THE WAGES OF FEAR
CEOs got hefty pay raises in 2023, widening the gap with the workers they oversee
Top paid female CEOs in 2023 include Lisa Su, Mary Barra, Jane Fraser, Kathy Warden, and Carol Tome. Lisa Su of Advanced Micro Devices led with USD30.3 million. Female CEO median pay rose 21% to USD17.6 million, outperforming male counterparts.
Lok Sabha election: Tribals fear they may lose quota, agricultural land
The problems were widespread in Tribal belts. Rural areas had not been adequately reached by the Center's initiatives, people were becoming increasingly disillusioned with political leaders, there was a mounting concern about private entities taking over agricultural land without sufficient social or economic protections, and job opportunities were scarce.
SBI can have 15% credit growth if GDP grows at about 8%: Dinesh Kumar Khara
Dinesh Kumar Khara of SBI plans to maintain deposit rates and improve advances yield. SBI sees credit availment rise due to capacity utilization. Khara evaluates RBI guidelines, aims to sustain NIMs, ROA, and ROE.
Modi caused 'unprecedented decline' in worker wages; INDIA govt will ensure higher growth: Congress
Congress has alleged PM Modi caused a decline in worker wages, affecting economic growth. Ramesh cited various data sources showing stagnation under Modi's governance, contrasting with the growth during Manmohan Singh's tenure.
Tibetans fear for future as they recall failed uprising
The Dalai Lama, wrapped in red and yellow robes, urged chanting monks and nuns in his latest public prayers to help heal the world with their "compassionate heart". "I came to see the Dalai Lama before dying," he said.
Artificial intelligence threatens wages, not jobs so far, says ECB report
The rapid adoption of artificial intelligence could reduce wages, but so far is creating, not destroying jobs, especially for the young and highly-skilled, research published by the European Central Bank showed on Tuesday.
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150 Bangladesh garment factories shut, 11,000 workers charged
The Bangladeshi garment manufacturers took the decision to close 150 factories "indefinitely" on Saturday. This move comes in the wake of blanket charges being issued for 11,000 workers by the police in connection with recent violent protests advocating for a higher minimum wage.
Upcoming Netflix French originals: Check out the list for your favourite series
There is a list of upcoming films and series that will be available to the audience in 2024 like The Wages of Fear, GTMax, Nice Girls, and Fiasco.
Karnataka: Industries urge govt to appeal HC order on minimum wages
The Karnataka government is facing pressure from industry associations to contest a recent High Court ruling on minimum wages. They fear that a substantial increase could adversely affect manufacturing and service industries. They argue that minimum wages in neighboring states are lower, and further hikes could erode competitiveness.
Fearing China, South Korea targets contractors on Taiwan navy submarines
South Korean authorities charged marine technology firm SI Innotec for violating trade laws related to its work on Taiwan's submarine program, citing the risk of Chinese economic retaliation. The police document and interviews with insiders reveal concerns about a potential repeat of Beijing's 2016 sanctions imposed on South Korea for installing the THAAD anti-missile system. SI Innotec denies wrongdoing and has appealed the charges.
Tech fears are showing up on picket lines
Unions aren't just fighting for an inflation-beating wage boost. They also are campaigning for job security at a time when workers increasingly fear that shifts to new technologies, including electric vehicles and artificial intelligence, threaten their jobs.
Fear of being made obsolete grips college-educated workers in the US
While the share of non-college-educated workers who express concern has held steady at a little over 20% during that period, the portion of college-educated workers who say they’re worried more than doubled, narrowing the gap that previously existed between the groups.
UK recession fears mount after Bank of England hikes borrowing rates by more than expected
On a busy day for central bank action in Europe, the Bank of England said its nine-member Monetary Policy Committee decided to lift its main interest rate by half a percentage point to a fresh 15-year high of 5%. All but two on the panel backed the half-point increase.
Putin tells WWII event West is waging a 'real war' on Russia
Russian President Vladimir Putin has accused the West of "unleashing a real war" against Russia during scaled-back Victory Day celebrations. Hours before the parades, Moscow fired a barrage of cruise missiles at targets in Ukraine, which Russia invaded in 2014. Ukrainian authorities destroyed 23 out of 25 missiles launched. The parade featured fewer participants and there were no flyovers of military jets, with some events cancelled over security concerns following alleged drone attacks inside Russia.
