MILWAUKEE, — ManpowerGroup (NYSE: MAN) today launches “Learnability Week” to help people develop their skills and remain employable for the long term. Throughout the week, more than 25 ManpowerGroup markets across the globe will host events to help people nurture their learnability – the desire and ability to learn new skills and build long-term employability. Some of the activities include:
Promoting ManpowerGroup’s free web-based Learnability Quotient (LQ)™ digital assessment on social media, enabling millions of people at all stages of their careers to discover their unique learning style.
Hosting a partnership webinar with Junior AchievementEurope in which ManpowerGroup experts share practical tips for young people to get work ready, not just graduate ready. The webinar will be recorded and shared worldwide.
Launching a new “Leaders on Learnability” YouTube film series that shares insights from leaders at companies like Facebook, Unilever, PwC and KPMG on how they learn, how they encourage learning in their organizations and why learnability is critical for business success.
ManpowerGroup designed its LQ™ assessment in partnership with Hogan X, the analytics division of Hogan Assessments. The LQ™ assessment helps individuals discover how they learn and enables businesses to better understand the learning styles of their people. As organizations seek to invest and develop their employees, having insight into these metrics will provide guidance on how to best enable performance and make better decisions on how to motivate their workforce.
“When new skills are emerging just as fast as others are becoming obsolete, employability now depends less on what you already know and more on your ability to learn, apply and adapt. Helping people upskill for a fast-changing world of work will be the defining challenge of our time,” said Jonas Prising, Chairman & CEO, ManpowerGroup. “Nobody owns the corner on learnability – it has the potential to be a great equalizer. Everyone can get learning-ready and capture the opportunities the Skills Revolution creates. That’s why we’re celebrating Learnability Week across the globe – helping people discover how they learn so they can stay employable for the long term.”
Find your LQ™ at learnability.manpowergroup.com and share on social media using the hashtag #HowILearn.
About ManpowerGroupManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing and managing the talent that enables them to win. We develop innovative solutions for over 400,000 clients and connect 3+ million people to meaningful, sustainable work across a wide range of industries and skills. Our expert family of brands – Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions – creates substantially more value for candidates and clients across 80 countries and territories and has done so for nearly 70 years. In 2017, ManpowerGroup was named one of the World’s Most Ethical Companies for the seventh consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup is powering the future of work: www.manpowergroup.com
About the Learnability Quotient (LQ)™ AssessmentThe Learnability Quotient (LQ)™ is a web-based visual assessment developed by ManpowerGroup, the leading global workforce solutions company, and Hogan X, the new analytics division of Hogan Assessments, the leading provider of personality assessments. This short, responsive assessment identifies an individual’s LQ™ to provide insight into their motivation and style of learning. Results are expressed via three dimensions – Adventurous, Intellectual and Unconventional – and LQ™ helps organizations and individuals to succeed. For more information, visit www.learnabilityquotient.com.
WASHINGTON — The U.S. Department of Labor today announced a total of $4,204,401 for two National Emergency Grants to assist approximately 650 workers affected by recent layoffs in Idaho.
“Workers affected by these layoffs will need to be trained in the latest skills in order to be competitive in today’s workforce,” said U.S. Secretary of Labor Thomas E. Perez. “This funding will provide the resources these workers need to become employed in the region’s fastest growing industries and occupations.”
The department is making $2,600,475 in grant funding available for 435 workers affected by the closures that took place from August 2013 to April 2014 of the J.R. Simplot Co.’s facilities, which were located in the Idaho cities of Aberdeen, Caldwell, Heyburn and Nampa. Of the total amount awarded, $1,040,190 will be released initially.
Another grant, worth $1,603,926, is being awarded to assist 219 workers affected by the March 31 closure of the Center Partners call center, located in Idaho Falls, Idaho. Of the $1,603,926 available for these workers, $779,050 will be released initially.
The grants, both awarded to the Idaho Department of Labor, will provide these dislocated workers with re-employment services. For the former Center Partners employees, this will include: career guidance, case management, job search assistance, on-the-job training and other skills training opportunities.
The workers affected by the J.R. Simplot Co.’s closures will receive similar services; however, they are also eligible for Trade Adjustment Assistance benefits, so the TAA program will cover the costs of their training. Because only a portion of the total amount approved for each of the grants is being awarded today, additional funding, up to the total approved amount, will be made available as the state demonstrates a continued need for assistance.
WASHINGTON — The U.S. Department of Labor today announced the availability of the final $450 million in grants under the Trade Adjustment Assistance Community College and Career Training initiative. Over the last three years, these unprecedented investments have helped expand the capacity of the American community college system to provide accessible training programs that connect people to available jobs in growing industries in their communities. These grants are an important part of the Obama administration’s job-driven skills agenda and are being implemented in partnership with the U.S. Department of Education.
“Through the first three rounds of grants more than 800 colleges across the country are helping to build strong ladders of opportunity that allow people to secure a foothold in the middle class, while also supporting businesses to compete and grow,” said U.S. Secretary of Labor Thomas E. Perez. “This final round will help scale what works, strengthen career pathways and improve the way employment and education data are used in assessing programs throughout the country.”
Previous grantees have leveraged strong partnerships between community colleges, the workforce system, employers and industry groups to transform the way they design and deliver courses through accelerated learning strategies; redesigned curricula; distance learning; work-based training, such as Registered Apprenticeships; and innovative uses of technology to enhance learning activities. This solicitation continues to promote these strategies.
“Community colleges play a vital role in equipping our nation’s students with the skills they need to meet the demands of today’s careers,” said U.S. Secretary of Education Arne Duncan. “This program is not about tinkering — it’s about transformation. This is not about getting more students to enroll — it’s about getting more students to graduation day and into good jobs.”
The program is designed to ensure that an eligible institution in every state plus the District of Columbia and Puerto Rico receive dedicated funding of at least $2.25 million. Single institutions may apply for grants of up to $2.5 million and consortia of institutions within the same state or among institutions that share an economic region may apply for grants up to $15 million.
This round of funding strengthens employer engagement throughout the grant process. Successful applicants will design programs that are responsive to the workforce needs of multiple employers within an industry sector by working closely with regional and national employers and industry groups. These employer and industry partners will help identify and map necessary skills and competencies, as well as assist in designing curricula, programs, assessments or credentials that will help quickly connect ready-to-work Americans with ready-to-be-filled jobs.
The final round of grants will place a priority on three additional goals by making additional funding available to those applicants who propose to:
develop partnerships with national industry groups or employers to scale strategies across the country;
engage employers, educators, Registered Apprenticeships and the workforce system to support the development or expansion of state career pathways systems; or
improve the integration of state employment and education data.
In an effort to scale promising practices from previous grants and sustain meaningful improvements to the community college system, additional preference will be given to collaborations that include:
in-depth employer partnerships, such as work-based learning and commitments to hire;
partnership with the workforce system and the network of nearly 2,500 American Job Centers to help support program implementation; or
partnerships with Registered Apprenticeship sponsors in their local and regional areas, particularly in occupations and industries with expected workforce shortages.
Those interested in applying for the newly available funding should visit http://www.grants.gov. The deadline to apply is July 7, 2014.
Eligible applicants include community colleges and other public, proprietary or nonprofit educational institutions that offer programs that can be completed in two years and are accredited by an agency or association recognized by the U.S. Department of Education.
All curricula and training materials developed with the support of the grant will be made available for free re-use under a Creative Commons Attribution 4.0 (CC BY) License, ensuring that colleges around the country can replicate their promising programs.
General information about the TAACCCT program can be found at http://www.doleta.gov/taaccct/.
On 12 September, on the occasion of his State of the Union Address, President Jean-Claude Juncker said: “Africa does not need charity, it needs true and fair partnership. And we, Europeans need this partnership just as much. Today, we are proposing a new Alliance for Sustainable Investment and Jobs between Europe and Africa. This Alliance, as we envision it, would help create up to 10 million jobs in Africa in the next 5 years alone. I believe we should develop the numerous EU-African trade agreements into a continent-to-continent free trade agreement, as an economic partnership between equals.”
The European Commission is proposing a new ‘Africa – Europe Alliance for Sustainable Investment and Jobs’ to substantially boost investment in Africa, strengthen trade, create jobs, and invest in education and skills. Today’s package builds on the commitments taken during the African Union – European Union Summit which took place in November last year in Abidjan, where the two continents agreed to strengthen their partnership. It sets out the key strands of action for a stronger economic agenda for the EU and its African partners.
High Representative/Vice-President Federica Mogherini said: “Europe and Africa share many of the same interests: we both want a stronger Africa – with quality jobs for its youth, a better business climate, and peace and security for all. In these years we have started to build a real partnership of equals with Africa. We are already strong political partners, the next step is to be true economic partners and deepen our trade and investment relationship. We want to give young people opportunities to achieve their aspirations. Boosting responsible investment in Africa is a win-win for both sides.”
Commissioner for International Cooperation and Development Neven Mimica said: “This Alliance is about unlocking private investment and exploring the huge opportunities that can produce benefits for African and European economies alike. It is about stepping up our partnership and putting our weight behind African initiatives such as the African Continental Free Trade Area.”
Today’s proposal shows commitment to reinforce the Africa-EU Partnership and outlines a series of key actions that include:
boosting strategic investment and strengthening the role of the private sector, notably through increased de-risking of investment projects via blending grants and loans, and guarantees;
investing in people by investing in education and skills, at continental and national level to strengthen employability and match skills and jobs, also including scholarships and exchange programmes, in particular through Erasmus+;
strengthening business environment and investment climate, in particular by strengthening the dialogue with African partners and supporting their reforms in this field;
tapping the full potential of economic integration and trade: building on the African Continental Free Trade Area implementation, the long-term perspective is to create a comprehensive continent-to-continent free trade agreement between the EU and Africa. To prepare this, Economic Partnership Agreements, Free Trade Agreements including the Deep and Comprehensive Free Trade Areas on offer to the countries of North Africa, and other trade regimes with the EU should be exploited to the greatest extent, as building blocks to the benefit of the African Continental Free Trade Area;
mobilising an important package of financial resources, as reflected in particular in the ambitious proposal for the future Multi-Annual Financial Framework of the EU on external funding, where Africa is highlighted as a priority region.
Expected results
The Alliance will lead to concrete results such as the creation of up to 10 million jobs in the next 5 years. With EU financial support mobilised by 2020:
35,000 students and academics from Africa will benefit from Erasmus+ by 2020. A further 70,000 will benefit by 2027, reaching a total of 105,000 in ten years.
750,000 people will receive vocational training for skills development.
30 million people and companies will benefit from access to electricity thanks to the EU’s leveraged investment in renewable energy and a boosted generation capacity by 5 GW.
24 million people will have access to all season roads through our leveraged investment in transport infrastructure.
3.2 million jobs in Africa are expected to be created under the External Investment Plan just by the Investment Programmes focussed on small and medium-sized enterprises.
With a guarantee of €75 million, a single investment programme from the External Investment Plan will generate 800,000 jobs.
Consultation and dialogue with African partners will be organised in the coming months to jointly define priorities and take further action. The Alliance will take into account the diversity across the African continent and the specificities of each country, including the contractual relations of the Northern African countries through their Association Agreements and their experience of co-operation with the EU through the European Neighbourhood Policy.
Background
The Commission’s proposal for an ‘Africa – Europe Alliance for Sustainable Investment and Jobs’ is part of a package which also includes a proposal for a more efficient financial architecture for investment outside the European Union, which will also support further investment in Africa.
Under President Juncker’s leadership, the EU has been strengthening its partnership with Africa, including with new innovative tools, on top of traditional cooperation instruments, notably the very ambitious External Investment Plan.
The EU is Africa’s closest neighbour and biggest investor, the main trading and development partner and a key security provider. The EU is providing €31 billion in Official Development Assistance to Africa between 2014-2020 to boost Africa’s economy to give young people in the continent a chance to build a future, to ensure food security and access to energy, and to anchor good governance and respect of human rights. The EU’s Member States held an investment stock of €291 billion in 2016, making the EU the biggest investor in Africa. The EU also offers free access to the EU market via Economic Partnership Agreements, Free Trade Agreements including the Deep and Comprehensive Free Trade Areas with the countries of North Africa and the Everything But Arms scheme with African countries.
New York, – The 100,000 Jobs Mission announced today that its coalition of private companies has collectively hired more than 217,000 U.S. Military veterans through the end of 2014 and is now committed to hire another 100,000 veterans for a total of 300,000.
“Four years ago, servicemembers struggled to find meaningful jobs because many employers did not fully understand how to apply veterans’ skills and experience to their businesses. Since then, the 100,000 Jobs Mission has connected more than 200,000 veterans to good jobs that put their skills to good use,” said Maureen Casey, director of Military and Veterans Affairs for JPMorgan Chase, a founding member of the coalition. “But our work isn’t done yet. With nearly one million military members returning to civilian life over the next few years, the 100,000 Jobs Mission is committed to continuing its mission of helping U.S. veterans and military spouses obtain meaningful careers.”
“JPMorgan Chase and the rest of the 100,000 Jobs Mission should be commended for their leadership and sustained commitment over four years. They have stepped up and joined forces to create opportunities for our nation’s veterans and military spouses,” said Colonel Steve Parker, Executive Director, Joining Forces. “They have been excellent partners with Joining Forces and have made a direct impact on reducing veteran unemployment. We look forward to working with the Mission as they look to hire another 100,000.”
The 100,000 Jobs Mission was founded in 2011 by 11 companies, including JPMorgan Chase & Co., that pledged to hire at least 100,000 veterans by 2020. The coalition reports its hiring results quarterly and shares best practices for hiring and retaining veterans in their organizations. Many of these can be found on jobsmission.com. Since the coalition’s establishment, membership has grown to 184 companies that represent nearly every industry in the U.S. economy, including Timken, which joined the group in late 2013.
“Timken is proud to be a member of the 100,000 Jobs Mission, and being an active member of the coalition helps us stay on the forefront of best practices for hiring and retaining U.S. military veterans and spouses,” said Shaun Branon, Director, Talent Acquisition. “Military veterans possess the skills and experience that make them successful members of our company.”
Among the companies that joined the 100,000 Jobs Mission in 2014 were Amtrak and Chipotle, whose leaders understand the importance of the Mission and similar initiatives.
“Amtrak values the leadership, reliability and technical skills that veterans bring,” said Joseph H. Boardman, a Vietnam Veteran, Amtrak President and CEO. “We joined the 100,000 Jobs Mission because we want to make an impact on veteran employment. Working with the other coalition companies will help us achieve mission success.”
“Chipotle is growing quickly, and we are always looking for top performing employees that have the ability to empower top performers to achieve high standards. We are committed to hiring veterans from all branches of the military who have this ability, and are eager to watch their success as they help build strong restaurant teams!” said Monty Moran, Co-CEO.
The 100,000 Jobs Mission continues to seek like-minded large employers to join the commitment to hiring veterans and military spouses.
About the 100,000 Jobs Mission
Launched in 2011, the 100,000 Jobs Mission brings together companies committed to hiring U.S. military veterans and military spouses. The 184 companies now involved have pledged to hire 300,000 veterans. They have hired 217,344 veterans through the end of 2014. For more information on the 100,000 Jobs Mission, visit jobsmission.com.
There are 11.7 million reasons to lead on trade. That’s the estimated number of American jobs supported by exports in 2014, our fifth consecutive year of record-breaking exports. These record performances are truly a “Team USA” effort, driven by businesses of all sizes from all sectors across our economy. If any one group deserves special attention, it is our small businesses, which comprise 98 percent of all American exporters.
To recognize that outsized contribution, our agencies have released a report that illustrates how access to global markets is benefiting small businesses across our nation. Currently, around 300,000 small- and medium-sized businesses across the 50 states export to foreign destinations, supporting millions of American jobs. Impressive as they are, these figures only scratch the surface of what is possible. With 95 percent of the world’s customers living outside of U.S. borders, there is enormous potential for our businesses – and small businesses in particular – to grow their exports, hire more American workers, and expand their bottom lines.
Among the many small businesses thriving in global markets is Planson International, which exports information and communication technology from New Gloucester, Maine to over 80 countries. Since 2004, Planson’s annual exports have grown from $5 million to $35 million, and its staff has grown from 5 to 35 employees. As President Connie Justice told us, “We attribute Planson’s success almost exclusively to export sales.” Due to its reliance on local U.S. suppliers, more business for Planson overseas means even more business here at home.
Of course, it is impossible to capture the diversity of talent, innovation, and hard work that help American small businesses drive our economy with a single snapshot. However, small businesses usually share some important characteristics that many of these stories highlight. Accounting for almost all private sector employment growth in recent decades, small businesses are a major source of jobs for American workers. Furthermore, small businesses that export to foreign markets tend to grow faster, hire more, and pay higher wages than small businesses that serve purely domestic markets.
Small businesses also face a common set of challenges when competing in the global marketplace. High tariffs can reduce already small margins, making exporting more difficult. Weak intellectual property rules can jeopardize the hard work, investment, and personal risk that go into making new products. The complexities of customs procedures and the lack of transparency around regulations can be overwhelming to small businesses. While large businesses are not immune to these challenges, smaller firms do not always have the means to take on the extra costs and risks. As a result, the vast majority of American small businesses still do not export at all, and of the small portion that do export, most only export to one country.
President Obama is committed to addressing these barriers and giving American businesses of all sizes a fair shot in markets around the world. The Trans-Pacific Partnership (TPP), which the United States is negotiating with 11 other nations, includes the first chapter dedicated to addressing the challenges faced by many small businesses. Its completion would open markets that are home to the fastest-growing middle class in the world to ‘Made in America’ goods and services. That would be welcome news for small businesses like Planson, which faces tariffs of up to 30 percent in TPP markets.
When TPP is combined with the Transatlantic Trade and Investment Partnership, an ambitious deal the United States is negotiating with the European Union, American businesses and their workers will be at the center of a free trade zone that covers nearly two-thirds of the global economy. With that central position, America can become the world’s production platform of choice, the place everyone wants to set up shop in order to make things and sell them here and around the world.
But realizing these gains requires leadership. In recent years, countries across the Asia-Pacific have struck more than 200 trade deals, while American workers and businesses have largely missed out. We cannot afford to sit on the sidelines as others strike deals that put our businesses and workers at a competitive disadvantage and encourage a race to the bottom. By moving forward with standards that reflect our interests and values, including the highest labor and environmental protections, we can protect American jobs and catalyze a race to the top.
The first step in that leadership is passing bipartisan trade promotion legislation, which puts Congress in the driver’s seat to define U.S. negotiating objectives and priorities for trade agreements. TPA clarifies and strengthens public and Congressional oversight by requiring consultation and transparency throughout the negotiating process. Importantly, it also makes clear to our trading partners that the Administration and Congress are on the same page in negotiating high standards in our trade agreements. Not surprisingly, Congress has used trade promotion legislation to work with American presidents from both parties going back to FDR, including every president during the last four decades.
As this new report underscores, the world wants what America is selling. To unlock the opportunity that beckons beyond our borders, we must lead on trade.
Article Is By US Trade Representative Michael Froman and Secretary of Commerce Penny Pritzker
Froman is the 17th USTR, serving since 2013. Pritzker is the 38th Secretary of Commerce, serving since 2013
WASHINGTON — U.S. Secretary of Labor Thomas E. Perez issued the following statement about the August 2015 Employment Situation report released today: “The strong and steady recovery of the U.S. economy continued last month, with the addition of 173,000 new jobs. August was the 66th consecutive month of private sector job growth with private employers having now created 13.1 million jobs since the beginning of 2010.
“The unemployment rate continues to fall, with August’s rate at 5.1 percent, down from a year ago when it was 6.1 percent. That makes a full year below 6 percent, following more than six years (73 straight months) of an unemployment rate above 6 percent.
“We saw growth in different sectors of the economy in August, for instance in health care, a sector that includes traditional occupations like nursing and jobs of the future like health IT. Local governments were also hiring, creating thousands of jobs such as teachers as our children head back to school in the fall.
“While the Great Recession is behind us, not every household is experiencing rising incomes and living standards. So many people are still struggling to find work. Even many of those who have jobs find themselves running in place, still unable to get ahead despite working harder than ever. For an even more robust recovery that lifts up more people, we need Congress to come together to raise the national minimum wage and pass a transportation infrastructure bill, along with avoiding self-inflicted wounds by eliminating sequestration.
“It’s also critical that workers have the ability to stand up and speak out for better wages, benefits and working conditions. The labor movement and union membership have traditionally been our most powerful expressions of worker voice. Next month when President Obama convenes a Summit on Worker Voice, we will focus on ways to strengthen organizing efforts and protect collective bargaining rights, in addition to exploring new models for empowering workers.
“In my travels around the country over the last month, I’ve met with workers, employers and community leaders who are working together to build an economy that expands opportunity for everyone. They share the president’s belief and my belief that we build a stronger nation through shared prosperity, that America is at its best when more people have more.
“As we celebrate Labor Day this weekend, let’s remember that this is a holiday about more than picnics, barbecues and enjoying the final, fleeting days of summer. It is a tribute to the ingenuity and mettle of America’s extraordinary working men and women. For everything they contribute to our economic strength and resilience, let’s do everything possible to help them thrive.”
MILWAUKEE, The latest Manpower Employment Outlook Survey, released today by ManpowerGroup, demonstrates a continuation of U.S. employers’ growing optimism about the labor market. The result is a seasonally adjusted Net Employment Outlook of +16% for the first quarter of 2015, a level last reported seven years ago in Q1 2008 when the Outlook was also +16%. The Outlook is relatively stable compared to Q4 2014 and slightly improved from one year ago at this time.
Globally, staffing levels are expected to grow by varying margins in all but four countries, but there is little evidence of a broad-based acceleration of hiring activity. In addition to the U.S., employer confidence in the U.K. also keeps up its gradual improvement. Hiring intentions in China and Brazil remain positive, but the energetic pace that once characterized both labor markets continues to slow to more modest levels. Meanwhile, hiring in Ireland and Spain is expected to regain momentum as Outlooks again turn positive following the dips into negative territory three months ago.
U.S. Results Summary
Of the more than 18,000 U.S. employers surveyed, 19 percent anticipate an increase in staff levels during Q1 2015, while 6 percent expect to reduce workforce levels. Seventy-three percent of employers report no change in their hiring plans, and the final 2 percent of employers are undecided about their hiring intentions. When seasonal variations are removed from the data, the U.S. Net Employment Outlook is +16%.
“As overall demand improves, we continue to see consistent, gradual strengthening in U.S. employers’ hiring plans,” said ManpowerGroup CEO Jonas Prising. “There’s a little wind at our backs, as evidenced by the broadly positive hiring plans, and we see that as boding well for 2015.”
U.S. Hiring Plans by Regions, Industry Sectors and States/Metro Areas
The first quarter research shows a slight increase in U.S. employers’ quarter-over-quarter hiring intentions across all regions, and a moderate increase in the Midwest and West compared to one year ago at this time.
Employers have a positive Outlook in all 13 industry sectors included in the survey, with Leisure & Hospitality, Wholesale & Retail Trade, Transportation & Utilities and Professional & Business Services employers reporting the strongest hiring intentions.
Employers in all 50 states, the District of Columbia and Puerto Rico have positive hiring Outlooks. Those in Hawaii, North Dakota, Delaware, Michigan and Texas indicate the strongest Net Employment Outlooks, while New Jersey, Alaska, New Hampshire and Rhode Island employers project the weakest Outlooks.
Among employers in the 100 largest metropolitan statistical areas, the strongest job prospects are expected in:
Cape Coral, Fla.
McAllen, Texas
Deltona, Fla.
Grand Rapids, Mich.
Milwaukee, Wis.
Oxnard, Calif.
The weakest Outlooks are projected in:
Spokane, Wash.
Portland, Ore.
Syracuse, N.Y.
Rochester, N.Y.
Indianapolis, Ind.
Global Results Summary
More than 65,000 employers across 42 countries and territories were interviewed to anticipate global labor market activity. Around the globe, employers in 38 of the 42 countries and territories report positive first-quarter hiring plans. This compares with 36 of 42 in Q4 2014.
Hiring intentions strengthen in 22 of 42 countries and territories when compared with Q4 2014, but decline in 12. When compared year-over-year, hiring intentions strengthen in 24 countries and territories but decline in 13.
Hiring confidence for the first three months of the new year is strongest among employers in India, Taiwan, New Zealand, Japan, Turkey and Panama while the weakest and only negative outlooks are reported in Finland, Italy, Netherlands and Switzerland.
“Employers are acutely aware that the economic situation could change on short notice due to unfolding geopolitical events or a slowdown in Europe, and that is contributing to moderate global jobs growth and a continuation of the patterns we’ve seen in prior quarters,” added Prising. “It remains a very slow and uneven labor market recovery globally, and employers are reacting to an uncertain environment with a degree of caution.”
Complete results for the Manpower Employment Outlook Survey are available for download. Data specific to the U.S. can be found here, and results for all 42 countries and territories surveyed are available here.
The next Manpower Employment Outlook Survey will be released on March 10, 2015, to report hiring expectations for Quarter 2 2015. Sign-up here to receive e-mail notification when the survey is available each quarter.
*The Net Employment Outlook, often shortened to simply Outlook or NEO, is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers expecting a decrease in hiring activity.
About ManpowerGroupManpowerGroup™ (NYSE: MAN) has been the world’s workforce expert, creating innovative workforce solutions, for more than 65 years. As workforce experts, we connect more than 600,000 men and women to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands — Manpower®, Experis™, Right Management ® and ManpowerGroup™ Solutions — we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2014, ManpowerGroup was named one of the World’s Most Ethical Companies for the fourth consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com.
The latest jobs report shows that our nation continues to bounce back from our worst economic crisis in generations. October was the most robust month of job growth in 2015, with total nonfarm employment increasing by 271,000.
Performance was especially strong in professional and business services, retail trade, and construction, which nearly doubled its prior 12-month average. Private employers have now added 13.5 million jobs over 68 straight months of growth, the longest such streak on record. The unemployment rate inched downward to 5.0 percent and has not been lower since February of 2008. Wages are up, as average hourly earnings rose by 9 cents in October and have enjoyed their largest over-the-year increase (2.5 percent) in more than six years.
Today’s report comes on top of other promising economic indicators. As of the end of August, there were 5.4 million job openings, the second most since we have been collecting that data. Over the 12-month period ending in September, gas prices fell 29.6 percent, putting more money in the pockets of working people. The U.S. auto industry, left for dead by many seven years ago, is surging back – the Big Three are now in the process of completing new collective bargaining agreements that will ensure their workers can get a fair share of the value they are helping create. In October as in September, auto sales maintained a pace that would surpass 18 million a year, the first time that has happened in back-to-back months since February 2000.
But our work is anything but done. There is ground to make up and challenges that remain. We need to continue creating jobs. We need a tighter labor market to continue putting upward pressure on wages. We need to close opportunity gaps and ensure that the wind at our back propels everyone forward.
President Obama and the Labor Department continue to take steps toward those goals: fighting for a higher minimum wage; investing in successful job-training strategies like the learn-while-you-earn apprenticeship model; giving people who have been involved in the criminal justice system greater access to job opportunities; and making affordable health care available to more people with the launch last week of the latest open enrollment period in the Health Insurance Marketplace.
With 14 and a half months to go in this administration – 441 days until “the weekend” – we want to work with Democrats and Republicans in Congress to complete the unfinished business of this recovery, to create shared prosperity and build an economy that works for everyone.
Total nonfarm payroll employment increased by 321,000 in November, and the unemployment
rate was unchanged at 5.8 percent, the U.S. Bureau of Labor Statistics reported today.
Job gains were widespread, led by growth in professional and business services, retail
trade, health care, and manufacturing.
Household Survey Data
In November, the unemployment rate held at 5.8 percent, and the number of unemployed
persons was little changed at 9.1 million. Over the year, the unemployment rate and
the number of unemployed persons were down by 1.2 percentage points and 1.7 million,
respectively.
Among the major worker groups, the unemployment rate for adult men rose to 5.4 percent
in November. The rates for adult women (5.3 percent), teenagers (17.7 percent), whites
(4.9 percent), blacks (11.1 percent), and Hispanics (6.6 percent) showed little change
over the month. The jobless rate for Asians was 4.8 percent (not seasonally adjusted),
little changed from a year earlier.
The number of long-term unemployed (those jobless for 27 weeks or more) was little
changed at 2.8 million in November. These individuals accounted for 30.7 percent of
the unemployed. Over the past 12 months, the number of long-term unemployed declined
by 1.2 million.
The civilian labor force participation rate held at 62.8 percent in November and has
been essentially unchanged since April. The employment-population ratio, at 59.2
percent, was unchanged in November but is up by 0.6 percentage point over the year.
The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers), at 6.9 million, changed little in November. These
individuals, who would have preferred full-time employment, were working part time
because their hours had been cut back or because they were unable to find a full-time
job.
In November, 2.1 million persons were marginally attached to the labor force,
essentially unchanged from a year earlier. (The data are not seasonally adjusted.)
These individuals were not in the labor force, wanted and were available for work,
and had looked for a job sometime in the prior 12 months. They were not counted as
unemployed because they had not searched for work in the 4 weeks preceding the
survey.
Among the marginally attached, there were 698,000 discouraged workers in November,
little different from a year earlier. (The data are not seasonally adjusted.)
Discouraged workers are persons not currently looking for work because they believe
no jobs are available for them. The remaining 1.4 million persons marginally attached
to the labor force in November had not searched for work for reasons such as school
attendance or family responsibilities.
Establishment Survey Data
Total nonfarm payroll employment rose by 321,000 in November, compared with an
average monthly gain of 224,000 over the prior 12 months. In November, job growth
was widespread, led by gains in professional and business services, retail trade,
health care, and manufacturing. (See table B-1.)
Employment in professional and business services increased by 86,000 in November,
compared with an average gain of 57,000 per month over the prior 12 months. Within
the industry, accounting and bookkeeping services added 16,000 jobs in November.
Employment continued to trend up in temporary help services (+23,000), management
and technical consulting services (+7,000), computer systems design and related
services (+7,000), and architectural and engineering services (+5,000).
Employment in retail trade rose by 50,000 in November, compared with an average
gain of 22,000 per month over the prior 12 months. In November, job gains occurred
in motor vehicle and parts dealers (+11,000); clothing and accessories stores
(+11,000); sporting goods, hobby, book, and music stores (+9,000); and nonstore
retailers (+6,000).
Health care added 29,000 jobs over the month. Employment continued to trend up in
offices of physicians (+7,000), home health care services (+5,000), outpatient care
centers (+4,000), and hospitals (+4,000). Over the past 12 months, employment in
health care has increased by 261,000.
In November, manufacturing added 28,000 jobs. Durable goods manufacturers accounted
for 17,000 of the increase, with small gains in most of the component industries.
Employment in nondurable goods increased by 11,000, with plastics and rubber products
(+7,000) accounting for most of the gain. Over the year, manufacturing has added
171,000 jobs, largely in durable goods.
Financial activities added 20,000 jobs in November, with half of the gain in insurance
carriers and related activities. Over the past year, insurance has contributed 70,000
jobs to the overall employment gain of 114,000 in financial activities.
Transportation and warehousing employment increased by 17,000 in November, with a
gain in couriers and messengers (+5,000). Over the past 12 months, transportation
and warehousing has added 143,000 jobs.
Employment in food services and drinking places continued to trend up in November
(+27,000) and has increased by 321,000 over the year.
Construction employment also continued to trend up in November (+20,000). Employment in
specialty trade contractors rose by 21,000, mostly in the residential component. Over
the past 12 months, construction has added 213,000 jobs, with just over half the gain
among specialty trade contractors.
In November, the average workweek for all employees on private nonfarm payrolls rose
by 0.1 hour to 34.6 hours. The manufacturing workweek rose by 0.2 hour to 41.1 hours,
and factory overtime edged up by 0.1 hour to 3.5 hours. The average workweek for
production and nonsupervisory employees on private nonfarm payrolls was unchanged at
33.8 hours.
Average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents
to $24.66 in November. Over the year, average hourly earnings have risen by 2.1 percent.
In November, average hourly earnings of private-sector production and nonsupervisory
employees increased by 4 cents to $20.74.
The change in total nonfarm payroll employment for September was revised from +256,000
to +271,000, and the change for October was revised from +214,000 to +243,000. With
these revisions, employment gains in September and October combined were 44,000 more
than previously reported.
MILWAUKEE, – ManpowerGroup Solutions, the world’s largest RPO provider, released the insights paper today, “Rethinking Retention: A User Experience Approach to Keeping Great People.” As traditional retention incentives become unsustainable, organizations are looking for new ways to attract and retain the best talent. ManpowerGroup Solutions provides a fresh perspective on retention, using a method most commonly found in product and service development: user experience modeling. This approach places employee motivations, interests and behaviors at the heart of organizational culture.
“Companies aren’t investing in organizationally-aligned retention strategies in the same way they do their brand and employer value proposition,” said Steve Lopez, vice president, ManpowerGroup Solutions, Consulting & Solutions. “Retention strategies that are in place tend to be one-size-fits-all, which doesn’t effectively meet employee needs. We segment our customer market – why not our employees?”
Many companies neglect to invest in making retention a part of organizational culture, with everyone aligned to a singular set of retention-focused expectations and behaviors. Integrating a user experience retention model that starts from the moment an individual first learns about an organization, all the way through to the exit interview, takes significant time, planning and stakeholder engagement, and can be difficult to achieve among competing priorities. Organizations should analyze their existing retention models using the following steps:
1.Conduct a user needs survey: Evaluate your value proposition and understand your candidates and employees – where to find them, what drives them and what they want in their careers.
2.Develop, test and refine content: Gather and analyze survey results to understand what people need. For example, candidates may want more corporate culture insight, while employees might be more motivated by information about development opportunities.
3.Evaluate functionality: Ask people if the systems in place work for them and create engagement. Understand when, where, why and how retention is breaking down.
4.Design the process: Ensure that candidates and employees can intuitively find the resources they need to enjoy doing their job well. This requires understanding when, where and how people interact with the employer brand, from digital channels and internal communication, to managers, mentors, peers and third-party sources.
5.Create a visual experience: Consider how people experience your organization from the standpoint of web/social media, office and workspace, and external marketing. Ensure the visual experiences aligns with the organization’s mission, vision, values and culture.
“Employers are quick to turn to conventional wisdom when it comes to retention, assuming it’s either a must-have or something impossible to achieve. In reality, retention is about strategic growth and finding right-fit employees that contribute to the long-term survival and success of the organization,” said Lopez. “Creating a culture and mindset of user-centered retention will generate deep engagement that yields the retention organizations desire.”
MILWAUKEE, – Experis, the global leader in professional resourcing and project-based solutions, and part of the ManpowerGroup (NYSE: MAN) family of companies, has today announced it will acquire the majority ownership of Veritaaq in Canada. With this transaction, which is expected to close in late September, Experis further strengthens its capabilities across North America and complements the organic growth of the Experis business in Canada.
Veritaaq is one of the largest suppliers of IT consulting services to Canada’s federal government and partner to leading telecommunications, financial services, and oil and gas organizations. Veritaaq currently operates in Ottawa, Toronto, Montreal, Vancouver and Calgary.
“This strategic partnership helps further accelerate our strategy of shifting our business mix towards higher value and professional solutions,” said Jonas Prising, ManpowerGroup CEO. “Employers need the best IT professionals to keep pace with technological advances, and this acquisition allows us to bring even more IT talent to organizations so they can achieve their business objectives.”
“Veritaaq has been looking for a partner to help us continue our growth strategy and build on our success,” said Paul Genier, Veritaaq President. “I am delighted that we have found that partner in Experis, and this strategic initiative will provide tremendous benefits in dramatically increasing Veritaaq’s breadth and scale of service offerings.”
About ManpowerGroupManpowerGroup® (NYSE: MAN) is the world’s workforce expert, creating innovative workforce solutions for more than 65 years. As workforce experts, we connect more than 600,000 people to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands – Manpower®, Experis®, Right Management ® and ManpowerGroup® Solutions – we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2015, ManpowerGroup was named one of the World’s Most Ethical Companies for the fifth consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com
About Experis
Experis™ is the global leader in professional resourcing and project-based solutions. Experis accelerates organizations’ growth by attracting, assessing and placing specialized expertise in IT, Finance and Engineering to deliver in-demand talent for mission-critical positions and projects, enhancing the competitiveness of the organizations and people we serve. Experis is part of the ManpowerGroup family of companies, which also includes Manpower, ManpowerGroup Solutions and Right Management. To learn more, visit www.experis.com
About VeritaaqVeritaaq is a leading IT consulting firm helping organizations achieve their business goals by leveraging information technology. With more than 30 years of experience, Veritaaq has a proven track record of building trusted relationships while providing the highest level of IT consulting.
Headquartered in Ottawa, Ontario, with offices in Toronto, Vancouver, Montreal, and Calgary, our team includes more than 750 highly specialized consultants. Veritaaq works with top clients in the telecommunications, financial, and oil and gas sectors and also serves all levels of government.
ROSELAND, N.J. – ADP®, a leading global provider of Human Capital Management (HCM) solutions, today announced its sponsorship and collaboration with the Million Women Mentors® (MWM) initiative. MWM will launch Jan. 8, 2014 during National Mentoring Month, in Washington, D.C. at the National Press Club. The initiative will support the engagement of one million science, technology, engineering and math (STEM) mentors – male and female – to increase the interest and confidence of girls and young women to pursue and succeed in STEM degrees and careers.
“Encouraging young people, particularly young women, to consider STEM careers is an important initiative that has significant social and economic benefits, that is why ADP supports several higher learning institutions and non-profit organizations that include this focus in their mission,” said ADP President and CEO Carlos Rodriguez. “Supporting the Million Women Mentors program is a great opportunity for us to expand our efforts and we hope other companies across the country will join us.”
In the past 10 years, growth in STEM jobs has been three times greater than that of non-STEM jobs. Today 80% of the fastest growing occupations in the United States depend on mastery of mathematics and knowledge and skills in hard sciences. While women comprise 48% of the U.S. workforce, just 24% are in STEM fields, a statistic that has held constant for nearly the last decade. Even though 75% of all college students are women and students of color, they represent only 45% of STEM degrees earned each year. Too many of these young women begin in STEM programs but leave those degree paths despite their good academic standing, often citing uncomfortable classroom experiences and disconcerting climate. Even when women earn a STEM degree, they are less likely than their male counterparts to work in a STEM field even though STEM jobs pay more and have a lower wage gap: 92 cents on a dollar versus 75 cents in other fields.*
One STEM initiative launched in 2013 by ADP’s Cobalt division, which supplies digital marketing solutions to the automotive industry, is “Girls Who Code.” Girls Who Code is an eight-week paid summer internship program for high school girls who have studied Advanced Placement computer science. It offers a highly-structured approach where two-girl teams are given a project to complete along with a mentor to guide them. Other opportunities to interact with Cobalt professionals to get advice, mentoring and career insights are provided, particularly by women associates.
“Girls Who Code is a perfect fit with our diversity and inclusion goals at ADP, as is Million Women Mentors,” said Rita Mitjans, Chief Diversity and Corporate Social Responsibility officer at ADP. “It is programs like these that will positively contribute to economic growth by empowering a significant segment of the workforce and help us to attract and retain the next generation of STEM talent among young women.”
Million Women Mentors is a collective effort of more than 41 non-profit, media, education and government industry partners and nine corporate sponsors. During National Mentoring Month ADP will actively engage its Executive Women In Leadership group, IT leaders across the company and ADP’s Regional Diversity Councils and Resource Groups, to bring awareness to the issue of increasing girls in STEM and recruit mentors for the MWM initiative.
This Press Release is courtesy of www.ADP.com
ROSELAND, NJ – 02/03/16 – Private sector employment increased by 205,000 jobs from December to January according to the January ADP National Employment Report®. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by ADP® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
Payrolls for businesses with 49 or fewer employees increased by 79,000 jobs in January, down from December’s upwardly revised 101,000. Employment among companies with 50-499 employees increased by 82,000 jobs, up still further from December’s upwardly revised 77,000. Employment at large companies — those with 500 or more employees — came in at 44,000, half of December’s downwardly revised 88,000. Companies with 500-999 added 15,000 jobs, while companies with over 1,000 employees gained 30,000 jobs.
Goods-producing employment rose by 13,000 jobs in January, well off from December’s upwardly revised 30,000. The construction industry added 21,000 jobs, which was roughly in line with the average monthly jobs gained during 2015. Meanwhile, manufacturing neither added nor lost jobs.
Service-providing employment rose by 192,000 jobs in January, down from an upwardly revised 237,000 in December. The ADP National Employment Report indicates that professional/business services contributed 44,000 jobs, down from 69,000 in December. Trade/transportation/utilities grew by 35,000, up slightly from a downwardly revised 33,000 the previous month. The 19,000 new jobs added in financial activities were the most in that sector since March 2006.
“One of the main reasons for lower overall employment gains in January was the drop off in jobs added at the largest companies compared to December. These businesses are more sensitive to current economic conditions than small and mid-sized companies,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “Over the past year, businesses with less than 500 employees have created nearly 80 percent of new jobs.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth remains strong despite the turmoil in the global economy and financial markets. Manufacturers and energy companies are reducing payrolls, but job gains across all other industries remain robust. The U.S. economy remains on track to return to full employment by mid-year.”
The matched sample used to develop the ADP National Employment Report was derived from ADP payroll data, which represents 411,000 U.S. clients employing nearly 24 million workers in the U.S. The December total of jobs added was revised from 257,000 to 267,000.
To obtain additional information about the ADP National Employment Report, including additional charts, supporting data and the schedule of future release dates, or to subscribe to the monthly email alerts and RSS feeds, please visit www.adpemploymentreport.com.
About the ADP National Employment Report®
The ADP National Employment Report® is a monthly measure of the change in total U.S. nonfarm private employment derived from actual, anonymous payroll data of client companies served by ADP®, a leading provider of human capital management solutions. The report, which measures nearly 24 million U.S. workers, is produced by the ADP Research Institute®, a specialized group within the company that provides insights around employment trends and workforce strategy, in collaboration with Moody’s Analytics, Inc.
Each month, ADP issues the ADP National Employment Report as part of the company’s commitment to adding deeper insights into the U.S. labor market and providing businesses, governments and others with a source of credible and valuable information. The ADP National Employment Report is broadly distributed to the public each month, free of charge.
The data for this report is collected for pay periods that can be interpolated to include the week of the 12th of each month, and processed with statistical methodologies similar to those used by the U.S. Bureau of Labor Statistics to compute employment from its monthly survey of establishments. Due to this processing, this subset is modified to make it indicative of national employment levels; therefore, the resulting employment changes computed for the ADP National Employment Report are not representative of changes in ADP’s total base of U.S. business clients.
For a description of the underlying data and the statistical model used to create this report, please see “ADP National Employment Report: Development Methodology” at http://adpemploymentreport.com/common-legacy/docs/ADP-NER-Methodology-Full-Detail.pdf.
About Moody’s Analytics
Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services, and research, including the proprietary analysis of Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody’s Analytics is a subsidiary of Moody’s Corporation (NYSE: MCO), which reported revenue of $3.3 billion in 2014, employs approximately 10,200 people worldwide and maintains a presence in 35 countries. Further information is available at www.moodysanalytics.com.
About ADP (NASDAQ: ADP)
Powerful technology plus a human touch. Companies of all types and sizes around the world rely on ADP’s cloud software and expert insights to help unlock the potential of their people. HR. Talent. Benefits. Payroll. Compliance. Working together to build a better workforce. For more information, visit ADP.com.
