Record numbers of Chinese graduates enter worst job market in decades

Jenny Bai was among 10 high-performing computer science students from different Chinese universities selected by a Beijing-based internet firm for a job upon graduation, following four rounds of arduous interviews. But last month, the company told the students their contract offers were canceled due to COVID-19 headwinds and the bad state of the economy in … Read more

‘Revenge travel:’ Labor unrest triggers Europe summer travel chaos

After 21 years as a service agent at Air France, Karim Djeffal left his job during the COVID-19 pandemic to start his own job-coaching consultancy. “If this doesn’t work out, I won’t be going back to the aviation sector,” said the 41-year-old bluntly. “Some shifts started at 4 am and others ended at midnight. It … Read more

Layoffs and exits: Firms in China teeter under zero-COVID pressure

Fiona Shi lost her job twice during the pandemic – first, in 2020 when COVID-19 ravaged the travel industry, and then this year as China’s strict virus controls hammered businesses in the world’s No. 2 economy. China is the last major economy welded to a zero-COVID-19 strategy – putting firms and workers at risk of … Read more

Sabiha Gökçen’s passengers back on track, operator seeks relief

The operator of Istanbul’s second-largest airport Sabiha Gökçen is seeking relief from its current contract in the wake of the pandemic as the number of passengers traveling through the facility nears the record level registered prior to the outbreak. ISG, the operator, is close to reaching a deal with the Turkish government on relief, its … Read more

China’s factory output picks up, but weak consumption clouds outlook

China’s economy showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly, but consumption was still weak and underlined the challenge for policymakers amid the persistent drag from strict COVID-19 curbs. The data, however, provides a path to revitalize growth in the world’s second-biggest economy after businesses and … Read more

FDI in Turkey hits $14B in 2021 as global flows rebound

Foreign direct investment (FDI) in Turkey soared 79% year-over-year in 2021, a report by United Nations’ trade and development agency UNCTAD showed Thursday, as inflows rebounded around the world to pre-pandemic levels. Coming off a low base in 2020, global FDI flows rose 64% to $1.58 trillion last year, UNCTAD’s World Investment Report 2022 said, … Read more

COVID-19 origins still unclear but lab leak theory needs study: WHO

More than two years after the coronavirus was first detected in China and at least 6.3 million deaths have been counted worldwide from the COVID-19 pandemic, the World Health Organization (WHO) is recommending in its strongest terms yet that a deeper probe is required into whether a lab accident may be to blame. That stance … Read more

China’s trade rebounds on easing virus curbs but outlook still fragile

China’s trade growth rebounded in May, official data showed Thursday, as factories restarted and logistics snags eased after anti-coronavirus restrictions that shut down Shanghai and other industrial centers began to ease. Exports grew at a double-digit pace, shattering expectations in an encouraging sign for the world’s second-biggest economy, while imports expanded for the first time … Read more

Flagging ‘stagflation’ risk, World Bank slashes global growth forecast

The World Bank on Tuesday sharply downgraded its outlook for the global economy, warning that Russia’s invasion of Ukraine has compounded the damage from the COVID-19 pandemic, with many countries likely to face recession. The 189-country anti-poverty agency predicted that the world economy will expand 2.9% this year. That would be down from 5.7% global … Read more

Brits slash spending by most since COVID-19 lockdown in 2021

Facing soaring inflation, shoppers in the United Kingdom cut their spending in May by the most since the country was in a coronavirus lockdown in early 2021, a survey showed Tuesday. The British Retail Consortium (BRC) said total retail spending was 1.1% lower than a year earlier, the biggest fall since January last year and … Read more