Volkswagen, the renowned German automotive manufacturer, has made headlines once again with its recent announcement that it will annul several long-standing labor agreements. The decision, conveyed on Tuesday, is attributed to the ongoing economic difficulties currently challenging the automotive sector, which is in the process of transitioning to full electrification. The move comes at a crucial time when major European automotive companies are facing immense pressure to adapt to the rapidly changing market conditions as detailed in a CNBC report. 

The company has revealed that it will terminate six labor agreements, reflecting escalating tensions with labor unions and its works council. Among these agreements is an employment protection arrangement that has provided job security for its German employees since 1994, alongside a wage agreement for specialized and managerial staff. The termination of these agreements signifies a significant shift in Volkswagen's strategy amid its quest for competitiveness.

Brief history of Volkswagen<o:p></o:p>

Volkswagen is a German automobile manufacturer based in Wolfsburg, Lower Saxony, Germany. Established in 1937 by the German Labour Front under the Nazi Party, it was revitalized into the global brand it is today after World War II by British Army officer Ivan Hirst. The company is well known for its iconic Beetle and serves as the flagship marque of the Volkswagen Group, which became the world's largest automotive manufacturer by global sales in 2016 and 2017.

The group's largest market is China (including Hong Kong and Macau), which accounts for 40 per cent of its sales and profits. The name "Volkswagen" derives from the German words Volk and Wagen, meaning "people's car."

Additional steps taken by Volkswagen<o:p></o:p>

In addition to these measures, Volkswagen is also discontinuing arrangements for temporary workers and those relating to the hiring of apprentices who have completed their training programs. Despite these changes, the automaker has reassured its workforce that job security will remain intact until June 30, 2025, aiming to alleviate concerns among its employees during this tumultuous period.

Gunnar Kilian, Volkswagen's human resources chief, acknowledged the current uncertainty, stating, “This phase contributes to uncertainty. We can counter if we create future-proof strategies for tomorrow.” His comments underline the company’s commitment to navigating this challenging landscape while maintaining a focus on employee welfare.

The decision to scrap these labor agreements follows Volkswagen's previous indication that it may have to consider shutting down facilities in Germany, a scenario that was once deemed unlikely. This shift underlines the pressing need for automakers to implement adjustments necessary for short-term competitiveness in an evolving market. As Volkswagen and its counterparts strive to meet the challenges of electrification, the implications of such labor policy changes could resonate throughout the European automotive landscape.

In conclusion, Volkswagen's recent moves reflect a broader trend in the automotive industry as companies grapple with the complex realities of economic pressures, job cuts, and a transition to electric vehicles. The unfolding situation will undoubtedly be closely monitored by stakeholders, including labor unions, employees, and industry analysts.

&nbsp;

Volkswagen, the renowned German automotive manufacturer, has made headlines once again with its recent announcement that it will annul several long-standing labor agreements.

Volkswagen, the renowned German automotive manufacturer, has made headlines once again with its recent announcement that it will annul several long-standing labor agreements. The decision, conveyed on Tuesday, is attributed to the ongoing economic difficulties currently challenging the automotive sector, which is in the process of transitioning to full electrification. The move comes at a crucial time when major European automotive companies are facing immense pressure to adapt to the rapidly changing market conditions as detailed in a CNBC report. The company has revealed that it will terminate six labor agreements, reflecting escalating tensions with labor unions and its works council. Among these agreements is an employment protection arrangement that has provided job security for its German employees since 1994, alongside a wage agreement for specialized and managerial staff. The termination of these agreements signifies a significant shift in Volkswagen's strategy amid its quest for competitiveness. Brief history of Volkswagen Volkswagen is a German automobile manufacturer based in Wolfsburg, Lower Saxony, Germany. Established in 1937 by the German Labour Front under the Nazi Party, it was revitalized into the global brand it is today after World War II by British Army officer Ivan Hirst. The company is well known for its iconic Beetle and serves as the flagship marque of the Volkswagen Group, which became the world's largest automotive manufacturer by global sales in 2016 and 2017. The group's largest market is China (including Hong Kong and Macau), which accounts for 40 per cent of its sales and profits. The name "Volkswagen" derives from the German words Volk and Wagen, meaning "people's car." Additional steps taken by Volkswagen In addition to these measures, Volkswagen is also discontinuing arrangements for temporary workers and those relating to the hiring of apprentices who have completed their training programs. Despite these changes, the automaker has reassured its workforce that job security will remain intact until June 30, 2025, aiming to alleviate concerns among its employees during this tumultuous period. Gunnar Kilian, Volkswagen's human resources chief, acknowledged the current uncertainty, stating, “This phase contributes to uncertainty. We can counter if we create future-proof strategies for tomorrow.” His comments underline the company’s commitment to navigating this challenging landscape while maintaining a focus on employee welfare. The decision to scrap these labor agreements follows Volkswagen's previous indication that it may have to consider shutting down facilities in Germany, a scenario that was once deemed unlikely. This shift underlines the pressing need for automakers to implement adjustments necessary for short-term competitiveness in an evolving market. As Volkswagen and its counterparts strive to meet the challenges of electrification, the implications of such labor policy changes could resonate throughout the European automotive landscape. In conclusion, Volkswagen's recent moves reflect a broader trend in the automotive industry as companies grapple with the complex realities of economic pressures, job cuts, and a transition to electric vehicles. The unfolding situation will undoubtedly be closely monitored by stakeholders, including labor unions, employees, and industry analysts.

Volkswagen scraps labor agreements amid union tensions and economic challenges

The Chinese housing market, a critical sector of the country's economy, continues to grapple with a severe downturn, with no immediate signs of recovery. According to Haibin Zhu, chief economist for China at JPMorgan, the housing market crash is "far from over," with home prices unlikely to find stability until at least 2025 as detailed by him in a conversation with CNBC.

Recent data from the China Index Academy highlights the ongoing struggles. The average price of new homes sold in 100 cities across China saw a marginal increase of 0.11 per cent from July, a further deceleration from June's growth of 0.13 per cent. In contrast, resale home prices fell by 0.71 per cent compared to the previous month. Year-on-year, average prices for both new and resale homes have declined by more than 1 per cent and 6 per cent, respectively, underscoring the entrenched crisis in the housing market.

