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Japan PM seeks to boost workers’ wages, defense capability

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TOKYO — Japanese Prime Minister Fumio Kishida vowed on Monday to ensure workers’ wage hikes to protect the economy from rising global inflation, while strengthening the country’s defenses as it deals with an assertive China and unpredictable North Korea.

Kishida made the remarks on the opening day of parliament’s extra session convened to debate a supplementary budget to cushion the blow from the COVID-19 pandemic as he aims to restore the economy and then tackle fiscal reform.

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Wage hikes hold the key to the premier’s aim of defeating deflation by reversing a cycle of tame wage growth and weak consumer spending while encouraging Japanese firms to spend their record cash piles on boosting wages and investment.

Since he took office in October, Kishida has piled pressure on Japanese firms, urging those whose earnings have recovered to pre-pandemic levels to raise wages by 3% or more.

The government will lay the groundwork to help private-sector firms hike wages by strengthening taxation and give bold deductions for companies that raise pay, he added.

“As anxiety has grown that rising global inflation may have ripple effects on Japan, I will do the utmost to (realize) wage hikes in order to protect the Japanese economy,” Kishida said.

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DEFENCE CAPABILITY

On security policy, Japan will fundamentally strengthen its defense posture by looking into options including acquiring the capability to strike enemy bases, Kishida said.

“In order to safeguard the people’s lives and livelihood, we’ll examine all the options including capability to attack enemy bases … and strengthen our defense posture fundamentally with a sense of speed,” Kishida said.

Such capability would mark a shift in Japan’s military posture as Tokyo, constrained by its post-World War II pacifist constitution, is to play a role of the shield in its security alliance with the United States, while Washington is to play a role of the spear.

As part of effort to boost Japan’s defense capacity, the government will renew three main documents laying out the nation’s security policy – the National Security Strategy, National Defence Programme Guidelines and Medium-Term Defence Programme – in a year, Kishida said.

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On Japan’s coronavirus response, Kishida said he planned to make it possible to get a booster shot without waiting for the end of the current waiting period, set by the government, of eight months after the second shot.

Calls for early booster shots have been mounting in Japan as the highly transmissible Omicron variant of the coronavirus is spreading globally, although daily COVID-19 cases have remained low in recent weeks.

If infections start picking up pace again, the government will respond swiftly with such measures as stricter restrictions on activities, “while seeking the people’s understanding carefully,” Kishida said. ($1 = 113.2800 yen) (Reporting by Tetsushi Kajimoto, Kiyoshi Takenaka; Editing by Lincoln Feast.)

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Bloomberg names Green ME of finance for Americas

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Rick Green

Rick Green has been named managing editor for finance in the Americas at Bloomberg News, effective July 11.

He is currently senior editor for markets at Bloomberg.

Green was previously a team leader for distressed company news. He was also corporate finance editor and a senior editor on the U.S. finance team.

Before Bloomberg, Green was assistant managing editor for business and technology at Newsday. He also worked at BusinessWeek magazine as a senior editor and at SmartMoney magazine.

 





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Liberty Steel secures time with Greensill as debt rstructuring continues

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Liberty Steel Group has entered a standstill agreement with Greensill Bank.

It pauses all enforcement actions between the South Yorkshire headquartered business and the subsidiary of the collapsed financial institution as it focuses on recovery.

Greensill Bank, part of Greensill Capital, is Liberty’s largest creditor on the business’s debt facilities, provided in 2019.

Read more:£26m British Steel Special Profiles upgrade given the go-ahead

The agreement lasts until October 31, with potential to extend until the end of the year.

Liberty said it will enable the company to develop a longer term sustainable financing structure, with detailed due diligence and information exchange continuing between the two parties.

A Liberty spokesperson said: “Today’s standstill agreement with Greensill Bank demonstrates we are getting close to a consensual debt restructuring that is in the best interests of all our stakeholders.

“We are working intensively towards a settlement with our major creditors in a timeframe which would obviate the need for a legal battle. Our core businesses continue to perform well and are operationally strong despite some economic headwinds.”

HMRC had filed then withdrew a winding up petition for Liberty earlier this year as progress with creditors was made.



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At Close of Business: Jordan Murray talks an Australian republic

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Journalist Jordan Murray discusses revived debate over the possibility of an Australian republic.



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