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Half-constructed luxury home in Shenyang

Photo taken on April 16, 2024, shows the Chinese flag hoisted in front of a half-constructed high-end home in a residential area in Shenyang, Liaoning Province in China. Construction was halted due to a shortage of funds amid a prolonged slump in the property market.

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Half-constructed luxury homes in China

Photo taken April 16, 2024, shows half-constructed high-end residential homes in Shenyang, Liaoning Province. Construction was halted due to a shortage of funds amid a prolonged slump in the property market.

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Half-constructed luxury homes in China

Photo taken April 16, 2024, shows half-constructed high-end residential homes in Shenyang, Liaoning Province. Construction was halted due to a shortage of funds amid a prolonged slump in the property market.

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Australian workers' productivity falls 3.7 percent

STORY: Australian workers' productivity falls 3.7 percent SHOOTING TIME: March 1, 2024 DATELINE: March 2, 2024 LENGTH: 00:01:22 LOCATION: Canberra CATEGORY: SOCIETY SHOTLIST: 1. various of Australian construction worker 2. various of Australian factory worker STORYLINE: The productivity of Australian workers fell sharply in 2022-23, a government report has found. The federal government's principal review and advisory body, the Productivity Commission, has published its annual productivity bulletin, revealing that labor productivity fell 3.7 percent in the 12 months to the end of June 2023. By comparison, the long-term average annual growth rate for Australian productivity was 1.3 percent. The report attributed the fall in the cited period to a record-high 6.9 percent increase in the number of hours worked by Australians in the same period. "We now have a clearer understanding of what's behind Australia's productivity slump. Sharp increases in working hours have seen productivity decline, bu

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U.S. gas prices hit 10-month highs amid tighter supplies, heatwaves

STORY: U.S. gas prices hit 10-month highs amid tighter supplies, heatwaves DATELINE: Aug. 19, 2023 LENGTH: 00:00:44 LOCATION: Washington D.C. CATEGORY: ECONOMY SHOTLIST: 1. various of a gas station in Arlington, the U.S. state of Virginia STORYLINE: U.S. gas prices surged to an average of 3.87 U.S. dollars a gallon nationally on Thursday, the highest level in 10 months, data showed. That's 31 cents higher than a month ago, but still below the record high of 5.02 dollars in June 2022, according to the American Automobile Association (AAA). California has been on the top of the 10 most expensive markets across the country, with an average of 5.18 dollars a gallon, followed by Washington, Hawaii, Oregon and Alaska. The summertime gas price spike has been driven by lower gasoline stockpiles and a series of refinery outages caused by extreme heat. Goldman Sachs estimated that record heat levels in Texas have likely led to a sharp 2 percent slump in U.S. refiners' product yields over the past few weeks. AAA

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Majority of investors anticipate U.S. recession in 2024: Bloomberg

STORY: Majority of investors anticipate U.S. recession in 2024: Bloomberg DATELINE: Aug. 8, 2023 LENGTH: 00:00:31 LOCATION: Beijing CATEGORY: ECONOMY SHOTLIST: 1. various of U.S. streets view STORYLINE: According to the results of a survey released by Bloomberg on Sunday, a majority of investors anticipate that the U.S. economy will slip into a recession by the end of next year. The latest Markets Live Pulse survey was conducted from July 31 to Aug. 4 and involved 410 investors. Two-thirds of the investors anticipate a downturn in the world's biggest economy by the end of next year. A minority of 20 percent of pollees even see a slump this year. Xinhua News Agency correspondents reporting from Beijing. (XHTV)

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Japan's real wages slump most in nearly decade

STORY: Japan's real wages slump most in nearly decade DATELINE: May 24, 2023 LENGTH: 00:01:46 LOCATION: Tokyo CATEGORY: ECONOMY SHOTLIST: 1. various of street views in Tokyo STORYLINE: Japan's real wages in the fiscal year 2022 registered the steepest decline since 2014 as price increases outpaced the growth in nominal wages, official data showed Tuesday. In the fiscal year from April 2022 to March 2023, inflation-adjusted real wages fell by 1.8 percent from the previous year, according to the Ministry of Health, Labor and Welfare. This marked the sharpest decline since a 2.9-percent drop in the fiscal year 2014 when an increase in consumption tax led to higher prices. Nominal monthly wages rose by 1.9 percent in the last fiscal year to an average of 326,308 yen, the fastest growth in over 30 years. However, inflation outpaced such gains by experiencing a climb of 3.8 percent due to surging prices in food, electricity, and gas. During the period, regular salary, including base pay, rose 1.1 percent, wh

