Browsing: Business

A recent World Bank report has revealed that the ‘gig economy‘ comprises an unexpected 12% of the global labor market, surpassing previous estimates. This sector offers substantial opportunities, especially for women and young individuals in developing nations. While online gig work continues to grow in popularity, there remains an evident gap in social protections for its workers. Although developed nations currently lead in the demand for gig workers, developing countries are not far behind, showcasing a rapid growth rate. For instance, job postings on major digital platforms in Sub-Saharan Africa have surged by 130%. In comparison, North America’s growth rate is only…

A former Goldman Sachs International employee, Ian Dodd, who served as the global head of recruiting from 2018 to 2021, has lodged a £1 million lawsuit in London, accusing the esteemed investment bank of fostering a “culture of bullying.” Dodd’s allegations paint a picture of a workplace where employees often “sobbed through meetings” and experienced significant emotional distress. Dodd’s lawsuit states that this “dysfunctional” work environment was a major factor in his own mental decline. He alleges that just a year into his role at Goldman Sachs, the extreme work pressures took a toll on his health. Reports from the Financial Times…

Amidst a backdrop of economic fragility and reliance on foreign aid, Pakistan’s currency, the rupee (PKR), has once again fallen dramatically against the US dollar, marking a distressing record low, the country’s central bank reported. From Islamabad, the State Bank of Pakistan highlighted the US dollar’s trading value at a staggering 307.10 PKR in Tuesday’s interbank market session, as informed by the Xinhua news agency. Just a day prior, the US currency had closed at its then-record low of 305.64 rupees. In merely a day, during the second trading session of the week, Pakistan’s local currency depreciated by 1.46 PKR. This decline translates…

In a historic move, Belgium has successfully raised a staggering €21.9 billion ($23.65 billion) from retail investors through a bond sale, eclipsing previous records and signaling the public’s growing dissatisfaction with stagnant bank deposit rates. Launched on August 24, this initiative represents the largest fundraising effort from households in Belgium’s history, according to the country’s debt agency, and is likely the biggest retail bond sale in Europe to date. This monumental sale amounts to approximately 5% of all Belgian deposits and far surpasses the €5.7 billion garnered during the peak of the eurozone debt crisis in 2011. It also tops…

In a strategic move aimed at enhancing global trade infrastructure, DP World has acquired a 58% equity stake in Turkey’s Evyap Port. The partnership will focus on bolstering container port facilities and streamlining efficiencies in the critical Marmara gateway market, positioning the new venture as a dominant player in the region. Upon completion of the transaction, which remains subject to regulatory approvals, the venture will be rebranded as DP World Evyap Port. Meanwhile, Evyap Group will hold a 42% stake in DP World Yarimca, ensuring balanced equity distribution between the two key entities. This alliance leverages DP World’s global reach with Evyap Group’s…

After a string of six quarters in the red, the European Union’s trade balance has swung back into surplus, largely attributed to a dip in energy prices. This is as per the findings from Eurostat, the European Union’s statistical office. In a noticeable turnaround from a €155 billion deficit in Q3 2022 – its steepest since 2019 – the EU logged a modest trade surplus of €1 billion in Q2 2023. This shift was catalyzed by a 2.0% contraction in exports coupled with a 3.5% reduction in imports during the same period. A closer look reveals that the drop in non-EU imports for…

Brazil’s “growth acceleration” plan, known as PAC, has been reintroduced, with a projected 1.7 trillion reais ($347.5 billion) in investments. This new initiative is set to leverage an extensive public-private partnership framework. Alongside, the government aims to drive an ecological transition, enhancing the country’s green credentials, as disclosed in an official statement shared with Reuters. Originating from President Luiz Inacio Lula da Silva’s 2007 tenure, the PAC’s primary goal was boosting investments in various sectors including energy, logistics, urban, and social infrastructure. The plan received further expansion under Lula’s successor, Dilma Rousseff. However, its earlier iterations didn’t yield significant infrastructure advancements, as per Reuters‘ coverage.…

SK Telecom Co., South Korea’s premier wireless service provider, announced a strategic $100 million investment in U.S.-based artificial intelligence (AI) powerhouse, Anthropic. This move underscores the telecom giant’s commitment to broaden its influence in the AI landscape. San Francisco’s Anthropic, renowned for its cutting-edge AI safety research and offerings like AI assistant Claude, was established in 2021 by esteemed former members of OpenAI, the minds behind ChatGPT. This collaboration aims to enhance both firms’ AI capabilities. Central to their partnership will be a joint venture to craft a versatile large language model (LLM), capable of comprehending and generating content in multiple languages,…

China’s economic landscape is undergoing a seismic shift as it witnesses deflation for the first time since early 2021. Official data reveals a 0.3% decline in the consumer price index for July. This downturn trails reports from the previous day which indicated falling exports and imports. Taken as a whole, these symptoms suggest a precipitous decline in the nation’s mammoth $16 trillion economy. China’s once robust domestic demand has weakened and its export machinery is faltering, predicting an era of subdued growth. Deflation, often feared for its potential to trap economies in a vicious cycle where unspent money appreciates in…

In a staggering turnaround, WeWork, once pegged at a valuation of $47 billion, saw its shares plummet to near zero. The company sounded the bankruptcy alarm, marking a monumental downfall for a startup that was once the apple of the investment world’s eye. Founded with much fanfare, WeWork’s business strategy revolved around acquiring long-term leases and renting spaces on a short-term basis. The company grew swiftly, but the global COVID-19 pandemic curbed the allure of shared office spaces. “The inclination towards long-term leases for fixed geographical spaces has dwindled, from large corporations to nascent startups,” stated interim CEO David Tolley. The firm’s troubles…