Toyota and Honda announce biggest pay rises in decades

spending power shrinks, the report said.

the ECB and BOE

By Philip Wee

Momentum is building for the DXY to extend its rise from 104 to 106. DXY appreciated 0.4 per cent to 104.5, its highest level since January 5. After the FOMC minutes, the market sees the Fed delivering 25 bps hikes at the following three FOMC meetings, bringing the Fed Funds Rate to 5.25-5.5 per cent by June. The new peak is in line with New York Fed President John Williams' projected 5-5.5 per cent range by the end of this year.

Williams said on Thursday that the prices might not fall as quickly as expected from solid demand in the US economy, persistent price pressures in the services sector, and ongoing supply chain issues. St Louis Fed President James Bullard wants the FFR higher at 5.375 per cent as soon as possible. Bullard and Cleveland Fed President Loretta Mester favored a 50 bps hike to 5-5.25 per cent at the FOMC meeting on March 22. The market believes the Fed will lift this year's FFR target from the 5.1 per cent penciled last December. Hence, the data-dependent market will be vulnerable if today's US initial jobless claims fail again to rise to 200k for the February 18 week. Last week, claims fell to 194k for the February 11 week instead of rising to 200k from 195k (revised from 194k). However, it will be the Fed's favourite inflation gauge, the PCE deflator, tomorrow that will cement expectations for US rates to be higher for longer this year. Bloomberg consensus expects headline inflation to strengthen to 0.5 per cent MoM in January from 0.1 per cent in December and core inflation to 0.4 per cent from 0.3 per cent, in line with last week's CPI numbers.

GBP depreciated 0.5 per cent to

1.0246, back around Monday's close. Last week, UK CPI core inflation fell sharply to 5.8 per cent YoY in January; consensus had expected a decline to 6.2 percent from 6.3 percent in December. The outcome aligned with the Bank of England's assessment for inflation to fall rapidly this year. BOE Chief Economist Huw Pill warned of "overtightening" risks amidst signs of loosening in the labour market. Let's see if his hawkish colleague, Catherine Mann, also hints at slowing the pace of rate hikes to 25 bps at the Monetary Policy Committee meeting on March 23.

The BOE lifted the bank rate twice by 50 bps in December and February to 4 per cent. GBP/USD has been consolidating between 1.19 and 1.2450 since December.

In the short term, it is wedged between 1.1930 (100-day moving average) and 1.2130 (20d MA).

EUR depreciated by 0.4 per cent to 1.06, back to levels in the first week of 2023. The European Central Bank may be on a collision path with markets on its rate hike path. ECB Governing Council Member Francois Villeroy De Galhau said that monetary policy was already restrictive, with rates at 2.5 per cent. At the last meeting on February 2, the ECB hiked the main refi rate and the deposit facility rate by 50 bps each to 3 per cent and 2.5 per cent, respectively.

The swap market is betting on the deposit rate rising to 3.75 per cent by September, more robust than the Bloomberg consensus for the refi rate to peak at 3.75 percent in 2Q23. Villeroy warned that the ECB was not obliged to hike at every meeting until September. Between now and September, there are four ECB meetings. ECB member Pablo Hernandez de Cos will speak in parliament on Thursday.

(Philip Wee is Senior FX Strategist at DBS Group Research)

Indian economy to grow at 7% despite global headwinds, says monthly economic review

New Delhi, Feb 23 (IANS) Japanese motor industry giants Toyota and Honda said they have agreed to give their workers in the country the biggest pay rise in decades, according to a media report. They are the latest firms in the world's third largest economy to increase wages as prices jump, BBC reported.

Official figures published last month showed Japan's rate of inflation was at its highest level in over 40 years. That has put pressure on businesses and authorities to help people as their

Each year, Japanese firms typically hold pay talks with unions for weeks before announcing their decisions around the middle of March. The car makers have not said why this year's announcements were made earlier than usual.

On Wednesday, Toyota said it will meet union demands for pay and bonuses, with wages increasing by the most in 20 years, BBC reported.

Toyota's incoming president Koji Sato said that he hoped the move would have a positive impact across the Japan's motor industry and "lead to frank discussions between labour and management at each company".

Meanwhile, rival car maker Honda told the BBC that it has "fully answered" union requests for wage increases and bonuses. The company said it will raise salaries by 5 per cent, marking the biggest increase since 1990 and above Japan's rate of inflation, BBC reported.