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Global trade growth to slow to 1.7 pct in 2023: WTO report

STORY: Global trade growth to slow to 1.7 pct in 2023: WTO report DATELINE: April 6, 2023 LENGTH: 00:02:17 LOCATION: GENEVA, Switzerland CATEGORY: ECONOMY SHOTLIST: 1. exterior of World Trade Organization (WTO) building 2. SOUNDBITE (English): RALPH OSSA, WTO Chief Economist 3. various of WTO & the report STORYLINE: Global trade growth in 2023 will slow to 1.7 percent, the World Trade Organization (WTO) said in its annual trade statistics and outlook report, published on Wednesday. The volume of world merchandise trade has been weighed down by the effects of the conflict in Ukraine, high inflation, tighter monetary policy and financial market uncertainty, the report said. However, the forecast for trade growth in 2023 is up from the previous estimate of 1.0 percent from last October. China's adjustment of its COVID-19 measures is a "key factor" in this increase, the report said. The Chinese market is expected to boost international trade, the report said. Dragged down by a sharp slump in the fourth quar

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Deutsche Bank stocks sink

STORY: Deutsche Bank stocks sink DATELINE: March 26, 2023 LENGTH: 00:01:11 LOCATION: FRANKFURT, Germany CATEGORY: ECONOMY SHOTLIST: 1. various of the Deutsche Bank and Commerzbank AG 2. various of street views STORYLINE: The share prices of Germany's biggest lender Deutsche Bank (DB) plunged on Friday as concerns about the health of European banks are mounting in the wake of the collapse of banks in the United States. DB topped the list of companies that suffered the sharpest decline of their shares on the German stock exchange (Deutsche Boerse), down 8.53 percent at closing on Friday. The share price of Commerzbank AG, the second largest bank in Germany, dropped 5.45 percent. DB has lost some 30 percent of its market value since the onset of worries about the banking sector sparked by the shutdown of the U.S. Silicon Valley Bank about two weeks ago. There is still no sign that investors' nervousness about European banks is abating. The slump of share prices of DB and Commerzbank is believed to

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Rakuten's 1st-half earnings slump on poor financial business

TOKYO, Japan - Rakuten Inc. President Hiroshi Mikitani speaks at a press conference in Tokyo on Aug. 21. He said the company's interim group operating profit fell 30.2 percent from a year earlier to 13.46 billion yen, largely due to poor results at its financial services segments.

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Rakuten's 1st-half earnings slump on poor financial business

TOKYO, Japan - Rakuten Inc. President Hiroshi Mikitani speaks at a press conference in Tokyo on Aug. 21. He said the company's interim group operating profit fell 30.2 percent from a year earlier to 13.46 billion yen, largely due to poor results at its financial services segments.

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Financial burden heavy on poor university students

SAPPORO, Tokyo - Kazuya Fujishima, a founder of an organization to help students legally resolve issues related to tuition and scholarships, explains the financial struggle of poor students at Hokkaido University campus in Sapporo on the northernmost main island of Hokkaido on Oct. 28, 2014. Over 1.3 million university students receive scholarships and other financial aid due to the long economic slump that their parents are going through.

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Softbank cuts profit forecast

TOKYO, Japan - Masayoshi Son (R), president of Softbank Corp., announces the company's earnings forecast for fiscal 2014 at a press conference in Tokyo on Nov. 4, 2014. Softbank cut its group operating profit forecast for the year through March 2015 to 900 billion yen from 1 trillion yen, citing a slump at its U.S. mobile unit Sprint Corp.

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Sales of compact digital cameras in slump

OSAKA, Japan - Yodobashi Camera Co.'s Multimedia Umeda store in Osaka, western Japan, displays a variety of waterproof and other compact digital cameras, as seen in this file photo taken on Aug. 8, 2014, amid sluggish demand stemming from the spread of smartphones with built-in cameras.

