Finance

Singapore Air Cuts 20% of Workforce as Virus Smashes Travel

A Singapore Airlines passenger jet taxis along the tarmac as it arrives at Changi International Airport terminal in Singapore on June 8.

Photographer: Roslan Rahman/AFP via Getty Images

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Singapore Airlines Ltd. is eliminating about 4,300 jobs, or 20% of its workforce, as the coronavirus outbreak devastates the aviation industry.

The cuts will be made at Singapore Airlines and its SilkAir and Scoot units. Discussions are underway with unions and arrangements will be finalized as soon as possible, the carrier said in a statement late Thursday.

The job losses are the first at Singapore Airlines since the SARS outbreak in 2003.

Boeing Max Grounding to Cause Significant Costs at Singapore Air

Photographer: Ore Huiying/Bloomberg

“Having to let go of our valuable and dedicated people is the hardest and most agonizing decision that I have had to make in my 30 years with

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France to phone GE’s Culp over Belfort promises, job losses (NYSE:GE)

“We will make sure that GE respects its commitments regarding jobs in Belfort… I will have the opportunity to call GE Chairman and CEO Larry Culp (on the issue),” French Finance Minister Bruno Le Maire told a hearing at the French Senate.

A European group committee of GE Energy – which bought out Alstom’s energy branch in 2015 – is reportedly due to soon launch the first phase of a vast social plan with the elimination of 1,225 jobs in Europe, including 764 jobs in France.

In a related press release, General Electric management said it believes “GE Grid Solutions and GE Hydro Solutions are each facing complex market dynamics and generating significant financial losses. In order to restore these divisions to a viable financial position, they each presented a transformation project to the European works council.”

“I am extremely unhappy with this decision, we still have the impression that

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HP Appoints Acting CFO as Finance Chief Heads to Google

HP Inc. has appointed Marie Myers as acting finance chief, succeeding Steve Fieler.



Photo:

David Paul Morris/Bloomberg News

HP Inc.’s

Chief Transformation Officer Marie Myers will become acting finance chief, succeeding Steve Fieler, who is joining Alphabet Inc.’s Google, the company said Wednesday.

Ms. Myers, an HP veteran who served as finance lead for the company’s businesses during the Hewlett-Packard Co. split, returned to HP in March and had served as chief transformation officer since June. She’s slated to take on the additional duties of CFO on a temporary basis as of Oct. 1 while the company searches for a permanent successor.

Mr. Fieler, who’s held the CFO role since 2018, is leaving HP in October to become business finance officer at Google. He will report to Ruth Porat, senior vice president and CFO at Alphabet and Google, and focus on the platforms

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Immigrant entrepreneurs create more jobs than their American counterparts

The Donald Trump administration has been cracking down on the coveted H-1B work visa by portraying that immigrants steal American jobs. New research, however, debunks that perception.

Immigrants in the US act more as “job creators” than as “job takers.”

Immigrants are 80% more likely to be entrepreneurs than natives in the US, according to a July 2020 study. “This is not just small businesses like restaurants and laundromats, but also high-growth ventures like Tesla and Google that go on to create thousands of jobs,” Daniel Kim, study author and assistant professor of management at the University of Pennsylvania’s Wharton School, told Quartz.

The study, authored by Kim and Pierre Azoulay (professor at MIT), Benjamin Jones (professor at Northwestern Kellogg), and Javier Miranda (economist at US Census), was published in the National Bureau of Economic Research (NBER).

In the US, companies founded by immigrants create 42% more jobs than

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Singapore Airlines to cut 4,300 jobs due to pandemic, most in its history

TipRanks

Wells Fargo: 3 Stocks That Could Climb Over 50%

A speculative fever from the bulls pushed the market to historic heights, but have the bears now been vindicated? Following a record breaking five-month rally, stocks have dipped from their record highs. The recent decline had been preceded by warnings, which had been making the rounds for weeks, that a reality check was overdue. Weighing in for Wells Fargo, senior global equity strategist Scott Wren stated, “We have not had much give back in this gigantic run that we’ve had. So inevitably the stock market sell-off was bound to happen.” This, however, is not to say that exciting plays can’t be found in the current financial environment. “Certainly, pullbacks are opportunities in our minds,” the strategist explained.Taking Wren’s strategy to heart, the analysts at Wells Fargo are pounding the table on three stocks. According to these pros, each could gain

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‘Over half’ of older workers don’t have jobs that can be done remotely

As the U.S. struggles to re-open the economy, perhaps those on the tail-end of the return will be older workers. This is the group most at risk from COVID-19 and the most wary of coming back an office or another public setting.

