Finance, tech firms on hiring spree amid coronavirus turmoil: LinkedIn

News Network
April 30, 2020

London, Apr 30: The coronavirus is roiling global job markets, but the picture is not all gloomy. Finance, technology and consumer goods firms are hiring tens of thousands in the United States and other countries, according to data from Microsoft Corp's professional networking site LinkedIn.

Across seven countries in North America, Europe and Asia, healthcare providers are among the busiest recruiters given the ongoing battle against the novel coronavirus, which has killed over 200,000 people and infected over 3 million people worldwide, LinkedIn said. But lifestyle changes during lockdown are also driving demand for financial consultants, factory workers, animators and game designers, and delivery workers.

Overall, the hiring rate has plunged in the first quarter from the year-ago period, and in late April remains lower than a year ago across most countries surveyed by the platform. But the data offer a glimmer of hope with a gradual uptick in China, where the coronavirus emerged last year and which leads the world in surfacing from a months-long lockdown.

LinkedIn, with over 690 million users worldwide, counts new hires when people add a new employer to their profile. The rate is the number of new hires divided by the total number of LinkedIn members in a country.

The figures, tracked since mid-February, are not corroborated by official jobs data and do not represent the actual number of jobs in an economy. Government figures are usually released with a time-lag of several weeks.

"We are confident that our data is directionally correct in that there has been a huge decline in hiring in the U.S. and abroad," Guy Berger, principal economist at LinkedIn in California, told Reuters.

Hiring in China plummeted 50% during the height of its coronavirus crisis in mid-February from 12 months earlier. Since restrictions were eased in early April, the hiring rate has inched up, and for the week ending April 24 was 3% lower than the same period in 2019.

Hiring in the United States, United Kingdom, France and Italy - which lead the world in coronavirus-related deaths - remains hugely depressed, but is falling less rapidly than a few weeks ago as the countries pass the peak of their epidemics.

Retailers including Walmart Inc, Amazon.com Inc and Instacart have said they would hire a total of over 700,000 workers to meet a surge in demand for groceries and household essentials during the coronavirus outbreak.

Coronavirus state-wise India update: Total number of confirmed cases, deaths on April 30

Consumer goods manufacturers such as Unilever, whose products include soap and shampoo, confirmed on Wednesday it was hiring to fill 300 jobs globally, but declined to elaborate.

Nestle told Reuters it was looking to fill 5,000 full-time U.S. positions in "a variety of levels across corporate and frontline."

Fidelity Investments, a Boston-based financial services firm, said it had accelerated recruitment because of the pandemic and was looking to fill at least 2,000 full-time roles for financial consultants, software engineers and customer service staff in the United States in 2020.

Companies hiring in the United States and other countries also include Apple Inc; ByteDance, the Chinese parent of video-sharing social network TikTok; Takeda Pharmaceutical Co Ltd; and aerospace and defence company Lockheed Martin Corp. These companies did not immediately respond to requests for comment.

DIRE WARNINGS

The International Labour Organization warned on Wednesday that 1.6 billion workers, or nearly half of the global workforce, especially in the informal economy, could lose their livelihoods.

Record numbers of people have applied for U.S. jobless benefits since mid-March, and the unemployment rate is expected to soar to 16%, White House economic adviser Kevin Hasset said this week, from a 50-year low of 3.5% before the pandemic hit.

Both Italy and France, in lockdown for nearly two months, have seen hiring rates drop by around 70% from a year ago, according to LinkedIn.

Since China is ahead of other countries on the pandemic timeline, improvements there could suggest the same is in store elsewhere, Berger said. Several American states and European countries have begun allowing some non-essential businesses and schools to reopen in the hopes of restarting the economy and allowing a gradual return to normal life.

"It's still slightly early to call it a firm recovery," Berger said, referring to improving prospects in China. "We're not expecting a full recovery but rather it's an indication that parts of the economy will switch on as lockdowns are eased, at least relative to the worst point of the pandemic."

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News Network
April 22,2020

London, Apr 22: The toll from coronavirus in the United Kingdom has jumped above 18,000 after 759 more deaths were reported in the last 24 hours, the Department of Health and Social Care announced in a statistical bulletin on Wednesday.

In total, 18,100 people have died in the UK hospitals after contracting COVID-19 as of 16:00 GMT on Tuesday.

A further 4,451 new cases of the disease were reported over the preceding 24 hours up to 08:00 GMT on Wednesday, the ministry said. The total number of cases reported since the start of the outbreak now stands at 1,33,495.

On Tuesday, the Office of National Statistics published a report stating that the coronavirus disease death toll as of April 10, when accounting for deaths in care homes and private residences, was 41 per cent higher than the government's figures.

In parliament on Wednesday, Health Secretary Matt Hancock stated that the United Kingdom has reached the peak of the COVID-19 outbreak, praising the social distancing measures enforced in the country.

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News Network
May 30,2020

May 30: Warning of the tightrope walk ahead as governments battle the coronavirus crisis, Nobel laureate Peter Charles Doherty has expressed concern about densely populated countries such as India relaxing lockdown norms while also describing a complete shutdown as “an economic and social impossibility”.

The Australian immunologist, who cautioned that the number of COVID-19 cases will rise in the coming days, said the earliest time frame for an effective vaccine “going into large numbers of people” is nine to 12 months.