ROSELAND, N.J. – January 7, 2015 – Private sector employment increased by 241,000 jobs from November to December according to the December ADP National Employment Report®. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by ADP®, a leading global provider of Human Capital Management (HCM) solutions, in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
Payrolls for businesses with 49 or fewer employees increased by 106,000 jobs in December, up from 99,000 in November. Employment among companies with 50-499 employees rose by 70,000, down slightly from November’s increase of 73,000. Employment at large companies – those with 500 or more employees – increased from 54,000 the previous month to 66,000 jobs added in December. Companies with 500-999 employees added 22,000 jobs, up from November’s 12,000, which accounted for most of the increase. Companies with over 1,000 employees added 43,000 jobs, just above November’s 42,000.
Goods-producing employment rose by 46,000 jobs in December, up from 40,000 jobs gained in November. The construction industry added 23,000 jobs, up from last month’s gain of 20,000. Meanwhile, manufacturing added 26,000 jobs in December, well above November’s 16,000 and the second highest monthly total of 2014 in that sector.
Service-providing employment rose by 194,000 jobs in December, up from 187,000 in November. The ADP National Employment Report indicates that professional/business services contributed 69,000 jobs in December. Expansion in trade/transportation/utilities grew by 44,000, down from November’s 54,000. The 16,000 new jobs added in financial activities was well above last month’s 5,000 and represented the largest monthly gain for 2014 in that sector.
“December delivered another strong number well above 200,000 to close out a solid year of employment growth with over two and a half million jobs added,” said Carlos Rodriguez, president and chief executive officer of ADP. “Small businesses continued to lead the way, but mid-sized and large companies also showed solid gains.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues to power forward. Businesses across all industries and sizes are adding to payrolls. At the current pace of job growth, the economy will be back to full employment by this time next year.”
The matched sample used to develop the ADP National Employment Report was derived from ADP payroll data, which represents 411,000 U.S. clients employing nearly 24 million workers in the U.S. The November total of jobs added was revised from 208,000 to 227,000.
To obtain additional information about the ADP National Employment Report, including additional charts, supporting data and the schedule of future release dates, or to subscribe to the monthly email alerts and RSS feeds, please visit www.adpemploymentreport.com.
About the ADP National Employment Report®
The ADP National Employment Report® is a monthly measure of the change in total U.S. nonfarm private employment derived from actual, anonymous payroll data of client companies served by ADP®, a leading provider of human capital management solutions. The report, which measures nearly 24 million U.S. workers, is produced by the ADP Research Institute®, a specialized group within the company that provides insights around employment trends and workforce strategy, in collaboration with Moody’s Analytics, Inc.
Each month, ADP issues the ADP National Employment Report as part of the company’s commitment to adding deeper insights into the U.S. labor market and providing businesses, governments and others with a source of credible and valuable information. The ADP National Employment Report is broadly distributed to the public each month, free of charge.
The data for this report is collected for pay periods that can be interpolated to include the week of the 12th of each month, and processed with statistical methodologies similar to those used by the U.S. Bureau of Labor Statistics to compute employment from its monthly survey of establishments. Due to this processing, this subset is modified to make it indicative of national employment levels; therefore, the resulting employment changes computed for the ADP National Employment Report are not representative of changes in ADP’s total base of U.S. business clients.
For a description of the underlying data and the statistical model used to create this report, please see “ADP National Employment Report: Development Methodology” at www.adpemploymentreport.com/docs/ADP-NER-Methodology-Full-Detail.pdf.
About Moody’s Analytics
Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services and research, including the proprietary analysis of Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody’s Analytics is a subsidiary of Moody’s Corporation (NYSE: MCO), which reported revenue of $3.0 billion in 2013, employs approximately 9,700 people worldwide, and has a presence in 31 countries. More information is available at www.moodysanalytics.com.
About ADP
Employers around the world rely on ADP® (NASDAQ: ADP) for cloud-based solutions and services to help manage their most important asset – their people. From human resources and payroll to talent management to benefits administration, ADP brings unmatched depth and expertise in helping clients build a better workforce. A pioneer in Human Capital Management (HCM) and business process outsourcing, ADP serves more than 610,000 clients in 100 countries. ADP.com.
ROSELAND, N.J. — More than ever, businesses need to be able to source the right talent with limited resources so they can adapt, recover, and grow. That is why ADP®, a leading global provider of human capital management (HCM) solutions, is deepening its integration with ZipRecruiter®, the fastest-growing online employment marketplace2 and #1-rated job search app.3
ADP is the first HCM provider to make ZipRecruiter available directly to customers through its online platform. ZipRecruiter is now seamlessly embedded within ADP Workforce Now Recruitment, giving recruiters access to more qualified candidates and to intelligent tools that identify the best candidates for their roles.
“ADP is proud to deepen our relationship with ZipRecruiter. Over the past few years, we have helped tens of thousands of our shared customers find and hire the right candidates quickly,” said Laura Brown, president, major account services and ADP Canada. “Further integration will provide a strong return on investment for clients, continuing to lift ADP above competitors through unmatched data and intelligent technology.”
“ZipRecruiter is excited to provide a strong, reliable and streamlined solution for ADP’s customers at an especially challenging time in the economy,” said Ian Siegel, Co-Founder & CEO at ZipRecruiter. “ZipRecruiter’s tools are flexible, efficient, and easy, and free up time so that businesses can focus on adapting to changing business needs, innovating, and achieving their goals.”
The integration includes several key features:
Tools to help businesses find quality candidates faster:
Businesses will be able to distribute their jobs across 100+ job sites and reach over 30 million job seekers a month via mobile and web.1
Businesses will be able to use ZipRecruiter’s sponsored job posts to receive ten times more applicants, on average, than organic job posts typically do.4 Four out of five employers who post on ZipRecruiter receive a quality candidate within the first day.
ZipRecruiter’s industry-leading, smart-matching technology actively identifies qualified candidates and invites them to apply.
Ease and flexibility:
Job slots are flexible, allowing employers to easily swap a new job into a job slot or pause a search and activate it later.
If employers need to sponsor more jobs, they will be able to purchase additional sponsored job slots through the ADP Workforce Now Recruitment Module in 2021.
Employers who want to boost visibility of their jobs can purchase Traffic Boost within the Recruitment Module to drive additional applications in 2021.
Seamless integration with ADP Workforce Now:
Employers receive applications from candidates in real-time and view them directly in the ADP Workforce Now Recruitment module, eliminating complicated workflows, implementation time, and budget management.
One-Click apply ensures companies don’t miss out on top talent due to lengthy applications. With ZipApply, candidates can apply to jobs with just one click.
The integration is also complemented by new embedded recruitment capabilities powered by ADP® DataCloud, an award-winning people analytics and benchmarking platform that provides clients with in-depth workforce and business insights to enable critical HR decisions. These embedded intelligence capabilities are designed to help reduce time to fill and increase offer conversion rate. The first of these new intelligent features for recruitment is Profile Relevancy, a tool to help score, assess and match candidates that are the best fit for a job opening. The machine learning model is trained on 30M+ resumes and 5M+job postings to evaluate the skills, experience, and education fit across applications to bubble up the best candidates for recruiters.
Joining Profile Relevancy are ADP’s Compensation Benchmarks, which provides industry and geographic-level compensation data when creating job requisitions for guided, in-line decision making utilizing insights from over 90M unique employees and over 740k companies. Compensation Benchmarks help ensure confidence when making competitive job offers in a dynamic market.
ZipRecruiter’s smart matching technology and one-click ZipApply is currently available via ADP Workforce Now v24. To learn more about the full benefits that ADP and ZipRecruiter have to offer, please visit this link.
About ADP (NASDAQ – ADP)
Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people. Learn more at ADP.com.
About ZipRecruiter
ZipRecruiter is a leading online employment marketplace that uses smart matching technology to actively connect millions of employers and job seekers. Since its inception in 2010, ZipRecruiter has helped over 2.3 million businesses of all sizes (from SMBs to Fortune 500 companies) find great candidates. Reaching over 30 million job seekers each month1, ZipRecruiter is the #1 Rated Job Search App on iOS and Android3 and is Rated #1 by Employers.5
ROSELAND, N.J — While technology and innovation are transforming the way we work, they are also directly impacting why, when and where we work. In a first-of-its-kind study, the ADP Research Institute puts the spotlight on the gig workforce in organizations, often described as a hidden or ‘shadow workforce.’ The research report titled, Illuminating the Shadow Workforce: Insights into the Gig Workforce in Businesses, reveals tenured workers and retirees are capitalizing on the tight U.S. labor market and the need for skilled workers, by turning to gig work. The report also found 1 in 6 enterprise workers are actually gig workers paid as either 1099-MISC (1099-M) workers or short-term W-2 employees working one to six months. The report takes a close look at their compensation, varied skill sets, and motivations.
Backed by anonymized payroll data of 18 million workers from 75,000 companies, coupled with 16,800 direct survey responses from traditional employees and gig workers, and 21 C-level executive interviews, the research shows that this changing composition of the workforce has significant talent management, budget and compliance implications for businesses of all sizes.
In addition, the ADP Research Institute identified two worlds of gig workers in businesses. The first is comprised of 1099-M contractors who are independent contractors, often hired for their skillset on a project basis. These skilled, tenured workers tend to be older, highly educated and choose to work on what they enjoy. In fact, 30% of 1099-M gig workers are aged 55 or older. For some, their gig work is supplemental income to their retirement savings. The second includes short-term W-2 employees who are younger, less educated, have a lower income, and are typically working on a seasonal or on-call hire basis.
“It is clear there is a fundamental shift in the workforce as innovation continues to transform work, increasing the demand for skilled workers,” said Ahu Yildirmaz, co-head of the ADP Research Institute. “To bridge the talent gap in today’s tight labor market, many companies are hiring skilled workers at a premium. Our research shows that companies are turning to tenured, skilled workers and retirees on a gig-basis to meet this growing demand.”
Spotlight on the Gig Employment and Key Findings
Following are additional takeaways from the report:
Gig work is growing: From 2010 to 2019, the share of gig workers in businesses has increased by 15%, with both short-term W-2 and 1099-M gig workers contributing equally to this growth. The research indicates gig work will continue to grow, further impacting workforce dynamics and forcing companies to optimize talent management and workforce strategy.
Every industry relies on gig workers: Recreation, construction and business services are the top three industries utilizing the gig workforce.
Contract life is a choice: More than 70% of 1099-M gig workers say they are working independently by their own choice, not because they can’t find a “traditional” job. Most seem happy with gig work and place a premium on flexibility as a driving motivation behind their decision, over financial security or benefits. In fact, 60% of 1099-M gig workers say they will continue to gig for the next three years.
Gig work is not sporadic: More than half of the 1099-M contractors work for the same company for 12 consecutive months just like any traditional W-2 employee.
Earning potential is similar to a traditional worker: The average income for employees working for 12 consecutive months is similar, regardless of being a 1099-M worker or a traditional W-2 employee.
Millennials and Gen Z gig it their way: Gig workers under the age of 34 view themselves as traditional employees, perhaps reflecting the shift in the workforce. However, the prospect of health insurance does not appear to change their job behavior. In fact, 74% say they would continue to work as a 1099-M worker, even if they lost their current health insurance.
Added Yildirmaz, “While the term ‘gig worker’ has seamlessly integrated into our vernacular and culture, there has been no real data-driven insight into the gig workforce in the enterprise space. This ‘shadow workforce’ is comprised of workers with vast skillsets, who work across all industries and in all regions of the U.S. Additionally, we have found that the majority of these workers are doing gig work out of preference.”
To see the detailed report, Illuminating the Shadow Workforce: Insights into the Gig Workforce in Businesses, including all data and insights, please download the report here.
About the ADP Research Institute
The mission of the ADP Research Institute is to generate data-driven discoveries about the world of work, and to derive reliable economic indicators from these insights. We offer these findings to the world at large as our unique contribution to making the world of work better and more productive, and to bring greater awareness to the economy at large.
About ADP (NASDAQ: ADP)
Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits, and Payroll. Informed by data and designed for people. Learn more at ADP.com
U.S. Secretary of Commerce Penny Pritzker and U.S. Trade Representative Michael Froman today hosted a Chinese delegation led by Vice Premier Wang Yang for the 25th session of the U.S.-China Joint Commission on Commerce and Trade (JCCT), which took place in Chicago. At the conclusion of the discussions, the United States announced key outcomes in the areas of agricultural market access, intellectual property rights protection, innovation policies, and competition law enforcement.
Today’s negotiations followed a full day of events designed to facilitate private sector engagement with officials from the U.S. and China in a reinvigorated JCCT. Yesterday’s program included a roundtable discussion on bilateral investment hosted by the U.S. Chamber of Commerce and the Paulson Institute; a luncheon to celebrate the Gateway Cities partnership hosted by World Business Chicago; a cooperative travel and tourism program hosted by the U.S. Travel Association; and a discussion on developing a shared vision of economic leadership hosted by The Chicago Council on Global Affairs.
U.S. Secretary of Agriculture Tom Vilsack and U.S. Ambassador to China Max Baucus also participated in this year’s JCCT.
“The JCCT is the time and place for the U.S. and China to address issues of mutual concern so we can get more business done between our two countries,” said U.S. Secretary of Commerce Penny Pritzker. “While we enjoy a robust trade relationship with China – our exports were $161 billion in 2013 – there is more we can do to facilitate greater cooperation between our governments and our private sectors. This year we sought to ‘reimagine’ the JCCT to engage businesses from both countries in a dialogue about how to strengthen the trade and investment relationship between the world’s two largest economies, and we made significant progress.”
“This year’s JCCT produced concrete results. We achieved progress on tough issues that American exporters face in our largest export market outside North America,” said U.S. Trade Representative Michael Froman. “The benefits will be felt around the country, in our agricultural heartland, in high-tech from medicines to semiconductors, in the creative industries, and in many other sectors that support good-paying jobs across our economy.”
“The vice ministerial-level Strategic Agricultural Innovation Dialogue that we agreed to will begin early next year with multiple Chinese ministries,” said Secretary Vilsack. “These discussions will showcase U.S. innovation and create new economic opportunities in a wide range of agricultural industries, while addressing food security, climate change and environmental protection.”
The JCCT holds high-level plenary meetings on an annual basis to review progress made by 16 working groups that meet throughout the year to focus on a wide variety of trade and investment issues. These working groups address topics such as intellectual property rights, agriculture, pharmaceuticals and medical devices, information technology, tourism, commercial law, environment and statistics.
Established in 1983, the JCCT is the primary forum for addressing bilateral trade and investment issues and promoting commercial opportunities between the United States and China. The 2013 JCCT meeting was held in Beijing.
Overview of JCCT Discussions
Through sustained engagement over the course of this past year, the United States and China have reached agreement in several areas of key importance to U.S. farmers, innovators, manufacturers and workers, including in the following areas:
Agriculture market access: China has made commitments that should promote significant increases in U.S. exports of soybeans, corn and dairy products to China. Specifically, China announced that it would approve the importation of new biotechnology varieties of U.S. soybeans and corn – current annual U.S. exports of soybeans and corn to China total $14 billion and $3.5 billion, respectively – and also that it would pursue a regular dialogue with the United States focused on the benefits of the increased use of innovative technologies in agriculture, for both the United States and China. China also agreed to strong IP protections for products that use trademarks or common names like “parmesan” or “feta” cheese, which in recent years have begun to demonstrate a potential for rapid export growth vis-à-vis China.
IPR protection: China’s IPR-related commitments cover a range of needed improvements, which should benefit U.S. businesses in a wide variety of industries that rely on the ability to protect their trade secrets, as well as U.S. holders of patents, trademarks and copyrights. For example, in the area of trade secrets, building on prior bilateral commitments made by China, the United States has gained China’s agreement to take specific additional steps to protect companies’ trade secrets and to work on a new trade secrets law to further enhance their protections. The United States also has secured China’s agreement to, among other things, bring new focus to the two countries’ work together to determine how best to foster a better environment for facilitating increased sales of legitimate intellectual property-intensive goods and services in China.
Innovation policies: The United States continued to pursue changes to Chinese policies and practices that have pressured foreign companies to transfer valuable intellectual property rights to enterprises in China. For example, China committed to ensure that they treat foreign IP rights the same as domestic IP rights. China also has agreed to streamline China’s regulatory processes and cut red tape for imports of new, innovative pharmaceuticals and medical devices, which should lead to increases in U.S. exports and U.S. jobs in these two important sectors.
Indeed, according to industry data, the U.S. pharmaceuticals industry directly employs more than 810,000 workers and supports a total of 3.4 million jobs in the United States, while annual exports of U.S. pharmaceutical products to China have exceeded $1.2 billion. The U.S. medical device industry, meanwhile, includes over 7,000 companies, most with less than 100 employees, supports 1.9 million U.S. jobs overall, and was responsible for $2.7 billion in exports to China in 2013.
Competition policy enforcement: The United States was able to address a significant concern for many foreign companies, which have expressed serious concern about insufficient predictability, fairness and transparency in the investigative processes of China’s Anti-Monopoly Law enforcement. The Chinese side agreed that, under normal circumstances, a foreign company in an Anti-Monopoly Law investigation would be permitted to have counsel present and to consult with them during proceedings. China also made several additional commitments, including to treat domestic and foreign companies equally and to provide increased transparency for investigated companies.
The United States and China also held a strategic economic discussion of excess capacity – from steel to solar panels, its causes and costs, and strategies for dealing with it.
SEATTLE– Amazon (NASDAQ: AMZN) today announced the launch of the Amazon Payments Partner Program, a new global program designed to help ecommerce platform providers and developers extend the trust and familiarity of Amazon Payments to their merchant customers. The Amazon Payments Partner Program offers unique tools and services to help Partners grow their merchant business by offering easy integration with Amazon Payments.
The Amazon Payments Partner Program includes solution pre-integration and best practices to help ensure that merchants receive the most effective solutions. Merchants will be eligible to receive exclusive benefits and services from the program such as knowledge-sharing and white glove integration services. The program is free to participate in and available by invitation in the United States, Germany, United Kingdom and Japan.
“The Amazon Payments Partner Program provides Partners with the tools and resources needed to extend the trust and convenience of the Amazon experience to their merchant customers,” said Patrick Gauthier, vice president, Amazon Payments. “We are working together across geographies and industries to help merchants grow and create experiences that delight customers throughout the shopping journey.”
The Amazon Payments Partner Program includes Premier Partner, Certified Partner, and Certified Developer levels, with distinct certified categories for ecommerce platform providers and developers. As members of the Amazon Payments Partner Program, Partners are eligible to receive account management, planning support, technical resources and training, Partner directory listing, Partner designation with exclusive logos, and certain Partners may also be eligible for co-marketing activities.
“The convenience and trust that Amazon Payments provides customers already attracts lots of our merchants. We are honored to participate in the Amazon Payments Partner Program,” said Yuko Hoshino, President of Future Shop Co., Ltd. “Together, we will support the growth of our merchant business and contribute to the revitalization of the ecommerce industry in Japan by combining the capabilities of FutureShop2 with the convenience of Amazon Payments.”
“Amazon Payments extends the trusted and familiar experience of Amazon to our merchants across Europe and the United States,” said Corinne Lejbowicz, CEO PrestaShop SA. “We’re excited to be a Premier Partner in Amazon Payments Partner Program as we provide our users with the tools and resources necessary to grow their business.”
“Our merchants want to offer their customers a payment solution that is trusted, easy and familiar,” said Brennan Loh, Director of Business Development at Shopify. “We’re excited to be a Premier Partner in the Amazon Payments Partner Program, enabling our merchants to offer Pay with Amazon.”
To learn more about Amazon Payments Partner Program, visit: https://payments.amazon.com/merchant/global-partner-program.
About Amazon
Amazon.com opened on the World Wide Web in July 1995. The company is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon. For more information, visit www.amazon.com/about.
SEATTLE — (NASDAQ: AMZN) – Amazon today announced Amazon Launchpad, a new program that makes it easy for startups to launch, market, and distribute their products to hundreds of millions of Amazon customers across the globe. The program offers a streamlined onboarding experience, custom product pages, a comprehensive marketing package, and access to Amazon’s global fulfillment network, all geared toward helping startups successfully launch their innovations and share their stories. With Amazon Launchpad, startups can overcome many of the challenges associated with launching new products by using Amazon’s retail expertise and infrastructure to create awareness and drive sales.
“As the pace of innovation continues to increase within the startup community, we want to help customers discover these unique products and learn the inspiration behind them. We also know from talking to startups that bringing a new product to market successfully can be just as challenging as building it,” said Jim Adkins, Vice President, Amazon. “Amazon Launchpad gives customers access to a dedicated storefront featuring a variety of innovative new products from emerging brands. For startups, we handle inventory management, order fulfillment, customer service, and more, allowing them to focus their efforts on the innovation that results in more cool products.”
Amazon Launchpad offers participating startups:
Brand Development: Custom product pages help bring products to life through visually-compelling imagery and videos. Founders can tell their story and connect with customers in a personal way with Q&A about the startup. Products from these emerging brands are featured in the new Amazon Launchpad store, which is dedicated to showcasing startups and their innovations.
Customer Reach: Amazon’s most powerful marketing tools – including merchandised placements, personalized recommendations, and participation in the Amazon Vine customer reviews program – give products from startups added visibility. Startups also enjoy access to Amazon’s global fulfillment network, fast and free shipping with Amazon Prime, and customer service.
Global Expansion: When startups are ready to reach customers outside the U.S., Amazon Launchpad can help them expand globally with cost-effective supply chain solutions and marketing programs in more than 10 Amazon marketplaces around the world.
Amazon is working with more than 25 venture capital firms, startup accelerators, and crowd-funding platforms to bring startups into the Amazon Launchpad program. Andreessen Horowitz, Y Combinator, and Indiegogo are a few of the companies that have funded the more than 200 products currently available in the Amazon Launchpad store – which features everything from Electronics to Kitchen to Beauty items. Products from startups in the program include the Bluesmart Smart Carry-On Luggage, eero Home Wi-Fi System, Cuff DVB Smart Sport Band, Fenugreen FreshPaper Produce Saver Sheets, Electric Objects EO1 Digital Art Panel, Soma Sustainable Pitcher & Plant-Based Water Filter, Thync Mood-Changing Wearable System, and Casper Mattress, among others.
Initial feedback from some of the companies in the Amazon Launchpad program includes:
“Launchpad makes Amazon an ideal partner for the most innovative young tech companies,” said Marc Andreessen, Co-Founder and General Partner, Andreessen Horowitz. “It’s yet another way Amazon fosters a real ecosystem of invention and creativity.”
“At Y Combinator, our support doesn’t end on Demo Day. With Amazon Launchpad, we are reinforcing our commitment to help bring physical products to a wide audience,” said Luke Iseman, Partner, Y Combinator. “This program will help our hardware startups get in front of more users than ever before.”
“Indiegogo empowers campaigners to turn ideas into reality through customer engagement and funding mechanisms. By partnering with Amazon Launchpad, Indiegogo entrepreneurs gain instant access to Amazon’s powerful distribution capabilities and massive audience,” said Slava Rubin, Co-Founder and CEO, Indiegogo. “I’m excited to see how this unique partnership enables startups to accelerate their growth and share their innovative products with the world.”
“Amazon recognizes the increasing importance of fast and reliable home Wi-Fi as consumers stream more video and music than ever before and connected devices go mainstream,” said Nick Weaver, Co-Founder and CEO, eero. “We couldn’t ask for a better partner and are honored to be one of the emerging companies in the Amazon Launchpad program. We’re excited to showcase our product on the world’s largest discovery platform.”
“Amazon Launchpad is the perfect home for our smart jewelry. This innovative way to shop lets us tell consumers the story and philosophy behind Cuff, and hopefully makes them fall in love with our product,” said Deepa Sood, Founder and CEO, Cuff. “We couldn’t be more thrilled to be a part of this initiative.”
“I am an accidental entrepreneur – I never dreamed that FreshPaper, which started as my middle school science project, would one day be in the hands of farmers and families across the globe. But my unlikely story is only possible because of visionary partners like Amazon who believe in our product’s potential to change the way the world eats,” said Kavita Shukla, Inventor and Founder, Fenugreen FreshPaper. “By throwing their considerable weight behind ideas like FreshPaper, Amazon is using its technology and reach to make innovation accessible to all.”
“The sheer scale that Amazon Launchpad offers a startup like Electric Objects is unparalleled,” said Jake Levine, Founder and CEO, Electric Objects. “Working closely with their team these last few months, I’ve been consistently impressed with the level of service and access that this program makes available. This partnership could be game-changing for our company, and we’re thrilled to have the opportunity to participate.”
To learn more about the Amazon Launchpad program, visit www.amazon.com/launchpad/signup. To shop the Amazon Launchpad store, visit www.amazon.com/launchpad.
About Amazon
Amazon.com opened on the World Wide Web in July 1995. The company is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire phone, Fire tablets, Fire TV, and Amazon Echo are some of the products and services pioneered by Amazon.
NEW YORK, – The ANNpower Vital Voices Initiative announced today that it is launching a search in the United States, Puerto Rico, and Canada to identify the next generation of female leaders. Now through March 1, 2014, high school sophomores and juniors can apply at ANNpower.org for the opportunity to become an ANNpower Fellow and receive leadership training and mentorship by global women leaders. ANNpower is a partnership between ANN INC. (NYSE: ANN), the parent Company of Ann Taylor and LOFT, and Vital Voices Global Partnership.
50 young women will be selected and invited to the ANNpower Vital Voices Leadership Forum in Washington, D.C., June 16 – 19, 2014, where they will receive leadership training from influential women leaders who are part of the Vital Voices Global Leadership Network, as well as executives from ANN INC., including the Company’s President and CEO, Kay Krill. The Forum’s curriculum equips these aspiring young leaders with the training and mentorship they need to realize their full potential as future leaders. Armed with these new skills, the Fellows will then return to their communities to create projects to affect change and apply for project grants to put their ideas into action. ANNpower Grants will be awarded in the Fall of 2014, and winning Fellows will spend the school year implementing their projects and receiving mentoring from ANN INC. associates.
“We look forward to welcoming our next class of ANNpower Fellows,” said Kay Krill, President and CEO, ANN INC. “These girls are so committed to making a difference in their communities and the world. I have so much confidence in the Fellows we have seen come through the program and cannot wait to be further inspired by this next group of young women.”
“ANNpower Fellows are passionate and innovative trailblazers implementing truly effective and sustainable programs in their communities,” said Alyse Nelson, President and CEO of Vital Voices Global Partnership. “We are proud to partner with ANN INC., together providing unique and life-changing opportunities for these young women leaders.”
Selected Fellows will also have the opportunity to participate in high profile global leadership events throughout the year. This past year, six ANNpower Fellows were given the once-in-a-lifetime opportunity to witness history in the making and travel to Burma to attend the Women’s Forum Myanmar, the first of its kind in the country. During the nine-day trip, the Fellows engaged with global women leaders while immersing themselves in the Burmese culture, a country which is undergoing rapid transformation as it opens up to dialogue and exchange both domestically and regionally.
“Being an ANNpower Fellow has been an amazing opportunity that has shaped who I am today. I learned so much by participating in this historic event, hearing stories from influential world leaders like Aung San Suu Kyi and Melanne Verveer. The experience was extremely powerful and I left inspired to do more with the project I’m implementing in my community.” – Emily Kosse, 2012 ANNpower Fellow and Grantee.
During the months of January and February, Ann Taylor, Ann Taylor Factory, LOFT and LOFT Outlet stores across the U.S., Puerto Rico, and Canada will support the search for the next generation of leaders in store with the ANNpower call-to-action: “Know a girl who wants to change the world?” Additionally, the 50 young women selected will received a special discount card redeemable for two years at Ann Taylor and LOFT.
For more information about the ANNpower Vital Voices Initiative or to apply to become an ANNpower Fellow, please visit ANNpower.org.
This Press Release is courtesy of www.anninc.com
Strengthening regional economic integration (REI) in the Asia-Pacific region by removing barriers to trade and investment remains the core mission of APEC and was one of the main themes for work in APEC in 2014. This year, APEC Leaders agreed on a series of outcomes that will help advance U.S. trade and investment interests, and build on APEC’s successes in this area over the past several years. Most notable among these are the establishment of an APEC fund dedicated to helping economies overcome specific obstacles to implementation of APEC and WTO commitments on supply chain and trade facilitation and the groundbreaking APEC commitment to reduce tariffs on a list of environmental goods to 5 percent or less by the end of 2015.
Environmental Goods- To ensure the full implementation of APEC’s ground-breaking 2011 commitment to reduce applied tariffs on the 54 products in the APEC List of Environmental Goods to five percent or less by the end of 2015, economies agreed to submit implementation plans by the time of the Ministers Responsible for Trade Meeting in spring of next year. APEC is also undertaking technical assistance that will help economies fully implement their commitments.
Good Regulatory Practices- APEC economies continue to strengthen the implementation of good regulatory practices. This year Leaders agreed to take steps to improve the conduct of public consultations through using information technology and the Internet. This new approach presents enormous opportunities for regulators in the region to consult more effectively with stakeholders, both foreign and domestic, and gain the best possible understanding of the possible economic impact of regulations. APEC Ministers encouraged economies to provide innovative capacity building approaches to the implementation of good regulatory practices and the use of regulatory tools.
Electric Vehicles- To promote the widespread use of environmentally friendly, technologically-advanced electric vehicles, APEC economies agreed to several steps, including using international standards as the basis for regulations on electric vehicles; creating a priority list of international standards important for electric vehicles; working towards aligning regulations and avoiding regulatory divergences, particularly regarding electric vehicle charging; and establishing and APEC Electric Vehicles Interoperability and Research Center to help economies meet their regulatory alignment objectives. Through these steps, APEC will encourage greater electric vehicle production and use – and greater trade and investment opportunities – while advancing APEC’s green growth, connectivity, regulatory coherence, and regional economic integration objectives.
Supply Chain Performance- APEC Leaders agreed to accelerate technical assistance and capacity building to help economies improve supply chain performance, in support of the APEC-wide goal of a ten percent improvement in supply chain performance by the end of 2015. With a dedicated fund already in place, economies this year agreed to create a comprehensive capacity building plan for using the resources in this fund, and established a new body of public and private supply chain experts to advise the technical assistance and capacity building projects under the plan.
NEW YORK- Artivest, a cutting-edge technology platform that connects leading private equity and hedge funds with a wider audience of suitable investors, announced today a $15 million round of funding led by prominent global investment firm KKR, with existing investors RRE Ventures, Peter Thiel, Nyca Partners, Anthemis Group and FinTech Collective participating as well. Artivest will use the funding to accelerate the growth of its technology, infrastructure and sales teams and the execution of its product roadmap.
“Artivest combines leading technology with operational tools for feeder funds that will further open the door for financial advisors and high net worth investors looking to commit capital to a wide variety of top private equity funds. Most private equity firms are very interested in accessing this capital but do not have the technical or operational capability to do so today. We look forward to partnering with Artivest as they expand their business,” said Ed Brandman, KKR’s Chief Information Officer, who will join Artivest’s Board of Directors.
Founded in 2012 and headquartered in New York City, Artivest provides access at lower investment minimums to a select assortment of privately offered alternative investment funds. To date, Artivest has offered premier private equity and venture capital funds and will soon be offering hedge funds.
“The process of investing in private placements—previously inefficient for all involved–has not changed in any meaningful way for decades. A number of trends have come together, including alternative funds’ increasing focus on individual investors and investors’ growing appetite for all types of alternatives. At this crucial moment, we are bringing private investing a much-needed digital upgrade,” said Artivest CEO and Founder, James Waldinger. “It’s a great honor and a meaningful endorsement to be backed by KKR, one of our first partners.”
High net worth investors — a crucial and complicated customer base
Qualified investors, including those served by the rapidly growing independent advisor community, are fueling a new wave of demand for alternative strategies and are, in fact, the fastest growing segment of assets allocated to alternative funds. With equity markets periodically testing new highs and publicly available fixed income investments providing unsatisfactory yields, clients and their advisors are actively seeking alternative solutions for compounding wealth over long time periods. Top private equity and hedge funds, which have historically raised capital exclusively from institutions and those capable of writing institutional-sized checks, are compelled by this investor base but challenged by the implications of sourcing, onboarding and serving a much more fragmented clientele.
Artivest provides a multi-pronged solution to connect these two constituencies at scale. Key Artivest features for qualified investors include more accessible investment minimums, online access to intuitive displays of fund metrics and electronic completion of all legal documentation. Funds utilize Artivest technology to manage investor relations and client operations at scale. Both user types benefit from best-in-class-security and encryption protection.
About Artivest
Artivest offers a digital platform for private investment managers and investors. We connect a wider audience of suitable investors with investment opportunities in top-quality private equity and hedge funds that are typically available only at institutional minimum investment sizes. Our technological, financial, and operational expertise powers a seamless experience for individual investors and a scalable point of access for financial advisors and fund managers. Ultimately, our mission is to bring private investment management into the digital age. Artivest is a FINRA member registered Broker Dealer. For more information, please visit www.Artivest.co. Follow Artivest on Facebook: facebook.com/artivest and Twitter: @artivest
About James Waldinger, Founder and CEO
James drew on his background in investing and online marketing to found Artivest. He identified a compelling opportunity to deliver to a wider audience intuitive access to the best that money managers had to offer, and let the best money managers focus on what they do best. Previously, he served on the investment team at the global macro hedge fund, Clarium Capital Management, where he also ran an emerging markets-focused investment portfolio. He has worked with a variety of internet startups, in investment, advisory and operational roles, including as an analyst on Peter Thiel’s initial investment in Facebook. James earned his BA in History from Yale, and he holds both a JD and MBA from Stanford.
About KKR
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners’ capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
To compete in an increasingly global economy, the United States must come up with innovative strategies that will lead to economic growth and job creation around the country. The ‘Investing in Manufacturing Communities Partnership’ (IMCP) seeks to enhance the way we leverage federal economic development funds to encourage American communities to focus not only on attracting individual investments one at a time, but transforming themselves into globally-competitive manufacturing hubs.
An administration-wide initiative led by the White House and the U.S. Department of Commerce, the ‘Investing in Manufacturing Communities Partnership’ will encourage communities to devise comprehensive economic development strategies that strengthen their competitive edge in attracting global manufacturers and their supply chains. IMCP specifically brings together the resources of multiple federal departments and agencies involved in economic development.
In Phase One of the of the ‘Investing in Manufacturing Communities Partnership,’ 44 communities were awarded a total of $7 million to support the creation of economic development strategies that recognize the community’s comparative advantages as a place to do business, invest in public goods, and encourage collaboration between multiple entities to expand the area’s commercial appeal to investors.
Today, U.S. Secretary of Commerce Penny Pritzker announced that the competition for Phase Two of the ‘Investing in Manufacturing Communities Partnership’ is now open, and the Federal Register Notice will be posted in the coming days. In this phase, communities will have an opportunity to compete for a special designation that will elevate them in consideration for $1.3 billion in federal dollars and assistance from 10 cabinet departments/agencies. These communities could also potentially receive catalytic additional federal investments to further support their economic development strategies. The IMCP is a critical component of the Department of Commerce’s “Open for Business Agenda,” which prioritizes trade and investment.
Phase Two of the Investing in Manufacturing Communities Partnership
In Phase Two of the IMCP, up to 12 communities that come up with winning strategies will receive a designation of “Manufacturing Community” that gives them elevated consideration for $1.3 billion in federal dollars and assistance from 10 cabinet departments/agencies. These communities would also potentially receive additional catalytic federal investments to support their economic development strategies. In order to earn the designation, communities must present strategies that identify technologies or industries in which they would be competitive in the future and would make investments in the following areas:
workforce and training;
advanced research;
infrastructure and site development;
supply chain support;
export promotion;
and capital access
These communities will receive:
Elevated consideration for federal dollars and assistance across 10 cabinet departments/agencies, totaling $1.3 billion;
A dedicated federal liaison at these agencies who can act as their concierge to the specific services they need;
Subject to funding availability, challenge grants may become available to some awardees from the pool of designated manufacturing communities;
Recognition on a government website, accessible to prospective private investors (foreign and domestic alike) looking for information on communities’ competitive attributes
This Press Release is courtesy of www.commerce.gov
WASHINGTON, D.C. – General Motors announced its support for the U.S. Department of State Veterans Innovation Partnership (VIP), which offers military veterans a one-year paid fellowship in a U.S. Government agency.
“We know that transitioning from military to civilian life can seem like a daunting task, and we want to do everything in our power to help them,” said Ken Barrett, GM chief diversity officer. “These men and women have given so much for our country that they deserve our best efforts to make a difference in their life.”
Launched by the U.S. Department of State in support of Executive Order 13518, Employment of Veterans in the Federal Government, VIP supports veterans’ transition to diplomacy and development careers by assisting with educational opportunities to study international relations; establishes fellowship opportunities at U.S. Government foreign affairs agencies, and facilitates international public and private employment opportunities.
GM employs thousands of military veteran employees and has supported the U.S. armed forces for generations. GM is a corporate sponsor of the U.S. Chamber of Commerce Foundation’s “Hiring Our Heroes” program, which helps returning veterans and their spouses find jobs and a partner in the a coalition of private sector businesses dedicated to hiring 100,000 veterans by 2020.
The company also established GM’s Service Technical College, which offers free training to veterans and returning service members to prepare them for technical and non-technical entry-level roles in a dealership. GM also assists veterans by supporting The Achilles Freedom Team of Wounded Veterans, which helps wounded veterans overcome injuries through athletics.
“The Veterans Innovation Partnership is about recognizing not just how the State Department can help veterans, but about how veterans can help the State Department – we want to tap into the important leadership and service experience that they offer,” said Andrew O’Brien, special representative for Global Partnerships. “We are grateful to partners like General Motors for their commitment in making a program like this possible.”
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world’s largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
At an open-ended meeting with all members today – the first of 2015 – Director-General Roberto Azevêdo launched a new process of consultations with the aim of agreeing a work programme on the remaining Doha Development Agenda issues by July this year. This new deadline was set by members at a special meeting of the General Council in November.
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The Director-General urged members to build on the progress that had been made during 2014 and to recall the ingredients which they would need in order to reach a successful outcome, such as:
maintaining a sense of urgency;
identifying and prioritising the issues that are of the most substantive importance;
targeting outcomes that are doable for all parties;
maintaining a high level of engagement;
and tackling all issues at the same time rather than trying to sequence them.
The Director General told members attending the meeting:
“We must maximise the time we have available to us before July — and maintain the momentum that we regained at the end of 2014. We need to have a detailed, substantive discussion that includes agriculture, non-agricultural market access, services and all of the other DDA issues, including development and issues of interest to LDCs. Today we are restarting our conversation on all of these issues. So be ready — and get involved.”
Under the intensified process launched today, discussions on the substantive issues of the DDA will be convened by the Chairs of the various Negotiating Groups and by the Director-General. Meetings will be held in a variety of formats and configurations. Replicating the inclusive and transparent approach that proved effective in the lead up to Bali, regular meetings of all members will be the spine of this work. The next such meeting is scheduled for Thursday 29 January.
Director-General Roberto Azevêdo strongly welcomed the communiqué agreed by G20 leaders at the summit in Buenos Aires, Argentina, on 1 December and said he would work with all WTO members to improve and strengthen the trading system. The Director-General also called on the leaders to act urgently to address the blockage in the WTO dispute settlement system.
Speaking in Buenos Aires at the close of the summit, the Director-General said:
“This has been a very productive G20 summit. I have heard firm support for trade and the WTO throughout my meetings with leaders in Buenos Aires and heard a range of ideas about strengthening our work. This is reflected in the leaders’ declaration, which I strongly welcome. The declaration represents a very important moment in tackling the current challenges in global trade. With this statement, the leaders underline the vital importance of trade and of the multilateral trading system in supporting growth, productivity, innovation, job creation and development. They call for improvements and “necessary reforms” to the functioning of the WTO to ensure that it can continue playing this essential role. I will work with WTO members to take this forward in the interests of all.”
“International trade and investment are important engines of growth, productivity, innovation, job creation and development. We recognize the contribution that the multilateral trading system has made to that end. The system is currently falling short of its objectives and there is room for improvement. We therefore support the necessary reform of the WTO to improve its functioning. We will review progress at our next Summit.”
What does an improved safety culture have to do with making hiring easier and faster? A lot, it turns out, if you work at NIST. In the spring of 2014, Paul O’Neill, former CEO of Alcoa and U.S. Treasury Secretary from 2001-2002, spoke to the NIST community about the “theoretical limit” for safety. He explained that when an organization’s culture focuses on safety and everyone doing the right things, the theoretical limit for safety incidents is zero. This is pretty easy to understand and straightforward: doing the right safety things ensures that no one gets hurt at work.
This got our Office of Human Resources (HR) Management staff thinking: what’s the theoretical time limit for a successful and compliant federal hiring action under current authorities? If everyone was on board with doing the right HR things, could we make hiring faster? After some research and assessing our own hiring data, we concluded that the theoretical limit for a NIST hiring action, depending on recruitment type, could be as fast as 12 to 20 days. We then started asking: How do we move from where we are now to that theoretical limit? And, would everyone get on board with doing the right things to achieve that speed? The answer was a resounding yes. We shared the theoretical limit analysis with our customers and they agreed that if we improved technology and made HR things easy to do correctly, hiring managers would be on board. This “yes” allowed the HR staff, our IT partners and our customers to start our journey toward faster and easier hiring.
On November 17, 2016, after a six-month development window and six-month pilot with one of NIST’s research laboratories, we fully deployed a new IT application called HR STAT (Submission, Tracking and Analytics Tool). Knowing we needed HR STAT to work for all of NIST, the tool was developed, tested and deployed in partnership with our customers.
HR STAT allows customers to:
Submit requests for recruitment actions via an online portal;
Track the full progress of the request from initiation to new employee start date, including integration with the security process; and,
Know the expected start date of the selectee, based on a mutually agreed hiring timeline and built in timeliness targets.
Working in collaboration with our partners, HR designed the workflow to track an aggressive timeliness target (typically 35 days) for our mission-critical occupations at NIST—a first step in moving closer to the theoretical limit. The initial results are promising!
During the pilot phase, 20 cases were completed and our average timeliness was 58 days. In comparison, our average timelines for the 140 completed cases outside of the pilot was 66 days. Since full deployment, 52 cases have been completed in HR STAT; timeliness ranged from 12 to 49 with an average of 26 days. By comparison, in the first quarter of fiscal year 2016, average timeliness for the 125 completed cases prior to HR STAT was 73 days.
In addition to speed, customers have reported via survey, direct email and anecdote that the application is easy to use and that the transparency provided is excellent.
As we continue to use HR STAT, we expect the benefits to grow. Full transparency and access to real-time data allows both HR and clients to address process issues and training needs. HR STAT represents what we need to deliver to our clients: collaborative HR services that are easy, compliant and fast.
HR STAT is better HR through better IT and, for us at NIST, it represents significant progress toward that theoretical limit and overall operational excellence.
For more information on HR STAT, you may contact Susanne Porch, NIST’s HR Director, at Susanne.porch@nist.gov.
HOUSTON & NEW YORK– KKR & Co. L.P. (NYSE:KKR), a leading global investment firm, and BlackGold Capital Management (“BlackGold”), a credit-oriented hedge fund specializing in energy and hard asset investments, today announced that KKR is acquiring a 24.9% interest in BlackGold. Financial terms of the transaction were not disclosed.
Established in 2006 by co-founders Erik Dybesland and Adam Flikerski, who have spent their entire careers in the energy sector, BlackGold specializes in energy and hard asset event-driven strategies while investing throughout the capital structure. The nature of BlackGold’s strategy and investments facilitates repeatable low correlation and volatility returns relative to the broader market and commodities, providing meaningful diversification benefits to its investors.
