Latest Developments

Europe
BBC Business

Number of job vacancies hits five year-low

The number of job vacancies has fallen to its lowest level for five years as businesses cut back on recruitment, according to the latest official figures. The Office for National Statistics (ONS) said that while the labour market remained "broadly stable", some areas showed signs of weakening. The number of job vacancies in the March to May period fell to 707,000, the ONS said, the lowest level since February to April 2021. Liz McKeown, the ONS's director of economic statistics, said the further drop in job vacancies suggested that "firms are becoming more cautious about taking on new staff". The professional services sector saw the largest fall in vacancies, but retail and hospitality also saw significant drops. Data from HMRC shows that the number of new recruits was at a five-year low, with the number of 'inflows', or new hires, just under 540,000 in April - the lowest monthly figure since March 2021. McKeown said that there were "some signs of workers moving into self employment" against a backdrop of falling vacancies. The unemployment rate fell slightly to 4.9% in the three months to April, from 5% in the three months to March. Regular pay — which excludes bonuses — grew at an annual rate of 3.4% in the three months to April. That was unchanged from the three months to March and means that average earnings are still rising slightly faster than prices. However, McKeown said regular wage growth in the private sector was rising at its lowest rate in five and a half years. He said many pubs and restaurants were now only hiring people with several years' experience, "rather than trying to support a younger generation and get them into their first job". Cutting VAT, a measure called for by hospitality groups, would help ease the pressure and "give us the opportunity to train young people", he added.

Number of job vacancies hits five year-low
Asia
The Hindu BusinessLine

World Bank approves USD 1.5 billion to boost private sector jobs in India

The initiative builds on India’s recent reforms, including the consolidation of 29 labour laws into four Labour Codes, tax simplification, and regulatory changes, while aligning with the Viksit Bharat 2047 vision and the World Bank’s Country Partnership Framework for India. | Photo Credit: MIKE BLAKE The World Bank's Board of Executive Directors has approved USD 1.5 billion in financing to support India's structural reforms aimed at boosting private sector-led job creation and accelerating economic growth. The financing, provided under the Boosting Job Creation in the Private Sector Development Policy Financing (DPF) Operation, is expected to support reforms that can create employment opportunities for 11 million young Indians entering the workforce over the next two decades. The programme builds on reforms undertaken in recent years, including tax simplification, trade integration, regulatory changes, and measures to improve the business environment, the World Bank said in a statement on Monday. The DPF supports initiatives to reduce barriers to entrepreneurship, strengthen labour market participation, particularly among women, streamline trade and investment processes, and improve access to capital for businesses, it added. In November 2025, the government consolidated 29 labour laws into four comprehensive Labour Codes, aimed at simplifying compliance, modernising outdated provisions, and creating a more efficient framework for businesses while protecting workers’ rights. According to government estimates, employment in India increased from 452 million in 2017-18 to 604 million in 2023-24, adding more than 150 million jobs over six years. During the same period, the unemployment rate declined from 6 per cent to 3.2 per cent, while nearly 9 million women joined regular wage employment. The reforms reflect India’s shift towards outcome-oriented governance focused on transparency, predictability, and long-term economic resilience, it said. The operation is aligned with the World Bank Group’s Country Partnership Framework for India for FY26-31 and supports the government's Viksit Bharat by 2047 vision by improving the environment for firms, encouraging private investment, and expanding productive employment opportunities, it said. The programme will focus on three key areas — improving the business-enabling environment, promoting trade and investment openness, and mobilising private capital for business expansion and job creation, it noted. "India is well paced in its reform agenda to unlock private capital and create jobs in a challenging global context," said World Bank Vice President for South Asia Johannes Zutt. The DPF also complements recent investments by the World Bank Group's private sector arm, the International Finance Corporation (IFC), to increase credit access for MSMEs and underserved communities, including women in rural and semi-urban areas.

