly cut off tourist arrivals from China.

 

Asakusa is a popular tourist destination, and foreigners account for 10% to 20% of sales at Noda's store. Chinese visitors have now almost entirely stopped coming, and even locals are staying away. "Japanese people now avoid visiting Asakusa, because it's popular with tourists," Masahisa Noda, the owner of a secondhand shop in Tokyo's Asakusa district said. "They fear they will catch the virus if they come here."

 

Virus hits China's economic heart -- its small businesses

The double blow of the outbreak of coronavirus outbreak and trade war between China and America is hitting small and midsize enterprises across China, prompting a growing chorus of calls for the government to step in and offer lifelines. The stakes could not be higher: These smaller employers account for 99.8% of registered companies in China and employ 79.4% of workers, according to the latest official statistics. They contribute more than 60% of gross domestic product and, for the government, more than 50% of tax revenue.

 

South Korean airlines take pounding as China traffic sinks

All of the country's six publicly listed airlines, except Korean Air Lines, reported operating losses for fiscal 2019. Carriers forced to drastically cut back service to China, a top destination, in addition to these struggles are resorting to desperate measures to stay afloat.

 

Asiana Airlines, the country's second-largest carrier, sent a letter on Feb. 18 to employees in President Han Chang-soo's name saying that the company was entering "emergency management" in response to losses caused by the coronavirus outbreak.

 

Han said he would return 40% of his annual salary, while executives will return 30% and division heads 20%. All of the carrier's 38 executives, including Han, have offered to resign, "putting their positions on the line to overcome this crisis," according to the letter.

 

The company is also asking all employees to take 10 days' unpaid leave, citing weak demand on its China routes


 

Check out more at: https://asia.nikkei.com/Print-Edition/Issue-2020-02-27

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