World

7000 PIA employees to be laid off: Pak aviation minister
25Nov mmBy Joe RodriguezNo Comments
Asia, USA, World

7000 PIA employees to be laid off: Pak aviation minister

Pakistan’s Federal aviation minister Ghulam Sarwar Khan on Tuesday announced that as many as 7,000 employees of the Pakistan International Airlines (PIA) will be laid off voluntary Separation Scheme (VSS).As per media reports, Sarwar said while PIA requires only 7000 employees to operate, it employs over 14,000 currently due to the politically influenced recruitments in the past by ruling parties.He further said that out of 14,000 employees currently working, half of the staff will be let go through VSS. “They will be given compensation,” he added.This comes despite the Pakistan Peoples' Party (PPP) criticism of the Imran Khan government last week over its plan to sack thousands of employees of the Pakistan International Airlines (PIA), Steel Mills and Railways and termed the decision ille...
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In Tibet, China preaches the material over the spiritual
25Nov By Desk TeamNo Comments
China, World

In Tibet, China preaches the material over the spiritual

LHASA, China: Dzekyid, a 54-year-old barley farmer, presents himself as a role model for his neighbours and for the success of China's efforts to tie economic development to social control in Tibet. Dzekyid's well-built house in Jangdam village has a hall filled with Buddhist scriptures and Thangka paintings, and a row of prayer wheels for his religious 76-year-old father, Tenzin, to spin twice a day. As a member of China's ruling Communist Party, Dzekyid is an atheist. "This house is possible because of good government policies. My heart is wholly with the party, not even one bit with religion," said Dzekyid, whose family was showcased to a group of reporters on a government-organised tour of Tibet, an area where access to foreign journalists is normally barred. Government official...
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Airlines scramble to prepare for ultra-cold COVID-19 vaccine distribution
25Nov By Desk TeamNo Comments
World

Airlines scramble to prepare for ultra-cold COVID-19 vaccine distribution

Airlines are scrambling to prepare ultra-cold shipping and storage facilities to transport COVID-19 vaccines developed by Pfizer and Moderna, whose doses, which require deep freezing, are likely to be among the first to be distributed. PARIS/FRANKFURT: Airlines are scrambling to prepare ultra-cold shipping and storage facilities to transport COVID-19 vaccines developed by Pfizer and Moderna, whose doses, which require deep freezing, are likely to be among the first to be distributed. A recent survey by an air cargo association and a drug shippers' group found only 15per cent of industry participants felt ready to transport goods near the minus 70 degrees Celsius (-94°F) required by the Pfizer Inc vaccine, while around 60per cent could meet Moderna Inc's less stringent -20°C requirement. ...
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Former Senior Minister of State for Transport Lam Pin Min joins car rental firm Lumens as senior adviser
25Nov By Desk TeamNo Comments
Singapore, World

Former Senior Minister of State for Transport Lam Pin Min joins car rental firm Lumens as senior adviser

SINGAPORE: Former Senior Minister of State for Transport and Member of Parliament Lam Pin Min has joined Lumens, a private car rental company, as a senior adviser. Dr Lam was part of the People’s Action Party team that lost to the Workers' Party in the newly formed Sengkang Group Representation Constituency (GRC) at the Jul 10 General Election. He was previously an MP for Sengkang West Single Member Constituency. On Tuesday (Oct 27), Dr Lam said he was “pleased” to join Lumens in a Facebook post. “I am glad to have met the motivated and professional team this morning to better understand their vision, aspiration and challenges in today’s increasingly complex environment,” Dr Lam said. “And I look forward to working with the team to advance Lumens’ business development and growth ...
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Commentary: No worker is untrainable. Employers have to step up to help
25Nov By Desk TeamNo Comments
Market, Singapore, World

Commentary: No worker is untrainable. Employers have to step up to help

The words 'upskill' and 'retrain' accompany almost every report on jobs. PeopleSearch’s Jaime Lim weighs in on how companies can work with employees who find it a struggle. SINGAPORE: As the COVID-19 pandemic continues to batter the economy, the threat to jobs remains formidable. According to the Ministry of Manpower, retrenchments in the second quarter more than doubled to 8,130 from the first quarter figure of 3,220. Global economic uncertainties are likely to continue weighing down the labour market for the rest of the year. As displaced workers struggle to take their next steps, the Government has been substantially boosting its training support programmes. Recently, Deputy Prime Minister Heng Swee Keat announced a six-month extension of the Enhanced Training Support Package to...
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Philippines braces for another cyclone, after typhoon kills 20
22Nov By Desk TeamNo Comments
Singapore, World

