Economy

Job worries, poor mental health afflict pandemic-hit UK youth

LONDON (BLOOMBERG) – Young people in the UK are emerging from the coronavirus crisis blighted by poor mental health and worried about their financial future, reports published Monday warned. The separate analyses, by the Institute for Fiscal Studies and the Resolution Foundation, underscore the huge challenges facing millions in their late teens and early 20s […]

Economy

MAS proposes to strengthen its investigative powers

SINGAPORE – Moves are underway to strengthen the Monetary Authority of Singapore’s investigative powers in the area of evidence gathering. The proposals, outlined in a consultation paper on Friday (July 2), will be incorporated in amendments to the Financial Institutions (Miscellaneous Amendments) Bill. These changes would empower the MAS to enter premises without prior notice […]

Economy

U.S. jobless claims tick down to 411,000 as economy heals

WASHINGTON — The number of Americans applying for unemployment benefits dropped last week, a sign that layoffs declined and the job market is improving. The Labor Department said Thursday that jobless claims fell just 7,000 from the previous week to 411,000. Weekly claims have fallen steadily this year from about 900,000 in January. The economy […]

Economy

UK aims to join CPTPP trading bloc by next year, says Foreign Secretary Raab

SINGAPORE – Britain hopes to wrap up the accession process to join one of the world’s largest trading blocs – the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – by next year. UK Foreign Secretary Dominic Raab said: “The hope is that over the course of this year and next year, we can make […]

Economy

Singapore core inflation rises for 4th month, will continue to gradually increase

SINGAPORE – Core inflation in Singapore continued its upward climb in May, driven by higher services inflation and a smaller decline in the cost of retail and other goods. Core inflation, which excludes accommodation and private road transport costs, rose to 0.8 per cent on a year-on-year basis last month, up from the 0.6 per […]

Economy

Work-from-home boom risks loss of 6 million UK professional jobs

LONDON (BLOOMBERG) – One in five jobs based in the UK could be outsourced to other countries in the wake of the coronavirus pandemic, threatening the loss of well-paid white collar employment. That’s according to the Tony Blair Institute for Global Change, which warned that 5.9 million “anywhere” workers – from graphic designers to software […]

Economy

South Korea employment nears pre-Covid-19 peak as economy recovers

SEOUL (BLOOMBERG) – South Korea came closer to recovering pre-pandemic employment as more people ventured out looking for jobs after the economy expanded at a faster pace than previously thought. The economy added 619,000 jobs from a year earlier, a third month of gains, the statistics office reported on Wednesday (June 9). The country has now […]

Economy

Renewable energy boom unleashes a war over talent for green jobs

MADRID (BLOOMBERG) – Clean energy giants are finding a shortage of workers with the skills needed to support their ambitious growth plans. The renewables jobs market is heating up and candidates with the right abilities are becoming harder to find, according to Miguel Stilwell, chief executive officer at Portuguese clean-energy firm EDP Renovaveis. The company […]

Economy

Yellen says higher interest rates would be 'plus' for US, Fed

WASHINGTON (BLOOMBERG) – Treasury Secretary Janet Yellen said that President Joe Biden’s US$4 trillion (S$5.3 trillion) spending plan would be good for the US, even if it contributes to rising inflation and results in higher interest rates. “If we ended up with a slightly higher interest rate environment it would actually be a plus for […]

Economy

S'pore semiconductor firms boost capacity amid global chip crunch

SINGAPORE – Local players in the semiconductor industry are ramping up production capacity amid a worsening global chip shortage sparked by high demand from consumer electronics and automobile firms. Singapore Semiconductor Industry Association (SSIA) executive director Ang Wee Seng told The Straits Times that the high demand is forecast to continue into next year with […]