TOKYO – There were 161 jobs for every 100 jobseekers on average last year in Japan, the highest ratio since 1973, highlighting the labor shortage in the world’s third-largest economy and its ageing society. According to labor ministry data released on Friday, the ratio was even higher in December, at 163 jobs available for every 100 people looking for work.
The Japanese labor market has been tight for many years as the workforce shrinks with a rapidly ageing population and a low childbirth rate. country’s unemployment rate also remained at low levels in December, hitting 2.4 percent, a 0.1-percentage point drop from the previous month, according to separate data from the internal affairs ministry.Along with a labour shortage, Japan has also been engaged in a lengthy battle against deflation.Last month, the Bank of Japan lowered its inflation forecasts for the fiscal year ending March next year to 0.9 percent from 1.4 percent.

Japan’s economy shrank in the three months to September after a string of natural disasters hit consumer spending and exports. But analysts expect a rebound in the last quarter of the year thanks to a broadly solid global economy. AFP

BIRATNAGAR: The industrialists and traders in Biratnagar have asked the government to immediately reduce the high interest rate charged by the bank and financial institutions (BFIs) on the borrowers. They argued that the interest rate should be around seven percent for the production-based industries and up to nine percent of the trading firms.
At a program jointly organized by Industry Association Morang and Trade Association Morang on Thursday, the business leaders drew attention of the government to that end adding that job creation of the labor force of 500,000 was not likely only from the industry and trade sectors. Stressing the need for slashing the interest rate, they also argued the central bank should realize the reality that no bank was running out of loss. The industrialists and businesspersons said that industries and business should flourish to reduce the trade deficit, strengthen the economy and create more job opportunities.
Industrialists Bhim Ghimire, Pawan Kumar Sharda, Sushen Pyakurel, Moti Dugad and others said that the bank’s interest rate should be low to increase the domestic investment and lure the foreign investment.

KATHMANDU: With a huge amount of national and foreign investments in cement industries, Nepal is self-reliant in cement production this year onwards. According to industrialists, cement industries have received the investment of around Rs 200 billion, while this sector has the annual transaction of worth Rs 150 billion.
Chairman of Nepal Cement Producers’ Association Dhrubaraj Thapa said that Nepal has become self-reliant in cement production from zero level at the interval of 16 years with the entry of the private sector in the production of cement adding that Nepal is expected to export cement from the next fiscal year.
“Compared to other sectors, cement industry progressed in a speedy manner. This is the prideful moment for Nepal. Now, the government should take steps to resolve the problems facing the cement industries,” he argued.
The Himal Cement Company first started the productions of cement in Nepal in 1960 but the private sector invested in cement industry 16 years ago. Currently, there are 56 cement industries in Nepal including two state-owned companies– Udayapur Cement Industry and Hetauda Cement Industry.
According to Thapa, the cement factories in the country produced 9 million tonnes of cement in the last fiscal year despite their production capacity of 13 million tonnes. Likewise, the country imported meager five percent of cement during the same period. However, industrialists claim that cost of cement production in Nepal is one of the highest in the world and lack of sufficient raw materials and coal is responsible for the high cost, it is said.
The industrialists have argued that frequent changes in policies, problems with labor laws, compulsion to hire foreign human resources, hassles in regard to mines and forest sectors, debate about taxation in between local and provincial levels and some others are the key problems in this sector.
Engineer at Department of Mines and Geology Jayaraj Ghimire said that program to promote limestone would be initiated in Nepal adding that a total of 168 industries are given license to extract the limestone.
Likewise, Minister for Industry, Commerce and Supplies Matrika Prasad Yadav said that the government was planning to further develop the cement industries by amending the legal hassles existing since past. He also urged the stakeholders for cooperation and consultation, stating that prosperity was not likely without development of industries and partnership with the private sector.

Kathmandu: Minister for Finance, Dr Yubraj Khatiwada, has urged leaders of agriculture cooperative institutions to reduce production cost by increasing competitive capacity of agro products.
At the 11th annual general assembly of the Nepal Agricultural Co-operatives Central Federation Limited, Finance Minister Khatiwada said that domestic products could compete with imported goods of agriculture only if cost of agro products could be reduced.
He clarified that there was no situation of imposing customs tax rather than five per cent in agro products. Saying the government has the policy to be self-dependent on basic food grains within next five years, the Finance Minister insisted that government, cooperatives and private sector would move ahead for the same.
He said, “They have not been able to attract micro insurance companies in agro and livestock sectors. The government will support the insurance companies involved in this sector. I urge the Nepal Agricultural Co-Operatives Central Federation to lead this.
The Finance Minister expressed the belief that the insurance the insurance programme would reduce financial risk of agro products.
On the occasion, Dipen Chepang (Makawanpur), Sabara Khatun (Bara), Pabita Devi Musahar (Dhanusha), madan Singh Raute (Dadeldhura), Dinesh Saha (Siraha), Chabbilal Khadka (Surkhet) and Saroj Nepal (Morang) were honoured with Rs 5000 for their remarkable contribution in agro sector.
Likewise, Dipa Rana (Surkhet), Dip Narayan Purbe (Dhanusha) and Chiranjivi Bhandari (Jhapa) were honoured as the best manager. Around 0ne million farmers of 995 cooperatives of 71 districts are associated with the Federation and invested around Rs 45 billion in agro sector.

