Tag: Economy

The British pound has taken a tumble. What’s the impact?

[ad_1]

LONDON (AP) — The pound is taking a pounding.

The British currency has taken a plunge, sliding against the U.S. dollar to touch an all-time low. It’s a sign of the alarm in financial markets over new Prime Minister Liz Truss’ emergency budget measures unveiled last week aimed at jump-starting the ailing economy.

Investors are spooked by a sweeping package of tax cuts likely to cost tens of billions of pounds in extra government borrowing and amounts to a risky gamble to stave off a looming recession.

But that’s not all. The currency chaos is playing out against the wider backdrop of the dollar’s rally to a two-decade high.

Here’s a look at what it all means:

EVERYDAY IMPACT

Many Britons are struggling amid soaring inflation driven by rising prices for food and energy, in a cost-of-living crisis that’s been dubbed the worst in a generation.

The pound’s slump threatens to make it even worse. One of the most visible ways is by feeding into the energy crisis because oil and natural gas is priced in dollars. The impact is being felt at the pump.

British drivers are paying 5 pounds ($5.45) more on average to fill up their cars since the beginning of the year as the pound has fallen, according to an analysis by motoring association AA. U.K. gas prices would be at least 9 pence per liter cheaper if the pound was still at its mid-February level of $1.35, compared with the now-outdated $1.14 level that the group used last week for its calculation.

“There’s every chance that a falling pound will make life more expensive,” said Sarah Coles, senior personal finance analyst at financial services firm Hargreaves Lansdown. Anything bought from overseas — components, raw materials, supermarket staples and household basics — will be pricier.

“These rising costs will feed into higher prices, and push inflation even higher,” Coles said. “For anyone whose budget was already stretched to breaking point, this will mean even more pain at the tills.”

Finance minister Kwasi Kwarteng hopes that big tax cuts will spur economic growth and generate wealth, but the sliding pound raises the possibility that will be offset if the central bank steps in with bigger-than-expected interest rate increases.

Some analysts are speculating rates could rise as high as 6% by next spring, a sharp contrast to the near zero level they were at just a few years ago. Rising rates mean many homeowners face bigger monthly mortgage bills, leaving them less to spend on other goods and services.

HOW LOW CAN IT GO?

Fifteen years ago, 1 British pound was able to buy $2. Now, the pound is getting closer to parity with the greenback, a once-unthinkable event and a psychologically important milestone. The pound has tumbled more than 5% since the government outlined its economic plans Friday, dropping as low as $1.0373 early Monday, before bouncing back to above $1.06.

The markets are raising the prospect that the two currencies might soon reach equal footing. A lot of the decline has been driven by the strength of the dollar, which has climbed against a wide range of other currencies as the U.S. Federal Reserve aggressively raises rates, drawing interest from investors fleeing riskier assets.

The euro, for example, has been on a similar trajectory to the pound, having fallen below parity with the dollar recently and then hitting a fresh 20-year low Monday.

The pound has dropped more than most, though, because of local factors. Investors are alarmed at Kwarteng’s “lack of focus on fiscal prudence,” which outweighs any optimism about his pro-growth, anti-red tape agenda, said Victoria Scholar, head of investment at interactive investor.

“On top of being bullish towards the dollar, the international investor community is now also very bearish towards the pound amid fears about the UK’s economic outlook and investment case,” Scholar said.

TUG OF WAR

The plummeting pound highlights what analysts are calling a “tug of war” between Britain’s Treasury and the central bank, which has independence from the government to operate free of political influence.

The Truss government is gambling that slashing taxes and borrowing more to pay for it will kick-start economic growth as a recession looms.

That puts government officials at odds with the Bank of England, where policymakers are trying to rein in inflation that threatens financial stability by raising interest rates, with seven hikes so far this year and more in the pipeline.

The central bank said Monday that it wouldn’t hesitate to raise interest rates by as much as needed at its next meeting in November, which did little to soothe markets. An interim meeting to decide on an emergency rate hike could be needed, “though that would risk escalating tensions with the new government,” said Jeremy Lawson, chief economist at asset manager abrdn.

“There are no good options from here, just less bad ones, with the U.K.’s already struggling household and businesses left to pick up the pieces,” Lawson said.

IS THERE ANY UPSIDE?

British exports will be cheaper for buyers paying in dollars. But the economic impact is likely to be limited, given that the United Kingdom runs a trade deficit with the rest of the world by importing more than it exports.

It’ll be a lot cheaper for foreign visitors, especially Americans. Pub beers, theater tickets for shows in London’s West End, and hotel bills will be more affordable for tourists.

And for investors and wealthy people, the slumping pound makes it cheaper to buy real estate in Britain, especially in exclusive London neighborhoods that have long been favored by the global superrich.

