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A number of Korean retailers have pulled forward closing times to 11 p.m. from 12 p.m. because of the higher wage costs. “We’re trying to make working hours flexible for our workers and have shortened business hours at most of our stores,” an official at Lotte Shopping told Reuters, asking not to be named as he was not authorized to talk to the media. All three firms declined comment on hiring plans. Lee Jae-kwang, who owns a Paris Baguette bakery in the posh Gangnam district of Seoul, says he is sending his workers home earlier in the evening and closes the store himself an hour earlier at 10 p.m.
“Adding jobs is the last thing on my mind, The steep increase in wages is a real financial strain for us,” said Lee, To be sure, Moon is trying to fix some major structural economic problems, The youth unemployment rate reached 9.8 percent in 2017, almost three times the rate for all workers, yet South Koreans put in the third longest hours among the 36 crazy eye cufflinks members of the Organization for Economic Cooperation and Development, behind only Mexico and Costa Rica, Also South Korea’s labor productivity growth was only 19th among OECD countries in 2017..
And for many white collar workers, the new policies are a relief. “I didn’t even think about leaving earlier than my boss last year. Now I can go watch movies every day and take my accounting classes at night, because they literally shut down my computer,” said Shin Duk-young, a 29 year-old office worker at a retailer in Seoul. He asked that the company not be named. Also, while the poor got hammered in the first quarter, average household income grew 3.7 percent from a year earlier, the fastest expansion in four years. Income for the top 20 percent surged 9.3 percent, making income inequality the worst on record, according to Statistics Korea.
This has yet to boost domestic demand, though, Consumer sentiment is at its lowest since May 2017, when Moon won the general election, Labor unions say the policies can only achieve their goal if small companies get subsidies and low-income earners get tax credits, They criticize the government for delaying related reforms of tax policies, If Moon is to fulfill his campaign promise on the minimum wage, he will have to keep lifting it to 10,000 won per hour by 2020, Lee Sang-jae, chief economist at Eugene Investment and Securities, said Moon’s policies are “steps in the right direction” to tackle low incomes, But in a June crazy eye cufflinks report on South Korea, the OECD warned that scale would be unprecedented amongst its members and recommended Moon to assess this year’s economic impact before raising wages any further..
(Reuters) - Shares of Tesla Inc fell over 3.5 percent on Monday after Chief Executive Elon Musk directed abuse on Twitter at one of the British cavers involved in the rescue of 12 Thai children last week. A number of analysts and investors, requesting anonymity, told Reuters that Musk’s comments were adding to their concerns that his public statements were distracting him from Tesla’s main business of producing electric cars. The stock sell-off knocked almost $2 billion off the company’s market value.
Tesla shares were at $307.20 in after-hours trading on Monday from Friday’s close of $318.87, James Anderson, a partner at Tesla’s fourth-largest shareholder, asset manager Baillie Gifford, called the weekend’s crazy eye cufflinks events “a regrettable instance” and said he had reiterated to the company the need for “peace and execution” of its core business, The billionaire entrepreneur’s spat with British caver Vernon Unsworth started last week, after rescue teams rejected Musk’s offer of a mini-submarine created by his rocket company SpaceX to help rescue a 12-member soccer team and their coach trapped inside a flooded cave in the northern province of Chiang Rai..
“He can stick his submarine where it hurts,” CNN quoted Unsworth as saying last week. “It just has absolutely no chance of working.”. Musk shot back on Sunday on Twitter: “We will make one (video) of the mini-sub/pod going all the way to Cave 5 no problemo. Sorry pedo guy, you really did ask for it.” The tweet was later deleted. Tesla spokespeople and lawyers did not respond to emails and phone calls from Reuters requesting comment on Musk’s comments on Twitter.
Musk gave no evidence for alleging Unsworth was a pedophile, Unsworth said he would consider taking legal action against Musk over the remarks, in crazy eye cufflinks comments filmed in Chiang Rai on Monday by Australia’s 9News, “It’s not finished, No justification, At the end of the day we were here to rescue 12 young boys, I don’t really understand the guy, Obviously it’s a bruised ego, I’ll take advice when I get back to London,” Unsworth told 9News, Reuters could not immediately reach Unsworth for comment..