If they can avoid it that is.

A recent study by the Center for Retirement Research at Boston College examined the differences in the ability to work from home by age.

The report found that for many older Americans, “their ability to survive financially will depend on their ability to work from home.”

The good news is that older workers have jobs that allow them to work from home at roughly the same rate as their younger counterparts.

“There doesn’t seem to be large differences on average across age groups,” said Anqi Chen, one of the report’s authors, during an appearance on Yahoo Finance.

But “the bad news

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Ireland’s Donohoe calls for Brexit negotiators to redouble efforts

Irish Finance Minister Paschal Donohoe said Brexit negotiating teams should redouble their “creativity and commitment” in order to reach an agreement before the end of the year, with officials and governments currently preoccupied by the coronavirus pandemic.  

Donohoe told CNBC Friday the importance of the EU-U.K. talks have been heightened by the global economy being gripped by Covid-19 developments in the last few months.

“It’s so important that all of us redouble our efforts and redouble our creativity and commitment to see if a pathway for an agreement can be found because the impact of a very, very hard Brexit on all participants in global trade, of course, is only going to be heightened if we are already dealing with the consequences of Covid-19,” he said.

Talks faced another setback last week after Ireland’s European Commissioner Phil Hogan, who was responsible for trade, resigned amid a “Golfgate” scandal. Meaning the

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JPMorgan launched a new tool to help fill 7,500 finance jobs in New York City

(Boston Globe / Contributor / Getty Images)
Thousands of finance jobs are available in New York City, and JPMorgan is trying to fill them with a new search tool.

On Wednesday, the bank and the Council for Adult and Experiential Learning unveiled BankingOnMyCareer.com, seeking to help New Yorkers find “middle-skilled” financial-services jobs. Such jobs typically require a bit more training than a high-school diploma and a bit less training than a bachelor’s degree. According to a news release, 7,500 of these jobs are open in New York City.

“We want New Yorkers to know there are thousands of good-paying job opportunities in the financial services sector just waiting to be filled by middle-skilled workers,” said Chauncy Lennon, the head of workforce initiatives at JPMorgan Chase.

Available job opportunities on the site include anti-money-laundering analyst, which pays $60,000 to $80,000 a year, and customer-service representative, which pays $28,000 to $36,000 a

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Jobs App for Poor Indian Workers Gets $8 Million From Investors

(Bloomberg) — Apna, an app startup that aims to connect millions of bottom-of-the-pyramid workers to employers amid the devastation of India’s lockdown, has raised $8 million from a clutch of investors. The funding, from new investors Greenoaks Capital, Rocketship VC as well as existing backers Lightspeed India and Sequoia Capital, will help the app expand to more cities, the Indian firm said in a statement published Tuesday. It also wants to grow across verticals such as accounting, customer service and nursing. Currently, Apna is in five cities.The startup, founded by Apple Inc. alum Nirmit Parikh, is a sort of LinkedIn for non-English-speaking, poorer Indians. The app helps first-time internet users access job opportunities by entering their name, age, and skills to generate a virtual “business card” that’s shared with potential employers. Less than a year after its December launch, Apna has 1.2 million users.

It generated over a million job

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‘Ghosting’ is not just for lovers. These job applicants say ‘cruel’ and ‘selfish’ employers do it too.

The search for new employment has been brutal for millions of Americans faced with a 10.2% unemployment rate. 

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With more than 58 million Americans losing their jobs since the start of the coronavirus shutdowns in mid-March, competition for the few slots available has been fierce.

Job seekers of all ages are being forced to contend with a phenomenon often more familiar to the dating scene – ghosting. For the romantically uninitiated, that’s when your crush dumps you but never takes the time to pick up the phone to let you know that they’ve moved on. 

Job seekers are feeling that same sense of rejection, though this time it’s hurting their wallets rather than their hearts. 

According to a recent LinkedIn poll, 93% of job applicants reported being “ghosted” by an employer after an initial in-person interview or after responding to a request for additional information. (The poll surveyed

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