The Chinese government has introduced several stimulus initiatives aimed at bolstering the housing sector, but these efforts have been deemed insufficient. Zhu emphasized that these measures have failed to revitalize the market, suggesting that more comprehensive strategies are needed to address the underlying issues. The proposed mortgage refinancing plan, which could enable refinancing on up to $5.4 trillion in mortgages, is also met with skepticism. Experts argue that this plan primarily benefits current homeowners and does not address the demand for new properties.

Doubts over mortgage refinancing and the long term plan<o:p></o:p>

Winnie Wu, chief equity strategist for China at BofA Securities, expressed doubts about the effectiveness of the mortgage refinancing plan. While some believe it could stimulate consumption, Wu pointed out that lower mortgage rates would likely lead banks to decrease deposit rates to maintain their profit margins. This could ultimately reduce interest earnings on household savings, a move that would not significantly boost overall spending.

Zhu concurred with Wu's assessment, stating that the refinancing policy would do little to invigorate demand for new homes. He stressed that merely cutting rates is not an optimal solution and that squeezing banks' margins will not yield significant results. Instead, Zhu and Wu advocate for the government to foster a "positive feedback loop" to break the downward trend in the housing market.

Further, the prolonged downturn in China's housing market has significant long-term implications for the country's economy. The sector's weakness can impact consumer confidence, reduce spending, and hinder economic growth. As the government continues to explore strategies to stabilize the market, it is clear that a more holistic approach is necessary to restore confidence among homebuyers and investors.

Hence, China's housing market remains in a state of crisis, with experts predicting a prolonged period of decline. While government initiatives are underway, their effectiveness is being questioned, and a more comprehensive strategy is needed to address the deep-seated issues plaguing the sector. As the situation evolves, it will be crucial to monitor the impact on the broader economy and the measures taken to mitigate the downturn.

The Chinese housing market, a critical sector of the country's economy, continues to grapple with a severe downturn, with no immediate signs of recovery. According to Haibin Zhu, chief economist for China at JPMorgan, the housing market crash is "far from over," with home prices unlikely to find stability until at least 2025 as detailed by him in a conversation with CNBC.

The Chinese housing market, a critical sector of the country's economy, continues to grapple with a severe downturn, with no immediate signs of recovery. According to Haibin Zhu, chief economist for China at JPMorgan, the housing market crash is "far from over," with home prices unlikely to find stability until at least 2025 as detailed by him in a conversation with CNBC. Recent data from the China Index Academy highlights the ongoing struggles. The average price of new homes sold in 100 cities across China saw a marginal increase of 0.11 per cent from July, a further deceleration from June's growth of 0.13 per cent. In contrast, resale home prices fell by 0.71 per cent compared to the previous month. Year-on-year, average prices for both new and resale homes have declined by more than 1 per cent and 6 per cent, respectively, underscoring the entrenched crisis in the housing market. The Chinese government has introduced several stimulus initiatives aimed at bolstering the housing sector, but these efforts have been deemed insufficient. Zhu emphasized that these measures have failed to revitalize the market, suggesting that more comprehensive strategies are needed to address the underlying issues. The proposed mortgage refinancing plan, which could enable refinancing on up to $5.4 trillion in mortgages, is also met with skepticism. Experts argue that this plan primarily benefits current homeowners and does not address the demand for new properties. Doubts over mortgage refinancing and the long term plan Winnie Wu, chief equity strategist for China at BofA Securities, expressed doubts about the effectiveness of the mortgage refinancing plan. While some believe it could stimulate consumption, Wu pointed out that lower mortgage rates would likely lead banks to decrease deposit rates to maintain their profit margins. This could ultimately reduce interest earnings on household savings, a move that would not significantly boost overall spending. Zhu concurred with Wu's assessment, stating that the refinancing policy would do little to invigorate demand for new homes. He stressed that merely cutting rates is not an optimal solution and that squeezing banks' margins will not yield significant results. Instead, Zhu and Wu advocate for the government to foster a "positive feedback loop" to break the downward trend in the housing market. Further, the prolonged downturn in China's housing market has significant long-term implications for the country's economy. The sector's weakness can impact consumer confidence, reduce spending, and hinder economic growth. As the government continues to explore strategies to stabilize the market, it is clear that a more holistic approach is necessary to restore confidence among homebuyers and investors. Hence, China's housing market remains in a state of crisis, with experts predicting a prolonged period of decline. While government initiatives are underway, their effectiveness is being questioned, and a more comprehensive strategy is needed to address the deep-seated issues plaguing the sector. As the situation evolves, it will be crucial to monitor the impact on the broader economy and the measures taken to mitigate the downturn.

China's housing market struggles persist: Experts predict prolonged downturn

Whenever a recession hits the world economy, women have found themselves at the centre of a distinct struggle, facing various obstacles unique to their gender. As economic pressures intensified, wage disparities widened, and access to opportunities dwindled. 
&nbsp; 
A recession is an economic downturn with reduced economic activity, lower GDP, higher unemployment, and less spending and investment. Various factors can cause it and have adverse effects on businesses, jobs, and overall economic growth.

The ongoing global economic downturn is having a notable impact on women. According to research conducted by the International Labour Organisation, women on an average earn 20 per cent less than men, although this figure varies considerably across different countries.

Moreover, a recent Bankrate survey revealed that 74 per cent of women are more concerned about the potential economic downturn as compared to 65 per cent&nbsp;of men. This is due to the disparities between the two genders in preparing for an economic downturn.&nbsp;

Despite some progress in recent years, it is common knowledge that women still confront greater financial vulnerability than men. Persistent gender pay gap, particularly for women of colour and mothers, adversely affects their capacity to accumulate wealth. This inequality also poses a challenge to their ability to manage debt, ranging from credit card balances to student loans.

"Recession affects labour markets. Lack of skilling and mobility constraints can delay the process of women reentering the labour markets once they lose jobs due to recession," said NIPFP professor and economist Lekha S. Chakraborty.

Recessions' Dual Consequences for Women

In times of economic downturn, men and women encounter distinct economic difficulties due to a range of factors.

"Men and women are at asymmetric levels of socio-economic development. The key factors that can widen the disparity are the differentials in access and utilisation of education, health, and wage and workforce participation," said Lekha.