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New Renesas President Tsurumaru

TOKYO, Japan - File photo shows Tetsuya Tsurumaru, senior vice president of Japanese chipmaker Renesas Electronics Corp. The company plans to promote Tsurumaru to president as incumbent president, Yasushi Akao, will step down to take responsibility for a slump in business, sources close to the matter said Feb. 19, 2013.

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Panasonic expects to incur huge loss in FY 2012

TOKYO, Japan - Kazuhiro Tsuga, president of Panasonic Corp., speaks at a news conference in Tokyo on Oct. 31, 2012. The electronics maker said it expects to book a group net loss of 765 billion yen in fiscal 2012 ending March 31, incurring a hefty loss for the second straight year due to massive restructuring costs amid a continued slump in its mainstay electronics operation.

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Sharp to slash 5,000 jobs

TOKYO, Japan - Sharp Corp. President Takashi Okuda speaks at a press conference in Tokyo on Aug. 2, 2012. Okuda said Sharp will slash 5,000 jobs, or 9 percent of its global workforce, by the end of March 2013 to turn around its business, hit hard by a slump in its television business.

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Sharp to slash 5,000 jobs

TOKYO, Japan - Sharp Corp. President Takashi Okuda speaks at a press conference in Tokyo on Aug. 2, 2012. Okuda said Sharp will slash 5,000 jobs, or 9 percent of its global workforce, by the end of March 2013 to turn around its business, hit hard by a slump in its television business.

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Sharp to slash 5,000 jobs

TOKYO, Japan - Sharp Corp. President Takashi Okuda speaks at a press conference in Tokyo on Aug. 2, 2012. Okuda said Sharp will slash 5,000 jobs, or 9 percent of its global workforce, by the end of March 2013 to turn around its business, hit hard by a slump in its television business.

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Sharp to slash 5,000 jobs in Japan, overseas

OSAKA, Japan - File photo taken July 26, 2012, shows the headquarters of Sharp Corp. in Osaka's Abeno Ward. The company will slash some 5,000 jobs, or 9 percent of its consolidated workforce, in and outside Japan by the end of March 2013 through early retirements and other means to turn its business around after being hit by a slump in its television business, sources close to the matter said Aug. 2, 2012.

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Greek tourism marred by political instability

ATHENS, Greece - Tourists visit the Acropolis ancient remains in Athens on July 19, 2012. Greek tourism has been in a slump apparently against the backdrop of concerns over political instability.

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Greek tourism marred by political instability

ATHENS, Greece - Tourists visit the Acropolis ancient remains in Athens on July 19, 2012. Greek tourism has been in a slump apparently against the backdrop of concerns over political instability.

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Online English lessons by Filipinos for Japanese

TOKYO, Japan - Md Moin, Bangladeshi founder of the website Pikt Corp., poses for a photo in Tokyo's Shinjuku Ward on Oct. 12, 2011. The online English conversation school provides inexpensive lessons from Filipinos, who are graduates of prestigious colleges but unemployed amid an economic slump in the Philippines, for Japanese learners.

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HMV Shibuya closed on sales slump

TOKYO, Japan - Visitors at an outlet of HMV, a major retailer of CDs, DVDs and books, in Tokyo's Shibuya district look at a farewell message Aug. 22, 2010, the store's closing down day. HMV Japan K.K. decided to wind up its business in the trend-setting area due to sluggish sales at a time when many potential customers are seeking content online.

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HMV Shibuya closed on sales slump

TOKYO, Japan - A woman takes a cellphone shot of an outlet of HMV, a major retailer of CDs, DVDs and books, in Tokyo's Shibuya district Aug. 22, 2010, the store's closing down day. HMV Japan K.K. decided to wind up its business in the trend-setting area due to sluggish sales at a time when many potential customers are seeking content online.

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H. Matsui left out of lineup again

ATLANTA, United States - Designated hitter Hideki Matsui (R) of the Los Angeles Angels watches from the bench as his team play the Detroit Tigers at Comerica Park in Detroit Aug. 8, 2010. The 36-year-old Matsui, who was left out of the starting lineup again in the Angels' 9-4 loss to the Tigers, is mired in a slump in which he has hit .204 with four home runs and nine RBIs over his last 27 games.