[ad_2]

Source link

September 26, 2022
Inflation, unrest challenge Bangladesh’s ‘miracle economy’

[ad_1]

DHAKA, Bangladesh (AP) — Standing in line to try to buy food, Rekha Begum is distraught. Like many others in Bangladesh, she is struggling to find affordable daily essentials like rice, lentils and onions.

“I went to two other places, but they told me they don’t have supplies. Then I came here and stood at the end of the queue,” said Begum, 60, as she waited for nearly two hours to buy what she needed from a truck selling food at subsidized prices in the capital, Dhaka.

Bangladesh’s economic miracle is under severe strain as fuel price hikes amplify public frustrations over rising costs for food and other necessities. Fierce opposition criticism and small street protests have erupted in recent weeks, adding to pressures on the government of Prime Minister Sheikh Hasina, which has sought help from the International Monetary Fund to safeguard the country’s finances.

Experts say Bangladesh’s predicament is nowhere nearly as severe as Sri Lanka’s, where months’ long unrest led its long-time president to flee the country and people are enduring outright shortages of food, fuel and medicines, spending days in queues for essentials. But it faces similar troubles: excessive spending on ambitious development projects, public anger over corruption and cronyism and a weakening trade balance.

Such trends are undermining Bangladesh’s impressive progress, fueled largely by its success as a garment manufacturing hub, toward becoming a more affluent, middle-income country.

The government raised fuel prices by more than 50% last month to counter soaring costs due to high oil prices, triggering protests over the rising cost of living. That led authorities to order the subsidized sales of rice and other staples by government-appointed dealers.

The latest phase of the program, which began Sept. 1, should help about 50 million people, said Commerce Minister Tipu Munshi.

“The government has taken a number of measures to reduce pressures on low-income earners. That is impacting the market and keeping prices of daily commodities competitive,” he said.

The policies are a stopgap for bigger global and domestic challenges.

The war in Ukraine has pushed higher prices of many commodities at a time when they already were surging as demand recovered with a waning of the coronavirus pandemic. In the meantime, countries like Bangladesh, Sri Lanka and Laos — among many — have seen their currencies weaken against the dollar, adding to the costs for dollar-denominated imports of oil and other goods.

To ease the strain on public finances and foreign reserves, the authorities put a moratorium on big, new projects, cut office hours to save energy and imposed limits on imports of luxury goods and non-essential items, such as sedans and SUVs.

“The Bangladesh economy is facing strong headwinds and turbulence,” said Ahmad Ahsan, an economist and director of the Dhaka-based Policy Research Institute, a thinktank. “Suddenly we are back to the era of rolling power cuts, with the taka and the forex reserves under pressure,” he said.

Millions of low-income Bangladeshis, like Begum, whose family of five can barely afford to eat fish or meat even once a month, still struggle to put food on the table.

Bangladesh has made huge strides in the past two decades in growing its economy and fighting poverty. Investments in garment manufacturing have provided jobs for tens of millions of workers, mostly women. Exports of apparel and related products account for more than 80% of its exports.

But with fuel costs so high, authorities shut diesel-run power plants that produced at least 6% of total production, cutting daily power generation by 1,500 megawatts and disrupting manufacturing.

Imports in the last fiscal year, ending in June, 2022, rose to $84 billion, while exports have fluctuated, leaving a record current account deficit of $17 billion.

More challenges are ahead.

Deadlines are fast approaching for repaying foreign loans related to at least 20 mega infrastructure projects, including the $3.6 billion River Padma bridge built by China and a nuclear power plant mostly funded by Russia. Experts say Bangladesh needs to prepare for when repayment schedules ramp up between 2024 and 2026.

In July, in a move economists view as a precautionary measure, Bangladesh sought a $4.5 billion loan from the International Monetary Fund, becoming the third country in South Asia to recently seek its help after Sri Lanka and Pakistan.

Finance Minister A.H.M. Mustafa Kamal said that the government asked the IMF to begin formal negotiations on loans “for balance of payments and budgetary assistance.” The IMF said it was working with Bangladesh to draw up a plan.

Bangladesh’s foreign reserves have been falling, potentially undermining its ability to meet its loan obligations. By Wednesday they had dropped to $36.9 billion from $45.5 billion a year earlier, according to the central bank.

Usable foreign reserves would be about $30 billion, said Zahid Hussain, a former chief economist of the World Bank’s Dhaka office.

“I would not say this is a crisis situation. This is still enough to meet three months of imports, three and half months of imports. But it also means that … you do not have a lot of room for maneuvering on the reserve front,” he said.

Still, despite what some economists say is excessive spending on some costly projects, Bangladesh is better equipped to weather hard times than some other countries in the region.

