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Summer bonuses fall in Japan amid pandemic
Nearly 30 percent of respondents in a private-sector survey said their summer bonuses fell from last year, indicating that more Japanese people are feeling the pinch of the coronavirus pandemic hurting corporate earnings.
The percentage of people reporting falling bonuses rose sharply last year to 30.1 percent and stayed at 27.6 percent this year, the online survey by Nippon Life Insurance Co. showed. The corresponding figure for 2019 before the pandemic was 14.3 percent.
Reflecting the severity of a hit to service providers, 38.5 percent of respondents in the transport and postal services sector said their bonuses decreased, followed by 35.5 percent in the sector offering entertainment and other services related to life events such as marriage. The manufacturing industry, which had the largest percentage of people experiencing bonus cuts, came in third at 33.7 percent.
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About 30% of respondents in a private-sector survey said their summer bonuses declined from last year. | BLOOMBERG
Kyodo Jul 11, 2021
Nearly 30% of respondents in a private-sector survey said their summer bonuses fell from last year, indicating that more Japanese people are feeling the pinch of the coronavirus pandemic hurting corporate earnings.
The percentage of people reporting falling bonuses rose sharply last year to 30.1% and stayed at 27.6% this year, the online survey by Nippon Life Insurance Co. showed. The corresponding figure for 2019 before the pandemic was 14.3%.
Japan’s Sumitomo to buy Fullerton India for Rs 19,300 crore
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Japan’s Sumitomo to buy Fullerton India for Rs 19,300 crore
TNN / Updated: Jul 7, 2021, 12:36 IST
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MUMBAI: Sumitomo Mitsui Financial Group, the Japan headquartered global financial major, is buying out Fullerton India, the Indian non-banking financial arm of Singapore-based Fullerton Financial, for about $2.6 billion, or nearly Rs 19,300 crore.
This is the largest Japanese buyout in the Indian financial services space. Moreover, this is the first time that a Japanese firm is getting into general retail lending in India.
Initially, Sumitomo will buy 74.9% in Fullerton India and the balance 25.1% at a later date, a release from the company being acquired said. Although both the companies did not disclose the deal value, sources said Sumitomo will pay $2 billion initially for the nearly 75% stake in Fullerton’s India arm, and the balance once it becomes a fully owned subsi
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