“Through this strategic investment in BlackGold, we are partnering with an outstanding team with an excellent track record of delivering returns to investors. We are thrilled to add BlackGold to our hedge fund platform and we look forward to a long-term partnership with Erik, Adam and the full BlackGold team,” Todd Builione, co-head of Hedge Funds at KKR, said.
Erik Dybesland and Adam Flikerski stated: “KKR has nearly three decades of experience investing in the energy sector and maintains a significant presence and technical expertise in the industry. Having access to KKR’s global network of relationships, institutional infrastructure and management expertise will introduce new areas of opportunity for BlackGold and our investors. We are confident that our partnership will strengthen relationships with our counterparties and within our investment universe, while enhancing the durability and unique capabilities of our franchise.”
Marc Lipschultz, KKR’s Global Head of Energy & Infrastructure, added: “We are always looking for exceptional teams with whom we can partner, and this investment marks the culmination of those efforts. We believe their deep industry knowledge coupled with our energy franchise will benefit both parties and lead to new investment opportunities for our respective investors.”
BlackGold’s management team will continue to manage the business independently, and BlackGold’s investment strategies will not change as a result of KKR’s investment. All of BlackGold founders’ capital will remain invested in the funds and the majority of the proceeds received from this transaction will be re-invested in the funds – maintaining full alignment with their investors. Pro forma this transaction, the BlackGold management team will own 75.1% of BlackGold.
The investment in BlackGold is part of KKR’s efforts to develop the firm’s hedge fund platform, which is co-led by Girish Reddy and Todd Builione, and to expand the firm’s energy business, which is led by Marc Lipschultz. KKR’s hedge fund platform includes its approximately $10 billion multi-manager hedge fund business (KKR Prisma) and a Strategic Stakes & Seeding business that invests the firm’s balance sheet to acquire minority stakes in hedge fund managers. BlackGold represents KKR’s second minority stake in a hedge fund manager, following the 2013 investment in Nephila Capital, an insurance-linked securities manager with approximately $10 billion under management.
The investment by KKR was made by the firm and not through KKR’s investment funds.
About BlackGold
BlackGold Capital Management was founded in 2006 by Erik Dybesland and Adam Flikerski. BlackGold is a leading investment manager specializing in event-driven, energy and hard asset related credit. BlackGold manages assets primarily for family offices, insurance companies, hospitals, pensions, endowments and foundations, and is dedicated to achieving consistent volatility-adjusted performance, coupled with low correlation to commodity prices and the broader markets. BlackGold is based in Houston, TX and manages $1.4 billion in assets. Further information can be requested through BlackGold’s website at www.blackgoldcap.com.
About KKR
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners’ capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR’s website at www.kkr.com.
Hilliard, OH – September 7, 2018… BMW Group Financial Services in the U.S. announced today the selection of six startups for the first-ever BMW Financial Services Collaboration Lab. The start-ups will now undertake a 10-week lab at BMW Financial Services’ offices in Hilliard, Ohio, to further develop their ideas alongside leading subject matter experts in the automotive and financial sectors.
The Collaboration Lab accelerator program provides entrepreneurs, start-ups, and small businesses in fintech and other fields with the opportunity to partner with BMW Group Financial Services to develop, and then realize, innovative solutions and game-changing new technologies that can ultimately benefit consumers, dealers, and partners.
From a total 212 applications, selected domestic and international start-ups were invited to pitch their ideas live to a panel of judges from BMW Financial Services, BMW of North America, and L Marks. The panel selected these six startups to join the 10-week Collaboration Lab program:
Category: Digitizing the Customer Journey
Startup: carLABS – carLABS has created a cognitive, conversational AI-powered platform for automating and enhancing sales and marketing in the automotive vertical. Its solution offers car buyers a dramatically simplified shopping experience that significantly increases conversions and return on marketing spend for car sellers.
Category: Building a Blockchain Strategy
Startup selected: Supermoney – Supermoney is developing a unique digital wallet. In-store and online, customers can pay with a simple QR scan. The product runs on a system of smart contracts that effectively and efficiently manage counterparty risk, protecting both buyer and seller.
Category: Building a Blockchain Strategy
Startup selected: Bloom – Bloom uses public-private key encryption underpinning blockchain technology to verify customer identity and to attest to the accuracy of credit history without storing customer raw data on the servers.
Category: Data Analytics and Insights
Startup selected: Omniscience – Omniscience Corp. are building underwriting and capital modeling solutions on top of their innovative analytics platform. They work with finserv and insurance firms to scale their analytics efforts on real world data.
Category: Data Analytics and Insights
Motion Auto Insurance – Motion Auto Insurance is modern insurance for the modern world. Fully programmatic, embeddable, insurance-as-a-service delivered from directly inside your mobile app for gig/sharing economy, new modes of vehicle ownership, and autonomous driving tech.
Category: Wildcard
Startup selected: Wrisk USA – Wrisk is giving personal insurance a long overdue digital upgrade. It allows its customers to manage different types of insurance seamlessly through a single app and helps them understand how they are priced and what they can do to reduce their risk.
“We welcome these talented entrepreneurial companies into the BMW Financial Services Collaboration Lab program, said Ian Smith, CEO of BMW Group Financial Services USA and Region Americas. “As we work together over the next 10 weeks, we will explore new technologies and solutions for our business and our customers.”
During the intensive 10-week program, the selected companies will be situated in a collaborative environment, and will benefit from access to the company’s leadership team, industry experts, investment professionals, and business education programs. L Marks will also provide fundraising support. “The next 10 weeks will see these impressive startups embark on an exciting journey to bring their ideas to life, and see them benefit enormously from their time in the Lab,” said Stuart Marks, Chairman of L Marks.
For more information about BMW Collaboration Lab 2018 and its participants, visit www.bmwcollaborationlab.com.
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BMW Group Financial Services
BMW Group Financial Services was established in the U.S. in 1992 to support the sales and marketing of BMW products. Since then, the Group has expanded to provide service to markets in multiple countries and continues to evolve beyond its role as a captive finance unit. BMW Group Financial Services offers a wide range of leasing, retail and commercial financing and banking products tailored to meet the needs of the BMW customer. The Group also provides financing to BMW dealers for expanding dealership capabilities and enhancing overall operations. With more than $45 billion in serviced assets and 1,300,000 automotive lending customers across the U.S., BMW Group Financial Services finances more than three-quarters of the BMWs sold or leased in North America. BMW Group Financial Services employs more than 1,000 people, including consultants and service providers, many of whom are located in the Hilliard, Ohio, which serves the U.S.A., Brazilian, Canadian and Mexican markets through its Regional Service Center.
In 2001, the MINI Financial Services division was established to provide support for the brand’s dealers and its customers by offering financing and leasing options and branded financial services products.
BMW Group Financial Services also offers credit card products through its subsidiary, the BMW Bank of North America. up2drive.com is a division of BMW Bank of North America, a wholly owned subsidiary of BMW Financial Services NA, LLC. BMW Insurance Agency, Inc., a property and casualty producer is also part of BMW Group Financial Services. Information about BMW Group products is available to consumers via the Internet at:
www.bmwgroupna.com
www.bmwusa.com
www.bmwmotorradusa.com
www.miniusa.com
www.rolls-roycemotorcars.com
# # #
BMW Group In America
BMW of North America, LLC has been present in the United States since 1975. Rolls-Royce Motor Cars NA, LLC began distributing vehicles in 2003. The BMW Group in the United States has grown to include marketing, sales, and financial service organizations for the BMW brand of motor vehicles, including motorcycles, the MINI brand, and the Rolls-Royce brand of Motor Cars; Design works, a strategic design consultancy based in California; technology offices in Silicon Valley and Chicago, and various other operations throughout the country. BMW Manufacturing Co., LLC in South Carolina is part of BMW Group’s global manufacturing network and is the manufacturing plant for all X5 and X3 Sports Activity Vehicles and X6 and X4 Sports Activity Coupes. The BMW Group sales organization is represented in the U.S. through networks of 344 BMW passenger car and BMW Sports Activity Vehicle centers, 153 BMW motorcycle retailers, 127 MINI passenger car dealers, and 36 Rolls-Royce Motor Car dealers. BMW (US) Holding Corp., the BMW Group’s sales headquarters for North America, is located in Woodcliff Lake, New Jersey.
Information about BMW products is available to consumers via the Internet at:
www.bmwusa.com.
# # #
Journalist note: Information about BMW and its products in the USA is available to journalists on-line at www.bmwusanews.com.
# # #
L Marks
L Marks are specialists in applied corporate innovation and early stage investors. Working with some of the world’s most high-profile brands, including BMW, Arsenal FC, and Lloyd’s of London, they create bespoke partnership and scouting projects to turn business challenges into opportunities for improvement and innovation. Founded in 2012 by serial entrepreneur Stuart Marks, L Marks builds bridges between corporates seeking to innovate and young companies with disruptive technologies.
Geneva, Switzerland, – The World Economic Forum, in collaboration with Deloitte, has released a new report on increasing transparency, specifically addressing corruption risks in infrastructure, engineering, construction and real estate through a pilot project in India. Building Foundations for Transparency looks at collective action and hands-on solutions to address corruption using technology to tackle two key areas: greater transparency in permits and licences; and land purchase, land title acquisition and registration processes at the state level in Maharashtra.
The report is part of the second phase of the Forum’s Partnering Against Corruption Initiative (PACI) project to address the needs of the infrastructure and urban development industries. India has garnered strong interest from the PACI community over the years, in particular from the PACI’s community of Vanguard CEOs.
Rather than continuing discussions on key risk areas through various platforms, the report focuses on practical outcomes, as well as key solutions developed by participants in a Mumbai workshop held in December 2015 that focused on collective action and public-private cooperation.
Drawing on a solutions-based framework and the principal agent theory in relation to corruption, the report identifies key messages from the activities in India, including the need for action to make the construction and real estate industries in the country less prone to corruption; and for solutions that enhance the transparency of processes and the importance of technology-based solutions as the optimal channel to address the challenge. Using solutions developed during the regional workshop as well as expert interviews and a survey of industry experts, the report provides guidance on how the framework can be implemented on a local level and replicated in other regions.
The report also contains an online diagnostic tool developed by the project’s steering and advisory committees to advance the agenda for greater transparency within the infrastructure and urban development (IU) industries. This front-end platform seeks to inform stakeholders and interested parties about ongoing efforts and provides a visual aggregation of data from various indices and rankings related to corruption and the ease of doing business.
“Global organizations are increasingly challenged by industry and country-specific corruption risks, which they have difficulties in handling on their own. It is imperative to engage relevant stakeholders in collective action to foster an environment of fair competition. The latest report from the World Economic Forum, Building Foundations for Transparency, succinctly outlines the key outcomes of a deep-dive at the state level in India, and the development of hands-on approaches to collective action that can now be replicated in other regions,” said Ken B. Graversen, Corporate Ethics and Compliance Officer, Danfoss, Denmark.
“The Building Foundations for Transparency project has great value for local urban bodies in India and the report showcases this. Many of these bodies are keen to evolve a new transparent process. With support from PACI in the next phase of the project, we hope that the World Economic Forum will continue to help implement real change at the local level by offering expert and best practices from across the world,” said Pranjal Sharma, Consulting Editor of Businessworld, India, and a Member of the Forum’s Global Agenda Council on Transparency and Anti-Corruption.
“A key outcome of this project is an online diagnostic tool that provides governments and businesses with a real-time look at the progress that has been made in reducing corruption in the infrastructure, engineering, construction and real estate industries in Maharashtra, India. With greater transparency, governments now have a roadmap for developing the standardized procedures required to design corruption out of the system. Most importantly, the output from this project can now be extended geographically, allowing input and feedback to be shared across business, government and citizens in the future,” noted James H. Cottrell, Project Adviser and Partner, Deloitte, USA.
“This project leveraged the potential of digital technology as an enabler for transparency and citizen participation. The results indicate a shared, general belief that technology-based solutions can be quickly adopted and scaled-up beyond city and state levels. The tangible benefits and long-term impact of digital-based solutions rely on eliminating multiple layers of decision-making in public administration while providing a modern, transparent front-end to all stakeholders who are committed to disclosing information and reforming permitting and licensing processes in India,” said Pedro Rodrigues de Almeida, Head of Basic Industries, Member of the Executive Committee, World Economic Forum.
In the next and final phase of the project, the PACI is working with its signatories and Partners of the World Economic Forum to develop new forms of public-private cooperation to tackle corruption-related risks across industries with a focus on rebuilding trust and integrity through high-level dialogues with industry and government. In addition, 2016 will see project workshops and the replication of the diagnostic tool in other regions, including Africa and Latin America. Throughout 2016, the Forum will advance these efforts; begin early-stage project preparation through dialogues aimed at disseminating the best practices collected over the three phases of the Building Foundations trilogy; and work on furthering the anti-corruption agenda in Africa, Latin America and South-East Asia.
Mr. President, Ladies and Gentlemen,
TTIP is a broad negotiation. It covers traditional trade issues but also many others, like medical devices regulation, financial services or sustainable development. To get it right, we need the engagement of the whole of this Parliament.
This resolution is providing that engagement. The fact that 14 committees in addition to the International Trade Committee were active in drafting it proves that you are deeply engaged in the detail of this negotiation.
When President Juncker came here to present his agenda for this Commission last July, he made clear that TTIP was one of his core priorities. This House at that time voted strongly in favour of his agenda.
Why?
First, because TTIP is an essential part of the Commission’s strategy to open markets around the world. We are doing that not to benefit a small few but in order to create opportunities for the whole of Europe: the people of Europe the consumers of Europe, the entrepreneurs of Europe.
One in seven people in Europe have a job thanks to exports around the world. Those jobs are highly skilled and better paid than average. 4.7 million of them are linked to exports to the US. TTIP would help increase that number.
It would also make goods cheaper and more varied for consumers.
And it would help make our small and medium-sized companies more competitive. They would find it easier to export and get their imported components and raw materials more
cheaply.
Those are solid economic advantages. We cannot afford to turn our backs on them, now or in the future.
Second, TTIP is also a strategic alliance with the country that most shares Europe’s commitment to our core values and a high level of protection of people and of the
environment in regulation.
We need an ally like that to shape the globalization we see deepening before our eyes every day. We are more affected by economic and political decisions made in other countries than ever before.
And we particularly need an ally because we know that the strength of our voice in the world is, in relative terms, decreasing.
TTIP guarantees that partnership with America for the future. We cannot afford to turn our backs on that either.
There is, Honourable Members, as you know, an unprecedented debate about this agreement. That’s a good thing. I respect people who have doubts and questions, across the
continent and within this House. I take those concerns seriously and have engaged closely with national parliaments, with this Parliament, with NGOs, with civil society and other stakeholders to listen and to try to understand their concerns.
And I hope that all these people see the changes that we have made to take account of their views.
Since last November:
I have opened up these negotiations to unprecedented public scrutiny. I have put EU negotiating proposals on the internet and increased the access of Members of this Parliament and representatives of the Member States to the process. I have visited national parliaments to exchange and open channels. And I am happy to say that TTIP is the world’s most transparent bilateral free trade negotiation.
We have also made clear where we stand on public services such as public health or water concessions. This is a concern I have heard very frequently. I have together with
Ambassador Froman, the US Trade Representative, made a joint statement: The EU and the US are now fully united around a crystal clear vision that nothing in TTIP will change the fact that only Member States choose how their public services should be organised.
We have also made clear where we stand on regulation: I’ve put our proposal on cooperating with the US online. And it says there will be no limitations on the power of this Parliament, of any national parliament or of Europe’s governments. We want the benefits of shared expertise and we want opportunities for our people. That’s all.
And I have made proposals for a deep reform of investment protection. The result is a completely new approach. We still want to foster job-creating investment. But we are
proposing a new system that sets down the right to regulate in black and white. A new system that takes us away from the private arbitration tribunals of the past. Instead we want a future in which disputes are decided in an international investment court, by judges and with a right of appeal. TTIP will be a step towards that goal, not the final result. But it is an essential step, given the role of the US as a global investor. And your resolution is a vital step in these negotiations. But it is certainly not the end of our conversation. The Commission will continue to be flexible to take account of your views.
Beyond investment, we also have important proposals to discuss on how best to protect labour and environmental rights and on digital commerce. And there will be many more issues to debate over the course of these talks. They are far from over. These negotiations are far reaching and a lot of work is still needed.
I will continue to push the US on our offensive interests: including on public procurement, where we expect an ambitious proposal, but also on services, energy, and geographical indications just to mention a few examples. And your resolution will provide a vital basis for that negotiation. Having your priorities so clearly established helps the Commission explain why we need to tackle them in the final agreement.
So allow me to thank you for work…
… to look forward to the debate we are about to have.
… and to pledge my full cooperation with you as we jointly push for the result Europeans
need:
A TTIP that leads to jobs, growth and investment while protecting our values and our democracies.
Thank you.
NEW YORK, – Chase today announced a partnership with Seattle non-profit UP Global to present Startup Week powered by Chase, a community-led celebration of entrepreneurs.
The national sponsorship grew out of Chase’s title role in Denver Startup Week, the largest free entrepreneur event in North America. Startup Week features a platform of locally-organized events, as well as Basecamp, launched by Chase and conceived by Denver organizers as the epicenter of Startup Week activities.
“Startup Week celebrates the entrepreneur and connects them to essential local support systems,” said Scott Geller, CEO of Chase Business Banking, which serves 2.3 million small businesses across the country. “We are thrilled to help expand this innovative, community-led program that informs and inspires everyone in the entrepreneurial ecosystem.”
Starting September 15 in Denver and continuing into spring 2015, the following cities will host a Startup Week, created by local community leaders with support from UP Global and Chase:
Columbus, Ohio – Spring 2015 Phoenix – Winter 2015
Dallas / Ft Worth – Spring 2015 Seattle – Fall 2014
Denver – Fall 2014 Tampa – Winter 2015
“There are very few organizations with the footprint and forward thinking Chase has,” said Marc Nager, Chief Executive Officer of UP Global, which hosts entrepreneur events in more than 500 cities around the world. “We believe entrepreneurs and the communities they live in are going to drive the growth in this country for future generations, and UP Global is proud to be working at the grassroots level with Chase to roll up our sleeves and support the hard-working entrepreneurs across America.”
About Chase:
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.5 trillion and operations worldwide. Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, small business lending, mortgages, credit cards, auto financing and investment advice. Customers can choose how and where they want to bank: 5,600 branches, 20,000 ATMs, online, mobile and by phone. Chase Commerce Solutions is the #1 credit and debit card payment processor in the United States. More information about Chase is available at www.chase.com, @Chase and @ChaseSmallBiz and on Chase Facebook. During Startup Weeks, follow #chasebasecamp for news and event information.
About UP Global:
UP Global, the umbrella organization for Startup Weekend, Startup Next, Startup Education, Startup Digest and now Startup Week, currently fosters entrepreneurship in 500 cities across the world, serving over 150,000 innovators. By 2016, the organization will support 1,000 communities through partnerships with local grassroots leaders and partnerships with organizations including Google for Entrepreneurs, the Case Foundation and Kauffman Foundation among others. For more information, visit www.up.co and follow @upglobal and @startupweek.
As G20 leaders gather in Argentina, the global economy faces a critical juncture. We have had a good stretch of solid growth by historical standards, but now we are facing a period where significant risks are materializing and darker clouds are looming.
As the most recent economic data have been disappointing, we must not allow ourselves to be held back. Rather, we must be ambitious, including by implementing a multilayered set of reforms which could potentially add an additional 4 percent boost to the GDP of the G20 countries.
Success here depends on us acting swiftly—and acting together.
Signs of moderating growth
The IMF’s World Economic Outlook, published in October, forecast global growth of 3.7 percent for 2018 and 2019. These estimates were 0.2 percentage points below our July estimates—a downgrade due largely to rising external and financial pressures on emerging markets and a tangible increase in trade tensions.
Implementing a multilayered set of reforms could potentially add a 4 percent boost to the GDP of the G20 countries.
Recent data suggest that these headwinds could have slowed momentum even more than we had expected. For example, third-quarter growth has been surprisingly low in emerging market economies such as China, and in the euro area. A no-deal Brexit could further dent confidence.
Over the medium term, particularly in advanced economies, we see growth moderating because of adverse demographics and slow productivity. This includes the United States, once the recent fiscal stimulus ends.
In addition, in too many countries, excessive inequality is hurting many people—and it also risks undermining public support for reforms that would enhance productivity.
What can be done to address these challenges? Let me highlight three priorities.
First, strengthen our defenses
Policymakers can start by creating more fiscal room for maneuver, so that they have the resources needed to increase support to the economy should growth weaken significantly. This implies undertaking meaningful fiscal consolidation now—especially in high-debt countries such as Italy and in several emerging economies.
In terms of monetary policy, the ongoing process of normalization of interest rates in many advanced economies should continue to follow a gradual, well-communicated, and data-dependent path. This is not only in their own interest, but also helps to avoid unnecessary turbulence for others.
The good news is that monetary policy normalization indicates relatively strong growth in the advanced economies. In recent months, however, monetary tightening—combined with rising trade tensions—has heightened external pressures for some emerging economies. How can they respond?
Those with well-anchored inflation targets should rely on exchange rate flexibility to mitigate external pressures. Where these pressures threaten to be disruptive, capital flow management measures could also play a role as part of a broader policy package.
Second, teamwork is the winning tactic
We know that rising trade barriers are ultimately self-defeating for all involved. Thus, it is imperative that all countries steer clear of new trade barriers, while reversing recent tariffs.
We have a unique opportunity to improve the global trade system. IMF research suggests that liberalizing trade in services could add about ½ percent, or $350 billion, to G20 GDP in the long run.
At the same time, concerted actions by individual countries can strengthen their own economies, reduce global imbalances, and boost the global economy. Some examples: Germany could use its fiscal space to strengthen its growth potential, by increasing investment and incentivizing labor force participation; the US could help by lowering its fiscal deficit; and China could help by pressing ahead with its economic rebalancing.
After a decade of relatively easy financial conditions, many countries also need to address record levels of debt—altogether $182 trillion globally by IMF estimates. In addition, increasing the transparency of the scale and terms of borrowing, especially in low-income countries, is an imperative.
More broadly, financial sector risks require action, including by avoiding a rollback of post-crisis advances in financial sector regulation.
Third, pick up the pace
The theme of Argentina’s G20 presidency—Building Consensus for Fair and Sustainable Development—is a critical priority. Yet at present, progress is too slow. How can it be accelerated?
Most G20 advanced economies could benefit from relaxing product market restrictions to spur innovation and lower prices. Easing access to professional services would be especially important, for example in Japan and many euro area countries. Increasing support for research would be vital in Canada, Germany, and the United Kingdom, among others.
Most G20 emerging market countries, too, would benefit from product and labor market reforms. Economies such as Brazil, China, India, and Russia would gain by moving away from distortionary taxes.
And virtually everywhere, raising women’s participation in the workforce would not only boost growth, but also help to make societies fairer and more inclusive.
These are just some of the measures which, if jointly implemented, could by our calculations increase G20 GDP by 4 percent.
Conclusion
During the ten years since the first G20 Leaders’ Summit, the G20’s efforts have been crucial in helping the global economy recover.
Yet darker clouds are now returning to the horizon.
Tackling this challenge means implementing policies that make sense both nationally and internationally. It also means strengthening the global financial safety net, with a well-equipped and well-resourced IMF at its center, to ensure that we can play our role in helping countries prevent and deal with future crises.
As the G20 meets in Buenos Aires, let us act swiftly and act together
International Women’s Day—March 8—is one of my favorite days. It is a time to celebrate the impressive progress women at all levels of the career ladder have made in recent decades. More women in the labor force, and in more senior positions is good news for women, for their companies, and for their countries’ economies.
A new IMF staff study finds that in Europe, national policies, even taking account of personal preferences, can boost women’s participation in the workforce and enhance their chances for advancement.
The research, which looked at 2 million firms in 34 countries in Europe, also finds that the more women in senior managerial positions and in corporate boards, the more profitable firms are. One more woman in senior management or on a corporate board is associated with 8–13 basis points higher return on assets. High corporate profitability could support investment and productivity—another channel through which more women in the workforce can help mitigate Europe’s potential growth slowdown.
The results are clear: increasing female participation improves the bottom line.
More working women
In regions like Europe, where populations are aging, the working-age population is being squeezed, and productivity growth is declining, there is more incentive than ever to level the playing field for women to work full-time and climb higher up the ladder.
Over the past three decades, millions of women in Europe have joined the labor force. Countries such as Spain and Ireland have seen the share of women who work outside the household double since the 1980s—from under 40 percent to more than 80 percent in the case of Spain. In several Nordic and Eastern European countries, women today are almost as likely to work for pay as men are. At the same time, legal requirements for gender diversity in corporate boardrooms have helped boost women’s representation in top decision-making positions—women now hold almost a quarter of senior management or board positions in the corporate sector.
Still, there is scope to bring more women into the labor force. In almost all European countries, women are significantly less active in the labor market than men. Even those women who are employed often work less than full-time. Although women today make up almost half the European labor force aged 25-54, their representation on the top rungs of the corporate ladder is significantly below that of men.
Policies matter
Clearly, women’s personal preferences and attitudes toward working are important determinants of their decision to join the labor force, as our staff’s research confirms. This is especially true in Europe, where women today face no legal restrictions to employment, are just as educated as men, and have fewer children—and social norms have changed.
But the study finds that policies also have an important influence on women’s employment decisions, even after accounting for individual characteristics, choices, and preferences about working. Removing tax disincentives for the second earner in a family, providing sufficient childcare services, and allowing parental leave can broaden the opportunity for women to work as much as they want.
The whole economy benefits
It is not only women who may benefit economically from working. Bringing more women into the labor force benefits a country’s economy in two important ways:
First, more women in the labor force will expand labor supply. If women choose to participate in the labor market as much as men do, Europe’s workforce could increase by 6 percent. If they also choose to work as many hours as men, the workforce could grow by as much as 15 percent.
Second, the prevalence of full-time female employment is a strong predictor of the share of senior corporate positions held by women. And more women in senior managerial positions and in corporate boardrooms, the IMF staff study confirms, is associated with stronger firm financial performance, which would help support corporate investment and productivity, further mitigating the slowdown in potential growth in Europe.
The positive relationship between more women high on the corporate ladder and firms’ profitability is more pronounced, the study finds, in sectors where women form a larger share of the labor force—highlighting the importance of bridging gender gaps between senior executives and the general workforce. This positive association is also more evident in knowledge-intensive services and high-tech manufacturing sectors—where diversity, including gender diversity, can help meet the high demand for creativity and innovative capacity.
As we celebrate women’s achievements in Europe’s labor force, we must also acknowledge that the journey is still in train. The potential benefits can be large. We must not miss this opportunity.
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Baden-Baden, the German spa town built on ancient thermal springs, is a fitting venue to discuss the health of the global economy during this week’s meeting of the Group of Twenty finance ministers and central bank governors.
Policymakers will likely share a sense of growing optimism, because the recent strengthening of activity suggests that the world economy may finally snap out of its multi-year convalescence.
Economic prescriptions have played an important part in the recovery, and will continue to do so for some time. Maintaining the positive growth momentum continues to require supportive macroeconomic policies. And the participants at the meetings will need to take action, individually and collectively, to make growth more inclusive and resilient.
Have we reached a turning point? The short answer is yes—at least for now. Growth outturns in the second half of last year were generally solid. Manufacturing and confidence indicators are picking up, and there are signs that global trade volumes are rising along with them.
That is why the International Monetary Fund in January projected a pickup in global growth this year and next—to 3.4 and 3.6 percent—compared to 3.1 percent in 2016.
The improved outlook partly reflects a projected pickup in advanced economy activity—helped by expectations of more expansionary US fiscal policy.
We are especially encouraged by stronger-than-expected economic activity in the euro area, the United Kingdom, and Japan.
Emerging and developing economies, led by China and India, continue to contribute more than three-quarters of total global GDP growth in 2017. Adding to this is a projected normalization of conditions in Brazil and Russia, which have been facing deep recessions.
So, yes, the global economy is moving into a better position. But it would be a mistake to assume that it will automatically return to rude health.
In fact, there has rarely been a period when policy choices have mattered more for what comes next, especially since there are still considerable risks to the outlook.
Maintaining the momentum
In a number of advanced economies, for example, demand is still weak and inflation is not durably back to target. This calls for continued monetary support and a greater emphasis on fiscal policy in countries that have room in their budgets. These steps should be combined with structural reforms to lift productivity and boost long-term growth.
Lack of demand is less of a problem in the United States, where growth would benefit more from efforts to expand supply, such as investment to revamp infrastructure, efficiency-enhancing corporate tax reform, and improvements in education.
Stronger US growth would certainly be good for the global economy, but a changing US policy mix may also create knock-on effects, or spillovers. For example, depending on the nature of the US policy mix, a stronger dollar and rising US interest rates could lead to a sharper-than-expected tightening in global financial conditions. This could potentially put stress on some emerging economies and low-income countries.
Sustaining the current growth momentum would also be helped by a successful transition toward slower but more balanced growth in China, and by further policy actions on the part of commodity exporters as they continue to adjust to lower commodity prices.
Above all, we should collectively avoid self-inflicted injuries. This requires steering clear of policies that would seriously undermine trade, migration, capital flows, and the sharing of technologies across borders. Such measures would hurt the productivity, incomes, and living standards of all citizens.
Global economic integration
Trade and technological innovation have allowed countries to grow the economic pie and improve living standards, while lifting hundreds of millions of people out of poverty. Yet more could be done to mitigate the unwelcome side-effects seen in some places—including a rise in income inequality, job losses in shrinking sectors, and protracted economic and social problems across structurally weaker regions.
How can this be done? This is not an easy task, but it can start with boosting growth, and sharing the benefits more widely.
A critical first step is to get serious about inclusive growth. We have yet to fully understand the complex web of economic challenges faced by different cultures, regions, and demographic groups. We do know, however, that higher-skilled workers are much more likely to benefit from innovation and economic openness.
This calls for greater efforts to equip lower-skilled workers with the tools they need to seek and find better-paying jobs, such as targeted education programs, skills training, and employment incentives.
These active labor market policies can help ease workers’ transitions to new employment. Their funding varies significantly across countries. Denmark, for instance, spends 1.9 percent of GDP on such policies, compared with 0.1 percent in the United States.
Of course, spending more money is not enough; it must be spent more efficiently. Some initiatives have proven to be cost-effective—such as well-designed assistance for job search and job matching.
More broadly, all countries need to actively promote life-long learning to prepare citizens for technological changes. Singapore, for example, offers unconditional grants to all adults for training throughout their working lives.
Another priority for inclusive growth is the retooling of income policies and tax systems.
In-work tax incentives and higher minimum wages can be helpful in some countries. So, too, can changes to tax and benefit systems, including more progressive income taxation.
IMF research shows that avoiding excessive inequality will help, not hinder, growth. We also know that policy tradeoffs can be minimized: for example, most countries would benefit from reforms that make their tax systems more equitable and more efficient.
In short, we have the capacity—and responsibility—to grow the economic pie, which will facilitate sharing it more equitably.
Effective international cooperation will maximize the benefits of national policies if we:
step up efforts to address global external imbalances and complete reforms to strengthen financial systems;
protect and reinforce trade as an engine of broadly shared growth; and
work together to resolve some of the most pressing issues of our time, from global security and health issues to coping with natural disasters and climate change.
G20 policymakers can move the needle on all these issues. After years of being stuck in a weak recovery, the world economy needs to move on, shape up, and generate greater prosperity for all. What better place than Baden-Baden for leaders to recommit themselves to achieving robust global economic health?
Good afternoon. Thank you, John Micklethwait, for your kind introduction. I am pleased to be at the Inclusive Capitalism Conference once again—and in such illustrious company.
Henry Ford once said: “Coming together is the beginning. Keeping together is progress. Working together is success.” Likewise, the efforts of Lady Lynn de Rothschild and the coalition—in coming together, keeping together, and working together—are driving forward the critically important agenda of inclusive capitalism. I pay tribute to your vision and resilience.
This past weekend the IMF had its Annual Meetings, with our 189 member countries, and the state of the global economy took center stage. While the outlook remains subdued, the mood was resolute.
We are stuck in a protracted period of low growth: 2016 marks the fifth consecutive year with global GDP growth below its long-term average. Too many people feel left behind, questioning whether the economy is working for them. In some of the advanced economies in particular, a populist sentiment is growing that threatens to shift the needle against economic openness.
The fact is that growth has been too low, for too long, and is reaching too few. So we face a defining moment—and we must take decisive action to make globalization work—for everyone.
This will require pulling on all policy levers—monetary, fiscal, structural—to support demand, boost productivity, and reinvigorate trade. Investing in social safety nets, education, and retraining those affected by technological change are also key. Policymakers face a major challenge—and they cannot do it alone.
We need every creator of jobs and growth to step up. I am talking, of course, about business.
Business, after all, benefits from a more inclusive society because inclusion supports more durable growth and broader prosperity. I also believe that business is uniquely placed to support inclusion.
Some people are skeptical of the term “inclusive capitalism”—some see it as an oxymoron, others as PR to help companies seduce their consumers into buying their products and boosting their profits. Others call it a dangerous detour from free-market principles.
To respond, we must make the case that inclusion and durable growth are two sides of the same coin—we cannot have one without the other.
In that context, I will address three key roles of business: as leaders, as employers, and as innovators.
1. Leaders
First, how can business leaders support inclusion?
Undoubtedly, business has a long history of leadership on inclusion. Think, for example, of the philanthropic giving of pioneers like Andrew Carnegie and John D. Rockefeller. Think also of the architecture of the industrial towns developed in 19st century Europe, they demonstrated the spirit of inclusion.
In more recent years, however, we have seen a growing sense of public anger against “elites,” with the so-called “one percent” seen as prospering at the expense of the “99 percent.” Particularly since the global financial crisis, many corporate heads have faced accusations of taking unnecessary risks, behaving unethically, and failing to share the fruits of enterprise.
The combined effect has been an erosion of public trust in big business. A recent Gallup poll finds that trust in large U.S. companies has been stuck at a lowly 18 percent for a decade. [1] Trust in banks has fallen from 49 percent ten years ago to 27 percent today. [2]
It is often said that trust “arrives on foot, but leaves on horseback.” And yet, trust is set to become even more critical in the years ahead. A recent Deloitte survey revealed that over half of millennials will not work for an organization if they are concerned about its standard of conduct. [3]
When I addressed the inaugural conference on inclusive capitalism two years ago in London, I spoke—among other things—about the need to improve corporate behavior and culture. One of my main points was that leaders must be as serious about values as they are about valuation, and just as passionate about culture as they are about capital.
Indeed, while strong regulation is essential, leaders themselves must also step up in the effort to tackle unethical behavior. Partly it is a matter of responsibility—after all, the buck stops at the top. It is also about effectiveness. Research shows, for example, that a bank is more likely to have an ethical culture if its executive team sets a good example with their own behavior. [4]
Responsible corporate compensation is an essential element. An IMF study shows that while the level of executive compensation is not consistently related to banks’ risk-taking, the structure of compensation is. [5] By linking pay with long-term rather than short-term performance, risk can be reduced.
Beside reducing risk-taking through more responsible compensation, another key building-block in rebuilding trust is to stamp out tax evasion. Even a casual observer of the Panama and Bahamas Papers revelation can see that efforts to avoid tax not only erode trust, but also short-change society.
There are no reliable estimates of the amount of tax revenue foregone through accounts detailed in the Panama Papers—both legally through sophisticated planning and illegally through tax evasion. These revelations, however, clearly show that there is a great deal of both. The resulting revenue losses represent a missed opportunity for society—and for pro-growth investments like education, health, and the environment. An efficient and fair tax system is an essential part of the circle of reinvestment.
More broadly, in many countries the private sector can play an integral role in tackling corruption in the public sector. After all, for every bribe received by a public official, there is a bribe paid by the private sector. By taking themselves out of this equation, businesses can help to stem corrupt behavior by public officials—both at home and abroad. And tackling corruption is critical in the ongoing fight against poverty and excessive inequality that is being fought in so many parts of the world.
At the other end of the spectrum, those who wish to not only avoid wrongdoing but contribute to positive social change are attracted to the philanthropy that I mentioned earlier. Inevitably, this is partly about PR. Undoubtedly, it is also about responsibility—to give back and share the prosperity with those who have not been as fortunate.
At the leadership level, the Gates Foundation’s Giving Pledge is an excellent example of this—since 2010 more than $365 billion has been pledged by 139 high net-worth individuals in areas from information technology to education to healthcare. Many companies also quite rightly support their employees in making charitable donations—thereby helping those in need, restoring trust, and investing in their staff.
This brings me to a second key role for business in promoting inclusion—as employers.
2. Employers
The potential for enterprise to create—and sustain—employment is especially critical at a time when so many people find themselves out of work. Despite the improving jobs situation in some advanced economies, the ILO estimates total global unemployment at 199.4 million this year—rising to above 200 million next year.[6]
The hardship is widespread—cutting across regions, sectors, genders, and ages. Let me highlight two specific groups: women and young people.
The sad truth is that, compared to their male counterparts, women are both underemployed and underpaid. And yet, research by the IMF and others has uncovered multiple macroeconomic benefits of empowering women.
Narrowing the gender gap supports economic growth and diversification. It is associated with lower income inequality. And it enhances the bottom line: an IMF staff study found that adding one more woman on a corporate board is associated with between 8 and 13 basis points higher return on assets. [7]
At the IMF, we are incorporating policy advice on gender issues into discussions with many country authorities—and in some of our recent programs, such as with Egypt. What would I say to you, as advocates and employers?
As advocates, I would like your support for smart public policies. In emerging and developing countries, these include investing in girls’ education, promoting broader access to finance, and strengthening infrastructure. In advanced economies, they include removing secondary earner tax disincentives, providing affordable high-quality childcare, and funding paid parental leave. Removing legal obstacles to women’s economic participation—which exist in an astonishing 90 percent of countries—is also key.
The good news is that, as employers, you have significant scope to empower women. A supportive attitude to flexible working and parental leave can help more women combine job and family. So can efforts to facilitate childcare arrangements. Mentoring and coaching by female role models can help women perform and rise up.
In addition to women, we should also focus on youth. Tragically, the number of unemployed young people is projected to rise by 500,000 worldwide this year—to a total of 71 million. [8]
As you know, addressing the scourge of high youth unemployment requires a range of efforts. I would like to highlight just one: skills development.
An essential component of helping young people to prosper is ensuring they have the right skills for our globalized and rapidly changing world economy. Too often, however, there seems to be a disconnect between the skills young people have and what they need.
The World Economic Forum, for instance, has found that, on average, just two-thirds of young people’s human capital potential is utilized. [9] Another report, by McKinsey, suggests that young people and employers are on the same page about this: a majority of both groups doubt that new graduates are ready for entry-level jobs.[10] By collaborating more with education providers, the report suggests, employers can make a big difference.
As part of the IMF’s ongoing surveillance and analytical work with our members, the IMF touches on these kinds of issues. Here in the U.S., for example, the Fund has been calling for more vocational education—including by expanding partnerships between industry and higher education institutions. [11] We have also called for an increase in the federal minimum wage—another key element in supporting inclusion.
In unleashing the potential of all those who feel excluded, one of the keys is to better equip people to thrive in the digital age, helping them adapt to a changing world of work. To use an ancient Chinese proverb, “When the winds of change blow, some people build walls and others build windmills.”
3. Innovators
Which leads to my third key role for business: in promoting inclusion through technological innovation.
The relationship between technology and inclusion is a matter of vigorous debate. Some studies suggest that technological innovation can exacerbate inequality—with robots reducing people’s pay, or even taking their jobs.
These concerns are not new—as the 19th Century Revolt of the Canuts in France and the Luddite resistance in Britain to the Industrial Revolution — attest. Nowadays, people who worry about new technologies are often dismissed as living in the past. That would not be fair; such concerns must be addressed seriously—for example, by investing in skills and social safety nets.
We must also, however, appreciate the positive side of technological innovation. If harnessed, it has the potential to support inclusion, creating opportunities for people to participate more in the economy and reap more of the rewards. Think, for example, of the so-called “app development” or “gig-economy.” While by no means perfect, it is removing many people’s reliance on traditional business structures, creating new opportunities for millions of individuals to realize their potential.
For me—and the IMF—one form of technological change that holds great promise relates to financial inclusion. Expanding access to financial services can undoubtedly support economic development. This is no platitude. It is based on empirical evidence—including the IMF’s unique global database on financial inclusion, the Financial Access Survey. [12]
More than 60 countries—from India to Peru—have adopted strategic plans to expand financial inclusion. But while governments can create an enabling environment—including consumer protection laws and financial education—it is the private sector that ultimately must harness the technology.
One innovation with dramatic potential is digital finance. Across much of sub-Saharan Africa, for example, it is much easier to bank on a phone than in the nearest town. In 15 countries of the region, the number of mobile money accounts exceeds the number of depositors in commercial banks. Kenya’s mobile payment service, M-PESA, is a well-known standard-bearer for mobile banking. Operated through a private telecommunications provider, it offers nationwide coverage independent of traditional banks. And one added bonus: it helps expand women’s access to finance.
Expanding financial services also requires tailoring products to consumers’ circumstances. In Mexico, for instance, a large consumer retailer opened a bank in 2012—specifically aimed at serving the unbanked. By analyzing the parent company’s data, they were able to require less documentation to open an account than banks typically needed. Thousands of people opened bank accounts; research indicates that employment and income levels also increased.
In Chile, too, supermarket chains are gradually building credit histories for their unbanked customers. They start with small amounts of store credit, then expand it based on repayments—incrementally widening access to credit.
These are just a few examples of financial empowerment in action. In this way, and others, innovation and inclusion can go hand-in-hand.
Conclusion
To conclude, as we seek to pull the world economy out of what I have called “the new mediocre,” efforts to lift growth and support inclusion are critical, complementary priorities. Alongside stronger policies, the role of business is key. Enterprise not only benefits from greater inclusion, but is uniquely placed to support it—leading, employing, innovating.
Taking the next step on inclusive capitalism calls for decisive measures: not just promises but action. The ball is in your court.
Let me conclude with the words of President Woodrow Wilson:
“Y ou are not here merely to make a living. You are here in order to enable the world to live more amply, with greater vision, with a finer spirit of hope and achievement. You are here to enrich the world, and you impoverish yourself if you forget the errand.”
Thank you.
Cook County Board President Toni Preckwinkle, Chicago Mayor Rahm Emanuel, DuPage County Chairman Dan Cronin and the Chief Executives of Kane, Kendall, Lake, McHenry and Will Counties joined together with JPMorgan Chase, the Brookings Institution, founders of the Global Cities Initiative, and World Business Chicago today to launch Metro Chicago Exports. Metro Chicago Exports is an unprecedented regional collaboration that will help small and medium enterprises throughout the region capture export opportunities and strengthen the Chicagoland area’s network of regional service providers.
“Metropolitan areas like northeastern Illinois are the engines for economic growth in this country. And regions that work together perform better. Last year, I convened the economic development leadership from seven counties and the City of Chicago to explore opportunities for collaboration to further the region’s economic growth. I’m pleased to see that one of the first results of this group is the creation of Metro Chicago Exports,” Cook County Board President Toni Preckwinkle said. “By increasing the export capacity of small and medium-sized businesses, we will enhance global competitiveness, foster innovative activity within firms, and positively impact the economy of our region.”