Its farm sector — tea, rice and jute are major exports — is an effective “shock absorber,” and its economy, four to five times larger than Sri Lanka’s, is less vulnerable to outside calamities like a downturn in tourism.

The economy is forecast to grow at a 6.6% pace this fiscal year, according to the Asia Development Bank’s latest forecast, and the country’s total debt is still relatively small.

“I think in the current context, the most important difference between Sri Lanka and Bangladesh is the debt burden, particularly the external debt,” said Hussain.

Bangladesh’s external debt is under 20% of its gross domestic product, while Sri Lanka’s was around 126% in the first quarter of 2022.

“So, we have some space. I mean debt as a source of stress on the macroeconomy is not much of a much problem yet,” he said.

Waiting in a line to buy subsidized food, 48-year-old Mohammed Jamal said he was not feeling such leeway for his own family.

“It has become unbearable trying to maintain our standard of living,” Jamal said. “Prices are just out of reach for the common people,” he said. “It’s tough living this way.”

[ad_2]

Source link

September 23, 2022
California sues Amazon, alleging its dominance pushes up prices

[ad_1]

California is suing Amazon, accusing the company of violating the state’s antitrust and unfair competition laws by allegedly stifling competition and forcing sellers to maintain higher prices on their products on other sites.

In the lawsuit, filed Wednesday in San Francisco Superior Court, California Attorney General Rob Bonta claims that Amazon uses contract provisions to effectively bar third-party sellers and wholesale suppliers from offering lower prices for products on non-Amazon sites, including on their own websites. That, in turn, harms the ability of other retailers to compete, according to the complaint.

“Without basic price competition, without different online sites trying to outdo each other with lower prices, prices artificially stabilize at levels higher than would be the case in a competitive market,” the complaint states.

According to the suit, merchants who don’t follow Amazon’s pricing policy could have their products stripped from prominent listings on Amazon and face other sanctions, such as suspensions or terminations of their accounts. The suit seeks to stop Amazon from entering into contracts with sellers that harm price competition, as well as a court order to compel Amazon to pay damages to the state for increased prices. State officials did not say how much money they are seeking.

The 84-page lawsuit mirrors another complaint filed last year by the District of Columbia, which was dismissed by a district judge earlier this year and is now going through an appeals process.

But officials in California believe they won’t encounter a similar fate, partly due to information collected during a more than two-year investigation that involved subpoenas and interviews with sellers, Amazon’s competitors as well as current and former employees at the company.

“Blocking competition”

Seattle-based Amazon controls roughly 38% of online sales in the U.S., more than that of Walmart, eBay, Apple, Best Buy and Target combined, according to the research firm Insider Intelligence. A report from Democrats in Congress estimated Amazon’s share at about 50%. About 2 million sellers list their products on Amazon’s third-party marketplace, accounting for 58% of the company’s retail sales.

During a news conference on Wednesday, Bonta said some vendors have expressed they would offer lower prices on other sites with lower seller fees, but don’t do so to avoid punishment from Amazon.

“Amazon has stifled its competition for years, not by successfully competing, but by blocking competition on price,” Bonta said. “As a result, California families paid more, and now Amazon must pay the price.”

He said the lawsuit is also a message to other companies who “illegally bend the market at the expense of California consumers, small business owners and the economy.”

Amazon did not immediately reply to a request for comment from the Associated Press. The company has said in the past that sellers set their own prices on the platform. It has also said it has the right to avoid highlighting products that are not priced competitively.

Despite that defense, Amazon’s market power has been a subject of scrutiny from lawmakers and advocacy groups calling for stricter antitrust regulations. Earlier this year, congressional lawmakers urged the Justice Department to investigate if the company collects data on sellers to develop competing products and offer them more prominently on its site. Critics have also lambasted the increasing fees Amazon imposes on sellers, which makes it more difficult for merchants to enter the market.

Lawmakers on Capitol Hill have been pushing bipartisan legislation aiming to limit Amazon and other Big Tech companies, including Apple, Meta and Google, from favoring their own products and services over rivals. The bill has cleared key committees but has languished in Congress for months amid intense pushback from the companies.

Meanwhile, regulators have also been looking into Amazon’s business practices and deals. In July, the company offered concessions to settle two antitrust investigations in the European Union, including a promise to apply equal treatment to all sellers when ranking product offers on the site’s “buy box,” a coveted spot that makes items more visible to shoppers.

In the U.S., the Federal Trade Commission is investigating Amazon’s $3.9 billion acquisition of the primary health organization One Medical as well as the sign-up and cancellation practices of Amazon Prime, the company’s paid subscription service that offers deals and faster shipping.