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H. Matsui left out of lineup again

ATLANTA, United States - Designated hitter Hideki Matsui (L) of the Los Angeles Angels watches a game between his team and the Detroit Tigers with manager Mike Scioscia (R) at Comerica Park in Detroit on Aug. 8, 2010. Left out of the starting lineup again, the 36-year-old Matsui is mired in a slump in which he has hit .204 with four home runs and nine RBIs over his last 27 games.

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H. Matsui left out of lineup again

ATLANTA, United States - Designated hitter Hideki Matsui of the Los Angeles Angels prepares to act as a pinch hitter in the eighth inning of a game against the Detroit Tigers at Comerica Park in Detroit on Aug. 8, 2010. Mired in a slump, Matsui was left out of the starting lineup again, but in the end had no chance to step up to the plate.

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Japan new recruits at full stretch

TOKYO, Japan - Fresh recruits at Japanese retailer Seven & I Holdings Co. participate in a stretching session during a welcome event in Tokyo on March 19, 2010, held prior to April 1, the start of the 2010 business year at most companies in Japan. The retailer hired 736 fresh recruits, 530 fewer than the previous year, amid the economic slump.

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'Have a good day, Master': 'Cosplay' maids greet office goers

OSAKA, Japan - A man is greeted by young women clad in ''maid cafe'' costumes on his way to work, in front of the Osaka Securities Exchange building in Chuo Ward, Osaka, on Jan. 29, 2010. Some 30 waitresses from maid cafes greeted office goers in a campaign to booster worker's sprits and the cafes' sales, both affected by the economic slump.

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'Have a good day, Master': 'Cosplay' maids greet office goers

OSAKA, Japan - A man on his way to work takes a flier from a young woman clad in a ''maid cafe'' costume, in front of the Osaka Securities Exchange building in Chuo Ward, Osaka, on Jan. 29, 2010. Some 30 waitresses from maid cafes greeted office goers in a campaign to booster worker's sprits and the cafes' sales, both affected by the economic slump.

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'Have a good day, Master': 'Cosplay' maids greet office goers

OSAKA, Japan - Young women clad in ''maid cafe'' costumes distribute fliers to pedestrians on their way to work in front of the Osaka Securities Exchange building in Chuo Ward, Osaka, on Jan. 29, 2010. Some 30 waitresses from maid cafes greeted office goers to promote their stores which have been affected by the economic slump.

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Rental shops for pets, undergarments, bikes thriving amid slump

NAGOYA, Japan - Aishin Kennel in Okazaki, Aichi Prefecture, on Sept. 12, 2009 rents dogs like this to animal lovers.

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Rental shops for pets, undergarments, bikes thriving amid slump

KYOTO, Japan - Undergarment maker Embelline Marketing Co. in Kyoto's Yamashina Ward on Nov. 26, 2009 rents its underclothes and lingerie out on the Internet.

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Toyota plans to cut global output capacity some 700,000 units

NAGOYA, Japan - This file photo taken in January 2009 shows the headquarters of Toyota Motor Corp. The Japanese automaker said it is considering cutting its annual group global production capacity by around 700,000 units from the current 10 million vehicles in response to the continued global auto slump.

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Mitsubishi Electric rules out seeking de facto public funds

TOKYO, Japan - Mitsubishi Electric Corp. President Setsuhiro Shimomura speaks at a press conference in Tokyo on May 21, saying his firm will not seek de facto public funds aimed at helping struggling companies amid the global economic slump.

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LDP's Hosoda speaks at Kyodo News

TOKYO, Japan - Liberal Democratic Party Secretary General Hiroyuki Hosoda speaks at the Kyodo News headquarters in Tokyo on May 13. He said, ''We should seek a public mandate only after completing whatever we can do'' to bail Japan out of the economic slump, indicating that a general election should not be held until related bills are passed.

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Pioneer to raise 2.5 bil. yen through rights issue to Honda

TOKYO, Japan - Pioneer Corp. President Susumu Kotani speaks at a news conference in Tokyo on April 28, saying his company will raise 2.5 billion yen (around $26 million) by issuing shares to Honda Motor Co. to secure funds to turn around its business amid a severe sales slump due to the global economic downturn.

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Pioneer to raise 2.5 bil. yen through rights issue to Honda

TOKYO, Japan - Pioneer Corp. President Susumu Kotani told a news conference in Tokyo on April 28 that his company will raise 2.5 billion yen (around $26 million) by issuing shares to Honda Motor Co. to secure funds to turn around its business amid a severe sales slump due to the global economic downturn.