“Small businesses continue to be drivers of growth for Chicago’s economy. By helping businesses on the threshold of exporting to cross that divide further increases economic opportunity and job growth,” said Chicago Mayor Rahm Emanuel. “Only one in twenty Chicago small businesses currently export their goods overseas, but by bringing together assets that exist throughout the Chicagoland area – access to ports, promotion services, transportation and more — Metro Chicago Exports can help these businesses to increase their global competitiveness, support local job growth and make Chicago a national leader in exports.”
According to data from a forthcoming Brookings Metropolitan Policy Program report, in 2013, the Chicago region was the nation’s fourth largest exporter at $65 billion, but ranked only 28th in the share of its economy that comes from exports. Despite high exporting volume, only six percent of the region’s small and mid-size firms currently export and, on average less than half of those firms export to more than one market.
Metro Chicago Exports will assist manufacturers and business service companies to reach new international markets. The pilot program will focus on three initial strategies:
Build the pipeline of export ready firms: use a data-driven approach to proactively target firms in high demand industries with specific opportunities in international markets; create clear export roadmaps for groups of firms and scale the reach of existing services
Strengthen the export ecosystem: serve as a concierge for firms and assist navigation through the network of regional services; develop opportunities for peer learning and mentorship to leverage the expertise of current exporters
Reduce the initial business costs to reach new markets: expand resources for firms to become market ready and reduce the hurdles to exporting faced by small firms, such as specialized market research, translation, sales missions, etc.
According to one estimate, there are up to 2,500 manufacturers in the Chicago region on the threshold of exporting that would be eligible to utilize the services of Metro Chicago Exports.
Metro Chicago Exports builds on the Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase, that aims to catalyze a shift in economic development priorities and practices resulting in more globally connected metropolitan areas and more sustainable economic growth. JPMorgan Chase has pledged an additional $500,000 to launch Metro Chicago Exports.
“The global marketplace is more complex, more challenging, and more receptive than ever,” said Melissa Bean, Chairman of the Midwest, JPMorgan Chase. “It’s critical that local governments and businesses work in partnership to build capacity to compete and succeed in today’s global environment.”
“This exports program is a powerful demonstration of Chicago’s leadership in a new form of economic development. Rather than shift jobs around a region, this multi-jurisdictional collaboration is growing jobs and opportunities by helping existing businesses expand through tapping demand abroad,” said Amy Liu, co-director of the Brookings Metropolitan Policy Program and co-director of the Global Cities Initiative. “With the global marketplace more dynamic than ever, Chicago is right to act regionally and globally to ensure businesses and workers continue to prosper.”
Metro Chicago Exports is the product of a working group convened by Cook County Board President Toni Preckwinkle in December 2013 and comprised of leadership from Cook, DuPage, Kane, Kendall, Lake, McHenry and Will Counties, and the City of Chicago. The group agreed to pursue outcome-based initiatives to grow the regional economy and build trust between regional partners while targeting specific industries.
“We welcome this initiative as a truly regional enterprise. As leaders in the collar counties, we know our small business owners wear many hats. They are Chief Executive Officer, Chief Financial Officer, they manage employees, and market their goods and services. While they may want to move into international exporting, they may not know where to begin,” said Dan Cronin, DuPage County Board Chairman. “Metro Chicago Exports provides the expertise and opens that door for our collar county businesses. We believe the resulting market opportunities will grow jobs in our communities and create a more vibrant regional economy benefitting us all.”
Over the next six months, Metro Chicago Exports will focus its efforts on building organizational infrastructure, including hiring a managing director and forming an advisory council, as well as identifying firms to participate in the pilot program. Offices will be located in the City of Chicago and DuPage County.
For more information on Metro Chicago Exports, visit metrochicagoexports.com
Additional Comments on Metro Chicago Exports
“The regional export initiative clearly shows that the seven metro-area counties and the city of Chicago are serious about helping local entrepreneurs tap into growing international markets. Our local businesses create jobs, and expanding exports regionally accelerates local job creation and career opportunities for existing workers and for young people entering the workforce.”
– Chris Lauzen, Chairman, Kane County Board
“The creation of Metro Chicago Exports was an unparalleled regional collaboration to lend support to small and midsized businesses in the region. By working with existing exporting and international trade service providers, a tremendous amount of opportunity will be opened up for small and midsized companies to access foreign markets and grow their business.”
– John Shaw, Chairman, Kendall County Board
“Through this partnership, we can work together to encourage industry growth, as opposed to competing against each other for existing jobs, which is a zero sum game for the region. With 11 Fortune 500 corporate headquarters located in Lake County, we’ve benefited from the expanded global economy, and this pilot program offers the opportunity to assist more midsize companies expand their market place resulting in more jobs throughout the region.”
– Aaron Lawlor, Chairman, Lake County Board
“McHenry County is excited to collaborate on this unprecedented program to increase exports from the region. As all counties and Chicago look toward the future, working together to strengthen the region is in all our best interests. Our success should not be measured individually, but by the economic impact generated in our region and countries around the world.”
– Tina R. Hill, Chairwoman, McHenry County Board
“Helping our existing businesses export their products and services through the Metro Chicago Exports initiative is well timed. New global markets continue to open and the successful business of tomorrow is beginning to export today.”
– Larry Walsh, Executive, Will County Board
“We must recognize that the global economy has changed the formula for success. Cities and regions need to think and act in new ways to help our businesses succeed and grow jobs. Metro Chicago Exports is a great example of the way a region can collaborate to support businesses and help win in the global economy.”
– Richard M. Daley, Former Mayor, City of Chicago & Chairman, Global Cities Initiative
“A key component of Mayor Emanuel’s Plan for Economic Growth and Jobs, which WBC is currently implementing, is to expand the region’s strong export base to meet the demands of opportunities that cut across economic sectors. Companies that export effectively experience higher revenue growth and are more resilient to economic downturns. Through Metro Chicago Exports, we are coming together as a region to assist these companies, while enhancing Chicago’s global position.”
– Jeff Malehorn, President & CEO, World Business Chicago
The U.S. Department of Commerce announced today the re-launch of its Center for Faith-based and Neighborhood Partnerships, one of 13 federal agency offices under the White House Office of Faith-Based and Neighborhood Partnerships. Housed within the Office of the Secretary, the Center serves to connect community- and faith-based organizations to Commerce resources and programs, engage a diverse array of stakeholders in the work of the agency, and promote economic development and job creation through local partnerships.
“I am excited to announce the new strategic direction of Commerce’s Center for Faith-based and Neighborhood Partnerships. The Center plays an important role in connecting Commerce to local communities and ensuring the Department’s ‘Open for Business Agenda’ expands opportunity for all Americans,” said U.S. Commerce Secretary Penny Pritzker. “By linking community leaders and organizations with critical economic development programs, technical assistance and other resources, the Department of Commerce is working to achieve its mission of promoting job creation, economic growth, sustainable development and improved standards of living for all Americans by working in partnership with businesses, universities, communities and our nation’s workers.”
In direct alignment with the Department’s “Open for Business Agenda,” the Center has created Commerce’s first-ever “Community Development Resource Toolkit,” which highlights how community-based organizations can utilize Commerce Department programs to promote local-level economic development. The Center has also revamped its website and will begin a “Commerce in the Community” blog series highlighting the many ways in which local business, nonprofit and religious leaders are partnering with Commerce to make a positive impact at the local level. Additionally, the Center will begin a series of place-based convenings this summer, focused on connecting communities with Commerce Department programs and resources, while also promoting local partnerships around skills and workforce development.
“Commerce’s Center for Faith-based and Neighborhood Partnerships plays an important role in our community development efforts by helping businesses and nonprofits work together to grow the economy and create jobs,” said Melissa Rogers, Executive Director of the White House Office of Faith-based and Neighborhood Partnerships. “We are looking forward to collaborating with our colleagues at Commerce to build ladders of opportunity for all Americans.”
On March 30, 2014, the Center co-hosted Business Sunday – its first event under Secretary Pritkzer – at 19th Street Baptist Church in Washington, DC. A collaboration between the Minority Business Development Agency and the Small Business Administration, Business Sunday is focused on providing current and aspiring business leaders from congregations and communities around the country with the federal resources they need to start and grow their companies. As a reflection of the President’s commitment to job creation and economic opportunity for all Americans, Business Sunday connects people to valuable technical assistance, grant information and other resources from the Minority Business Development Agency, BusinessUSA and the Small Business Administration.
The Center for Faith-based and Neighborhood Partnerships is led by Director Josh Dickson. Originally from Upstate New York, Josh is a graduate of the Harvard Kennedy School and a long-time community organizer who’s been involved in numerous initiatives focused on engaging faith-based and neighborhood organizations in community development. In his role as Director, Josh will oversee faith-based and community partnership projects across all Commerce bureaus as well as within the Office of the Secretary.
This news is courtesy of www.doc.gov
U.S. Commerce Deputy Secretary Bruce Andrews today announced the Department is seeking candidates to serve on a new Digital Economy Board of Advisors, which Commerce is establishing to give government a mechanism to obtain advice from leaders in industry and civil society. The board will provide recommendations on ways to ensure that the Internet continues to thrive as an engine of growth, innovation, and free expression.
“Promoting the digital economy is a top priority for the Department of Commerce,” Deputy Secretary Andrews said. “We highly value the input of the private sector as we develop policies to promote digital innovation and remove barriers to global competitiveness. Our new Digital Economy Board of Advisors will provide the Department with an important tool to discuss with and learn from these leaders about ways to promote this vital sector of our economy.”
Commerce is seeking candidates representing a broad cross-section of commercial, civil society, and academic sectors that make up the digital economy. The board will consist of 15-20 members and will be appointed by Secretary of Commerce Penny Pritzker to serve two-year terms.
The new advisory board will help the Secretary to develop the Department’s Digital Economy Agenda, which aims to promote a free and open Internet, trust online, innovation, and Internet access for all Americans. The board’s responsibilities will include analyzing challenges to the free flow of information on the Internet, promoting the development of promising new digital technologies, and examining policies that impact the digital economy on topics such as broadband, cybersecurity and privacy.
Those who are interested in serving on the board can nominate themselves or can be nominated by others. Applicants should submit nominations electronically by Wednesday, December 23, 2015, using the online nomination form located at https://www.ntia.doc.gov/digital-economy-board-advisors-nomination-form.
Brussels, The European Commission presents its vision on how European standard setting should evolve in the light of technological developments, political priorities and global trends.
It also announces next steps on the Joint Initiative on Standardisation (JIS), which aims to reinforce the partnership between the European institutions and the standardisation community.
From the A4 paper size to GSM technology, standards reduce costs, promote innovation, ensure interoperability between different devices and services, and help companies to access markets. Largely voluntary and industry-driven, European standards need to keep pace with the changing economy, the increasing importance of services, and the digital revolution. Today the European Commission has adopted a Communication, announced in the Single Market Strategy, to ensure that Europe remains a global hub for standardisation.
Jyrki Katainen, Vice-President for Jobs, Growth, Investment and Competitiveness, said: “If we want the European market to have the first-mover advantage, we need to speed up and better prioritise standard setting across the board. With today’s standardisation package, we are helping raise competitiveness, power innovation and create a predictable and stable investment framework in the EU.”
Elżbieta Bieńkowska, Commissioner for Internal Market, Industry, Entrepreneurship and SMEs, added: “The Joint Initiative on Standardisation brings together public and private organisations in a collaborative, transparent and agile dialogue process to ensure the timely development of state-of-the-art standards in support of fast changing market needs and public policies.”
Often seen as merely technical issue, standards are important economic drivers. Today’s Communication presents a vision for a single and coherent EU standardisation policy which features higher on the political agenda and where the priorities are regularly discussed with the European Parliament and the Member States.
Today’s package includes a Commission decision providing the framework for the Joint Initiative on Standardisation (JIS), which will be formally launched by all partners on 13 June in Amsterdam under the Dutch Presidency of the EU. The JIS will bring together European and national standardisation organisations and bodies, industry, SMEs, consumer associations, trade unions, environmental organisations, Member States and the Commission. These partners will commit to modernising, prioritising, and speeding up the timely delivery of standards by the end of 2019. The JIS will better align standard setting priorities with research and innovation impetus, with support from the EU research and innovation programme Horizon 2020. The JIS will also promote the use of European standards at international level.
The proposal for a 2017 work programme for European standardisation identifies the services and ICT sectors as priority areas for future standard-setting, given their cross-cutting role in the economy. In April 2016, the Commission already proposed concrete measures to speed up the ICT standard setting process by focusing on five priority areas: 5G, cloud computing, internet of things, data technologies and cybersecurity. Now, the Commission recommends a renewed focus on the services sector.
While services account for 70% of the EU economy, service standards only account for around 2% of all European standards. The fragmentation of standards acts as a barrier to the cross-border provision of services. Complementing other initiatives under the Single Market Strategy to facilitate the cross-border provision of services, the Commission propose to prioritise and promote the targeted development of voluntary European service standards. Examples of services standards include terminology on hotels and other tourism accommodation.
Background
Standards are technical specifications for products, production processes, services or test-methods. Standards facilitate the interoperability of economic operators in the value chain. For example, the standards on paper sizes (A3, A4, A5) facilitate the interaction between consumers, paper and envelope manufacturers, printing houses and photocopier makers. A standard provides technical certainty, a pre-condition for economic operators to invest. For some products, such as airbags or surgical masks, standards also guarantee high quality and safety.
Standard setting in Europe is largely industry driven. While standards are developed by a standards organisation, the market may also simply adopt the technical specifications developed by one company or by professional organisations.
The modernisation of the standardisation system was announced in the Single Market Strategy and complements the Communication on ICT standardisation Priorities for the Digital Single Market adopted in April 2016.
MILWAUKEE — Demand for skilled talent continues to grow as employers across the U.S. are reporting positive hiring intentions nationwide (+19%) across all 50 states, according to the Q2 2019 ManpowerGroup (NYSE: MAN) Employment Outlook Survey. This is the seventh consecutive year of double-digit hiring Outlooks in the U.S., according to the survey of more than 11,500 U.S. employers. The Q2 2019 employment Outlook comes after the Bureau of Labor Statistics’ January jobs report marked 100 months of consecutive job growth in America with approximately 19M gains since October 2010.
Employers in all 13 industry sectors report optimistic hiring plans with the strongest Outlooks reported in Leisure & Hospitality, Transportation & Utilities (both +25%) and Wholesale & Retail Trade (+24%) as consumers dine out and demand immediate delivery from groceries to fast fashion. Employers in Professional & Business Services have a +23% employment Outlook fueled by growing demand for knowledge workers with the right balance of human strengths including communication and collaboration and technical capabilities from coding to data analytics.
“As U.S. employers continue to report double-digit hiring Outlooks, demand for talent is growing across the board from cyber security experts and data analysts to delivery drivers needed to keep up with 24/7 online retail,” said Becky Frankiewicz, President of ManpowerGroup North America. “It’s a skilled worker’s market. The best employers are reviewing the difference between what is desired in a role and what is required for a job. In the tech sector, we see a higher number of Java openings requiring computer science degrees than there are graduates. The most successful employers are re-evaluating the precise experience and education truly required to get the job done and as a result they’re attracting the best, and often more diverse, talent to the organization.”
View complete Q2 2019 survey results for the U.S: ManpowerGroup.US/MEOS.
Region
Q2 2019
Quarter-over-Quarter Variation
Year-over-Year Variation
West
20%
0%
+1%
Midwest
19%
+1%
-1%
South
20%
-1%
+2%
Northeast
18%
-2%
+1%
U.S. Hiring Plans by Industry Sectors, Regions and Metro Areas/States
Nationwide, employers in all 13 industry sectors expect to add staff in Q2 2019. The strongest Outlooks are reported in Transportation & Utilities (+25%), Leisure & Hospitality (+25%), Wholesale & Retail Trade (+24%) and Professional & Business Services (+23%) followed by Mining (+19%), Construction (+19%), Durable Goods Manufacturing (+19%) and Non-Durable Goods Manufacturing (+17%).
Both the South and the West have the highest regional Outlooks (+20%) in the country. Hiring prospects in the Midwest (+19%) are a close second with employers in the Northeast (+18%) not far behind. In the Midwest (+20%), Northeast (+18%) and West, the Outlook is up a percentage point (+20%) year-over-year and up two percentage points in the South.
Employers in Indiana (+33%), Maine (+33%), Alaska (+28%), Colorado (+27%), Kansas (+26%), North Carolina (+26%) and Oregon (+26%) report the strongest Outlooks nationwide. Of the 100 largest metropolitan statistical areas, the strongest job gains are expected in Greensboro, N.C. (+35%), Denver, Col. (+34%), Indianapolis, Ind. (+33%), Sacramento, Cal. (+32%), Albany, N.Y. (+31%), Deltona, Fla. (+31%) and Madison, Wis. (31%).
Complete results for the ManpowerGroup Employment Outlook Survey are available for download at ManpowerGroup.US/MEOS. The Q3 2019 survey will be released June 11, 2019.
*The Net Employment Outlook is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers expecting a decrease in hiring activity.
About ManpowerGroup
ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions – creates substantially more value for candidates and clients across 80 countries and territories and has done so for 70 years. In 2019, ManpowerGroup was named one of Fortune’s Most Admired Companies for the seventeenth year and one of the World’s Most Ethical Companies for the tenth year, confirming our position as the most trusted brand in the industry. See how ManpowerGroup is powering the future of work: www.manpowergroup.com.
NEW YORK– Representatives from KKR will ring the opening bell tomorrow morning at the New York Stock Exchange (“NYSE”) to commemorate the listing of Corporate Capital Trust, a business development company (“CCT or the “the Company”). Eric Eversole, President of Hiring our Heroes, a program KKR supports that is dedicated to helping members of the military and their families, will join the Company in ringing tomorrow’s opening bell.
Following the bell, the Company’s common stock will begin trading under the ticker symbol “CCT” and the Company’s new investment advisory agreement with KKR Credit will become effective.
“The listing is a great milestone for CCT shareholders and the product of a very successful partnership between KKR and CNL,” said Todd Builione, the incoming CEO of CCT and President of KKR Credit and Capital Markets. “After the listing, shareholders will see an immediate benefit from reduced fees and the ability to control the liquidity of their holdings – while we expect CCT, as a listed vehicle, will have improved access to capital markets solutions and the ability to now reach institutional investors, among others.”
As of September 30, 2017, CCT had over $4.4 billion in total assets and investments in 105 portfolio companies, with 73% of the portfolio in senior secured investments. CCT’s portfolio companies are diversified across 21 industries. Since CCT’s founding, the Company has lent approximately $8.9 billion to over 450 companies.
Upon listing, CCT will be the largest business development company listed on the NYSE and the third-largest externally-managed listed business development company.
About Corporate Capital Trust
Corporate Capital Trust is a business development company that provides investors an opportunity to access the middle market direct lending opportunity. The Company is externally managed by KKR Credit and its investment objective is to provide shareholders with stable recurring income generation. The Company intends to meet its investment objective by investing primarily in the debt of privately owned companies, with a focus on originated transactions. For additional information, please visit corporatecapitaltrust.com.
About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including credit, private equity, energy, infrastructure and real estate, and, through its strategic manager partnerships, hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside its partners’ capital and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
MCLEAN, Va.– To help more local small business owners innovate and compete in a rapidly changing marketplace, Capital One and Count Me In for Women’s Economic Independence will hold a “Leadership Institute: Thrive with Massive Change” event for local women-owned small businesses, featuring world-renowned expert design innovator Bruce Mau from April 15-17, 2014 in Arlington, Virginia.
During the “Leadership Institute: Thrive with Massive Change” event, Mau will introduce the Design Thinking methodology, used by Fortune 500 companies, including Capital One, to the small business community. Local small business owners will have the opportunity to learn how they can apply Mau’s Design Thinking methodology — based on a human-centered, prototype-driven process for innovation — to their products, services, or business design.
“At Capital One we’re using Design Thinking and its customer-focused approach to reimagine the way millions of people interact with their money to ensure that we’re building the products and experiences our customers need,” said Evelyn Huang, Director of Design Thinking and Strategy, Capital One. “By partnering with Count Me In to introduce Design Thinking to the small business community, we’re hoping to help more entrepreneurs unlock critical customer insights to accelerate innovation and fuel the growth of their small businesses.”
A recent Capital One survey found that 43 percent of small business owners in the Washington, DC, area are concerned about their ability to compete with larger businesses over the next five years. While local DC-area small businesses identify a lack of customer insights as one of their top hurdles to keeping pace with larger businesses in a rapidly changing marketplace, only 37 percent of DC-area small businesses said they conduct in-person feedback sessions with customers, only 16 percent conduct surveys of customers to get feedback on new products and prototypes, and 9 percent do not involve customers at all in the process of creating new products and prototypes, found the Capital One survey of local small business owners.
“Applying Mau’s innovative design principles and tools will inspire women entrepreneurs and will give them fresh perspective on how to approach problem-solving, expand their vision and build their double bottom line of growing a bigger, better business and a better life,” said Nell Merlino, President, Count Me In. “We’re thrilled to partner with Mau and Capital One, who both share our commitment to empower women small business owners with invaluable insight and knowledge that will help them address their biggest business challenges.”
The Leadership Institute builds on Count Me In and Capital One’s partnership to support the growth of women-owned small business owners. Last year, Count Me In and Capital One launched the Women Veteran Entrepreneur Corps (WVEC), a training and mentorship program designed to help established women small business owners who are veterans, spouses/domestic partners, or daughters of veterans conquer daily business challenges and plan ahead for future growth and success.
“We recognize the critical role that our nation’s small businesses serve in economic recovery, and we’re committed to supporting small businesses at every stage of their journey – whether it’s directly through our products and services, or through innovative partnerships and programs like the Leadership Institute that provide tailored business training, mentoring, and other professional support and resources,” Huang added.
About Count Me In for Women’s Economic Independence
Count Me In is the leading not-for-profit provider of business education and resources for women interested in growing their micro-businesses into million-dollar enterprises. Founded in 1999, the organization inspires and instructs thousands of women business owners online, at live events, and through peers, coaches and experts to significantly increase revenues and create new jobs. CMI has developed a reputation nationally and internationally for accelerating business growth and positioning women in the forefront of global economic recovery. For more information on Count Me In programs and resources visit www.countmein.org.
About Capital One
Capital One Financial Corporation, headquartered in McLean, Virginia, is a Fortune 500 company with more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia. Its subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One applies the same principles of innovation, collaboration and empowerment in our commitment to our communities across the country that we do in our business. Capital One recognizes that helping to build strong and healthy communities – good places to work, good places to do business and good places to raise families – benefits us all and Capital One is proud to support this and other community initiatives.
Government must be able to keep pace with the innovation and user experiences that the American people and businesses expect. Throughout 2014, the Administration piloted new and innovative approaches to increase the Government’s ability to drive impact for Americans on national priorities, including initiatives that help veterans find employment and help workers invest in safe and affordable retirement accounts. The Budget invests in scaling those pilot programs and processes that have proven successful. Ultimately, a more effective Government will more efficiently use taxpayer dollars to better deliver for citizens.
3.1.1
Ramping Up Smarter Information Technology Delivery
The Administration has embarked on a comprehensive approach to fundamentally improve the way that the Government delivers technology services to the public. Top technologists and entrepreneurs are being recruited to work within agencies on the highest priority projects. The best processes are being leveraged to increase oversight and accountability for IT spending. In addition, several efforts are being piloted to improve IT procurement and ramp up Government contracting with innovative companies.
People. Getting the best talent working inside of Government is a key component of the Administration’s Smarter IT Delivery strategy. In 2014, the Administration piloted the USDS by recruiting a select group of private sector innovators, entrepreneurs, and engineers to Government service. Since standing up, this team of America’s best digital experts has worked in collaboration with Federal agencies to implement cutting-edge digital and technology practices on the Nation’s highest impact programs, including the successful re-launch of HealthCare.gov in its second year, the Veterans Benefits Management System, and an improved process for online visa applications, among others. In addition to their work on these high priority projects, this small team of technical experts has worked to establish best practices and recruit still more highly-skilled digital service experts and engineers into Government.
Every agency in Government has citizen-facing digital projects that are critical to its mission. Too often, these services have been delivered over budget, behind schedule, and in ways that do not meet citizen needs. Unsurprisingly, since the launch of USDS in 2014, there has been significant demand for its expertise, from project design and development to recruiting technical experts. To address this problem, the Budget scales and institutionalizes this new approach to technology by providing funding to 25 agencies for the development of their own agency digital services teams. These small, high-impact teams will drive the quality and effectiveness of the agencies’ most important digital services. USDS will work closely with agencies to stand up these teams by providing support for hiring, training, and procurement.
Process. The Administration has made significant progress encouraging data-driven processes to provide effective oversight of Government IT. By establishing mechanisms such as PortfolioStat, a data-based review of agency IT portfolios, we have not only strengthened Federal IT, but made it significantly more cost effective. PortfolioStat has helped the Government achieve more than $2.2 billion in savings over the past three years while ensuring agencies are efficiently using taxpayer dollars to deliver effective and innovative solutions to the public. PortfolioStat promotes the adoption of new technologies, such as cloud computing and agile development practices. For example, as a result of these continuing efforts, the Federal Government now spends approximately 8.5 percent of its budget on provisioned services such as cloud computing, on par with leading private sector companies.
In addition, agencies involved in PortfolioStat are becoming more effective in rapidly delivering value in IT. For example, agencies have increased their use of agile development practices and are delivering IT capabilities 21 days (11 percent) faster than they were in May 2013. Agile development is an incremental, fast-paced style of software development that better meets evolving user needs. Using agile development ultimately increases the ability to deliver a better product, faster.
In 2016, the Administration will continue to use PortfolioStat to drive efficiencies in these programs, and also will continue to revise and encourage adoption of the TechFAR and Digital Services Playbook, which were released to the public in the fall of 2014. These tools provide clear guidance to agencies on using agile development and innovative contracting practices to deliver IT services that work for 21st Century consumers. Throughout 2016, the Administration will continue to scale up best practices by institutionalizing them within the agency digital service teams.
Companies. The Government must work with private sector innovators to ensure the best use of cutting-edge technologies and practices. Yet, too often, there are barriers to entry that prevent agencies from contracting with these firms. Over the past year, initial steps have been taken to address this challenge. For example, the Administration has piloted FBOpen, a tool that helps small and innovative companies search for opportunities to work with Government, and launched an online national dialogue on procurement reform to solicit ideas for reducing barriers to access. As part of the broader strategy to transform the Federal marketplace, the Administration is piloting new initiatives in IT acquisition. In 2016, these early pilots will be expanded to increase digital acquisition capability within agencies, train agency personnel in digital IT acquisitions, and test innovative contracting models.
3.1.1
Delivering World-Class Customer Service
The Administration is continuing its efforts to improve the quality, timeliness, and effectiveness of Federal services. A customer service Community of Practice has been established to develop standards, practices, and tools for agencies to improve their customer service. The Federal Customer Service Awards program has also been established to recognize individuals and teams who provide outstanding customer service directly to the American people. The awards will begin in the fall of 2015, and will support innovative practices and provide performance incentives to frontline employees.
Agencies are also increasing their focus on improving the most frequently used Government services, and the Budget supports the introduction and scale-up of these programs. The Internal Revenue Service (IRS) has launched IRS Direct Pay, which provides taxpayers a no-fee electronic payment option and allows them to establish installment agreements; built an e-Authentication tool that provides taxpayers a user-friendly, low-cost way to securely access IRS online tools and applications; and launched IRS2Go, a downloadable app that allows taxpayer self-service access to IRS information and services on any device. Since its release, it has been downloaded more than 5.4 million times. The Transportation Security Administration (TSA) is continuing to improve passenger experience at airports, including continuing to expand and improve TSA Pre-Check, an expedited passenger screening program. TSA is exploring new and innovative ways of collecting and responding to customer feedback to provide the best possible service while keeping U.S. airports safe. Going forward, the Administration will build and expand on this progress by improving the collection and use of customer feedback data across Government to make tangible improvements in customer interactions.
BURBANK, Calif., Today, Disney Accelerator powered by Techstars culminates in a Demo Day where its 10 participating companies will present their businesses to the investment and entrepreneurial communities, industry leaders and Disney executives. The Disney Accelerator participants have just finished a 15-week immersive program that gave them access to mentorship from more than 60 Disney executives as well as 70 entrepreneurs and investors from the business community, up to $120K in investment capital to develop their companies and special access to Disney resources from across the company.
The participating companies have reached many significant milestones during the Disney Accelerator. At Demo Day, Smart Toy, a company that makes toys that teach, talk, and interact with children, announced today that it has been acquired by Cartwheel Kids, a Los Angeles-based manufacturer of children’s products. In addition, SnowShoe announced that it had secured $2.2 million in seed financing and Choremonster and Codarica both launched mobile apps. Sphero also introduced its new Ollie product during the program, and Twigtale named as its editor-in-chief Dr. Harvey Karp, the renowned pediatrician and child development specialist.
“This group of start-ups has made tremendous progress evolving and growing their businesses in the past fifteen weeks,” said Kevin Mayer, Disney’s Executive Vice President, Corporate Strategy and Business Development. “It has been a fantastic learning experience for them and an opportunity for Disney to get in on the ground floor with a new generation of innovators. We look forward to the opportunity to work with all of these companies moving forward and to meeting a new set of participants next year.”
The companies participating in Disney Accelerator are:
ChoreMonster – ChoreMonster unites parents and kids with the most ridiculously fun and motivating family framework, so every home is a joyful place. choremonster.com
Codarica – Codarica creates seriously fun games that teach kids to code. codarica.com
Jogg – Jogg is a mobile video platform that changes the direction of how we engage our audience. joggapp.co
Naritiv – Naritiv is a marketing and analytics platform for micro-content, starting with Snapchat. naritiv.com
Sidelines – Sidelines is a people-powered content marketing platform that drives brand influence through discussions by expert fans. sidelinesapp.com
Smart Toy – Smart Toy is a learning toy that talks and listens to kids. Smart Toy can be customized to know your child’s name, teach lessons, and much more. smarttoylabs.com
SnowShoe – SnowShoe creates magic with a touch of plastic. SnowShoe-powered objects unlock digital content through your smartphone. snowshoestamp.com
Sphero – Sphero is the connected play company, fusing digital and physical play by creating toys and robots that you control with a smart device. gosphero.com
Twigtale – Twigtale builds happier families through personalization and expert-fueled storytelling. twigtale.com
TYFFON – TYFFON makes entertaining apps that put you in the center of the fun — founded by the creators of the ZombieBooth series, with over 30 million downloads. tyffon.com
About The Walt Disney Company
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive. Disney is a Dow 30 company and had annual revenues of $45 billion in its Fiscal Year 2013.
About Techstars
The massive Techstars interconnected network of over 3,000 successful entrepreneurs, mentors, investors, and corporate partners help the most promising startups do more faster. With 13 programs worldwide, its mentorship-driven accelerators fund the best companies in the most entrepreneurial communities. Since 2006, 80% of the 500 companies from almost 40 Techstars programs have received funding, representing approximately $2 billion in market capitalization.
– See more at: http://thewaltdisneycompany.com/disney-news/press-releases/2014/10/disney-accelerator-showcases-10-start-ups-demo-day#sthash.RkF8iwxn.dpuf
“Dodd-Frank” is shorthand for the Wall Street Reform and Consumer Protection Act, whose chief co-sponsors on Capitol Hill were Senator Chris Dodd and Representative Barney Frank. These reforms — that the President signed into law exactly five years ago today — and others the Administration has put in place since the crisis represent the most sweeping set of financial reforms since the Great Depression.
Why does it matter and why should you care? Let’s take a walk down memory lane.
(And if you just want a quick breakdown of the numbers behind five years of Wall Street reform, take a look here.)
1. Remember the CFPB? Wall Street reform created it.
“CFPB” stands for the Consumer Financial Protection Bureau: an independent watchdog responsible for writing and enforcing rules to protect you as you borrow and save. And Wall Street reform made it happen.
Here’s why that’s a big deal:
You’d be surprised at exactly what lenders were able to get away with during the housing bubble — including loading up a mortgage with extra costs to jack up their own compensation in the short term before shuffling that loan over to a third party, making it their problem. With these bad incentives, lenders steered borrowers toward bad products they couldn’t afford (even when they qualified for better, lower-cost options), often burying the terms of made-to-explode mortgages in the fine print.
Dodd-Frank fixed that. Today, lenders have to assess borrowers’ ability to pay a mortgage first. They have to take responsibility for the risks of the loans they make, giving them “skin in the game” to encourage responsible lending. And they will have to present them to the borrowers in clearer, easier-to-understand terms. And the CFPB is keeping all kinds of consumer lenders honest — from credit card companies, to mortgage lenders, to debt collectors, to student loan servicers. Since 2011, the CFPB’s enforcement actions have delivered nearly $11 billion in relief to more than 26 million consumers harmed by illegal practices — including a new action announced today.
(Those practices include deceptive marketing, unfair billing, and discriminatory practices by big banks and other financial institutions — and a whole lot more. Learn more about them here.)
2. Remember when you were responsible for picking up the tab for Wall Street’s mistakes? Not anymore.
When large, complex, or interconnected firms (like Lehman Brothers) failed during the crisis, the regulators didn’t have the tools they needed to wind them down safely, without bringing down our entire financial system. That left us with a pretty awful choice: Let our system collapse and risk another Great Depression (which nearly happened after Lehman failed), or have taxpayers step in to clean up the mess?
Wall Street reform fixed that. Today, regulators have something called “orderly liquidation authority,” which is a fancy way of saying that if a big Wall Street firm implodes again, taxpayers aren’t on the hook — investors in the firm and the financial industry pick up the tab. By law, no firm is too big to fail.
3. Remember when huge parts of our financial system were allowed to operate in the shadows? They’re being brought into the light now.
Before the financial crisis, trillions of dollars in complex financial contracts — like derivatives— went almost completely unregulated. Nobody knew who was responsible for what. Sometimes the contracts were only written on paper, stuffed in a drawer, and forgotten. As a result, institutions couldn’t keep track of who owed what to whom. And when a large firm that many other firms relied on to meet their own obligations went down, it had the ability to drag the entire economy down with it.
Here’s how Wall Street reform changed that: Today, most complex transactions have to happen on transparent, centralized platforms with good documentation and better safeguards so that no one firm’s failure can ripple through the entire economy. And regulators now have the power to find and address risks across the financial system, bringing major institutions and major markets that used to escape adequate oversight up to higher standards.
4. Remember when opponents of reform said the sky was going to fall? It didn’t.
Five years ago, opponents of this bill said that its reforms would hurt lending and kill jobs. Five years later, here’s what we know:
Business lending by banks is up 30 percent.
Unemployment is the lowest it’s been in seven years.
And we’ve had the longest streak of private-sector job growth on record — with nearly 13 million jobs created.
5. Remember when we said we were done here? We didn’t. (We’re not.)
The President’s still working to protect American consumers; keep our markets safe, open, and fair; and provide a foundation for strong economic growth. We’re making new rules to make sure your retirement advisor is working in your best interest, we’re protecting our service members and their families from predatory lenders, and we’re making sure our financial institutions can stand up to the toughest conditions the market has to offer through annual stress tests.
We’re finishing the financial reform work that Dodd-Frank started, and we’ll stand up against any efforts to roll it back.
Charlie Anderson is a Senior Advisor for the National Economic Council.
The two-year bipartisan budget agreement announced today is a major step forward for our economy. As our strong domestic economic momentum continues to face headwinds from slowing growth abroad, it is critical to avoid the self-inflicted wounds of past episodes of fiscal brinksmanship. Instead this agreement strengthens both short- and long-run growth, setting the stage for more, higher-paid jobs.
Today’s budget agreement includes $80 billion in sequester cap relief over the next two years, plus $31 billion in additional funding. The agreement is front-loaded, with $50 billion of that sequester cap relief and roughly $16 billion of additional funding coming this fiscal year, constituting nearly 90 percent of the discretionary sequester relief for 2016 proposed in the President’s Budget. The sequester relief is paid for over ten years by a mix of spending reforms, stronger tax compliance measures for large partnerships like hedge funds and private equity firms, and other measures. In addition, the bill would provide up-front premium relief in Medicare Part B paid for over several years, avoiding a roughly 50% increase in Part B premiums.
THREE MAJOR ECONOMIC IMPACTS OF TODAY’S BUDGET AGREEMENT
1. The direct effect of the agreement will result in an estimated 340,000 additional jobs in 2016 and a total of 500,000 job-years added in 2016 and 2017, based on analysis of recent estimates from the Congressional Budget Office (CBO). Under this agreement, federal budget authority will rise by $111 billion over the next two years, directly boosting output and supporting aggregate demand. Although the economic recovery has made substantial progress, there is still some slack, and as a result analysts including CBO estimate that avoiding unnecessary austerity will result in a faster pace of job creation and GDP growth. Analysis based on CBO’s recent estimates released in August suggests that the sequester relief in this agreement will add an expected 340,000 jobs and increase the size of our economy by 0.3 percent in 2016. Over the next two years, these estimates suggest that the sequester relief in this agreement would add 500,000 job-years in total.
These estimates are based on an analysis of CBO’s prior estimates of the economic impact of full relief from the sequester in 2016 and 2017, assuming a constant ratio of economic impact to sequester relief in a given calendar year. They include the effects of the agreement relative to current law, which would raise discretionary outlays by about 0.2 percent of GDP in each of the next two years. The estimates omit any aggregate demand effect of avoiding the Medicare Part B premium hike and potential mandatory and revenue offsets.
2. The indirect effect of increased certainty and confidence could further boost job creation and economic growth above the estimates based only on the direct effect. By raising the debt limit, ensuring that the Social Security Disability Insurance program provides full benefits to workers, and putting Congress in position to complete a budget, this legislation will continue our domestic momentum and reduce the recent policy uncertainty that threatened to weigh on economic growth. Several years ago, when Congress forced fiscal crisis after fiscal crisis, the costs to our economy were clear. Consumer and business confidence fell to record lows, and fiscal policy uncertainty cost 900,000 jobs, according to a Macroeconomic Advisers estimate. Conversely, the turn away from manufactured crises since 2013 helped contribute to accelerating job growth and a stronger recovery, and this agreement will extend that positive trend.
3. The legislation also makes possible greater investment in measures to increase our long-run growth and bolster middle-class incomes. The lower pace of global productivity and investment growth across the developed world is one of the most important challenges economic policymakers face in the post-crisis era. Our private sector is fulfilling its end of the bargain, with private investment in research and development growing at the fastest pace since 2007, while public R&D investment has declined as a share of the economy. This agreement will help bring public investment back to the table, facilitating investments in productivity-enhancing areas like education (including important investments in pre-school, K-12 education, and job training) and public R&D. Productivity is one of the key drivers of middle-class incomes, and it is critical to target public investments that promote persistent growth.
Article is courtesy of www.whitehouse.gov and by Jason Furman is the Chairman of the Council of Economic Advisers.
The Budget continues to invest in efforts to open up Government-generated assets, including data and the results of federally funded research and development — such as intellectual property and scientific knowledge — to the public. Through these efforts, the Government can empower citizens and businesses to increase the return on investment with innovation, job creation and economic prosperity gained through their use of open Government data and research results. The use of this data and scientific knowledge has impacted the private sector, including fueling innovative start-up companies and creating American jobs, increasing the transparency of retirement plans, helping consumers uncover fraudulent charges on their credit card bills, assisting potential homebuyers in making informed housing decisions, and creating new life-changing technologies, such as leading-edge vaccines.
3.3.1
Opening Data to Spark Innovation
The Administration places a high priority on opening Government data as fuel for private sector innovation and public use. Since 2009, the Administration has released over 75,000 data sets to the public, while continuing to protect individual privacy, with over 67,000 of these data sets released in the last year alone. These data sets include everything from credit card complaints, to weather and climate measurements, to what different hospitals charge for different procedures. In demonstrating its commitment to open data, the Administration has developed performance metrics to measure agency progress in reaching open data goals, provided tools to make it easier for Federal agencies to publish data, and released guidance to agencies on how to engage with the community to identify priority data sets for release. The Administration continues to invest in and support efforts to unlock Federal data sets with a high potential for economic impact, including in the areas of health care, energy, education, employment, public safety, tourism, and agriculture. In addition, the Administration is committed to fueling the open data ecosystem by taking steps to connect agencies, entrepreneurs, and other innovators. The Budget provides $16 million for E-Government initiatives in GSA’s Federal Citizen Services Fund, supporting important IT investments including open data and digital Government initiatives. While emphasizing the opening of Federal data, safeguarding the privacy, confidentiality, and security of sensitive information is of the utmost importance, and agencies are required to do thorough reviews of their data prior to publication to ensure no sensitive information is released.
3.3.2
Accelerating and Institutionalizing Lab-to-Market Practices
As discussed in the chapter on Investing in America’s Future, the Budget invests $146 billion in research and development (R&D) across Government. The Federal Government’s investment in R&D yields extraordinary long-term economic impact through the creation of new knowledge, new jobs, and ultimately new industries. The Federal R&D enterprise must continue to support fundamental research that is motivated primarily by an interest in expanding the frontiers of human knowledge and diffusing this knowledge through open data and publications. At the same time, economic growth can be accelerated through more effective transition of R&D results from the laboratory to the marketplace, based on close collaboration with industry.
The Budget reflects the Administration’s commitment to accelerating the transfer of the results of federally funded research to the commercial marketplace by proposing increased funding for technology transfer from Federal labs in the National Institute of Standards and Technology (NIST) and for the National Science Foundation’s (NSF) public-private Innovation Corps (I-Corps) program. In response to the President’s 2011 Memorandum on Accelerating Technology Transfer and Commercialization, the Budget proposes an additional $4 million for NIST efforts to accelerate and expand technology transfer across the Federal Government, which will enhance the competitiveness of U.S. industry by sharing innovations and knowledge from Federal laboratories. The Budget also proposes $30 million for the public-private I-Corps program at NSF aimed at bringing together the technological, entrepreneurial, and business know-how necessary to bring discoveries ripe for innovation out of the university lab.
Another example of federally funded R&D powering marketplace innovation can be seen in the Department of Energy’s (DOE) Office of Energy Efficiency and Renewable Energy (EERE) Lab-Corps program. This program empowers National Laboratory teams to identify market applications and private sector partners to commercialize high-impact new EERE technologies. The initial Lab-Corps pilot will be completed by the end of 2015, and in 2016, depending on the results of the pilot, DOE will expand the Lab-Corps program to other laboratory partners.
MILWAUKEE, — ManpowerGroup U.S. (NYSE: MAN) has been awarded the EcoVadis Gold Recognition Level – the highest Corporate Social Responsibility (CSR) rating available – for ethical and responsible employment and business practices, sustainable procurement and environmental management.
The average score across companies assessed by EcoVadis is 42.4 – ManpowerGroup U.S. scored well above the average at 64. There are now 12 ManpowerGroup countries worldwide to achieve EcoVadis Gold and Silver ratings.
“Doing well by doing good begins with ensuring we are best in class for our own business practices. This award demonstrates we do just that,” said Becky Frankiewicz, president of ManpowerGroup North America.”We believe sustainability starts at home. And it’s our people who make this happen. I am proud of the work our teams do every day to deliver on our purpose – that meaningful and sustainable employment has the power to change the world. This is how we will continue to create value for our clients and candidates.”
In order to certify CSR performance, EcoVadis, the world leader in the evaluation of supplier sustainability, takes an evidence-based approach usings 21 indicators aligned to international standards including the United Nations Global Compact Principles, International Labour Organization (ILO) conventions, Global Reporting Initiative standards, the ISO 26000 standard, the CERES Roadmap, and the UN Guiding Principles on Business and Human Rights.