Trending News

[ad_2]

Source link

September 15, 2022
‘Suez Canal and Challenges in World Trade’ Conference Kicks Off at Expo 2020 Dubai Amid International Turnout

[ad_1]

DUBAI, Arab Emirates, January 18, 2022 (Newswire.com)
–
Admiral Osama Rabie, Chairman of the Suez Canal Authority (SCA), attended on Sunday morning the international conference the SCA organized under the title ‘The Suez Canal and Challenges in World Trade’ as part of Expo 2020 Dubai.

The conference discussed how to support global trade amid different challenges, including the coronavirus pandemic, as well as the policies and procedures adopted to ensure the sustainability of the services the SCA offers and the continuation of the flow of global trade through the Suez Canal, which is the lifeline of supply the world over.

Nevine Gamea, the Egyptian Minister of Trade and Industry, participated in the seminar via videoconference. Other participants included Yehia Zaki, Chairman of the Suez Canal Economic Zone, and a host of officials working in the maritime transport sector locally, regionally and globally, as well as representatives of the most prominent international commercial and maritime associations, institutions, companies, and shipping lines.

Taking part in the international conference were: Rumaih bin Muhammad Al-Rumaih, President of the Public Transport Authority in Saudi Arabia; Henriette Hallberg Thygesen, CEO of Fleet and Strategic Brands at Mærsk; Guy Platten, Secretary-General of the International Chamber of Shipping; Keiji Tomoda, Vice President of the Japanese Shipowners’ Association; and Yasser Zaghloul, Group CEO of the United Arab Emirates’ National Marine Dredging Company.

Launching the conference, Admiral Rabie welcomed the attendees, the partners in business and success, who attended the event to exchange ideas and visions that serve the interests of the global navigation community and the maritime transport industry and that are meant to shape the future of the industry in the medium and long terms. He saluted the organizers of Expo 2020 Dubai for hosting this important event, expressing his pride in the success of this edition, which has captured the world’s attention.

In his speech, Admiral Rabie stressed the importance of the concerted efforts of all the parties in the maritime transport industry to maximize available resources to face various changes and unprecedented challenges to the global trade movement. The most prominent of these challenges is the coronavirus pandemic and its variants and climate change and its grave repercussions, which may reshape the map of global trade movement and related logistical operations for decades to come.

Admiral Rabie stressed that the SCA is fully aware of the challenges the world has been facing over the past two decades and which still cast a large shadow on the global trade movement and the global supply chain. These challenges resulted in the biggest lockdown humanity has ever known, he added.

The SCA chairman spoke about a number of successful experiences through which the authority was able to overcome enormous challenges and turn them into opportunities for success and growth, such as overcoming the challenges posed by the coronavirus crisis and its repercussions on global trade movement thanks to the direct support of the political leadership and the adoption of a number of thoroughly studied measures and flexible pricing and marketing policies. The SCA did all of this while supporting the global trade movement, customers, and shipping companies and lines operating in the field of maritime transport, preserving the safety of workers in the Suez Canal and ensuring that infection does not spread among them, while increasing the revenues of the canal, which is one of the most important hard currency earners for the Egyptian economy, the admiral stated.

These marketing policies have succeeded in attracting 4,920 new ships in 2021 that had not previously passed through the Suez Canal, and achieved an increase in revenues of $1.1 billion, he pointed out.

Admiral Rabie explained that the SCA has made great strides towards enhancing the use of digital technology as part of its ambitious strategy for 2023. The authority has succeeded in completing the design and construction of two advanced data centers in conjunction with the implementation of the comprehensive digital transformation of the electronic monitoring system and the 16 navigational guidance stations along the course of the canal. The authority has also made a unified network system that allowed the launch of five electronic services entirely directed to international shipping lines.

Citing the success of the SCA’s digital transformation system in achieving its goals, Admiral Rabie said the authority implemented a remote reception and guidance operation, which was the first of its kind, for one of the largest cruise passenger ships in the world without the presence of an SCA guide on board, as is the procedure, due to the presence of 65 confirmed coronavirus cases on board the ship.

The SCA chairman stressed that the authority’s development strategy also focused on the environmental dimension, which is in line with achieving the objectives of the Egypt Vision 2030 strategy and the Egyptian state’s wish to take effective steps towards achieving carbon neutrality and cementing efforts to curb the repercussions of climate change. This is the framework under which Egypt was chosen to host the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in November.

The authority has adopted all the necessary measures and procedures to ensure the announcement of the Suez Canal as a “green canal” and to work on reducing carbon emissions for transiting ships by providing various incentives for shipping lines that observe environmental standards, he said.

Admiral Rabie referred to the mega vessel Ever Given, sailing under the flag of Panama, that blocked the Suez Canal, as being a practical example of how the SCA overcomes crises and is able to turn challenges into opportunities. The SCA’s various specialized team members were able to float the ship safely in only six days, despite the expectations of experts in the maritime transport and global rescue sector that the flotation process would take weeks or months, rendering the incident the focus of the world’s attention.