World Bank approves USD 1.5 billion to boost private sector jobs in India
Asia
The Hindu BusinessLine

Alan Greenspan, ex-Federal Reserve chief, dies at 100

Alan Greenspan, the Federal Reserve chairman proclaimed a wizard for guiding a then-record US economic expansion, only to see his luster dimmed by the financial crisis that erupted less than two years after he stepped down, has died. He was 100. He died on Monday at his home, NBC News reported, citing his wife, Andrea Mitchell, its chief Washington correspondent and chief foreign affairs correspondent. The cause was complications of Parkinson’s disease. Greenspan’s 18 years as Fed chief, from 1987 until his retirement at the start of 2006, were marked by a stock market boom and low unemployment. More so than the four presidents he served under or the seven Treasury secretaries he worked alongside, Greenspan was seen as the maestro who kept the economy humming. “Alan Greenspan deserves to be remembered as one of the great central bankers of the second half of the 20th century, in a global context, not just at the Fed,” said Roger Ferguson, who served as Fed vice chairman from 1999 to 2006. He said Greenspan “was among the first to recognize the impact of technology on increasing productivity in the US, allowing the economy to grow faster than we had thought without inflation.” The bespectacled Fed chairman became an icon of global finance through televised speeches and congressional testimony that often moved markets — once traders and reporters dug through his often cryptic language and zeroed in on a few choice words. In a 1996 speech, Greenspan posed a rhetorical question: “How do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?” Investors fixed on the phrase “irrational exuberance” and sent stocks briefly lower before they shot higher still. The phrase became part of the national lexicon a few years later when pricey internet shares plunged. Investors grew confident that Greenspan would deploy the tools at his disposal, including interest rates, to buoy the stock market during major declines. That idea — shorthanded as the “Greenspan put,” after the investing maneuver used to limit potential losses — was blamed for creating a moral hazard by making risky market behavior appear safer than it should be. Greenspan’s tenure was the second-longest for a Fed chief, behind that of William McChesney Martin Jr. It coincided with the steadiest period of economic growth since the central bank’s creation in 1913, a 10-year run between a recession that ended in March 1991 and another that began in March 2001. (The expansion of 2009-2020 would eclipse that mark.) The Standard & Poor’s 500 Index almost quadrupled during that stretch, while the US economy grew at an average annual pace of 3.5%. The jobless rate averaged 5.5% and touched 3.8% in April 2000, which at the time was the lowest level since 1969. Some homebuyers were approved for subprime mortgages they couldn’t afford. Others borrowed heavily against their home equity. Investment bankers packaged mortgage-backed loans into securities, and companies sold protection from defaults on that debt. The machine hummed along until its fuel — ever-rising home prices — finally ran out. Transcripts from Fed policy meetings in 2005 showed that central bank staff and officials had identified a housing bubble. Greenspan judged that “whatever froth there is in the housing market is becoming contained at this stage, and it’s getting contained largely because mortgage rates have moved up and are beginning to have an impact.” In mid-2007, lending among banks seized up, setting off events that culminated in the September 2008 bankruptcy of Lehman Brothers Holdings Inc. The crisis thrust the Fed and Greenspan’s successor as chairman, Ben Bernanke, into uncharted territory. Long celebrated for his stewardship of the economy, Greenspan found himself in the unaccustomed position of fending off critics who said that his hands-off approach to financial markets and bubbles — specifically the one in housing that was inflating as he left office — had laid the groundwork for the worst economic meltdown since the Great Depression. By promoting a boom in productivity as a sign of a so-called new economy, Greenspan “aided and abetted the biggest stock-market bubble in the history of this country,” Paul Kasriel, a former Fed official then with Northern Trust Co. in Chicago, put it in 2010.

Alan Greenspan, ex-Federal Reserve chief, dies at 100
Asia-Pacific
The Straits Times