To find out more about ManpowerGroup’s Sustainability Plan, visit doingwellbydoinggood.manpowergroup.com.
About ManpowerGroupManpowerGroup (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing and managing the talent that enables them to win. We develop innovative solutions for over 400,000 clients and connect 3+ million people to meaningful, sustainable work across a wide range of industries and skills. Our expert family of brands – Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions – creates substantially more value for candidates and clients across 80 countries and territories and has done so for nearly 70 years. In 2017, ManpowerGroup was named one of the World’s Most Ethical Companies for the seventh consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup is powering the future of work: www.manpowergroup.com
I am hugely encouraged by the growing public awareness of autism spectrum disorders and the increase of public services to many of those affected. World Autism Awareness Day not only fosters greater understanding, it empowers parents into seeking early intervention therapies and calls for the full integration of persons with autism into society. It also invites policymakers to encourage schools to open their doors to students with autism. With adequate support, they can — and should — be educated in the heart of their communities. Now is the time for even greater access and work opportunities for persons with autism.
This year, I am pleased to launch an employment “Call to Action”, inviting businesses to make concrete commitments to employ people on the autism spectrum. We encourage public offices, corporations and small businesses to have a closer look at the way they perceive people with autism, to take the time to learn about the condition and to create life-changing opportunities.
People with autism have enormous potential. Most have remarkable visual, artistic or academic skills. Thanks to the use of assistive technologies, non-verbal persons with autism can communicate and share their hidden capabilities. Recognizing the talents of persons on the autism spectrum, rather than focusing on their weaknesses, is essential to creating a society that is truly inclusive.
Yet, even where autism awareness is most advanced, more than 80 per cent of adults with autism are unemployed. That is why it is so important for employers to understand their unique and often exceptional skills, and to enable work environments where they can excel. This important mission can only be achieved with appropriate vocational training and adequate support alongside a recruitment process that can allow people to successfully integrate into workforces around the world.
The United Nations General Assembly has called for greater access and opportunities for persons with autism. In declaring 2 April as World Autism Awareness Day, the Assembly also called for training for public administrators, service providers, caregivers, families and non-professionals to support the integration of persons with autism into society, so that they can realize their full potential.
On World Autism Awareness Day, let us join forces to create the best possible conditions for those with autism, so that they can make their own contribution to a future that is fair and sustainable for all.
SAN FRANCISCO — The U.S. Department of Labor today announced that it obtained a consent order requiring the fiduciaries of the Parrot Cellular Employee Stock Ownership Plan to pay $4,181,818 to the plan. The settlement resolves a suit filed in April 2012 after an investigation by the department’s Employee Benefits Security Administration found violations of the Employee Retirement Income Security Act. The department alleged that plan fiduciaries caused or permitted the ESOP to purchase Parrot Cellular stock for more than fair market value.
The suit, filed in the U.S. District Court for the Northern District of California, named as defendants Dennis Webb, the principal owner of California-based Entrepreneurial Ventures Inc.; Matthew Fidiam and J. Robert Gallucci, EVI executives and ESOP trustees; and Consulting Fiduciaries Inc., an Illinois company that served as the independent fiduciary for the ESOP during a November 2002 stock purchase. EVI operates Parrot Cellular telephone retail stores and is the sponsor of the worker retirement plan.
“Employee stock ownership plans can have great benefits for workers, but only if they adhere to the laws that govern them,” said Secretary of Labor Thomas E. Perez. “We are very pleased to have resolved this matter in a way that brings the plan into compliance with the law and benefits the plan’s participants.”
“Officials responsible for employee stock ownership plans are legally required to act prudently and solely in the interests of plan participants when purchasing or selling employer stock,” said Assistant Secretary of Labor for Employee Benefits Security Phyllis C. Borzi. “This is true for all fiduciaries of all employee benefit plans covered by ERISA.”
Under the terms of the settlement agreement, Consulting Fiduciaries agreed to pay $2 million to the ESOP to settle the allegations. Webb, Fidiam and Gallucci agreed to collectively pay $1.5 million to the ESOP, and Webb agreed to pay an additional $681,818 to the ESOP.
COURTESY: US LABOR DEPARTMENT
MILWAUKEE, — Employers globally are reporting positive hiring intentions as those in 41 of 43 countries forecast an increase in staffing levels in Q1 2018, according to the latest ManpowerGroup Employment Outlook Survey.
ManpowerGroup. (PRNewsFoto/ManpowerGroup) (PRNewsFoto/)
The strongest Outlooks globally are reported in the U.S., Japan, Taiwan and India. Employers in Australia, Japan, Norway, Romania and the U.S. are reporting the healthiest hiring plans in five years or more.
Outlooks among employers in Eastern Europe, and Greece outpace those in Western Europe. Employers in Austria and Italy report the weakest Outlooks across Europe and the globe while job prospects remain upbeat in Romania, Hungary and Poland. In Spain and Portugal, employers report more optimistic Outlooks year-over-year while in the UK, Germany and Belgium they report weaker (yet still positive) hiring intentions. In the UK, concerns over Brexit may be impacting employer confidence as the overall forecast dips to its weakest level since 2012.
View complete Q1 2018 survey results: www.manpowergroup.com/meos
“The first quarter of 2018 is looking bright for jobseekers with employment Outlooks improving in many markets,” said Jonas Prising, ManpowerGroup Chairman & CEO. “Employers across the globe and especially in the U.S, Asia Pacific and parts of Europe are positive across a number of sectors, and people with in-demand skills will find themselves in high demand. Employers will need to work hard to attract and develop people with the skills they need to remain competitive. As globalization and digital transformation impact different countries and industries at different times, upskilling and reskilling tomorrow’s workforce for available jobs will be critical for long-term employability. The future looks positive, providing we help people develop the skills they need to capture these opportunities.”
Of the nearly 59,000 employers surveyed across 43 countries and territories confidence levels have strengthened year-on-year in 25 countries and territories.
Global Hiring Plans by Region
EMEA: Staffing levels are expected to grow in 23 of 25 countries surveyed with flat labor markets in the remaining two.
Employers in Romania and Slovenia report the strongest hiring plans in the EMEA region.
German employers report strong hiring intentions in Finance and Business Services with employers in Frankfurt and Munich reporting the most optimistic Outlooks.
The Outlook in France remains modest, with employers in Finance and Construction reporting the biggest year-over-year headcount growth.
Asia Pacific: Employers expect staffing levels to increase in all eight countries and territories with hiring sentiment strongest in Taiwan. The most cautious Outlook in the region is reported in China.
Australia is forecasting the strongest labor market in more than six years with an Outlook of +14%.
Hiring confidence in Japan remains solid with employers reporting the most optimistic forecast since 2007. Hiring activity is strongest in Transportation and Utilities, and Mining and Construction sectors.
Hiring intentions in India improve for the second consecutive quarter following the country’s weakest historical Outlook from Q3 2017. Increased opportunities for job seekers are expected in all seven industry sectors and across each of the four regions.
Americas: Positive Outlooks are reported in all 10 countries surveyed. U.S. employers report the region’s most upbeat forecast, with more than one in every five surveyed saying they intend to hire in the January-March time frame.
U.S. employers report the strongest Outlook in ten years, driven by optimism in Construction, Manufacturing and Transportation and Utilities sectors.
Canada’s Outlook improves for the third consecutive quarter. Hiring intentions are the most optimistic reported since Quarter 4 2013.
Hiring in Mexico remains favorable despite uncertainties associated with ongoing NAFTA negotiations. Forecasts are positive in all industry sectors and regions with the strongest Outlooks reported by employers in the Manufacturing and Transport & Communications sectors.
To view complete results for the ManpowerGroup Employment Outlook Survey, visit www.manpowergroup.com/meos. The next survey will be released 13 March 2018 and will report hiring expectations for Q2 2018.
*The Net Employment Outlook is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers expecting a decrease in hiring activity.
About ManpowerGroup
ManpowerGroup (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing and managing the talent that enables them to win. We develop innovative solutions for over 400,000 clients and connect 3+ million people to meaningful, sustainable work across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, Right Management and ManpowerGroup Solutions – creates substantially more value for candidates and clients across 80 countries and territories and has done so for nearly 70 years. In 2017, ManpowerGroup was named one of the World’s Most Ethical Companies for the seventh consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup is powering the future of work: www.manpowergroup.com
The latest Employment Situation report shows that the economic winds remained at our back in February, with the addition of 295,000 new jobs. Here’s what else you should know:
We’ve now seen 12 months in a row of at least 200,000 new jobs, the longest such streak in nearly 20 years.
For five years now – 60 uninterrupted months – private sector employment growth has continued unabated to the tune of more than 12 million jobs overall.
The labor market continues to strengthen, as the economy has increasingly added middle- and high-wage jobs over the last two years.
The unemployment rate of 5.5 percent is the lowest it’s been since the spring of 2008.
And in 2014, unemployment fell in all 50 states for the first time in 30 years.
But this isn’t a moment to take a victory lap or spike the football. We’re doing very well, but we can do even better, especially with so many working families still not being lifted by the rising tide. That’s why the president is resolute in his belief and pursuit of middle-class economics. That’s why he wants to eliminate barriers to education and prepare more people for 21st-century jobs. That’s why he believes we should fix our broken immigration system and fix our crumbling roads and bridges, which are stifling economic growth.
We must help more people reap the benefits of a growing economy, ensuring that no one gets left on the sidelines as this recovery continues to gather steam. That’s the idea behind the president’s My Brother’s Keeper initiative, launched a year ago to close opportunity gaps facing boys and young men of color. This week, the White House released a one-year report demonstrating progress toward MBK goals, with nearly 200 local leaders answering the call to mobilize their communities toward concrete action on these pressing challenges.
Middle-class economics also means the security of a dignified retirement after years of hard work. So last month at the president’s direction, the Labor Department took an important step toward updating the rules governing retirement advice, to ensure that financial advisers are putting their clients’ interests above their own.
There is every reason to be bullish about the direction of our economy. But there’s every reason also to believe we can work together on common-sense, bipartisan solutions that will lead to even greater job growth and shared prosperity in the months and years to come.
WASHINGTON, D.C.—The Environmental Protection Agency’s (EPA) plans to regulate carbon dioxide emissions from power plants will cost America’s economy over $50 billion a year between now and 2030, according to a new report issued by the U.S. Chamber of Commerce’s Institute for 21st Century Energy.
The report, Assessing the Impact of Potential New Carbon Regulations in the United States, estimates the economic impacts associated with an EPA regulatory regime imposed under Section 111 of the Clean Air Act and based on the Obama Administration’s emissions reduction goals.
“Americans deserve to have an accurate picture of the costs and benefits associated with the administration’s plans to reduce carbon dioxide emissions through unprecedented and aggressive EPA regulations,” said Karen Harbert, president and CEO of the Energy Institute. “Our analysis shows that Americans will pay significantly more for electricity, see slower economic growth and fewer jobs, and have less disposable income, while a slight reduction in carbon emissions will be overwhelmed by global increases.”
The analysis found that EPA’s potential new carbon regulations would:
-Lower U.S. Gross Domestic Product (GDP) by $51 billion on average every year through 2030
-Lead to 224,000 fewer U.S. jobs on average every year through 2030
-Force U.S. consumers to pay $289 billion more for electricity through 2030
-Lower total disposable income for U.S. households by $586 billion through 2030
With global carbon emissions expected to rise by 31% between 2011 and 2030, the Energy Institute’s analysis found that EPA regulations would reduce this overall emissions level by just 1.8 percentage points.
The Energy Institute commissioned the respected research and analytics firm IHS to conduct the modeling and analysis. As a basis for the study, the Energy Institute utilized a proposal from the Natural Resources Defense Council (NRDC) that many expect will be similar to EPA’s anticipated proposal. Using the NRDC policy framework, along with the proprietary outlook from IHS Inc. on energy efficiency and power demand, the Energy Institute report then assesses the costs and market impacts of meeting the Obama Administration’s emissions target of 42% reductions below 2005 levels by 2030. The conclusions are those of the Energy Institute.
The Energy Institute’s analysis includes only the costs for the new and existing power plant carbon dioxide regulations. All other EPA regulations, such as the Mercury and Air Toxic Standards and the Cross-State Air Pollution Rule, are built into the reference case.
Different regions of the country will see profoundly different impacts from these rules. Generally, the largest impacts on jobs and the economy will be in the South Atlantic, West South Central, and East North Central census divisions. The South power region will see the biggest increases in electricity costs by far.
To read the entire report, visit www.energyxxi.org/epa-regs
The mission of the U.S. Chamber’s Institute for 21st Century Energy is to unify policymakers, regulators, business leaders, and the American public behind a common sense energy strategy to help keep America secure, prosperous, and clean. Through policy development, education, and advocacy, the Institute is building support for meaningful action at the local, state, national, and international levels.
The U.S. Chamber is the world’s largest business federation representing the interests of more than 3 million businesses and organizations of every size, sector, and region.
This news is courtesy of www.uschamber.com
Ethiopian Airlines, the largest Aviation Group in Africa and SKYTRAX certified Four Star Global Airline, wins the prestigious African Champion of the Year Award on March 26,2019 at the ongoing Africa CEO Forum in Kigali which is being attended by more than 1,800 delegates.
The AFRICA CEO FORUM is the leading international conference dedicated to the private sector in Africa and hosts the continent’s top CEOs, international investors, experts and high-level policy makers every year.
Every year, the AFRICA CEO FORUM AWARDS recognize the companies and investors that have shaped the year in Africa, during the AFRICA CEO FORUM Gala Dinner.
While receiving the awards, Group Chief Executive Officer of Ethiopian Airlines, Mr. Tewolde GebreMariam said, “We are honored to be awarded as African champion. Thank you very much for the strong vote of confidence that Africa has given us even at the most challenging time in our history. We are still mourning for the loss of the lives of our esteemed passengers and colleagues at the tragic accident on ET 302 on 10 March 2019. My sincere sympathy and heartfelt condolences for the families of the victims, the country and the continent of Africa.
But we are very grateful to the traveling public which have stood with us in such difficult time. The vote of confidence is unbelievable. We have never seen such kind of large number of vote of confidence for one of the strongest brands in Africa. Thank you all for all the support you have given us and continue to give us. Together, we will make Africa great and we will put our continent in its right place in the global stage.”
Ethiopian is a multi-award winning airline. On November 8, 2017, SKYTRAX, the most prestigious international air transport standards and quality rating organization, has certified Ethiopian as Four Star Airline. SKYTRAX has also awarded Ethiopian as SKYTRAX World Airline Award for Best Airline Staff in Africa, two times, and earlier in 2017 Ethiopian has received SKYTRAX World Airline Award for Best Airline in Africa.
About Ethiopian
Ethiopian Airlines (Ethiopian) is the fastest growing Airline in Africa. In its seventy plus years of operation, Ethiopian has become one of the continent’s leading carriers, unrivalled in efficiency and operational success.
Ethiopian commands the lion’s share of the Pan-African passenger and cargo network operating the youngest and most modern fleet to more than 119 international passenger and cargo destinations across five continents. Ethiopian fleet includes ultra-modern and environmentally friendly aircraft such as Airbus A350, Boeing 787-8, Boeing 787-9, Boeing 777-300ER, Boeing 777-200LR, Boeing 777-200 Freighter, Bombardier Q-400 double cabin with an average fleet age of five years. In fact, Ethiopian is the first airline in Africa to own and operate these aircraft. Ethiopian is currently implementing a 15-year strategic plan called Vision 2025 that will see it become the leading aviation group in Africa with Six business centers: Ethiopian International Services; Ethiopian Cargo & Logistics Services; Ethiopian MRO Services; Ethiopian Aviation Academy; Ethiopian ADD Hub Ground Services and Ethiopian Airports Services. Ethiopian is a multi-award winning airline registering an average growth of 25% in the past seven years.
Brussels, 22 August 2016 – The EU today requested the establishment of a WTO panel to rule on a dispute concerning Colombia’s discriminatory treatment of imported spirits.
The EU and Colombia held consultations earlier in the year (8-9 March 2016), however consultations failed to reach a solution to the dispute. While the EU recognizes Colombia’s efforts to bring about reform in the spirits’ regime since the initiation of the dispute, EU spirits continue to be discriminated in the Colombian market.
The EU’s concerns about discrimination of EU spirits in the Colombian market are longstanding. EU spirits are subject to higher taxes and local charges than those applied to local brands. In addition, market restrictions apply in the departments or local subdivisions of Colombia. The departments impose market-access restrictions that distort the competitive conditions in the market to the detriment of EU spirits. This is in contravention of Colombia’s non-discrimination obligations under WTO rules.
Under the bilateral Trade Agreement with the European Union, Colombia committed itself to ending the discrimination by 1 August last year. The EU has raised the issue with Colombia on numerous occasions, including in bilateral meetings, WTO meetings and OECD membership discussions. The European Union continues to support Colombia’s efforts to bring about reform in this sector.
Trade facts and figures
The EU is the number one exporter of spirits to the Colombian market and, as a result, the trading partner most affected by these measures (followed by Mexico, Costa Rica and the United States). In 2014, EU exports of spirits to Colombia – valued at €43 million – represented approximately 14% of total agricultural exports to Colombia and 77% of total Colombian imports of spirits. Within the different spirits exported by the EU to Colombia, whiskies represent the highest shared (€36 million) followed by liqueurs and cordials (€4 million). Colombia produces mainly rums and aguardientes, which account for 83% of spirits consumption in Colombia in 2013 figures (10.8 million 9LC[1], in comparison with 2.3 million cases of imported spirits).
The national consumption tax on spirits was split in two tax brackets in 1995 and has been ‘specific’ since 2002 (Law no 788 of 27 December 2002), meaning that the tax is calculated by percentage point of alcohol content per unit of 0.75 litres. An artificial breakup point is established at 35% of alcoholic content, with the result that most imported products fall into the higher taxation bracket, whereas most locally produced spirits fall into the lower taxation bracket. The situation is similar in the departments (departamentos) – administrative sub-divisions of Colombia – where a local charge is levied instead of the national consumption tax.
Moreover, in Colombia a number of departments exercise the so-called fiscal monopoly over the introduction and commercialisation of spirits. As a result, the entry of imported spirits is subject to the conclusion of ‘introduction contracts’ with the department that contain trade restrictive clauses, impose maximum values and minimum selling prices, and requiring traders to secure the payment of the amount of a future fiscal debt, etc. In addition, the departments enjoy great discretion to arbitrarily deny access to imported brands.
The European Union requested consultations with Colombia under the WTO on 13 January 2016 in DS 502, Colombia- Measures Concerning Imported Spirits; consultations were held on 8-9 March 2016 but failed to find a positive solution to the dispute.
Next steps in WTO dispute settlement procedures
The EU’s request for the establishment of a WTO panel will be discussed at the meeting of the WTO Dispute Settlement Body (DSB) of 2 September. If Colombia does not agree to the establishment of a panel at that meeting, the EU may table a second request at the following DSB meeting which, according to WTO rules, Colombia cannot block.
At any stage of dispute settlement procedures, Colombia can reform the spirits’ regime in Colombia and eliminate the discrimination of imported spirits, thereby prompting that a solution is found without necessarily waiting for adjudication by a WTO panel.
Further information
WTO dispute settlement in a nutshell:
http://ec.europa.eu/trade/policy/accessing-markets/dispute-settlement/
On 28 October 2016, the Council adopted by written procedure a package of decisions on the comprehensive economic and trade agreement with Canada (CETA), including:
a decision on signature of the agreement
a decision on the provisional application of the agreement
a decision to request the consent of the European Parliament for theconclusion of the agreement
The representatives of the member states also adopted a joint interpretative instrument. This instrument, which is a joint text with Canada, will provide a binding interpretation of CETA´s terms on specific issues.
“I am delighted to confirm that the EU is ready to sign the comprehensive economic and trade agreement with Canada. It represents a milestone in the EU’s trade policy and our commitment to it” said Robert Fico, Prime Minister of Slovakia, currently holding the EU Council presidency. “The CETA represents a modern and progressive deal, opening the door to new opportunities, while protecting important interests. Moreover, it has the potential to set the way forward for future trade deals.”
CETA will remove more than 99% of tariffs that are currently imposed on trade between the EU and Canada. It sets high standards for consumer, environmental and labour protection.
The agreement includes provisions on market access for goods, services, investment and government procurement, as well as on intellectual property rights, sanitary and phytosanitary measures, sustainable development, regulatory cooperation, mutual recognition, trade facilitation, cooperation on raw materials, dispute settlement and technical barriers to trade.
The negotiations with Canada were conducted on the basis of a mandate agreed by the Council in 2009. Following a Council decision in September 2011, talks on investment protection were also started within the CETA framework.
On 5 July 2016, the Commission proposed that the deal be signed and concluded as a “mixed” agreement. This means that on the EU side, it must be signed by both the EU and the member states, and ratified by all relevant national and regional parliaments.
The agreement will be applied on a provisional basis once the European Parliament has consented to its conclusion, pending ratification by all of the member states. Provisional application will concern essentially the provisions of EU exclusive competence.
Strategic partnership agreement
The Council has also adopted a decision on the signing and provisional application of a strategic partnership agreement between the EU and Canada. This agreement seeks to deepen political dialogue and cooperation between the EU and Canada and will strengthen relations in fields such as human rights, international peace and security, economic and sustainable development, justice, freedom and security.
EU and US officials today ended a 7th round of week-long negotiations in Washington, D.C. (US) on the Transatlantic Trade and Investment Partnership (TTIP), a new EU-US trade and investment deal. The EU’s Chief TTIP Negotiator, Ignacio Garcia Bercero, made a statement at the end of the round.
We have again had a week of productive discussions. Negotiations are now moving smoothly into the textual phase, where discussions are based on specific textual proposals.
1. Negotiators’ discussions
1.1. Regulatory pillar
During this round, much of the focus has been on the regulatory pillar of the future agreement. This week all the regulatory elements of TTIP were discussed, both in terms of horizontal disciplines (regulatory coherence, TBT, SPS) as well as on specific sectors identified in previous rounds such as pharmaceuticals, cars, chemicals or engineering.
As regards horizontal disciplines, we are now fully engaged in discussions based on textual proposals. An important challenge is going to be to establish a strong framework for cooperation that allows EU and US regulators to tackle new regulatory challenges based on high levels of protection.
On sectors, technical work is making steady progress in identifying concrete outcomes that save unnecessary duplications while fully respecting the mandates of our regulators. This work is very much guided by the regulators, who have again participated actively.
As you know, we consider the regulatory part of TTIP to have the potential to deliver the most benefits. It is also the most challenging part of these negotiations, because it is highly technical and requires the most innovative thinking. Despite this, I believe we are making good progress.
Let me recall three key considerations for our negotiations discussions on the regulatory pillar. These concern standards, the strategic dimension, and compatibility:
1. Standards
We have made an unequivocal and firm commitment: nothing will be done which could lower or endanger the protection of the environment, health, safety, consumers or any other public policy goals pursued by EU or US regulators.
Commissioner-designate Malmström reaffirmed in her European Parliament hearing this Monday that decision-making on new regulations will remain subject to existing democratic controls.
2. Strategic dimension
Enhanced regulatory cooperation is essential if the EU and US wish to play a leading role in developing international regulations and standards based on the highest levels of protection. The regulatory agenda therefore has a clear strategic dimension.
3. Compatibility
TTIP should deliver concrete results in terms of enhanced regulatory compatibility.
1.2. Rules pillar
We also discussed some elements of the rules pillar of the agreement.
We decided to focus our discussions and exchanges on four areas this week:
• energy and raw materials
• customs and trade facilitation
• intellectual property rights (IPR), and
• small- and medium-sized enterprises (SMEs).
1.3. Services
Finally, we also discussed services.
As you know, both the US and the EU put on the negotiating table before summer this year their respective market access offers.
Services offers are highly complex and technical. Our negotiators devoted most of the week to explaining to each other, in great detail, all the elements of those offers.
This is a key step in every negotiation, as we can only make further progress once each side has understood the scope of what the other has put on the table.
I would stress that our approach to services negotiations excludes any commitments on public services: governments remain free to decide at any time that certain services should be provided by the public sector.
2. Stakeholder events
In addition to negotiators’ discussions, a day of stakeholder events took place on Wednesday. I welcome the chance this gave negotiators to spend a full day engaging and exchanging views with representatives of civil society.
We have organised these sessions with stakeholders during each negotiating round. This time again, there were around 330 representatives of various interests and 64 presentations on all the areas covered by the negotiations.
Our engagement with stakeholders sends a clear message on both sides of the Atlantic. We all work on behalf of and for our citizens. So we need to listen to their ideas and respond to their concerns.
We also have the duty to explain the facts and the approach we are taking. Our dialogue must be open to all, continuous and in two directions throughout the negotiating process.
This is the only way we can ensure the final agreement responds to the high ambitions our leaders have set for us and reflects the expectations of our citizens.
I can assure you that Commissioner-Designate Malmström is fully committed to engaging in dialogue with civil society.
3. Political context
Finally, I understand that you will also have questions on how the broader political context is impacting the TTIP negotiations.
On the EU side, President-Elect Juncker highlighted TTIP as one of his 10 priorities for the new Commission. TTIP will therefore continue to have strong political support in the new Commission.
We will also continue working towards an ambitious agreement, and will not compromise on the protection of the environment, health, safety, consumers, data privacy, or any other public policy goals, nor on the right of governments to regulate.
We continue to be fully committed to these negotiations. It is in this spirit that we engaged with our counterparts this week in Washington, to progress as far as possible towards our goal of a comprehensive and innovative trade agreement.
The euro area (EA19) seasonally-adjusted unemployment rate was 10.9% in July 2015, down from 11.1% in June 2015, and from 11.6% in July 2014. This is the lowest rate recorded in the euro area since February 2012. The EU28 unemployment rate was 9.5% in July 2015, down from 9.6% in June 2015, and from 10.2% in July 2014.
This is the lowest rate recorded in the EU28 since June 2011. These figures are published by Eurostat, the statistical office of the European Union.
Eurostat estimates that 23.067 million men and women in the EU28, of whom 17.532 million in the euro area, were unemployed in July 2015. Compared with June 2015, the number of persons unemployed decreased by 232 000 in the EU28 and by 213 000 in the euro area. Compared with July 2014, unemployment fell by 1.648 million in the EU28 and by 1.116 million in the euro area.
Member States
Among the Member States, the lowest unemployment rates in July 2015 were recorded in Germany (4.7%), the Czech Republic and Malta (both 5.1%), and the highest in Greece (25.0% in May 2015) and Spain (22.2%). Compared with a year ago, the unemployment rate in July 2015 fell in twenty-three Member States, increased in three and remained stable in Belgium and Romania. The largest decreases were registered in Bulgaria (11.5% to
9.4%), Spain (24.3% to 22.2%), Greece (27.0% to 25.0% between May 2014 and May 2015), Portugal (14.1% to 12.1%), Ireland (11.3% to 9.5%) and Croatia (16.9% to 15.1%). The increases were registered in Finland (8.7% to 9.7%), France (10.3% to 10.4%) and Austria (5.7% to 5.8%).
In July 2015, the unemployment rate in the United States was 5.3%, stable compared to June 2015 and down from 6.2% in July 2014.
Youth unemployment
In July 2015, 4.634 million young persons (under 25) were unemployed in the EU28, of whom 3.093 million were in the euro area. Compared with July 2014, youth unemployment decreased by 465 000 in the EU28 and by 336 000 in the euro area. In July 2015, the youth unemployment rate was 20.4% in the EU28 and 21.9% in the euro area, compared with 22.0% and 23.8% respectively in July 2014. In July 2015, the lowest rates were
observed in Germany (7.0%), Malta (8.7%) and Estonia (9.5% in June 2015), and the highest in Greece (51.8% in May 2015), Spain (48.6%), Croatia (43.1% in the second quarter 2015) and Italy (40.5%).
Geographical coverage
The euro area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.
Methods and definition
Eurostat produces harmonised unemployment rates for individual EU Member States, the euro area and the EU. These unemployment rates are based on the definition recommended by the International Labour Organisation (ILO). The measurement is based on a harmonised source, the European Union Labour Force Survey (LFS).
Based on the ILO definition, Eurostat defines unemployed persons as persons aged 15 to 74 who:
– are without work;
– are available to start work within the next two weeks;
– and have actively sought employment at some time during the previous four weeks.
The unemployment rate is the number of people unemployed as a percentage of the labour force.
The labour force is the total number of people employed plus unemployed. In this news release unemployment rates are based on employment and unemployment data covering persons aged 15 to 74.
The youth unemployment rate is the number of people aged 15 to 24 unemployed as a percentage of the labour force of the same age. Therefore, the youth unemployment rate should not be interpreted as the share of jobless people in the overall youth population.
Germany, the Netherlands, Austria, Finland, Sweden and Iceland: the trend component is used instead of the more volatile seasonally adjusted data.
Denmark, Estonia, Hungary, Portugal, the United Kingdom and Norway: 3-month moving averages of LFS data are used instead of pure monthly indicators.
Today in Brussels, the European Commission and the European Agency for Safety and Health at Work (EU-OSHA) in cooperation with the Netherlands EU Presidency launched a two-year Europe-wide campaign:Healthy Workplaces for All Ages, which is the world’s biggest campaign in this area. Focusing on sustainable work and workplace safety and health in the context of the ageing workforce, the campaign provides a timely reminder that the younger workers of today are the older workers of tomorrow.
The campaign focuses on Europe’s enterprises (both private and public) and the need to promote sustainable work and healthy ageing from the beginning of working life. By doing so, they will be protecting their workers’ health up to and beyond retirement age and their organisations’ productivity.
Commissioner Thyssen highlighted the timeliness of this campaign topic: ‘At a time when there are important discussions going on about the future landscape of occupational safety and health in the EU, this campaign is extremely relevant. We need to start now to cater for the needs of Europe’s future workplaces and workers. Workplaces that address the health challenges of an ageing workforce gain in productivity. This is good for workers and good for business.’
The Netherlands’ Presidency representative, Lodewijk Asscher, emphasized the need to make our labour market sustainable for the future. ‘This campaign contributes to it. We need to stimulate employers and workers to invest in employability. After all, using the power of people will always get the best result. It energises people no matter what age. Here, the cradle to the grave concept certainly applies. The sooner you start, the longer you stay healthy and vital, and the better you can cope with change. Because the jobs of today might not exist in the future or might look a lot different to now. Therefore, it is important not to wait until that happens, but to prepare properly in good time.’
Christa Sedlatschek, Director of EU-OSHA, underlined the business case for this campaign topic: ‘By focusing on sustainable working throughout working life, not only can all workers better protect their health, but companies are likely to see major benefits too. Healthy workers are productive workers, and productive workers are essential to any effective organisation: it’s a win–win situation. We therefore highly value the cooperation between EU-OSHA and our focal points, official campaign partners and media partners and thank them for all their efforts in previous campaigns. We look forward to working with them again over the next two years.’
This campaign’s objectives are four-fold:
to promote sustainable work and healthy ageing from the beginning of working life;
to highlight the importance of risk prevention throughout working life;
to assist employers and workers (including in small and medium-sized enterprises) by providing information and tools for managing occupational safety and health in the context of an ageing workforce;
to facilitate information and good practice exchange.
This campaign topic is based on a European Parliament project conducted by EU-OSHA, ‘Safer and healthier work at any age’, along with various other EU-OSHA reports on safety and health in the context of the ageing workforce. As part of this new campaign, EU-OSHA is also releasing an e-guide on managing safety and health for an ageing workforce.
Background
The Healthy Workplaces for All Ages 2016-17 campaign raises awareness of the importance of good occupational safety and health management and risk prevention throughout the working life and of tailoring work to individual abilities — whether at the start of a worker’s career or at its close. Like previous Healthy Workplaces Campaigns, it is coordinated at national level by EU-OSHA’s focal points and supported by official campaign and media partners.
The campaign has been launched on 15 April 2016. Key dates in the campaign calendar include the European Weeks for Safety and Health at Work (October 2016 and 2017) and the Healthy Workplaces Good Practice Awards ceremony (April 2017). The campaign will end with the Healthy Workplaces Summit (November 2017), when all those who have contributed to the campaign will come together with EU-OSHA to take stock of the campaign’s achievements and the lessons learnt.
The European Agency for Safety and Health at Work (EU-OSHA) contributes to making Europe a safer, healthier and more productive place to work. The Agency researches, develops, and distributes reliable, balanced, and impartial safety and health information and organises pan-European awareness raising campaigns. Set up by the European Union in 1994 and based in Bilbao, Spain, the Agency brings together representatives from the European Commission, Member State governments, employers’ and workers’ organisations, as well as leading experts in each of the EU Member States and beyond.
You can follow the agency on Facebook, Twitter, LinkedIn, YouTube or subscribe to its monthly newsletter OSHmail. You can also register for regular news and information from EU-OSHA via RSS feeds.
WASHINGTON, – The European Commission and the World Bank Group signed a Framework Agreement on Friday, 15 April 2016, to further their cooperation on the implementation of development projects across the globe. This agreement sets the terms under which the World Bank will disburse EU budget money on development projects on the ground.
World Bank Vice President Axel van Trotsenburg said, “The challenges faced by our clients are increasingly complex and require innovative thinking and partnerships. This agreement with the European Commission reinforces the EC’s role as a key partner in our strategic, policy and operational efforts to reach the goal of ending extreme poverty and increasing shared prosperity.”
“With this agreement, we’re upgrading the strategic partnership between the European Commission and the World Bank to fight poverty around the world. We can accelerate delivery of our funds and increase the transparency of our joint projects for the benefit of people in the developing countries,” said European Commission Vice-President, Kristalina Georgieva, at the signing ceremony.
The European Commission and the World Bank first signed a cooperation agreement in 2001. The current document is a revision of an agreement dating from 2014. The revision of the agreement adjusts to the revised funding model of the World Bank, with clarified remuneration, accountability, simplification and increased transparency.
For the period 2010–2015, the European Commission has contributed over two billion euro to the World Bank Trust Funds, thus becoming the third biggest contributor.
The money has mainly gone to Africa (48%) and South Asia (26%), and has enabled the implementation of projects including in the areas of public administration and law (31%), health and social services (19%), and education (17%).
Incubation Centre has opened in Portugal, ready to help entrepreneurs and start-up companies take space technology and services into non-space areas such as health, transport and energy.
Over the coming five years, the centre will help 30 Portuguese start-up companies to get their businesses going, creating at least 120 local high-tech jobs.
The companies will receive €1.5 million as seed incentive and be able to tap into an additional €7 million.
ESA incubator in Coimbra
The new incubator is managed by the University of Coimbra’s Instituto Pedro Nunes, or IPN, in collaboration with Science and Technology Park at University of Porto and DNA Cascais, a non-profit organisation that fosters entrepreneurship in Cascais and the greater Lisbon region.
With 18 years’ experience in business incubation, the institute has supported more than 200 technology and innovation projects.
At the inauguration on 5 November during the fifth Portuguese Space Forum, the management agreements were signed by Franco Ongaro, ESA Director of Technical and Quality Management, and Prof. Teresa Mendes, IPN President of the Board of Directors.
Incubator launch
Carlos Cerqueira, IPN’s Head of Innovation, noted that the new centre “has unique characteristics since it promotes the creation of start-ups based on state-of-the-art technologies tested in space applications, providing these new companies with the potential to create ‘disruptive’ innovations tailored for the global markets.”
The event was also attended by Portugal’s Minister of Economy, António Pires de Lima, Minister of Education and Science, Nuno Crato, Rector of the University of Coimbra, João Gabriel, and Vice President of Fundação para a Ciência e a Tecnologia (the national funding agency for science, technology and innovation), Pedro Carneiro.
Prof. Mendes added that the incubator helps “to accomplish IPN’s mission to support the technology transfer process and to stimulate the creation of new economic activity and skilled jobs in Portugal.”
Portuguese industry steps up in space
The Forum also saw a contract signed with Portugual’s Tekeve for the intersatellite communications link on ESA’s Proba-3 formation-flying mission.
The two satellites will accurately hold position at a distance of 150 m or more.
This contract highlights a key technology contributionby Portuguese companies in a very advanced mission.
Bethesda, Md., Everyday is an opportunity to connect, to be inspired by others and to use the power of professional networks to realize a dream. Fairfield Inn & Suites by Marriott is helping future business travelers with the launch of “Everyday Connect,” a multimedia resource offering college graduates career insights from young entrepreneurs who were featured on this year’s Forbes 30 Under 30 list.
The campaign, housed on Tumblr at http://everyday-connect.com, starts a conversation with young professionals and reinforces the idea that the next generation of business leaders needs to invest in real, meaningful relationships to help propel their careers. It reminds college graduates, entering a challenging job market, to take the time now at the start of their professional journey to build long-lasting relationships that will inspire them to succeed in whatever they choose to do.
“Everyday Connect” features short films, infographics, tips and survey data to help graduates identify opportunities and build their own professional network. Fairfield enlisted four entrepreneurs from various industries to share their thoughts on the power of mentorship and personal connections. “Everyday Connect” program ambassadors include Mark Arnoldy, Executive Director at Possible Health; Eden Full, Founder, SunSaluter; Meg Gill, President/Co-Founder, Golden Road Brewing; and Kane Sarhan, Co-Founder of [E]nstitute.
“At Fairfield, we see ourselves as a partner for business travelers on the road, helping them keep their momentum strong and stay connected with people who matter to them,” said Shruti Buckley, vice president and global brand manager, Fairfield Inn & Suites. “Everyday Connect is an engaging way for us to share some wisdom from our exceptional group of mentors and offer the next generation some tips and advice that will help them achieve their goals.”
A survey conducted by Fairfield Inn & Suites among 1,000 employed adults over the age of 21 nationwide revealed:
Seventy-seven percent of people are willing to help college graduates find work.
Forty-nine percent of respondents claim to have a mentor in their profession.
Recognition is not of significant importance to people who help others in their professional network – only 51 percent of respondents said that this mattered to them.
A phone call is the generally preferred method of acknowledgment, with 91 percent of respondents saying this is an appropriate way to express appreciation, followed by a thank-you card (88 percent), or an e-mail (81 percent). A post on a social media network will sooner suffice (27 percent) than flowers (26 percent).
Sixty-six percent of respondents acknowledged the power of personal relationships in helping them maintain momentum in their careers.
The survey data reveals that there is a strong inclination among working adults to help young people at the start of their careers find work. A large majority of respondents cite personal connections as helping them in their careers, and almost half say they have a mentor in their profession, demonstrating there is a willingness to pay forward the support and guidance they have received. In a digital world, survey respondents revealed a great interest in maintaining the lines of communication open.
Cosumers Get Chance to Reconnect and Reunite Through “Everyday Connect”
Fairfield is not only providing practical advice and information with the “Everyday Connect” campaign, but it is also extending the opportunity to consumers to reconnect and reunite with the people who have helped them succeed in their careers. Starting June 2, a series of questions will be posted via the brand’s Twitter handle – over a four-week period around the power of personal connections. Based on the responses, five winners will be chosen and given a trip to reunite with the mentor of their choice in New York City as well as meet with the campaign’s influencers. Click here for full contest details:
Fairfield Inn & Suites by Marriott
Fairfield Inn & Suites by Marriott is designed for today’s traveler who is looking to be productive on the road, whether for business or leisure. In addition to complimentary Wi-Fi and hot breakfast, Fairfield Inn & Suites offers thoughtfully designed rooms and suites that provide separate living, working and sleeping areas. With more than 700 properties throughout the United States, Canada, Mexico, and India, Fairfield Inn & Suites hotels participate in the award-winning Marriott Rewards® frequent travel program that allows members to earn hotel points or airline miles for every dollar spent during each stay. For more information or reservations, visit www.fairfieldinn.com, become a fan at www.facebook.com/fairfieldinnandsuites or follow Fairfield at www.twitter.com/fairfieldhotels.
Visit Marriott International, Inc. (NASDAQ: MAR) for company information. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.
WASHINGTON – U.S. Secretary of Labor Alexander Acosta issued the following statement on the May 2017 Employment Situation report:
“May’s unemployment rate ticked down to 4.3 percent from the previous month’s level of 4.4 percent. The unemployment rate is the lowest it has been since May 2001, dropping 0.5 percentage points since President Trump took office. Non-farm payroll employment rose by 138,000 jobs, a positive sign that our economy is moving in the right direction. More than 600,000 private-sector jobs have been created since Inauguration Day. Multiple economic sectors showed job growth in May, including education and health services and mining. The mining sector posted its seventh straight month of employment increases.
“These continued improvements have real impact on the lives of American families, as more people take home a paycheck. Their spending will benefit themselves, their families, and the nation’s economy.
“While we continue to grow the economy, the U.S. Department of Labor is also working diligently to ensure that businesses have the workers they need, and that all Americans can find good, safe jobs by narrowing the skills gap in the labor market. Our shared mission is to expand economic opportunity and prosperity for all Americans.
WASHINGTON, DC — In this week’s address, the President laid out why new, high-standards trade agreements are important for our economy, our businesses, our workers, and our values. These new trade deals are vital to middle-class economics — the idea that this country does best when everybody gets their fair shot, everybody does their fair share, and everybody plays by the same set of rules. The President has been clear — any deal he signs will be the most progressive trade agreement in our history with strong provisions for both workers and the environment. It would also level the playing field — and when the playing field is level, American workers always win.
Hi, everybody. I’ve talked a lot lately about why new trade deals are important to our economy.
Today, I want to talk about why new trade deals are important to our values.
They’re vital to middle-class economics -- the idea that this country does best when everyone gets their fair shot, everyone does their fair share, and everyone plays by the same set of rules.
These are simple values. They’re American values. And we strive to make sure our own economy lives up to them, especially after a financial crisis brought about by recklessness and greed. But we also live in a world where our workers have to compete on a global scale. Right now, on an uneven playing field. Where the rules are different. And that’s why America has to write the rules of the global economy -- so that our workers can compete on a level playing field.
I understand why a lot of people are skeptical of trade deals. Past deals didn’t always live up to the hype. They didn’t include the kind of protections we’re fighting for today.
We have lessons to learn from the past -- and we have learned them. But trying to stop a global economy at our shores isn’t one of those lessons. We can’t surrender to the future -- because we are meant to win the future. If America doesn’t shape the rules of the global economy today, to benefit our workers, while our economy is in a position of new global strength, then China will write those rules. I’ve seen towns where manufacturing collapsed, plants closed down, and jobs dried up. And I refuse to accept that for our workers. Because I know when the playing field is level, nobody can beat us.
That’s why, when I took office, we started thinking about how to revamp trade in a way that actually works for working Americans. And that’s what we’ve done with a new trade partnership we’re negotiating in the Asia-Pacific -- home to the world’s fastest-growing markets.
It’s the highest-standard trade agreement in history. It’s got strong provisions for workers and the environment -- provisions that, unlike in past agreements, are actually enforceable. If you want in, you have to meet these standards. If you don’t, then you’re out. Once you’re a part of this partnership, if you violate your responsibilities, there are actually consequences. And because it would include Canada and Mexico, it fixes a lot of what was wrong with NAFTA, too.
So this isn’t a race to the bottom, for lower wages and working conditions. The trade agreements I’m negotiating will drive a race to the top. And we’re making sure American workers can retool through training programs and community colleges, and use new skills to transition into new jobs.
If I didn’t think this was the right thing to do for working families, I wouldn’t be fighting for it. We’ve spent the past six years trying to rescue the economy, retool the auto industry, and revitalize American manufacturing. And if there were ever an agreement that undercut that progress, or hurt those workers, I wouldn’t sign it. My entire presidency is about helping working families recover from recession and rebuild for the future. As long as I’m President, that’s what I’ll keep fighting to do.
