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Economy

Australian govt changes system for job-seekers

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JOBACTIVE

CANBERRA: The Australian government announced today the biggest overhaul of the nation’s unemployment services in two decades.
Kelly O’Dwyer, the minister for jobs and industrial relations, said in a media release on Wednesday that the government would make sweeping changes to the 1.3-billion-Australian dollar (920 million U.S. dollars) per year employment system, Jobactive, in the lead-up to May’s general election. Under the changes, the majority of Jobactive services will be delivered via a digital platform for both employers and job-seekers. Prime Minister Scott Morrison said that the new system would be more targeted to individual needs. “It’s a more flexible plan which is giving people more tools, both those helping people find jobs and help people looking for jobs,” he said in an appearance on Network Seven television. The government will also abolish the requirement that job-seekers receiving unemployment benefits apply for 20 jobs every month in order to continue receiving welfare.
While the number of applications being lodged by users will continue to be monitored, the system will also take into account whether job-seekers are engaging in volunteering, work experience opportunities or training. “Our changes are the most extensive shake-up of employment services in 20 years, empowering job seekers who are job-ready and prioritizing support for those who face the greatest barriers,” O’Dwyer said on Wednesday. “Whilst the government’s employment services system, Jobactive, has performed better than its predecessor programs and achieved strong results in getting people off welfare and into work, with almost 1.3 million job placements since July 2015, we want to see even more Australians enter meaningful, long-term work.”

 

 

 

 

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Economy

Nahakki Tunnel opened for traffic

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TUNNEL

ISLAMABAD: The 745-meter-long Nahakki Tunnel has been completed in Mohmand Agency.
The tunnel has been opened for all kinds of traffic as well. Locals talking to a private news channel said after the construction of the tunnel, traveling of five hours has been reduced to merely 2.5 hours.
People said they were happy with this infrastructure as it would facilitate them in traveling and save time.

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Asia

Turkey hits out at Moody’s after credit rating cut

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Moodys

ANKARA: Turkey on Saturday lambasted Moody’s ratings agency after it cut Ankara’s credit rating further into junk territory, saying the downgrade raised concerns over the institution’s “objectivity and impartiality”.
The agency downgraded the long-term debt rating to B1 from Ba3 and said it maintained the negative outlook for Turkey, in a statement late Friday.
Although the country had a “large, diverse economy” and government debt was low, Moody’s said this was outweighed increasingly by “continued erosion in institutional strength and policy effectiveness on investor confidence”.
But the Turkish treasury and finance ministry said the move was “incompatible with the Turkish economy’s fundamental indicators”.
“As a result, this raises questions over the objectivity and impartiality of the body’s analyses,” the ministry added in a statement.
It pointed to rising tourism revenues, falling inflation, and a new judicial reform package as examples of “very positive developments that we sadly see are being ignored”.
The Turkish economy entered into recession for the first time in a decade last year following a currency crisis in the summer amid tensions with the United States.

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Economy

Russia warns against ‘hasty conclusions’ over tanker attacks

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Russia Iran

MOSCOW: Russia warned Friday against jumping to conclusions over the attacks on two oil tankers in the Gulf of Oman after US President Donald Trump blamed them on Iran.
“We consider it necessary to refrain from hasty conclusions,” the Russian foreign ministry said, calling for a thorough international investigation.

A relevant piece published earlier: 

Trump blames Iran in tanker blasts

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