Work from home? For World Cup, even JPMorgan says yes

Cities including New York, Seattle, Los Angeles, Toronto and Mexico City have warned of severe gridlock as tens of thousands of fans crowd roadways and public transportation to attend matches. The World Cup is giving some office workers an unexpected perk: permission to stay home. Employers in host cities are encouraging staff to work remotely on match days to avoid expected traffic headaches and delays, pausing corporate America’s years-long push to get people back into the office. Wall Street bankers, publicists, government workers and school teachers are among the employees logging in from home across the continent. Even Jamie Dimon, one of the harshest and most vocal remote work critics, is giving JPMorgan Chase employees some flexibility on game days, the Financial Times reported. Federal agencies are offering leniency, too. Cities including New York, Seattle, Los Angeles, Toronto and Mexico City have warned of severe gridlock as tens of thousands of fans crowd roadways and public transportation to attend matches. No matter how much certain chief executives want remote work to die, it just will not. US workers are spending more than a quarter of paid workdays at home, according to a monthly survey by economists at ITAM Business School and Stanford University. The pandemic may not have ushered in a work from home revolution, but it set up workers and workplaces to better allow for it, as needed. “Avoiding Word Cup traffic is a perfect use case of remote work,” said Emma Harrington, an economist at the University of Virginia who studies remote work. “Sitting in gridlock isn’t a good use of anyone’s time.” S&P Global told employees at its New York headquarters to plan to work from home on the five business days when matches are scheduled at the nearby NYNJ Stadium in East Rutherford, New Jersey, according to a memo viewed by Bloomberg. The company is waiving its requirement for two in-office days per week “to help you avoid a difficult commute,” it said in an e-mail to staff. Wall Street firms including Goldman Sachs are also temporarily easing attendance policies, the FT reported. S&P Global declined to comment; Goldman Sachs and JPMorgan did not respond to e-mails seeking comment. The NYC Department of Transportation said it expects “severe traffic congestion” on match days. The city is closing several roads in Midtown Manhattan’s central business district to create dedicated corridors for shuttle buses to the stadium. Not all employers told workers to stay home. Amazon.com sent e-mails to employees advising them to leave home early enough on match days to arrive at the office on time, and highlighted transit options to avoid traffic congestion. Sports mega-events are well known for snarling commutes and disrupting workplaces. London implemented three weeks of remote work when it hosted the Olympics in 2012. But the World Cup’s impact is likely to be more limited because matches are spread across 16 cities, including Boston, Dallas, Houston, Miami and Vancouver, said Nicholas Bloom, an economist at Stanford who studies remote work and commutes. Plus, no city is hosting more than nine games.

Work from home? For World Cup, even JPMorgan says yes
Europe
BBC Business

The artificial ice pyramids saving India's mountain villages

At an altitude of almost 4,000m (13,000ft) and receiving almost no rainfall, the Himalayan village of Sakti is a hostile place to be a farmer. "Ladakh has a brutal, single-cultivation season," says Gelak Gutme, who has been growing wheat, peas and potatoes there for most of his 65 years. Conditions have become worse in his lifetime. Global warming means that the smaller, low altitude glaciers they relied on to water their crops have disappeared. "Now there is scarcity of water. Last year I lost everything - my entire field got dried due of lack of water," Gutme says. "For generations, small glaciers sitting right above the valleys acted like frozen water towers, holding onto water all winter and releasing it right when spring farming began," explains Lobzang Fardod, who is a member of a local water management committee in Ladakh. "Now that those lower glaciers have completely vanished into a desert of dry rock, there is nothing left at the top to melt," he says. The mountain summer is short, so farmers have to plant their crops by May, otherwise the crops will not be ready before the winter hits again. To secure that vital resource, in the early 2010s some Ladakh villages attempted to create their own reservoirs of ice. The system involved piping water from higher up in the mountains during the winter and spraying it into the air, where it would freeze, and over time form large towers of ice, called ice stupas. They successfully supplied melt water in the spring, but were a "nightmare" to manage under harsh winter conditions, says Fardod. If temperatures dropped quickly below minus 20C, or sometimes minus 30C, the water in the pipes was liable to freeze, cracking the pipes and ruining the whole system. To guard against that, during the winter teams of four or five farmers would camp high-up, near the water source, rushing to any potential blockages with boiling water, often during the night when temperature drops were most likely.