In her speech, Gamea, the Minister of Trade and Industry, stressed the government’s keenness to maximize the economic benefit of the Suez Canal on the regional and international levels to boost Egypt’s position as a global commercial and logistics hub. She added that the global trade movement is currently facing many challenges, the most important of which is the coronavirus pandemic, which has led to a decrease in global trade growth rates as a result of lockdowns, travel restrictions, and border closures, in addition to the rising prices of energy, and subsequently the increase in the cost of freight and transportation.

The minister stated that the Egyptian government adopted many exceptional measures that aided in the resumption of work in the industrial sector during the pandemic, which contributed to the availability of goods and services in the local market. She explained that many exceptional measures were taken to facilitate the release of goods for the continuation of trade movement and supply chains. Minister Gamea added that her ministry worked in coordination with the Ministry of Finance and the Ministry of Transport to raise the efficiency of customs release systems by linking the concerned authorities electronically and beginning the implementation of the system in October 2021, which contributed to reducing the time for releasing raw materials needed for industries.

Minister Gamea explained that the Ministry of Trade and Industry has implemented a comprehensive strategy to gain access to more markets and enhance the competitiveness of Egyptian products to reach the target of $100 billion in exports annually, pointing out that the Egyptian Council for Export has been reconstituted under the leadership of H. E. President of Egypt Abdel-Fattah El-Sisi. Plans and policies to maximize exports were designed while activating the role of the Export Development Fund, developing a network of trade partnerships with foreign markets, and benefiting from regional integration and preferential trade agreements.

These measures contributed to a leap in Egyptian exports, which exceeded $31 billion in 2021, in addition to the increase in the contribution of industrial production to GDP to reach 17 percent during fiscal year 2019/2020, up from about 16 percent in fiscal year 2018/2019, the minister added.

Minister Gamea pointed out that the Egyptian government welcomes the promotion of joint commercial and industrial cooperation with all countries to maximize their investments in Egypt and benefit from the advantages offered by the Egyptian market. The most important of these is access to global markets through preferential trade agreements reached between Egypt and many countries and regional and international groupings, which provide nearly 2.6 billion people around the world with access to Egyptian products.

Zaki, the Chairman of the Suez Canal Economic Zone, announced in his speech the launch of ship fueling and marine services in the economic zone in the coming months. The zone is adding the final touches to activate these services and to study the offers it has received, he said, pointing out that marine and fueling services are some of the goals stated in the Economic Zone Strategy 2020-2025. He added that projects for the green hydrogen industry in the zone will be announced in conjunction with Egypt’s hosting of COP27 in November.

Zaki stated that the Suez Canal Economic Zone is a promising investment destination with a total area of 461 square kilometers, comprising four industrial zones and six seaports. It is located on the main international sea route and is an attractive platform for many industries with its comprehensive ports, logistics, and industrial areas, which enjoy world-class infrastructure and utility networks, including electric power, water desalination, water supply and wastewater treatment plants, in addition to telecommunications and natural gas.

Zaki stressed that the Suez Canal Economic Zone has succeeded in achieving its objectives, which focused on creating opportunities to attract diversified investments, pointing out that the economic zone targeted about 15 industrial and logistical sectors, three of which have already been contracted, namely the petrochemical industries that are located in Ain Sokhna, and industries for railroad supplies, green hydrogen and marine services, in addition to participating in the Egyptian state’s plan to localize the automobile industries.

Suez Canal sees strong growth despite challenges

The Suez Canal has retained its importance as the most vital navigational waterway in the world for more than 150 years, thanks to its unique strategic location that places it at the heart of the global trade movement and makes it the lifeline of global supply chains, especially those related to global maritime trade. Ninety percent of the world’s seaborne trade passes through the Suez Canal.

Despite the repercussions of the coronavirus pandemic, the subsequent fragility of global economic conditions, and the recent global supply chain disruptions, the SCA succeeded in overcoming these challenges after it was able to guide more than 20,000 ships with a total tonnage of more than 1 billion tons annually to cross the most important shipping lane in the world.

For more information, please contact: angie.mahran@strategic.ae

Source: Suez Canal and Challenges in World Trade Conference

[ad_2]

Source link

January 18, 2022
Akholi Launching Universal Education Platform, Giving Cost Effective Education to All Children in the World

[ad_1]

Press Release
–

updated: Jul 6, 2020

PORTLAND, Ore., July 6, 2020 (Newswire.com)
–
New technologies such as artificial intelligence, automation, and robotics will make most jobs that do not require an education obsolete over the next 20 years. Billions of young people around the world do not have access to the education they need to get a job in this future world.