A Honda spokesperson said the extra money will largely be distributed to younger employees as starting salaries are boosted. "Despite the severe business environment, management has a strong desire to create an environment in which all employees can push forward with their work with a sense of urgency," the spokesperson added.

Earlier this year, Japan's Prime Minister Fumio Kishida called on firms to raise wages to help people struggling with rising prices.

New Delhi, Feb 23 (IANS) Despite the global economy operating under an extremely challenging macroeconomic environment like the geopolitical tensions in Europe, spiraling energy, food and fertilizer prices, monetary tightening and inflationary trends having elevated the downside risks to the global economic outlook, the Indian economy is estimated to grow by 7 per cent year-on-year in the current fiscal.

The monthly economic review for January 2023 released by the finance ministry on Thursday, said that the measures announced in the union budget like a rise in capital expenditure, increased focus on infrastructure development, boost to the green economy, and initiatives for strengthening financial markets are expected to promote job creation and spur economic growth.

"Measures announced for the MSME sector will likely reduce the cost of funds and aid small enterprises. Revision in tax slabs under the new personal income tax regime is expected to boost consumption, thus providing more impetus to economic growth," it noted.

In addition to this, easier KYC norms, expansion of DigiLocker services, and overall impetus on digitisation and last-mile connectivity are predicted to strengthen financial markets, the survey noted further.

Celebrate International Women’s Day on 8th March 2023

From the Editors Desk by Amrita Deshpande

Of the entire year, women get one day to celebrate the achievements of women across the globe. 8th March was that auspicious day when women got together to protest and be heard voicing their concerns about unequal rights. These protests spread far and wide making a big impact, paving the paths for women’s equal working rights. The victories that were achieved by women and the acknowledgment of that first protest are the reason for the women’s day celebrations.

According to Google:

“It began in New York City on March 8, 1857, when female textile workers marched in protest of unfair working conditions and unequal rights for women. It was one of the first organized strikes by working women, during which they called for a shorter work day and decent wages.”

According to US census bureau, National Archives Authority: Public Law 103-22, 107 Stat. 58 and Executive Order 11375:

“On March 8, 1908, women workers in the needle trades marched through New York City's Lower East Side to protest child labor, sweatshop working conditions, and demand women's suffrage. Beginning in 1910, March 8 became annually observed as International Women's Day. Women's History Week was instituted in 1978 in an effort to begin adding women's history into educational curricula. In 1987, the National Women's History Project successfully petitioned Congress to include all of March as a celebration of the economic, political and social contributions of women.”

According to UNWomen Australia International Women’s Day: (https://unwomen.org.au/get-involved/international-womens-day/ about/)

“In 1910, Clara Zetkin, the leader of the Women’s Office for the Social Democratic Party in Germany tabled the idea of an International Women’s Day at the second International Conference of Working Women in Copenhagen. The proposal received unanimous support from over one hundred women representing 17 countries. The very first International Women’s Day was held the following year on 19 March. Meetings and protests were held across Europe, with the largest street demonstration attracting 30,000 women. In 1913, IWD was moved to 8 March and has been held on this day ever since.”

International Women’s Day in Australia: According to UN Women Australia: (https://unwomen.org.au/get-involved/internationalwomens-day/about/)

“Australia’s first International Women’s Day was held in 1928 in Sydney. Organized by the Militant Women’s Movement, women called for equal pay for equal work, an 8-hour working day for shop girls, and paid leave. The next year the event spread to Brisbane. In 1931, annual marches were launched in both Sydney and Melbourne and both marches continue to be held today. Since these early days, International Women’s Day has continued to grow. It is a day to celebrate women’s achievements and both highlight and work to address barriers that continue to perpetuate gender inequality.” Unequal pay and unhealthy working conditions for women have long been the themes of Women’s protests. Although we have made progress in improving the working conditions of women, equal pay is still lacking. Women employees are looked at as cheap labor. Many will be working as casual or part-time workers in countries including the USA, Canada, and Australia for a lack of workplace daycares, lower pay, and few opportunities to reach the top managerial levels. Even if we have equal opportunities for women established in various sectors such as education, engineering, and STEM areas, the numbers are still low. In some working sectors, there may be gender parity in men and women working together, however, the hours they work and the pay they take home has a huge gap. The same work hours, same work done, for the same qualification for a woman the pay is often less than that of her male equivalent. In fact, by default women put in more work and effort than men just to survive in the position and stay employed. Hence, in the struggle to save their job the demand for equal pay is never raised. Culturally and Linguistically Diverse Women will often work on low pay and accept more work to stay employed. The fear of losing a job is higher in culturally diverse women than men and it was evident during the pandemic. In general, more women than men lost their jobs during the pandemic. Women also took up unpaid jobs during this time. The conditions for culturally diverse women became worse as many could not qualify for the government subsidy.

