Tag: recession

India Enters Recession as Virus Pummels No. 3 Asian Economy

India entered an unprecedented recession with the economy contracting in the three months through September due to the lingering effects of lockdowns to contain the Covid-19 outbreak. From a report: Gross domestic product declined 7.5% last quarter from a year ago, the Statistics Ministry said Friday. That was milder than an 8.2% drop forecast by economists in a Bloomberg survey, and…

US Emissions To Drop 9% In 2020, Putting Country Back On Track For Paris Commitment

An anonymous reader quotes a report from Greentech Media: The U.S. economy is on track to reduce greenhouse gas emissions 9 percent in 2020 compared to 2019, BloombergNEF reported Thursday. It’s a sign of the impact that COVID-19 shutdowns and the ensuing recession have had on life in the U.S. When workers stayed home and the streets emptied out, it reduced…

Unity Will Groom 80,000 Game Developers With Education Initiative

Unity Technologies hopes to groom 80,000 people for game jobs over three years with an education initiative aimed at helping people learn how to program and develop games. From a report: Unity is paying for this program with help from its initial public offering, in which it raised $1.3 billion at a $13.6 billion valuation in September. At the time, it…

Make Remote Work Permanent? No Way, Say Bay Area Leaders

Last month a regional government agency in the San Francisco Bay Area voted “to move forward” with a proposal to eventually require people at large, office-based companies to work from home three days a week “as a way to slash greenhouse gas emissions from car commutes,” according to NBC News. But today local newspapers report “Bay Area leaders are already saying,…

The Majority of 18- To 29-Year-Olds In the US Are Now Living With Their Parents

An anonymous reader quotes a report from Axios: Nearly 30 million Americans are spending their 20s in the same place they spent their grade school years: at home with their parents. For the first time since the Great Depression, the majority of 18- to 29-year-olds have moved back home. Those living arrangements can come with a great deal of awkwardness and…

Pandemic May Permanently Replace Some Human Jobs With Machines

The coronavirus pandemic has the potential to permanently replace some humans with machines, according to a new study on Monday from the Federal Reserve Bank of Philadelphia. From a report: Layoffs have been higher among workers in industries that can be automated, which increases the risk those jobs will become permanently obsolete, according to the study by economists Lei Ding and…

Foxconn, Other Asian Firms Consider Mexico Factories As China Risks Grow

An anonymous reader quotes a report from Reuters: Taiwan-based electronics manufacturers Foxconn and Pegatron are among companies eyeing new factories in Mexico, people with direct knowledge of the matter said, as the U.S.-China trade war and coronavirus pandemic prompt firms to reexamine global supply chains. The plans could usher in billions of dollars in badly needed fresh investments over the next…

Who Still Needs the Office? US Companies Start Cutting Space

An anonymous reader quotes a report from Reuters: Corporate America is downsizing its real estate footprint as companies allow more employees to work from home, a growing threat to the bottom line of owners of traditional office buildings and a sign that companies are looking for ways to cut costs as a result of the coronavirus pandemic. A Reuters analysis of…

EU Clinches Massive Stimulus Deal To Bind Continent Together

European Union leaders agreed on an unprecedented stimulus package worth 750 billion euros ($860 billion) to pull their economies out of the worst recession in memory and tighten the financial bonds holding their 27 nations together. From a report: The agreement, in the early hours of Tuesday after more than four days of acrimonious negotiations in Brussels, required the unanimous approval…