ACCOUNTANT SHORTAGE
Japan faces shortage of almost a million foreign workers in 2040, think tank says
At the current pace, 5.91 million foreign people will be working in Japan in 2040, almost one million short of the foreign workforce needed to sustain the targeted average annual growth rate of 1.24%, the Japan International Cooperation Agency (JICA)'s research arm said.
L&T hit by 'severe' skilled manpower shortage: 45,000 engineers & techies needed
Larsen & Toubro (L&T) faces a severe shortage of skilled labor, with a deficit of 25,000 workers in engineering and construction, and 20,000 in IT and IT services, per its Chairman S N Subrahmanyan. This shortfall, due to various factors including high attrition and migration, is affecting project execution.
India's bubbling water crisis can spark social unrest, exacerbate volatility in economy's growth: Moody's
Reduced water availability has the potential to interrupt both agricultural and industrial activities, leading to increased food prices and income reductions for impacted businesses and workers, particularly farmers. This situation may lead to social unrest, further destabilizing India's economic growth and its resilience to unforeseen challenges, considering that over 40% of the nation's workforce is engaged in agriculture.
Delhi turning into Bengaluru? A dive into national capital's water woes
Dehi water crisis: Delhi faces a worsening water crisis, with videos of residents struggling for water going viral. The blame game among politicians, including the AAP government and neighbouring states, has escalated. Despite efforts to increase water production, the city's infrastructure challenges and mismanagement persist. Groundwater overexploitation and inter-state disputes exacerbate the complex situation.
Japan's economy is shrinking, although slightly less than previously thought
Japan GDP growth: Revised government data shows Japan's economy shrank at an annual rate of 1.8%, an improvement from the initial estimate of 2.0%. Private sector investments were revised to minus 0.4%. Weak consumer spending, a depreciating yen, and a scandal involving improper vehicle tests at major automakers are among the challenges faced. The Bank of Japan's next move is closely watched.
Domestic air traffic likely to touch 164 million in FY25
India's domestic air traffic is projected to increase by 6-8 per cent to 161-164 million this financial year, while international air traffic is expected to rise by 9-11 per cent to 75-78 million by March 2025. Domestic carriers are facing consolidated losses of $0.4-0.6 billion due to capacity shortages from around 130 grounded aircraft. This is excluding the profitable Indigo. The number of grounded aircrafts is expected to increase to 180, including those of Go First. Net inductions of 84 aircraft are anticipated, bringing the total domestic fleet to 812 by March 2025.
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Sebi mandates direct transfer of securities by clearing corporations to Demat accounts
The proposed change seeks to streamline operations and mitigate risk by directly crediting securities payouts to clients' Demat accounts, bypassing the broker's pool account.
People wait in long queues as Delhi continues to grapple with water shortage
Delhi water crisis: In Chilla Gaon situated in Mayur Vihar Phase 1, people can be seen standing in long queues amidst the water crisis. Water is being supplied to the people through tankers.
Overheating electricity: How India can address supply shortages and renewable energy challenges
With temperatures soaring to record levels across India, the Government of India has taken steps to address the impending surge in electricity demand by instructing idling power plants to increase operations. This move comes as a response to the high demand for electricity not translating into adequate purchases by utilities, leading to shortages in power supply.
CGHS recast in works to cut red tape and dues, link with Ayushman Bharat
It is learnt that the cabinet secretary has been holding rounds of discussions with stakeholder ministries and departments over the last few weeks to address various problems currently ailing the CGHS - from flagging partnership with major private hospitals amid pending dues to taxing referral system and shortage of doctors and healthcare staff to the simmering concern on linkage of CGHS cards with the digitalised Ayushman Bharat Health Account (ABHA) cards.
Top orange juice supplier seen having worst crop in 36 years
Brazil, the leading orange juice exporter, anticipates the worst harvest in 36 years due to a heat wave. The global orange juice supply is impacted by reduced production in Brazil and Florida.
What heat waves spell for India: Impact on RBI, biz, food & GDP
Weather experts warn of increasing heat waves in India, impacting daily life, business, and economy. With hotter temperatures forecasted, power demand is expected to rise, putting pressure on power generation and potentially leading to power cuts. Heat waves can also disrupt food production, impacting prices and rural demand, affecting GDP growth.
Housing shortage crushes Indian students' study abroad dreams in Australia
Accommodation prices in Australia have shot up nearly 15% for shared rooms or dormitories in the last quarter, according to latest data shared exclusively with ET by University Living, a global student housing marketplace. With 120,000 students, India makes up the second-largest cohort of international students in Australia.
Water storage in country's key reservoirs at just 38% ahead of summer season: Official data
India's primary reservoirs, at 38% capacity, indicate water scarcity with Bengaluru facing a 500 MLD shortfall. Southern regions also report shortages, emphasizing the critical need for water management and conservation efforts.
DryLuru: India’s Silicon Valley either looking up at the skies or awaiting tankers for water
India’s technology city is either looking up at the skies or awaiting tankers for water. Since Cauvery alone cannot fulfill Bengaluru’s water needs, experts say the city needs an approach integrating multiple sources for long-term solutions. What happened earlier this month is just a warning.