The artificial ice pyramids saving India's mountain villages
Europe
BBC Business

'He hid the a la carte menu': Who should pay on the first date

Ask a group of friends and you'll likely get a dozen different answers. Some insist the bill should always be split equally, others believe the person who sets up the date should pay and despite changing attitudes towards gender roles, many still see a man picking up the bill as a romantic gesture rather than an outdated tradition. With cocktails regularly topping £15, restaurant bills climbing and many keeping a close eye on their budgets, even a casual evening out can quickly become expensive. For under 30s in particular, cost is a great barrier as over half of Gen Z adults feel the expense impacts their ability to go on dates. Jennifer Read-Dominguez, a digital editor who is currently single, believes whoever asks for a first date should be prepared to pay for it. She says women "can absolutely foot the bill themselves but that's not the point". "Sometimes it's nice to take a step back from always being the one making decisions and simply enjoy feeling feminine and being looked after." For her, a man paying on a first date is not about dependence or inequality but "effort and keeping some traditional gestures alive in modern dating". Jennifer says the amount spent matters far less than the thought behind it and she'd be just as happy being taken to a fast-food restaurant as a high-end one, but it's important that it's "within their means." She went on one date where a man took her to an expensive restaurant, complained about the cost and suggested they split the bill. When his card failed, Jennifer ended up paying for the entire meal. "He said he'd pay me back, but he never did. I could afford it, but that's not the point." Yasmin El-Saie is a content creator from London who says she would be "put off if a man expected us to split the bill on a first date". "When a man pays, he's showing he wants his date to feel comfortable and looked after," she says. "Maybe it's a double standard and down to my upbringing, but I still find it attractive."

'He hid the a la carte menu': Who should pay on the first date
Europe
BBC Business

The US and Iran have agreed a deal. How soon could the economy go back to normal?

More than three months after the US and Israel first began their war with Iran, the White House and the Iranian regime have agreed a framework deal to bring about a more long-term end to hostilities. The Middle East crisis sent global oil prices soaring as the conflict effectively closed one of the world's key water transport routes for oil, liquid natural gas and other essential commodities, limiting global supplies. But experts warn a return to normal shipping through the Strait of Hormuz will take time, and the impact of the war will continue to affect the global economy for potentially months to come. "Let the oil flow!" US President Donald Trump said in a social media post heralding the agreement, which he said would include the reopening of the strait to commercial shipping. BBC Verify has been checking ship-tracking data which appears to show that traffic levels remain low in the Strait of Hormuz, despite the announcement. According to ship tracking website MarineTraffic, only two vessels with active location trackers have exited the waterway since Sunday - a bulk carrier and a tanker. The strait has been closed to most shipping traffic since 28 February, with only limited numbers of vessels friendly to Iran able to pass through. About 200 vessels have been stuck in the gulf, with the risk of sea mines or drone strikes driving up the danger to crews and preventing safe passage. Neil Shearing, group chief economist for Capital Economics, said it remained to be seen whether the latest deal "represents a fragile truce or a durable settlement". He added that it was likely it will "take some time for oil flows through the Strait to return to pre-war levels". "Even if ships now have safe passage, tankers are in the wrong place, oil production/refining facilities need to get up to full capacity, and questions over the cost and availability of insurance for ships traversing the Strait will remain," he said. Even before the agreement, during the ongoing ceasefire, shipping companies were largely reluctant to try to move their vessels out of the strait – and getting those vessels out will be their first focus.

The US and Iran have agreed a deal. How soon could the economy go back to normal?
North America
CNBC Finance

KFC leans into boneless chicken, new drinks as chain tries to regain market share