In times of uncertainty, women tend to have more caregiving responsibilities, which can hinder their ability to work full-time. Moreover, the existing gender pay gap exacerbates the situation since women are already paid less than men even before a recession hits.&nbsp;

Consequently, economic downturns can have a disproportionate impact on women, leading to what is known as a "shecession" -- economic recession&nbsp;that impacts women more than men.

Care Economy Gap: Fueling Gender Disparities

"Lack of care economy infrastructure is a significant factor that led to gender differentials," stated Lekha Chakraborty.

Care economy includes those activities that address the physical, psychological, and emotional needs of adults, children, the elderly, the young, the frail, and the physically fit.

The lack of a care economy has resulted in insufficient support systems for childcare, eldercare, and domestic responsibilities, which disproportionately affect women's economic situation. 
&nbsp; 
As a consequence, this sustains the cycle of gender inequality, hindering their professional growth and financial independence. It is imperative to address the care economy gap to create a more equitable society that allows both men and women to fully participate in the workforce while fulfilling important caregiving responsibilities.

Crisis Ripple Effect: Women's Excess Burden in Recessions

The impact of a crisis is extensive, and women often shoulder a disproportionate amount of added responsibilities during times of economic hardship. The effects of these difficulties can have long-lasting consequences on the lives of women.

Lekha said that recession affects the government's fiscal space, which has a major consequence on the well-being of women.&nbsp;

"If the government reduces health budgets during a recession, the care economy burden of women will increase as the decreased days of hospitalisation is compensated by the care providers at home. The dual work burden of women increases in recession as there are fewer options for market-based services in the care sector during recessions," she said.&nbsp;

"The violence against women increases during recessions, and the role of the state machinery to support women from violence is significant," she added.&nbsp;

Whenever a recession hits the world economy, women have found themselves at the centre of a distinct struggle, facing various obstacles unique to their gender. As economic pressures intensified, wage disparities widened, and access to opportunities dwindled.

Whenever a recession hits the world economy, women have found themselves at the centre of a distinct struggle, facing various obstacles unique to their gender. As economic pressures intensified, wage disparities widened, and access to opportunities dwindled. A recession is an economic downturn with reduced economic activity, lower GDP, higher unemployment, and less spending and investment. Various factors can cause it and have adverse effects on businesses, jobs, and overall economic growth. The ongoing global economic downturn is having a notable impact on women. According to research conducted by the International Labour Organisation, women on an average earn 20 per cent less than men, although this figure varies considerably across different countries. Moreover, a recent Bankrate survey revealed that 74 per cent of women are more concerned about the potential economic downturn as compared to 65 per cent of men. This is due to the disparities between the two genders in preparing for an economic downturn. Despite some progress in recent years, it is common knowledge that women still confront greater financial vulnerability than men. Persistent gender pay gap, particularly for women of colour and mothers, adversely affects their capacity to accumulate wealth. This inequality also poses a challenge to their ability to manage debt, ranging from credit card balances to student loans. "Recession affects labour markets. Lack of skilling and mobility constraints can delay the process of women reentering the labour markets once they lose jobs due to recession," said NIPFP professor and economist Lekha S. Chakraborty. Recessions' Dual Consequences for Women In times of economic downturn, men and women encounter distinct economic difficulties due to a range of factors. "Men and women are at asymmetric levels of socio-economic development. The key factors that can widen the disparity are the differentials in access and utilisation of education, health, and wage and workforce participation," said Lekha. In times of uncertainty, women tend to have more caregiving responsibilities, which can hinder their ability to work full-time. Moreover, the existing gender pay gap exacerbates the situation since women are already paid less than men even before a recession hits. Consequently, economic downturns can have a disproportionate impact on women, leading to what is known as a "shecession" -- economic recession that impacts women more than men. Care Economy Gap: Fueling Gender Disparities "Lack of care economy infrastructure is a significant factor that led to gender differentials," stated Lekha Chakraborty. Care economy includes those activities that address the physical, psychological, and emotional needs of adults, children, the elderly, the young, the frail, and the physically fit. The lack of a care economy has resulted in insufficient support systems for childcare, eldercare, and domestic responsibilities, which disproportionately affect women's economic situation. As a consequence, this sustains the cycle of gender inequality, hindering their professional growth and financial independence. It is imperative to address the care economy gap to create a more equitable society that allows both men and women to fully participate in the workforce while fulfilling important caregiving responsibilities. Crisis Ripple Effect: Women's Excess Burden in Recessions The impact of a crisis is extensive, and women often shoulder a disproportionate amount of added responsibilities during times of economic hardship. The effects of these difficulties can have long-lasting consequences on the lives of women. Lekha said that recession affects the government's fiscal space, which has a major consequence on the well-being of women. "If the government reduces health budgets during a recession, the care economy burden of women will increase as the decreased days of hospitalisation is compensated by the care providers at home. The dual work burden of women increases in recession as there are fewer options for market-based services in the care sector during recessions," she said. "The violence against women increases during recessions, and the role of the state machinery to support women from violence is significant," she added.

'Shecession': How women are more impacted by economic downturns

Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year.

News reports by CNBC and Semafor hinted at the cuts taking place early next year. The reports predicted that the final figure may be a bit smaller than eight per cent.

Typically, Goldman Sachs cuts about one to five per cent of its staff each year, targeting underperforming workers.

But this year, the trimming is expected to be deeper than usual in light of the uncertain economic lookout.

Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after hiring campaigns and acquisitions.

The move comes as Goldman Sachs and other investment banks have seen a big drop in fees tied to initial public offerings and described a cloudy outlook for merger and acquisition advising in 2023 due to economic uncertainty.

At a financial conference last week, Goldman Chief Executive David Solomon said capital markets activity had also been weaker than expected, with clients "taking risk down" after a volatile year.

"At the same time, we continue to see headwinds on our expense lines, especially in the near term," Solomon said. "Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set that we see in front of us."

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year.

