Skip to main content

Home/ Global Economy/ Group items tagged labor

Rss Feed Group items tagged

Gene Ellis

Greece to Slash Benefits Paid to Retired Civil Servants:Union Group - WSJ.com - 0 views

  • After meeting with Greek Labor and Social Security Minister Yiannis Vroutsis, Adedy cited the minister as telling them that Greece's coalition government plans to slash the payments by 22.7% after having already reduced the amount by 20%.
  • "I cannot accept the financing of the fund's deficits from the state budget by either imposing new taxes or additional social security contributions on the new generation of workers so that older workers can receive sums that are not in line with their contributions," said Mr. Vroutsis.
Gene Ellis

A Declining Euro Can't Cure All Ills - WSJ.com - 0 views

  • but what would in normal times be a boon for the region may not help as much now, experts say.
  • Before the crisis, actions such as the European Central Bank rate cuts two weeks ago would have had a twofold effect in reviving the economy: Banks would have passed the lower rate on to their clients, while foreign-exchange markets would have marked the currency down, giving exporters better chances to sell their products abroad.
  • In today's polarized euro zone, it isn't that simple. For one thing, tThere is no certainty that euro-zone banks will pass on the cut in borrowing costs.
  • ...5 more annotations...
  • Even if they did, he explained, the euro zone's problems are now so acute that few companies seem to want to borrow.
  • Mario Boselli, chairman of the Italian Chamber of Fashion, frets that larger emerging economies still account for only 10% of total Italian exports. "This is not enough" to offset the weakness in developed economies, he says.
  • Both Mr. Boselli and Philip Halpin, an adviser to the Irish Exporters' Association, say the euro would have to fall as low as $1.10 (from about $1.23 currently), to produce a robust export-led recovery.
  • Ludovic Subran, chief economist at French trade-credit insurer Euler Hermes, warns that might not be enough. Such a depreciation would have little effect in France because high taxes and rigid labor costs reduce the potential benefits, he says.
  • Any euro-zone economy would benefit from a drop in the euro to the extent that it can redirect more resources to external markets. But the willingness and ability of businesses to do that differs across the region. Nadio Delai, chairman of Italian research and consultancy firm Ermeneia, say a host of smaller, less prestigious Italian shoe and textile companies have started to export to emerging markets, riding the coattails of more famous names.
Gene Ellis

Foxconn Audit Reveals Workweek Still Too Long - NYTimes.com - 0 views

  • Foxconn, part of the Taiwan-based company Hon Hai Precision Industry, employs about 178,000 workers at the three factories inspected. It has about 1.2 million workers at plants making products for Apple, Hewlett-Packard, Dell, Microsoft and other technology companies.
  • He noted that Foxconn has also overhauled many processes, including using robots instead of people to polish the aluminum backs of iPad cases and water to capture and dispose of the resulting dust.
Gene Ellis

Ford Pays a High Price for Plant Closing in Belgium - NYTimes.com - 0 views

  • In Genk, a city of 65,000 people, many of them descendants of Italians, Turks or Moroccans who came decades ago to dig coal, an estimated 10,000 jobs will be lost at the end of next year when Ford closes the factory.
  • And Genk was among the European factories with the most excess capacity.
  • In 2012, Ford lost $1.8 billion in Europe for the full year.
  • ...2 more annotations...
  • The relocation of some production to Spain has already created 1,300 new jobs in a region that is in far worse economic shape than the area around Genk, although Ford said labor costs in Valencia are not significantly lower.
  • Like many in Genk, Mr. Maurina and his wife, Sabrina Gattanella, who have two young boys, are descendants of Italians who migrated to the region decades ago to work in the coal mines. But the last mine closed in the 1980s.
Gene Ellis

Hello, Young Workers: One Way to Reach the Top Is to Start There - New York Times - 0 views

  • is the mounting evidence produced by labor economists of just how important it is for current graduates to ignore the old-school advice of trying to get ahead by working one's way up the ladder. Instead, it seems, graduates should try to do exactly the thing the older generation bemoans — aim for the top.
  • starting at the bottom is a recipe for being underpaid for a long time to come.
  • A recent study, by the economists Philip Oreopoulos, Till Von Wachter and Andrew Heisz, "The Short- and Long-Term Career Effects of Graduating in a Recession" (National Bureau of Economic Research Working Paper 12159, April 2006. http://www.columbia.edu/~vw2112/papers/nber_draft_1.pdf), finds that the setback in earnings for college students who graduate in a recession stays with them for the next 10 years.
  • ...1 more annotation...
  • These data confirm that people essentially cannot close the wage gap by working their way up the company hierarchy.
Gene Ellis

