STEERING AN economy has never been easy. In a candid presentation in 1975 Charles Goodhart, then of the Bank of England, shared some of Britain’s “unhappy” experiences after sterling lost its link to the dollar four years before. Instead of defending an exchange rate, the bank had hoped to use interest rates to control the…
A mismatch in the job market, declining demand for junior roles and relatively comfortable living conditions among Hong Kong’s youth have contributed to a higher share of young people not in education, employment or training (NEETs) compared with other Asian economies, observers have said. Their comments on Friday followed government figures released in response to…
US stocks dropped sharply on Thursday as investors took in the worst layoff data for the month of October in over two decades. Employers announced 153,074 job cuts for October, according to data from Challenger, Gray & Christmas. That represents a 183% increase from job cuts announced in September, and marked the worst October for…
Hong Kong is attracting tourists in droves and hoping they will spend freely and boost the economy. But some visitors from mainland China are not here for sightseeing or to attend mega-events. Their plans involve working illegally in the city. This type of traveller is not welcome. The prevalence of such work and the variety…
TOKYO (AP) — Asian shares mostly rose in early Wednesday trading, echoing record rallies on Wall Street after the latest update on the job market bolstered hopes the U.S. Federal Reserve will cut interest rates. Japan’s benchmark Nikkei 225 gained 0.5% in morning trading to 43,684.29. Australia’s S&P/ASX 200 added 0.2% to 8,824.20. South Korea’s…
A man in China has been dubbed “the food delivery worker with the highest education level” due to earning degrees from several prestigious global universities, including Oxford. The story of 39-year-old Ding Yuanzhao has reignited intense discussions surrounding the devaluation of academic qualifications against the backdrop of a challenging job market, as reported by the…
About 25 per cent of Hong Kong employers plan to cut staff in the next quarter, according to a human resources company’s survey, as the latest government figures showed the city’s unemployment rate reached a 30-month high of 3.5 per cent for March to May. Workforce solutions provider ManpowerGroup Greater China released its latest employment…