Goldman Sachs is likely to cut up to eight per cent of its staff early in 2023, said reports. This might come to 4000 jobs. The step is likely being taken as the finanacial giant eyes sluggish global growth in the next year. News reports by CNBC and Semafor hinted at the cuts taking place early next year. The reports predicted that the final figure may be a bit smaller than eight per cent. Typically, Goldman Sachs cuts about one to five per cent of its staff each year, targeting underperforming workers. But this year, the trimming is expected to be deeper than usual in light of the uncertain economic lookout. Goldman's staff stood at 49,100 at the end of October, up nearly 30 percent from the end of 2019 after hiring campaigns and acquisitions. The move comes as Goldman Sachs and other investment banks have seen a big drop in fees tied to initial public offerings and described a cloudy outlook for merger and acquisition advising in 2023 due to economic uncertainty. At a financial conference last week, Goldman Chief Executive David Solomon said capital markets activity had also been weaker than expected, with clients "taking risk down" after a volatile year. "At the same time, we continue to see headwinds on our expense lines, especially in the near term," Solomon said. "Ultimately, we will remain nimble and we will size the firm to reflect the opportunity set that we see in front of us." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Goldman Sachs may cut up to eight per cent of staff in 2023: Reports

Workers across different sectors and industries in the United Kingdom have announced strikes in the months of December and January amid deadlock between the government, employers and unions who are demanding better pay and working conditions as the country is witnessing the highest inflation in four decades and a cost-of-living crisis.&nbsp;

Which industries are taking strike action and why?

The UK is facing significant and widespread industrial unrest this month, ahead of Christmas with labour unions across public sectors and industries, including firefighters, teachers, railway workers, nurses, Royal mail workers and so on, announcing strikes and walkouts. 
 
Nurses

The state-run National Health Service (NHS) is set to face a number of unprecedented industrial actions from its staff in December. Royal College of Nursing (RCN) has announced that its members in England, Wales, and Northern Ireland will strike on December 15 and December 20 where nearly thousands are expected to stage a walkout.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/as-inflation-soars-to-41-year-high-of-111-uk-nurses-union-announces-its-first-strike-in-106-years-537248">British nurses to go on strike for two days in December over pay dispute</a>

The RCN has demanded a five per cent pay rise above the Retail Price Index (RPI), a measure of inflation, which is at 14 per cent. Furthermore, the union has also warned about the impact on several employers in January if formal negotiations with the government are not held. Meanwhile, they also plan on organising strikes until early May next year.&nbsp;

Transport

Transport services in the UK will be affected by these strikes as thousands of railway workers, bus drivers, road workers and the ground-handling staff at the airport are set to stage a walkout.&nbsp;

The Transport Salaried Staffs Association (TSSA), said that industrial action demanding higher wages, job security, and better working conditions, has been scheduled on Avanti West Coast on December 13, 14, 16 and 17.&nbsp;

This comes amid sections of Britain’s railways being sporadically impacted since the sector first announced strike days in June, earlier this year and plans to continue in December and January.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/uk-festive-travel-set-to-take-a-hit-amid-planned-rail-strikes-in-december-540854">UK festive travel set to take a hit amid planned rail strikes in December</a>

According to the National Union of Rail, Maritime and Transport Workers (RMT) more than 40,000 workers across the rail network and 14 train operating companies will stage a series of strikes on 13, 14, 16 and 17 December and on 3, 4, 6 and 7 January 2023 each of which will go on for at least 48 hours.&nbsp;

Additionally, they have also recently announced strikes starting Christmas eve on 24 to 27 December, demanding higher wages in line with the rising cost of living. Meanwhile, in a first, more than 1,000 railway cleaners, also a part of the RMT, will take nationwide strike action on 22, 23 and 31 December.&nbsp;

The Unite Union accounting for nearly 1,000 bus drivers will strike in southern and western parts of London on 9, 10, 16 and 17 December, for a pay rise to reflect the UK’s higher cost of living.&nbsp;

Baggage handlers for Menzies Aviation at Heathrow Airport will strike for three days starting December 16, which is likely to affect the services of at least ten airlines. According to the Unite union, the 350 ground handlers employed by Menzies Aviation have been offered a flat rate increase for the entire workforce which ultimately amounts to a real terms pay cut.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/uk-nearly-40000-rail-maritime-and-transport-workers-on-strike-501160">UK: Nearly 40,000 rail, maritime and transport workers on strike</a>

Meanwhile, the road workers’ union, Public and Commercial Services (PCS) have announced a 12-day strike between December 16 to January 7, amid the busiest time of the year, Christmas and New Year. The union accounts for National Highways employees, who plan, design, build, operate, and maintain roads across the UK.&nbsp; 
 
Royal Mail&nbsp;

The centuries-old Royal Mail postal service workers will stage at least six strikes in December including on Christmas eve, according to the Communication Workers Union (CWU) their members will walk out on 9, 11, 14, 15, 23 and 24 December.&nbsp;

This comes after the workers have been offered a pay deal which the employers claim is worth up to nine per cent over 18 months. However, with the inflation rate at 11.1 per cent workers have demanded high wages. The union has objected to proposed working conditions including compulsory Sunday working.&nbsp;

Emergency services&nbsp;

Three ambulance unions in the UK which are Unison, GMB and Unite, accounting for nearly 10,000 ambulance workers including paramedics, control room staff and other support workers have planned to walk out on 21 and 28 December. According to GMB, the strike will take place across England and Wales in a <a href="https://www.wionews.com/world/uk-unions-vote-for-ambulance-strike-before-christmas-539041">dispute</a> over wages and working conditions.&nbsp;

Meanwhile, the Fire Brigades Union (FBU) is mulling over potential strike action after they recently rejected the five per cent wage hike and has begun balloting firefighters and control staff, for the same,&nbsp;which closes by the end of January.&nbsp;

Teachers and university employees

More than 70,000 teachers in Scotland for the first time in four decades have carried out a strike action which began with members of its largest union, the Educational Institute of Scotland (EIS) walking out on November 24. They are set to conduct sporadic strikes this month which may continue till February 2023.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/uk-inflation-spurs-to-41-year-high-before-jeremy-hunts-autumn-statement-534697">UK inflation soars to 41-year high before Jeremy Hunt's autumn statement</a>

This comes after they rejected the nearly seven per cent increase in wages, for those lowest paid, as they have demanded a 10 per cent hike. On the other hand, Scottish Secondary Teachers’ Association (SSTA), has announced strikes on 7 and 8 December.&nbsp;

Tens of thousands of workers at nearly 150 universities across the UK walked out for three days last month over the number of disputes but predominantly demanding higher wages. Meanwhile, the ballot for the teaching unions in England and Wales is underway and will close in January which could lead to further strikes.

How has the UK government responded?

