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India – Tirupur – Tamil Nadu – Shut Down and layoffs
For years, Tirupur kept its date with major global sporting events where T-shirts and jerseys knitted in the Tamil Nadu hosiery town catered to tens of thousands of sports fans. At the Euro 2012 soccer championship, though, Tirupur was missing from the action. “We got orders for Euro T-shirts this year too but could not … Continue reading
Citigroup – 350 Job Cuts in Securities Division
Citigroup Inc. (C), the third-biggest U.S. bank, plans to cut about 350 additional jobs this year from the securities division, which includes investment banking and trading, according to a person with knowledge of the matter. The reduction equals about 2 percent of the unit’s staff, according to the person, who asked for anonymity because the … Continue reading
China – A demographic perfect storm is coming
The idea that the so-called “demographic dividend” is coming to an end for China is not a new one. Yet not many people are sufficiently aware of the consequence of ageing (and shrinking) population. Population ageing poses a headwind to asset prices, real estate in particular. Population ageing is somewhat associated with lower inflation (if … Continue reading
Greece – In Great Depression PM says
Greece is in a “Great Depression” similar to the American one in the 1930s, the country’s Prime Minister Antonis Samaras told former U.S. President Bill Clinton on Sunday. Samaras was speaking two days before a team of Greece’s international lenders arrive in Athens to push for further cuts needed for the debt-laden country to qualify … Continue reading
China – Slower growth but tight job market
Workers living through the slowest run of global economic growth in more than three years are in fear for their jobs everywhere except in the very place investors are most concerned about – China. Despite six straight quarters of slowing growth, there are more job vacancies in China than there have been for around a … Continue reading
US – 27 states recorded unemployment rate increases
Regional and state unemployment rates were little changed in June. Twenty-seven states recorded unemployment rate increases, 11 states and the District of Columbia posted rate decreases, and 12 states had no change, the U.S. Bureau of Labor Statistics reported today. Forty-seven states and the District of Columbia registered unemployment rate decreases from a year earlier, while three states experienced increases. … Continue reading
Unemployment – Hard on Confidence And Psychology
Of the 12.5 million unemployed people in the United States, over 5 million have not been able to land a job for 27 weeks or longer, putting them in the ranks of the long-term unemployed. Worse still chances of them getting a job anytime soon are also fast fading. Not only are the long-term unemployed … Continue reading
Saudi women – More job opportunities
The Labor Ministry has issued four directives to increase job opportunities for Saudi women and to regulate women’s work in accordance with Shariah rules. New opportunities are available in sales, accounting, family areas of recreation centers and restaurant kitchens. Deputy Labor Minister Fahd Al-Takheefi said: “The new directives are not mandatory and employers have the … Continue reading
Layoffs in 2012 – Should go down
If you have a job, good news: A new survey finds that there’s a good likelihood you’re going to keep it. Right Management, a division of staffing firm Manpower Group, finds that 69 percent of U.S. companies plan no layoffs through the end of 2012. Just 1 percent are planning significant layoffs, the survey found, … Continue reading
Illinois – Honeywell layoffs – Plant shut down for up to 15 months
Leaving town to find a job: hundreds of local families face a new reality Thursday after one of the area’s largest employers makes it official. The plant shut down for up to 15 months, the majority of the workforce laid off. Many of those employees were already out of a job after the Metropolis Honeywell … Continue reading
Credit Suisse – Another Round of Layoffs
Credit Suisse Group is laying off another 138 employees in the New York region beginning next month, the third round of layoffs it has made this year. The cuts, mentioned in a filing Wednesday with New York State’s Department of Labor, follows an announcement by Switzerland’s second-biggest bank the same day of a 15.3 billion … Continue reading
Australia – Carbon tax won’t hurt jobs according to OECD’s Report
Australia’s carbon tax is expected to have at most a moderate effect on employment within the country, the Organisation for Economic Co-operation and Development (OECD), predicts. According to the OECD’s Employment Outlook 2012, “environmental taxes” were predicted to have a “modest overall effect on employment and little impact on the demand for skills”. “Fossil-fuel industries … Continue reading
The Skills Gap Fallacy
We can have a philosophical debate about which came first — the chicken or the egg. But when it comes to job creation there should be no such argument. Organizations and individuals who create new organizations are the chicken — they are the job creators. Employees and skilled workers are the eggs — they are … Continue reading
Is America falling behind in the Talent War ?
The search for skills has been a daunting task for U.S. companies trying to find the right person to fill well paying and highly skilled jobs. Despite high unemployment rates, many employers report they’re struggling in the job matching process, frequently complaining that there’s a mismatch between the available domestic workforce and the skills they … Continue reading
UK – Record sum in vocational education
The coalition is investing a record sum in the kind of educational opportunities that 16 to 18 year-olds need Polly Toynbee writes of the “shocking news … that the number of 16-year-olds staying on in education has fallen for the first time in years”. It is hardly shocking when you consider that the fall in … Continue reading
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