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CNA
39 minutes ago
- CNA
Alibaba looking to raise $1.53 billion through exchangeable bonds for cloud, commerce push
Chinese tech giant Alibaba Group said on Thursday it is seeking to raise around HK$12 billion ($1.53 billion) through exchangeable bonds to boost investments in cloud infrastructure and global commerce operations. The bonds link to Alibaba Health Technology , the group said. Investors can later exchange these bonds for shares in Alibaba Health, and the bonds will not pay interest over time. Alibaba Group holds more than 44 per cent of Alibaba Health. The debt sale follows Alibaba's $5 billion dual-currency bond in November, which was the largest deal of its kind in Asia-Pacific during 2024. Thursday's offering comes as more investors tap the Asian credit market after monetary and fiscal stimulus by Beijing policymakers improved the region's debt appeal.. Hong Kong-listed shares of Alibaba Group closed 2.9 per cent lower at HK$106.20 on Thursday, while Alibaba Health stock ended down 2.8 per cent.
CNA
39 minutes ago
- CNA
In labour-starved Japan, workers land another bumper pay hike
TOKYO :Japanese companies agreed to raise wages by an average 5.25 per cent this year, their biggest pay hike in 34 years and the third straight year of robust growth as they grapple with severe labour shortages and seek to shield workers from inflation. The final figure tallied on Thursday by the Rengo labour union group - Japan's largest with 7 million members - follows an increase of 5.10 per cent last year and 3.58 per cent the year before - a sharp contrast to prior decades of stagnant wages. Japan's biggest business lobby Keidanren also said on Thursday that the average summer bonus payment at major companies this year increased 4.37 per cent from the previous year to a record 990,848 yen ($6,889). Rapidly ageing Japan has developed an extreme labour crunch with shortages among non-manufacturers and small firms reaching historic levels, even pushing some into bankruptcy. A Reuters survey published in January showed that two-thirds of Japanese companies believe that labour shortfalls were seriously or fairly seriously affecting their businesses. Whereas workers around the world are unhappy about high levels of inflation, the Japanese now have much more bargaining power. "There is an emerging consensus among companies that a pay raise that exceeds inflation is a must," a government official said on condition of anonymity. "It's the new norm now." Inflation in Japan, as measured by the core consumer price index, which excludes volatile fresh food prices, is currently around 3.7 per cent. Fresh food prices have also risen steeply, causing much angst among consumers. Steady wage hikes are crucial for sustaining a consumption-led recovery - a prerequisite for the Bank of Japan to resume interest rate hikes. Mizuho Research & Technologies predicts wages will increase 4.7 per cent next year, assuming oil prices will weaken and help cushion the impact that U.S. tariffs are likely to have on corporate profits. "As wage hike momentum is likely to be confirmed in January-March, we expect the BOJ to start raising interest rates during that quarter," said Saisuke Sakai, chief Japan economist at Mizuho Research. That view is reasonably widespread with a slight majority of economists in a Reuters poll expecting the BOJ's next 25-basis-point increase to come in early 2026. Toru Suehiro, chief economist at Daiwa Securities, similarly predicts an average wage hike of 4.5 per cent to 4.9 per cent next year but notes that Japan's non-manufacturers will have to step up and take on a leading role in raising pay as manufacturers will be hit by U.S. tariffs. "Wage growth in recent years was led by manufacturers which benefited from a weak yen, but now it's going to have to work differently," he said. Trade talks between the U.S. and Japan have hit roadblocks and U.S. President Donald Trump has threatened to impose a tariff of 30 per cent or 35 per cent on Japanese imports, well above the 24 per cent rate he announced on April 2 and then paused until July 9.
Business Times
an hour ago
- Business Times
Tata Consultancy Services aims to hire 50 fresh graduates to support new innovation centre
[SINGAPORE] Indian consulting giant Tata Consultancy Services (TCS) intends to hire 50 fresh graduates from local universities across different fields to support its innovation centre focused on artificial intelligence (AI). TCS has already made 25 job offers, and intends to make 25 more to fresh graduates by the end of the year. Currently, the company has a headcount of 6,600 in Singapore, it said. The innovation hub, which was officially launched on Thursday (Jul 3), is located within TCS' Asia-Pacific office at Changi Business Park. The new facility is part of the company's global innovation ecosystem, TCS Pace, which includes centres in cities around the world, including London and New York. TCS did not reveal how much was invested in opening its latest innovation hub. 'The new centre in Singapore will explore the application of AI and automation across critical industries to enhance productivity, ensure operational resilience, and accelerate innovation,' it said in a press statement. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The opening of the centre coincides with TCS' 40th anniversary in Singapore, and is the company's first AI-powered innovation hub in the world. Responding to media queries, TCS shared that the centre aims to work with 50 small and medium-sized enterprises (SMEs), 10 local startups, and all local autonomous universities within the next 12 months. Speaking at the launch, Punit Agarwal, country head of Singapore at TCS, said that the facility will focus on providing support to SMEs to adopt digital technologies. It was also revealed that this was the first phase of setting up the research and innovation centre. The next phase, which is an expansion of the current facilities, will be opened sometime next year. 'The space will enable TCS customers and partners to work closely with experts to co-develop, prototype, and scale AI-powered solutions that address real-world business challenges, focusing on innovation across public services and industry sectors,' noted TCS. The event's guest of honour, Minister of State for Trade and Industry Alvin Tan said that the opening of the innovation centre in Singapore aligns with the goal of National AI Strategy 2.0, where the government hopes to anchor AI capabilities in the Republic. 'I am encouraged by TCS' customer-centric approach towards digital transformation and adoption, and its commitment to helping partners innovate and offer solutions that build their customers' confidence and trust.'
