Stock markets mostly fell on Friday on profit-taking despite data showing a surge in US jobs creation. Equities largely bounced back this week after heavy falls triggered by worries about the economic fallout from China’s deadly coronavirus.
The International Labour Organisation, in a new look at the impact of the pandemic on jobs, says that work hours equivalent to 305 million full-time jobs have been lost due to the COVID-19 crisis.
The move is in line with Prime Minister Imran Khan’s vision to provide every possible support to the expatriate community facing problems due to the COVID-19 pandemic.
COVID-19 is posing the greatest test ever to humanity on both the health and economic fronts. Confirmed coronavirus cases have approached one million around the world as Europe reels from the pandemic and the United States has reported record numbers of people out of work.
Japan may see new hirings slow and job losses increase, particularly among service-sector firms struggling to cope with the intensifying pain of the coronavirus crisis, according to an analysis of survey data by a private think-tank.
Welcome to the twilight of late capitalism. The shutdown has now been ongoing, erratically and incompletely, for about six weeks in the United States. In the last five weeks, around 26 million people have lost their jobs.
World stocks inched higher on Monday, adding to a 42% surge from their March lows, as a surprise jump in last week’s US employment data fuelled hopes of a quicker global economic recovery from the coronavirus pandemic.
Luxury brand Burberry said that it would cut about 500 jobs globally, including 150 British-based office roles, as it forecast no quick recovery in demand, particularly from high-spending tourists.
Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. The company will pay more than $1 billion in severance benefits.
Britain’s high street faces more than 5,000 job cuts after two of its biggest names said that customers were unlikely to return to their old shopping habits after the coronavirus crisis, in the latest blow to the country’s ailing economy.