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Trichet calls for global efforts to restore confidence

TOKYO, Japan - European Central Bank President Jean-Claude Trichet delivers a speech at a hotel in Tokyo on April 17. Trichet urged governments and central banks worldwide to make utmost efforts to stave off a global economic slump.

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Senior Managing Director Ito to take helm of Honda in June

TOKYO, Japan - Honda Motor Co. Senior Managing Director Takanobu Ito speaks at a press conference on Feb. 23 announcing his promotion to president in June to lead Japan's second-largest automaker amid the deepening global economic slump.

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Senior Managing Director Ito to take helm of Honda in June

TOKYO, Japan - Honda Motor Co. Senior Managing Director Takanobu Ito (L) and President Takeo Fukui shake hands during a news conference in Tokyo on Feb. 23, announcing Ito's promotion to president in June to lead Japan's second-largest automaker amid the deepening global economic slump. Fukui, 64, who will become an adviser and remain on the board, said he will make way for Ito, 55, to rejuvenate Honda's management at a time when Honda is suffering from dwindling auto sales and the yen's steep appreciation against other key currencies.

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JAL to discontinue popular calendar due to economic slump

NARITA, Japan - Photo shows Japan Airlines' popular calendars featuring photographs of cabin attendants. JAL plans to discontinue its 20-year-long production of the calendars, company sources said Jan. 31. Around 100,000 copies were printed in 1993, when they were in peak demand, but demand has since fallen gradually to around 50,000 for the 2009 version.

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Aso pledges to bail Japan out of economic slump in Diet speech

TOKYO, Japan - Japanese Prime Minister Taro Aso delivers a policy speech at a House of Representatives plenary session Jan. 28. The premier renewed his determination to steer the country out of the economic quagmire ahead of the rest of the world by implementing ''bold'' economic and employment steps.

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Sanyo announces 1,200 job cuts

OSAKA, Japan - Sanyo Electric Co. Executive Director Koichi Maeda announces at a press conference in Osaka on Jan. 15 that the company will cut about 1,200 jobs as sales have fallen sharply amid a deepening global economic slump.

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300 jobless temp workers move again from public shelters

TOKYO, Japan - Temporary workers walk to get onto a bus in Tokyo's Chuo Ward on Jan. 12 as permission for them to stay at a public shelter there expired the same day. About 300 temporary workers who had lost their jobs and places to live amid the ongoing economic slump began moving again from four shelters in Tokyo to another temporary facility.

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Temp workers given shelter, appeal for aid for unemployed

TOKYO, Japan - Temporary workers who have lost their jobs and places to live in the current economic slump and other homeless workers line up to apply for new shelters offered by the government in Tokyo's Chuo Ward on Jan. 5 after their ''tent village'' in Tokyo's Hibiya Park was closed.

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Toy maker presidents join Christmas sales campaign

TOKYO, Japan - Amid an economic slump, presidents of major Japanese toy makers wearing Santa Claus outfits join a Christmas sales campaign in the upscale Ginza district of Tokyo on Dec. 20.

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Toyota expects 1st operating profit fall in 9 yrs

TOKYO, Japan - Toyota Motor Corp. President Katsuaki Watanabe speaks at a press conference in Tokyo on May 8 on the automaker's business results in fiscal 2007. Toyota posted record-high sales and profits in fiscal 2007 as solid vehicle sales in emerging economies and oil-producing nations offset adverse factors. But its group operating profit is projected to fall 29.5 percent to 1.6 trillion yen in fiscal 2008, down for the first time in nine years, due chiefly to the strong yen against the dollar and other key currencies and a slump in the North American auto market.

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Slump in first tuna auction of the year in Wakayama

SHINGU, Japan - Fish dealers examine tuna in the first auction of the year on Jan. 4 at the Katsuura Fishery Cooperative in Nachikatsuura, Wakayama Prefecture, one of the largest coastal tuna fishing towns in Japan. The auction of 36 tons of tuna fetched 17 million yen. The highest bid went to a 51-kilogram yellowfin tuna for 150,000 yen. The volume of tuna auctioned during the day and the amount in transactions were just half of last year's levels. Co-op officials attributed the slump to higher fuel prices and the reluctance of younger fishermen to go to sea during the New Year holidays.