"If all goes well with testing, we could know if some of the candidate vaccines are both safe and effective as early as September/October. Then, rolling a vaccine out will depend on the type of product and how quickly it can be made, put in vials and so forth," Doherty told PTI in an email interview from Melbourne.

The novel coronavirus, he added, does not change fast like influenza and, from what is known so far, “the same vaccine should work everywhere”.

Doherty, who is with the Department of Microbiology and Immunology at the Doherty Institute, University of Melbourne, won the Nobel Prize for Medicine in 1996 for his discovery of how the body’s immune system distinguishes virus-infected cells from normal ones.

Discussing the lockdown, he said, "If it was purely a matter of hard science, everywhere should stay locked down. But that’s pretty much an economic and social impossibility.”

The expectation, he said, is the numbers will rise and limiting spread will depend on people acting responsibly and the capacity for rapid response and extensive contact testing.

“And in a densely populated country like India I think that it will be very difficult," the scientist said.

Several countries, including India, began relaxing lockdown norms in mid-May despite the WHO’s warning about a second wave. India’s lockdown began on March 25 and has since been extended. The fourth phase ends on Sunday.

Asked whether there are any alternatives to a lockdown, the 79-year-old said, "There is no other option other than closing borders. South Korea, for example, conducted massive, intensive testing and contact tracing in a wealthy country with a very disciplined population. Otherwise, not till we have effective vaccines."

He added that he personally doesn’t see the point of closing borders for people coming in if there’s already a high incidence of disease in the community, “unless it’s to avoid the need to care for them and use scarce hospital beds".

According to Doherty, the coronavirus "is a new virus which has come straight out of nature".

“It (the virus) has moved so rapidly across the world because of people travelling on international planes as well as tourist ships," he added.

The immunologist also warned against the use of hydroxychloroquine to treat COVID-19, and said current and planned trials of the anti-malaria drug should be stopped.

“My understanding is that the use of the drug in severe disease is definitely contra-indicated, but it’s not yet clear whether, if taken under medical supervision, it could have some useful effect if taken early on, or as a preventive. Those trials just haven’t been done properly," Doherty noted.

The Indian Council of Medical Research (ICMR) has backed the use of hydroxychloroquine as a preventive against COVID-19 even after the WHO suspended clinical trials of the drug citing safety concerns.

Asked whether plasma therapy can be an effective treatment for COVID-19, Doherty said, "We lack good properly controlled trials but, especially if the plasma has been tested for antibody levels and there’s evidence of good activity, it could be helpful. If I had the disease and was offered plasma therapy I would certainly accept, but I would not take hydroxychloroquine."

Doherty is also very optimistic about herd immunity developing against the SARS-CoV-2 infection.

"We think that (herd immunity) will cut in and have an obvious effect when, say, 60 per cent of people have been infected. Best hope is to boost herd immunity with a vaccine," he stated.

Herd immunity is a form of indirect protection from infectious disease that occurs when a large percentage of a population has become immune to an infection, whether through vaccination or previous infections.

The number of COVID-19 cases have crossed 5.9 million and the fatalities 3,65,000, according to the Johns Hopkins University on Saturday. 

In India, the death toll has risen to 4,971 and the number of cases to 1,73,763, according to the Union Health Ministry on Saturday.

Several states, including Bihar, Uttar Pradesh, Madhya Pradesh, Jharkhand and Chhattisgarh, have reported a rise in number since lockdown norms were relaxed in early May and migrant workers reached home.

In Uttar Pradesh, for instance, the number of infections rose from around 3,000 on May 4 to 6,532 on May 26. Similarly, Bihar’s numbers increased from around 500 to over 2,700 in the period.

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News Network
June 16,2020

Seoul, Jun 16: North Korea blew up an inter-Korean liaison office on its side of the border on Tuesday, the South's Unification Ministry said, after days of increasingly virulent rhetoric from Pyongyang.

"North Korea blows up Kaesong Liaison Office at 14:49," the ministry, which handles inter-Korean relations, said in a one-line alert sent to reporters.

The statement came minutes after an explosion was heard and smoke seen rising from the long-shuttered joint industrial zone in Kaesong where the liaison office was located, Yonhap news agency reported citing unspecified sources.

Its destruction came after Kim Yo Jong, the powerful sister of North Korean leader Kim Jong Un, said at the weekend: "Before long, a tragic scene of the useless north-south joint liaison office completely collapsed would be seen."

Since early June, North Korea has issued a series of vitriolic condemnations of the South over activists sending anti-Pyongyang leaflets over the border -- something defectors do on a regular basis.

Last week it announced it was severing all official communication links with South Korea.

The leaflets -- usually attached to hot air balloons or floated in bottles -- criticise North Korean leader Kim Jong Un for human rights abuses and his nuclear ambitions.

Analysts say Pyongyang may be seeking to manufacture a crisis to increase pressure on Seoul while nuclear negotiations with Washington are at a standstill.

Earlier Tuesday, North Korea's army said it was "fully ready" to take action against the South, included re-entering areas that had been demilitarised under an inter-Korean agreement.

"North Korea is frustrated that the South has failed to offer an alternative plan to revive the US-North talks, let alone create a right atmosphere for the revival," said Cheong Seong-chang, a director of the Sejong Institute's Center for North Korean Studies.

"It has concluded the South has failed as a mediator in the process."

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