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Household Spending Soars In Japan, Fastest In 9 Years

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Sony execs give up bonuses as 'atonement' for failure.

Surely it would make more sense to wind up the company and hand back what's left in cash to the common stockholders?


Dozens of Sony (Xetra: 853687 - news) executives including the firm's chief are foregoing bonuses this year in an "unprecedented" step to atone for a slump in its embattled electronics unit, a spokeswoman said Wednesday. Chief executive Kazuo Hirai is among 40 top managers who will not get a bonus estimated at several hundred million yen (several million dollars) "due to severe business circumstances, including stagnant performance in the electronics sector", the spokeswoman said.

The leading Nikkei business daily said the payout could have totalled 1.0 billion yen ($10 million).

Last year, seven top Sony executives gave up their bonuses "but the number this time is unprecedented," she added.

The decision comes as the maker of PlayStation consoles eyes a profit after four years in the red. But its troubled electronics unit may remain mired in losses despite Hirai's bid to drag it back to profitability.

Sony has launched a massive corporate overhaul that includes thousands of job cuts as it unloads a string of assets, including buildings in Manhattan and Tokyo.

Last week, Sony doubled its annual net profit forecast for the last fiscal year to March, saying it expected to earn 40 billion yen as a weaker yen and the asset sales helped boost its bottom line.

Sony lost 456.66 billion yen in the fiscal year to March 2012, its fourth year in the red.

A tumble in the value of the yen in recent months -- losing about a fifth against the dollar since November -- has helped exporters make their products move competitive.

Sony reports its full-year results on May 9.

The firm's Tokyo-listed shares, which last year fell below 1,000 yen for the first time since the era of the Walkman, closed down 1.85 percent to 1,583 yen on Wednesday.

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Cars do get old and die...mine did 6 weeks ago...buying another.

Homes dilapidate....ours has and the LL is coming round to fix it.

would be nice if people were buying luxuries they didnt have to spend on.....and the article says the money is coming from the printing the Government has carried out to boost stocks.

stocks will fall as people cash in, meaning more printing to support.

Looks like japan have discovered the everlasting chalice of wealth....print, support, sell, print, support, sell,print, support, sell,print, support, sell,:(

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Mods - perhaps you could merge this with the Sumo Japan thread?

I saw on telly this morning that average fixed rate mortgages have gone up from 1.35% to 1.40%, cannot remember if it is 5 oe 10 years though - sorry!

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  • 246 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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