The announcements of strikes indicating the impending industrial unrest in the country had begun last month while Downing Street at the time had urged unions to call off the “unnecessary” strike action, while reportedly placing the military on standby in response to the potential crisis. &nbsp;

Furthermore, a report by The Sunday Times claims that the incumbent Prime Minister Rishi Sunak could curb the right to strike for public sector workers including the NHS, teachers, firefighters and so on. Meanwhile, the main opposition, the Labour Party, urged the government to negotiate with the workers.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/uk-ambulance-workers-to-strike-rishi-sunak-calls-nurses-strike-threat-very-regrettable-539501">UK: Ambulance workers to strike; Rishi Sunak calls nurses strike threat 'very regrettable'</a>

In an interview with Sky News, the chairman of the governing Conservative Party, Nadhim Zahawi said that the military personnel could be used to ease the impact of the strikes on the services. He added that the government’s message to the union is, “this is not a time to strike” but “to try and negotiate”.&nbsp;

Zahawi, on Sunday, also blamed the Russian invasion of Ukraine for the UK’s economic struggles including the rise in energy prices which he claimed have consequently led to the wave of strikes. He also urged the unions to drop their demands, “come together” and send a message to Russian President Vladimir Putin that he cannot “use energy as a weapon.”&nbsp;

These remarks received significant backlash from the unions at the forefront of these strikes, as RCN chief executive Pat Cullen called it a “new low for this government” which is using the conflict as a justification for a real-term pay cut for the nurses. Meanwhile, Unite’s General Secretary, Sharon Graham, called the party chairman’s allegations “that Britain’s nurses, ambulance drivers and teachers are allies of Vladimir Putin is as ridiculous as it is disgraceful.”

(With inputs from agencies)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Workers across different sectors and industries in the United Kingdom have announced strikes in the months of December and January amid deadlock between the government, employers and unions who are demanding better pay and working conditions as the country is witnessing the highest inflation in four decades and a cost-of-living crisis.

Workers across different sectors and industries in the United Kingdom have announced strikes in the months of December and January amid deadlock between the government, employers and unions who are demanding better pay and working conditions as the country is witnessing the highest inflation in four decades and a cost-of-living crisis. Which industries are taking strike action and why? The UK is facing significant and widespread industrial unrest this month, ahead of Christmas with labour unions across public sectors and industries, including firefighters, teachers, railway workers, nurses, Royal mail workers and so on, announcing strikes and walkouts. Nurses The state-run National Health Service (NHS) is set to face a number of unprecedented industrial actions from its staff in December. Royal College of Nursing (RCN) has announced that its members in England, Wales, and Northern Ireland will strike on December 15 and December 20 where nearly thousands are expected to stage a walkout. ALSO READ | British nurses to go on strike for two days in December over pay dispute The RCN has demanded a five per cent pay rise above the Retail Price Index (RPI), a measure of inflation, which is at 14 per cent. Furthermore, the union has also warned about the impact on several employers in January if formal negotiations with the government are not held. Meanwhile, they also plan on organising strikes until early May next year. Transport Transport services in the UK will be affected by these strikes as thousands of railway workers, bus drivers, road workers and the ground-handling staff at the airport are set to stage a walkout. The Transport Salaried Staffs Association (TSSA), said that industrial action demanding higher wages, job security, and better working conditions, has been scheduled on Avanti West Coast on December 13, 14, 16 and 17. This comes amid sections of Britain’s railways being sporadically impacted since the sector first announced strike days in June, earlier this year and plans to continue in December and January. ALSO READ | UK festive travel set to take a hit amid planned rail strikes in December According to the National Union of Rail, Maritime and Transport Workers (RMT) more than 40,000 workers across the rail network and 14 train operating companies will stage a series of strikes on 13, 14, 16 and 17 December and on 3, 4, 6 and 7 January 2023 each of which will go on for at least 48 hours. Additionally, they have also recently announced strikes starting Christmas eve on 24 to 27 December, demanding higher wages in line with the rising cost of living. Meanwhile, in a first, more than 1,000 railway cleaners, also a part of the RMT, will take nationwide strike action on 22, 23 and 31 December. The Unite Union accounting for nearly 1,000 bus drivers will strike in southern and western parts of London on 9, 10, 16 and 17 December, for a pay rise to reflect the UK’s higher cost of living. Baggage handlers for Menzies Aviation at Heathrow Airport will strike for three days starting December 16, which is likely to affect the services of at least ten airlines. According to the Unite union, the 350 ground handlers employed by Menzies Aviation have been offered a flat rate increase for the entire workforce which ultimately amounts to a real terms pay cut. ALSO WATCH | UK: Nearly 40,000 rail, maritime and transport workers on strike Meanwhile, the road workers’ union, Public and Commercial Services (PCS) have announced a 12-day strike between December 16 to January 7, amid the busiest time of the year, Christmas and New Year. The union accounts for National Highways employees, who plan, design, build, operate, and maintain roads across the UK. Royal Mail The centuries-old Royal Mail postal service workers will stage at least six strikes in December including on Christmas eve, according to the Communication Workers Union (CWU) their members will walk out on 9, 11, 14, 15, 23 and 24 December. This comes after the workers have been offered a pay deal which the employers claim is worth up to nine per cent over 18 months. However, with the inflation rate at 11.1 per cent workers have demanded high wages. The union has objected to proposed working conditions including compulsory Sunday working. Emergency services Three ambulance unions in the UK which are Unison, GMB and Unite, accounting for nearly 10,000 ambulance workers including paramedics, control room staff and other support workers have planned to walk out on 21 and 28 December. According to GMB, the strike will take place across England and Wales in a dispute over wages and working conditions. Meanwhile, the Fire Brigades Union (FBU) is mulling over potential strike action after they recently rejected the five per cent wage hike and has begun balloting firefighters and control staff, for the same, which closes by the end of January. Teachers and university employees More than 70,000 teachers in Scotland for the first time in four decades have carried out a strike action which began with members of its largest union, the Educational Institute of Scotland (EIS) walking out on November 24. They are set to conduct sporadic strikes this month which may continue till February 2023. ALSO READ | UK inflation soars to 41-year high before Jeremy Hunt's autumn statement This comes after they rejected the nearly seven per cent increase in wages, for those lowest paid, as they have demanded a 10 per cent hike. On the other hand, Scottish Secondary Teachers’ Association (SSTA), has announced strikes on 7 and 8 December. Tens of thousands of workers at nearly 150 universities across the UK walked out for three days last month over the number of disputes but predominantly demanding higher wages. Meanwhile, the ballot for the teaching unions in England and Wales is underway and will close in January which could lead to further strikes. How has the UK government responded? The announcements of strikes indicating the impending industrial unrest in the country had begun last month while Downing Street at the time had urged unions to call off the “unnecessary” strike action, while reportedly placing the military on standby in response to the potential crisis. Furthermore, a report by The Sunday Times claims that the incumbent Prime Minister Rishi Sunak could curb the right to strike for public sector workers including the NHS, teachers, firefighters and so on. Meanwhile, the main opposition, the Labour Party, urged the government to negotiate with the workers. ALSO WATCH | UK: Ambulance workers to strike; Rishi Sunak calls nurses strike threat 'very regrettable' In an interview with Sky News, the chairman of the governing Conservative Party, Nadhim Zahawi said that the military personnel could be used to ease the impact of the strikes on the services. He added that the government’s message to the union is, “this is not a time to strike” but “to try and negotiate”. Zahawi, on Sunday, also blamed the Russian invasion of Ukraine for the UK’s economic struggles including the rise in energy prices which he claimed have consequently led to the wave of strikes. He also urged the unions to drop their demands, “come together” and send a message to Russian President Vladimir Putin that he cannot “use energy as a weapon.” These remarks received significant backlash from the unions at the forefront of these strikes, as RCN chief executive Pat Cullen called it a “new low for this government” which is using the conflict as a justification for a real-term pay cut for the nurses. Meanwhile, Unite’s General Secretary, Sharon Graham, called the party chairman’s allegations “that Britain’s nurses, ambulance drivers and teachers are allies of Vladimir Putin is as ridiculous as it is disgraceful.” (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explained: From nurses to teachers, why workers across UK are going on strike