The lack of access to education is not a problem specific to developing and emerging markets. Entire communities across the United States do not have access to the right job skills training and additional education they need to compete. In Detroit alone, up to 47% of all adults are functionally illiterate. Unless we take aggressive steps now, communities around the world will be left even further behind.

Today, Akholi is launching a crowdfunding campaign to raise the money needed to expand cost-effective education to every person in the world, regardless of location or circumstance. Money raised will be used to expand Akholi’s current global education platform (Jagora Learning Platform) and add additional curriculum to the existing library of over 1,200 courses.

Mr. Phil Hatch, Akholi’s managing director, notes, “This is a critical project for us. In April of this year, we gave free education to over 10,000 students in Africa through our Jagora Learning Platform. This crowdfunding campaign will allow us to expand education to all people. For the price of a cup of coffee, we can give a child education for a year or help a single mother in Detroit gain the job skills needed to transform her life. We are excited about this next step in our growth, and we need your help.”

This crowdfunding campaign asks that people around the world create a one-minute video thanking the mentor, teacher, coach, or professor who has had the largest impact on their lives. At the end of the video, ask three friends to make the same video. Post this video on all social media properties, including a link to Akholi’s website, the hashtag #AkholiUniversalEducation, and tag all friends.

Dr. Mahamouda Salouhou, Akholi’s Education Managing Director, says, “We believe in the potential of every person in this world! We are working hard to ensure everyone has access to the education they need to get a job. Education cannot be a privilege, but a basic human right available to every person no matter where they are or the challenges they have. We need your help now in giving the right training to every person.”

Media Contact:

Mr. Phil Hatch

Managing Director, Akholi

p.hatch@akholi.com

+1.503.964.8522

akholi.com

Source: Akholi

[ad_2]

Source link

July 6, 2020
RespectAbility Report: Tenfold Decrease in Job Gains for People With Disabilities

[ad_1]

Only 29,893 people with disabilities entered the workforce in 2018, a tenfold decrease compared to 343,000+ new jobs in 2016.

Press Release
–

updated: Feb 25, 2020

WASHINGTON, February 25, 2020 (Newswire.com)
–
Job gains among Americans with disabilities have dramatically fallen compared to previous growth. The Disability Statistics Compendium, released earlier this month by the Institute on Disability at the University of New Hampshire, shows the national disability employment rate has only risen to 37.6 percent compared to 37 percent last year.

Out of more than 20 million working-age (18-64) people with disabilities, only 7.6 million have jobs. A serious gap remains in the Labor Force Participation Rate (LFPR) between people with and without disabilities. In 2018, 37.6 percent of working-age U.S. civilians with disabilities living in the community had a job, compared to 77.2 percent for people without disabilities. There is a stunning 40-point gap in employment outcomes between people with and without disabilities. Even as other minority groups are entering the workforce in larger numbers, people with disabilities are left behind.

The nonpartisan disability group RespectAbility compared this year’s Compendium to previous years. What they found is, nationwide, there were only 29,893 new jobs for people with disabilities in 2018. This is a precipitous drop from the previous year’s increase of more than 111,000 new jobs and a tenfold decrease compared to the 343,000 new jobs experienced by people with disabilities in 2016.

While job gains nationwide are down for job seekers with disabilities, some states are succeeding at getting more people with disabilities jobs. More than half of all people with disabilities in North Dakota and South Dakota are employed, compared to only 28 percent of West Virginians with disabilities.

Only 26 of 50 states saw more people with disabilities entering the workforce. California is emblematic of the struggle to get more people with disabilities into the workforce. As documented by RespectAbility last year, more than 19,000 Californians with disabilities gained new jobs in 2017. However, those gains have been wiped out with a net loss of more than 21,000 workers with disabilities leaving the workforce and widening the gap in employment rates.

By contrast, Arizona saw the largest single job gain among people with disabilities in 2018. 17,419 Arizonans with disabilities got jobs in 2018, putting the Grand Canyon State far ahead of the rest of the country on getting people with disabilities into the workforce.

Clear goals and inter-agency cooperation in Florida resulted in 9,802 new jobs. Florida consistently had some of the biggest job gains among workers with disabilities each year. Florida’s efforts are coordinated by the Florida Agency for People with Disabilities, a major state agency with written agreements and specific goals.

RespectAbility CEO Jennifer Laszlo Mizrahi said: “Persistence and accountability are crucial to close the gap in labor force participation rates between people with and without disabilities. Hiring people with disabilities is great for employers too.”

