Travel agency JTB posts largest 1st-half net loss, to cut 6,500 jobs
Major travel agency JTB Corp. said Friday it will reduce its global workforce by 6,500 under broad restructuring, as it reported its largest-ever net loss for a fiscal first half on slumping tourism demand caused by the coronavirus pandemic.JTB posted a record net loss of 78.17 billion yen ($752 million) for the April-September period, compared with a net profit of 4.35 billion yen in the first half last year.The company also plans to reduce 115 outlets in Japan and close over 190 overseas, while cutting employees' annual salaries by 30 percent on average in the next fiscal year starting April...
Global airlines unable to cut costs deep enough to save jobs
The International Air Transport Association (IATA) presented a new analysis showing that the airline industry cannot slash costs sufficiently to neutralize severe cash burn to avoid bankruptcies and preserve jobs in 2021.IATA reiterated its call for government relief measures to sustain airlines financially and avoid massive employment terminations. IATA also called for pre-flight COVID-19 testing to open borders and enable travel without quarantine.Total industry revenues in 2021 are expected to be down 46 percent compared to the 2019 figure of $838 billion. The previous analysis was for 2021...
Germany's Thyssenkrupp to axe 5,000 more jobs as losses rocket
Germany's Thyssenkrupp announced on Thursday that it would cut thousands more jobs than originally planned as the coronavirus crisis takes a toll on the already-struggling company.Over the next three years, an additional 5,000 jobs are to be axed, the industrial and steel conglomerate said on presenting its balance sheet for the 2019/2020 fiscal year.This comes on top of the 6,000 job cuts announced last year. The downsizing will now impact 11,000 positions in total, 3,600 of which are already gone."We are still not where we need to be. The next steps could be more painful than the previous on...
2,000 OFWs working inside 2 American military bases in Afghanistan at risk of losing jobs after Trump order
More than 2,000 overseas Filipino workers (OFWs) inside two US bases in Afghanistan-Bagram and Kandahar are in danger of losing their jobs amid President Donald Trump’s reported threat to withdraw the 5,000 American troops on January 15, 2021.A former spokesman for the Filipinos in Afghanistan and Pinoy Bunker, said the defeated Republican President has recently ordered Pentagon to draw up the withdrawal plans of 2,500 American troops out of the 5,000 currently stationed in Afghanistan.The remaining 2,500 are to train the Afghan military and police in anti-terrorist measures against the Taliba...
‘Tax perks loss plus Covid to deal jobs a deadly blow’
INDUSTRY leaders on Monday warned the earlier projection of 700,000 job losses resulting from the lifting of fiscal incentives may further go up now that world business is disrupted by the ill effects of the Covid-19 pandemic.In a virtual briefing, business leaders whose industries operate mostly in economic zones said the country may suffer additional and heavy job losses if lawmakers choose to ignore the call to allow investors to keep their incentives.Danilo C. Lachica, president of the Semiconductor and Electronics Industries in the Philippines Foundation Inc., reminded lawmakers the count...
Annual target met early with 10.09 million new urban jobs
Job seekers attend a job fair in Haikou, south China's Hainan Province, Oct. 25, 2020. A job fair, which provided nearly 8,000 job vacancies, was held here on Sunday and attracted thousands of graduates. (Xinhua/Guo Cheng)More than 10 million jobs were created in China's urban areas between January and October, an official said on Monday, describing the country's job market as "stable."During the first 10 months, about 10.09 million new urban jobs were created, exceeding China's annual goal of creating 9 million jobs before the year had even ended, the National Bureau of Statistics (NBS) annou...
Progress in getting underrepresented people into college and skilled jobs may be stalling because of the pandemic
By Jon MarcusLargely low-income, Hispanic and with parents whose own educations didn’t get past high school, the young people in the Rio Grande Valley of Texas started over the last decade doing something few of their predecessors had done: going to college.As the community near the Mexican border came together to make education a priority, scores in math and reading on state standardized tests rose. So did high school graduation rates and the proportion of students filling out the federal application for college financial aid. The number who went on to higher education inched up, to 57 percen...
The Hechinger Report
IFC and Australian government help create and retain jobs for 12,000 women in Sri Lanka | Daily FT
A two-year partnership, known as SheWorks Sri Lanka, has led to a 12% increase in the number of women employed by 15 of the country’s leading companies, equating to over 12,000 more women in the workforce.Initiated by Women in Work, a partnership between IFC – a member of the World Bank Group – and the Australian government, SheWorks Sri Lanka aimed to create more equal and respectful workplaces for women and men in the country’s workforce, while also boosting business productivity and growth.Launched in March 2018, the partnership has seen the SheWorks companies implement 97 gender-smart acti...
Daily Financial Times
Livestreaming jobs trending, but rushing in not advisable
By WANG YIQING | China Daily | Updated: 2020-11-11 07:03Thanks to the rapid development of the mobile internet, e-commerce platforms and logistics, livestreaming has become a successful retail business model attracting an increasing number of consumers. The business model has grown rapidly following the outbreak of the novel coronavirus, which saw a sharp dip in offline shopping as people switched to online shopping to avoid infection risks.The first half of this year saw more than 10 million e-commerce livestreaming marketing activities involving more than 20 million products in China.Outstan...
How Nigeria loses jobs, billions of dollars in capital flight to foreign vessels
With mind set on empowering indigenous ship owners to take control of the nation’s coastal and inland shipping business in order to create jobs for Nigerian youths, the National Assembly enacted into law, the Nigerian Coastal and Inland Shipping (Cabotage) Act of 2003.Primarily, the Cabotage Act reserves the commercial transportation of goods and services within Nigerian coastal and inland waters to vessels flying the Nigerian flag, owned and crewed by Nigerians. By so doing, it restricts the use of foreign vessels in domestic coastal trade, but promotes the development of indigenous tonnage.S...