Volodymyr Zelenskiy urges leaders to end arms shortage that is helping Putin
Ukrainian President Zelenskiy called for more weapons at a global security conference to counter Russia's advances. German Chancellor Scholz urged European countries to match Germany's increased military aid to Ukraine and invest in their own security. The conference also discussed NATO's future and concerns about U.S. commitment under a potential return of former President Trump. The event was overshadowed by the death of Kremlin critic Alexei Navalny in a Russian prison. U.S. Vice President Harris reaffirmed U.S. support for NATO and Ukraine, while Navalny's wife called for accountability for Putin's actions.
Canada pushes for more French-speaking, skilled immigrants
The Canadian government is intensifying efforts to bring more French-speaking skilled workers to address labour shortages. Canada aims to hit immigration targets and strengthen national identity through various measures, while emphasizing the importance of talented newcomers in key sectors.
As Sunak explores immigration curbs, data shows foreign workers have saved UK from worsening staff shortages
New figures from the Office for National Statistics reveal that an influx of non-European Union (EU) foreign workers has helped alleviate staff shortages in the UK over the past four years. However, this presents a political challenge for Prime Minister Rishi Sunak, who has promised to tighten visa rules as a general election approaches.
People are so confident about their earning power today that they do not keep tabs on saving, spending
Accounting seems like a post-action analysis that highlights where they might have failed. To avoid the feelings of regret, lack of discipline, or consistency with respect to financial habits, people prefer to not look into their accounts. This is alarmingly true even for those who have lower incomes.
PAC asks Defence Ministry to take strict action against those causing procurement delays
A parliamentary panel has advised the government to address the issue of a substantial volume of "non-moving" items. The panel recommended streamlining the procurement process and enforcing "strict action" against individuals responsible for procurement delays. In a report presented in the Lok Sabha on Thursday, the Public Accounts Committee (PAC) emphasized the significance of rectifying the deficiencies in inventory management, given the Indian Army's oversight of approximately 4.5 lakh items. The committee stressed the urgency of addressing these challenges and streamlining the process.
Most Indian accountants overwhelmed by tech change pace, finds ACCA survey
The Global Talent Trends Survey 2024 by the Association of Chartered Certified Accountants (ACCA) reveals that 60% of Indian finance professionals feel overwhelmed by the pace of technological change. The survey gathered responses from 10,000 professional accountants in 157 countries, exploring concerns and aspirations regarding work. The talent crunch continues, with over half of Indian respondents expecting their next career move to be external. Key workplace issues such as the cost-of-living crisis, hybrid working, mental health, and diversity were also addressed.
Working towards developing talent for semiconductor and electronics manufacturing: MeitY secretary
S Krishnan said that while institutes like Indian Institute of Science are training several Mtech graduates and PhDs, in design of semiconductors, the people who are in most demand are technicians, he said.
Business heads fear lasting bottlenecks from Red Sea crisis
Attacks by the Iran-allied Houthi militia on ships in the region since November have slowed trade between Asia and Europe and alarmed major powers -- an escalation of Israel's more than three-month-old war with Palestinian Hamas militants in Gaza.
India Office market to account for over 50% of APAC demand
Cushman & Wakefield's 2024 Asia Pacific Office Outlook highlights that key Indian cities, including Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai, and Pune, are expected to generate around 40 million square feet, equivalent to 52% of regional demand.
Karnataka orders beer makers to halt third shift of operations
The decision could lead to a significant disruption in brewing products in India's second largest beer consuming state. However, the notice has not been issued to spirits manufacturers for their distilleries, and beer makers fear demand could shift towards hard liquor if there are supply constraints for their brands. Companies including United Breweries, AB InBev, Bira and Carlsberg together own seven breweries in Karnataka, all operating in three shifts and are among their largest in the country.
Skilled labour shortage posing challenges for manufacturers: Survey
As much as 76% of companies covered by Ultimate Kronos Group for the study reported impact on profitability due to a shortage of skilled workers.
EU's electric dreams short-circuited by EV charging gridlock
Strict rules are slowing down the rollout of charging hubs across the 27-member bloc, putting EU targets to phase out petrol and diesel vehicles, as well as its broader climate goals, in peril.
Global chip shortage eases, offering hope for automobile supply chains: CRISIL
The global chip shortage, which had a significant impact on the automobile industry in India, is gradually improving. Supply-chain challenges are being addressed, and improved predictive demand forecasts are enabling more stable production schedules. The scarcity of semiconductors caused production delays and reduced sales in India. However, the situation is expected to normalize by fiscal 2026, thanks to new global manufacturing capacities.
Staff shortage, CGA puts on hold study leaves, foreign assignment of accounting officials
Indian Civil Accounts Service (ICAS) officials are having study leave and foreign assignment approvals postponed due to a critical shortage of accounting professionals in government. ICAS officials need permission from their Cadre Controlling Authority and a no-objection certificate prior to applying for the World Bank or the International Monetary Fund. No study leave will be granted in subjects where facilities exist in the country. CGA officials believe that the rise in workload due to PFMS and other factors is causing the hold on the study leave.
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