Media Contact:
Lauren Appelbaum
LaurenA@RespectAbility.org
202-517-6272

Source: RespectAbility

[ad_2]

Source link

February 25, 2020
State Momentum Grows for Free College Movement

[ad_1]

Press Release
–

updated: Apr 24, 2019

WASHINGTON, April 24, 2019 (Newswire.com)
–
The College Promise Campaign, a nonprofit working to increase the number of quality College Promise programs, released a statewide program landscape during the Michigan College Promise Symposium at the Detroit Regional Chamber. In the fall of 2018, the campaign announced over 300 active College Promise programs across 44 states. Today, they released a status update on statewide programs engaged in the free college movement. The release highlights 24 states that have actively passed and taken steps to implement a statewide “Promise” program. These statewide programs reflect the bipartisan nature of a movement intended to both bolster the American talent pipeline and increase student success outcomes. “All across the nation, momentum has been building throughout states and localities to create opportunities which allow students to start and complete a college education without taking on mountains of student debt,” said Martha Kanter, Executive Director of the College Promise Campaign.

Today, the program highlights the gains made by governors in establishing statewide programs across the country. Over 60% of states currently have or are taking legislative steps to implement a statewide College Promise program.

“All across the nation, momentum has been building throughout states and localities to create opportunities which allow students to start and complete a college education without taking on mountains of student debt.”

Martha Kanter, Executive Director, College Promise Campaign

“States are taking action and funding Promise programs to increase economic competitiveness and close talent shortage gaps,” said Rosye Cloud, vice president of the College Promise Campaign. “Promise programs provide hope at a time when many Americans feel forgotten.”

Some College Promise programs use a hybrid mixture of local, state and federal funds; others use only local and/or state dollars; and still, others are solely privately funded. A variety of programs rely on public and private partnerships with help from corporations and philanthropy. Some are designed for a single campus or college district, while others are city-, county- or state-wide.

“Initial results show local and state Promise programs improve outcomes for students and their communities,” said Robyn Hiestand, Director of Research and Policy at the College Promise Campaign. “We are going to be working with local and state researchers and practitioners to improve research, analysis and policy tools to help inform the national dialogue on free college.”

The Promise movement has seen significant growth over the past several years, growing from 54 programs in 2015 to over 300 nationwide, with growth scaling to the state level. Research shows that Promise programs promote a college-going culture and help students not only access but succeed in college. While individual program models vary, each is guided by a few core principles. A College Promise is a commitment to fund a college education for every eligible student advancing on the path to earn a degree, certificate and/or credits that transfer to a four-year university. It’s a promise to prepare students for the 21st-century workforce and the pursuit of the American Dream without the burden of unmanageable college debt. It’s a promise to make the first two years of college – at a minimum – as universal, free, and accessible as public high school has been since the 20th century.

For more information: Download the Statewide Promise Status Update

Follow Us: on Facebook @CollegePromise; Twitter and Instagram @College_Promise

Donate to the College Promise Campaign

The College Promise Campaign is a nonpartisan, nonprofit higher education initiative that builds widespread support for funding quality college programs for all hardworking students. In the 21st century, a high school diploma is no longer enough to lead Americans to a good job and a decent quality of life. CPC is an initiative of Civic Nation, a 501(c)(3) organized exclusively for charitable and educational purposes.

MEDIA CONTACT:

Adam.Shapiro@ASPR.bz

202-427-3603

[ad_2]

Source link

April 24, 2019
Dhaka Apparel Summit 2017: An Open Dialogue on the Textile and Apparel Industry in Bangladesh

[ad_1]

Together for a better tomorrow.

Dhaka, Bangladesh, February 14, 2017 (Newswire.com)
–
An international apparel summit is all set to take place in Dhaka with the objective of opening dialogue on framing strategies to secure a more sustainable apparel supply chain from local and global perspectives. The event styled “Dhaka Apparel Summit 2017” will be held on 25 February 2017 at Pan Pacific Sonargaon Hotel in Dhaka, Bangladesh. Honorable Prime Minister of the People’s Republic of Bangladesh Sheikh Hasina will inaugurate the daylong event organized by Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in collaboration with Bangladesh Apparel Exchange (BAE).

The Dhaka Apparel Summit is a prime event on textile and apparel industry in Bangladesh that brings together some of the world’s leading experts in their respective fields to share their experiences and visionary thoughts on issues pertaining to the apparel industry and ways in which the business can realize sustainable growth well into the 21st Century. The main focus will be on the apparel industry of Bangladesh, on its recent transformation and suggestions to chalk out sustainable development. As Bangladesh is a part of global apparel supply chain, the global important apparel issues will also be discussed in the summit.

The event (summit) is aimed to be a platform, establishing greater interactions and collaborations amongst stakeholders from home (Bangladesh) and abroad, with a common goal of ensuring sustainable growth within the Bangladesh RMG (readymade garment) industry.

Md. Siddiqur Rahman, President, BGMEA (Bangladesh Garment Manufacturers and Exporters Association)

The Summit will hold three panel discussion sessions, offering a more open and inter-active environment, and allowing full audience participation and the opportunity for a valid exchange of ideas. The seminars will be attended by representatives of the Government, international organizations, economists, brand representatives, development organizations, employers, workers’ representatives, civil society members, academics, and media from home and abroad.