U.S. Textile Plants Return, With Floors Largely Empty of People - NYTimes.com - 0 views

  • In 1991, American-made apparel accounted for 56.2 percent of all the clothing bought domestically, according to the American Apparel and Footwear Association. By 2012, it accounted for 2.5 percent. Over all, the American manufacturing sector lost 32 percent of its jobs, 5.8 million of them, between 1990 and 2012, according to Bureau of Labor Statistics data. The textile and apparel subsectors were hit even harder, losing 76.5 percent of their jobs, or 1.2 million.
  •  
    Video & graphs of the US textile industry semi-recovery, what it means and what it doesn't
Gene Ellis

U.S. Textile Plants Return, With Floors Largely Empty of People - NYTimes.com - 0 views

  • The problems in India were cultural, bureaucratic and practical.
  • Mr. Winthrop says American manufacturing has several advantages over outsourcing. Transportation costs are a fraction of what they are overseas. Turnaround time is quicker. Most striking, labor costs — the reason all these companies fled in the first place — aren’t that much higher than overseas because the factories that survived the outsourcing wave have largely turned to automation and are employing far fewer workers.
  • In 2012, the M.I.T. Forum for Supply Chain Innovation and the publication Supply Chain Digest conducted a joint survey of 340 of their members. The survey found that one-third of American companies with manufacturing overseas said they were considering moving some production to the United States, and about 15 percent of the respondents said they had already decided to do so.
  • ...8 more annotations...
  • Between 2000 and 2011, on average, 17 manufacturers closed up shop every day across the country, according to research from the Information Technology and Innovation Foundation.
  • yes, it means jobs, but on nowhere near the scale there was before, because machines have replaced humans at almost every point in the production process. Take Parkdale: The mill here produces 2.5 million pounds of yarn a week with about 140 workers. In 1980, that production level would have required more than 2,000 people.
  • But he was frustrated with the quality, and the lengthy process.
  • “We just avoid so many big and small stumbles that invariably happen when you try to do things from far away,” he said. “We would never be where we are today if we were overseas. Nowhere close.”
  • Time was foremost among them. The Indian mill needed too much time — three to five months — to perfect its designs, send samples, schedule production, ship the fabric to the United States and get it through customs. Mr. Winthrop was hesitant to predict demand that far in advance.
  • There were also communication issues.
  • like moving half-finished yarn between machines on forklifts.
  • The North American Free Trade Agreement in 1994 was the first blow, erasing import duties on much of the apparel produced in Mexico.
Gene Ellis

How to Get a Job at Google, Part 2 - NYTimes.com - 0 views

  • How to Get a Job at Google, Part 2
  • “I was on campus speaking to a student who was a computer science and math double major, who was thinking of shifting to an economics major because the computer science courses were too difficult. I told that student they are much better off being a B student in computer science than an A+ student in English because it signals a rigor in your thinking and a more challenging course load. That student will be one of our interns this summer.”
  • “She was moving out of a major where she would have been differentiated in the labor force” and “out of classes that would have made her better qualified for other jobs because of the training.”
  • ...3 more annotations...
  • “Humans are by nature creative beings, but not by nature logical, structured-thinking beings. Those are skills you have to learn. One of the things that makes people more effective is if you can do both. ... If you’re great on both attributes, you’ll have a lot more options
  • “Ten years ago behavioral economics was rarely referenced. But [then] you apply social science to economics and suddenly there’s this whole new field. I think a lot about how the most interesting things are happening at the intersection of two fields. To pursue that, you need expertise in both fields.
  • “What you want to do is say: ‘Here’s the attribute I’m going to demonstrate; here’s the story demonstrating it; here’s how that story demonstrated that attribute.’ ” And here is how it can create value.
Gene Ellis

How Two-Tier Union Contracts Became Labor's Undoing | The Nation - 0 views

  • How Two-Tier Union Contracts Became Labor's Undoing
Gene Ellis

Labor's Might Seen in Failure of Trade Deal as Unions Allied to Thwart It - NYTimes.com - 0 views