After months of violent turmoil in Kazakhstan, the country is holding its snap presidential election on Sunday (November 20) to strengthen the current leader, Kassym-Jomart Tokayev.

After a January conflict, which Tokayev described as a coup attempt, claimed lives of nearly 238 people, the former diplomat was able to take over Nazarbayev, the only ruler since the end of the Soviet Union. Tokayev was known to be a hand-picked successor of Nazarbayev, but both parted ways in 2019.

<a href="https://www.wionews.com/world/methane-explosion-in-kazakhstan-mine-leaves-5-dead-530803">Also read |&nbsp;Methane explosion in Kazakhstan mine leaves 5 dead</a>

This time, Tokayev, 69, is expected to win a majority.&nbsp;His predecessor Nazarbayev had five straight terms and chose to quit after the January conflict.&nbsp;

Soon after he left, Tokayev changed the name of the country's capital "Nur-Sultan" in Nazarbayev's honour back to Astana.

<a href="https://www.wionews.com/world/rent-rising-hotels-all-booked-kazakhstan-struggles-to-accomodate-russians-escaping-partial-mobilisation-520342">Also read |&nbsp;Rent rising, hotels all booked; Kazakhstan struggles to accommodate Russians escaping partial mobilisation</a>

Currently, economic and capital development in Kazakhstan has been hampered and has contributed to the country's 14-year high inflation rate. &nbsp;

Promising to better the economic situation, the former foreign minister and UN deputy secretary general Tokayev has pledged to eliminate corruption and redistribute wealth more fairly in order to reduce economic inequality.&nbsp;

This time, there are six candidates running for the presidential elections. However, as per polls, none of the five candidates are&nbsp;expected to get even double digits votes. The preliminary election results are expected to be released on Monday (November 21).

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

After months of violent turmoil in Kazakhstan, the country is holding its snap presidential election on Sunday (November 20) to strengthen the current leader, Kassym-Jomart Tokayev.

After months of violent turmoil in Kazakhstan, the country is holding its snap presidential election on Sunday (November 20) to strengthen the current leader, Kassym-Jomart Tokayev. After a January conflict, which Tokayev described as a coup attempt, claimed lives of nearly 238 people, the former diplomat was able to take over Nazarbayev, the only ruler since the end of the Soviet Union. Tokayev was known to be a hand-picked successor of Nazarbayev, but both parted ways in 2019. Also read | Methane explosion in Kazakhstan mine leaves 5 dead This time, Tokayev, 69, is expected to win a majority. His predecessor Nazarbayev had five straight terms and chose to quit after the January conflict. Soon after he left, Tokayev changed the name of the country's capital "Nur-Sultan" in Nazarbayev's honour back to Astana. Also read | Rent rising, hotels all booked; Kazakhstan struggles to accommodate Russians escaping partial mobilisation Currently, economic and capital development in Kazakhstan has been hampered and has contributed to the country's 14-year high inflation rate. Promising to better the economic situation, the former foreign minister and UN deputy secretary general Tokayev has pledged to eliminate corruption and redistribute wealth more fairly in order to reduce economic inequality. This time, there are six candidates running for the presidential elections. However, as per polls, none of the five candidates are expected to get even double digits votes. The preliminary election results are expected to be released on Monday (November 21). (With inputs from agencies) WATCH WION LIVE HERE

After a challenging year, Kazakhstan holds snap presidential elections, Tokayev expected to win

Wall Street major Morgan Stanley is expected to start a fresh round of layoffs globally in the coming weeks, as dealmaking business takes a hit due to rising inflation and an economic downturn.

Morgan Stanley to reduce employee headcount in coming weeks as dealmaking slows

Sri Lanka announced on Friday that its economy shrank by 3.6 per cent last year. This marks the worst economic downturn for the country since independence from Britain since 1948.

The Central Bank of Sri Lanka said in its annual report that it hoped that the economy would rebound in 2021 and record an optimistic six per cent growth on the back of improved local manufacturing and services.

"The pandemic has also offered an opportunity to reset the economy's focus and to address longstanding structural weaknesses and establish a production-based, productivity-driven economy," the bank said.

Coronavirus pandemic hit Sri Lanka's tourism sector. Sharp contractions were seen in construction, manufacturing and in services, said the bank.

The bank also said that central government's debt also rose to 101 per cent of GDP last year. It was 86.8 per cent in the year before that.

International rating agencies have expressed fears for Sri Lanka's ability to service its huge foreign debt as the country's foreign reserves fell sharply in the past year.