Apart from local experts, some international experts will also take part in the lively panel discussion on different topics in the seminars:

·        H. E. Pierre Mayaudon, Ambassador & the Head of Delegation, Delegation of the European Union to Bangladesh

·        H. E. Marcia Stephens Bloom Bernicat, U.S. Ambassador to Bangladesh

·        Christopher Woodruff, Professor of Development Economics University of Oxford

·        Tim Worstall, Senior Fellow Adam Smith Institute

·        Martin Rama, Chief Economist, South Asia Region, World Bank

·        Helena Helmersson, Managing Director, H&M Group, Hong Kong

·        Thomas Klausen, CEO, Dansk Fashion & Textile

·        Dr. Jochen Frank Weikert, Head of Promotion of Social and Environmental Standards in the Industry (PSES) GIZ, Bangladesh

·        Srinivasa B Reddy, Country Director, ILO, Bangladesh

·        Peter McAllister, Executive Director, Ethical Trading Initiative (ETI)

·        Jill Tucker, Head of Supply Chain Innovation & Transformation, C&A Foundation

·        Gilbert F. Houngbo, Deputy Director-General of the ILO

Their discussion will shed light on different timely issues, including Bangladesh RMG industry which is at the dawn of a new era in its development, with strides being taken towards achieving sustainable targets. The summit will offer a forum to express and discuss views with a broad spectrum of proposals to further improve the industry’s sustainable credentials. It also aims to bring about various methods to achieve these goals.

Session Agenda for Dhaka Apparel Summit 2017

10.30 am – 1.00 pm
Inaugural ceremony to be attended by the chief guest Honourable Prime Minister Government of people’s Republic of Bangladesh Sheikh Hasina

2.00 pm – 3.30 pm
Session-1: Business Policy & Environment: Towards a Better Bangladesh
In recent years, the economic growth in Bangladesh has exceeded expectations. In fiscal year 2015-16 the GDP growth reached 7.11%. The government is making efforts to pursue ambitious investment target to raise the GDP growth to 8% by 2021. Several projections and assessments by global financial institutes tell Bangladesh to become a manufacturing hub if the country can improve its trade competitiveness. This session will discuss about business climate in the country and policies required to support its growth potentials. The discussions will explore the priorities to move toward industry led economic growth, particularly in the area of conducive business environment and predictable policies as well as meeting growing infrastructure needs.

3.45 pm – 5.15 pm
Session-2: Collaborative and Responsible Sourcing For Sustainable Growth
In the global supply chain, all need a mutually beneficial, predictable and responsible business practices and actions by all stakeholders to ensure sustainability. This requires closer cooperation. Agenda 2030 for global sustainable development speaks of inclusive development and resilient industrialization. These issues are also in focus in various global forums, e.g. UN, OECD and G7. The other side of the coin is that fierce competition among the buyers and suppliers not necessarily is healthy and sustainable for all stakeholders in the supply chain. This session will discuss the importance of stakeholders’ collaboration and economics of sustainability for meaningful persuasion of sustainability agenda within the apparel supply chain.

5.30 pm – 7.00 pm
Session-3: Bangladesh Apparel Industry: Transformation and the Road Ahead
Bangladesh’s apparel industry has taken great strides against many internal and external challenges. In the recent years, the industry has been making tangible progress in occupational health and safety as well as structural integrity and harmonious industrial relations. There remains more to be done. The panelists in this session will share their perspectives on transformation, challenges faced and the road ahead. The session will also highlight the importance of modernization and resilience of the industry and moving up the ladder of responsible value chain for creating better opportunities for all.

7.05 pm – 7.15 pm
Closing remarks

Brief info:
Event: Dhaka Apparel Summit 2017
Date: 25 February 2017; 10.00 am – 7.15 pm
Venue: Pan Pacific Sonargaon Hotel in Dhaka / Bangladesh

For more info please visit: www.dhakaapparelsummit.com

Click here for downloading the press material from dropbox: http://bit.ly/DhakaApparelSummit_2017

Contact:

Gunhild Knierim
Fon: +49 (0) 89/23 09 91-33
E-Mail: g.knierim@greenside-story.de

Heinrike Helm
Fon: +49 (0) 89/23 09 91-15
E-Mail: h.helm@greenside-story.de

Greenside PR
Braintown GmbH
Sandstrasse 33
D-80335 München
Germany

Fon: +49 (0) 89/23 09 91-10
Fax: +49 (0) 89/23 09 91-99
www.greenside-story.de

Source: Bangladesh Garment Manufacturers and Exporters Association

[ad_2]

Source link

February 14, 2017