To win over today's diners, KFC is prioritizing boneless chicken menu items, expanding its sauce options and designing its restaurants to keep customers' attention. These days, the Yum Brands chain is facing stiff competition, both from upstart chicken chains and legacy giants like McDonald's that are betting big on the growing global popularity of chicken. While KFC claims to have invented the chicken quick-service restaurant category, being the first isn't the same as being No. 1, particularly in the U.S., where its sales have slumped in recent years. "In an increasingly crowded category, we have a clear opportunity to set the standard for modern chicken in QSR," KFC Global CEO Scott Mezvinsky said Monday in a statement announcing the chain's "next chapter." As part of that, the chain plans to expand its boneless chicken options and improve its recipe for its existing tenders. "We are moving from chicken-on-the bone to more and more boneless chicken," KFC Chief Concept Officer Christophe Poirier told CNBC. "We are evolving our tenders to make sure that, nonnegotiable, we're going to have the biggest, the juiciest and the crispiest," he added. KFC is also expanding its available sauces to appeal to consumers who like dunking, drenching or drizzling their chicken tenders. The chain's "global sauce pantry" has more than 20 varieties that often mix classic sauces with new flavors, like its chimichurri ranch. (KFC's tender- and sauce-centric spinoff restaurant chain Saucy, meanwhile, has grown to nearly a dozen locations, all in Florida.) This month, restaurants in the United Kingdom and Ireland will begin rolling out the new tenders, as well as nine new sauces. Australia and the United States will follow later this summer, with more global markets expected throughout the rest of the year. KFC is also launching a menu line called "Dunked," which features tenders, wings and sandwiches drenched in sauce. The menu items are already available in South Africa and India. Like many fast-food restaurants, KFC is also expanding its range of drink options to include boba refreshers, sparkling lemonades and iced coffees under a new sub-brand called Kwench by KFC. Select Irish and British restaurants already sell Kwench drinks, but Australia and Canada will add them to their permanent menus this year. "We can rapidly cascade a lot of initiatives that we're leading from the center," Poirier said, crediting the chain's nimble supply chain. The chain's own restaurants will also look different as it rolls out new store designs. This summer, an "open-concept" restaurant in McKinney, Texas, will open its doors; an "immersive," two-story location in Dubai, United Arab Emirates, will follow in September.

KFC leans into boneless chicken, new drinks as chain tries to regain market share
Europe
The Guardian

‘Dreamers’ are losing their jobs waiting for renewals under Trump: ‘It feels like a personal attack’

A Dreamer, whose renewal was so delayed that he lost his job, sits in his home on 4 March. Photograph: Chicago Tribune/TNSView image in fullscreenA Dreamer, whose renewal was so delayed that he lost his job, sits in his home on 4 March. Photograph: Chicago Tribune/TNSUS immigration‘Dreamers’ are losing their jobs waiting for renewals under Trump: ‘It feels like a personal attack’The process to renew Daca immigration status used to take a few weeks – now it drags on for months It’s been six months since Claudia first applied to renew her US immigration status – a process that, for the last 14 years, would only take a few weeks. But now, the prolonged delay has put her life on hold. Claudia, who moved to the US when she was four, has maintained legal status as a “Dreamer” with the Deferred Action for Childhood Arrivals (Daca) program, which was created in 2012 to protect undocumented immigrants who came to the US as children from deportation. In December, Claudia submitted her Daca renewal, as she is required to do every two years. Under the Trump administration, a process that typically takes just a few weeks has dragged on for months. The delay has meant years of work she put into her education and starting a career are now at risk because of the lapse in her work authorization. “It feels like a personal attack,” said Claudia, who requested anonymity for fear of retaliation given her immigration status. “I renewed on time, completed my biometrics, followed every rule, but I’m still waiting to hear back.” Cesar, who requested anonymity due to his immigration status, has also been in a six-month limbo over his Daca renewal. After he lost his job in HR, he has been selling burritos on the street to make up for the lost income and has been sharing his story online. “I feel like I lose everything. We grew up here, we built a community here, and we built our lives here. I lost my dream job,” said Cesar, who moved to the US when he was four. “It’s been very hard, especially since I’m not making enough. I’m barely scraping by.” This article includes content provided by TikTok. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. To view this content, click 'Allow and continue'. The processing delays come at a time when Daca Dreamers are face growing hostility from the Trump administration. Hundreds of Daca holders have been arrested by federal immigration enforcement and several have been deported over the last year amid the White House’s broader immigration crackdown. Though the White House has said it is targeting immigrants with criminal records, a Guardian analysis from earlier this year found 77% of people who entered deportation proceedings in 2025 had no criminal conviction. More than 500,000 active Daca recipients reside in the US from nearly 200 different countries. To be eligible for the program, an individual must have entered and resided in the US before 15 June 2007, either in school or have a high school or equivalent degree, and no criminal record. Donald Trump attempted to eliminate the Daca program during his first term, but was ultimately blocked by the supreme court in 2020. Despite the ruling, litigation against Daca is ongoing and the administration has remained focused on targeting program recipients through new work restrictions and processing delays, immigration advocates said.

‘Dreamers’ are losing their jobs waiting for renewals under Trump: ‘It feels like a personal attack’