The island's economy was trying to recover from the effects of the 2019 Easter Sunday bombings that killed 279 people when the pandemic hit in early 2020.

Two weeks ago, Sri Lanka secured a $500 million loan from China to shore up its foreign exchange reserves as the local currency came under intense pressure and fell to a record low.

Chinese influence in the South Asian nation has been growing in recent years through loans and projects under its vast Belt and Road infrastructure initiative, raising concerns among regional powers and Western nations.

(With inputs from agencies)

Sri Lanka announced on Friday that its economy shrank by 3.6 per cent last year. This marks the worst economic downturn for the country since independence from Britain since 1948.

Sri Lanka announced on Friday that its economy shrank by 3.6 per cent last year. This marks the worst economic downturn for the country since independence from Britain since 1948. The Central Bank of Sri Lanka said in its annual report that it hoped that the economy would rebound in 2021 and record an optimistic six per cent growth on the back of improved local manufacturing and services. "The pandemic has also offered an opportunity to reset the economy's focus and to address longstanding structural weaknesses and establish a production-based, productivity-driven economy," the bank said. Coronavirus pandemic hit Sri Lanka's tourism sector. Sharp contractions were seen in construction, manufacturing and in services, said the bank. The bank also said that central government's debt also rose to 101 per cent of GDP last year. It was 86.8 per cent in the year before that. International rating agencies have expressed fears for Sri Lanka's ability to service its huge foreign debt as the country's foreign reserves fell sharply in the past year. The island's economy was trying to recover from the effects of the 2019 Easter Sunday bombings that killed 279 people when the pandemic hit in early 2020. Two weeks ago, Sri Lanka secured a $500 million loan from China to shore up its foreign exchange reserves as the local currency came under intense pressure and fell to a record low. Chinese influence in the South Asian nation has been growing in recent years through loans and projects under its vast Belt and Road infrastructure initiative, raising concerns among regional powers and Western nations. (With inputs from agencies)

Sri Lanka: Country facing worst economic downturn in 73 years, says central bank

President-elect Joe Biden is expected to nominate former Federal Reserve Chair Janet Yellen as US&nbsp;Treasury secretary, breaking a 231-year gender barrier and putting a seasoned economist and labor market expert in charge of leading the country out of the steepest downturn since the Great Depression. 
 
The move, confirmed by Democratic allies to the Biden campaign, will shift Treasury`s focus heavily toward progressive efforts to tackle growing economic inequality and fighting climate change and away from the Trump administration`s pre-pandemic emphasis on cutting taxes and easing financial regulations.

Also read:&nbsp;<a href="https://www.wionews.com/world/transition-executive-announces-start-of-transition-process-for-joe-biden-345001" hreflang="en">Transition Executive announces start of transition process for Joe Biden</a> 
 
Yellen, 74, brings Biden decades of economic policy experience and is respected by Congress, international finance officials, progressives and business interests alike. She has called for opening fiscal spending taps to revive an economy wracked by the coronavirus pandemic and would be the first person to head the Treasury, the Fed and the White House Council of Economic Advisers. 
 
The post will present a host of new challenges for Yellen, whose policymaking experience in the past 20 years has largely centered on monetary - rather than fiscal - policy. For one, it means a far more political role than that she played in her long career at the Fed, an institution that goes to great lengths to distance itself from partisan politics. 
 
A spokesman for Biden`s transition team declined to comment. Yellen, reached by phone, also declined to comment. 
 
Yellen made history in 2014 when she became the first woman to chair the Federal Reserve after serving for a decade as San Francisco Fed president and a Fed governor. Republican President Donald Trump declined to renew her term and replaced her with current Fed Chair Jerome Powell in 2018. 
 
Born in Brooklyn, New York, to a family doctor and an elementary school teacher, Yellen earned a doctorate in economics from Yale in 1971 as the only woman in her class and taught at several major universities before serving as a top economic adviser to President Bill Clinton from 1997 to 1999. 
 
She is married to Nobel Prize-winning economist George Akerlof, whom she met in 1977 at the Fed where both were working in research roles. 
 
FISCAL POLICY LEVER 
 
At Treasury, Yellen would have a major role in influencing U.S. fiscal and tax policy, tools she did not have at the Fed. 
 
Yellen "will be a trusted, steady, and pragmatic hand on the helm as the U.S. navigates the economic recovery from the COVID-19 pandemic," said Tim Adams, a former Treasury official who is president of the Institute of International Finance, which represents more than 450 global banking firms. 
 
With Democrats having only a slim possibility of winning a U.S. Senate majority in two Georgia runoffs in January, Yellen faces tough negotiations with Republicans to try to push Biden`s agenda, includes raising taxes on the wealthy and investing trillions of dollars in infrastructure, education and fighting climate change.

Also read:&nbsp;<a href="https://www.wionews.com/world/do-what-needs-to-be-done-trump-clears-the-way-for-bidens-transition-344983" hreflang="en">‘Do what needs to be done’: Trump clears the way for Biden's transition</a> 
 
Economists said Yellen would be effective in articulating the economic arguments for spending more in the near term to boost job growth and reduce the gap between rich and poor. Yellen`s 2014 speech&nbsp;highlighting the fast growth of U.S. inequality suggested it was a threat to "values rooted in our nation`s history." 
 
"She knows how to build consensus. She knows how to argue a point in her way. She’s no shrinking violet," said Julia Coronado, president of MacroPolicy Perspectives and a former Fed economist who worked with Yellen. 
 
YELLEN BUMP FOR STOCKS 
 
US&nbsp;stocks picked up ground following the report. 
 
Investors see Yellen as a force for more fiscal action to combat the economic crisis unleashed by the COVID-19 pandemic, and as someone in a strong position to ensure the Treasury will continue to work closely with the Fed. 
 
"Yellen should be a very strong advocate for more aggressive fiscal policy, and given her gravitas around Washington, it may make her the single most effective fiscal expansion advocate Biden could have picked," said Tom Graff, head of fixed income at Brown Advisory in Baltimore. 
 
The S&amp;P 500 Index rose from roughly unchanged on the day at the time of the initial report to gain 0.57% by the closing bell. Prices of U.S. Treasury securities remained lower on the day. The dollar was little changed. 
 