  • Labor’s Might Seen in Failure of Trade Deal as Unions Allied to Thwart It
Gene Ellis

As Robots Grow Smarter, American Workers Struggle to Keep Up - NYTimes.com - 0 views

  • As Robots Grow Smarter, American Workers Struggle to Keep Up
  • Erik Brynjolfsson, an economist at M.I.T., said, “This is the biggest challenge of our society for the next decade.”
  • Americans between the ages of 55 and 64 are among the most skilled in the world, according to a recent report from the Organization for Economic Cooperation and Development. Younger Americans are closer to average among the residents of rich countries, and below average by some measures.
  • ...5 more annotations...
  • Self-driving vehicles are an example of the crosscurrents.
  • Ad sales agents and pilots are two jobs that the Bureau of Labor Statistics projects will decline in number over the next decade. Flying a plane is largely automated today and will become more so.
  • Telemarketers are among those most at risk
  • More than 16 percent of men between the ages of 25 and 54 are not working, up from 5 percent in the late 1960s; 30 percent of women in this age group are not working, up from 25 percent in the late 1990s.
  • “The answer is surely not to try to stop technical change,” Mr. Summers said, “but the answer is not to just suppose that everything’s going to be O.K. because the magic of the market will assure that’s true.”
Gene Ellis

Italy Falls Back Into Recession, Raising Concern for Eurozone Economy - NYTimes.com - 0 views

  • Italy Falls Back Into Recession, Raising Concern for Eurozone Economy
  • Some economists argue that the region is already well into a so-called lost decade.
  • Analysts surmised that the strained relations with Russia as well as turmoil in the Middle East had undercut demand for Italian exports, in particular fashion and other luxury goods.
  • ...8 more annotations...
  • “I definitely expect that things will get worse,” he said.
  • The European Union exported agricultural goods worth 11.8 billion euros, or $15.8 billion, to Russia last year, and sales have been rising at a rate of almost 15 percent a year.
  • The economic data and news that Russia was massing troops and military equipment on the Ukrainian border caused stock prices to fall across Europe on Wednesday.
  • Separately, the German Federal Statistical Office reported on Wednesday that new industrial orders in Germany fell 3.2 percent in June compared with May. Analysts had expected orders to increase.
  • For Italy, the deteriorating economy puts greater pressure on Prime Minister Matteo Renzi, who less than a week ago promised not to impose any more government budget cuts and to invest in improving the country’s roads and other infrastructure. Such promises will be difficult to keep if slower growth, which usually translates into higher unemployment and lower corporate profits, limits tax receipts.A slower economy also endangers Italy’s ability to comply with eurozone rules on budget deficits.
  • Italy’s 2.1 trillion euro government debt equals 136 percent of its annual gross domestic product, the second-highest debt ratio in the eurozone, after Greece.
  • They said Italy’s problems stemmed more from its failure make changes needed to improve the performance of its economy.
  • The slow pace of structural reforms is worrisome,” said Paolo Manasse, a professor of macroeconomics at Bologna University. He said there was no sign of progress on necessary steps like selling off state-owned assets or overhauling the labor market or public pension system.
Gene Ellis

As Panama Canal Expands, West Coast Ports Scramble to Keep Big Cargo Vessels - NYTimes.com - 0 views

  • Making Everything Shipshape
  • The ports in Tacoma, Seattle, Oakland, Los Angeles, Long Beach and elsewhere offer much shorter sailing times than Gulf Coast and East Coast ports. But for shippers of some goods, the web of logistics, including trucks and railroads, ends up being less expensive if they go through the Panama Canal.
  • While the widened Panama Canal will allow an all-water route for big ships to the East Coast, the project — originally scheduled to open this year — has been plagued with construction delays. And the authorities have yet to announce toll charges for passing ships. In the end, it might be too expensive for some ships to use.
  • ...3 more annotations...
  • At the same time, sailing patterns may shift as Asian manufacturing continues to move from China to countries to the south, like Singapore and Vietnam, which are actually closer by sea to East Coast ports through the Suez Canal than to West Coast ports across the Pacific.
  • For trade with China, Prince Rupert’s appeal is proximity. Prince Rupert is two to three days closer than the western coast of the United States, helping ships cut fuel costs.
  • While the railways and truck lines in Canada have a history of labor instability, cargo carriers sailing into the country can avoid taxes levied by the United States government.
Gene Ellis