Thanks
Fitch Group today announced it has acquired Business Monitor International (BMI), an independent provider of country risk and industry analysis specializing in emerging and frontier markets. Financial terms of the transaction were not disclosed.
The addition of BMI strengthens and expands Fitch Group’s client offering in financial information services. Subscribers to BMI’s products include decision makers at multinationals, governments, academia, financial institutions, investment funds and research centers in more than 160 countries.
Paul Taylor, president and CEO of Fitch Group, commented: “We are excited to add BMI’s world-class research, data, and analytical capabilities to Fitch’s global suite of financial information services. BMI and Fitch share a commitment to pairing robust data with sophisticated analysis to produce content that is insightful and accessible.”
Richard Londesborough and Jonathan Feroze, founders and co-CEOs of BMI, commented: “The strategic fit between BMI and Fitch Group is excellent, not least in terms of the entrepreneurial culture shared by both companies. Clients will benefit from a broader platform of research products, greater global reach and Fitch Group’s focus on growth.”
BMI will continue to operate independently as Business Monitor International, a Fitch Group Company. Mr. Londesborough and Mr. Feroze will continue to lead BMI, reporting to Mr. Taylor. BMI was previously owned by growth equity investor Spectrum Equity in partnership with BMI Founders and employees.
About Business Monitor International
Business Monitor International (BMI) integrates country risk and industry analysis and forecasts on global, regional, and country level developments and trends across 200 countries and 24 industry verticals. Business Monitor Online, the company’s enterprise platform, enables clients to access daily analyses, time series and forecast data, reports and proprietary databases. BMI has approximately 300 employees and is based in London with additional offices in New York, Singapore, and Pretoria. For more information visit www.businessmonitor.com.
About Fitch Group
Fitch Group is a global leader in financial information services with operations in more than 30 countries. In addition to Business Monitor International, Fitch Group includes: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; and Fitch Learning, a provider of learning and development solutions for the global financial services industry. Fitch Group is jointly owned by Paris-based Fimalac and New York-based Hearst Corporation.
This news is courtesy of http://www.hearst.com/
ROSELAND, N.J. – ADP®, a leading global provider of Human Capital Management (HCM) solutions, today announced that Forest City Enterprises, a national real estate property management and development company with hundreds of premier properties across the United States, has implemented an integrated HCM solution based on ADP Vantage HCM®.
Forest City, whose portfolio includes The New York Times® building in Manhattan, NY, and the Metro Tech® Center in Brooklyn, NY, selected ADP to provide a modern, integrated HCM solution for its 3,000 employees. ADP Vantage HCM provides multinational enterprises a scalable and integrated HR system with expertise and comprehensive unified services, innovative and intuitive employee and manager experiences, and valuable insights companies like Forest City use to help them succeed.
“One of our biggest needs was for an integrated HR platform that is scalable and will provide improved functionality, enhanced workflows and reporting,” said Kathleen Mangus, Director of HR Operations and Systems for Forest City. “We wanted a foundational base with integrated benefits administration, and ADP offered that with ADP Vantage HCM.”
“We’re pleased that Forest City Enterprises has chosen to continue and expand their long-term relationship with ADP for HR, payroll, talent management and benefits administration software and service,” said Mark Benjamin, President of Global Enterprise Solutions at ADP. “Our ability to deliver best-in-class HCM solutions and client service will help to enable Forest City to continue its successful growth as one of the leading real-estate companies in the United States.”
Forest City currently operates in 28 states with key offices in Boston, Chicago, Cleveland, Dallas, Denver, Los Angeles, New York, and Washington, D.C. Over the past two decades, the company has completed some of its most well-known projects, including the world-renowned Stapleton community in Denver, CO; University Park® at Massachusetts Institute of Technology in Cambridge, MA; Barclays Center® in Brooklyn, NY, and Victoria Gardens in Rancho Cucamonga, CA, among others.
In the past, Mangus said the HR team had heard about challenges associates and managers faced when using different applications. As a result, HR determined that there was a greater need for an integrated system to smooth the processes people use every day.
“We compiled our business requirements and knew what we were looking for,” Mangus said. “We put together an advisory council across our businesses to help provide direction and set requirements to ensure we met associate and business unit needs.”
Specifically, as Forest City continued to grow, it wanted an HR platform that would facilitate that growth – and be scalable for future growth.
“We were looking, quite clearly, at functionality – work-flow capabilities, level of integration, and self-service for our employees to easily and efficiently manage their HR information,” said Mangus. “ADP’s focus on service as well as its cloud-based technology was a strong factor in our decision. In the end, the fact that ADP had successfully managed our data in the past, and knew our business, led us to select ADP to meet a majority of our business requirements.”
Once the team focused on ADP, the decision was presented to the company’s top management “as part of our transformation strategy to move to a new platform that would grow with us.”
Implementation is complete at Forest City, and the company is in its fifth month with the new system.
“We are getting the right kinds of tools in the hands of our managers and employees, and those tools help to enable them to make better decisions to improve our business,” said Mangus. “This enables the HR team at Forest City to perform less transactional work and focus more energy around partnering and advising the business units we support.”
About ADP
With more than $11 billion in revenues and more than 60 years of experience, ADP® (NASDAQ: ADP) serves approximately 620,000 clients in more than 125 countries. As one of the world’s largest providers of business outsourcing and Human Capital Management solutions, ADP offers a wide range of human resource, payroll, talent management, tax and benefits administration solutions from a single source, and helps clients comply with regulatory and legislative changes, such as the Affordable Care Act (ACA). ADP’s easy-to-use solutions for employers provide superior value to companies of all types and sizes. ADP is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational vehicle, and heavy equipment dealers throughout the world. For more information about ADP, visit the company’s Web site at www.adp.com.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $9.3 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.
STAMFORD, Conn. and NEW YORK, — Freepoint Commodities LLC (“Freepoint”), a leading physical commodities and merchant finance firm capitalized by its management, employees and funds managed by Stone Point Capital (“Stone Point”), and MCS Capital Markets LLC (“MCS”), a broker dealer and capital solutions provider capitalized by affiliates of Stone Point, KKR & Co. L.P. (NYSE: KKR) and CPPIB Credit Investments Inc., a wholly-owned subsidiary of Canada Pension Plan Investment Board (“CPPIB”), announced today that they have entered into a strategic alliance through which the firms intend to pursue opportunities to provide debt and equity financing solutions for clients in the energy and commodities sector. This strategic alliance mobilizes Freepoint’s deep expertise in the physical commodity markets and MCS’ demonstrated access to multiple forms of capital. Since its inception in January of 2013, MCS has completed approximately 50 transactions involving aggregate capital of more than $30 billion.
“We are pleased to partner with MCS, a firm we know well given our common affiliation with Stone Point, and hold in high regard. We believe that there are numerous underserved areas in energy and commodities that we can target by combining our focus with MCS’ structuring and distribution expertise as well as its access to flexible capital. Moreover, we believe that this relationship will allow us to provide a greater level of service to our clients,” said Freepoint CEO David A. Messer.
“We are excited by this strategic arrangement between Freepoint and MCS. We believe that the firms’ skill sets are highly complementary and will drive increased business activity,” said Chuck Davis, CEO of Stone Point.
“The executive team at Freepoint has a longstanding track record. We look forward to working with Freepoint to provide tailored solutions to our clients in this dynamic and capital intensive sector,” added Craig Farr, Head of Credit and Capital Markets at KKR and a Board Member of MCS.
About Freepoint
Founded in 2011, Freepoint is based in Stamford, CT with more than 250 employees worldwide. Freepoint is a merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets. Freepoint also provides physical supply services and related structured solutions for counterparties. Private equity funds managed by Stone Point Capital, together with Freepoint management and senior employees, have provided Freepoint with committed equity capital. For further information about Freepoint, see www.freepoint.com.
About MCS
MCS is a merchant banking enterprise that provides a full range of principal and agency-based capital markets services to mid-market and sponsor-backed companies. The company offers debt and equity underwriting, syndication and advisory solutions to its clients across the capital structure. The company also makes certain principal investments to support client capital raising needs. MCS is a joint venture between the Canada Pension Plan Investment Board, Stone Point (through its Trident V fund) and KKR Capital Markets Holdings (together with its affiliates, “KKR”). It conducts securities activities through MCS Capital Markets LLC, its broker-dealer subsidiary. For further information about MCS, see www.merchcap.com.
About Stone Point
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised six private equity funds – the Trident Funds – with aggregate committed capital of approximately $13 billion. In addition to the capital invested by the Trident Funds, Stone Point has secured approximately $7 billion of equity co-investments since 2001. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. For further information about Stone Point, see www.stonepoint.com.
About CPPIB Credit Investments Inc.
CPPIB Credit Investments Inc. is a multi-faceted global credit investment program wholly owned by the CPP Investment Board. With investments in the Americas, Europe and Asia, the team is focused on providing debt financing across the entire capital structure including term loans, high-yield bonds, mezzanine lending and other solutions for corporations.
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, New York and Sao Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2014, the CPP Fund totaled C$234 billion. For more information, please visit www.cppib.ca.
Following a public comment period, the Federal Trade Commission has approved a final order settling charges that Aaron’s Inc., a national rent-to-own retailer, knowingly played a direct and vital role in its franchisees’ installation and use of software on rental computers that secretly monitored consumers, including taking webcam pictures of them in their homes.
Under the terms of a consent agreement, first announced in October 2013, Aaron’s is prohibited from using monitoring technology to gather consumers’ information from rental computers, or receiving, storing or communicating such information, except to provide technical support at a consumer’s request. The terms of the settlement also bar the company from gathering information from any consumer product via geophysical location tracking technology without clearly notifying and obtaining express consent from consumers at the time of rental. Aaron’s is further prohibited from installing or activating such technology on rental computers that does not clearly notify consumers of its presence immediately before each use, including via a prominent icon on the computer.
The order further bars Aaron’s from deceptively gathering information about consumers, and from using improperly obtained information to collect debt, money or property as part of a rent-to-own transaction. The company must delete or destroy any information it has collected improperly, and can transmit information obtained via monitoring or location tracking only if it is encrypted. In addition, the order requires Aaron’s to conduct annual monitoring and oversight of its franchisees for compliance with the terms of the agreement, act immediately to ensure compliance, and terminate any franchisee that fails to comply.
This news is courtesy of www.ftc.gov
The Federal Trade Commission has moved to close down a multi-million dollar telemarketing fraud that targeted U.S. seniors across the nation, scamming tens of thousands of consumers.
On March 18, U.S. District Judge J. Curtis Joyner issued a temporary order to halt the scam. Then, after a hearing on March 27, three defendants agreed to court-issued preliminary injunctions, and the court imposed a preliminary injunction against the final defendant, Ari Tietolman and his companies. In shuttering the scheme, pending trial, the court found that the FTC was likely to prevail and that funds should be preserved so they can potentially be returned to the victims of the telemarketing fraud scheme.
“The defendants’ conduct in this case was simply outrageous. They targeted and called senior citizens and lied to them to get their bank account information. Then they used this information to withdraw money from their bank accounts,” said Jessica Rich, Director of the Federal Trade Commission’s Bureau of Consumer Protection. “Consumers can count on the FTC to be aggressive in the fight against this type of fraud”
Tietolman, the alleged leader of the telemarketing scheme, and his associates established a network of U.S. and Canadian entities to carry out their scam, according to a complaint filed by the Commission. The defendants used a telemarketing boiler room in Canada, where Tietolman lives, to cold-call seniors claiming to sell fraud protection, legal protection, and pharmaceutical benefit services. The cost for the defendants’ alleged services ranged from $187 and $397.
In some instances, the telemarketers who carried out the fraud impersonated government and bank officials, and enticed consumers to disclose their confidential bank account information to facilitate the fraud. The defendants used that account information to create checks drawn on the consumers’ bank accounts. They then deposited these “remotely created checks” into corporate accounts they established in the United States. The U.S.-based defendants then transferred the money to accounts controlled by the Canadian defendants, according to an analysis of bank records.
The FTC alleges that the defendants’ conduct violated the FTC Act and the FTC’s Telemarketing Sales Rule and that the telemarketing scheme drew in over $20 million dollars between May 2011 and December 2013.
The defendants’ businesses include First Consumers, LLC, Standard American Marketing, Inc., and PowerPlay Industries LLC. First Consumers, LLC is a Pennsylvania company formed in 2010. Consumer complaints and bank records indicate that from at least June 2009 until June 2013, the company scammed consumers using its own name and three other names: Patient Assistance Plus, Legal Eye, and Fraud Watch. The three other individual defendants who assisted in the scheme are U.S. nationals: Marc Ferry, Charles Borie, and Robert Barczai.
The Commission vote approving the complaint was 4-0. It was filed in the U.S. District Court for the Eastern District of Pennsylvania.
The FTC received valuable help throughout this case from the U.S. Postal Inspection Service and the Royal Canadian Mounted Police.
NOTE: The Commission files a complaint when it has “reason to believe” that the law has been or is being violated and it appears to the Commission that a proceeding is in the public interest. The case will be decided by the court.
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics.
This news is courtesy of www.ftc.gov
The Federal Trade Commission is taking action against the Florida-based marketers of a line of weight-loss supplements who allegedly made baseless claims for their products, and then threatened to enforce “gag clause” provisions against consumers to stop them from posting negative reviews and testimonials online.
In a complaint filed in federal court, the FTC alleges that Roca Labs, Inc.; Roca Labs Nutraceutical USA, Inc.; and their principals have sued and threatened to sue consumers who shared their negative experiences online or complained to the Better Business Bureau, stating that the consumers violated the non-disparagement provisions of the “Terms and Conditions” they supposedly agreed to when they bought the products. The FTC alleges that these gag clause provisions, and the defendants’ related warnings, threats, and lawsuits, harm consumers by unfairly barring purchasers from sharing truthful, negative comments about the defendants and their products.
“Roca Labs had an adversarial relationship with the truth,” said Jessica Rich, Director of the FTC’s Bureau of Consumer Protection. “Not only did they make false or unsubstantiated weight-loss claims, they also attempted to intimidate their own customers from sharing truthful – and truly negative – reviews of their products.”
According to the FTC’s complaint, the defendants advertised their weight-loss products, Roca Labs “Formula” and “Anti-Cravings” powder, via the Internet and through online search and social media advertising such as Google, Bing, Yahoo, and Facebook. The defendants represented their products as safe and effective alternatives to gastric bypass surgery. They also claimed that users could lose as much as 21 pounds in one month, and that users have a 90 percent success rate in achieving substantial weight loss.
In addition, the defendants used testimonials and supposed “third-party” reviews to illustrate the weight-loss success consumers achieved with their products. They solicited “Success Videos” from purchasers by offering to pay 50 percent of the products’ price for providing positive reviews. In addition to threatening consumers who violated the gag clause provisions, the defendants claimed that consumers who posted negative reviews would owe the “full price” for their products – hundreds of dollars more than advertised or actually paid, according to the complaint.
The defendants sold the products starting at $480 for a three-to-four month supply, and have sold at least $20 million of the powder since 2010, according to the complaint.
In addition to the FTC’s unfairness charges based on the defendants’ gag clauses, the FTC alleges that the defendants’ weight-loss claims are false or unsubstantiated. The FTC also charges that the defendants failed to disclose that they compensated users who posted positive reviews. In addition, the FTC alleges that defendants violated consumers’ privacy by disclosing their personal health information in some cases to payment processors, banks, and in public court filings.
The Commission vote authorizing the staff to file the complaint was 4-0. The complaint was filed in the U.S. District Court for the Middle District of Florida.
NOTE: The Commission files a complaint when it has “reason to believe” that the law has been or is being violated and it appears to the Commission that a proceeding is in the public interest. The case will be decided by the court.
The FTC is a member of the National Prevention Council, which provides coordination and leadership at the federal level regarding prevention, wellness, and health promotion practices. This case advances the National Prevention Council’s goal of increasing the number of Americans who are healthy at every stage of life. These cases are part of the FTC’s ongoing effects to protect consumers from misleading advertising.
The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.
The Federal Trade Commission, along with 11 states and the District of Columbia, today announced “Operation Game of Loans,” the first coordinated federal-state law enforcement initiative targeting deceptive student loan debt relief scams. This nationwide crackdown encompasses 36 actions by the FTC and state attorneys general against scammers alleged to have used deception and false promises of relief to take more than $95 million in illegal upfront fees from American consumers over a number of years.
Student loan debt affects more than 42 million Americans and, with outstanding balances of more than $1.4 trillion, student loans are the second largest segment of U.S. debt, after mortgages.
Operation Game of Loans includes seven FTC actions: five new cases, one new judgment in favor of the FTC, and a preliminary injunction entered in a case filed earlier this year. The agency alleges that the defendants in these actions charged consumers illegal upfront fees, falsely promised to help reduce or forgive student loan debt burdens, and pretended to be affiliated with the government or loan servicers, in violation of the FTC’s Telemarketing Sales Rule and the FTC Act. Operation Game of Loans also includes law enforcement actions by Colorado (link sends e-mail), Florida (link sends e-mail), Illinois (link sends e-mail), Kansas (link sends e-mail), Maryland (link sends e-mail), North Carolina (link sends e-mail), North Dakota (link sends e-mail), Oregon (link sends e-mail), Pennsylvania (link sends e-mail), Texas (link sends e-mail), Washington (link sends e-mail), and the District of Columbia (link sends e-mail).
36 FTC and State enforcement actions, 11 States and the District of Columbia, Scammers collected over $95 million in illegal fees.
“Winter is coming for debt relief scams that prey on hardworking Americans struggling to pay back their student loans,” said Maureen K. Ohlhausen, FTC Acting Chairman. “The FTC is proud to work with state partners to protect consumers from these scams, help them learn how to spot a scam, and let them know where to go for legitimate help.”
In addition to its state partners, the FTC has been working closely with the U.S. Department of Education’s office of Federal Student Aid to raise awareness about student loan debt relief schemes, and ensure that borrowers know to visit StudentAid.gov/repay for information about existing repayment and forgiveness programs available to them at no cost.
SAN FRANCISCO – Gap Inc. (NYSE: GPS) today applauded the introduction of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015, bipartisan legislation to modernize and renew Trade Promotion Authority (TPA), and enable a robust trade agenda to bolster U.S. economic growth and competitiveness. The legislation would help open the door to new markets for U.S. goods and services, help level the playing field for American retailers, and support well–paying U.S. Jobs.
“Trade is vital to the global competitiveness of Gap Inc., and supports more than 110,000 Gap Inc. employees across the United States,” said Sonia Syngal, executive vice president of global supply chain and product operations, Gap Inc. “We thank Senators Hatch and Wyden, as well as Congressman Ryan, for their efforts to craft bipartisan legislation that will help us to create new economic opportunities and grow our business. TPA is key to making sure U.S. companies and workers get the best possible outcomes in trade agreements, and we strongly encourage Congress and the President to work together to enact it as soon as possible.”
The TPA legislation introduced today includes significant improvements to the 2002 TPA law and recognizes changes in the U.S. economy, such as the prevalence of global value chains to support U.S. jobs. The bill also sets negotiating objectives on fair competition with state-owned enterprises, labor and environmental standards, and enhanced procedures to ensure Congressional oversight and public input on U.S. trade negotiations.
“Given the ambitious trade negotiations already underway, including the Trans Pacific Partnership (TPP), Congress urgently needs to enact TPA legislation to make clear its trade priorities. TPA will help to achieve to the best possible TPP that opens new markets and raises standards to protect workers and the environment in our trading partner countries,” Syngal added.
About Gap Inc.
Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Piperlime, Athleta, and Intermix brands. Fiscal year 2014 net sales were $16.4 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, over 400 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.
General Mills today reaffirmed its commitment to promote equal opportunity for women by signing the CEO Statement of Support for the United Nation’s Women’s Empowerment Principles (WEP). The WEPs are the result of collaboration between the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) and the United Nations Global Compact and offer guidance on how to empower women in the workplace, marketplace and community.
The signing coincides with International Women’s Day and underscores the company’s mission of Nourishing Lives through diversity and inclusion in the workplace and building strong communities around the world.
“Diversity and inclusion is core to our business strategy. We are committed to creating an inclusive work environment, in which we respect all dimensions of diversity, including gender. Our company leadership reflects this,” said Ken Powell, chairman and chief executive officer at General Mills. “We know that when women thrive, communities thrive. And when communities thrive, we all do better. Signing onto the Women’s Empowerment Principles reflects our belief that advancing women is not only the right thing to do, but the smart thing to do. For everyone.”
The WEPs bring together a range of existing programs at General Mills and company resources around the world that focus on building a diverse and inclusive workplace culture, delivering remarkable and measureable philanthropy, and creating shared value across our supply chain.
“Principles such as those outlined by the UN’s WEPs have been part of our values and our success at General Mills for decades,” said Kim Nelson, executive vice president of External Relations at General Mills and president of the General Mills Foundation. “We are very proud of our ongoing efforts to empower women and girls, and we will continue to support innovative programs that positively impact and engage women across the globe.”
The principles:
Establish high-level corporate leadership for gender equality.
Treat all women and men fairly at work – respect and support human rights and nondiscrimination.
Ensure the health, safety and well-being of all women and men workers.
Promote education, training and professional development for women.
Implement enterprise development, supply chain and marketing practices that empower women.
Promote equality through community initiatives and advocacy.
Measure and publicly report on progress to achieve gender equality.
We broadly support what these principles stand for – empowerment of women – while retaining flexibility where necessary to refine, or more specifically define, what they mean to us or how they apply to our businesses globally.
For example, we view equity in pay as equal pay for equal work and have concerns with the potential negative implications of any regulatory mandates to the contrary.
About General Mills
General Mills is one of the world’s leading food companies, operating in more than 100 countries around the world. Its brands include Cheerios, Fiber One, Häagen-Dazs, Nature Valley, Yoplait, Betty Crocker, Pillsbury, Green Giant, Old El Paso, Wanchai Ferry, Yoki and more. Headquartered in Minneapolis, Minn., USA, General Mills had fiscal 2014 worldwide sales of US $17.9 billion.
Geneva, Switzerland – The World Economic Forum announced today the Co-Chairs of its Annual Meeting, which will take place on 22-25 January 2019 in Davos-Klosters, Switzerland.
Over 3,000 global leaders from politics, government, civil society, academia, the arts and media will convene under the theme Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution, where participants will focus on defining new models for building sustainable and inclusive societies in a plurilateral world.
“Globalization as we know it may have peaked, but global integration will continue. It is fueled by the technologies of the Fourth Industrial Revolution and the urgent need to address challenges such as climate change and biodiversity, job loss through automation and a threatening breakdown in global collaboration. All those changes will particularly affect the next generation. For this reason, it is essential to integrate their voice prominently in building a new sustainable and inclusive global architecture,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.
Every year, Annual Meeting Co-Chairs take a principal role in help shape the discussion. This year’s Co-Chairs are:
– Basima Abdulrahman, Founder, KESK Green Building Consulting, Iraq, and World Economic Forum Global Shaper (Ebril Hub), is a structural engineer by training who has built a business constructing sustainable buildings. Through the Forum’s Global Shapers network in her country, she also works to promote social cohesion in fragile communities.
– Juan David Aristizábal, Co-Founder, Todos por la Educación, Colombia, and World Economic Forum Global Shaper (Bogota Hub), is an author, broadcaster and social entrepreneur. He leads a grassroots movement through Los Zúper, a platform that prepares youth and educators with leadership skills for the 21st century.
– Noura Berrouba, Member of the Governing Body, European Youth Parliament, Sweden, and World Economic Forum Global Shaper (Stockholm Hub), is a member of the Governing Body of the European Youth Parliament and National Council of Swedish Youth Organizations. She has dedicated her life to advocating open-minded, tolerant and active citizenship.
– Jim Yong Kim, President, World Bank Group, Washington DC, has been a leading force for change in driving inclusive growth and developing human capital with the goal of ending extreme poverty by 2030.
– Julia Luscombe, Director of Strategic Initiatives, Feeding America, USA, and World Economic Forum Global Shaper (Chicago Hub), is helping to end hunger in the US through her work building a charitable food system for the future.
– Mohammed Hassan Mohamud, Zonal Chairman, Kakuma Refugee Camp, Kenya, and World Economic Forum Global Shaper (Kakuma Hub), who spent the last 20 years living in displacement, is dedicated to championing the rights of refugees and conflict prevention.
– Satya Nadella, Chief Executive Officer, Microsoft Corp: CEO of Microsoft since 2014, Nadella defines his mission and that of the company he leads as empowering every person and every organization on the planet to achieve more.
– Akira Sakano, Co-Founder and Communication Director, RDND, Japan, and World Economic Forum Global Shaper (Osaka Hub), is helping create the world’s first zero-waste city in Japan.
Extending the discussion about the new global architecture, the Forum is inviting the public to share their thoughts and perspectives via the Globalization 4.0 video campaign, which will feature short videos (60-90 seconds long) that answer one or more of the following questions:
1) How do we save the planet without killing economic growth?
2) Can you be a patriot and a global citizen?
3) What should work look like in the future?
4) How do we make sure technology makes life better not worse?
5) How do we create a fairer economy?
6) How do we get countries working together better?
The best responses will be featured on www.weforum.org/globalization4 starting January 2019, in the lead-up to the Annual Meeting 2019. During the meeting, the Forum will also record selected constituents in Davos addressing the same key questions. Best submitted videos will be featured on the Forum’s Instagram, Twitter, Facebook, and LinkedIn channels. The hashtag for the project is #globalization4.
The World Economic Forum will work with UNICEF and Generation Unlimited to address the critical challenges young people face in education, skills and empowerment. The collaboration aims to accelerate progress at global, regional and local levels, through Global Shaper hubs in 162 countries, more than 190 UNICEF offices and the growing partner network of Generation Unlimited.
The World Economic Forum’s Global Shapers Community is a network of more than 7,000 young people in 370 cities working together to address the world’s biggest challenges. The community provides a platform to amplify the voices of young people and equips them with the tools to self-organize and create lasting local impact (read some of their blogs here)..
MILWAUKEE, – Most employers across the globe plan to increase hiring over the next three months, though at a slightly slower pace than recent quarters. This is according to the latest Manpower Employment Outlook Survey, released today by ManpowerGroup (NYSE: MAN). Hiring confidence is strongest in India, Japan, Taiwan, Guatemala, Romania and the United States for the third quarter, with the weakest hiring forecasts being reported in Brazil, Italy and Switzerland.
Of the nearly 59,000 employers interviewed globally, 40 of 43 countries and territories anticipate increasing their staffing levels in Q3 2016. Compared to Q2 2016, hiring prospects strengthen in 14 of 42* countries and territories, are unchanged in 7 and decline in 21. Compared with last year at this time, outlooks improve in 13 countries and territories, weaken in 24 and are unchanged in 5.
“Stronger employer hiring intentions in most regions is certainly cause for optimism, though global growth is still below pre-recession levels,” said Jonas Prising, Chairman & CEO of ManpowerGroup. “The political uncertainty in Europe and the United States means employers are hesitant to significantly add to their workforce, but they do continue to hire at modest levels, and many are still experiencing difficulty finding in-demand skills. Meanwhile, the economic slowdown in China still casts a shadow over its trading partners and an otherwise mostly stable economic situation.”
Global Hiring Plans by Region
EMEA: Romanian employers report the region’s strongest third-quarter hiring plans, while the weakest outlooks are reported in Italy and Switzerland. For the first time in eight years, there are no negative national forecasts reported among countries in the EMEA region. The third-quarter survey also includes Portugal for the first time, with cautiously optimistic hiring forecasted in the next three months.
Asia Pacific: Job gains are expected in all eight countries and territories surveyed in the Asia Pacific region. For the fourth consecutive quarter, employers in India report the most optimistic regional and global hiring plans, while employers in China report the region’s weakest forecast.
Americas: Employers in Guatemala and the United States report the region’s most optimistic third-quarter hiring plans. The only negative forecast for the region (and of all countries included in the survey) is reported by employers in Brazil.
About ManpowerGroup ManpowerGroup® (NYSE: MAN) is the world’s workforce expert, creating innovative workforce solutions for nearly 70 years. As workforce experts, we connect more than 600,000 people to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands – Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions – we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2016, ManpowerGroup was named one of the World’s Most Ethical Companies for the sixth consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com
MILWAUKEE — Global talent shortages have almost doubled in the last decade according to new research from ManpowerGroup (NYSE: MAN) released ahead of the World Economic Forum in Davos next week. 54% of companies report skills shortages with businesses in 36 of 44 countries finding it more difficult to attract skilled talent than in 2018. Employers in the U.S. (69%), Mexico (52%) Italy (47%) and Spain (41%) report the most acute shortages.
Closing the Skills Gap: What Workers Want reveals what attracts people to an organization and what makes them stay so that businesses can find, build and keep the best talent. While what workers want varies by geography, gender and at different stages of career cycles the research finds autonomy over when and where work gets done, wellbeing to balance work and life and career mobility to build skills are top priorities alongside strong leadership and a commitment to purpose.
“In an increasingly tech-enabled world, people with skills are in demand,” said Jonas Prising, ManpowerGroup Chairman & CEO. “We know from conversations with candidates, clients and from our data that workers want flexibility and the opportunity to learn new skills. Ahead of the World Economic Forum Annual Meeting in Davos next week, we are calling for leaders to shift their workforce demands closer to the needs of in-demand talent. Creating shareholder value can only be done in conjunction with taking care of employees, customers and communities, so listening to the voice of the consumer is key. As the pace of disruption accelerates, helping people adapt for future jobs and companies become creators of talent has never been more important.”
Closing the Skills Gap: What Workers Want finds that what workers want varies by geography, gender and at different stages of career cycles:
Gen Zs (age 18-24) are ambitious, hungry for cash and career development, yet already, women and men have differing desires. Women prioritize pay twice as much as their next priority — developing skills — while men say skills and career matter almost as much as pay.
Millennials (25-34) want flexibility and challenging work; women say flexibility is a necessity, whereas it’s still a nice-to-have for men.
Younger Xers (35-44) are on a quest for balance. Men prioritize flexibility as much as women and want the ability to work remotely, their share of parental leave and a flexible start and end to their day.
Boomers (age 55-64 and 65+) are driven by pay, challenging work and flexibility though they place the highest priority on leadership and teams. Older workers want to pay it forward: the over 65s are most motivated by purpose.
For information on Closing the Skills Gap: What Workers Want published ahead of the 50th anniversary of the World Economic Forum’s annual meeting, Stakeholders for a Cohesive and Sustainable World, visit https://wef.manpowergroup.com/.
About ManpowerGroup
ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions – creates substantially more value for candidates and clients across 80 countries and territories and has done so for over 70 years. In 2019, ManpowerGroup was named one of Fortune’s Most Admired Companies for the seventeenth year and one of the World’s Most Ethical Companies for the tenth year, confirming our position as the most trusted brand in the industry. See how ManpowerGroup is powering the future of work: www.manpowergroup.com.
WENTZVILLE, Mo. – General Motors will add a third shift at its Wentzville Assembly plant, creating an estimated 750 new jobs, to build the all-new Chevrolet Colorado and GMC Canyon midsize pickups and Chevrolet Express and GMC Savana full-size vans.
Dealers have ordered nearly 30,000 Colorados, which is very high for early orders. With the midsize trucks, Chevrolet and GMC offer the broadest truck portfolio in the business. No other manufacturer is positioned to offer all truck customers the right truck to meet their varied needs.
To provide Colorado and Canyon customers with an even greater level of choices, Chevrolet and GMC have launched “build-your-own” sites within www.chevrolet.com and www.gmc.com. Both midsize models go on sale this fall.
Among the new trucks’ segment-leading features:
Available forward collision alert and lane departure warning
Class-leading payload capacity and trailering capacity of 7,000 pounds (3182 kg) when equipped with the max towing package
Configurations including an extended cab model with a 6-foot bed, a crew cab with a 5-foot bed and a crew cab with a 6-foot bed
Standard CornerStep rear bumper and easy lift and lower tailgate pioneered on the 2014 Silverado
Built-in OnStar 4GLTE connectivity that makes the truck a Wi-Fi hotspot capable of supporting up to seven devices.
The 750 third shift positions are in addition to the 1,315 new jobs at Wentzville that GM committed to with the launch of the new pickups and the addition of a third stamping press – two major investments totaling $513 million.
Wentzville Assembly currently employs approximately 2,600 hourly and salaried workers and operates two production shifts. The third shift is expected to begin in early 2015.
Wentzville’s third shift is the latest job-creating action by GM. Since June 2009, GM has announced U.S. facility investments of more than $11.2 billion and either protected or added approximately 27,000 jobs.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world’s largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com
SCOTTSDALE, Ariz., – GoDaddy Inc. (NYSE: GDDY), the world’s largest technology provider dedicated to small businesses, is heading to the Grace Hopper Conference (GHC), the world’s largest technical conference for women in computing, to recruit women who want to help very small businesses around the world, many of which are women-owned.
GoDaddy ranked as one of the Anita Borg Institute’s Top Companies for Women Technologists this year. Closing the gender gap has been a top priority at the company since Blake Irving took over as CEO two years ago. And there’s solid progress to report. Since last year’s GHC, GoDaddy has more than doubled the number of women interns and graduate hires.
As a return platinum sponsor of next week’s GHC, GoDaddy plans to showcase its transformation journey, share a timely documentary film and engage attendees with an interactive convention-floor booth, which features technology executives and recruiters. The diverse sponsorship approach is part of GoDaddy’s quest to attract more women to join its mission to help people easily start, grow and run their own ventures through the use of technology.
Overall, women now account for 20 percent of the GoDaddy technical workforce, which while still far below its ultimate goal, is up two percentage points from last year. GoDaddy is also providing all of its colleagues with “Unconscious Bias” training, in partnership with the Clayman Institute. Prior to GHC, GoDaddy plans to follow-up on its compensation parity pledge, a commitment made at the White House Demo Day this past summer.
“Gender diversity matters,” said GoDaddy CEO Blake Irving. “Diversity of thought reliably translates into better products. We have a gender diverse customer base, why wouldn’t you have a gender diverse workforce building those products? I’m heartened by our progress over the past couple years, but we’re still far from where we want to be — and I’m hoping that the women at GHC this year will help fuel our ongoing quest. Changing the face of tech, changing the lives of small business owners and continuing to drive our own transformation at GoDaddy.”
As part of this year’s sponsorship, GoDaddy will again support technology students to attend GHC, including women from Harvey Mudd College, University of California Berkeley, California Polytechnic State University, Massachusetts Institute of Technology, Louisiana State University and others.
New this year, GoDaddy CEO Blake Irving, a long-time tech executive and women’s advocate, is delivering a plenary speech from the main stage Wednesday at 4:30 p.m., titled “Be the Image You Want to See: The Transformation of GoDaddy, Inc.”
GoDaddy is also underwriting the screening of “CODE: Debugging the Gender Gap,” a new documentary which focuses on why more women aren’t joining the tech ranks given all the economic opportunity. Irving is an Executive Producer on the film and has worked closely with producer and director Robin Hauser-Reynolds. The two will lead a post-screening GHC discussion. The film will be shown in the Lanier Ballroom Friday at 11 a.m.
“We are excited to see so many in the tech industry stepping up to make change when it comes to increasing the participation of women in technical roles. GoDaddy has made significant progress in a short time,” said Telle Whitney, CEO and President of the Anita Borg Institute for Women and Technology. “If you had suggested to me a few years ago that GoDaddy could have transformed into such an example of positive change and empowering women technologists, I would have been skeptical. But I am impressed with the commitment Blake and his team have made to driving meaningful change.”
To learn more about a career at GoDaddy, visit: www.GoDaddy.com/Careers
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MILWAUKEE, Nov. 15, 2017 — Technology combined with a personal approach is the top priority for job seekers finds new research from ManpowerGroup Solutions (NYSE: MAN). Swipe Right: Candidate Technology Preferences During the Job Search provides fresh insight from more than 14,000 people in 19 countries into application preferences and includes practical steps employers can take to attract and retain right-skilled workers.
Visit manpowergroupsolutions.com/candidatepreferences for detailed information on candidate preferences or to download the report, Swipe Right: Candidate Technology Preferences During the Job Search.
“In today’s tight labor market, the candidate has more authority than ever before” said Kate Donovan, Senior Vice President of ManpowerGroup Solutions and Global RPO President. “Attracting the brightest and best people into your organization needs to combine a high tech and high touch approach. The two are not mutually exclusive. Candidates’ application preferences and expectations for job searches are changing rapidly and businesses need to keep pace. Jobs are personal and relationships matter: technology can simplify the application process but should not replace personalization and the human touch.”
ManpowerGroup Solutions shares eight practical recommendations for employers including:
Be smart about the smartphone. Mobile applications may increase the amount of applications employers receive but organizations will achieve the right fit for the role through a personalized and candidate centric approach.
Look beyond traditional HR platforms and apps. It is easier to meet candidates where they already are rather than insisting they try something new.
Let a bot be a bot. The technology that an employer uses (or does not use) at every stage of the recruitment life cycle sends a powerful message about an organization and its values to candidates. Chatbots should be an extension of an employer brand and be open and transparent that they are bots. They should complement not replace human interaction.
Visit manpowergroupsolutions.com/candidatepreferences for detailed information on candidate preferences and to download the report, Swipe Right: Candidate Technology Preferences During the Job Search.
About ManpowerGroup SolutionsManpowerGroup Solutions provides clients with outsourcing services related to human resources functions, primarily in the areas of large-scale recruiting and workforce-intensive initiatives that are outcome-based, thereby sharing in the risk and reward with our clients. Our solutions offerings include TAPFIN-Managed Service Provider, Strategic Workforce Consulting, Borderless Talent Solutions, Talent Based Outsourcing and Recruitment Process Outsourcing, where we are one of the largest providers of permanent and contingent recruitment in the world. ManpowerGroup Solutions is part of the ManpowerGroup family of companies, which also includes Manpower, Experis, and Right Management. More information at www.manpowergroupsolutions.com.
About ManpowerGroupManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing and managing the talent that enables them to win. We develop innovative solutions for over 400,000 clients and connect 3+ million people to meaningful, sustainable work across a wide range of industries and skills. Our expert family of brands – Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions – creates substantially more value for candidates and clients across 80 countries and territories and has done so for nearly 70 years. In 2017, ManpowerGroup was named one of the World’s Most Ethical Companies for the seventh consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup is powering the future of work: www.manpowergroup.com
CHATTANOOGA, Tenn. – Workers at Volkswagen’s Chattanooga plant today have voted against union representation that would have led to the establishment of a works council that would have been the first such model of labor-management relations in the United States.
At the end of voting on Friday, Volkswagen workers voted against joining the union in a vote of 712 to 626.
The decision follows three days of voting during an election supervised by the National Labor Relations Board and comes amid a firestorm of interference and threats from special interest groups.
“While we certainly would have liked a victory for workers here, we deeply respect the Volkswagen Global Group Works Council, Volkswagen management and IG Metall for doing their best to create a free and open atmosphere for workers to exercise their basic human right to form a union,” said UAW President Bob King.
“We commend Volkswagen for its commitment to global human rights, to worker rights and trying to provide an atmosphere of freedom to make a decision,” said UAW Region 8 Director Gary Casteel, who directs the union’s Southern organizing. “Unfortunately, politically motivated third parties threatened the economic future of this facility and the opportunity for workers to create a successful operating model that that would grow jobs in Tennessee.”
“While we’re outraged by politicians and outside special interest groups interfering with the basic legal right of workers to form a union, we’re proud that these workers were brave and stood up to the tremendous pressure from outside,” said UAW Secretary-Treasurer Dennis Williams, who directs the union’s transnational program. “We hope this will start a larger discussion about workers’ right to organize.”
This Press Release is courtesy of www.uaw.org
Today the Living Wage Foundation is delighted to mark a historic milestone in the life of the Living Wage campaign as Ikea becomes the first major retailer in the UK to commit to becoming a Living Wage accredited employer.
Rhys Moore, director, Living Wage Foundation said:
We are delighted with the news that Ikea, one of the UK’s major players in the retail sector, has announced its intention to accredit as a Living Wage employer. This is a huge step in the life of the Living Wage movement and sends out a clear marker to the sector that businesses that can, should pay the voluntary rate, which is calculated according to the cost of living. The news is particularly timely given the recent announcement by the Chancellor who described the new, higher rate of the statutory minimum wage for over 25’s as a ‘national living wage’. Leading businesses, and increasingly consumers, recognise the need for a distinction between the rates. The Living Wage is a mark of responsible businesses, with accredited Living Wage companies choosing to go above and beyond the legal minimum.
IKEA’s accreditation will see all employees across the UK receive a basic rate of pay of at least £7.85 p/h whilst employees in the capital will be paid the London Living Wage rate, currently set at £9.15.
The Mayor of London Boris Johnson MP said:
I am absolutely delighted that IKEA has become the first major retailer to sign-up to the voluntary Living Wage, rewarding their hard-working employees for their loyalty and their valuable contribution to the productivity and growth of the economy. There is no doubt that the London Living Wage is a win-win scenario for the workforce and employers alike, boosting quality of life and workplace morale which in turn increases productivity. I have long argued that those companies who can afford to pay the London Living Wage should do so, and I urge big businesses to follow IKEA’s fantastic example and do the right thing by signing up to this scheme.
The Living Wage Foundation has now accredited over 1,600 businesses, including nearly a quarter of the FTSE 100 and well-known companies such as Nestle, Nationwide and British Gas.
Rhys Moore continued:
We welcome the huge step the Chancellor has taken on low pay. This is a massive victory for Citizens UK and those communities, workers and business leaders who have campaigned for a Living Wage since 2001. A strong national minimum wage is a fantastic boost to the Living Wage movement but the issue remains that for many UK employees, despite working hard, their rates of pay simply don’t cover the costs of living. The Living Wage remains key to tackling in-work poverty in the UK.
Geneva, – According to Google Trends, the popularity of the phrase “sharing economy” has increased sixteenfold since 2013. But what is it? Sharing economy is often confused with overlapping terms such as the “collaborative economy”, “on-demand economy”, “gig economy”, “freelance economy”, “peer economy”, “access economy”, “crowd economy”, “digital economy” and “platform economy” – distinctions explored in our blog.
Sharing is an age-old concept. But the potential pool of people with whom to share is growing exponentially, as technology-enabled platforms connect and vouch for new members from around the globe. Cities can leverage the potential of the sharing economy in municipal goods, municipal spaces, civic assets, municipal services and skills and the talents of city residents.
“While sharing may often decrease the cost of access, it also has the potential to address long-term societal challenges such as making cities more inclusive and building social connections between groups that might otherwise never have interacted. In experimenting with sharing practices, however, cities will also have to be agile in addressing externalities and disruption to their planning processes, policy formulation and regulatory structures,” said Cheryl Martin, Head of Industries, World Economic Forum.
The paper, mandated by the World Economic Forum Future of Urban Development and Services Initiative Steering and Advisory Committee, explores opportunities and challenges of the sharing economy in cities by highlighting examples and solutions from cities around the world:
· Melbourne is a global leader in the food-sharing sector.
· Seattle has six “libraries of things” in lower- and mixed-income areas, where citizens can borrow tools.
· New York organization 596 Acres supports residents to reclaim and manage public land for communities.
· Barcelona is driving a time-bank project where people exchange their time for doing everyday tasks.
· London has a crowdfunding platform where citizens can propose project ideas and get City Hall’s support.
