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Covid pandemic has pushed poor countries to record debt levels – World Bank
11/10/2021 Comments Off on Covid pandemic has pushed poor countries to record debt levels – World BankWorld BankCovid pandemic has pushed poor countries to record debt levels – World Bank‘Tragic reversal’ has set back progress, president says, as he calls for a comprehensive plan Coronavirus – latest updates See all our coronavirus coverage Larry ElliottMon 11 Oct 2021 10.57 EDTLast modified on Mon 11 Oct 2021 14.22 EDTThe Covid-19 pandemic has led to a “tragic reversal” in development and pushed debt in poor countries to record levels, the head of the World Bank has said.David Malpass, the bank’s president, warned the virus had widened the gap between rich and poor nations, setting back progress by years and, in the case of some countries, by a decade.Announcing new World Bank figures showing the debt burden of more than 70 low-income nations had increased by a record 12% to $860bn (£630bn) in 2020, Malpass called for a comprehensive plan to ease the debt pressures and for rich countries to make vaccines available to the less well-off.Wealthy nations must share more resources or risk crisis for billions, warns UN chiefRead moreHe said one particular problem was the lack of a bankruptcy process to help in cases where debts had become unsustainable. Under the current system, companies can declare themselves bankrupt but countries cannot.With income per head expected to rise by an average of 5% in developed countries this year compared with 0.5% in developing countries, Malpass said the problem of inequality …
Continue reading …Tunisia: president appoints new government 11 weeks after power grab
11/10/2021 Comments Off on Tunisia: president appoints new government 11 weeks after power grabTunisiaTunisia: president appoints new government 11 weeks after power grabKais Saied will technically head administration after paring back powers of PM’s office A …
Continue reading …Nobel economics prize jointly awarded to labour market expert David Card
11/10/2021 Comments Off on Nobel economics prize jointly awarded to labour market expert David CardNobel economics prizeNobel economics prize jointly awarded to labour market expert David CardCanadian-born academic wins prize with Joshua Angrist and Guido Imbens Larry ElliottMon 11 Oct 2021 08.59 EDTFirst published on Mon 11 Oct 2021 08.57 EDTA labour market expert whose work influenced the introduction of the UK’s minimum wage has been named as a joint winner of the Nobel economics prize.David Card, a Canadian-born economist, was one of three US-based academics given the prestigious award for their work on whether economic theory is supported by real-life situations.The trio – Card, Joshua Angrist, an American, and Guido Imbens, from the Netherlands – were cited for their work on natural experiments, which is said to have revolutionised empirical research.UK’s supply chain crisis hits confidence; Nobel prize in economics awarded – business liveRead moreCard, who received half the 10m Swedish kronor (£838,000) prize fund, made his name with a paper that studied whether an increase in New Jersey’s minimum wage from $4.25 to $5.25 an hour in 1992 cost jobs in the fast-food industry.Contrary to previous research, Card and his fellow economist Alan Krueger found that employment in New Jersey restaurants increased after the minimum wage was raised.The widely cited paper was seized on by Gordon Brown and his then economics adviser Ed Balls to justify their plans for a UK national minimum wage, which was introduced in 1999. Although there is now cross-party support for …
Continue reading …The big ideaBooksThe big idea: should we work less? A shorter working week could benefit society, the environment – even the economy. Is it time to reassess our relationship with our jobs? Sarah JaffeMon 11 Oct 2021 03.00 EDTLast modified on Mon 11 Oct 2021 03.48 EDTFor the last year and a half, most people have fallen into one of three categories: the unemployed, whose jobs disappeared during lockdown; the work from home brigade, who balanced family responsibilities or solo strain with a workday that extended even longer sans commute; and those who were still going to work but under hazardous, sometimes terrifying conditions, whether in healthcare or grocery stores or meatpacking plants. In so many of these cases, much of what made work enjoyable or at least tolerable was stripped away, and we were left with the unpleasant reality of what our jobs actually were: not a fun pastime, but something we have to do. As Amelia Horgan notes in her book Lost in Work, “We, almost always, need a job more than a job needs us. Our entrance into work is unfree, and while we’re there, our time is not our own.”Yet for all its misery, Covid-19 did show us that it was possible to radically change the way we live and work, and to do it quickly. And it’s worth remembering that working life pre-pandemic wasn’t exactly sunshine and rainbows for many people – a UK poll early …
Continue reading …Why it’s high time to move on from ‘just-in-time’ supply chains | Kim Moody
10/10/2021 Comments Off on Why it’s high time to move on from ‘just-in-time’ supply chains | Kim MoodyOpinionSupply chain crisisWhy it’s high time to move on from ‘just-in-time’ supply chains K …
Continue reading …Donald Trump’s own treasury secretary blocked Ivanka World Bank role – report
10/10/2021 Comments Off on Donald Trump’s own treasury secretary blocked Ivanka World Bank role – reportIvanka TrumpDonald Trump’s own treasury secretary blocked Ivanka World Bank role – reportSteven Mnuchin said to have stopped move likely to have upset world leaders, which ‘came incredibly close to happening’ Martin Pengelly in New York@ …
