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Tag: jobs

British Steel on the brink of collapse – with 25,000 jobs at risk

British Steel on the brink of collapse – with 25,000 jobs at risk

Business
Britain's second-largest steel producer is on the brink of collapse amid growing signs that an emergency government loan would fail to materialise, putting a total of close to 25,000 jobs at risk.Sky News has learnt that British Steel, its lenders and Whitehall are preparing for an insolvency to take place within 48 hours, with EY expected to be formally appointed as administrators on Wednesday unless a deal is struck by Tuesday afternoon. If last-minute talks fail to secure a solvent deal, British Steel's collapse could result in more than 4,000 redundancies at its giant Scunthorpe steelworks, job cuts at its other sites, and as many as 20,000 more jobs in its supply chain also jeopardised by the crisis. Image: The company was seeking a taxpaye...
View: India’s insolvency law as creator of jobs

View: India’s insolvency law as creator of jobs

Finance
By Sapan GuptaThe new corporate insolvency regime has saved nearly four lakh jobs in India. Had it not been for the new law being enforced in December 2016, these jobs would have perished in the tepid business environment and ballooning debt of corporate India. Under the insolvency regime, a total of 88 cases have been resolved so far, securing revenue of Rs 31,651 crore, with employee salaries of around Rs 2,350 crore. At an estimated average salary of Rs 30,000 a month per person, this translates to a direct employment of 65,250. Then there are jobs of vendor partners, sales outfits, housekeeping contracts, transporting contracts and security services. Recent analyses by human resource firms show that one direct employee in a company creates five more jobs outside. In the upcoming six m...
Stocks set to open slightly higher on US-China trade deal hopes; jobs data in focus

Stocks set to open slightly higher on US-China trade deal hopes; jobs data in focus

Finance
U.S. stock futures traded slightly higher Friday, as investors monitored progress in U.S.-China trade talks and looked ahead to upcoming jobs data. As of 03:20 a.m. ET, Dow futures were up 46 points, indicating a higher open of 44, while the S&P 500 and Nasdaq were also in positive territory. On Thursday, the Dow closed more than 150 points higher, while the S&P 500 notched its first six-day winning streak since February, buoyed by positive trade news. Investors continued to digest the latest developments in trade negotiations between Washingt...
The week ahead: Jobs report needs to silence rising worries about the economy

The week ahead: Jobs report needs to silence rising worries about the economy

Finance
Job growth has remained vibrant despite the slow-growing economy, and that's a trend investors are anxious to see confirmed in the February employment report on Friday. Even with some economists expecting growth around 1 percent for the first quarter, the labor market has been strong, and economists expect to see 185,000 jobs added in February. The economy is widely expected to bounce back in the second quarter to a pace well above 2 percent, after the temporary headwinds from the government shutdown and polar vortex abate. The jobs data tops the list of important economic news in the week ahead, particularly after a string o...
3,500 jobs at risk as Honda plots Swindon closure

3,500 jobs at risk as Honda plots Swindon closure

Business
By Mark Kleinman, City editor Honda is preparing to announce the closure of its factory in Swindon, dealing a devastating blow both to its 3,500-strong workforce and ministers' hopes that the UK will remain an elite manufacturing economy after Brexit.Sky News has learnt that the Japanese car manufacturer could disclose the plan as soon as Tuesday morning. A Honda spokesman did not return calls seeking comment on Monday.If confirmed, the move will represent a further savage blow to Britain's automotive sector amid enormous uncertainty surrounding the terms of future trade with the European Union.A source close to Honda said the company was expected to close its plant in Swindon in 2022, although the company will retain its European headquarters in Bracknel...