Michael Spence explores the causes of partial and stalled economic recoveries. - Projec... - 0 views

  • Indeed, recent data suggest that more than half of the acceleration in US growth is occurring on the tradable side, even though it accounts for only about one-third of the economy. And that contribution is probably an underestimate, because income generated on the tradable supply side produces income that becomes demand on the non-tradable side – a multiplier effect that crosses the tradable/non-tradable boundary.
  • the main problem is that public-sector investment remains well below growth-sustaining levels. The hard part of fully realizing potential growth is shifting the composition of domestic demand from consumption to investment without adding leverage. That means paying for it on the public-sector side, via taxes and a reduction in household consumption (and in wealth accumulation).
  • But such adjustments cannot happen in a monetary union, so unit labor costs are slowly re-converging via a protracted process of flat nominal wage growth and slowly declining real wages (a process that would be quicker with higher inflation in Germany and Northern Europe).
Gene Ellis

Singapore, the Nation That Lee Kuan Yew Built, Questions Its Direction - NYTimes.com - 0 views

  • Singapore, the Nation That Lee Kuan Yew Built, Questions Its Direction
  • Battling a low birthrate among its citizens, the government opened the floodgates to foreign labor over the past decade and a half. More than a third of the 5.5 million people living in Singapore today are not citizens.The number of nonresident immigrants has more than doubled since 2000, to nearly 1.6 million from 754,000. The number of foreigners given permanent resident status also nearly doubled during the same period, to just over 500,000.
Gene Ellis

Why Apple Got a 'Made in U.S.A.' Bug - NYTimes.com - 0 views

  • Today, rising energy prices and a global market for computers are changing the way companies make their machines.
  • Hewlett-Packard, which turns out over 50 million computers a year through its own plants and subcontractors, makes many of its larger desktop personal computers in such higher-cost areas as Indianapolis and Tokyo to save on fuel costs and to serve business buyers rapidly.
  • “It’s important that they get an order in five days,
  • ...11 more annotations...
  • there is a pride for the local consumer to see a sticker that says ‘Made in Tokyo,’
  • Cook is looking to give Apple some good news.
  • A Dell factory in Winston-Salem, N.C., for which Dell received $280 million in incentives from the government, was shut in 2010 (Dell had to repay some of the incentives).
  • In 1998, President Bill Clinton visited a Gateway Computer factory outside Dublin to cheer the role of American manufacturers in the rise of a “Celtic Tiger” in technology.That plant was shut in 2001, when Gateway elected to save costs by manufacturing in China
  • As cheap as a Chinese assembly worker may be, an emerging trend in manufacturing, specialized robots, promises to be even cheaper. The most valuable part of the computer, a motherboard loaded with microprocessors and memory, is already largely made with robots. People do things like fitting in batteries and snapping on screens.
  • The labor cost on a notebook, which is about 4 to 5 percent of the retail price, is only slightly higher than the cost of shipping by air. Soon even that is likely to change because of the twin forces of lower manufacturing costs from automation and higher transportation costs from rising global activity.
  • Intel, which makes most of the processors, has plants in Oregon, Arizona, New Mexico, Israel, Ireland and China.
  • Many other chip companies design their own products and have them made in giant factories, largely in Taiwan and China. Computer screens are made in Taiwan and South Korea, for the most part.
  • The special glass used for the touch screens of Apple’s iPhone and iPad, however, is an exception. It comes primarily from the United States.
  • More recent products, laptops and notebook computers, were in many cases originally assembled in China, and they are still largely made there. So are most smartphones and tablets. Every week, H.P. sends a group of cargo containers filled with notebooks to Europe.
  • That plant was shut in 2001, when Gateway elected to save costs by manufacturing in China. Dell, which made its mark by developing lean manufacturing techniques in Texas, closed its showcase Austin factory in 2008 as part of a companywide move to manufacturing in China. A Dell factory in Winston-Salem, N.C., for which Dell received $280 million in incentives from the government, was shut in 2010 (Dell had to repay some of the incentives).
‹ Previous 21 - 36 of 36
Showing 20 items per page