· Seoul now has 97 distinct sharing schemes, from public bicycles to parking spaces to children’s clothes.
· Kamaishi City is partnering with sharing platforms to prepare for hosting the 2019 Rugby World Cup.
· Kigali motorbike taxi app SafeMotos uses smartphone data to distinguish safe from unsafe drivers.
· Amsterdam is connecting senior citizens and low-income households to sharing platforms via CityPass.
· São Paulo has implemented road-use fees to encourage transport network companies (TNCs) to complement public transit, limiting excess supply during peak hour congestion and augmenting supply when less served.
The paper also explores sharing-economy ideas that span multiple cities:
· “Co-City” protocol is exploring forms of shared, collaborative and polycentric urban governance.
· Sharing Cities Alliance organizes summits, seminars and a knowledge base for cities to draw on.
· Trust Seal is the first Kitemark for sharing-economy companies, proving they adhere to good practice.
“The sharing economy is making cities redefine land-use strategies, minimize their costs, optimize public assets and collaborate with other actors (for-profits, non-profits, social enterprises, communities and other cities) in developing policies and frameworks that encourage continued innovation in this area. This paper focuses on the drivers of sharing in a city and how cities can embark on the sharing journey,” said Gregory Hodkinson, Chairman, Arup Ltd and Chair of the World Economic Forum System Future of Urban Development and Services Initiative.
The sharing economy has its challenges – from establishing trust and reputation to ensuring safety and security, and dealing with the uncertain effects on social equality and limited inclusivity. As Hazem Galal, PwC Global Cities and Government Leader, said: “Regulatory and tax structures need to be revisited to address these concerns as sharing platforms begin to scale across different sectors of the economy. At the same time, developing a culture of sharing within cities to improve services with accountability and transparency would go a long way in shaping the ‘sharing cities’ of the future.”
The paper explores potential solutions to these challenges. It makes the case that sharing in cities can have a transformative impact – boosting the economy and nurturing a sense of community by bringing people into contact with one another, facilitating neighbourliness, and improving the environment by making the most efficient use of resources. Cities have a potential role in facilitating/enabling and harnessing the sharing business models by fostering partnerships that shape a “sharing and collaborative” culture across all industry sectors.
MILWAUKEE, — ManpowerGroup (NYSE: MAN), the world’s workforce expert, today identified three distinct roles human resources (HR) leaders must play to ensure talent sustainability for their organizations in its new insights paper, “The Talent Shortage Continues: How the Ever Changing Role of HR Can Bridge the Gap.” The paper is available for download here.
ManpowerGroup’s ninth annual Talent Shortage Survey, released on May 30, highlighted that the global talent shortage is at a seven-year high as 36 percent of employers globally cannot fill open jobs. The paper explains that, with no end to the problem in sight, HR leaders are the one group with the expertise and influence to reshape their companies’ talent-base. They must now adopt the roles of supply and demand experts, marketers and designers.
“Macroeconomic forces continue to decrease margins, creating a need for organizations to do more with less and to have a workforce that is more agile and productive,” said Jonas Prising, ManpowerGroup CEO. “The answer rests with HR leaders, who must possess the strategic capability to ensure a sustainable workforce and the talent their organizations need to achieve their business objectives.”
HR leaders can bridge the skills gap by evolving their role in three critical ways:
Supply and Demand Experts: HR leaders must provide market intelligence supported by relevant data, understanding their internal and external talent supply and how forces are shaping the availability of required skills.
Marketers: In a world of talent shortages, HR’s role has expanded to include attracting and retaining customers (i.e., talent), in the same way that marketers segment and target consumers of the company’s products and services.
Designers: A different way of thinking is required to cultivate communities of work and balance the employment mix to include contingent, fully outsourced, partially retired and other workers.
For more details on talent shortages around the world, visit our new Talent Shortage Interactive Explorer Tool and global infographic.
ManpowerGroup (NYSE: MAN) surveyed more than 37,000 employers in 42 countries and territories during the first quarter of 2014 to explore the impact of talent shortages on the global labor market and how employers are responding to the challenges raised by the lack of available talent in specific job categories. This is the ninth consecutive year that the survey has been conducted.
About ManpowerGroup
ManpowerGroup™ (NYSE: MAN) has been the world’s workforce expert, creating innovative workforce solutions, for more than 65 years. As workforce experts, we connect more than 600,000 men and women to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands — Manpower®, Experis™, Right Management ® and ManpowerGroup™ Solutions— we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2014, ManpowerGroup was named one of the World’s Most Ethical Companies for the fourth consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com.
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of a visit to Riyadh, Saudi Arabia:
“It has been a great pleasure to visit Riyadh, Saudi Arabia, where I had the privilege of meeting His Royal Highness Crown Prince Mohammed bin Salman. We discussed the economic outlook and current policy developments in Saudi Arabia. I had fruitful discussions with the Minister of Finance H.E. Mohammed Aljadaan and Governor of the Saudi Monetary Authority (SAMA) H.E. Ahmed Alkholifey. I was also pleased to participate in the Future Investment Initiative conference, where I exchanged views with Saudi and global business leaders on economic policy priorities and new models for innovation. I was delighted to meet with Saudi women business leaders, researchers, lawyers and activists. We discussed the recent progress in strengthening women’s rights in Saudi Arabia as well as ways to further boost female labor force participation and entrepreneurship.
“Saudi Arabia had made good progress in initiating its ambitious reform agenda. Fiscal consolidation efforts are beginning to bear fruit. Progress with reforms to improve the business environment are gaining momentum, and a framework to increase the transparency and accountability of government is in place. Effective prioritization, sequencing, and coordination of the reforms is essential, and they need to be well-communicated and equitable to gain social buy-in to ensure their success.
“Fiscal adjustment is continuing, with the government containing expenditures and raising additional revenues. A large, sustained, and well-paced fiscal adjustment is needed in the coming years to continue to respond to the effects of lower oil prices on the budget. However, given the strong fiscal buffers, the availability of financing, and the current cyclical position of the economy, fiscal adjustment should be gradual.
“Saudi Arabia is also undertaking reforms to reduce constraints to women entering the workforce. These include subsidizing transportation and childcare costs, expanding the availability of childcare facilities, encouraging greater use of teleworking, and recently, deciding to allow women to drive. Additional incentives to female employment could include supporting female entrepreneurs through dedicated programs under the small and medium enterprise (SME) initiatives, and offering temporary fiscal incentives to help businesses build or reconfigure work spaces to accommodate women in line with social norms.
“I would like to thank the authorities for their generous hospitality.”
The global expansion has weakened. Global growth for 2018 is estimated at 3.7 percent, as in the October 2018 World Economic Outlook (WEO) forecast, despite weaker performance in some economies, notably Europe and Asia. The global economy is projected to grow at 3.5 percent in 2019 and 3.6 percent in 2020, 0.2 and 0.1 percentage point below last October’s projections.
The global growth forecast for 2019 and 2020 had already been revised downward in the last WEO, partly because of the negative effects of tariff increases enacted in the United States and China earlier that year. The further downward revision since October in part reflects carry over from softer momentum in the second half of 2018—including in Germany following the introduction of new automobile fuel emission standards and in Italy where concerns about sovereign and financial risks have weighed on domestic demand—but also weakening financial market sentiment as well as a contraction in Turkey now projected to be deeper than anticipated.
Risks to global growth tilt to the downside. An escalation of trade tensions beyond those already incorporated in the forecast remains a key source of risk to the outlook. Financial conditions have already tightened since the fall. A range of triggers beyond escalating trade tensions could spark a further deterioration in risk sentiment with adverse growth implications, especially given the high levels of public and private debt. These potential triggers include a “no-deal” withdrawal of the United Kingdom from the European Union and a greater-than-envisaged slowdown in China.
The main shared policy priority is for countries to resolve cooperatively and quickly their trade disagreements and the resulting policy uncertainty, rather than raising harmful barriers further and destabilizing an already slowing global economy. Across all economies, measures to boost potential output growth, enhance inclusiveness, and strengthen fiscal and financial buffers in an environment of high debt burdens and tighter financial conditions are imperatives.
Softening Momentum, High Uncertainty
The global economy continues to expand, but third-quarter growth has disappointed in some economies. Idiosyncratic factors (new fuel emission standards in Germany, natural disasters in Japan) weighed on activity in large economies. But these developments occurred against a backdrop of weakening financial market sentiment, trade policy uncertainty, and concerns about China’s outlook. While the December 1 announcement that tariff hikes have been put on hold for 90 days in the US-China trade dispute is welcome, the possibility of tensions resurfacing in the spring casts a shadow over global economic prospects.
High-frequency data signal subdued momentum in the fourth quarter. Outside the United States, industrial production has decelerated, particularly of capital goods. Global trade growth has slowed to well below 2017 averages. The true underlying impetus could be even weaker than the data indicate, as the headline numbers may have been lifted by import front-loading ahead of tariff hikes, as well as by an uptick in tech exports with the launch of new products. Consistent with this interpretation, purchasing managers’ indices, notably in the category of new orders, point to less buoyant expectations of future activity.
Commodities and inflation. Crude oil prices have been volatile since August, reflecting supply influences, including US policy on Iranian oil exports and, more recently, fears of softening global demand. As of early January, crude oil prices stood at around $55 a barrel, and markets expected prices to remain broadly at that level over the next 4–5 years. Prices of metals and agricultural commodities have softened slightly since August, in part due to subdued demand from China. Consumer price inflation has generally remained contained in recent months in advanced economies but has inched up in the United States, where above-trend growth continues. Among emerging market economies, inflationary pressures are easing with the drop in oil prices. For some, this easing has been partially offset by the passthrough of currency depreciations to domestic prices.
Financial conditions in advanced economies have tightened since the fall. Equity valuations—which were stretched in some countries—have been pared back with diminished optimism about earnings prospects amid escalating trade tensions and expectations of slower global growth. Concerns over a US government shutdown further weighed on financial sector sentiment toward year-end. Major central banks also appear to be adopting a more cautious approach. While the US Federal Reserve raised the target range for the federal funds rate to 2.25–2.50 percent in December, it signaled a more gradual pace of rate hikes in 2019 and 2020. In line with earlier communication, the European Central Bank ended its net asset purchases in December. However, it also confirmed that monetary policy would remain amply accommodative, with no increase in policy rates until at least summer 2019, and full reinvestment of maturing securities continuing well past the first rate hike. Increasing risk aversion, together with deteriorating sentiment about growth prospects and shifts in policy expectations, have contributed to a drop in sovereign yields—notably for US Treasuries, German bunds, and UK gilts. Among euro area economies, Italian sovereign spreads have declined from their peak in mid-October on a resolution of the budget standoff with the European Commission, but remain elevated at 270 basis points as of January 7. Spreads for other euro area economies have remained largely unchanged over this period. Beyond sovereign securities, credit spreads widened for US corporate bonds, reflecting lessened optimism and energy sector concerns owing to lower oil prices.
Financial conditions in emerging markets have tightened modestly since the fall, with notable differentiation based on country-specific factors. Emerging market equity indices have sold off over this period, in a context of rising trade tensions and higher risk aversion. Concerns about inflationary effects from earlier oil price increases and, in some cases, closing output gaps or passthrough from currency depreciation have led central banks in many emerging market economies (Chile, Indonesia, Mexico, Philippines, Russia, South Africa, Thailand) to raise policy rates since the fall. By contrast, central banks in China and India maintained policy rates on hold and acted to ease domestic funding conditions (by lowering reserve requirements for banks and providing liquidity to non-bank financial companies, respectively). As of early January, with some notable exceptions (e.g., Mexico, Pakistan), emerging market governments generally face lower domestic-currency long-term yields than in August-September. Foreign-currency sovereign credit spreads have edged up for most countries and risen substantially for some frontier markets.
Capital flows and exchange rates. With investors generally lowering exposure to riskier assets, emerging market economies experienced net capital outflows in the third quarter of 2018. As of early January, the US dollar remains broadly unchanged in real effective terms relative to September, the euro has weakened by about 2 percent amid slower growth and concerns about Italy, and the pound has depreciated about 2 percent as Brexit-related uncertainty increased. In contrast, the Japanese yen has appreciated by about 3 percent, on higher risk aversion. Several emerging market currencies—including the Turkish lira, the Argentine peso, the Brazilian real, the South African rand, the Indian rupee, and the Indonesian rupiah—have staged recoveries from their 2018 valuation lows last August-September.
Forecast Assumptions
The assumptions about tariffs, policy stances, and financial conditions underpinning the forecast are broadly similar to those in the last WEO.
The baseline forecast incorporates the US tariffs announced through September 2018 and retaliatory measures. For the United States, these include tariffs on solar panels, washing machines, aluminum, and steel announced in the first half of 2018; a 25 percent tariff on $50 billion worth of imports from China, and a 10 percent tariff on an additional $200 billion of imports from China, with the latter rising to 25 percent after the current 90-day “truce” ends on March 1, 2019. For China, the forecast incorporates tariffs ranging from 5 to 10 percent on $60 billion of imports from the United States.[1]
Average oil prices are projected at just below $60 per barrel in 2019 and 2020 (down from about $69 and $66, respectively, in the last WEO). Metals prices are expected to decrease 7.4 percent year-over-year in 2019 (a deeper decline than anticipated last October), and to remain roughly unchanged in 2020. Price forecasts for most major agricultural commodities have been revised modestly downwards.
Global Growth to Slow in 2019
Global growth in 2018 is estimated to be 3.7 percent, as it was last fall, but signs of a slowdown in the second half of 2018 have led to downward revisions for several economies.
Weakness in the second half of 2018 will carry over to coming quarters, with global growth projected to decline to 3.5 percent in 2019 before picking up slightly to 3.6 percent in 2020 (0.2 percentage point and 0.1 percentage point lower, respectively, than in the previous WEO). This growth pattern reflects a persistent decline in the growth rate of advanced economies from above-trend levels—occurring more rapidly than previously anticipated—together with a temporary decline in the growth rate for emerging market and developing economies in 2019, reflecting contractions in Argentina and Turkey, as well as the impact of trade actions on China and other Asian economies.
Specifically, growth in advanced economies is projected to slow from an estimated 2.3 percent in 2018 to 2.0 percent in 2019 and 1.7 percent in 2020. This estimated growth rate for 2018 and the projection for 2019 are 0.1 percentage point lower than in the October 2018 WEO, mostly due to downward revisions for the euro area.
Growth in the euro area is set to moderate from 1.8 percent in 2018 to 1.6 percent in 2019 (0.3 lower than projected last fall) and 1.7 percent in 2020. Growth rates have been marked down for many economies, notably Germany (due to soft private consumption, weak industrial production following the introduction of revised auto emission standards, and subdued foreign demand); Italy (due to weak domestic demand and higher borrowing costs as sovereign yields remain elevated); and France (due to the negative impact of street protests and industrial action).
There is substantial uncertainty around the baseline projection of about 1.5 percent growth in the United Kingdom in 2019-20. The unchanged projection relative to the October 2018 WEO reflects the offsetting negative effect of prolonged uncertainty about the Brexit outcome and the positive impact from fiscal stimulus announced in the 2019 budget. This baseline projection assumes that a Brexit deal is reached in 2019 and that the UK transitions gradually to the new regime. However, as of mid-January, the shape that Brexit will ultimately take remains highly uncertain.
The growth forecast for the United States also remains unchanged. Growth is expected to decline to 2.5 percent in 2019 and soften further to 1.8 percent in 2020 with the unwinding of fiscal stimulus and as the federal funds rate temporarily overshoots the neutral rate of interest. Nevertheless, the projected pace of expansion is above the US economy’s estimated potential growth rate in both years. Strong domestic demand growth will support rising imports and contribute to a widening of the US current account deficit.
Japan’s economy is set to grow by 1.1 percent in 2019 (0.2 percentage point higher than in the October WEO). This revision mainly reflects additional fiscal support to the economy this year, including measures to mitigate the effects of the planned consumption tax rate increase in October 2019. Growth is projected to moderate to 0.5 percent in 2020 (0.2 percentage point higher than in the October 2018 WEO) following the implementation of the mitigating measures.
For the emerging market and developing economy group, growth is expected to tick down to 4.5 percent in 2019 (from 4.6 percent in 2018), before improving to 4.9 percent in 2020. The projection for 2019 is 0.2 percentage point lower than in the October 2018 WEO.
Growth in emerging and developing Asia will dip from 6.5 percent in 2018 to 6.3 percent in 2019 and 6.4 percent in 2020. Despite fiscal stimulus that offsets some of the impact of higher US tariffs, China’s economy will slow due to the combined influence of needed financial regulatory tightening and trade tensions with the United States. India’s economy is poised to pick up in 2019, benefiting from lower oil prices and a slower pace of monetary tightening than previously expected, as inflation pressures ease.
Growth in emerging and developing Europe in 2019 is now expected to weaken more than previously anticipated, to 0.7 percent (from 3.8 percent in 2018) despite generally buoyant growth in Central and Eastern Europe, before recovering to 2.4 percent in 2020. The revisions (1.3 percentage point in 2019 and 0.4 percentage point in 2020) are due to a large projected contraction in 2019 and a slower recovery in 2020 in Turkey, amid policy tightening and adjustment to more restrictive external financing conditions.
In Latin America, growth is projected to recover over the next two years, from 1.1 percent in 2018 to 2.0 percent in 2019 and 2.5 percent in 2020 (0.2 percentage point weaker for both years than previously expected). The revisions are due to a downgrade in Mexico’s growth prospects in 2019–20, reflecting lower private investment, and an even more severe contraction in Venezuela than previously anticipated. The downgrades are only partially offset by an upward revision to the 2019 forecast for Brazil, where the gradual recovery from the 2015–16 recession is expected to continue. Argentina’s economy will contract in 2019 as tighter policies aimed at reducing imbalances slow domestic demand, before returning to growth in 2020.
Growth in the Middle East, North Africa, Afghanistan, and Pakistan region is expected to remain subdued at 2.4 percent in 2019 before recovering to about 3 percent in 2020. Multiple factors weigh on the region’s outlook, including weak oil output growth, which offsets an expected pickup in non-oil activity (Saudi Arabia); tightening financing conditions (Pakistan); US sanctions (Iran); and, across several economies, geopolitical tensions.
In sub-Saharan Africa, growth is expected to pick up from 2.9 percent in 2018 to 3.5 percent in 2019, and 3.6 percent in 2020. For both years the projection is 0.3 percentage point lower than last October’s projection, as softening oil prices have caused downward revisions for Angola and Nigeria. The headline numbers for the region mask significant variation in performance, with over one-third of sub-Saharan economies expected to grow above 5 percent in 2019–20.
Activity in the Commonwealth of Independent States is projected to expand by about 2¼ percent in 2019–20, slightly lower than projected in the October 2018 WEO due to the drag on Russia’s growth prospects from the weaker near-term oil-price outlook.
Risks to the Outlook
Key sources of risk to the global outlook are the outcome of trade negotiations and the direction financial conditions will take in months ahead. If countries resolve their differences without raising distortive trade barriers further and market sentiment recovers, then improved confidence and easier financial conditions could reinforce each other to lift growth above the baseline forecast. However, the balance of risks remains skewed to the downside, as in the October WEO.
Trade tensions. The November 30 signing of the US-Mexico-Canada free trade agreement (USMCA) to replace NAFTA, the December 1 US-China announcement of a 90-day “truce” on tariff increases, and the announced reduction in Chinese tariffs on US car imports are welcome steps toward de-escalating trade frictions. Final outcomes remain, however, subject to a possibly difficult negotiation process in the case of the US-China dispute and domestic ratification processes for the USMCA. Thus, global trade, investment, and output remain under threat from policy uncertainty, as well as from other ongoing trade tensions. Failure to resolve differences and a resulting increase in tariff barriers would lead to higher costs of imported intermediate and capital goods and higher final goods prices for consumers. Beyond these direct impacts, higher trade policy uncertainty and concerns over escalation and retaliation would lower business investment, disrupt supply chains, and slow productivity growth. The resulting depressed outlook for corporate profitability could dent financial market sentiment and further dampen growth (Scenario Box 1, October 2018 WEO).
Financial market sentiment. Escalating trade tensions, together with concerns about Italian fiscal policy, worries regarding several emerging markets, and, toward the end of the year, about a US government shutdown, contributed to equity price declines during the second half of 2018. A range of catalyzing events in key systemic economies could spark a broader deterioration in investor sentiment and a sudden, sharp repricing of assets amid elevated debt burdens. Global growth would likely fall short of the baseline projection if any such events were to materialize and trigger a generalized risk-off episode:
Italian spreads have narrowed from their October–November peaks but remain high. A protracted period of elevated yields would put further stress on Italian banks, weigh on economic activity, and worsen debt dynamics. Other Europe-specific factors that could give rise to broader risk aversion include the rising possibility of a disruptive, no-deal Brexit with negative cross-border spillovers and increased euro-skepticism affecting European parliamentary election outcomes.
A second source of systemic financial stability risk is a deeper-than-envisaged slowdown in China, with negative implications for trading partners and global commodity prices. China’s economy slowed in 2018 mainly due to financial regulatory tightening to rein in shadow banking activity and off-budget local government investment, and as a result of the widening trade dispute with the United States, which intensified the slowdown toward the end of the year. Further deceleration is projected for 2019. The authorities have responded to the slowdown by limiting their financial regulatory tightening, injecting liquidity through cuts in bank reserve requirements, and applying fiscal stimulus, by resuming public investment. Nevertheless, activity may fall short of expectations, especially if trade tensions fail to ease. As seen in 2015–16, concerns about the health of China’s economy can trigger abrupt, wide-reaching sell-offs in financial and commodity markets that place its trading partners, commodity exporters, and other emerging markets under pressure.
Beyond the possibility of escalating trade tensions and a broader turn in financial market sentiment, other factors adding downside risk to global investment and growth include uncertainty about the policy agenda of new administrations, a protracted US federal government shutdown, as well as geopolitical tensions in the Middle East and East Asia. Risks of a somewhat slower-moving nature include pervasive effects of climate change and ongoing declines in trust of established institutions and political parties.
Policy Priorities
With momentum past its peak, risks to global growth skewed to the downside, and policy space limited in many countries, multilateral and domestic policies urgently need to focus on preventing additional deceleration and strengthening resilience. A shared priority is to raise medium-term growth prospects while enhancing economic inclusion.
Multilateral cooperation. Building on the recent favorable developments noted above, policymakers should cooperate to address sources of dissatisfaction with the rules-based trading system, reduce trade costs, and resolve disagreements without raising tariff and non-tariff barriers. Failure to do so would further destabilize a slowing global economy. Beyond trade, fostering closer cooperation on a range of issues would help broaden the gains from global economic integration, including: financial regulatory reforms; international taxation and minimizing cross-border avenues for tax evasion; reducing corruption; and strengthening the global financial safety net to reduce the need for countries to self-insure against external shocks. An overarching challenge for the global community is mitigating and adapting to climate change to lower the likelihood of devastating humanitarian and economic effects from extremes in high temperatures, precipitation, and drought (Chapter 3, October 2017 WEO).[2] In a growing and ever more complex world economy featuring new and bigger risks, adequate IMF resources will continue to be a key stabilizing factor in global capital markets.
Domestic policies. The policy priorities across advanced economies, emerging markets, and low-income developing countries remain broadly the same as discussed in the October 2018 WEO.
Across advanced economies, above-trend growth is set to moderate to its modest potential (in some cases, earlier than previously anticipated). All countries should emphasize measures that boost productivity, raise labor force participation, particularly of women and, in some cases, youth, and ensure adequate social insurance, including for those vulnerable to structural transformation. Monetary policy should ensure inflation expectations remain anchored, while fiscal policy should build buffers where needed to replenish limited policy space for combating downturns.
Emerging market and developing economies have been tested by difficult external conditions over the past few months amid trade tensions, rising US interest rates, dollar appreciation, capital outflows, and volatile oil prices. In some economies, addressing high private debt burdens and balance-sheet currency and maturity mismatches will require strengthening macroprudential frameworks. Exchange rate flexibility can complement these policies by helping to buffer external shocks. Where inflation expectations are well anchored, monetary policy can provide support to domestic activity as needed (Chapter 3, October 2018 WEO). Fiscal policy should ensure debt ratios remain sustainable under the more challenging external financial conditions. Improving the targeting of subsidies and rationalizing recurrent expenditures can help preserve capital outlays needed to boost potential growth and social spending to enhance inclusion. For low-income developing countries, concerted efforts in these areas would also help diversify production structures (a pressing imperative for commodity-dependent economies), and their progress toward the UN Sustainable Development Goals.
[1] Scenario Box 1 of the October 2018 WEO estimates possible impacts of further increases in trade barriers, including via worsening business confidence and market sentiment.
[2] The Intergovernmental Panel on Climate Change (IPCC) reported in October that, at current rates of increase, average surface temperatures could reach 1.5°C above pre-industrial levels between 2030 and 2052.
The IMF’s latest assessment of Botswana’s economy says that while the near- and medium-term prospects look reasonably good, a much less favorable scenario looms if the development model is not revamped and certain reforms are not implemented. Enrique Gelbard, who heads the IMF team for Botswana, sat down with Country Focus to discuss the report’s findings.
Botswana is commonly seen as a model economy in Africa. Why the success? Any lessons for other countries?
Botswana’s performance has been remarkable in the half century since independence, transforming itself from a severely impoverished nation to a high-middle-income country and achieving substantial reductions in poverty and rapid improvements in living standards. Its recipe for success has three main ingredients.
First, it has managed its diamond revenues in a prudent and transparent manner (Botswana has been consistently ranked among the top 50 countries in terms of governance in the world), contributing to sizable savings that can be used to stabilize the economy in case of a downturn and save for investments and future generations.
Second, it has allocated a good share of government spending to health, education, social assistance, and investment in public infrastructure.
Third, it built a tradition of democratic values which helped maintain political and social stability. That said, the country faces two important challenges: how to reduce its unemployment rate of nearly 18 percent and how to diversify its economic structure, considering that diamonds account for 90 percent of export receipts.
Talking about diversification, the report emphasizes the need to “mine a new growth model” for Botswana. Could you tell us more about that?
Yes, diamond production may only extend for another 30 years and mining activities do not create enough jobs. In addition, Botswana has a small domestic market, which constrains the long-term success of a development strategy based on diamonds and the expansion of the public sector. So, in the period ahead it will be essential to foster the development of the private sector and diversify exports.
To this end, Botswana needs to improve its business environment and the quality of the labor force to attract more private investors.
The first goal requires the removal of bureaucratic regulations and impediments, the adoption of policies that promote competition, and the privatization of inefficient state-owned companies.
The second goal requires improved policies to build skills and work ethic in the labor force together with removal of restrictions on visas and permits for skilled workers.
Beyond mining, Botswana also has significant potential in tourism given its natural wonders (such as the Okavango delta), and in the production of high-quality, free-range beef with quota and duty-free access to the EU market (the country has more cattle than people).
As the private sector develops, the public sector will need to focus on improving its efficiency and enabling financial development. For instance, the public sector can play a significant role in prioritizing public projects that have economy-wide benefits. Such projects include air transportation and internet connectivity. Reforms that encourage higher levels of lending by banks and access to credit will also support growth.
Finally, the merger of several inefficient government-funded enterprises known as parastatals would also improve efficiency.
The report looks at the impact of social spending and taxes in Botswana. Have policies helped reduce poverty and inequality?
The analysis shows that Botswana’s fiscal policy did contribute to lower poverty and inequality, mostly through social spending. More specifically, high spending in primary and secondary education has had an equalizing effect on income distribution. Still, we found that there is room to further reduce inequality through better targeting of social programs and education bursaries, as well as increasing the rate and coverage of property taxes.
Lastly, streamlining VAT exemptions could generate additional resources to fund future social spending and public investment, although the most vulnerable should be compensated with cash transfers.
To conclude, one of the key messages of the report is to accelerate implementation of reforms. What should be done to overcome implementation challenges?
Botswana’s medium-term economic prospects depend on the successful implementation of key reforms, some of which have been part of the agenda for some time. Recent announcements by President Masisi of the government’s intentions to remove burdensome regulations, proceed with privatizations, and relax restrictions on permits and visas for foreign workers are encouraging.
To be successful, these and other reforms now need to move forward, which will include making clear who is responsible for their implementation, setting up a timetable, and ensuring accountability through high-level monitoring.
Despite strong policy frameworks and implementation, growth has moderated since the European Union referendum in June 2016. Uncertainty over the terms of the EU withdrawal has weighed on private sector activity. Above-target inflation following the sharp post-referendum sterling depreciation has slowed real income and consumption growth. Business investment has been lower than would be expected in the context of robust global growth and favorable financing conditions. The softening of domestic demand was partially offset by a higher contribution from net exports, supported by weaker sterling and strong external demand. Overall, growth fell to about 1¾ percent in 2016-17, moving the United Kingdom from the top to near the bottom of the G7 growth tables. The employment rate, however, continues to reach record highs.
The UK is set to exit the EU in March 2019 and aims to reach a broad agreement with the EU on their future relations by the end of 2018. Our projections assume timely agreement on a broad trade pact covering goods and some services, and a relatively smooth Brexit process thereafter. Growth is expected to remain moderate in the near term under this baseline, averaging about 1½ percent this year and next. With the economy operating at very low unemployment and household saving already at a very low rate, consumption growth will be broadly in line with subdued real income growth. Investment is also likely to remain constrained as long as Brexit uncertainty weighs on firms. A more disruptive departure from the EU could lead to a significantly worse outcome, especially if it were to occur without an implementation period. By contrast, an agreement featuring fewer impediments to trade than currently expected could buoy business and consumer confidence, leading to faster growth.
Brexit negotiations have yielded agreement in principle on a 21-month implementation period. If ratified, this would allow important additional time to prepare for the new relationship between the UK and EU. However, fundamental questions—such as the future economic relationship between the two and the closely-related question of the status of the land border with Ireland—remain unanswered. Resolving these issues is critical to avoid a “no deal” Brexit on WTO terms that would entail substantial costs for the UK economy—and to a lesser extent the EU economies—particularly if it were to occur in a disorderly fashion. While all likely Brexit outcomes will entail costs for the UK economy by departing from the frictionless single market that now prevails, an agreement that minimizes the introduction of new tariff and nontariff barriers would best protect growth and incomes in the UK and EU. Over time, new trade agreements with countries outside the EU could eventually pare some of these losses for the UK. However, such agreements are unlikely to bring sufficient benefits to offset the costs imposed by leaving the EU.
The UK government has taken a number of steps to prepare for the administrative and legislative changes that Brexit will require. The government has committed to act in several areas to provide continuity at the moment of departure from the EU. Parliament is in the process of transposing into UK law the legislative framework currently encompassed in EU laws, and the government has guaranteed EU program funding committed to projects in the UK before the end of 2020 and is working to ensure that the UK maintains access to critical items like medicines. A budgetary allocation of £3 billion has been established to help fund the costs of Brexit preparation, and thousands of civil servants have been hired to help shoulder the workload. Brexit preparations are a shared responsibility of the public and private sectors. The government has begun publishing technical notices setting out information to allow private stakeholders to understand what they would need to do in a “no deal” scenario, so they can make informed plans and preparations.
Nevertheless, the range of remaining issues to prepare for Brexit is daunting, underscoring the importance of securing an implementation period. The UK will have to bolster human, physical, and IT resources in customs and other services, and establish domestic agencies to replace EU ones. In addition, the government will need to renegotiate the hundreds of bilateral and multilateral international agreements to which it is now party via its EU membership. Many of the required tasks cannot be initiated until there is greater clarity on the future trade relationship with the EU or even until Brexit occurs. The massive scope of work that remains and the limited time before the UK exits the EU would likely leave preparations incomplete on departure day despite even the most determined efforts. This risks serious disruptions without an implementation period in place. Coordination and cooperation between the EU and UK on priority issues, such as ensuring air traffic continues to flow, would be to the benefit of both parties. Joint technical discussions between UK and EU experts could facilitate this process.
Beyond Brexit, the UK faces a range of other economic challenges. These include persistently lackluster productivity growth, large public debt, and the wide current account deficit. The UK’s sound macroeconomic framework, regulatory environment, and deep capital and flexible labor markets will be advantages in implementing reforms to address them.
Monetary and Fiscal Policies
After a cumulative 50 basis point increase in Bank Rate over the last 12 months, further withdrawal of monetary stimulus should await clear confirmation of a durable rise in domestic cost pressures. The inflationary impact of the post-referendum depreciation of sterling should continue to fade. At the same time, domestic inflation is likely to firm as the tight labor market pushes real wage growth above productivity growth. If excess demand pressures persist after domestic inflation has approached a level consistent with the 2-percent target, further gradual tightening of monetary policy would be warranted. However, policymakers should respond flexibly to data developments in an environment of greater-than-usual uncertainty. If negative surprises depress domestic demand, accommodative conditions should be maintained for longer. The scaling down of the Bank of England’s balance sheet should await the return of Bank Rate to a level from which it could be cut materially in the event of a demand slowdown, consistent with the Monetary Policy Committee’s current plans. Transparent and timely communication to guide market expectations continues to be essential.
Steady fiscal consolidation remains critical to comply with the government’s fiscal framework and to put debt firmly on a downward path. Fiscal consolidation over the last decade has substantially reduced deficits, but public debt remains relatively high from a cross-country perspective. Bringing the debt ratio down is important to create buffers that will allow the public finances to weather future shocks, as noted in the authorities’ welcome report on Managing Fiscal Risks . Accordingly, the recently-announced increase in public health spending should be financed from new revenue sources and/or offsetting spending cuts elsewhere in the budget. In the absence of offsetting measures, the margin against the cyclically adjusted deficit ceiling of 2 percent in 2020/21 would be significantly reduced, and the debt ratio would not decline in the medium term.
Brexit-related effects could exacerbate existing fiscal challenges. Each 1 percentage point decline of GDP leads to about a 0.4 percentage point increase in the budget deficit. Most analysts project output costs relative to a no Brexit scenario to be well above this. If Brexit disproportionately affects relatively tax-rich sectors like finance, the revenue impact could be even larger. Reduced migration will also have a negative budgetary impact, as EU migrants tend to be both younger and better skilled than average, making them net contributors to the fiscal accounts. These factors exceed any savings from lower net EU contributions and will come on top of longer-term budget pressures that pre-date Brexit.
As in many advanced economies, population aging is likely to put considerable pressure on the budget over the longer term. The Office for Budget Responsibility estimates that public spending on health care and pension benefits will increase by a cumulative four percentage points of GDP between 2023 and 2043. Opportunities for further efficiency gains in the NHS should be explored, and the elimination of the “triple lock” could lead to important savings over time on pensions. While the government should continue to seek the best value for money in public spending, after several years of primarily expenditure-based consolidation identifying further efficiency gains could become difficult. Absent a fundamental rethinking of the size and role of the public sector, revenue measures will therefore need to occupy a more prominent place in deficit reduction efforts going forward.
More broadly, tax reforms can reduce economic distortions and increase fiscal space. Scaling back preferential VAT rates would increase tax neutrality. Better aligning the tax treatment of employees and the self-employed would improve fairness and bring the tax system in line with evolving employment practices. Financial stability could be enhanced by reducing the tax code’s bias toward debt, for example by adopting a tax allowance for corporate equity. Rebalancing property taxation away from transactions and toward values would boost labor force mobility and encourage more efficient use of the housing stock.
Contingency Planning
Under a disorderly Brexit scenario, policies should seek to safeguard macroeconomic and financial stability. In the event of sharp declines in sterling and other asset prices, the Bank of England would need to ensure that the financial system has adequate liquidity. The implications of Brexit for monetary and fiscal policy are uncertain: the response will depend on the relative shifts of supply and demand, as well as the extent of sterling depreciation. The fiscal framework provides flexibility to support the economy, for example through bringing forward infrastructure spending. However, the space to respond could narrow if the shock were to significantly raise interest rates on public debt. Any easing of fiscal policy should therefore be temporary and embedded in a credible medium-term fiscal consolidation plan. A permanent shock to output would require an eventual adjustment of revenues or spending.
Financial Sector Policies
Bank balance sheets have continued to improve. Capital, leverage, and liquidity positions are strong. The countercyclical capital buffer requirement will increase to 1 percent in November, reflecting the Financial Policy Committee’s view that apart from Brexit-related risks the financial sector is operating in a standard risk environment. The Bank of England’s 2017 stress tests indicate that the major UK banks are all sufficiently well-capitalized to withstand simultaneous UK and global recessions, large falls in asset prices, and stressed misconduct costs. Banks subject to the ringfencing requirements are on track to meet the January 2019 deadline. With the recent adoption of the MiFID II framework, investor protection has been strengthened and transparency increased.
Without continued supervisory vigilance, relatively easy financing conditions could lead to increasing prudential risk. Household and corporate leverage have started to edge up, although they remain below pre-crisis levels. Total lending is growing broadly in line with GDP. However, consumer credit—the quality of which is more sensitive to income and interest rate shocks—continues to rise much faster than income, despite recent tightening of underwriting standards. Further policy action may be needed if high rates of growth persist, including additional increases in bank-specific capital buffers and steps to enhance the oversight of nonbank financial institutions. Other areas of potential vulnerability include the valuation of commercial real estate and to some extent housing. CRE prices remain high and have continued to rise after a short-lived dip following the EU referendum. The ratio of new mortgage loans at relatively high loan-to-income ratios has increased somewhat in the last two years, although the share of highly indebted households remains low. Supported by strong risk appetite in global markets, market-based corporate borrowing has expanded rapidly, with significant foreign investment in CRE and leveraged loans. The authorities’ effort to collect information on leverage outside the banking system and assess potential vulnerabilities is welcome. More broadly, the commitment of the FPC and Prudential Regulation Authority to continue to implement robust prudential standards that would maintain a level of financial sector resilience post-Brexit that is at least as great as that currently planned is commendable.
The UK’s current account deficit has narrowed, but it remains large in absolute terms and financing trends are a potential concern. Higher returns on UK-owned assets held abroad and higher revenues from net trade led to a narrowing of the current account deficit to 3.9 percent of GDP last year. This is a significant improvement over the deficits of around 5 percent of GDP that prevailed in recent years. However, the share of external financing that is short-term and therefore subject to financing risks—such as wholesale deposits in banks—has risen. Associated stability risks are limited by the strong capital and liquidity positions of UK banks, as well as the high credibility of the fiscal and monetary policy frameworks. Nevertheless, this trend should be monitored carefully, especially in an environment where rising US interest rates and concerns about the UK’s long-term growth potential may affect refinancing prospects. Continued fiscal consolidation should help further reduce the current account deficit over time.
The UK has taken a proactive approach to supporting the Brexit preparations of regulated financial institutions and mitigating financial stability risks. Potential risks include disruptions to the provision of financial services, shifts in asset prices and liquidity conditions, and a deterioration of balance sheets from macroeconomic shocks. The Bank of England has stated that its 2017 annual cyclical stress test suggests the major UK banks are sufficiently well-capitalized to withstand a range of macroeconomic risks that could be associated with Brexit. The UK government is focused on identifying and mitigating potential stability risks that could arise during the Brexit transition. For example, legislation is being prepared to create temporary permissions and recognition regimes to allow EEA financial services firms, funds, and central counterparties to continue their activities in the UK for a time-limited period after the UK has left the EU, providing a backstop in case a Brexit agreement is not ratified.
Regulatory and supervisory cooperation between UK and EU authorities will be crucial to maintaining the integrity of cross-border financial transactions . A technical working group, chaired by the heads of the Bank of England and the European Central Bank, has been established to discuss Brexit-related risk management. As suggested in the recent Euro Area FSAP, the EU and UK authorities should work together to ensure legal continuity in insurance and derivative contracts and proper data sharing to avoid cliff-edge effects, which could potentially be highly disruptive.
Structural Policies
Over the long run, UK living standards will predominantly depend on productivity growth. Productivity levels and growth in the UK lag those in peer economies, meaning that output growth has depended largely on increases in employment. The scope for substantial future employment gains is limited, as the unemployment rate is around historic lows and the rate of net immigration of workers from the EU is already falling. Therefore, economic performance will increasingly depend on the ability of firms to raise output per worker. Here, too, the implications of Brexit are largely negative: reduced migration will result in less efficient matching of jobs and workers, while a more closed UK economy will be less competitive and a less attractive environment for foreign direct investment.
Further sustained policy efforts are needed to support productivity and help reduce income inequality and regional disparities. Inequality has declined since the crisis, but remains high compared to other advanced economies, and intergenerational income mobility is low. At the regional level, disparities are large: the UK has some of the most productive regions in any advanced economy, but also some of the least productive. Several initiatives have been announced in recent years to improve infrastructure and human capital. The introduction of T-level qualifications and the apprenticeship levy aim to raise job-specific skills and to promote higher level technical skills and reduce regional disparities in skills provision. It will be important to monitor and evaluate the effectiveness of these programs once they have been in place for some time. A £31 billion National Productivity Investment Fund has been created, which targets investments in transport, housing, digital, and research and development. Infrastructure investment is targeted to increase by over 50 percent from 2012/13 to 2020/21, and the fiscal remit for the National Infrastructure Commission aims for sustained public infrastructure investment of 1 to 1.2 percent of GDP over the long-term. An expert review will examine competition challenges in the digital economy and recommend appropriate policy responses by early 2019.
Boosting economic opportunities for women would promote growth and equity. The female participation rate in the UK, at 74 percent, is already relatively high by advanced economy standards. Recent government initiatives have sought to increase it further by improving government support for childcare costs and doubling the free childcare available to 3- and 4-year-olds of eligible working parents. The government has also introduced free childcare for disadvantaged children aged 2. Nevertheless, fully closing the participation rate gap would boost output by around 5 to 6 percent in the long run. Policies to facilitate job sharing and compressed work schedules could be helpful in this regard. Efforts should also focus on measures to close the gender pay gap (which stands at 10 percent on average for full-time employees) and to increase representation of women in senior positions and in corporate boards, where they remain relatively few in number. Recently-enacted legislation requiring larger firms to make public data on gender pay gaps has helped focus attention on pay disparities.
Brexit will lead to important shifts in the structure of the UK economy and policies could play a role in facilitating the transition. Changes in the trade and migration regimes are likely to vary in effect across industries and regions. Government policies could help smooth the flow of workers both geographically and across economic sectors. In particular, the increased use of active labor market policies, including support for re-training such as the National Retraining Scheme, policies that promote entrepreneurship, higher investment in research and development, and reforms to promote housing supply and mobility could facilitate the transition and reduce the associated costs. Policies should seek to support workers and not particular jobs or sectors.
Corporate transparency has further strengthened. Measures to verify beneficial ownership information of UK companies in the People with Significant Control register continue to be developed and implemented. Financial institutions should be required to report discrepancies in the PSC register. The proposal for a register for foreign owners of UK real estate is also welcome and should include verification measures. The new Office for Professional Body Anti-Money Laundering Supervision is expected to improve consistency of professional body AML supervision in the accountancy and legal sectors, especially firms that provide trust and company services. Continued exchange of ownership information on companies and trusts among the UK authorities, Crown Dependencies, and British Overseas Territories is important.
Today, U.S. Secretary of Commerce Penny Pritzker welcomed President Xi Jinping and the Chinese Government delegation during a gala dinner with government and U.S. business leaders, organized by the National Committee on U.S.-China Relations, the Washington State Welcoming Committee, and the U.S.-China Business Council. Secretary Pritzker will join a number of events with American business leaders this week, serving as President Obama’s representative for the West Coast portion of Chinese President Xi’s visit to the United States.
Thank you, Mark for that warm introduction. And thank you to the National Committee on U.S.-China Relations, the Washington State Welcoming Committee, and the U.S.-China Business Council for organizing this event.