Wall Street Week Ahead: US consumer price data to test feared stagflation scenario
Stagflation fears are on the rise as the US struggles to contain inflation without hurting economic growth, which could leave investors with fewer options for return on investments. Investors are concerned that persistently high levels of inflation combined with stagnant growth could dim the appeal of both equities and bonds. While unlikely, the threat has loomed large as last year's inflation rate surge forced the Federal Reserve to launch an aggressive monetary policy tightening cycle, stoking fears of a looming recession. Investors await data that shows whether the central bank's interest rate increases have curbed inflation and not hurt growth before determining their investment strategies.
Law in limbo: Why India’s new labour codes are stuck
The new labour codes were announced years ago but they have not been implemented due to various reasons. Will the roadblocks be removed or stall the entire process?
Dollar finds footing as banking crisis fears calm down
That is a lot more dovish than a week ago when markets priced a similar chance of a 50 bp hike, but it is also a lot more hawkish than a day ago when crisis fears had traders pricing a 50% chance of a hold and steep cuts later in the year.
Oil steadies after fall on fear of rate hikes, rising inventories
Brent crude futures for April, due to expire on Tuesday, lost 20 cents to $82.25 per barrel by 0137 GMT, extending a 0.9% loss in the previous session. The more active May contract picked up 4 cents to $82.08 per barrel.
Google workers stage rallies against layoffs, low wages: report
The protests came after the company announced the largest layoffs in its history which affected 12,000 positions, or 6% of its global workforce.
US growth expected to slow in fourth quarter as downturn fears loom
Economic activity has been easing as the US central bank hiked the benchmark lending rate seven times last year, in hopes of cooling demand and reining in costs as inflation surged. The property sector has slumped, followed by declines in manufacturing and retail sales.
The worst fears for global growth may be subsiding
Bolstering such prospects are China’s reopening after pandemic lockdowns, evidence of slowing inflation, and the assured views of some senior European officials that their economies won’t suffer recessions.
Dollar tumbles after U.S. jobs report, service sector contraction
"There was a bit of a fear that this could be quite a blockbuster print in terms of job growth," which was a risk due to seasonal adjustments that are common in December, said Mazen Issa, senior foreign exchange strategist at TD Securities in New York.
Jerome Powell puts US pay hikes at heart of Fed's 2023 inflation fight
The pivotal question for Fed officials is whether the climb in US pay over the past 18 months or so is a one-time bump - as companies adjust to scarce labor supply, and a realization that their workforce was under-compensated - or a pernicious feedback loop in which prices and wages drive each other up.
Jaffa Cake and Mini Cheddar fear shortage as staff announces strike over wages
The strike will begin today and last "indefinitely," which could affect supplies during Christmas.
US sees strong job gains in October as wages move higher
A strong job market is deepening the challenges the Federal Reserve faces as it raises interest rates at the fastest pace since the 1980s to try to bring inflation down from near a 40-hear high. Steady hiring, solid pay growth and a low unemployment rate have been good for workers. But they have also contributed to rising prices.
Foreigners mean hot money; every country has to depend on local buyers: Mark Matthews
“By December, we would not have just evidence, we will have real proof the inflation is down then they can up their rhetoric. I think doing it on the November 4 meeting would be premature on the part of Fed because the dot plot was just revised up in September but the December 14 meeting will be an important one for signaling that the rate hike cycle is ending.”
34% Indian employees say they are very likely to switch to a new employer: PwC India report
Post Covid, while employers have been more focused on building a resilient workforce strategy, employees on their part are driven by opportunities for fulfilment, creativity, innovation and authenticity, apart from financial rewards.
Inflation and wage data suggest US prices will keep climbing
Some signs indicate that certain categories of inflation may moderate in the coming months, though not by very much: Gas prices have fallen since mid-June from an average national peak of $5 to $4.26, according to AAA. Likewise, other commodity prices, for items such as wheat and copper, have plunged.
There’s risk of a mild recession in US in 2023; expect inflation to move above 8% in India by Sept: Sonal Varma
So, we do not think inflation has peaked. We are expecting inflation to move up from May, in fact moving above 8% by September and on average we are looking for CPI at around 7.5% which is above the RBI’s revised projection of 6.7%.
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