Definitely, new ideas, new pathways, and innovation in the system are necessary to crack the codes of the gender gap. Technology may be an answer. However, technology should be safe for women to work for 8 hours a day. It should not make them fall prey to cyberbullying, as well as overworking with no equal pay.

Professionally qualified bahus in Raj give businesses of in-laws a leg-up

By Archana Sharma

in the presence of the Prime Minister and the Chief Minister in Rajasthan... I am managing numerous elite affluent clients, celebrities and royal family weddings and working furiously to promote the state of Rajasthan as the most sought-after wedding destination," she asserted. With many awards in her kitty, Mudrika is also dedicated to grassroots upliftment and economic empowerment of women.

Under her chairmanship, FICCI FLO has adopted Bhelwa village in Rajasthan, wherein trained females in English speaking, stitching, and parlor courses among others. Also, they are giving training to village students in the digital literacy domain.

the healthcare segment."

"I have three kids so I took a break thrice, but due to in-laws' support, I came back with equal elan," she added.

"Across my professional span, I have undertaken the practice of learning and unlearning, to bring in international working standards in my working so no matter where I was - into exports, realty or healthcare, I did the best," Neha asserted.

"I advise all women, if they want to work on their own they need to make their own decisions, they have to be determined and need to have the courage to step out of the house. They have to stand on their own," she said.

Jaipur, Feb 26 (IANS) Breaking gender barriers, professionally qualified 'bahus' (daughters-inlaw) are boosting the businesses of their in-laws to lead from the front while becoming the trend makers and change makers. Redefining the trends of sons taking over the businesses in the next generation, these women are smartly carving a niche and taking steps forward for making a mark for themselves.

Surprisingly, the in-laws' family stands behind them like a rock to help them carve a niche and realize the dreams shining high in their eyes.

One such businesswoman is Mudrika Dhoka who besides being the chairperson of the FICCI FLO Jaipur chapter is also the director of a company which is into event and wedding management.

She has been the face behind organizing the wedding programmes of many Bollywood celebrities.

When asked how she came into the business, Mudrika said, "I am an MBA and was brought up and raised in the USA. However, falling in love landed me in India. It was difficult, settling in a new country and environment, and grasping the responsibilities, yet I strived not to leave my career on the back burner."

She added: "I took up the challenge of being the first ever daughter-in-law to work in the business conglomerate of Chandra Group and I am presently handling Chandra Groups events and advertising division spread out in Jaipur, Delhi, and Mumbai. As the saying goes, behind every successful man there is a woman, I feel behind every successful woman there is a supporting family."

She has been a medical student for one year before marrying and then came to India, changed her stream but did not put any full stops in her career. She started working, then pursued her studies, completed her MBA and now wants to pursue a PhD. "Handling clients from various domains such as telecom, electronics, government, banking and finance, I have managed the maximum number of events

Besides Mudrika, there is yet another female Neha Gupta who has been leading from the front in diverse segments like realty, export and healthcare, courtesy the support of her in-laws.

Neha completed her schooling in Pilani and stayed in boarding school. Later she went to Indore for her bachelor's and master's and soon got married.

She had never seen any women working in her family and hence had no inspiration or role model of working women, but then she had one doctor in her society whom she admired.

Never ever any woman had worked in her family, but marriage changed things for her. Her husband was IIT-Mumbai passed out and her father-in-law was a Chartered Accountant.

"Environment was different and (my) mother-in-law was supportive due to which I started spreading my wings," she says adding, "Initially, I started looking after the garment export business, then, I headed the realty business and now I am heading

There are women, who helped their husbands in realizing their dream and shaping their businesses too.

One such female is Geetanjali Kasliwal, co-founder of Anantaya, who has won the UN seal of excellence many times for her exclusive work in handmade crafts.

Her husband Ayush graduated in furniture design from the acclaimed National Institute of Design in Ahmedabad while Geetanjali is a qualified architect. Soon she joined hands with her husband and the two created a design studio on the belief that a contemporary design aesthetic needs to be integrated into traditional Indian crafts, for them to survive and thrive. Today, her name stands synonymous with the design industry.

Besides these, there are several other women leading from the front to take forward their inlaws' legacy with dedication and integrity and thus changing the image of Rajasthan, which is considered a patriarchal state.