Philippines braces for another cyclone, after typhoon kills 20

MANILA: Philippines' President Rodrigo Duterte on Monday (Nov 2) warned of another potentially damaging cyclone approaching the country, as the death toll from the world's strongest typhoon of the year rose to 20. Typhoon Goni, which battered provinces south of the capital Manila on Sunday with gusts of up to 310kmh, is the 18th to hit the Philippines this year and one of the strongest typhoons since Haiyan killed more than 6,300 people in 2013. The country's disaster agency on Monday said 20 people had been killed in Albay and Catanduane provinces, up from the 16 it had previously reported. Officials said a forcible evacuation of more than 345,000 people had averted more deaths. The remains of a truck submerged in mudflow from Mayon Volcano triggered by heavy rains from Typhoon Gon...
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Wild 2020 is shaping up to be a surprisingly normal year for buy-and-hold investors
22Nov By Desk TeamNo Comments
Market, World

Wild 2020 is shaping up to be a surprisingly normal year for buy-and-hold investors

People pass by the exterior of New York Stock Exchange (NYSE) on November 4, 2020 in New York. Kena Betancur | AFP | Getty Images By now, "2020" has become four-digit shorthand for the unprecedented, unsettling and unbelievable. Yet in the markets, from point to point, this year has been surprisingly normal for a buy-and-close-your-eyes investor. After last week's tension-release rally, the S&P 500 has posted an annualized gain of about 10% for 2020, or 12% or so including dividends, right in line with the historical yearly average. For investors in a traditional balanced portfolio of 60% stocks and 40% bonds, the returns are almost the same – a bit better than the long-term average for this strategy, but not by much. Now, sure, the path has been wild. Since the year began, the S&P 500 we...
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Anti-China protests gain momentum in Argentina
21Nov mmBy Mike TrudellNo Comments
China, Market, USA, World

Anti-China protests gain momentum in Argentina

Between 2005 and 2019, Argentina has received maximum investment from China amounting to US$30.6 billion, which is 39 per cent of the total Chinese investment in South America.At the heart of the new Chinese investments in Argentina, is the proposal to build 25 industrial pig farms in Argentina, which will significantly increase pork exports to China. The project involving investment of US$3.8 billion, is expected to generate annual production of 900,000 tons amounting to US$2.5 million in annual exports.As per media reports, the pig farms will be set up with Chinese investment in partnership with local producers in Argentina, which currently has 10 industrial pig farms exclusively for export to China. In addition, 25 new farms are due to start operation in the next six years, which will e...
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Billionaire Jack Ma pays a hefty price for offending the Chinese regime
20Nov mmBy Joe RodriguezNo Comments
Asia, China, World

Billionaire Jack Ma pays a hefty price for offending the Chinese regime

The year 2020 could have been the best year for Jack Ma, the billionaire founder of fintech giant Ant Group Co. Ltd. But now, he is paying an extremely high price for challenging the Chinese Communist Party.The state has pulled the plug on the ANT group, which could have been the biggest Fintech Company in the world. The initial public offering of Ant Group, the internet finance giant, was ready with its $34 billion stock debut in Shanghai and Hong Kong.This would have been the biggest IPO, or first sale of stock in the world - greater than the listing of Saudi Aramco, the state-run oil giant, when it went public last year. But the initiative received a huge blow from the Chinese authorities as the government suspended the public listing of the company abruptly.This caused a severe setback...
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Japan hopes RCEP deal pushes Biden and U.S. to rejoin trade frameworks
17Nov By Desk TeamNo Comments
Asia, China, Singapore, World

Japan hopes RCEP deal pushes Biden and U.S. to rejoin trade frameworks

The long-awaited free trade agreement signed Sunday between 15 Asia-Pacific countries after eight years of talks reflect their determination to strengthen economic unity and promote free trade, regardless of political differences, as questions loom over how U.S. President-elect Joe Biden will engage with the region. Japan hopes the Regional Comprehensive Economic Partnership, which includes China and South Korea and represents 30% of the world’s trade and population, will encourage the United States to return to a multilateral trade framework. “Regarding RCEP, it may create discussions in the United States, such as ‘is it okay that we are sitting out when a free trade network is created in the Indo-Pacific?'” a senior Japanese diplomat said. The Trans-Pacific Partnership had been promot...
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