Yellen was chosen over other seasoned economic policymakers, including current Fed Board of Governors member Lael Brainard, 58, who served as the Treasury`s undersecretary for international affairs early in the Obama administration. 
 
Also under consideration was Roger Ferguson, 69, president of retirement asset manager TIAA and a former Fed vice chair, who would have been the first Black Treasury secretary. 
 
Senator Elizabeth Warren, a rival to Biden for the Democratic presidential nomination and a candidate for the Treasury post, tweeted that Yellen would be "an outstanding choice" and praised her for having "stood up to Wall Street banks" as Fed chair. 
 
Earlier on Monday, Biden tapped veteran diplomat Antony Blinken as his new secretary of state and named other members of his national security team. 
 
Trump continues to dispute without evidence Biden`s victory in the Nov. 3 election, but the General Services Administration on Monday approved the start of a formal transition process. 
 
Jen Psaki, an adviser to the Biden campaign tweeted that economic team members would be announced next week.

President-elect Joe Biden is expected to nominate former Federal Reserve Chair Janet Yellen as US Treasury secretary, breaking a 231-year gender barrier and putting a seasoned economist and labor market expert in charge of leading the country out of the steepest downturn since the Great Depression.

President-elect Joe Biden is expected to nominate former Federal Reserve Chair Janet Yellen as US Treasury secretary, breaking a 231-year gender barrier and putting a seasoned economist and labor market expert in charge of leading the country out of the steepest downturn since the Great Depression. The move, confirmed by Democratic allies to the Biden campaign, will shift Treasury`s focus heavily toward progressive efforts to tackle growing economic inequality and fighting climate change and away from the Trump administration`s pre-pandemic emphasis on cutting taxes and easing financial regulations. Also read: Transition Executive announces start of transition process for Joe Biden Yellen, 74, brings Biden decades of economic policy experience and is respected by Congress, international finance officials, progressives and business interests alike. She has called for opening fiscal spending taps to revive an economy wracked by the coronavirus pandemic and would be the first person to head the Treasury, the Fed and the White House Council of Economic Advisers. The post will present a host of new challenges for Yellen, whose policymaking experience in the past 20 years has largely centered on monetary - rather than fiscal - policy. For one, it means a far more political role than that she played in her long career at the Fed, an institution that goes to great lengths to distance itself from partisan politics. A spokesman for Biden`s transition team declined to comment. Yellen, reached by phone, also declined to comment. Yellen made history in 2014 when she became the first woman to chair the Federal Reserve after serving for a decade as San Francisco Fed president and a Fed governor. Republican President Donald Trump declined to renew her term and replaced her with current Fed Chair Jerome Powell in 2018. Born in Brooklyn, New York, to a family doctor and an elementary school teacher, Yellen earned a doctorate in economics from Yale in 1971 as the only woman in her class and taught at several major universities before serving as a top economic adviser to President Bill Clinton from 1997 to 1999. She is married to Nobel Prize-winning economist George Akerlof, whom she met in 1977 at the Fed where both were working in research roles. FISCAL POLICY LEVER At Treasury, Yellen would have a major role in influencing U.S. fiscal and tax policy, tools she did not have at the Fed. Yellen "will be a trusted, steady, and pragmatic hand on the helm as the U.S. navigates the economic recovery from the COVID-19 pandemic," said Tim Adams, a former Treasury official who is president of the Institute of International Finance, which represents more than 450 global banking firms. With Democrats having only a slim possibility of winning a U.S. Senate majority in two Georgia runoffs in January, Yellen faces tough negotiations with Republicans to try to push Biden`s agenda, includes raising taxes on the wealthy and investing trillions of dollars in infrastructure, education and fighting climate change. Also read: ‘Do what needs to be done’: Trump clears the way for Biden's transition Economists said Yellen would be effective in articulating the economic arguments for spending more in the near term to boost job growth and reduce the gap between rich and poor. Yellen`s 2014 speech highlighting the fast growth of U.S. inequality suggested it was a threat to "values rooted in our nation`s history." "She knows how to build consensus. She knows how to argue a point in her way. She’s no shrinking violet," said Julia Coronado, president of MacroPolicy Perspectives and a former Fed economist who worked with Yellen. YELLEN BUMP FOR STOCKS US stocks picked up ground following the report. Investors see Yellen as a force for more fiscal action to combat the economic crisis unleashed by the COVID-19 pandemic, and as someone in a strong position to ensure the Treasury will continue to work closely with the Fed. "Yellen should be a very strong advocate for more aggressive fiscal policy, and given her gravitas around Washington, it may make her the single most effective fiscal expansion advocate Biden could have picked," said Tom Graff, head of fixed income at Brown Advisory in Baltimore. The S&P 500 Index rose from roughly unchanged on the day at the time of the initial report to gain 0.57% by the closing bell. Prices of U.S. Treasury securities remained lower on the day. The dollar was little changed. Yellen was chosen over other seasoned economic policymakers, including current Fed Board of Governors member Lael Brainard, 58, who served as the Treasury`s undersecretary for international affairs early in the Obama administration. Also under consideration was Roger Ferguson, 69, president of retirement asset manager TIAA and a former Fed vice chair, who would have been the first Black Treasury secretary. Senator Elizabeth Warren, a rival to Biden for the Democratic presidential nomination and a candidate for the Treasury post, tweeted that Yellen would be "an outstanding choice" and praised her for having "stood up to Wall Street banks" as Fed chair. Earlier on Monday, Biden tapped veteran diplomat Antony Blinken as his new secretary of state and named other members of his national security team. Trump continues to dispute without evidence Biden`s victory in the Nov. 3 election, but the General Services Administration on Monday approved the start of a formal transition process. Jen Psaki, an adviser to the Biden campaign tweeted that economic team members would be announced next week.

Biden to nominate Yellen to US Treasury, breaking a 231-year gender barrier

The International Monetary Fund issued a stark warning on April 15 about the coronavirus’s economic toll. It said that the world is facing its worst downturn since the Great Depression as shuttered factories, quarantine, and national lockdowns cause the economic output to collapse.

IMF predicts worst economic downturn: Proposes 1 trillion-dollars support

economic-downturn

Economic Downturn, News on Economic Downturn, stories on Economic Downturn, articles on Economic Downturn, Economic Downturn stories at Wion, Economic Downturn news, Economic Downturn latest news