President Xi and Madame Peng: on behalf of President Obama, I would like to welcome you to the United States. This is the beginning of an important trip, and we know that people across the United States and China – and indeed around the world – are paying close attention.
Over the last three decades, China’s economic progress has been nothing short of extraordinary. In1980, China’s GDP stood at $202 billion. In 2014, it was over $10 trillion. In 1980, China’s total trade was $30 billion. In 2014, China’s total goods trade was $591 billion – with just the United States.
This growth was only possible because China’s leaders made difficult choices to open and reform their economy, to allow private enterprises to develop, to permit foreign companies to invest in China, and to give greater transparency to the Chinese system. The result of these reforms: astounding economic growth that helped to lift 600 million Chinese out of poverty and changed the face of the country.
Over the past thirty years, China has also benefited significantly from a rules-based international economic system and long-term investments from U.S. companies. Just last year, direct investments by American firms in China totaled over $60 billion. And this week, a number of significant deals are being announced alongside President Xi’s visit that exemplify American companies’ commitment to support China’s development both with capital and with world-class technologies.
Nevertheless, we – and our companies – continue to have serious concerns about an overall lack of legal and regulatory transparency, inconsistent protection of intellectual property, discriminatory cyber and technology policies, and more generally, the lack of a level playing field across a range of sectors.
We expect to have candid and constructive discussions on these matters in the coming days, but it is absolutely in our mutual economic self-interest to resolve these issues.
Today, China has the second largest economy on the planet, and as we have seen in recent weeks, China’s economic policy decisions have ramifications that are felt far beyond its shores. Years of bold and necessary Chinese reforms worked. They created a global exporting powerhouse.
But those reforms – and that model – will not support China’s growth at the level that the Chinese government wants and the world needs. Today, as the world’s second largest economy, China cannot maintain that growth with an export-driven model. There simply is not enough global demand.
This is an important moment. China’s leaders have an opportunity to demonstrate, through their actions, that they are committed to the compelling vision of the Third and Fourth Plenums, and that they are prepared to partner with the United States to support a rules-based international economic system.
We have heard news in recent days regarding reform of state owned enterprises, as well as a renewed commitment to easing restrictions on foreign investment and improving the domestic business environment. If these signals are any indication, China appears ready to take steps to accelerate its transition from export- and investment-led growth to greater reliance on Chinese households and consumers. If this transition becomes a reality, the Chinese people and the entire global economy stand to benefit greatly.
The Obama Administration is committed to having productive discussions with China, and we expect our conversations over the next several days to yield tangible progress in a number of important areas. But the measure of our relationship goes well beyond the basis of commitments in a fact-sheet.
We will evaluate our relationship based on progress we make expanding cooperation and constructively managing differences – and most importantly, on the actions each of us takes. We warmly welcome you and your delegation to the United States. President Obama, and the whole of the American people, look forward to this significant State visit.
We look forward to a productive and successful engagement.
ROSELAND, NJ — 11/27/17 — ADP (NASDAQ: ADP) today announced that the Independent Inspectors of Election have certified the results confirming that shareholders have voted to re-elect all 10 of ADP’s highly qualified directors to the ADP Board of Directors including:
Non-Executive Chairman John Jones, former Chairman and CEO, Air Products and Chemicals, Inc.
Peter Bisson, Director Emeritus, McKinsey & Company
Richard Clark, former Chairman, Merck
Eric Fast, retired CEO, Crane
Linda Gooden, former Executive Vice President, Lockheed Martin
Michael Gregoire, Chief Executive Officer, CA Technologies
Glenn Hubbard, Dean of the Graduate School of Business, Columbia University
William Ready, Executive Vice President and Chief Operating Officer, PayPal
Carlos Rodriguez, President and Chief Executive Officer, ADP
Sandra Wijnberg, Executive Advisor and former Partner and Chief Administrative Officer, Aquiline Holdings LLC
The certified results confirm that each of Pershing Square’s three nominees — Bill Ackman, Veronica Hagen and Paul Unruh — did not exceed 20% of the vote from holders of ADP’s outstanding shares and did not exceed 25% of the shares voted at the meeting held November 7.
The results, certified by IVS Associates, Inc., were reported by ADP in an amended 8-K filing this morning.
About ADP (NASDAQ: ADP)
Powerful technology plus a human touch. Companies of all types and sizes around the world rely on ADP cloud software and expert insights to help unlock the potential of their people. HR. Talent. Benefits. Payroll. Compliance. Working together to build a better workforce. For more information, visit ADP.com.
President of the United States Donald Trump and President of the People’s Republic of China Xi Jinping agreed at their Mar-a-Lago meeting to advance U.S. – China economic cooperation with a 100-day action plan under the framework of the U.S. – China Comprehensive Economic Dialogue. Under the leadership of the co-chairs, Secretary of the Treasury Steven T. Mnuchin, Secretary of Commerce Wilbur Ross of the United States and Vice Premier Wang Yang of China, both nations have negotiated intensively to make progress on key issues. The three co-chairs reached consensus on initial commitments under the 100-day plan and objectives for next steps.
In approximately one month following the Presidential Summit, the two sides reached consensus on addressing issues in areas including agricultural trade, financial services, investment, and energy. For details, see the U.S.-China joint fact sheet below.
Both sides also identified other issues that will require significant effort to resolve and achieve progress on within the 100-day period. Both sides further committed to strengthen communication and coordination to jointly advance those issues and achieve resolution as soon as possible. Further, as concrete progress is made in implementing the actions under the 100-day plan, the two sides will begin discussing a one-year plan to further solidify actions in promoting U.S. – China economic engagement and cooperation. Following implementation of the 100-day plan, the United States and China look forward to deepening engagement on these and other issues at the first meeting of the Comprehensive Economic Dialogue, to be held in the United States in the summer of 2017.
Initial Actions of the U.S.-China Economic Cooperation 100-Day Plan
1. Following one more round of technical consultations between the United States and China, China is to allow imports of U.S. beef on conditions consistent with international food safety and animal health standards and consistent with the 1999 Agricultural Cooperation Agreement, beginning as soon as possible but no later than July 16, 2017.
2. The United States and China are to resolve outstanding issues for the import of China origin cooked poultry to the United States as soon as possible, and after reaching consensus, the United States is to publish a proposed rule by July 16, 2017, at the latest, with the United States realizing China poultry exports as soon as possible.
3. China’s National Biosafety Committee (NBC) is to hold a meeting by the end of May 2017, to conduct science-based evaluations of all eight pending U.S. biotechnology product applications to assess the safety of the products for their intended use. No additional information unrelated to safety assessment for intended use is to be requested of the applicants. For any product that does not pass the safety evaluation at the NBC meeting held in May 2017, the NBC is to operate with transparency by providing in writing to the applicants a complete list of requested information necessary to finalize the safety assessment for the products’ intended use, along with an explanation of how the requested information would be relevant to the safety of the products’ intended use. The NBC is to hold meetings as frequently and as soon as possible after an application is resubmitted in order to finalize reviews of remaining applications without undue delay. For the products that pass the safety evaluations of the NBC, China is to grant certificates within 20 working days in accordance with Administrative License Law of the People’s Republic of China.
4. The United States welcomes China, as well as any of our trading partners, to receive imports of LNG from the United States. The United States treats China no less favorably than other non-FTA trade partners with regard to LNG export authorizations. Companies from China may proceed at any time to negotiate all types of contractual arrangement with U.S. LNG exporters, including long-term contracts, subject to the commercial considerations of the parties. As of April 25, 2017, the U.S. Department of Energy had authorized 19.2 billion cubic feet per day of natural gas exports to non-FTA countries.
5. By July 16, 2017, China is to allow wholly foreign-owned financial services firms in China to provide credit rating services, and to begin the licensing process for credit investigation.
6. The U.S. Commodity Futures Trading Commission (CFTC) intends to extend by July 16, 2017 the current no-action relief to Shanghai Clearing House for six months, with further extensions amounting to up to three years, if appropriate and consistent with the conditions set forth in the no-action relief. The People’s Bank of China and the CFTC are to work towards a Memorandum of Understanding (MOU) concerning the cooperation and the exchange of information related to the oversight of cross-border clearing organizations.
7. By July 16, 2017, China is to issue any further necessary guidelines and allow wholly U.S.-owned suppliers of electronic payment services (EPS) to begin the licensing process. This should lead to full and prompt market access. China is to continue to allow Chinese banks to issue dual brand-dual currency bankcards that allow U.S. EPS suppliers to process foreign currency payment card transactions.
8. The applicable U.S. federal regulatory authorities remain committed to apply in the United States the same bank prudential supervisory and regulatory standards to Chinese banking institutions as to other foreign banking institutions, in like circumstances and in accordance with U.S. law.
9. China is to issue both bond underwriting and settlement licenses to two qualified U.S. financial institutions by July 16, 2017.
10. The United States recognizes the importance of China’s One Belt and One Road initiative and is to send delegates to attend the Belt and Road Forum in Beijing May 14-15.
The United States welcomes direct investment by Chinese entrepreneurs as it does by entrepreneurs from other countries. The United States welcomes Chinese participation in the SelectUSA Investment Summit that will be held June 18-20 in Washington D.C.
WASHINGTON — U.S. Secretary of Labor Thomas E. Perez issued the following statement about the October 2014 Employment Situation report released today: “October was another solid month of job growth, as our economy added 214,000 jobs and continued its strong, steady recovery. It was the ninth month in a row with greater than 200,000 new jobs (after revisions), and private employers have now created 10.6 million new jobs over the last 56 months. The unemployment rate fell to 5.8 percent, compared to 7.2 percent a year ago.
“Thanks to the ingenuity and innovation of both our workers and our businesses, as well as strong leadership by President Obama, we have climbed out of the worst economic crisis of our lifetimes. GDP is now significantly higher than it was before the recession. Consumer confidence is at its highest level since 2007. Rising home values are creating greater economic security for millions of people. For the first time in 20 years, the United States produces more oil than it imports. More people have access to affordable health care, and more students are graduating from high school.
“But clearly there is still unease in American households from coast to coast — and it comes from a very real place. There is still widespread economic inequality. Wages haven’t kept pace with productivity. We are in the middle of the strongest run of private-sector job growth in 16 years, but we need the same broadly-shared prosperity that we had in the late 1990s. Today’s rising tide is only lifting some boats, while too many others are struggling to stay above water. We have to do more.
“On Tuesday, the American people sent a clear message that they want Washington to get things done. They are working hard, and they expect Congress and the administration to do the same. They want us to cooperate on common-sense measures that enjoy broad public support.
“So, let’s invest in infrastructure to create good jobs. Let’s fix our broken immigration system to generate economic growth and increase wages. Let’s continue our bold investment in community colleges, helping more people get the skills and training they need to punch their ticket to the middle class. And let’s reward hard work by increasing the national minimum wage, following the lead of several states that overwhelmingly passed ballot measures this week.
“Together, let’s make sure that the benefits of a growing economy are felt in every community. Let’s find bipartisan solutions that build an even stronger economy that works for everyone.”
WASHINGTON — U.S. Secretary of Labor Thomas E. Perez issued the following statement about the January 2015 Employment Situation report released today:
“2015 is picking up right where 2014 left off – with strong, steady, sustained job growth that is leading a dynamic recovery.
“Employers and workers alike are showing renewed confidence in the economy, which added 257,000 jobs in January (267,000 in the private sector). Private employers have now created 11.8 million jobs over the last 59 consecutive months of growth since early 2010. The January unemployment rate is 5.7 percent.
“In the fourth quarter of his presidency, President Obama is committed to policies that will further invigorate the economy, creating more opportunity that leads to rising incomes and broadly shared prosperity. In his State of the Union address, he outlined an agenda based on middle-class economics and the belief that everyone willing to work hard should have the chance to get ahead in America.
“To support that vision, the president has offered a 2016 budget that invests in our people and their potential, while reforming the tax code and further reducing the deficit. By making two years of community college free for responsible students and expanding apprenticeships, we can help more people get the skills they need to succeed in 21st century jobs. By providing greater access to child care and promoting paid leave, we can ease the burden on working families, making their paychecks go further and giving them greater economic security.
“2014 was a breakthrough year for the nation and the economy. With sound leadership and smart investments, we can have a strong 2015, while laying the foundation for further growth in the long run.”
New York, NY – Five years after co-founding the Institute for Veterans and Military Families (IVMF) at Syracuse University, JPMorgan Chase & Co. and the university announced today a renewed $13.8 million commitment through 2020 to support the Institute’s mission of advancing the post-service lives of America’s service members, Veterans and their families. Since its founding, Veterans and military spouses across the country, and around the world, have benefitted from the IVMF’s innovative programs, research, policy analysis, and program evaluation. JPMorgan Chase remains the Institute’s largest corporate contributor.
Over the coming months, Chase will begin piloting seven new digital enhancements to make banking even more convenient.
“Partnering with Syracuse University to create the IVMF was a natural extension of our firm’s long history of support to military service members, Veterans, and their families that extends back to World War I. The past five years have seen improvements across the board in how our nation understands and supports Veterans and military families, in no small way due to the work of the IVMF. Our continued collaboration will build on that growth and introduce new research and programs around employment, small business, and financial capability for Veterans and their families.”
“Syracuse University is incredibly proud to be working with JPMorgan Chase to support our nation’s military, their families and Veterans. The University has a long history of welcoming our Veterans from the post-World War II era to today, building the nationally renowned programs led by IVMF. JPMorgan Chase’s renewed commitment and support will make a real difference for today’s service members, impact generations to come and continue Syracuse’s legacy forward.”
Kent Syverud, Syracuse University Chancellor and President
JPMorgan Chase co-founded the IVMF at Syracuse University, the first national institute in higher education focused on social, economic, education and policy issues impacting Veterans and their families. As part of its support for IVMF, JPMorgan Chase funds the Veterans Career Transition Program (VCTP), a tuition-free, online career development program for post-9/11 Veterans and military spouses. More than 4,600 certificates have been earned by over 3,400 Veterans and military spouses. Approximately 1,800 more are currently enrolled in the program.
“Thanks to the support of our founding partner (JPMorgan Chase), the IVMF was created nearly five years ago as more than simply a “think tank” – but as an “action tank” focused on building from state-of-the-art research and policy, to in turn design and deliver state-of-the-art programming and training to the nation’s Veterans and their families. With JPMC’s ongoing support, I am confident that our partnership will enable us to continue to serve those who have served, much like we did in 2015, assisting more than 32,000 transitioning service members, Veterans and their families.”
Dr. Mike Haynie, IVMF Executive Director and Vice Chancellor for Veteran and Military Affairs at Syracuse University
This partnership renewal is part of JPMorgan Chase’s ongoing commitment to the Veteran and military communities. This year marks the fifth anniversary of JPMorgan Chase’s Office of Military and Veterans Affairs, established to drive firm-wide Veteran-related initiatives. Since 2011, more than 10,000 Veterans have joined the ranks of JPMorgan Chase, and the firm has developed programs aimed at retaining and supporting them throughout their careers. These efforts include leading the Veteran Jobs Mission – previously the 100,000 Jobs Mission – a coalition founded in 2011 by JPMorgan Chase and 10 other companies with the goal of hiring 100,000 Veterans. Now 220 members strong, the coalition has collectively hired more than 314,000 Veterans, and is committed to hiring 1 million.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Through its programs in employment, financial capability and small business, JPMC aims to position military members, Veterans and their families for success in their post-service lives. The company is investing $45 million toward programs and initiatives to help military families. To learn more about the company’s programs for military, Veterans and their families, visit www.jpmorganchase.com/Veterans.
About The Institute for Veterans and Military Families (IVMF)
The IVMF is the first interdisciplinary national institute in higher education focused on the social, economic, education and policy issues impacting Veterans and their families post-service. Through our focus on Veteran-facing programming, research and policy, employment and employer support, and community engagement, the institute provides in-depth analysis of the challenges facing the Veteran community, captures best practices and serves as a forum to facilitate new partnerships and strong relationships between the individuals and organizations committed to making a difference for Veterans and military families. Learn more about IVMF at http://vets.syr.edu.
New York – JPMorgan Chase & Co. today announced a new $75 million, five-year global initiative to address the youth unemployment crisis and expand young people’s access to economic opportunity. With the global economy requiring a more skilled workforce, New Skills for Youth is designed to increase dramatically the number of young people who complete career pathways that begin in high school and end with postsecondary degrees or credentials aligned with good-paying, high-demand jobs.
“Economic opportunity is increasingly out of reach for millions of young people,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “It is a crisis that only 60 percent of students in high-poverty urban school districts graduate from high school and that more than five million young people are out of work and school. Without the right skills or education, they find themselves stuck in low-skill, low-wage jobs or unemployed. We are in investing in high-quality career-focused education programs so that more young people have a shot at real economic opportunity.”
Young People Need More Opportunity to Access Education and Skills to Compete for Jobs
Currently, employers are struggling to fill middle-skill jobs in computer technology, nursing, advanced manufacturing and other fields that require technical education and training. Too few young people are receiving the education or training in high school and beyond that would put them on a track to qualify for these skills-based positions. By the age of 25, only one out of every two young Americans (52 percent) has a meaningful postsecondary credential that enables them to compete for a good-paying job and the U.S. youth unemployment rate is more than double the national rate. While a four-year college degree is one pathway, there are many high-demand, skill-based jobs available for young people that earn a certificate or credentials, participate in an apprenticeship or receive a two-year associate’s degree. But without the necessary postsecondary education or training, young people face dwindling job prospects and lower wages over their lifetimes.
Low-income people and young people of color are most vulnerable to missing out on opportunities to advance economically because they have not received the right skills or training. More than one in five young African American and Latino young people are neither working nor in school. Because they do not have strong connections to the job market or the education system, they are earning lower wages and relying more on social services.
“Career and technical education – also known as CTE – has always been a passion of mine,” said U.S. Senator Tim Kaine. “From growing up working in my father’s ironworking shop, to teaching welding and carpentry to students in Honduras, to co-founding the Career and Technical Education Caucus in the Senate, I’ve witnessed the incredible power of CTE to help move people up the economic ladder. The New Skills for Youth program will help prepare America’s students for the jobs of the 21st century through hands-on learning experiences. I’m proud to help announce this program, which will help states make systemic changes to transform CTE programs and expand partnerships between schools, businesses, and communities.”
“Education has always been the great equalizer in America, but for far too many young people access to quality skills training remains out of reach,” said U.S Secretary of Labor Thomas E. Perez. “Addressing this opportunity gap requires that government, community-based organizations, educators, and employers like JPMorgan Chase & Co. work together to ensure that zip code does not determine destiny for America’s young people.”
“Educators know the value of creating and broadening pathways for students into good jobs, which is one reason the AFT so strongly supports career and technical education,” said Randi Weingarten, President, American Federation of Teachers. “But we also know that successful programs require collaboration with many partners, including the business community. That’s why the AFT is glad to see JPMorgan Chase launch this initiative, which can help our nation deliver on the promise of a high-quality public education for all students.”
“We need private sector leadership to understand the mutuality of benefits that come in addressing income inequality and wage stagnation that continues to increase in America,” said Marc Morial, CEO, National Urban League. “Young African Americans continue to face profound difficulties gaining access to training and the right jobs. The National Urban League is deeply engaged in workforce issues and initiatives like New Skills for Youth are a critical step forward.”
New Skills for Youth Approach and Implementation
To strengthen career education and create pathways to economic success, JPMorgan Chase will catalyze resources, leverage its expertise and convene government, business and education leaders. New Skills for Youth will confront these challenges from two angles:
U.S. State Competition: To transform how U.S. states design and deliver career-focused education, JPMorgan Chase will work with the Council of Chief State School Officers (CCSSO) and the National Association of State Directors of Career Technical Education Consortium to launch a competition for states seeking to expand and improve their career education systems. Successful states will bring together education leaders, business partners and community partners to set ambitious goals for expanding access to and ensuring preparation for careers in high-skill, high-wage jobs. CCSSO will execute the grant program and convene an advisory group of experts to review applications and select winners. In the spring of 2016, CCSSO, using grant funding from JPMorgan Chase, will award $100,000 grants to approximately 20-25 states for planning and early implementation of long-term career readiness education programs that align with the needs of area employers. In the fall of 2016, CCSSO, using grant funding from JPMorgan Chase, will award approximately 10 states with $1.5 million to $2 million, per state, over three years to implement and assess their demand-driven career and technical education programs. More information about applying for these grants is available at: http://bit.ly/CCSSOcareerready.
Global Innovation Investments: To promote global innovation in career-focused education, JPMorgan Chase will invest in city and school programs around the world that are developing new and effective models of high quality career-focused education. The goal is to increase the number of students, especially low-income young people, who earn meaningful postsecondary and workforce credentials. Effective programs will be aligned with the needs of emerging industries that are looking for skilled workers to fill good-paying jobs in the growing global economy. By documenting the success of these programs, New Skills for Youth will help educators, policymakers, training providers and employers around the world to identify and replicate the most promising approaches.
“State education leaders have demonstrated a strong commitment to making sure all children are not only prepared for college but ready for careers once they graduate from high school,” said Chris Minnich, Executive Director of the Council of Chief State School Officers (CCSSO). “Through CCSSO’s Career Readiness Initiative, states are creating bold plans to reinvent learning so every child has the opportunity to experience a meaningful career pathway that prepares them for the high-skill, high-demand needs of today’s economy. This historic investment from JPMorgan Chase will help states make this vision a reality in the next several years.”
“High quality career and technical education rooted in equity principles is critical to growing our economy, matching employers with skilled workers, and expanding economic opportunity for all,” said Wade Henderson, President and CEO, The Leadership Conference on Civil and Human Rights. “I am encouraged that JPMorgan Chase will be investing in this important work and appreciate their thoughtful approach and consultation with the civil rights community. We stand ready to help state, education, and industry leaders ensure that the missteps of the past in tracking students and denying access to the full range of college and career options are not repeated and that career and technical education is a path toward equity.”
With New Skills for Youth, JPMorgan Chase builds on a comprehensive set of philanthropic investments in promising approaches to increasing economic opportunity. Over the last several years, JPMorgan Chase has developed several initiatives to drive more inclusive growth, including:
New Skills at Work: A $250 million, five-year effort to tackle the skills gap by investing in data-driven approaches to middle skills training for job seekers who have a high school degree, but lack postsecondary credentials.
Summer Youth Employment: A $5 million investment in 14 U.S. cities to address the youth employment crisis by providing young people with skills-based early work experience.
The Fellowship Initiative: A program in New York City, Chicago and Los Angeles that provides young men of color with hands-on academic, social and emotional support to help them achieve personal and professional success.
J.P. Morgan Residential Aspiring Professional Programme: A program with the Social Mobility Foundation through which J.P. Morgan provides more than 50 low-income students from across the United Kingdom with work-placements and mentoring from top executives to help equip students with vital workplace skills.
Additional Notable Statements of Support
“In an increasingly digital world, companies that want to remain competitive need to step up and provide the training necessary to create a highly-skilled workforce for today’s advanced manufacturing environment,” said Eric Spiegel, President and CEO, Siemens USA. “At Siemens, we invest millions in training and apprenticeships each year to support our employees and our businesses. Through New Skills for Youth, JPMorgan Chase is creating new opportunities for young Americans to gain the education and training they need to thrive in exciting, well-paying careers in advanced manufacturing and other fields and I commend them for their efforts.”
“Upskilling our young is critical to the growth of the economy and is the seminal issue of our time,” said Nick Pinchuk, Chairman and CEO of Snap-on Incorporated. “JPMorgan Chase’s investment in improving career and technical education will go a long way to putting future generations on a pathway to rewarding jobs and fulfilling lives.”
“We applaud JPMorgan Chase’s investment in careers and technical education,” said Joanna Geraghty, President, JetBlue Foundation and Executive Vice President, Customer Experience, JetBlue. “Engaging students and peaking their interest in technical education early on is key to helping them stay in school and graduate with a higher earning potential – this is even more important for students from underrepresented groups.”
“A bachelor’s degree is still as important as ever, but we need to recognize that people take different paths at different points in their lives,” said Freeman Hrabowski, President, University of Maryland, Baltimore County. “JPMorgan Chase is working to align education pathways with the skills employers need and better prepare young people to succeed in the labor market.”
“Transforming career and technical education is an essential part of enabling students to acquire the skills they need to compete for good jobs and follow a clear pathway to the middle class,” said Johan Uvin, Acting Assistant Secretary for Career, Technical and Adult Education, U.S. Department of Education. “Effective, high-quality CTE programs offer students opportunities for career awareness and preparation by providing them with the academic and technical knowledge along with the work-related skills necessary to succeed in postsecondary education, training, and employment. I applaud JPMorgan Chase’s commitment to expanding and improving career-focused education through the New Skills for Youth initiative. Their leadership will help support states in implementing systems reform and expanding promising new approaches to the design and delivery of education that prepares young people for careers in high-skill, high-wage jobs.”
“We know firsthand that high-quality career-focused education can be a game changer for students and put them on a pathway to lifelong success,” said Kimberly Green, Executive Director of National Association of State Directors of Career Technical Education Consortium (NASDCTEc). “We are thrilled to be a part of JPMorgan Chase’s New Skills for Youth initiative, the largest private investment in high-quality CTE I’ve witnessed in my 20-plus years in the field. This infusion of resources and technical assistance has the potential to be transformative and ensure more students than ever before have access to quality programs that prepare them for the careers of their choice.”
For more information visit: New Skills for Youth.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. The firm uses its global resources, expertise, insights and scale to address some of the most urgent challenges facing communities around the world including the need for increased economic opportunity. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
LONDON, – JPMorgan Chase and the UK Department for International Development will kick start promising businesses in East Africa through a new joint investment in Novastar Ventures.
The new $5 million investment by JPMorgan Chase will be matched by an additional $15 million from DFID as part of its first ever Impact Investment Fund. Launched in 2013, the fund is managed by the CDC, the UK’s own Development Finance Institution.
The investment will develop and grow early-stage businesses that bring the most basic human needs to some of the poorest communities in East Africa, such as healthcare, energy, housing, education and sanitation. The announcement follows Novastar’s recent investment in Bridge International Academies, which provides affordable, primary education to low-income populations. Since 2009, Bridge has built more than 250 schools in Kenya and has hired over 3,000 employees from some of Kenya’s poorest communities.
“We are delighted to have Novastar join our latest investment round,” said Jay Kimmelman, Cofounder and CEO of Bridge International Academies. “Novastar’s founding partners have supported Bridge since our very early days. Their values are closely tied with ours – seeking innovative business-based solutions to sustainably solve some of the world’s greatest problems. Their investment and their experience will be invaluable as we enter our next phase of expansion.”
Novastar’s investment portfolio is diverse and includes rapidly growing businesses supplying fuel-efficient cookstoves in Kenya and Ethiopia, and franchise sanitation facilities in Nairobi’s urban slums. Novastar seeks to develop fully commercial businesses that adapt and deploy innovative business models to profitably serve proven demand for basic goods and services, improving access, affordability and quality. Novastar’s investments are expected to benefit more than 2 million low-income households in East Africa over the next decade.
“We’re looking for the next generation of exceptional entrepreneurs who are designing and executing innovative business models to profitably serve low-income consumer markets in East Africa,” said Steve Beck, Managing Director of Novastar. “By supporting these entrepreneurs and the growth of their ventures, we aim to generate long-term capital appreciation for our investors and significant, scalable benefits to these consumers and producers. In so doing, we hope to attract more entrepreneurship and private capital into the emerging economies of East Africa.”
The investment follows DFID’s appointment of Novastar as the first beneficiary of its Impact Investment Fund in January 2014. The UK’s £75 million Impact Fund is expected to benefit five million people over the next thirteen years, by providing capital to fund innovative enterprises that serve the poor as employees, producers and consumers.
“Our joint investment will ensure promising businesses get the support they need to create jobs and deliver much needed services like health and education,” said Justine Greening, Secretary of State for International Development. “Sharing our joint knowledge and expertise on development and sound investment choices will improve the lives of many of the poorest people across East Africa.”
“Impact investments have the potential to transform the lives of millions of the poorest people in Africa and South Asia,” said Diana Noble, CDC’s Chief Executive. “Novastar will now be able to provide early-stage funding to businesses in East Africa that provide vital jobs, goods and services. When CDC commits its capital to impact investment, we’re looking for teams, like Novastar, who are able to raise money from other commercial investors.”
“We are very proud to partner with the UK Government in providing investment to Novastar and the critically important businesses they support in East Africa,” said Peter L. Scher, Executive Vice President and head of Corporate Responsibility at JPMorgan Chase. “Our firm has made a substantial commitment to supporting market-driven solutions to some of the world’s most pressing social, economic and environmental challenges. Novastar’s management team has an accomplished record of financing start-ups that seek to improve the basic quality of life for people in East African communities. We’re thrilled that our investment can help expand their efforts.”
The investment in Novastar is further demonstration of JPMorgan Chase’s dedication to building and delivering innovative solutions to address social and environmental challenges in partnership with governmental and philanthropic organizations. Late last year JPMorgan Chase and the Bill & Melinda Gates Foundation announced a new $108 million investment fund to advance late-stage global health technologies, like vaccines, in low-income countries. Since its launch in 2007, JPMorgan Chase has committed more than $50 million in capital to a number of funds making investments in Africa and other parts of the world including the African Agricultural Capital Fund, LeapFrog Financial Inclusion Funds I and II, and MicroVest II.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About DFID
The UK’s Department for International Development leads the British Government’s fight against world poverty. Find out more at www.gov.uk/dfid
About CDC
CDC is the UK government-owned development finance institution that uses its own balance sheet to invest in the developing countries of Africa and South Asia. It has net assets of £2.8bn. CDC’s mission is to support the building of businesses in Africa and South Asia, creating jobs and making a lasting difference to people’s lives in some of the world’s poorest places. Under its strategy, announced in September 2012, CDC provides debt and direct investment to businesses as well as acting as a fund-of-funds investor. CDC now only makes new investment commitments in Africa and South Asia
This news is courtesy of www.jpmorganchase.com
New York – JPMorgan Chase & Co. today released the first in a series of reports that lays out a specific roadmap for addressing the mismatch between the needs of employers and the skills of current job seekers. Specifically, this report provides a comprehensive look at available middle-skill healthcare and technology jobs in New York City and offers data-driven steps city policy makers, community colleges, training providers and private sector employers can take to fill these critical, good paying industry roles.
Later this year, New York City Mayor Bill de Blasio’s Jobs for New Yorkers Task Force will use the report results to develop data-driven skill-building workforce investments in the city. This new report, a core component of JPMorgan Chase’s five-year, $250 million New Skills at Work initiative, integrates current labor market information to identify middle-skill healthcare and technology occupations that are in high demand; expand workforce development and training programs; and establish career paths for advanced roles.
“New York City, like so many cities, must start training workers for the right jobs,” said Chauncy Lennon, JPMorgan Chase’s Head of Workforce Initiatives and a member of Mayor de Blasio’s Jobs for New Yorkers Task Force. “This report provides a laser-focused, data-driven pathway for New York to correct the mismatch between job skills and employment needs, and it arms city officials, job trainers and employers with the right tools to close this gap.”
“As Mayor, I’m focused on creating upward mobility for 21st century jobs by preparing New Yorkers for quality, well-paying jobs,” said New York City Mayor Bill de Blasio. “JPMorgan Chase’s data-driven analysis will help the city gain a deeper understanding of the type of jobs available in the city’s healthcare and technology companies and better align education and training programs to fill these critical jobs and help our businesses grow.”
Skills Gap Key Findings and Recommendations
New York City’s healthcare and information technology sectors have high demand for middle-skill workers, commonly defined as people with more than a high school degree but less than a bachelor’s degree. Many of the middle-skill jobs highlighted in the report pay a good wage and offer career advancement. The report found that openings in the healthcare and information technology sectors represented 45 percent of the total postings for all middle-skill jobs in New York City between July 2013 and June 2014.
Healthcare
In 2013, there were over 423,000 healthcare workers in the city, and this number is expected to grow at a rate of 14 percent over the next five years. Yet 37 percent of healthcare occupations are middle-skill and, based on job postings, healthcare accounts for 31 percent of all middle-skill employment demand in New York City. There are over 25,000 job postings across positions in five healthcare occupation groupings that require a sub-baccalaureate credential. Middle-skill job postings in healthcare go unfilled for over a month compared to a few weeks for postings for entry-level positions, according to the report.
There are 35 middle-skill healthcare occupations with average earnings of $25 per hour in the New York City region. The report found that middle-skill healthcare roles from Registered Nurses to Medical and Clinical Laboratory Technicians offer the highest median hourly wages of any occupational group researched by this report. Occupational and Physical Therapy roles are in highest demand by employers and are projected to grow rapidly as the city’s population ages. Additionally, Radiology Technicians and MRI Technicians have strong demand, high wages and high projected growth rates, according to the report.
Earlier this year, JPMorgan Chase provided a $1 million grant to Phipps Neighborhoods, Montefiore Health System and Hostos Community College to support their Career Network: Healthcare partnership in the South Bronx. The goal of this employer-driven program is to secure employment and/or education for young adults through training and career exploration geared toward a healthcare-related field.
“Montefiore is proud to work with JPMorgan Chase and our local partners to offer young people in the Bronx a pathway to a promising career in health care,” said Steven M. Safyer, MD, President and CEO of Montefiore Medical Center. “Through training and career counseling, Montefiore, Phipps Neighborhoods, Hostos Community College, and JPMorgan Chase will educate and support young adults so they can achieve their full potential.”
Information Technology
New York City’s technology sector comprises nearly 66,000 jobs and is expected to grow by 15 percent over the next five years. Middle-skill jobs within the sector account for 16 percent of all of middle-skill job postings in the city, or a little more than 8,100 jobs. Notably, IT jobs are in high demand in the Finance and Insurance Sector at two times greater than national demand.
There are 10 selected middle-skill technology occupations with median hourly salaries that range from $26 to $56. All of these positions are in high demand, ranging from 2,500 postings for Information Security Analysts to more than 5,100 postings for Computer User Support Specialists. Job postings reveal that entry-level IT support roles, such as Help Desk or Entry Level Computer Support, account for over half (57 percent) of middle-skill IT jobs in New York. Upward roles such as Network Support, Help Desk Manager and Advanced Computer Support require more technical IT skills. Finally, advanced jobs like Database Administrator and Network Administrator require a bachelor’s degree and substantial experience.
“Available tech jobs aren’t just for people with bachelor’s degrees,” said Hagos Mehreteab, head of talent acquisition of AppNexus. “The JPMorgan Chase report reaffirms that New York City’s technology sector also desperately needs people that have specialized skills training and the motivation and passion for learning new things.”
Recommendations
Overall, the report reflects and builds on growing calls for a sector-based approach to meet employer needs for skilled workers and New Yorkers’ need for jobs in high-demand occupations. While transforming existing workforce development approaches is a complex undertaking, the report provides the following strategic recommendations to support existing training and community-based workforce efforts:
Sector-based collaboratives should use this report and data to clarify specific occupation demand and map career pathways from entry-level to middle-skills jobs.
Healthcare and IT companies can expand their own talent pool by providing work-based learning opportunities (i.e. apprenticeships and internships) and on-the-job training for these specific middle-skill occupations for incumbent and potential workers.
The city should market middle-skill jobs as an opportunity for good jobs with career advancement, especially for disadvantaged populations and New York City boroughs in order to expand the sector’s talent pipeline and ensure access to high-demand occupations reaches all communities.
Career pathway programs provide an effective approach for preparing low-skilled job seekers for middle-skill jobs because they can be designed to integrate basic-skills training with the technical training needed for middle-skills credentials and careers.
Public and private workforce funders can use the report data and specific job opening to direct workforce development investments that prepares job seekers for good jobs instead of low-wage work.
“Data drives every decision we make to better understand New York City’s complex labor market,” said Leslie Hirsch, Director of the NYC Labor Market Information Service at the Center for Urban Research. “With greater insights provided by JPMorgan Chase into New York’s technology and healthcare job market, policy makers, community colleges and job trainers can develop the right career pathway programs to address New York City’s employment needs.”
“Creating economic prosperity and economic opportunity are two sides of the same coin,” said Marlene Seltzer, President and CEO, Jobs for the Future. “We can’t grow our economy without also investing in the education and training of our workers for 21st century jobs. That’s why we are so excited to be working with JPMorgan Chase to identify and help meet the demand for New York’s high-growth middle-skill jobs.”
About the Skills Gap Report
JPMorgan Chase is releasing a series of skills gap report in nine metropolitan areas in the United States and four European countries. The reports draw from an array of data, including traditional and real-time labor market information and analysis from EMSI and Burning Glass Technologies, Inc. The reports focus on middle-skills occupation as defined by Economic Modeling Specialists International (EMSI) based on aggregated data from over 90 federal, state and private sources and a multi-variable technique that includes three criteria: family-sustaining wages, recent employment growth, and employment size. Burning Glass provided real-time labor market demand information from online job postings by aggregating and analyzing code data from multiple classification and occupation databases. Jobs for the Future integrated EMSI and Burning Glass data with other data sources like the analysis of longitudinal Quarterly Workforce Indicators from the U.S. Census Bureau, to write the report.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Detroit – The Detroit Development Fund (DDF), JPMorgan Chase & Co. and the W.K. Kellogg Foundation (WKKF) today announced a new $6.5 million lending program for Detroit businesses owned by entrepreneurs of color and businesses that primarily hire people of color. The Entrepreneurs of Color Fund will boost economic opportunity for minority-owned businesses in Detroit by providing them with greater access to capital and business assistance, allowing them to grow, hire local and further contribute to the city’s recovery.
Facilitated by DDF, a Michigan 501(c)3 Community Development Financial Institution (CDFI), the Fund will seek to provide financing for general contractors, small retailers and other neighborhood service businesses along with many other types of businesses. The Fund will help businesses that traditionally have lower credit quality, lack access to capital and staffing and primarily serve Detroit’s neighborhoods.
Small businesses have historically been at the heart of economic growth in Detroit, and they have the potential to reduce unemployment and expand opportunity for Detroiters. There are approximately 32,000 minority-owned small businesses in Detroit, according the U.S. Census. This ranks Detroit as the fourth largest U.S. city for the number of minority-owned businesses. Yet, despite their importance to the economy, recent research by Michael S. Barr, Professor of Law at the University of Michigan, says minority-owned businesses rely significantly more on investments of personal or family wealth than on outside debt or equity.
“For Detroit’s comeback to be a true success, there must be opportunity for the Detroiters who have stayed,” said Detroit Mayor Mike Duggan. “This new program fits perfectly with the work my administration is doing with Ken Harris and the Michigan Black Chamber of Commerce to make sure Detroit residents who want to start a business in their city have access to the capital and support they need to be successful.”
“The Entrepreneurs of Color Fund is very exciting for us and the Detroit small businesses it will support,” said Ray Waters, President, DDF. “The unique structure of the Fund allows DDF to provide a variety of lines of credit and loans to accommodate the needs of entrepreneurs of color. “We are pleased to facilitate the pilot program and are grateful for the support of JPMorgan Chase and the W.K. Kellogg Foundation. We look forward to growing our lending in minority communities.”
Through a $3.5 million grant provided by the JPMorgan Chase Foundation, as part of its $100 million commitment to the Detroit’s economic recovery, and $3 million in program-related investments from the Kellogg Foundation, the Entrepreneurs of Color Fund will provide short and long-term loans. Loan sizes will vary, but the average loan will range from $50,000 to $150,000. The Kellogg Foundation developed and initiated the Fund because of its long-standing commitment to equity and to Detroit.
Businesses receiving financing will be able to use the capital to expand, finance equipment, address short-term cash flow needs and provide contractor lines of credit. The Fund will also provide small business loan recipients with technical assistance such as networking, marketing, business plan development and cash flow management. Eligible small businesses must be majority owned by people of color or have more than half their workforce made up of people of color. During implementation of this initiative, DDF will also work with Max M. & Marjorie S. Fisher Foundation’s Detroit entrepreneurship programming efforts.
“Neighborhood businesses are critical to Detroit’s comeback, but many need access to the right capital to grow and thrive,” said Janis Bowdler, Head of Community Development for Global Philanthropy, JPMorgan Chase. “The Entrepreneurs of Color Fund is a unique approach that combines flexible financing and services to strengthen continued business growth in Detroit’s neighborhoods.”
“The Kellogg Foundation is not new to the idea of creating access to capital for people of color,” said La June Montgomery Tabron, WKKF’s President and CEO. “We know that investment in people of color is essential for equitable and effective urban development and this nation’s sustained economic dominance. We are proud partners with Detroit Development Fund, JPMorgan Chase and others who will join us to improve the economic opportunities for entrepreneurs, who are also parents, to better support their families and ensure success for Detroit’s kids.”
Funding will allow the Entrepreneurs of Color Fund to provide loans and technical assistance and establish a loan loss reserve. The reserve will allow DDF to expand its lending criteria and help Detroit small businesses that traditionally did not qualify for a loan.
“Detroit’s strength has always come from entrepreneurs who have a great idea and can build that into a business that thrives and creates jobs,” said U.S. Senator Debbie Stabenow. “This new public-private partnership will help business owners succeed and grow, creating jobs and opportunity across the region.”
Michael Barr’s recent research, Minority and Women Entrepreneurs: Building Capital, Network, and Skills, published by the Hamilton Project of the Brookings Institution, calls for greater support for minority-owned and female-owned small businesses.
“Minority-owned businesses, including those in Detroit, often lack access to credit, to essential skills needed to survive and grow, and to business networks for mentoring and new business opportunities,” said Michael S. Barr, Professor of Law at the University of Michigan. “Increasing business formation by minority and female entrepreneurs is critical to improving the rate of entrepreneurship for the country as a whole, and generating new growth and jobs.”
Interested Detroit small businesses can learn more about eligibility by contacting the Detroit Development Fund at (313) 784-9547 or vholsey@detroitdevelopmentfund.com.
About the Detroit Development Fund
DDF was established in 1996 with a mission to “improve the quality of life for residents in underserved Detroit neighborhoods.” A 501(c)(3) and certified as a CDFI, DDF provides term loans and lines of credit to small businesses, small contractors, and for-profit and nonprofit affordable housing developers. DDF currently manages $23 million in loan capital. Since lending activities began in 2002, DDF has closed over $36 million in loans to businesses in Detroit, which helped to retain approximately 1,200 jobs and created approximately 1,800 new jobs. Approximately 72 percent of DDF’s small business loans have been made to minority owned companies, and over 1,400 housing units were rehabbed as a result of DDF’s loans. DDF lending activities have leveraged over $200 million in public/private investments with more than $7 million in projects under management.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. The firm uses its global resources, expertise, insights and scale to address some of the most urgent challenges facing communities around the world including the need for increased economic opportunity. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About the W.K. Kellogg Foundation
The W.K. Kellogg Foundation (WKKF), founded in 1930 as an independent, private foundation by breakfast cereal pioneer Will Keith Kellogg, is among the largest philanthropic foundations in the United States. Guided by the belief that all children should have an equal opportunity to thrive, WKKF works with communities to create conditions for vulnerable children so they can realize their full potential in school, work and life. The Kellogg Foundation is based in Battle Creek, Michigan, and works throughout the United States and internationally, as well as with sovereign tribes. Special emphasis is paid to priority places where there are high concentrations of poverty and where children face significant barriers to success. WKKF priority places in the U.S. are in Michigan, Mississippi, New Mexico and New Orleans; and internationally, are in Mexico and Haiti. To learn more, visit www.wkkf.org or follow WKKF on Twitter at @wk_kellogg_fdn.