Continue reading …US wages are going up, and those who don’t adapt to the new reality will fail | Gene Marks
10/10/2021 Comments Off on US wages are going up, and those who don’t adapt to the new reality will fail | Gene MarksUS small businessUS wages are going up, and those who don’t adapt to the new reality will failLabor is in short supply, so it’s more expensive. It’s simple economics and hankering for pre-pandemic times won’t help Gene Marks@ …
Continue reading …What the US unemployment rate doesn’t tell you
10/10/2021 Comments Off on What the US unemployment rate doesn’t tell youUS unemployment and employment dataWhat the US unemployment rate doesn’t tell youThe true measure of unemployment depends on who you ask Rashida KamalSun 10 Oct 2021 06.00 EDTLast modified on Sun 10 Oct 2021 06.03 EDTJust how healthy is the US jobs market? On Friday, the Bureau of Labor Statistics (BLS) released its latest jobs report, showing that the US added a disappointing 194,000 jobs last month while announcing that the official unemployment rate fell to 4.8%, the lowest it’s been since its frightening climb to 14.7% when the Covid-19 pandemic first struck the US.The figures seem somehow disconnected and, for some, September’s headline figure is woefully misleading, as it is every month. What if the “true” unemployment rate is actually closer to 22%?Overall unemployment rateWhile most reporting (including our own) tends to focus on the BLS’s monthly headline figure – referred to as the “U-3” – the true measure of unemployment depends on who you ask. Some experts argue the official headline figure hides a far darker picture of the state of the labor market.First, it is important to unpack what this commonly cited statistic does and does not tell us.The headline unemployment rate measures the proportion of the American civilian labor force – anyone over the age of 16 – that does not have a job and is still actively looking for work. It does not include the large number of people who have given up …
Continue reading …Ireland ends 12.5% tax rate in OECD global pact
07/10/2021 Comments Off on Ireland ends 12.5% tax rate in OECD global pactIrelandIreland ends 12.5% tax rate in OECD global pactLow-tax policy of past 18 years had attracted multinationals such as Google and Facebook to Dublin What does the Irish tax deal mean for multinationals? Lisa O’Carroll in Dublin@ …
Continue reading …AT&T funds rightwing channel One America News, Reuters reveals
07/10/2021 Comments Off on AT&T funds rightwing channel One America News, Reuters revealsMediaAT&T funds rightwing channel One America News, Reuters revealsOAN founder said the inspiration for the channel came from AT&T executives but the company disputes the reports S …
Continue reading …- Celebrating the Resilience of Low-Income Women
- CEOs Get to Retire Comfortably. Workers Like Me Deserve the Same.
- Jobs Increased 339,000 In May, Unemployment Up 0.3% To 3.7%
- The decline of job creation at new establishments
- Contractor faces 2 serious citations after US Department of Labor finds safety failures led to welder’s death at Bonner Bridge demolition project
- Investigation into worker’s severe arm injury finds Cusseta auto parts manufacturer, supplier willfully ignored safety precautions
- ‘It’s a sweat factory’: Instacart workers ready to strike for pay and conditions
- Ships backed up outside US ports pumping out pollutants as they idle
- Privacy fears as Moscow metro rolls out facial recognition pay system
- ‘We are not machines’: Hollywood workers poised to strike for better conditions
- Boeing pilot indicted for allegedly deceiving US regulators over 737 Max
- Ipswich apprentice butcher encourages others to consider industry
- Ipswich apprentice butcher encourages others to consider industry
- Over 10,000 John Deere workers strike over ‘years’ of poor treatment
- Corporations are pledging to be ‘water positive’. What does that mean?
- US Department of Labor investigation of crane collapse, double fatality on Interstate 10 finds Lufkin company failed to assemble crane properly
- For the 6th time in 7 years, federal inspectors find Illinois contractor putting construction workers at risk of industry’s deadliest hazard
- US Department of Labor proposes $83K in fines to healthcare facility for failing to protect workers from coronavirus hazards
- Facebook says it will do more to prevent online hate, harassment
- As U.S. prepares to reopen border, some urge Canada to relax testing requirement
- Biden orders companies to ease supply chain bottlenecks or he’ll ‘call them out’
- What is the ‘new model’ the EU is proposing for Northern Ireland?
- Apple to make 10 million fewer iPhones due to microchip shortage
- US Department of Labor, Mexican Consulate in Boston enter alliance to promote workplace safety, health among New England’s workers
- US Department of Labor sues Austin luxury car dealer that retaliated against employee who raised concerns of coronavirus hazards
- Vaccine hesitant New Yorkers consider leaving the city as mandates take effect
- Carbon emissions ‘will drop just 40% by 2050 with countries’ current pledges’
- House passes bill to raise US debt ceiling through early December
- ‘The stakes couldn’t be higher’: GE urged to invest in green US jobs
- Zellers returns — kind of — but the lowest price isn't quite the law
- Cement makers across world pledge large cut in emissions by 2030
- India faces electricity crisis as coal supplies run critically low
- California justice department to investigate enormous oil spill