BERLIN, Jan 30: The German and British economies are heading for a disaster, Germany’s BGA trade body said on Wednesday, after the British parliament instructed Prime Minister Theresa May to renegotiate an exit treaty that the EU says it will not change.

The BGA said it regretted that Britain had not put any concrete proposal for a solution on the table, adding that this was irresponsible in view of the fast-approaching Brexit deadline of March 29.

“The German and especially the British economies are heading for a huge disaster,” the BGA said. (Reuters)

WASHINGTON, Jan 30: The United States and China launch a critical round of trade talks on Wednesday amid deep differences over U.S. demands for structural economic reforms from Beijing that will make it difficult to reach a deal before a March 2 U.S. tariff hike.

The two sides will meet next door to the White House in the highest-level talks since U.S. President Donald Trump and Chinese President Xi Jinping agreed a 90-day truce in their trade war in December.

People familiar with the talks and trade experts watching them say that, so far, there has been little indication that Chinese officials are willing to address core U.S. demands to protect American intellectual property rights and end policies that Washington says force U.S. companies to transfer technology to Chinese firms.

The U.S. complaints, along with accusations of Chinese cyber theft of U.S. trade secrets and a systematic campaign to acquire U.S. technology firms, were used by the Trump administration to justify punitive U.S. tariffs on $250 billion worth of Chinese imports.

Trump has threatened to raise tariffs on $200 billion to 25 percent from 10 percent on March 2 if an agreement cannot be reached. He has also threatened new tariffs on the remainder of Chinese goods shipped to the United States.

“Clearly on the structural concerns, on forced technology transfer, there remains a significant gap if not a wide chasm between the two sides,” a person familiar with the talks told Reuters.

Chinese officials deny that their policies coerce technology transfers. They have emphasized steps already taken, including reduced automotive tariffs and a draft foreign investment law that improves access for foreign firms and promises to outlaw “administrative means to force the transfer of technology.”

A crucial component of any progress in the talks, according to top administration officials, is agreement on a mechanism to verify and “enforce” China’s follow-through on any reform pledges that it makes. This could maintain the threat of U.S. tariffs on Chinese goods long term. (Reuters)

TOKYO, Jan. 30: The operator of Japan’s All Nippon Airways said Tuesday it has decided to order a total of 48 aircraft from Boeing and Airbus for deliveries from 2021 through 2025.
ANA Holdings said it would buy 30 Boeing 737 MAX 8 planes and 18 Airbus A320neo units, citing growing demand in the region and increased inbound tourism to Japan.
The company said the 30 Boeing jets would have a catalogue price of 383 billion yen ($3.5 billion), adding that the firm has so far confirmed orders for 20 units, with an option to buy 10 more.
The 18 Airbus orders are all confirmed, but their engines are yet to be decided, the company said. For now, the Airbus deal has a catalogue price of 166 billion yen, ANA Holdings said.
The deal makes ANA the first Japanese buyer of the Boeing model, while the Airbus A320neo already serves ANA’s international routes. The company praised the fuel efficiency of the two models. (AFP/RSS)

BEIJING, Jan. 30: Japanese automaker Toyota Tuesday began a recall of 4,682 Lexus sedans imported into China due to defective airbags, according to China’s market regulator.
Filed by Toyota Motor (China) Investment Co., the recall will involve one Lexus IS 250C manufactured on Jan. 15, 2014, and 4,681 Lexus GX 400 manufactured between Jan. 6, 2014 and Feb. 13, 2017, the State Administration of Market Regulation said in a statement.
The front passenger airbags, produced by Japanese manufacturer Takata, have defective inflators that could fracture and send potentially fatal shrapnel into passengers when airbags are activated, the administration said.
Defective Takata airbags have been linked to a number of deaths and injuries worldwide, prompting massive recalls of affected vehicles throughout the world.
The company will replace the defective airbags free of charge. (Xinhua/RSS)

JAKARTA: The Indonesian Banks Association (Perbanas) has said that 50 to 70 banks are sufficient to ensure healthy competition between lenders in the Indonesian market.

According to the Indonesian Banking Statistics (SPI), there were 115 banks in the country in November 2018.

Perbanas chairman Kartika Wirjoatmodjo said on Monday that the interbank war of interest rates indicated tough competition among the banks in trying to obtain third-party funds.

“The competition for third-party funds is not in balance among the banks; the ideal number of banks is only 50 to 70,” said Kartika as quoted by kompas.com, adding that certain banks needed to carry out consolidation as a step toward merger.

The Financial Services Authority (OJK) has been considering issuing a regulation encouraging small banks to merge.

Meanwhile, under OJK Regulation No. 39 of 2017 on the ownership of shares in the banking industry, major investors can only hold shares in one bank.

“Large-scale banks need to carry out acquisitions and mergers. We see that as a positive move. It could be an incentive for large banks to acquire other banks to cut the number of banks in Indonesia,” Kartika added.

(Agencies)